Best Cities For Newlyweds To Live

The best cities for newlyweds are those with low unemployment rates, affordable living costs, a high mean annual income and a healthy housing rental inventory. If you’re getting ready to tie the knot, and you and your spouse are flexible regarding the city where you’ll live, consider these top 5 best cities for newlyweds to live in after marriage. Each of these cities performs better than the national average on the points that are most important to newlyweds.

  1. Austin, TX: If you and your spouse are creative types, you’ll love the thriving art scene in Austin. You’ll have the chance to enjoy unique date nights and meet other couples while enjoying the benefits of the city’s strong economy.
  2. Kansas City, MO: The perfect blend of historical culture and affordability is found in Kansas City. The low unemployment rate and high mean annual income are additional benefits that contribute to this being one of the best cities for newlyweds.
  3. Raleigh, NC: New families often find this city to be perfect for them, what with its affordability, friendliness, and pleasant climate. The sprawling landscape offers all the cultural benefits of a large city while still feeling residential, making it a great place to settle down.
  4. Dallas, TX: Active couples and sports fans find that there is never a dull moment in Dallas! Whether you love watching professional sports or participating in outdoor activities, this city could be your perfect new home.
  5. Denver, CO: If you are adventurous and love the great outdoors, Colorado—and Denver in particular—is the place for you. Day trips to Rocky Mountain National Park and the beautiful climate make this one of the best cities for newlyweds.

If you like what’s offered by of any of these best cities for newlyweds, please visit First Preston HT for real estate asset management, short sales services, or other real estate information in the city of your choice.

Source:  Rent.com

Real Estate Asset Management: 6 Tips to Set Your Real Estate Portfolio Apart

The opening ceremony of the Olympics.  Your favorite Fourth of July fireworks display. The face of a child with a new toy. These are magical experiences all made memorable because someone took the time to pay attention to the details.

In the world of real estate asset management portfolios whether rental or for-sale properties, the volume and the process points can often compete with the need for correct and compelling marketing communications. Property descriptions and photos are often rushed to press failing to capture the property or the real estate professional in their best light.

It’s all about the details, especially as it relates to real estate asset management. Inman NextAgent Contributing Editor Katie Lance recently shared insights encouraging real estate practitioners with reminders that that, “Details matter. They matter more than ever before.” With the advent of syndication and a global electronic market place, dreary photos and a lackluster description can be in front of millions of online eyes within seconds of posting. If ‘a picture is worth a thousand words’ what does a poor photo say to millions of institutional and individual online shoppers? Real estate asset management pros that go the extra mile engage shoppers and place listings on an accelerated path to closing. These details are not lost on private and institutional sellers in their search for top level agents.     

Key points include:

1. i-Phone listing photos? “Not good enough today”.

2. Damp black and white fliers in a flier box? Rethink the value and the impact on your brand.

3. Spelling errors and “odd capital letter placement”?—Enlist someone to proof all branded material prior to release.

4. Website in need of updates?—Employ a student to make sure the links actually work.

5. Take the time to engage clients by responding to celebratory life events they’ve posted on social sites.

6. Make each closing memorable for buyers or new tenants.

Gwen Banta of AG Beat produces a weekly to “hall of shame” for property description bloopers retrieved from the MLS. Due to the lack of proofing Gwen finds plenty of material for her weekly column now in its 3rd year. Names are withheld to protect the guilty.

A little bit of prior planning could set you apart, earning faster closings, and future referrals.

For more details on real estate asset management visit FirstPrestonHT.com  

Real Estate Best Practices: Brokers and Agents

Real Estate Best Practices

Real Estate Best Practices

If you want to increase business productivity in the second half of 2012, there are several real estate best practices you need to follow. Consider these guidelines for enhancing and expanding your real estate asset management skills.

  • Operate with a business plan: Most of the leading real estate brokers and agents in the country have a business plan. This real estate best practice creates a focus and establishes guidelines for a better chance of meeting your objectives.
  • Add investment real estate to your business repertoire: A growing number of domestic and foreign investors are becoming interested in real estate investments. You have the opportunity to get ahead of the game and attract these investors by adding investment real estate to your areas of expertise.
  • Create an online presence: You need a strong online presence because about 87 percent of consumers begin searching for real estate property online. Make sure you incorporate a blog into your efforts because it can help you generate 55 percent more web traffic and seven times more leads.
  • Take advantage of mobile marketing: Ninety-three percent of adult Americans own a cell phone, and about 98 percent of all received texts are opened and read. This makes mobile marketing about four times more effective than web marketing! Utilize this real estate best practice to give consumers what they want: immediate property information on their phone via text messages, QR codes and automated phone calls.
  • Build relationships with your sphere of influence: This is imperative for generating referrals and creating repeat customers. It’s more important than ever to implement this real estate best practice because up to 60 percent of buyers and sellers were asked for a recommendation or referral by their agent in 2011. Trends suggest this practice will only increase in the coming years.

