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Real Estate Today 6-11-16

Jun 12, 2016|

Opening doors for buyers and sellers with critical and credible information on the real estate market. Fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

It's real estate today. The number one real estate show on the radio. Welcome to real estate today. Backed by the professional experience of real tours from across America we are your most trusted source on the radio for help today real estate information. Realistic today's presented by the national association of real source and Israel were members in your neighborhood. Hi there I'm Stephen guests weigh in we have a great show for you today. Secrets of the pros we'll talk to some of the nation's top real estate professionals about strategies and tactics and techniques. They can help you win in any real estate market. Coming up buying properties in a competitive market and how can you win the secrets of the pros is straight ahead. But first let's go to the realistic today newsroom with bill Tom Carvell hi Stephen where are the best places for millennial looking to buy a home. New research by the National Association of Realtors is identified the ten best purchased markets for aspiring millennial homebuyers topping the list. Austin, Texas followed by Charleston, South Carolina Denver Minneapolis and Ogden you talk. Also on the list Portland Raleigh, North Carolina Salt Lake City Seattle. And Washington DC. Wells Fargo and JPMorgan Chase are joined Bank of America in offering mortgages to qualified borrowers who put as little as 3% down. But is no reason to be worried about the wisdom of making such loans no there is not as Michael Calhoun president of the Center for Responsible Lending he told CNBC. These mortgages are the exact opposite of the kind that caused the housing crisis why noted. These are fully documented loans that the borrower has to show their qualified and that they can afford the payment. And Calhoun says the 3% down mortgages quote a critical program for the whole housing market and the US economy. The US Supreme Court has just made it easier to develop property that's been designated as wetlands by the federal government. In a unanimous ruling the High Court gave land owners the right to go directly to court the challenge and a decision by federal regulators to restrict their development rights. The rulings being hailed by property rights activist who say it will streamline the approval process for development in weapons. Your FaceBook friends may influence what TV shows you watch what kind of dog you get menu which restaurant you'll try but can they convince you to buy a house. The answer may be yes they can. A paper called social networks and housing markets published by the National Bureau of Economic Research. Finds that the more FaceBook friend you have who had a positive homeownership experienced the more likely it is that you two will want to own your own home. Researcher Joseph promised Robles of New York University says you hear everyone's making money in the housing market and suddenly you think it's a better invest. And coming up from half an hour more talk real estate news Stephen back to you thanks bill. And at the top of our show today commercial realistic. It's a huge part of the American economy. Which ranges all the way from massive industrial plants to the shops on main street to the apartment house on the corner. And the latest report on the outlook for commercial real estate in the second quarter of 2016. Shows some successes. And that some challenges ahead. Joining us now to talk about the 20162. Quarter commercial outlook is George were true. The director of quantitative and commercial research at the national association of real source. George welcome to realistic today. Thank you Steve and heard it to be here. George let's start with the big picture. Commercial real estate is directly tied to the overall economy. Especially business growth and employment. In that perspective. What this state of commercial. Right now. Well commercial I really don't think he's been at this moment is it. I'm hearing that but we need broader economic tranda mainly looking up into doesn't pick speedway had a very good here. And investment children you know people who you know previous record. But the first quarter performance in tandem went very weak economic fundamentals. Also saw a decline in filled that I had. But the Lauren being smaller markets markets like Indianapolis fluid build national. Kansas City where a lot of our members are active. In fact killed in those markets increased along with price is so intense it it to market but trying to find what specs. George when you mentioned that sales are looking good in the smaller markets in medium markets across the country. That leads me to believe that financing has finally come around because as you know for a long time it was tough. To get a commercial real estate loan in America. And that's a very good point and I'm good assessment of the world and impact what we've noticed. And financing. In general because the looking at the capital markets all on the bed as well as equity invited. It has improved we have more source that is right now competing in the market everything from banks. Two real estate investment trust to insurance companies to pension fund still an increasing share of international investors. The wanting however that I won't mention and that's a direct result of our survey we Rockwell are. Really remembers every year in which we talked about the lending conditions. We did find out that. Payment of those first quarter of this here live link condition that the banks. Have tightened the Americans to be two to be in keeping with what we've seen come bank regulators. Com putting more scrutiny on bank lending. Which on normal wanted to is understandable on the other hand it turned voted disproportionately impact that small community banks. Which make up a large proportion of commercial deals in notre market. You know in the report George I noticed the section on rentals and the report expects that for the rest of 2016. Three out of fort types of landlords will do well. That's office space retail and industrial. Only multifamily. Properties are expected to experience. More vacancies so. Does that mean the big rental increases might start to slowdown. Income market yes indeed where or Arnie teeing the slowdown in India apartment that he was the one factored that you know my friend complicated went through the recession. Quite well. And even knew that this sluggish portrait freshman Armon 20091011. It it's quite well around I've been increasing steadily even as those income source lol. 202 pickup. So to what we've seen as a result of the last two years we've had been increasing population. But the millennial coming into their prime years. We've got to meet him a lot of demand however builders and investors have taken motorists. And have actually ramp up net construction so we'd had a special indeed come about the large markets and the cost market. We've had any increased and supply. On the Norwegian has indeed put upward pressure on vacancies. And moderated Brad. Demand remained steady pop however about the rent. Increases are not like to be. I've aggressive. You know at the same time George from looking through your report it sounds as though. This might be a good time to start looking into investing in retail space the shops on main street strip malls that's sort of thing. And I think that's that's a good argument be made especially for a there have been mixed use got a pretty coach has become very popular or mixed use retail build. Urban people project it is indeed. Very good time. What do you seat for the rest of 2016. In commercial real estate. So and in terms of outlook what we weirder than he'd been looking at the is the continued improvement in fundamentals don't I mean. Leading to work or not. But did he declined to bacon is with the exceptional apartments. Would employment trends servant he opted in to continue improving in both children upon very well. And Doritos all the one area where there's a cloud hanging in bomb being harassment by the we've had again a top upper end of the market at 20% Europe you're decline in investment audience during the first quarter which already is going to dampen the that the yearly numbers and of course in terms of prices we've been impressed with