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Berkshire Hathaway HomeServices Premier, REALTORS is a full-service real estate company that makes it a tradition to extend our hands to our customers in a manner of quality and honesty. We provide a complete and experienced team effort to bring your transaction to your desired outcome when you buy or sell real estate of any kind.  We proudly provide our services to our community, who has trusted us now for for over a quarter of a century.


Real Estate News

Commercial Real Estate Sector on Solid Footing

Commercial real estate is on solid footing, with the National Association of REALTORS®’ (NAR) quarterly commercial forecast projecting continued stability in 2017. National vacancy rates in the office sector are set to decrease to 12.1 percent, while those in the industrial space and retail sectors are set to decrease to 7.1 percent and 11.2 percent, in order. The national vacancy rate in the multifamily sector is set to stand at 6.5 percent.

“Last year was the 11th year in a row of subpar GDP growth, but renewed corporate optimism leading to a focus on investment and a desperately needed boost in residential construction should pave the way for modest expansion this year of around 2.4 percent,” says Lawrence Yun, NAR chief economist. “Steady hiring and low local unemployment levels are finally supporting higher wages and increased spending, which in turn bodes well for sustained demand for all commercial property types.”

The apartment sector, according to the forecast, will continue as a top performer, as ongoing affordability and supply challenges are stalling the homeownership rate.

“Especially in the costliest metro areas, higher home prices and mortgage rates are squeezing the budget for many renters looking to buy and inevitably forcing them to sign a lease for at least another year,” Yun says.

Commercial property prices, especially those in Class A assets in larger markets, surpassed pre-crisis levels in 2016 because of aggressive bidding and lower inventory—but, according to Yun, the market could see a minor price correction as the Federal Reserve moves on the key interest rate throughout the year.

“Similar to the biggest ongoing challenges in the residential market, supply and demand imbalances continue to put upward pressure on commercial property prices as investors search for yield in smaller markets,” says Yun. “REALTORS® are increasingly citing inventory shortages as their top concern as the pace of new projects slows in large cities and middle-tier and smaller markets see a growing appetite for space.

“The positive direction for commercial real estate this year will be guided by the steadily expanding U.S. economy, which has legs to grow and continues to be one of the top economic performers and safest bets in the world,” Yun says.

For more information, please visit www.nar.realtor.

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Mortgage Rates Show Minimal Movement

Mortgage rates showed minimal movement this week, marking the fourth week in a row of negligible change, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage averaged 4.16 percent with an 0.5 point, a one point increase from 4.15 percent the previous week.

“In a short week following Presidents Day, the 10-year Treasury yield fell about eight basis points; however, the 30-year mortgage rate rose one basis point to 4.16 percent,” says Sean Becketti, Freddie Mac chief economist. “This week’s survey once again displays the disconnect between mortgage rates and Treasury yields—a result of continued uncertainty.”

According to the survey, the 15-year fixed-rate mortgage averaged 3.37 percent with an 0.5 point, a two-point increase from 3.35 percent the previous week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16 percent with an 0.4 point, a two-point decrease from 3.18 percent the previous week.

Source: Freddie Mac

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Peyton to Take Helm at Realogy Effective April 1

Alex Perriello to Become Chairman Emeritus

John_PeytonRealogy Holdings Corp. has announced the promotion of John Peyton to the role of president and chief executive officer for the Realogy Franchise Group (RFG), effective April 1, 2017. Peyton will succeed Alex Perriello, long-time CEO of RFG, who will serve in a senior advisory capacity as chairman emeritus for RFG.

In his new role as president and CEO, Peyton will be responsible for managing RFG’s portfolio of national real estate franchise brands, including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby’s International Realty® as well as ZapLabs LLC, Realogy’s innovation and technology development hub. Peyton, who joined RFG as president and chief operating officer in October 2016, previously served for 17 years as a senior executive with Starwood Hotels & Resorts Worldwide Inc.

“I am committed to driving strategic new growth for the Realogy Franchise Group,” says Peyton. “We will continue to strive to thoughtfully enhance the value proposition that we deliver for brokers, agents and consumers affiliated with each of our respective franchise brands.”

“Given his extensive franchising experience and proven leadership, I believe John Peyton is ideally suited to take the helm at RFG,” says Perriello.