With these real estate best practices in mind, you’re ready to move your real estate business forward. Please visit First Preston HT for real estate asset management, short sales services, or other real estate information.

Source:  PRWeb

Is The Real Estate Market Improving? Cities On The Upswing

Is The Real Estate Market Improving

Is The Real Estate Market Improving

Is the real estate market improving? The answer to this question is important when buying and selling real estate. According to the National Association of Home Builders/First American Improving Markets Index (IMI) for June 2012, 80 U.S. metropolitan areas are showing housing markets with measurable and sustained improvement. While is the latest figures are down from those in May, when 100 metropolitan markets were included on the list, 28 new cities are included on June’s list. Plus, there is at least one city represented from 31 different states, including the District of Columbia.

Here’s a look at some signs that the real estate market is improving along with a spotlight on some of the cities to make June’s IMI Index.

Signs that the Real Estate Market is Improving

  • Job market recovers: When the unemployment rate drops and closed businesses reopen, the housing market correspondingly recovers.
  • “For sale” signs go down: If too many houses are for sale, and there aren’t enough buyers, then prices go down. It’s a simple example of supply and demand.
  • Foreclosures and short sales are less common: In a healthy market, people don’t sell their homes because they can’t afford the mortgage; they sell because they are upgrading to a larger home.
  • Interest rates drop: Lower interest rates allow new home buyers to afford loans, which stimulates the housing market.

Cities on the Upswing

Eighty U.S. cities have shown these and other signs that the real estate market is improving for six consecutive months. Some of the most notable are:

  • Phoenix
  • Grand Junction, Colo.*
  • Washington, D.C.
  • Tampa, Fla.
  • Iowa City, Iowa
  • Detroit
  • Jefferson City, Mo.
  • Jackson, Miss.
  • Fargo, N.D.*
  • Knoxville, Tenn.*
  • Dallas*

*Cities added in the most recent report

This is just a glance at some of the top cities where the real estate market is improving. Seethe  National Association of Home Builders for the complete list of U.S. metropolitan areas that made the list. Then, visit First Preston HT for real estate asset management, services, or other real estate information.

Real Estate Asset Management: National Brand for National Portfolios

Real Estate Asset Management

Real Estate Asset Management

First Preston HT, a real estate asset management firm with national reach, shares insights on a mega trend in real estate investment.

“It’s turning into a $10 billion industry” Colin Wiel, Managing Director and Co-Founder of Waypoint Homes. “Tom Shapiro, Chairman of GTIS Partners, estimates a $1 Trillion market for single-family rentals. His New York-based real estate investment firm expects to invest $1 billion in the area by 2016.”     Bloomberg.com

Tom Barrack, Chairman, CEO and Founder of Colony Capital announced plans to acquire $1.5 billion of rental property by “April of next year.” In a Bloomberg TV interview Barrack highlighted the emergence of a new asset class –single-family Real Estate Investment Trusts (REITs) which purchase pools of distressed real estate for rehab and rental. “The challenge is the need for a national brand which has the ability to manage [properties] in diverse geographic regions” stated Barrack.

Whether building a real estate asset management organization from the ground up or enlisting the services of national asset management firms, such as First Preston HT, investors from around the globe are staking their claims in the US residential real estate marketplace.

Bloomberg also reported recently that the “biggest buyer of U.S. commercial real estate since prices bottomed is about to become the biggest investor seeking to enter the single-family leasing market.”

New York-based Blackstone Group, LP (BX) is reportedly raising $13 billion “for what will be the largest-ever private equity real estate fund.” The firm has reportedly spent more than $250 million this year acquiring foreclosed single family houses with the intention of renting them out.”

Buy, Rent and Hold

Blackstone has reportedly teamed up with the Treehouse Group LLC of Tempe, Arizona, and a Dallas-based group to purchase, rehab, locate tenants and maintain rentals.

Follow the link to see which firms are actively pursuing a buy, rent and hold strategy. Find out what’s impressive about smaller portfolios which contain 20 houses as opposed to thousands.

Question: How will the buy, rent and hold trend impact the housing recovery?