accelerate quite aggressive into total fifteen. And I think that the market is poised for a slight correction so our forecast actually calls or explode on in that increase and a possible. Deceleration. But we don't know that the believes secondary tertiary markets ignorant. Actually well poised for continued growth especially in the post market lacked by about three years. Compared to the top markets so they have plenty of Rondell White left the path to take off. George were to director of quantitative and commercial research at the national association of real tours. On the latest commercial real estate outlook for the second quarter of 2016. Coming up on realistic today a tough realistic professional reveals her. Home fighting secret. If you could tell a story. When do you agree that thought off Byrd. I think I can make all the difference in the world. That's straight ahead. Our special show the secret of the pros. Real estate today. Connecting you with the real estate professionals. Every week. We are back where they are special show secrets of the pros. In which topped realistic professionals from. Across America share their personal approaches to succeeding in real estate. With Hugh. It's an especially important show for biased because right now it's a seller's market. They're just part enough homes for sale in many parts of the country and the result is buyers are often forced to compete with each other. They sometimes have to bid against each other and that can be brutal. Which is why are working with a real tort is so important let's talk now the real tour who really knows how to win. Joining us is Leslie Ruda Smith regulatory and broker with Dave Perry Miller & Associates in Dallas. Leslie's that 2016. Chairman of the board for the Texas association of real tours that that top position in the states leadership. Leslie has been in the real estate business for over forty years. And she served and dozens of local state and national roles including any r.s 2013. Vice president. Leslie thanks for joining us unrealistic today. Think he's Stephen is my pleasure. Leslie first of all Texas has been hit with relentless rain. How is it down there. Work floating. It is unbelievable I've never seen so much rain in my life into it they'll keep coming down I don't know we're going other than it is. Going into some people cope with which it's not a good thing bad right now I think things are somewhat to under control we just are hoping for a dry spell. Well me too I hope you're safe down there and everywhere else in Texas to Leslie thank you and now let's lean on all your realistic experience what approaches would you take that other real tours in our listeners might not know about. To help your clients win the in a competitive seller's market. And it's such a great question even so I'll tell you what they are a lot of dreaded ebitda to it. And it really does matter cute cute cute to be your real war communication is key and it's also very important bond brokers. It helps with avoiding problems and issues that Mike Bob but how are real corporate then. And bright and offer is cute. So Leslie if I were your client in Dallas Texas in your ultra competitive market and together we found a house that I wanted to buy it. What would you advise me to do to make sure. I won. Well I would sit down with you and talk here about what you're need to watch our is that the only how he put it to you like you want to look at other outfit. Partner Karrie outfit that we heed that you like or is that the only one that are you willing to take a public eye for it. What are you willing you'd make yourself being out and out 31 thing I'd being at how a why in what we do expect but more recently we had a great market that we're in right now is it held a tiger or. And I think a lot of it goes back to the communication between the brokers and all the parties it contracts it you can tell a story when you present offer. When they're come multiple offer situation or you're in these very hot. Price point I think that can make all the difference in the world. You know we all have an emotional side I'm about. But if I got a letter from you even in your dad but how much you love our backyard figure compliment in my home. And he'd tell you need that you had several dog in the dark eat perfect. I have several dog. Perfect so work. We have something in our it and I at this Al are I might say you know wet. Kind of like that other people but offered Eid Al the last because. They get are the kind of people I want with the or how could that stopping committed there how it happened phone yet so it comfortable for a best seller to know that and I. You know the people want want it to my house I like the other ones but I like these are more and in another bout a little bit of a price difference I think he's the right people. I think telling a story can make a huge different kind of pulling it apart during the best seller as to why you're buyer. It's the right candidate for this help. I know that sound creepy because we've not had to really market like that but in the ballot theory about the market worried today. Leslie that is fascinating and it just goes to show. But it's not all about the numbers it is it's about people. Yep it sure has an out I do you think it's that important that you pop our -- chart or whomever your culture might be that you held that that you want. To be able to communicate with the other parties you don't want just make an offer. Inhabit turned in and like you turn in. A half. To repeat here you want more than that you want your story and why this topic heart thank board feet by. And I guarantee you. Without walk out more weight than money when it comes down to the very end it it's gonna get laid out in the decision of the Fowler asked it would. Property or contract they're going to work which could not yet. Yeah I think about it if you're a seller in the market in the Dallas area I have heard out offered upward of thirty and forty offer. In the first day your two of home being on the market. You better have not been kidnapped contract or the letter that I'm talking about it's gonna make he's been out about Iraq. The word you're going to be put in the discard pile. And that's not where you wanna be. Person to person face to face. Right you can't go on line and get that personal touch. It's all person to person I love that. Very true. They're Leslie thank you so much for joining us unrealistic today what are you Leslie reduce meth real sore and broker with Dave Perry Miller & Associates. In Dallas Texas and the 2016. Chairman of the board. For the Texas association. Of real torched. Coming up unrealistic today the secrets that real estate pros know about mortgages. Including. Short term loans. For that early as one of the Secret Service the mortgage apply again just to the extent you can you should match the kicked straight period. Do you work for six straight time frames. That's coming up. On our special show secrets of the pros right here on realistic today. But first it's time to get real sore. A special segment unrealistic today in which we give one real sore in one minute to answer one question. Our question can help you get the best possible result when you buy and sell properties. And today in our guest is Lindsay heart real tore an associate broker with re Max in motion in Ithaca, New York. She's also a seller's represented a specialist a resort and second home property specialist. And a certified byters representative. Currently Lindsay is serving as the 2016. President. Of the Ithaca board of real torch which is the voice for real estate in Ithaca, New York. Lindsay thank you for joining us on get real tour. Stephen thank you so much so Lindsay are you ready to play I would love to play aerials are okay one real chore one minute one question. And our question today is about selling your home and making sure that every potential buyer loves the place. Now to do that you have to make sure the property is in the best possible condition when it first hit the market. So today's question is. Lindsay what's he absolutely. Positively. Number one way to turn off every Barger who comes through the door. Coaching this sentence now. He can't always smell your own home I guess. I took buyers through a house. In just a month ago and it we walked in and you know of candles and incense. Hit a so hard to the buyer was very sensitive to it and was like. And