According to Realogy Chairman, Chief Executive Officer and President Richard A. Smith, Peyton has been working closely with Perriello for the past five months, and a “smooth leadership transition” is expected.

“John Peyton has brought a fresh perspective to our company from his tenure as a global branding leader in the hospitality industry, and I am confident in his ability to continue leveraging his valuable insight on behalf of our leading real estate brands,” says Smith. “He is the right business leader to focus our efforts and execute our plans for continued strategic growth and innovation at the Realogy Franchise Group.”

Smith also acknowledges Perriello’s “lasting mark” on the residential real estate industry. “We are deeply grateful to Alex for his visionary leadership and service to Realogy and our franchise brands for the past 34 years. Alex is a true gentleman, and a leader whose integrity and class is widely acknowledged in our industry. We look forward to Alex’s continued guidance in his new role as Chairman Emeritus for RFG.”

“Real estate is a relationship business, and I have been extremely fortunate to have worked with some of the very best people and brands in the industry during my 34-year tenure at Realogy,” says Perriello. “Our leadership team, affiliated brokers, agents and employees are an amazing group of dedicated individuals, and I am so proud of what we have accomplished together. Collectively, I will miss their professionalism and enthusiasm for finding new and creative ways to deliver exceptional service to their clients and consumers. I look forward to staying involved in a senior advisory capacity to help ensure RFG’s future success.”

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FHFA: Q4 Home Prices Edge Up 1.5 Percent

Home prices edged up 1.5 percent in the fourth quarter of 2016, totaling 6.2 percent from the fourth quarter of 2015, according to the Federal Housing Finance Agency’s (FHFA) recently released House Price Index (HPI). The HPI—based on prices for homes with Fannie Mae- and Freddie Mac-backed mortgages—came in 0.4 percent higher month-over-month in December.

Per the Index, home prices increased in the majority of states, as well as the District of Columbia, from the fourth quarter of 2015 to the fourth quarter of 2016. The upward trend was propelled by activity in Oregon (11.0 percent increase), Colorado (10.6 percent), Florida (10.4 percent), Washington (10.2 percent) and Nevada (8.9 percent), with the Tampa-St. Petersburg-Clearwater, Fla., metropolitan area showing the most growth: 13.2 percent. At the other end of the spectrum, Wilmington, Del.-Md.-N.J., showed the least growth: -1.8 percent.

“Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown,” said Andrew Leventis, FHFA deputy chief economist, in a statement. “Although it will certainly take more time for the full effects of elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains.”

According to the National Association of REALTORS® (NAR), the housing supply shortage continued in January, down 7.1 percent from January 2016.

Source: Federal Housing Finance Agency (FHFA)

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Report: Inaccurate Data Undercuts Business Decisions

Data is only as powerful as its accuracy.

Clean data is crucial to the success of a real estate brokerage: accurate internal data secures transactions, while accurate property data facilitates them. According to a new report from Experian Data Quality, the “Global Data Management Benchmark,” 52 percent of businesses across industries guess or use “gut feelings” to make data-driven decisions, primarily due to inaccuracies.

The heart of the issue is inconsistency, according to the report. Eighty-two percent of businesses do not have a sufficient system for managing data, such as a dedicated staff. Quality control is often relegated to the IT department—in fact, IT departments exercise the most influence on data management in 62 percent of businesses. What’s more: 70 percent of businesses believe an IT department should not have data management responsibilities.

“Business units want to take control of their data assets and leverage data for specific departmental purposes like reporting or analytics,” explained Thomas Schutz, senior vice president and general manager for Experian Data Quality, in a statement on the report. “The IT department may not always know the context under which certain data was created or acquired, nor do they know the intended uses for that data down the road.”

Eighty-five percent of businesses, the report shows, saw improved customer service, specifically through communications, by reassigning data control. Seventy-three percent currently believe dirty data is infringing on their ability to serve customers.

“Businesses talk a great deal about being data-driven, but most lack the trusted, reliable data they need to effectively leverage information to drive new initiatives,” Schutz said. “Good data is good for business. We know that when we help organizations make improvements to their data, they see positive results; however, organizations need to develop an understanding of their data assets and speak a common language around data so the necessary investment can be made in a holistic data management practice.”

Source: Experian Data Quality

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©2015 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.®  Equal Housing Opportunity.  Licensed in Virginia.

Berkshire Hathaway HomeServices Premier, REALTORS
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