Source: Bloomberg

How to Generate Viable Offers and Start a Bidding War

By:  Nesa Grider

Start a Bidding War

Start a Bidding War

Instinctively, I know those of us listing and selling properties will benefit from the encouraging news in the media about the recovering housing market because it reassures potential buyers that the time to buy is now.  But as Oprah Winfrey often asks her guests:  What do you know for sure?  What I know for sure is that converting a recovering market into individual home sales has far more to do with how we market ourselves as real estate professionals and the creative ways we generate positive attention to our listings, than it does with good news in the media.  Consider these techniques to generate viable offers and start a bidding war on your properties:

Develop a Solid Market Strategy for Each Property: Identify the target market for each property and create a plan for catching the eye of the most likely buyer.  If it is an investor, include in the marketing information the capitalization rate, average market rents and vacancy rates in the area, so the investor can quickly determine if it meets their criteria.  If owner occupants are the target, determine how to uniquely distinguish the property from others in the market – such as exemplary schools in the area, appliances that can remain with the house or other value-added characteristics that will generate offers.

Capture the Advantages of an Electronic Marketplace:   Choosing the best online real estate market for your listings may appear complicated since some 700,000 electronic markets are available for real estate sales.  Rather than automatically using one of the industry standards, choose sites that meet these four key criteria:  update data daily so buyers know the availability of a property; allow you to brand your listings by placing your photo and contact information in a highly visible location on the property posting; prominently promote “featured” properties; and offer online transaction functionality to communicate in real time with buyers and their agents.

Offer the Convenience of Online Offer Negotiation:  The benefits of online transactions in residential real estate sales include accepting, reviewing and negotiating offers in real-time, and producing a best and final within minutes.  For the 79 million Gen Y or Millennials that now outnumber the Baby Boomers and represent a growing volume of real estate offers, the electronic marketplace and online offer negotiation are your best options for reaching these buyers to generate offers.

Ramp Up Your Social Media Outreach: Use an electronic marketplace that integrates a “one stop” social media dashboard so you can manage Facebook, Twitter, YouTube and other e-communications from one convenient place – the outreach you achieve through consistent social media communications has the potential to increase your business opportunities.

Promote Assets Internationally:  I also “know for sure” that while real estate is local, the market is now global.  NAR’s recent report on international sales shows international buyers purchased $82.5 billion in real estate in the U.S. over the past 12 months.1 Home purchases by the Canadians, Chinese, Mexicans, British and Indians for properties in New York, California and Florida top the list.   With more international buyers viewing the U.S. as a safe place for real estate investments, you may find that properties in proximity to manufacturing and other business investments, university campuses and recreational sites appeal to these buyers.   What’s the best way to reach international buyers?  Start by placing your listings on a global electronic marketplace that allows you to feature homes for minimal fees and provides an option for online offer negotiation and ready use of social media. Since turnkey solutions are particularly appealing to international buyers, make certain to have a rental program to recommend.

Market the Advantages of Urban Living:  Recent data from the Census shows many U.S. cities are growing faster than their suburbs, reversing a decade’s old trend. In fact, from July 2011-2012, in 27 of the country’s 51 largest metropolitan areas, city centers grew faster than surrounding suburbs, compared to only five metro areas during the previous 10 years.2 Increased safety in cities, convenient access to public transportation and revitalized entertainment and retail areas are appealing to commuters weary of high gas prices and long commutes.

Attitudes about the U.S. housing market continue to improve.  Fannie Mae’s June survey showed that 73% of Americans surveyed believe it is a good time to buy a home, with 69% of respondents saying they will buy.3 Rising rental costs and low mortgage rates have become a significant incentive for potential homeowners to purchase and investors to expand their portfolios.  These market trends will not automatically generate offers for properties.  But, if you implement a strategic marketing plan, skillfully use the right electronic marketplace and social media communications, you may start a bidding war.

To view the original article, please visit RISMedia.

Nesa Grider is Executive Vice President of First Preston HT, a licensed real estate broker in Texas and Oklahoma and Six Sigma Black Belt. Ms. Grider is a client of BidSelect.com.  For more information visit http://bidselect.com.

Sources:

  1.   National Association of Realtors study as reported in the Wall Street Journal “Overseas buyers seek shelter in U.S. real estate” June 29, 2012
  2.  Wall Street Journal article “Cities Outpace Suburbs in Growth”  by Conor Dougherty and Robbie Whelan, June 28, 2012
  3. Fannie Mae study quoted in Wall Street Journal article  “Fannie Mae:  Optimism on Homeownership Improves in June,” July 9, 2012

REO/ Short Sale Summit Explores Timely Growth Strategies

Join Margo McKay Broughton, First Preston HT– VP of  Program Development, Quality Control and Director of Training in Chicago on Tuesday at the REO/Short Sale Summit hosted by the AREAA. Learn how to unleash the power of BidSelect to accelerate your business.