this sort of gave them a headache that's not in the best interest of the seller because in the tired to remembers stuff now all of them home they don't remember anything else. So it's not just pet owners to can be. Candles that they you know chemicals even if this cleaned so it odors or Romans in general. Sometimes you become numbed to how. Your home now because you live in it every day. I'm realtor can come in and give you an objective perspective. On the Roma are orders in your home because those can either be a turn on our turn off to batters. And back. Is one minute Lindsay you did it I did it congratulations thank you for heading discovers this with me this has been wonderful and thank you for joining us on get real sore thank you so much for having me. Lindsay hard real toward an associate broker with re Max in motion in Ithaca, New York. Ended 2016. President of the difficult border real wars. If you have a question for get real tour you can email us at questions there are ET radio dot com. We'd love to hear from. Real estate today. Because knowledge is power. We are back. Would our special show secrets of the pros. A show dedicated to letting you know all the ways realistic professionals thrive. In any realistic market. Coming up we'll talk about mortgages and how you can be in the driver's seat when you buy or refinance a home. Secrets of the pros is straight ahead right after we check in with Bill Thompson. In the real estate today newsroom hi bill I'm Stephen. Millennial face an array of challenges and entering the housing market and one investor shows. That's steering a changed Don Peebles CEO of the Peebles corporation told CNBC that many millennia olds are moving to the suburbs. They're buying power based on their disposable income being absorbed in part by paying student debt forces him to go out to the suburbs they probably wanna stay. In this city but they can go out of the city limits and they watched NBC news Chicago or other major cities and they can cut their costs by half. People says the situation won't change until he puts it lenders and regulators begin to reduce this vice grip on credit. How good was April in the metro Phoenix area according to the Arizona Daily Star may have been the best month of the area's housing market in ten years. April home sales were up almost 8% year over year the paper says home building continues to rebound and foreclosures are up their lowest level since 2006. And Phoenix remains one of the most affordable major metro areas. Recent survey found that Phoenix is also one of the nation's favorite relocation destinations. There is fresh evidence that Chicago is not experiencing the same kind of frenzied price spiral seen in markets like San Francisco LA or New York. Sales figures compiled by open house say more than half a recent Chicago home sales have been below asking price. Only one in five homes sold for more than the asking price. The open house data also show that the media listing price is rising and the number of days homes are on the market is dropping significantly. If you have never taken a virtual reality tour of a home for sale you probably will soon. Google has unveiled a new Smartphone based VR platform called daydream. According to USA today Google will roll out daydream this fall. And is working on new cameras that will make it easier than ever to create sophisticated PR contest leading the paper says to IMAX quality VR films. Made for Smartphones. Coming up in half an hour more talk real estate news. Stephen back to you thanks bill. When it comes to real estate one thing that separates the pros from amateurs just knowing where to get the money. I'm talking about the financing for any real estate transaction you wanted to. Most people worry and fret about applying for a mortgage but the pros knock them. They just walk right then and ask for that home loan. After all the lender is in the business of lending. So let's talk about professional strategies for borrowing money for realistic. Joining us now is keep coming here the vice president at HSH dot com the leading provider of consumer mortgage information in the United States. Keith welcome to realistic today at a career. Keith as I said many consumers worry when they apply for a mortgage while professionals don't give it a second thought. Now why is that is that their experiences. Or possibly their rope or with the lender. Well at some of those factors play into both sides of that it's up. In terms of experience you don't most consumers don't get more than maybe want her to work may be good three mortgages that are like dot. According to processes change in the people change and certainly we don't have banking institution changed so that you always have that familiar area don't have that kind of pro level what you would normally have if you've been doing it over and over again so. But definitely some experience and having bid to the process a couple of times shall bring you a comparable level. I'd also if you could have done mortgages and a number of times that if your lender has been lucky enough to be in the business and the people you're familiar would have been the distance you're bored to broker a few well. You might be able all the work or with a lender or wish somebody with whom you're comfortable talking asking questions to. I don't which you're gonna get the proper interest serviceable but both about. Keith one mortgage secret that should not be a secret. Is that people should shop around you always recommended shopping around for a mortgage. If nothing else just entertain other offers to see what's available to be out there to make sure that because you are getting a deal that's in line and one that your comfortable west soak it certainly should chop around even if you only end up talking to the same one Ernie and you should still definitely find out what's out there on the market. You know Keith there's one thing that professionals know. That others might not know and that is when you sit down in front of a mortgage person or you get one on the phone that person. Is not the person who will decide whether or not you get the love. Although that's very true the folks you're working went up front telephone call centers and some occasions in some cases loan originators are folks it. Enabled phone calls or inquiries for the final focused out that back in the back into the process that people would decide if what do you get true loner not. Are called underwriters and those folks have to go through check all of your documentation check off your application make sure you meet all the requirements of the ultimate investor took the underwriter determines whether or ID your loan can be found at. And there that is fighters and that's probably why you never ever talk to the underwriters. They'll be viewed the closest you'll probably get would be to processors most of the folks that are handling the paperwork extradition of various people want to India and could occur pair. Another question keys about the lock period what are your approved in locked in X say. Three point 83%. And then interest rates fall. And you're now able to get alone for 3.4. 3%. Now in most cases the lender you're currently working with will not lower your rate. Instead to get that lower rate you have to go across the street to another lender correct. That is correct and most unfortunate because purity generally well into the process and aren't unfortunately if you. You know there are times when your lender doesn't have any control over being able to lower that interest rates for you in his staunchest coveted slot pending launch for you look at three point 83% inspection. In some cases there isn't space to negotiate so you know if you don't wanna throw way to deal you have an order go get another deal to start all over again. You do have some blood work with your lender had talked overall work it would have been. Yeah he might have to split the difference you know they may not be able to give you that rock bottom 3.4 three but rather than the three point eight for you're locked in at. Maybe they can negotiate that down that three and five each or three and a half. Well he gets a little bit you get a little bit more merger deal could proceed clothes hot pot that it so you're gonna wanna discuss with your locker. I seek. Keep in other secret that the pros really understand. Is there a short term mortgage sometimes an adjustable rate