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REPOSTED DIRECTLY FROM INMAN NEWS// WFG NATIONAL TITLE.THIS CONTENT HAS NOT BEEN MODERATED BY HERITAGE HOME REALTY As anyone who regularly watches Flip or Flop already knows, house flipping is on the rise, and a new report from property data developer CoreLogic confirms this.
An analysis of public records found that the ratio of flipped properties to sales reached 6.2 percent in the first quarter of 2018, the highest it’s been since the first quarter of 2013 when home prices first started rebounding after the financial collapse. Directly after the crash in 2005, the ratio of flipped properties to sales climbed over 8 percent. Flipping — defined in the report as the act of acquiring a home then selling it within 12 months — is a different business now than it was right after the crash, CoreLogic found. “The first time it reached this level after the housing crash, home prices had just started to recover, and there were still a considerable number of distressed properties on the market,” the report states. “However, the flipping dynamics have changed over time. The share of distressed properties sold has declined significantly, from 30 percent in January 2013 to 4.4 percent at the end of 2017.” Home prices in some areas of the country have already passed the peak high values they reached before the crash, and valuations are showing no sign of slowing down. “High acquisition cost, tight inventory and rising flipping activities together point to possible speculation: investors are betting on continuous home price growth,” the report said. ![]() REPOSTED DIRECTLY FROM INMAN NEWS//.WFG NATIONAL TITLE. THIS CONTENT HAS NOT BEEN MODERATED BY HERITAGE HOME REALTY. Although issues with low inventory and fast-growing home prices still abound, the market has greatly improved since the housing bubble in 2006, and the latest foreclosure rates prove it. In 2017, residential home foreclosures fell 27 percent to 676,525 — the lowest level since 2005, according to a recent Experian report. “Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified — and low-risk — borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go,” Attom Data Solutions SVP Daren Blomquist told Experian. “There are a few notable local market exceptions playing a different version of foreclosure limbo in which a backlog of legacy foreclosure activity left over from the last housing crisis is still winding its way through a labyrinthine foreclosure process,” Blomquist added, “resulting in incongruous jumps in various stages of foreclosure activity in markets such as New York, New Jersey, and D.C.” Western and Plains states have fared the best since 2005, thanks to affordable home prices, healthy jobs markets and relatively low costs of living. RealtyTracforeclosure data for April 2018. Click the graphic to see more. South Dakota
As of March 2018, only one in every 11,082 homes in South Dakota are in foreclosure, and only 0.01 percent of residential properties in the state are in foreclosure — 0.05 percent below the national average. According to Experian, an unemployment rate of 3.4 percent is key to South Dakota’s success. “A below-average jobless rate is key in reducing statewide foreclosure rates, as the more people who are gainfully employed are less likely to have their home fall into foreclosure,” the report notes. North Dakota Just like it’s neighbor to the south, North Dakota has an enviable foreclosure rate with only 1 in every 10,824 homes being taken back by the bank. The state has robust jobs growth, as energy companies flock to North Dakota and bring a wealth of job seekers and potential new homeowners. As a result, current homeowners who would’ve gone into foreclosure can quickly sell their home for a great price. Vermont is an outlier in the East Coast — according to RealtyTrac, New Jersey, Delaware and Maryland have some of the highest foreclosure rates in the country, with as much as 1 in every 605 homes being in some stage of the foreclosure process. Only 1 in every 7,176 homes are in foreclosure in the Evergreen state and its unemployment rate is at 2.8 percent, meaning that homeowners are more likely to keep up with their mortgages. West Virginia Thanks to strong buyer demand and home price appreciation values that are expected to grow by 3.6 percent by 2019, only 1 in every 6,384 homes are in foreclosure in West Virginia. But Experian warns that foreclosure rates may start to increase due to an unemployment rate (5.4 percent) that eclipses the national average (3.9 percent). Montana Only 1 in every 6,277 homes in Montana are in foreclosure, making the state’s foreclosure rate 0.02 percent below the national average (0.06 percent). Homeowners in the Treasure State are also benefitting from a 10.8 percent growth in home values since 2016, giving struggling homeowners the opportunity to sell their homes and avoid foreclosure. About foreclosure rates The ATTOM Data Solutions (RealtyTrac’s parent company) provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). REPOSTED DIRECTLY FROM INMAN NEWS// WFG NATIONAL TITLE. THIS CONTENT HAS NOT BEEN MODERATED BY HERITAGE HOME REALTY. You may have hit the mouthwash this morning to avoid having bad breath, but are your clients still holding their noses because you suffer from commission breath?
Real estate agents fall into two broad categories: those who are in it for the commissions and treat the clients as numbers, and those who put the client’s best interests first, even if it means not earning a commission. Commission breath can hit without warning. You need to start using “Commissterine if you are an agent who: 1. Delivers the ‘me-me-me, sign-here’ listing appointmentThese agents walk into a listing appointment and explain how great they are, how many houses they have sold and then say, “sign here.” Their only goal is to get the listing signed and then leave as quickly as possible without regard to questions or issues that the seller may have. 2. Focuses more on the money, than the clientThese agents look at the real estate sale as a piece of inventory that needs to be moved with little regard to the human side of the transaction. They ignore fears their clients may have about the transaction not closing, the difficulties associated with moving and how having a property on the market disrupts their clients’ lives and stresses them out. These agents track houses sold, not families served. 3. Over-promises and under-deliversThis type of commission breath often sneaks up on agents. The agent goes on a listing appointment and explains all the great marketing services and things he or she will do to get the seller’s property sold. These agents mean to do all of those things, but don’t ever get around to doing all that they promised. 4. Lies or does whatever it takes to get the dealUnlike the agents who at least intend to provide service, these agents have no compunction about telling lies or saying whatever it takes to get the listing signed or to close the deal. If someone else has an issue, who cares? 5. Takes the listing and disappears until it’s time to collect a checkThis is one of the most common types of commission breath. Sellers routinely complain that they haven’t seen their agent since they signed the listing. Other telltale symptoms include their listing agent isn’t notifying them about showings or providing them with reports about the market activity on their property. 6. Omits important factsAgents like this know there’s an issue with the property that needs to be disclosed, but because the sellers and buyers seem to be unaware of it, they keep their mouth closed. If the buyers can’t figure it out from their own inspections, that’s their problem. 7. Relies on the other agent to do all the workThese agents can be inexperienced, new or just plain lazy. Half the people who hold licenses didn’t close a deal last year. Most of these agents haven’t got a clue when it comes to solving transaction problems. In fact, the only way the deal will close will be if there’s a competent agent on the other side who steps in to do what it takes to close the transaction. 8. Never says ‘thank you’These agents never say “thank you” to their clients for their business, to the listing agent who changes his or her schedule to accommodate a showing or to any of the other people involved in the transaction. After all, these people are just doing their job — what’s the big deal about that? 9. Fails to stay in touch after closingThis type of commission breath hurts the agent the most. In my experience, agents who fail to stay in contact with past clients have an attrition rate of 20 percent a year. In other words, each year, 20 percent of these agents’ referral database will be contacting a different agent the next time they want to list or sell a property, simply because that first agent fell off the client’s radar. 10. They go to the highest bidderOne of the most surprising findings from the California Association of Realtors WomanUP! research is that the top women brokers who have been in business for 20 years or more generally will not hire someone with commission breath. They have no issue with a commission-breathed agent going to another company who is willing to pay them more. The way they spot this during an interview is that the agent’s first question is, “What’s your commission split?” |
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July 2018
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