First Preston HT

First Preston HT

Interest Rate Survey Reports Fixed Rates Hit Record Low – Affordability At All Time High

Interest Rate Survey

Interest Rate Survey

Freddie Mac’s latest interest rate survey reports interest rates have hit record lows once again. Incredibly, 30-year fixed mortgage rates sank to 3.62 percent and the 15-year fixed rate fell below 3 percent to 2.89 percent.  (Down 0.7 point from the prior week).  DSNews posted the survey findings on July 5th.

Bankrate’s mortgage survey findings captured slightly higher rates, with 30-year fixed at 3.87 percent as compared to last week’s 3.89 percent.  Bankrate reported a 15 -year fixed rate of 3.13 percent, versus 3.16 percent the prior week.

Freddie Mac surveys approximately 25 lenders encompassing five regions.

Bankrate canvasses the top 10 banks and thrifts in the “Top 10 Markets”.

For more information, please visit the First Preston HT website.

Ginormous Real Estate Opportunities – 2012

By: Margo McKay-Broughton

Real Estate Opportunities 2012

Real Estate Opportunities 2012

In the nearly 30 years I’ve been in real estate, I’ve seen the highest highs and lowest lows in the market and everything between.  Yet like many who believe homeownership can provide a better life for individuals and families and build stronger communities, I continue to find opportunities in transitioning markets to meet the needs of buyers and sellers and serve my clients.  If you prefer to focus on the opportunities for business growth in an always changing real estate market rather than bemoan the fact that the practice of real estate is just not like it used to be, keep reading.

Many Choices in Inventory:  The National Association of Realtors reported a total housing inventory of 2.4 million homes available for sale at the end of March.1   A five to six month supply indicates a healthy market, according to market intelligence firm Hanley Wood.2   In 98 of the largest cities in the U.S. it is now cheaper to buy a home than rent one. 3 Buying has begun to pick up, with April sales of existing homes increasing by 3.4% over April 2011.4 Adding to housing choices, the U.S. Census Bureau and the Department of Housing and Urban Development on May 16th announced that privately owned housing starts in April 2012 were 29.9% above the April 2011 level. 5   Online marketplaces that feature existing homes and new construction with the ability to submit and negotiate offers have made it easier for real estate professionals to help their clients find and purchase their next home.

Large Millennial Population:  The 79 million Gen Y or Millennials (between the ages of 16-34) now outnumber the 76 million Baby Boomers 6 (between the ages of 48-68). With the Millennial population trending upward toward peak household development and spending years and exceeding their parents in spending power,7 they are an important demographic to target for home purchases.  New research from the Boston Consulting Group indicates that within the Millennial population “about 50% defy the stereotypes most marketers live by.”8 Generally described in the media as “sheltered, civic-minded, team-oriented, less consumptive and socially conscious” there are subgroups within this demographic that savvy real estate professionals should target.  You’ll need to reach out to them electronically, as this generation is “impatient and values a fast experience over a lengthy customer service endeavor – born as technology multi-taskers . . . wired to be constantly in a hurry.”9   Use online real estate markets and electronic communications to reach this market – and be ready – they are likely to contact you first if you are appropriately positioned with an electronic market presence and provide them a “fast experience” through the advantages of online offer negotiations.

Retirees Making Housing Changes:  As the 76 million Baby Boomers progressively approach retirement, new lifestyle and housing arrangements are being embraced.  CBS recently reported on the trend of modern day “Golden Girls,” whose decision to house-share mimics the TV show from the late 80’s.  They are part of a growing trend choosing to live together for economic and social reasons.  CBS cites a 15% increase in the number of single women over 45 living with non-relatives. 10  Retirees often find their housing needs have changed and they want an alternative- maybe they  no longer need as large a home, prefer a one story residence, or are eager to give up a large yard and swimming pool for a home that is easier and less costly to maintain.  Nearly 6,000 Americans are turning 65 every day and Baby Boomers will soon increase that number to 9,000 a day as they age. 11 Don’t be surprised if you find retiree homebuyers are just as comfortable with online property searches and e-commerce as the Millennials.  A strong indicator of the comfort level of people age 55 and older have with e-commerce is evident in a recent American Bankers Association study.  For the first time, older Americans indicated a preference to do their banking online – 57% of bank customers age 55 and older choose to bank online, up 20% over the prior year.12  A  marketing plan that includes  the growing population of retirees may increase your home sales, particularly if you market your services online.

