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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

Existing-Home Sales Sink 2.3 Percent

Existing-home sales sunk in April, dragged down by virtually absent supply, the National Association of REALTORS® (NAR) reports.

Existing-home sales totaled 5.57 million, a 2.3 percent decrease from March, but a 1.6 percent increase from one year prior. Inventory increased, however, by 7.2 percent to 1.93 million—though still 9 percent below one year prior.

“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” says Lawrence Yun, chief economist at NAR. “Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase.”

Inventory is currently at a 3.8-month supply. Existing homes averaged 29 days on market in April, five fewer days than in March and 10 fewer days than one year prior. Non-distressed homes took 28 days to sell. All told, 52 percent of homes sold in April were on the market for less than one month.

“REALTORS® continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale,” Yun says. “Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.”

“On the supply side, new homes are predominantly being built for the mid- to upper-price range, but on the demand side, buyers are increasingly seeking low- to moderately-priced homes,” says Joseph Kirchner, senior economist at realtor.com®. “This mismatch makes landing an affordable home that much tougher, and is keeping many would-be buyers out of the market.”

“Existing-home sales posted substantial gains in the first quarter of 2017; however, we are concerned about the impact of low inventory on sales and prices as we move into the peak season for the housing market,” says Ruben Gonzalez, staff economist at Keller Williams. “If low inventory conditions persist into the summer months, sales could be constrained and the resultant increases in prices could exacerbate the effect of interest rate increases on affordability.”

The metropolitan areas with the fewest days on market in March, according to data from realtor.com, were San Jose-Sunnyvale-Santa Clara, Calif. (23 days); San Francisco-Oakland-Hayward, Calif. (25 days); Denver-Aurora-Lakewood, Colo. (27 days); and Seattle-Tacoma-Bellevue, Wash. (28 days).

The median existing-home price for all types of houses (single-family, condo, co-op and townhome), at the same time, was $244,800—a 6 percent increase from one year prior. The median price for a single-family existing home was $246,100, while the median price for an existing condo was $234,600.

Single-family existing-home sales came in at 4.95 million in April, a 2.4 percent decrease from 5.07 million in March and a 1.6 percent increase from 4.87 million one year prior. Existing condo and co-op sales came in at 620,000, a 1.6 percent decrease from March, but a 1.6 percent increase from one year prior.

Twenty-one percent of existing-home sales in April were all-cash, with 15 percent by individual investors. Five percent were distressed.

Existing-home sales in the Midwest rose 3.8 percent to 1.36 million, with a median price of $194,500. Existing-home sales in the Northeast fell 2.7 percent to 730,000, with a median price of $267,700. Existing-home sales in the West fell 3.3 percent to 1.18 million, with a median price of $258,600. Existing-home sales in the South fell 5 percent to 2.30 million, with a median price of $217,700.

First-time homebuyers comprised 34 percent of existing-home sales in April.

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

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The post Existing-Home Sales Sink 2.3 Percent appeared first on RISMedia.

Trump Administration Proposes 2018 HUD Budget

The Trump Administration on Tuesday announced its 2018 proposed budget for the U.S. Department of Housing and Urban Development (HUD), scaling back funding to the agency approximately 13 percent to $40.68 billion.

The proposed budget preserves rental assistance for 4.5 million low-income households, but recommends reforms to the Housing Choice Voucher (HCV), Housing for the Elderly (Section 202) and Housing for Persons With Disabilities (Section 811) programs, and Project-Based Rental Assistance (PBRA) and the Public Housing Operating/Capital Fund. The budget suggests eliminating the statutory limit on the amount of public housing units that can participate in Rental Assistance Demonstration (RAD), as well as opening up RAD eligibility to senior housing developments participating in the Section 202 program.

The budget also aims to cease at the federal level the Community Development Block Grant (CDBG) program, as well as the Choice Neighborhood’s Initiative, HOME Investment Partnerships program and the Self-Help Opportunity program (SHOP), assigning oversight instead at the state and local levels; and $130 million allocated to address lead hazards.

The budget, in addition, allows for up to $400 billion in new loan guarantee authority, and reinforces the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) program with a $30 million “administrative fee” to update the agency’s systems.

The budget’s proposed policies would “serve as a starting point as HUD works to modernize an outdated and complex support system,” according to a release on the announcement.

“This budget reflects this Administration’s commitment to fiscal responsibility while continuing HUD’s core support of our most vulnerable households,” said HUD Secretary Ben Carson in a statement. “We will work very closely with Congress to support the critical work of our agency as we vigorously pursue new approaches to help work-eligible households achieve self-sufficiency.”

The provisions of the proposed budget are in line with an outline released by the Administration in March.

View the proposed budget in the full. 