mortgage or even a balloon note make a lot of sense if you know for sure. Going to be holding their property for a limited amount of time. Well that early this one of the secrets of the mortgage finance institute. To the extent you. Can you should match that fixed rate period to your picnic street timeframe so if you think you're gonna have a three year. Or find your ownership period. There's really no reason to go look at the long term to an extreme mortgages rather you should be looking at champion hasn't fixed rate period of three years or five years. If you could save yourself a bundle won't he because those shorter term to six straight. Actually have much lower interest rates. So this is something you should be looking at. Do we need to talk to your lender when you sit down and no it's gonna be shorter and thirty year period you don't need a thirty year fixed rate mortgage. She would I have thought for how that's gonna sit at your budget. Keith great advice about everything every one of our listeners should know about how to finance real estate thanks for being here key fear tactic. Keep coming your vice president for HSH. Dot com the nation's leading provider of consumer mortgage information. Coming up on realistic today when real estate knock you down. How to get back up. Comes down to positive find them. It's about walking in the positive outcome it would give your speech to keeping your spirit and move forward about step as a possibility that's coming up. On our special show. Secret of the pros. This is real estate today. 100%. Real estate 100% of the time. And we are back with our special show secrets of the probes. In which we ask some of the nation's top real estate professionals to share their secrets of success. Which you. And right now we have a very special guest with a very special message and that is how to keep going if you fail. Buyers and ultra competitive markets know exactly what we're talking about. You try and try to buy a home. But other buyers are faster they offer better terms or they might just pay more money than you. And you fail and fail again and again eventually you might just more quipped but what it takes to keep going. Let's talk about that with someone who knows. Joining us now is Linux got chairman and CEO of John L Scott real estate in the great Pacific northwest. Linux is the third generation leader of his company. It was founded 85 years ago by his grandfather and now John L Scott real estate is an enormous operation. With 107 offices in the state of Washington Oregon and Idaho Atlantic welcome to realistic today. Even it's great to be here and it's nice to join your program I kept. Lennox the last time we spoke we talked about how to bar properties and an ultra competitive market. And you have some advice for people who have tried and failed to buy the home of their dream. It's there's one thing that we're we look at what we're working with buyers and it really comes down to renew your. Final home to today's market with its many multiple offers and he comes down to a positive mind that. It's about walking in the positive outcome and regain your feet you'll keep in your spirit in that positive that's being announced. And move forward about that as a possibility. And I'd like to share just a concept of what the of what we've worked with that John I'll start real estate. My wife wrote a book called speaking the language of miracles. In in this book it talked about how she helped percent beat cancer and the principle is this situation. Is not who I am. It's just the situation it was guinier speak it's about. I am a powerful spirit it's about keeping that energy. And Joaquin and the outcome six steps. So you took the lessons learned from your white battle to save her son. Back into the world of real estate. With the message that even if the real estate markets are beating you up you keep going. We used these principles within our company in everything we do it works in business and Mary each. Bailey community based if they. It's about being a positive spirit champion contribution. Market and that positive outcome you know. We have a yard short video that speak in the language of miracles dot com. That people can watch in that that's where to get the book but it it. Really is this all concept and approach and mindset of proceeding forward with energy and not getting discouraged. Linux that is that is fascinating and I thank you for being on the show thank you. Lennox Scott chairman and CEO of John L Scott real estate in their great Pacific northwest. And one of real for magazine's top 25 most influential real estate brokers in the nation. Coming up unrealistic today we'll talk about negotiations. And how giving up a little might get you back. Quite a lot. That story is coming up on our special show secrets of the pros. This is a real estate today. Location. Location. And information. As we wrap up this hour of our show secrets of the pros. I wanted to share a simple idea that can make the difference between making or breaking the deal. And that is. To keep your eyes on the prize at all times the prize of course is a successful transaction. In which the seller sells. The buyer buys in everybody walks away happy. Sometimes transactions goes smoothly I wish they all did. But of course sometimes they don't the buyer and seller might disagree on something big or small. And if they really digging and got one issue could become a deal killer. North could be anything. The buyers not satisfied with the repairs the home inspector called four or the sellers not happy that the home inspector called for so many repairs. Both sides are upset they feel hurt and they talk about killing the deal. Walking away. So what can you do if you're the buyer the seller or the agent. How can you keep the deal on track. Well I'll offer up just one simple approach that works pretty well. And that is offer the other side something. It doesn't have to be big just offer them something as a gesture of goodwill. And you'll be amazed how often that one gesture. Can keep the deal on track. Here's an example once it was so in my own house and got a great offer are always looking at a very good net profits from the sale. When I got to closing the buyers were there but she looked sad and he looked furious. He said part of the law and had died and turned brown. And he showed the ad for the house which said brand new blue grass turf small he was right I did install a brand new law. But then are relocated to another city. And I didn't water it enough so there was a big brown patch right in the middle of it. And he was fit to be tie it. I thought I've got to keep the deal and net profit on track. Sawyer asked him how big the dead parish was and I called the turf company. As the buyers listened in I got a quote to have the dead patch replaced with top quality blue grass turf. And erode the barter a check for the whole amount which was 300 dollars. Instantly everything changed he looked at his wife with the expression that read we won and she was beaming. And we had a successful closing. You see it didn't take much people just have to feel as though you're listening to them that you take them seriously injured treating them with respect. If they feel that way they'll be much more willing to move forward and keep the deal on track. Now another way to resolve conflict involves a home warranty. That's right a home warranty which might be the best 500 dollars you've ever spent. If the buyers or sellers are deadlocked over an issue and their feeling angry and upset. And they can't get past it you'd be amazed at how often a home warranty can make that deadlocked go away. Someone says OK we can't get past this issue but how about we offer a one year home warranty. That's a game changer if the seller offers it to the buyer it represents more than just the money. It represents a whole year into the future in which the house is covered its security index valuable. If the buyer offers it to the seller that guarantees the seller that if anything breaks down on the way to closing. Their cover two. So their net profit will not be chipped away if the AC dies before the house sells. In either case offering something valuable changes the conversation. From this deal is dead too. Hey maybe this'll work. Now in your case it might not be a patch of turf or home warranty. It might be something else like letting the seller stay in the house a week