Cash Buyers and Investors Continue Robust Purchasing:   In a CNN Money segment, major kudos were given to cash buyers and investors for the modest housing recovery that is underway.  Included in their analysis was information from Capital Economics reporting that almost all of April’s $4.62 million home sales were driven by cash buyers and investors looking to turn properties into rentals.13    There are several business opportunities with these buyers.  You can assist them in finding investment properties and with services they often need such as rental market analysis, screening of tenant applications, rent collection, and management of tenant-related issues and repair and emergency services.

When Oliver Wendell Holmes  (1809-1894) made the statement “We are all faced in life with a series of great opportunities, brilliantly disguised as impossible situations” he likely had no idea his thoughtful comment  would be so apropos to today’s housing market.  There are ginormous opportunities in real estate for brokers and agents actively seeking to serve specific segments of the market with real-time communication and service.

Margo McKay-Broughton is Vice President of Program Development and Broker Training for First Preston HT and is a licensed Real Estate Agent in Texas.

  • 1 National Association of Realtors, April 19, 2012 Press Release, “Existing-Home Sales Decline in March But Inventory Down, Prices Stabilizing”
  • 2 Housing Intelligence, April 20, 2012 “Get a New Outlook on Housing” by Jonathan Dienhart and Ken Lee
  • 3 Trulia.com, March 21, 2012 “Amid Rising Rents and Record-Low Prices, Homeownership More Affordable Than Renting in 98 Out Of 100 Major Metros”
  • 4 National Association of Realtors, May 22, 2012 “April Existing-Home Sales Up, Prices Rise Again”
  • 5 U.S. Census Bureau News Joint Release U.S. Department of Housing and Urban Development, May 16, 2012 “New Residential Construction in April 2012”
  • 6 &7 AGBeat.com, May 14, 2012 “Marketing to Millennials:  demystifying a generation”
  • 8 MediaPostNEWS, April 16, 2012 “Gen & Dissected:  Six Types of Millennials”
  • 9 AGBear.com, May 14, 2102 “Marketing to Millennials:  demystifying a generation”
  • 10 CBS News.com, March 2, 2011, “Real-life ‘Golden Girls’ typify trend”
  • 11 Squidoo.com, “Retirement Facts and Trends”
  • 12 American Bankers Association, September 8, 2011, “ABA Survey:  Popularity of Online Banking Explodes”
  • 13 CNN Money, May 23, 2012, “Welcome to the mortgage-free housing recovery”

Low Inventories in U.S. Housing Supply in Some Areas Spell Frustration for Buyers

US Housing Supply

US Housing Supply

“Jennifer Bryant has made more than 30 offers on houses, mostly from her cell phone, in many cases without even viewing the property.  She has lost every bid, and says she often loses to all-cash buyers.”  Yuki Noguchi, NPR¹

The U.S. housing supply available for purchase has dwindled substantially cascading from 3.2 million units in April of 2011 to 2.54 million in April of 2012, according to the National Association of Realtors (NAR)*². The trend is playing out real time in markets like Riverside, California. According to Paul Herrera, Government Affairs Director for the Inland Valleys Association of Realtors in Riverside, there are “40 percent fewer homes on the market compared with last year and sales volume is up.” This translates to fierce competition for every home purchase.

Buyers like Jennifer Bryant lament the irony of “vacant homes everywhere,” but not available for purchase due to delays in the foreclosure process. For the State of California, (a non-judicial foreclosure state), the process takes approximately 300 days³ from date of last paid installment (LPI) to foreclosure sale date. It’s a high demand market so rents rise while buyers keep bidding.

Additional markets such as metro Phoenix, Austin, Portland, and many others are experiencing low inventory/ high demand imbalances as well.

INVESTORS

Investors, both institutional and individual, are taking full advantage of record low interest rates and deflated prices.

According to a June 15th release, investor US National Telecom, Inc. announced multiple offers on numerous investment properties.  The company is “looking to acquire real estate interests that offer positive cash flow returns.” The US National Telecom homepage details their interest in locating and purchasing properties to rent, hold and sell after the market recovers.

NPR‘s Yuki Noguchi does a balanced job of sharing the success of investors in contrast to the mounting frustration of competing homebuyers. Follow NPR to read or listen to the full story.