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Improving Markets Index Shows Housing Gains in 75% of Nation’s Markets

The Improving Markets Index Summary was released by the NAHB in early April and once again, all 50 states have at least one area represented among the 273 metros listed. Kurt Pfotenhauer, vice chairman of First American Title Insurance Company, points out,” Seventy-five percent of the country is seeing measurable improvement in market conditions.” Although this most recent Improving Markets Index includes one fewer metro area since the March report was released, this is due largely to lack of available housing inventory. Industry experts agree that small, solid gains are expected to continue into 2014. Improving Markets Index

While the Improving Markets Index didn’t add to the total number of metros considered improving, it is notable that this report is backed by seven consecutive months of gains and some new metros were added. New metros on the Improving Markets Index in April were Macon, Ga.; Portland, Maine; Rocky Mount, N.C.; Eugene, Ore,; and Jackson, Tenn. Echoing statements from past Improving Markets Index press releases, NAHB chairman Rick Judson referenced the need builders have for available credit in order to purchase more land for homes as well as compensate for the rising cost of materials. With more available credit to the builders, more employees that were laid off during the crash could be reinstated and companies could ramp up their production. Consumer demand is limited as many Realtors® and homebuyers report shortages in their markets.

The Improving Markets Index measures three areas to consider a metro or market to be improving. To be selected for inclusion a metro must have increases in building permits for single-family homes, appreciation in home values, and gains in employment from the Bureau of Labor Statistics. With most of the country experiencing gains in these areas, the outlook for housing continues to be hopeful.

For more information on First Preston HT, visit our website at FirstPrestonHT.com.

Demand for homes up, builders facing challenges in March Housing Market Index

The NAHB released its latest Housing Market Index March 18th and it showed a much sunnier outlook on behalf of builders when compared with this time last year. The component in the Housing Market Index representing builder traffic jumped three points in March to 35 and the component reflecting sales expectations from builders increased one point to 51. A total score of the three components over 50 denotes that more builders view market conditions as good versus poor. Overall builder confidence slipped two points to 44 making it the third consecutive month of decreases.

NAHB chairman Rick Judson pointed to logistical issues such as the lack of availability of lots and the cost of materials as two of the reasons for the builders concern. The skilled trades manpower component also played a part in this latest decline in the Housing Market Index. NAHB housing market indexchief economist David Crowe was quoted as stating “During the Great Recession, the industry lost home building firms, building material production capacity, workers who retreated to other sectors and the pipeline of developed lots.” Indeed, after the market began to crash many employees of builders, even entire companies were forced to look elsewhere for employment. Whether it was layoff of personnel or smaller builders shuttering their doors to explore other options such as commercial construction, the new home industry lost significant depth in this area.

Another concern of US homebuilders reflected in the Housing Market Index is the persistence of credit availability being limited for some consumers. Gone are the days of stated income loans, and consumers are wary of variable interest rate and interest only loans. The criteria are strict even for well qualified buyers now. This has not gone unnoticed by the homebuilding community. Even with the increased demand for new construction, the Housing Market Index for March sends the clear message that there are still hurdles in the path to a full housing recovery.

For more information on First Preston HT visit our website at FirstPrestonHT.com.

February Housing Starts Summary reflect major year-over-year growth in new home demand

The March Housing Starts Summary shows privately-owned housing starts increased to a seasonally adjusted annual rate of 917,000, up 0.8 percent over January’s estimate and up more than 27 percent year over year.

Housing Starts SummaryThe February Housing Starts Summary demonstrates a continuation of the trend seen over the past two years—rising prices, increased housing starts and permits, with decreased time on market for resale homes. In short, the housing comeback is gaining steam and on track for future growth. Consumers and builders alike are taking notice.

Single-family
Home construction starts for February increased 0.5 percent over January’s numbers to an annual rate of 618,000; a year over year increase of 31.5 percent.

Multi-Family
The rate of starts for buildings with five or more units was 285,000, up from last February 2012’s numbers of 233,000.

Housing Completions
The rate of completions for single-family homes was 574,000, an increase of 3.6 percent, per the Housing Starts Summary. This is another key indicator of overall demand in the housing market.

Building Permits
The Housing Starts Summary also noted an increase in privately-owned housing permits of 4.6 percent above the January rate to 946,000, which exceeds last February’s estimate by 33.8 percent.

Single –family permits increased 2.7 percent over January’s numbers.

While buyers look to builders for homes, builders express some frustration amid all the consumer demand. NAHB Chairman Rick Judson stated that builder’s enthusiasm is “tempered by frustrating bottlenecks in the supply of developed lots and rising costs of building and labor.” Two concerns Judson mentioned include below market appraisals and credit availability. Although the conditions for borrowers and builders might not be perfect, several elements contributing to growth and demand are in place. A key factor influencing homebuyers to purchase new construction is the shortage of inventory in the resale market. Inventory has continued to decrease across the country in the majority of metros. The February Housing Starts Summary showed modest month-over-month gains and strong year-over-year gains. The big picture is clear: demand for new homes is on the rise.