after closing. Or letting the body or have that gas grill government to act. Little things compared to the whole transaction. Little things that can have a big impact by keeping the deal headed to the closing table. Not as I said some transactions go smoothly and you might never face a potential deal killer. But if you do remember to keep your eyes on the prize. One of the fundamental. Secret of the pros and. If you'd like to hear more realistic today's special show secrets of the pros either stay tuned. We're joined us online at party ET radio dot com. And from all of us here realistic today thank you for listening. If you're real turns you in the teens higher real estate today show on your web site. The best real estate show on the Radio One 100% free to any our members. Just go to RE ET radio dot com. And click for real. This is. Real estate today. The number one real estate show on the radio. Welcome back to real estate today. Backed by the professional experience of real tours from across America where your most trusted source on the radio for help today real estate information. Real estate today is presented by the national association of real source and it's real for members in your neighborhood. Hi again I'm Stephen guest quake with a great show just for you. Secrets from the pros a full show in which we ask some of the top real estate professionals in the country to share what they know we view. Coming up seller strategies for red hot markets how do you get the maximum profit in the minimum tell. Secrets of the pros is coming right up. But first let's go to the real estate today newsroom with Phil Thompson I don't I Stephen. The Federal Open Market Committee meets again in the few days and many economists anticipate that there could be an announcement of another interest rate increase. Fed chair Janet Yellen speaking at a recent forum and Harvard University seemed to confirm those expectations. It's appropriate and I said this in the chaos. I think Ford a fit to gradually and cautiously. Increase our overnight interest rate over time and probably in the coming months such a move would be appropriate. While mortgage interest rates are not tied directly to the rate the Fed sets but their actions can influence mortgage rates when the Fed last raised the interest rate in December. Mortgage rates actually felt. The nation's housing market looks strong in the latest report on market stability from Freddie Mac. The company's multi indicator market index or Mimi measures how solid a given market is relative to its historic range of stability. By that measure 36 states and DC are now stable so is Freddie Mac's report. And nationally the Mimi is up from February to march and up year over year. There's a gender gap in America in its housing market a new realty track analysis finds that homes owned by a single men. Our valued an average of 10% more than homes on a single women. But equally startling was the study's finding that men's homes appreciated and averaged 16% more since purchased the women's. Realty track senior vice president Darren long Crist says with women's still earning less than men in America big gap in home value was not surprising. And the difference and appreciation he says quote. Demonstrates that less purchasing power is also having a domino effect on their ability to build wealth through homeownership. Mortgage loans are now number three on the most complained about list maintained by the Consumer Financial Protection Bureau. It was just two months ago the mortgages fell out of first place for the first time since the CF PB was created in 2011. In April they fell to third place behind complaints about debt collectors and credit reporting. The CF PB says complaints about mortgages fell 12% in April compared to march. Together the top three spots on the list account for 68% of all consumer complaints in April. Coming up and half an hour more top realistic news didn't like do you. Thanks bill. A new study this revealing some big changes in the real estate profession it's getting younger. The median age of real estate agents has dropped from 57. To 53. And that drop happened quickly in just one year. It's a sure sign that more young people are getting into the business and at the same time many older regions are getting out. That data comes from the latest member survey done by the national association of real torch. And joining us now to talk about it is Jessica Lutz managing director of survey research and communications at the national association. Of real tours. Jessica welcome to realistic today. Jessica I understand that by and large the real estate profession is becoming younger. Hitting it it's becoming younger it's actually becoming more tape urged a while and in the last year we actually five. Are really large and box and that means members and that yelled and I expert at the Amish doesn't seem like a lot. But I've spent about art stay under the age of thirty but it contract last year to cheaper or entity to. That's a big change it'd that big change it our all that ink people retire from the PL. It though if you Wear it if I've been older its ear we only repeated XE and at our members if the that they respect it at your older. And absent or hot on a really potential top twenty I respect. Jessica you do these surveys all the time but. You may be used to the answers you get but I was amazed to see that the median age of real tours. Dropped in one year. From 57 years old to 53. Years old to me that seems huge. It is huge iron and it really is YouTube or even members actually starting to enjoy their retirement now and author of the new empathy younger members that that. They just in the last year we outing increase. Did your when he burst and our members reported that they had been an Internet of one ear lot. And I compared to a lot in response posture and not care about them and they really are being. New agent coming into the. So one out of five real tours in the United States are newbies. Earlier. Are we seeing a big influx of millennia old into the real estate profession. We are and we it and it's her under thirty year old. I increased. If I percent and cheaper than I care. I actually really are he met broad attack on any new people do perhaps on a path they're on our you don't aren't the arc and it. And Billy Burke but people I'm wishes that I think what one elderly. That's very interesting you know realtor magazine of course has the thirty under thirty award which recognizes. Young professionals as being at the top of their trade. Even though they're young people and it's great to see more in more young people getting into the business. Competition gonna get. It's eerie band for about thirty under thirty award. That's a good prediction that's agree prediction so just ago all in all if you were to sort of just sit back and think. What's really happening to the real estate profession. What would you think. I hit that are becoming more competitive with market on China that meant that actually what I inventories and you look at that number and actions they actually other than our actions remain the team. I carry eater I eat meal volume actually they are one point Avant one point eight and not on an east. What about gender. Are women out ranking men in this survey or is it pretty 5050. The women still outbreak men in its ilk. I am and we are being met XP cheaper and our members are. How about the diversity. Of the real tour family. So are up there and make. You know among the terrorists to have feared elastic being that meet people that field. We actually eat. And the bank that ebony or and I am are white and not compare it cute and it's about it key near embark experience for EDI I. I might do we really hurt me. On board it hurt membership and talk about percent and. Interest and Jessica lots managing director of survey research and communications. At the national association of real tours. Jessica thanks again for joining us on realistic today. Coming up unrealistic today. Why the secret to selling your house might be face to face time in a digital world. The whole transaction. Goes pro Serb. Everybody. Bought big chill there and you get to work there and you've got people sitting at a closing table scared everybody finally. That's straight ahead on our special show. Secrets of the probes. This is real estate today. Because it's not just a house it's home. And we're back. Wheeler special show