Source: U.S. Department of Housing and Urban Development (HUD)

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Refinance Your Auto Loan With the Credit Union Now, Pay Later

NAR PULSE—If you have a car loan with another lender, chances are you’re paying too much. Bring your auto loan to REALTORS® Federal Credit Union, a division of Northwest Federal Credit Union, and enjoy low loan rates, flexible terms, and make no payments for 90 days. Hurry, offer ends June 30! Learn more.

REALTOR® University: High-Level Learning for Top-Level Leadership
Whether you’re a recent graduate or have been working for 20 years, higher education can lead to new opportunities. A Master of Real Estate degree from REALTOR® University will give you the education that gives you a competitive advantage in your industry. The next session starts July 3. Inquire today.

Save on Products and Services You Already Use!
In just one year, over 800,000 REALTORS® saved a combined $59 million by taking advantage of at least one offering through NAR’s REALTOR Benefits® Program. Learn how you can save this year with industry leading companies including FCA US LLC (Fiat Chrysler Automobiles), Placester, FedEx, DocuSign and more. Start saving.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Refinance Your Auto Loan With the Credit Union Now, Pay Later appeared first on RISMedia.

Free Report: The Power of Real Estate IRA Investments

Entrust clients have a long track record—35 years—of investing in real estate using their tax-advantaged retirement savings accounts. Part of our mission is to educate investors, and our new real estate report is a prime example of that effort. The report’s detailed analysis of both purchases and sales data is a valuable tool for investors, financial and retirement advisors, and real estate professionals.

For example, we now know that real estate investment using self-directed accounts is catching on in new parts of the country. In 2016, Missouri made its first appearance among the top five states where Entrust clients bought property. On the sales side, Tennessee and New Mexico broke into the top five.

Single and multifamily properties continued to be the preferred type of property bought (78 percent) and sold (71 percent). Because rental revenue is often a goal of real estate investors, the report also contains insights into the national rental market, courtesy of Zillow.

You can use a Traditional or Roth self-directed IRA to invest in real estate, and most clients choose one of those two vehicles—although in 2016, we noticed a growing number of clients using Individual 401(k) accounts for their real estate investments.

You’ll find more useful information and interesting insights when you download your FREE copy of Entrust’s 2017 Real Estate Investor Market Research Report.

For more information, please visit www.theentrustgroup.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Free Report: The Power of Real Estate IRA Investments appeared first on RISMedia.

Learning From the Best

Daniel_CottinghamIn the following interview, Daniel Cottingham, broker of Cottingham Chalk Hayes, REALTORS®, a member of Leading Real Estate Companies of the World® in Charlotte, N.C., discusses the firm’s culture, recruitment tactics and training techniques.

Region Served: Greater Charlotte, N.C.
Years in Real Estate: 13
Number of Offices: 1
Number of Agents: 100+
Best Tip for Dealing With Difficult Customers: Listen, empathize and advise.

You recently transitioned from the sales side of the business to a role in management. How would you describe the process?
Things have gone really well, and I think that’s because we spent a lot of time planning the transition. I focused on evaluating everything we do, making slight tweaks if necessary, and intentionally avoiding any sweeping changes. Some things seemed so obvious from the sales side, but when I switched hats, the issues were more complex. The biggest challenge came on the personal front. Being in the office all day is much different than being out in the field with buyers and sellers. I was used to the highs and lows of the sales side, and I’ve had to find other outlets to feed my competitiveness.

What are the two most important aspects of your company’s culture that will propel your team to the next level?
The Golden Rule is at the heart of everything we do. Our agents understand that we’re fully committed to doing the right thing and to helping them accomplish their goals. As a result, they share that commitment among each other and their clients. It’s servant leadership at its best, and it’s why prospective agents call us, and, ultimately, why buyers and sellers call our agents.

How do you go about recruiting, and in what ways does your company culture help you qualify the best prospects?
Everyone we interview initiates the conversation. We don’t reach out to agents at other firms or students in licensing classes, so when they come in to talk, they generally have an understanding of our brand and our culture. My goal is to be a resource to help them navigate the process and find the best fit.

What sets your training program apart, and how does it position agents for success right out of the gate?
Our training program is probably the best representation of our servant leadership culture because it’s taught almost exclusively by our top-producing agents. They volunteer their time to come talk about a variety of topics ranging from open houses and staging to negotiating and community involvement. As a new agent, it doesn’t get much better than learning from the best.

For more information, please visit www.leadingre.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Learning From the Best appeared first on RISMedia.

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©2017 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.  Roanoke, VA  Licensed in Virginia.

Berkshire Hathaway HomeServices Premier, REALTORS
Roanoke Office

2772 Electric Rd., Suite 1
Roanoke, VA 24018
Phone: 540-343-5000
Fax: 540-343-5135
Email: info@BHHSPremier.com 

 

PPR-Daleville Office

Roanoke/Botetourt Office
1638 Roanoke Rd. Ste. 101
P.O. Box 210
Daleville, VA 24083
Phone: 540-966-3033
Fax: 540-966-3613
Email: info@BHHSPremier.com 

Licensed in Virginia
 

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