For more information about First Preston HT, please visit FirstPrestonHT.com.

 

Housing Recovery in Full Swing; Improving Markets Index Indicates Increase

The March 2013 Improving Markets Index, released by the National Association of Home Builders on the 21st, shows a seventh straight month of expansion in the number of metros included in the report. Specifically, 34 new markets joined the NAHB/First American Improving Markets Index. Of the 361 metro areas covered in this monthly report, 274 made it onto the improving list, which is more than 75 percent of the markets surveyed, according to NAHB Chief Economist David Crowe. These numbers point to what real estate and economic professionals are calling the tip of the iceberg and the return of a healthy housing sector.

Improving Markets Index

For an area or market to be considered “improving” it must have posted positive numbers in employment, housing permits pulled and housing prices for a minimum of six consecutive months. Real estate professionals in every state are reporting an uptick in the demand for housing, as well as an increasing number of areas reflecting gains in home values.

Although every state is represented in the Improving Markets Index for the second consecutive month, 19 areas were dropped from the report, including Santa Cruz, CA.; Springfield, IL.; and Utica, NY.  Kurt Pfotenhauer, the vice chairman of First American Title, said that while some uncertainties in the regulatory arena remain, “we are finally seeing what could be a broad and deep recovery of the nation’s housing markets.”

Areas new to the latest Improving Markets Index include Birmingham, AL.; Napa, CA.; Colorado Springs, CO.; Gainesville, FL.; Augusta, GA.; and Bloomington, IL.

The following areas returned to the list: Orlando, FL.; Boise City, ID; Chicago, IL.; Honolulu, HI; Athens, GA.; and San Antonio, TX.

For more information about First Preston HT, visit our website at FirstPrestonHT.com.

ENCOURAGE NEWTOWN, CT RESIDENTS

Encourage-Newton-CT-ResidentsKind Words Can Be Short and Easy to Speak, But Their Echoes Are Truly Endless.”—Mother Teresa

The United States Postal Service (USPS) has established a dedicated P.O. Box for those who want to share a note of encouragement to people in Newtown, CT.

After a major tragedy we wonder if there is anything we can do to really help, and often feel powerless to connect in a meaningful way. If you want to share a message of hope and support with residents Newtown, CT, the postal service is offering an option.

They have made special arrangements to receive and distribute cards and letters bearing condolences and words of encouragement at the following address to first responders and families of shooting victims. Please share this blog with friends, relatives and associates. The goal is to blanket residents of Newtown with words of comfort and support.

The address is: P.O. Box 3700, Newtown, CT 06470.

Feel free to send cards, notes and letters.  The USPS does not require an addressee name for this special P.O. Box.

HOW WILL THEY MANAGE IT?

According to a report in the Business News Daily, the postal service is dispatching additional workers to assist with the processing during what is traditionally their busiest season of the year.

Local community group volunteers are partnering with the USPS to ensure distribution. They will assist in monitoring content to ensure that only appropriate material is shared with recipients.

WORTH THE EFFORT

As a nation we send fewer letters via the US Postal Service, preferring the immediacy of email or texting. This opportunity invites us to slow down a moment and invest in helping a grieving community to heal. Let’s generate an endless echo of comfort.

OPPORTUNITY AVAILABLE

Help us locate the ideal candidate for a hot new career opportunity.  The right candidate is an experienced   real estate transaction “closer” in the Wilmington, Delaware area. Does this describe you or a friend? Help  get the word out among friends and business associates who are qualified and interested.

Qualified applicants are invited to click on the link at the end of the “required skills and experience” list below to visit our website and apply.

 

POSITION OVERVIEW

Closing Specialist is responsible for coordinating the home sale closing process between the prospective buyer’s agent and the title company/fee attorney.

RESPONSIBILITIES

  • Ensure timely receipt and return of closing packages
  • Review all pre-closing documents to ensure compliance with the sales contract and other established guidelines
  • Review and resolve title issues
  • Process sales contract extensions and revisions
  • Communicate with the title company or fee attorney, realtor, or lender to expedite closings
  • Review and reconcile final closing documents
  • Other duties as assigned

REQUIRED SKILLS AND EXPERIENCE

  • 2-5 years of experience with a title company, attorney or lender in closing residential sales transactions
  • Experienced in title document review and curative actions
  • Intermediate level skills in MS Office Products
  • Ability to meet tight deadlines and thrive in a fast paced environment
  • Strong written and verbal communication skills
  • Excellent analytical skills
  • Detailed oriented
  • Ability to work a flexible schedule when required

Click here to apply.

