Hi Friends!
Very soon, Gary Field, our newest broker associate with CaboRealty Northwest will be introducing himself on these pages. He will be adding his knowledge and experience, and general good humor to enhance this blog. Thanks!
Monday, June 28, 2010
Meet Gary Field!
Hi Friends!
Very soon, Gary Field, our new broker associate in beautiful Longview WA, will introduce himself to you on these pages. Take the opportunity to get to know him!
Very soon, Gary Field, our new broker associate in beautiful Longview WA, will introduce himself to you on these pages. Take the opportunity to get to know him!
Sunday, May 4, 2008
Existing Home Sales Outlook from NAR
Here is the Existing Home Sales Outlook from the National Association of REALTORS chief economist as released in April.
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
Friday, April 18, 2008
It's Official from NAR - One out of every 3!
WASHINGTON, March 28, 2008 -
The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®.
The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.
NAR’s annual Investment and Vacation Home Buyers Survey shows vacation-home sales dropped 30.6 percent to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million in 2006. At the same time, primary residence sales declined 10.0 percent to 4.34 million in 2007 from 4.82 million in 2006.
Lawrence Yun, NAR chief economist, said the findings suggest different cycles for each of the sectors over the past two years. “Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007,” he said. “Vacation-home sales rose to a new record in 2006 because there was a pent-up demand from buyers who couldn’t find a property as a result of tight supplies in preceding years.”
The overall sales decline in 2007 resulted from a combination of factors. “Certainly, second homes are discretionary purchases and there is a natural tendency to pull back from big-ticket items in periods of uncertainty,” Yun said. “The other factor is the disruption in the mortgage market, with a significant tightening of credit during the second half of 2007. Some buyers simply adopted a wait-and-see attitude.” Yun said lifestyle factors and strong demographics remain positive for the vacation home market. “Investment considerations are secondary for vacation-home buyers, so there is some dormant underlying demand,” he said. “A peak of population is moving through the prime years for buying recreational property. It is welcoming to see investment sales returning to pre-boom sales activity.”
The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®.
The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.
NAR’s annual Investment and Vacation Home Buyers Survey shows vacation-home sales dropped 30.6 percent to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million in 2006. At the same time, primary residence sales declined 10.0 percent to 4.34 million in 2007 from 4.82 million in 2006.
Lawrence Yun, NAR chief economist, said the findings suggest different cycles for each of the sectors over the past two years. “Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007,” he said. “Vacation-home sales rose to a new record in 2006 because there was a pent-up demand from buyers who couldn’t find a property as a result of tight supplies in preceding years.”
The overall sales decline in 2007 resulted from a combination of factors. “Certainly, second homes are discretionary purchases and there is a natural tendency to pull back from big-ticket items in periods of uncertainty,” Yun said. “The other factor is the disruption in the mortgage market, with a significant tightening of credit during the second half of 2007. Some buyers simply adopted a wait-and-see attitude.” Yun said lifestyle factors and strong demographics remain positive for the vacation home market. “Investment considerations are secondary for vacation-home buyers, so there is some dormant underlying demand,” he said. “A peak of population is moving through the prime years for buying recreational property. It is welcoming to see investment sales returning to pre-boom sales activity.”
Sunday, March 16, 2008
Fewer less professionals - a negative positive
This from the National Association of REALTORS. Seemingly bad news which is really good news, and why IT IS IMPORTANT IN MEXICO TO USE ONLY AMPI & NAR PROFESSIONALS!
Way Too Many REALTORS®?
By NAR Chief Economist Lawrence Yun
NAR membership figures have finally begun to fall. Whew!!!
The number of REALTORS® grew from 750,000 at the turn of this decade to close to 1,370,000 as recently as August 2007. That is an addition of 83 percent in short seven years. From 1980 to 2000, membership figures bounced around in the narrow band of 620,000 to 820,000.
Such a rapid increase in membership is not necessarily healthy. How many of the new members have ever seen a down market aside from the last two years? How many understand the importance of repeat and referral business and not just a single transaction?
Given that about ½ million REALTORS® have less than 5 years of experience, sloppiness in some transactions no doubt exists. A complaint I hear quite frequently from REALTORS® is about the second-rate conduct of some of their fellow new members.
Every attempt by state and local REALTOR® associations to further raise professional standards gets knocked down by government regulators as hindering competition. NAR has made efforts to strengthen professional standards and the code of ethics but has been careful, knowing that the Department of Justice and Federal Trade Commission will be breathing down our neck.
Fortunately though, consumers are smart and can navigate through in finding the right REALTOR®. When asked, 68 percent of recent homebuyers said they would definitely use their REALTOR® again or recommend their REALTOR® to others. An additional 19 percent said probably use again. For home sellers, the figures were 62 percent definitely and 19 percent probably.
The vast majority of REALTORS® are, therefore, serving their clients in the most professional way, and understands that consumer interest is their interest.
Business seems brutally competitive at times. With sales activity trending at 10-year lows in recent months, that is all the more accurate. Still, business is entrepreneurial and that means there are a multitude of business models and widely varying levels of professionalism among members.
Entrepreneurial businesses tend to follow the 80-20 rule of 80 percent of the business activity being conducted by 20 percent of the people. In real estate, a similar type of figures show that top 20 percent of REALTORS® earned a median income of $175,000 while the bottom 20 percent earned less than $10,000. The figures are from NAR's survey of members and reflect business activity in 2006.