secrets of the pros. A show in which we talked to some of the top realistic professionals in the United States. Who share the strategies tactics and techniques they use which you might not know about. And right now we're going to talk about selling your house. In many places around the country it's a seller's market lots of buyers but not enough homes for sale. But even in markets like that sellers compete with the each other to attract the most qualified buyers who write the most generous offers. So how can you beat the top seller in your neighborhood. Let's find out from a pro joining us now is Beth Foley real torrent associate broker with summit properties in Holland Michigan. Right on the shores of beautiful Lake Michigan. Beth has been helping buyers and sellers for thirty years. In addition to serving as the 2012. President of the Michigan association of real towards death has also served extensively. At the national level. And was NAR's 2015. Regional vice president for the states of Michigan and Ohio. Beth and welcome to realistic today. Thank you so much Eric calling me and asking for my. By in my implementation Steve and I appreciate that. We know they say if you ask for advice ask a successful person. Could well. I. Think that's right. I'm not a very much I know you weren't so but Beth first of all how's business on the Eastern Shore of Lake Michigan. While most of the flowers are very happy. And by your dark anxiously waiting for lifting. Exactly the way that you part created it in and to be giving up those introduction. Well that's how I deal for you and your business and I I hope you're having a great year so far. I am having a fantastic to yourself or. Oh that's great. OK Beth a client comes to UN says they wanna sell their house for the maximum profit in the minimum time. No we all know it has to be priced right we all know it has to be in good condition staging. Ask your real Turk if it's necessary but in your view. What's the number one secret of the pros when it comes to a successful transaction. The number one Fukuda of who oppose is interaction. Which appears. Follow real curious what sparked tour almost. Making normal transaction a very good expert. One technique that successful real towards Jews is networking. If you constantly talk with other real tours in your market. You know what buyers they're working for and what they are looking for so when you get a new listing. You could get that place old. With one or two phone calls. Exactly. It just today I was talking do. Eight. Trend of real tour. Which you are showing a lot of my other properties and I've federal by the way. I have one that I'm going to be put in on the marketed or Rico or stroke. And totaled about powerful Eagles. All right you're gonna put on and I tell them anything as I have a buyer for their help really. Bet yeah I used that are locked. In a strong word. Many tribal army. If you have a buyer or you know oracle real jerk your contact people on I. You're real careful and that might have somebody who was looking forward. Big property in the neighborhood. Get caught our emotional before they even get on a multiple of it. And I can get regular. Or short sellers who probably. Pool really that anxious to felt but it you have somebody. And bring true. And you know while I have Beaubois health food or I can't get other realtors sell my house was just because. Of the networking. That is so interest in Beth because. Someone who's looking for a house could spend six months staring at their computer screen and never. Have the advantage of one real tour who knows other real tours in net neighbor. That's exactly right and when we knew no neighborhood and enable the big debate there's talk. And they are actually under your belt step territory there. Follow I'd like to know what kind of a British you know are they gonna do they actually do you aren't. Well it's already troubled Ted bidding you know I had better vote very very good way up marketing yourself. Just because well I hope people talk. What appears are like working with appears and can't date get excited because they're the first to know. If I were interested in selling my home. Would you say that real tours networking with other real tours is the number one's secret of the pros. Where we of today's. Market. As quickly as things well and pretty good strategy that we try to use our era with. You know the nice pictures and everything else but I would say. If you have a house now afford great strength that is just follow the quickly and break it on the market with multiple offers. Copper realtors say you know. That our porky in order nobles hit neighborhoods that are noble periods and told them about it. And it acts that is the way to the summer will probably you're. The highest and best. Yeah mama. That is. Truly. Professional advice bet the Mets again something you can not yet. On line. Correct. Court. That's right. Now we should mention you can get that on the radio because we just told you about it with. Opt. Out. Not theft the one last question are what you go so that face to face interaction with your colleagues who have buyers who have sellers. Who have a whole community of transactions happening. All the time. That's one of the most important parts of a successful transaction. I I believe Tibet is let him off so not only to be take off spoke purchased. But plucky forward to a whole transaction. It go to those are. Everybody. Trust treat treat other parent and you get to work there and you have people sitting at a closing table. And it doesn't happen very often that you are not playing well together but what you are. Everybody's smiling indirect effects gospel triple action. That's a successful transaction will Beth. Thank you for sharing your techniques are those that is truly one of the best I've ever heard of. What twinkies even. I appreciate. Beth Foley real torrent associate broker with summit properties in Holland Michigan. The 2012. President of the Michigan association of real course and any r.s 2015. Regional vice president. For the state of Michigan. And Ohio. Coming up unrealistic today. This secret so the real estate closing certain. Lee urging your purchase big break eclipse your sales it can be it matters and you don't have to worry about going back to the thank punishing penal wires. Critics including mr. did you already fitting in pretty good thing holding her back. We'll talk to approach coming up. On our special show secrets. Of the program. But first it's time for our Smart home technology report. And today a look at using technology to market your house. Earlier this week I saw an ad for a brand new upscale Condo in Washington DC. It was a nice polished had with professional photographs and high end web design. The Condo looked very nice 2500 square feet dazzling city views cherry Inglis in granite in the kitchens. All for about one and a half million dollars. Yeah I know but it is DC but what caught my was that in the list of the top features. It read nest learning thermostat and I did a double take. They are they were marketing a one and a half million dollar Condo. And part of their pitch was a thermostat that goes for 300 dollars. Instead of the garage parking or their tree healing in the dining room or the walk out balcony off the owner's suite. They were pushing the nest. Now you probably know that the nest is an Internet connected thermostat that you can control with your Smartphone people love them. But now the nest was part of a high end real estate marketing strategy. And I found that fascinating. End brilliant. The more I thought about it the more I realized technology has become a huge part of our lives it also made me think back. To a conversation we had here on the show. With a member of the millennial generation but had just bought their first home and as soon as they moved in the first thing they did. Was installed a nest they're number one priority was technology. So I went online and look for other examples and they were everywhere. Electric car charging station in the garage. Mile espresso maker in the kitchen. Home automation system iPad control a thermostat electronic equipment shades and more. Now I didn't eat tech mentioned and every dead but that made me think maybe the ones that do mention it are ahead of the Kurth. Finally let's crunch the numbers in that one point five million dollar Condo the nest is worth point 0002%. Of the asking