Teen-Aged Real Estate Mogul/Landlord

In early March of this year, Willow Tufano, age 14, made national news by purchasing a house and becoming a landlord.  The story went around the world and Willow landed an interview on the Ellen DeGeneres Show.

Real-Estate-Teen-Willow-Tufano

Real Estate Teen Willow Tufano

People assumed that it was a just a fluke until October 12th when National Public Radio (NPR) reported that Willow, now 15, has scored a second rental property.

After refurbishing and  leasing out her  first property, the tenant vanished late one night without bothering to pay the rent. Therefore, Willow is now a veteran of the harsh realities of property management.

 She is also now a student of the American media machine—a teen “real estate mogul “, “minor celebrity”; shopping for a reality show deal. She was sought out by Good Morning America, Anderson Cooper and “some show from Korea”, according to Chana Joffe-Walt of NPR.

How Did She Do It?

Willow is home schooled online. This allows her the freedom to experience real life business principles during the day and finish her online lessons at night.

She accumulated a small investment fund by selling “stuff” on Craigslist. After saving $6000, Willow’s Mom, a REALTOR, mentioned a $12,000 house formerly valued at $100,000. 00 (prior to the crash of the market). Willow asked her Mom, to pitch-in the other half so that she could purchase the house. (Willow plans to buy- out her Mom’s interest when she becomes 18.) The rest as they say is history.

Her Portfolio Management Strategy

Willow refurbishes the properties and leases them out to tenants. Her buy, hold and rent strategy is also popular among major institutional investors.

Click here to listen to the full story, or watch the YouTube video of Willow’s Ellen DeGeneres interview below.

Source: 

  1. NPR. Planet Money. This 14-Year-Old Girl Just Bought A House in Florida. Chana Joffe-Walt. March 9, 2012
  2. NPR. Planet Money. Remember The 14-Year-Old Who Bought A House? She Just Bought Another One. Chana Joffe-Walt. October 12, 2012.
  3. YouTube. The Incredible 14-Year-Old Who Bought a House. Ellen TV.com.

To search for available real estate or property management resources nationwide, visit FirstPrestonHT.com. You can also connect with us on Facebook and Twitter.

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2012 Hero Needs Your Vote

CNN-Heroes

Heroes

Your vote is needed!

Community service is a core value at First Preston HT.  We applaud the efforts of all people who work to rescue, comfort and equip the less fortunate among us.

The 2012 CNN Heroes campaign recognizes and rewards the efforts of humble heroes around the world. We invite you to take 3 minutes to scan the accomplishments of each of the Top 10 Heroes and vote for the one you’d like to see walk away with $250,000 and the title of 2012 CNN Hero of the Year.

Fast Facts

Each of the ten heroes will receive a $50,000 grant. The one voted CNN Hero of the Year will win an additional $250,000 for their charity. All nominees will sharpen their organizational skills with free training from the Annenberg Foundation, which counsels nonprofit leaders in fundraising, communications, and organization of volunteers.

You may vote up to 10 times per day. Voting ends Nov. 28.

The 2012 CNN Hero of the Year will be announced during a CNN awards show on Dec. 2.

Sampling of Candidates 

2012 Heroes

2012 Heroes

Pushpa Basnet learned that in Nepal, many children of incarcerated parents must live in jail with their parents. She stepped up and made a difference.

When Leo McCarthy’s daughter was killed by a drunk driver, Leo created a nonprofit that offers college scholarships to teens who promise to avoid alcohol until they are a certain age.

Malya Villard-Appoion, a rape victim, has supported over 4,000 survivors of rape on their path to safety and recovery.

Click on the link to review the Top 10 Heroes and vote for your favorite. Just by voting you’ll help direct a quarter million dollars toward a life-changing cause and encourage the nominees to keep shinning the light.

For information about real estate portfolio management for institutional portfolios visit  First Preston HT

To search properties or learn about marketing and online offer management for broker/agent portfolios visit  BidSelect

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Technology for Real Estate: 4 Apps to Impress – Part 1 in 3 Part Series

Technology for real estate professionals is getting a boost from must-have iPad apps. Tablets have revolutionized the marketing and communication power of users. According to Inman News, technology for real estate is now about “creating remarkable experiences through technology for your current and past clients. It’s about being able to wow someone at Starbucks when` they ask you, “How’s the market?”

Technology for Real Estate

Technology for Real Estate

If you have invested in tablet technology and are asking the question, “Now what?”—You are not alone. Inman Chief Evangelist, Chris Smith, recently conducted an hour-long webinar entitled “So You Bought an iPad. Now What?”

Here’s the short version. We have recapped featured iPad apps in a three-part series so that readers can digest the mountain of savvy insights in divided sessions.