With home sales having fallen 13 percent in 2007, the competition is no doubt more intense. The membership figure is now turning sharply lower. Perhaps this is what is needed to boost the overall professionalism of members. Fewer REALTORS® also mean more business opportunities for the remaining REALTORS®.
Way Too Many REALTORS®?
By NAR Chief Economist Lawrence Yun
NAR membership figures have finally begun to fall. Whew!!!
The number of REALTORS® grew from 750,000 at the turn of this decade to close to 1,370,000 as recently as August 2007. That is an addition of 83 percent in short seven years. From 1980 to 2000, membership figures bounced around in the narrow band of 620,000 to 820,000.
Such a rapid increase in membership is not necessarily healthy. How many of the new members have ever seen a down market aside from the last two years? How many understand the importance of repeat and referral business and not just a single transaction?
Given that about ½ million REALTORS® have less than 5 years of experience, sloppiness in some transactions no doubt exists. A complaint I hear quite frequently from REALTORS® is about the second-rate conduct of some of their fellow new members.
Every attempt by state and local REALTOR® associations to further raise professional standards gets knocked down by government regulators as hindering competition. NAR has made efforts to strengthen professional standards and the code of ethics but has been careful, knowing that the Department of Justice and Federal Trade Commission will be breathing down our neck.
Fortunately though, consumers are smart and can navigate through in finding the right REALTOR®. When asked, 68 percent of recent homebuyers said they would definitely use their REALTOR® again or recommend their REALTOR® to others. An additional 19 percent said probably use again. For home sellers, the figures were 62 percent definitely and 19 percent probably.
The vast majority of REALTORS® are, therefore, serving their clients in the most professional way, and understands that consumer interest is their interest.
Business seems brutally competitive at times. With sales activity trending at 10-year lows in recent months, that is all the more accurate. Still, business is entrepreneurial and that means there are a multitude of business models and widely varying levels of professionalism among members.
Entrepreneurial businesses tend to follow the 80-20 rule of 80 percent of the business activity being conducted by 20 percent of the people. In real estate, a similar type of figures show that top 20 percent of REALTORS® earned a median income of $175,000 while the bottom 20 percent earned less than $10,000. The figures are from NAR's survey of members and reflect business activity in 2006.
With home sales having fallen 13 percent in 2007, the competition is no doubt more intense. The membership figure is now turning sharply lower. Perhaps this is what is needed to boost the overall professionalism of members. Fewer REALTORS® also mean more business opportunities for the remaining REALTORS®.
Friday, March 14, 2008
Los Cabos real estate still strong
Tales of doom emanate from throughout the U.S. real estate markets, and yet the Cabo experience is still a highly prized commodity. While the number of total real estate sales in Los Cabos is down somewhat, business is still strong in the favored sectors of premium beachfront developments, view condominiums, and developer parcels for resort and upscale projects.
And, as the dollar continues to fall against world currencies, more and more of the well managed and balanced individual investment portfolios are recognizing the safety and growth potential of safe, secure and accessable vacation and retirement destinations like Los Cabos.
I would like to hear the thoughts of others who are inclined to follow the sun, and invest in paradise. Post your thoughts or drop me an e-mail at: West@CaboRealty.com
And, as the dollar continues to fall against world currencies, more and more of the well managed and balanced individual investment portfolios are recognizing the safety and growth potential of safe, secure and accessable vacation and retirement destinations like Los Cabos.
I would like to hear the thoughts of others who are inclined to follow the sun, and invest in paradise. Post your thoughts or drop me an e-mail at: West@CaboRealty.com
Wednesday, March 12, 2008
Lending leverage tighter
The following is from today's report from the National Association of REALTORS:
Daily Real Estate News
March 12, 2008 Lending Standards Will Stay Tight
The loan a borrower qualifies for on Monday is likely to be out of reach on Tuesday because lenders are changing the rules hourly, industry observers say.
For those who can meet the rapidly changing lending standards, the plan announced Tuesday by the Federal Reserve to loosen credit by providing $200 billion to the financial services sector should make plenty of money available at lower interest rates, says David Wyss, chief economist at Standard & Poor’s.
Last year a borrower could get complete financing on a $300,000 home with a mortgage alone or in combination with a home equity loan or line of credit.
Today, that same borrower likely needs $60,000 for a down payment, plus a credit score higher than 680."Credit is the gateway right now," says Dan Green, a certified mortgage planning specialist and author of TheMortgageReports.com.
"Weak credit is cost prohibitive."
Source: The Associated Press (03/11/2008)
Daily Real Estate News
March 12, 2008 Lending Standards Will Stay Tight
The loan a borrower qualifies for on Monday is likely to be out of reach on Tuesday because lenders are changing the rules hourly, industry observers say.
For those who can meet the rapidly changing lending standards, the plan announced Tuesday by the Federal Reserve to loosen credit by providing $200 billion to the financial services sector should make plenty of money available at lower interest rates, says David Wyss, chief economist at Standard & Poor’s.
Last year a borrower could get complete financing on a $300,000 home with a mortgage alone or in combination with a home equity loan or line of credit.
Today, that same borrower likely needs $60,000 for a down payment, plus a credit score higher than 680."Credit is the gateway right now," says Dan Green, a certified mortgage planning specialist and author of TheMortgageReports.com.
"Weak credit is cost prohibitive."
Source: The Associated Press (03/11/2008)
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