price. So if that little Internet connected thermostat made even one bite your interest it. That's an amazing return on the investment. Now if you're selling your house there may be a message and oldest for you. If you have technology that will convey with the property. You might consider pushing it when you advertised. In if you don't have any technology. You might consider getting up. Because after all. People point 0002%. Investment. Probably won't break the bank. This is really easy today. All real estate all the time. And we're back. Put our special show secrets of the pros and entire show dedicated to helping you draw lines in any real estate market. Thanks to the advice of top realistic professionals across the country. Coming up but closing table we'll talk to an expert about what you need to know to make sure your real estate purchase or sale stays on track. Secrets of the programs is straight ahead but first let's check in with Bill Thompson in the realistic today newsroom hi bill. I Stephen home prices across America continue to fly high. The S&P case Shiller twenty city composite home price index was up five point 4% in March compared to march of last year. David Blitzer managing director and chairman of the index committee at S&P Dow Jones indices. Says the price increases are supported by factors that include improving labor markets falling unemployment rates an extremely low mortgage rates. And a limited supply of homes for sale has also been a big factor he says that's. It's a tough market right now says ahead of one of America's largest public builders. Lennar CEO Stuart Miller told CNBC that while it's true that demand for new homes is highest among first time buyers. That is not a market the builders can easily serve. It might be high demand but not enable demand. We're still mortgage constrained it's hard for first time buyers. To get the down payment and to qualify for a mortgage. Miller as the land costs are fairly high as well making it very hard to arrive at a purchase price but low enough for the first time buyer. The state of New Yorkers earmarking a hundred million dollars to help homeowners avoid foreclosure. The money comes from a settlement with Goldman Sachs over toxic mortgage bonds. And will be used to expand the existing mortgage assistance program that program offers zero interest loans to New York homeowners struggling to keep their homes. New York attorney general direction item and estimates this new infusion of money will help some 3000 New York families avoid foreclosure. Summers here and it's prompting homeowners and buyers to focus on the home outdoor features. The researchers are REALTOR.com. To put together a list of ten most popular outdoor home features and where your most likely to find them. The list includes tennis courts were too big a Los Angeles hot tubs very popular in Bend, Oregon. Pudding greens most common in Phoenix and dizzy Bos which are popular in McAllen Texas. Also on the list outdoor fireplaces outdoor kitchens private docks and tree houses. Stephen back to you. Thanks bill. On our special show today secrets of the pros we're talking to some of the top real estate professionals in the country. To help you thrive in any real estate market. And right now it's time to head to the closing table that final moment in the transaction that can either make or break the deal. Let's talk about the closing now would a national expert. Joining us is Vanessa guardians partner in the residential real estate practice at Morris Manning and Martin in Atlanta Georgia. Vanessa and welcome to realistic today. Based on all your experience. Is there any part of the closing process that people need to know about. That you believe. Most people do not know. Absolutely I think in Georgia in particular and I can't keep up with these states but I'm not from my experience in Georgia. In the last ten years the group that changed about what the form of and it can be act clothing. You could be that could mean attorneys could expect cashier's check from you buyer at closing. And that's still true under certain circumstances in Georgia. But a lot changed not too long to go to provide that if need the county did require that the borrower and eat 5000 dollars. It's that buyer must wire and dare county didn't typical teenager and no Jack no object that writes. Though must be wired funds to keep by the Clinton attorney on the day of closing. Now if you are trying to bring money to clothing and it's coming from investment count. You might have some trouble getting that money wired to your cooking attorneys you wait until the day of closing it. And back on financial planners don't even have the ability to expand wire transferred. Out of your investment account. That means if you have to scramble maybe deposit money from one account into another and bent wire that aren't in the attorney Beth current account up at close. So even if you bought and sold a dozen houses. New rules might apply so it's a good idea to check with your real Torre and check with your closing attorney to make sure you know the current rules. That's strike wouldn't want my also buried by closing attorney just because of Georgia law for example requires that. Find the wired if the amount 65000. Dollars but not meaning that a clothing attorney is required. I can take your 5000 dollar or less checked. Some time local business is will have. More stringent requirements and won't feel comfortable taking a person's personal check in it and picture including attorney just did not visited through your local supermarket so. The company did really need you referred student can't. There's been so much talk about the new closing rules from the Consumer Financial Protection Bureau. And how all those rules require new forms. But if it's an all cash deal. You don't have to use those new forms correct. That it absolutely correct. In fact encouraging attorneys prefer to use these old Hud one settlement statement that was a norm for so many years prior to this news. Feet deep being released in October of last year. And there are the that they tried and true form this mode for the real estate industry was familiar with before last October. Some backward you can also use the ultimate settlement statement that the best cheap for a post there at TD and being at one settlement statement. The current exposure is really loan disclosure not designed to be at settlement statement would ever really worked very well for cash. You sit out so that's the American land title association that it OK another professional strategy Vanessa. If I'm selling one house in buying another on the same day by using the same closing company. It'll go faster because after all when the funds come in from the sale they don't have to be re wired to another closing company for the purchase. Certainly including Europe purchased and the saint plates were you close or scale it can be a matter of convenience. On two fronts number one. You don't have to worry about going back to the bank and initiating a wired to a separate clothing to turn to people already stating you need it including attorney escrow account. But another convenient would be and the communication that's required are between you and sure lender or your purchase. Because oftentimes if you are telling eight property and pay off in mortgage at that property. It will be a condition of your purchase that the new property to trickier lender that that old market that they hate our and so it's very easy for the attorney who handled the failed to just turn around and forward copy of that closing statements here in new lender it speeds up the process what. Very good advice Vanessa and I really appreciate you joining us on the show. Well thank you always glad to be cricket. But a agog as partner in the residential real estate practice at Morris Manning and Martin in Atlanta Georgia. Coming up unrealistic today will bring you. To the biggest real estate library. In the world. Probably our most popular researcher crest is safety impact if anything your property value so sometimes routers traffic signals. Boy mr. fireman oyster farm that was the first precision request I ever received dots coming up on our special show. Secrets of the pros right here. On realistic today. This is a real estate today. Because your home might beat. Your biggest investment. Thanks for joining us again as we continue our special show secrets of the pros. In