3G/4G or WI-FI?

  1. If you have a Wi-Fi only iPad, (Internet access via local area networks), you may want to consider the following options for wider Internet access and greater productivity.
  • Subscribe to a My-Fi/ mobile Internet access hot-spot, which will allow online access from almost anywhere in the United States.
  • Inquire with your wireless carrier about subscribing to tethering service, which allows the iPad to share the Internet connection of your mobile phone.

 APPLE TV – A BUSINESS TOOL?

Apple TV (AirPlay capability) allows users to mirror images or presentations, from an iPad or iPhone onto a big screen TV monitor wirelessly. Subscribers make a one-time $99 investment for the device. Presentations go from the small screen to theater-style for maximum impact.

MINIMIZE PUSH NOTIFICATIONS & MAKE AN IMPRESSION

After downloading several apps you may become bombarded with involuntary notifications. To limit unwanted “push” notifications, go into the notifications center of the offending app and turn off non-essential notifications. There is an app that can assist with the process.

  1. AwayFind – Manages “push notifications.” AwayFind acts as a filter for automated notifications.
  2. Pimp Your Screen — Customize your screen with an eye-popping background layout.
  3. Google Chrome iPad App — Allows users to move seamlessly from laptop work sessions to iPad work sessions. Open tabs and browsing history will be visible on both devices. (New App)
  4. How’s the Market? (iPad edition) — Displays market trend and analysis data. Add a bookmark to your iPad screen so that when someone asks, you can show them rather than just talk about them.

Before You Shop

Apps shopping should start with a pen and paper. Write a list of the daily tasks you perform. Search for an app to assist with specifically identified tasks.

Organize Apps by Category

Organize app folders for quick access. Be sure to group apps by category into folders on your screen.  To create a folder, click on an app hold it down until it shakes and then drag it atop a similar app. Label the folder something that is easily identifiable, such as “Listing Presentation apps.”

For information on effective ways to manage institutional or individual portfolios nationwide, or to shop for real estate, visit www.FirstPrestonHT.com. You can also join us on Facebook and follow us on Twitter for industry updates and current news and events.

First Preston HT Broker Reaches Out to Wounded Warrior

It is not often that we post a blog saluting one of our Neighborhood Listing Brokers– there are so many who serve so well. Occasionally, someone does something so special, it must be shared. Such is the case with Alma Sofia Logan, RE/MAX Real Estate Associates of Houston- Owner. On this Patriot Day, we hope her actions motivate others to help people and reach out in their communities.

While serving as an infantryman with the 4th Infantry Division in Afghanistan, SGT Andrew Miller was wounded in an IED explosion on September 11th, 2010. The long list of resulting injuries included the loss of his leg.  One year after the IED attack, SGT Miller competed in the Heroes Run in Houston, Texas. He was re-admitted to the hospital following the event. After a nearly 2-year recovery period, SGT Miller was medically retired from the Army.  Discharged with little more than his clothing, his positive attitude made him an inspirational figure.  He began speaking at various Houston venues, including elementary schools, where he taught children about patriotism, courage, and determination.

Alma and her husband, Brian met SGT Miller at a RE/MAX Convention; heard his story and knew they wanted to do something to help. While participating in an event to raise funds for the Texas Sentinels Foundation, Alma and Brian requested that event proceeds be allocated to SGT Miller. In February, the Texas Sentinels Foundation awarded SGT Miller a scholarship to assist with costs associated with his relocation and transition to civilian life. The Sentinels Foundation is dedicated to supporting wounded warriors, as well as building awareness in the communities where they make their homes.

SGT Miller is the recipient of numerous awards, including the Purple Heart, the Army Accommodation Medal, the Army Achievement Medal, NATO Service Medal, and Afghanistan Service Ribbon. Miller served as Infantry Team Leader and Squad Designated Marksman.  He plans to pursue a degree in Finance.

Not content with just recommending SGT Miller for a scholarship, Alma and Brian decided to offer   the wounded warrior a career opportunity at their Houston office complete with an agreement to accommodate his school and work schedules. They are committed to mentoring other wounded warriors in conjunction with the Texas Sentinels Foundation.

Asked for comment, Alma denied that she and her husband had done anything special, stating that she doesn’t think “we could ever repay these soldiers for what they do for us”.

We salute the Logans, the Texas Sentinels Foundation, and all who work to support current and former service men and women.  And we honor the members of our armed services and their families for their sacrifices in defending our freedom.

 

Sources:

  1. TexasSentinels.org.   Announcing a New Project for Houston Wounded Warrior
  2. Alma Sofia Logan. RE/MAX Associates of Houston, Owner
  3. Margo McKay Broughton. Vice President, Program Development, Quality Control and Director of Training