which tough real estate professionals tell you the secrets of success. You know the expression knowledge is power that's right we say it every week on the show. Well one thing that separates the pros from amateurs is at the pros know where to lark to get the information they need. And one place they look is the largest real estate library in the world. And it's located at the national association of real towards building in Chicago. Let's talk about that huge stockpile of real estate information now with Hathaway Hester. Archivist at information services at any are in Chicago Hathaway welcome to real estate today. Brad and me deem and I'm so happy to be here and so you have the largest realistic library in the world. What unit so we have a book e-book journals periodicals as well as archives of the association and. And who uses the largest real estate library in the world. Primarily at our members we get calls from members all the tying him with questions about. As fact some property values generous to mistakes information on the real estate industry. And then we also answer a lot of questions from our association staff as well. We have 14100 associations across the United States. I imagine that they need information on a daily basis. They absolutely do we have a dedicated a bit team of professionals to answer any questions. People can call us email lives and will do are asked to answer their questions. Caiso Ahmet approach on the spot now Hathaway star what kind of questions. Do you get. At the largest real estate library in the world. Well they mentioned probably our most popular researcher crest is I had the impact of anything your property value so. Also how lawyers. Traffic at mall. Forty stir fireman's voiced her father passed that was the first British request I ever received first week on the job. Impact of oyster frogs are property values I didn't even really think about oyster farms prior to that. We have to imagine that having an oyster farm right next year's three bedroom three bath. Could be a good thing. Yeah I. So actually we found that it is hard to me with and need definitive conclusion. Whether it's a good thing or bad thing it really depends on your priest. So a lot of people want to ask about the impact. Of various things on property values that's fascinating. Yeah and you know it really makes cents BK is people who have a lot of questions about where work out. And the impact. Some of these new technology is on property values its area we have literally had to consider before. Like I mentioned the phone how wires and new weaned we've done work on marketing technologies and how it impacts property values. So we really has a lot of questions how we met at the flag that we are trying answer. The cellphone question especially his interest in because he eating a cell phone tower in your backyard. I imagine is not a good thing but having five bars at home is a good thing. Yeah I like what Fannie they there's pros and kind. Sometimes we find there's a lot more cons for a lot more pros but there's never really had definitive answer. So as an archivist at the biggest real estate library in the world at the national association of real tours. This is pretty interest in work for you have to Wear. Why it ends it's it's great work so I got an archivist for about ten years now. And I may just love our collection and iron going all the way back to it the year prior to our founding. In nineteen out an group are real estate professionals got together in Duluth. And decided that there should be in each and for people who debit kind of work that they dead and it would be national in scope. And they cited. Let's do an and you won your time we'll have our first official meet as the national association of real estate boards the precursor to opening act. Excellent now. If one of our listeners has a realistic question and they're not a member. Can make all you. They can call us we're happy answer quick questions over the phone if at some more in depth research requests we do charge fees for non members but we're always happy to help out. And you have the resources right there. That's tracked we had the resources at our fingertips. Hathaway Hester archivist at any are in Chicago home of the largest real estate library in the world. Thank you for joining us on real estate today kinks are happening. Coming up on real estate today. What on earth just Saint Joseph have to do with selling your home. That's next on our special show secrets of the program. If you're hungry for real estate information and follow real estate today on Twitter. Shares segments to listen to them again. Can be the first to know what's on next week's GO. Just search realistic today on Twitter. Real estate today. Because you love real estate. Welcome back to our special show secrets of the programs are all about the realistic techniques pros use every day. Which you might not know about. Now here's a secret for you something every real estate professional knows about something that might make them smile. Something that sounds pretty unconventional. But here ago. I'm talking about burying. A statue of Saint Joseph in your yard. That's right you take a statue of Saint Joseph the patron saint of the family and household needs. And bury it in your yard. Plenty of home sellers say that after burying a little statue of Saint Joseph their place old within days. Many people are convinced it's the best way to get the property sold. Where an otherwise it might just sit on the market month after month okay you think I'm kidding. We'll consider this it's such a popular belief. Real estate supply stores all over America. So little statues of Saint Joseph right next to the forced sales are in and the lock box it's. You can also find Saint Joseph statues on the web at Saint Joseph statue dot com. And you've got to love their nickname the underground real estate agent kip. Now on the site you'll see lots of information testimonials and some history. They say the practice of burying Saint Joseph statues goes back hundreds of years. They claim that was started by you know and in Europe who used to bury Saint Joseph metals whenever they needed more land for their comments. No overtime at the medals gave way to statues and here we are. Now there's some debate about how the Saint Joseph statue exactly should be buried in your yard. Some say to bury him upside down when his feet pointed towards the sky. Some say to bury him in the front yard others say the back. Some say he needs to face the house others say he needs to face the street and some homeowners who don't have a yard. Well they just put it in a flower pot. But no matter how he's buried many homeowners testify. It works they say that after they buried the statue of Saint Joseph. And set a few prayers their house sold. Check out some of the testimonials on the website a man from Maryland writes multiple offers in the first week under contract in ten days. Then there's the man from Texas who have been trying to sell for two and a half years with no luck until he buried the statue. Within five days his house was under contract. And the couple from New Hampshire who tried to sell their home for eighteen months and they were paying two mortgages at the same time. Finally they buried a Saint Joseph statue. They got an offer in three weeks sold the place three weeks after that. No of course some people just don't buy it they don't believe that burying a little plastic statue can get their home sold. Which brings us to the seller who thought he'd give the Saint Joseph statue of our shot. But it didn't work he buried the statue and his lawn but his house still didn't sell. So finally that's seller got all fed up he dug up the statue and he threw it away yep he just threw it in the trash. A few days later the newspaper headline read local dump has been sold. Coming up next week on realistic today thus summer market it's hard to believe it but summer's almost here. The hottest season of the year will it be the hottest real estate market we'll find out next week right here on realistic today. And remember you can always listen online get RET radio dot com. And from all of us here at realistic today thank you for listening. If you're realtor you can put the entire real estate today show on your website. The best real estate show on the Radio One 100%. Free and they are members just goes to RE TV radio dot com and click program.