Today's Headlines - Realty Times
Posted On Tuesday, 27 April 2021 00:00 Written by
Posted On Wednesday, 28 April 2021 00:00 Written by
Posted On Tuesday, 27 April 2021 00:00 Written by
Posted On Monday, 26 April 2021 00:00 Written by

Some of the most common conversations I have been having with mortgage customers are those concerned with how much value they will get from the home appraisal. These calls come from customers who want to get a cash-out to refinance and remodel the home where they live.  We get calls from customers competing with multiple other offers to buy a home.  They want to know, “How much higher than the asking price should I offer for this home? Do you think it will appraise for that much?”

Prices of homes are continuing to rise. The median home price of $329,100 is up this week 17%  year-over-year.  Mortgage rates are lower than they have been in seven weeks. Prices on homes are being pushed up by high demand from aspiring home buyers competing to buy and lock low fixed rates.    The forecast is for home prices to rise and for mortgage rates to stay reasonably low into the following year.

Longer range predictions are for demand to remain high for real estate for years to come.  This forecast is based on the emerging households coming from the aging Millennial generation and the Z Generation. These generations will continue to need more housing because they are starting new households and expanding the size of their families.  They will continue to need housing to meet those needs. 

If you want to do your homework to estimate the highest value you can get on an appraisal for refinancing your home or the highest value you should pay over the list price to buy a home, here are some tools available for you to use. 

1. Connect with an experienced realtor who sells homes in the neighborhood that interests you.  A realtor can show you details on homes selling recently in your area.
2. Check with your city newspaper for detailed data for your targeted area to help you estimate the value of your home.  These reports can give you the information you need to make an educated guess for a small fee.
3. Appraisers can do a private appraisal for you, but you would not be able to use their review for mortgage purposes.   

When a lender gets an appraisal, they require the appraiser to use “bracketing” when choosing comparable sales to determine the home’s value.  Bracketing requires the appraiser to pick at least one home inside your neighborhood and at least one comparable sale outside your neighborhood.  The appraiser must choose at least one comparable home sale with a value lower than your target home and one comparable sale with a value higher than your target home. You can’t always depend on the appraiser to use the house across the street that sold a few weeks ago to get to the value of your home.   

Real estate professionals who can analyze a home appraisal bring massive value to the real estate transaction and their customers.  Randy the Realtor sold his listing to a buyer for about $250,000 in a neighborhood where most homeowners had upgraded their houses.  Randy's seller on the property had listed for sale had upgraded his home with granite countertops, hardwood floors, and updated plumbing fixtures.  The appraisal came in $10,000 lower than the sales price.  

Randy the Realtor put on his sleuthing cap and started researching the homes the appraiser used as comparable sales.   Randy found that the appraiser had used homes that had not been updated.  By pointing this out to the appraiser, Randy could get the appraisal value on his listed home increased by $8,000.  

It pays to know your way around the neighborhood.  It pays to know your way around a real estate appraisal.

Posted On Monday, 26 April 2021 00:00 Written by

There are plenty of people around who have a lot to say about why things in the mortgage and real estate markets are a challenge. Many seem to spend more time looking to complain about why they aren’t doing better or how “hard” the job has become, then to spend time looking to see how much opportunity there is.

Yes, it is likely that for originators who depend on 50 – 60 – 70% or more of their business last year, that 2021 is looking a bit scary as we roll into the second quarter. However, purchase business remains very strong, so strong in fact that people are complaining about how many people want to buy homes!

The issue now is how to we continue to thrive as refinances shrink? First of all, refinances aren’t completely going away, they just aren’t as easy to sell since rates have come up from the bottom. It is important to remember that there are still millions of loans out there that would benefit from refinancing if you know where to look.

The next strategy has to be about mastering the purchase transaction so you are setting the proper expectations and preparing your clients and your referral partners on how to WIN in your market! The answers are right in front of you if you just look! Go back over your last 25 purchase deals and see why those offers were accepted. In many cases, those weren’t the only offers made on the properties, but they were the offers that were accepted! Knowing why they were accepted will help you better prepare your borrower to be a winner as well.

Now I know there will be challenges with some buyers. Some may have to alter their expectations and change strategies. Some may have to work on their credit profile, pay off debt, or just put together more money. The good news is, if you know what is winning, you can help your people focus on how to win in your specific market.

You can except excuses as to why you can’t; or you can share the strategies on how to win! Winning can be as simple as making a choice to do the work and follow a winning plan!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 26 April 2021 00:00 Written by

There are plenty of people around who have a lot to say about why things in the mortgage and real estate markets are a challenge. Many seem to spend more time looking to complain about why they aren’t doing better or how “hard” the job has become, then to spend time looking to see how much opportunity there is.

Yes, it is likely that for originators who depend on 50 – 60 – 70% or more of their business last year, that 2021 is looking a bit scary as we roll into the second quarter. However, purchase business remains very strong, so strong in fact that people are complaining about how many people want to buy homes!

The issue now is how to we continue to thrive as refinances shrink? First of all, refinances aren’t completely going away, they just aren’t as easy to sell since rates have come up from the bottom. It is important to remember that there are still millions of loans out there that would benefit from refinancing if you know where to look.

The next strategy has to be about mastering the purchase transaction so you are setting the proper expectations and preparing your clients and your referral partners on how to WIN in your market! The answers are right in front of you if you just look! Go back over your last 25 purchase deals and see why those offers were accepted. In many cases, those weren’t the only offers made on the properties, but they were the offers that were accepted! Knowing why they were accepted will help you better prepare your borrower to be a winner as well.

Now I know there will be challenges with some buyers. Some may have to alter their expectations and change strategies. Some may have to work on their credit profile, pay off debt, or just put together more money. The good news is, if you know what is winning, you can help your people focus on how to win in your specific market.

You can except excuses as to why you can’t; or you can share the strategies on how to win! Winning can be as simple as making a choice to do the work and follow a winning plan!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 26 April 2021 00:00 Written by
You have undoubtedly heard that you only have one chance at a good first impression. It is important for us to set ourselves apart from the masses at every opportunity. A positive first impression is also a great means of initiating your quest to be trusted and liked by your prospect.  We must start somewhere in our process of building relational capital.
 
When we have solid credentials or are referred by a well-known or prestigious individual, we have a running start to a great first impression. But the first face-to-face meeting is the critical element of the formula for positive influence.
 
Can you see the difference in and importance of a solid first impression rather than one who goes into negative small talk especially about topics over which they have no control? (Like the weather! … or the economy). And remember to never expound on your personal problems. Cavett Robert used to say that when you share your personal problems with others, 75% of those you tell could care less and the other 25% is glad to hear that you’ve got them!
Always start with a positive greeting. You will impress others as one who will likely be a pleasure to talk to. I know speaker friends who have created entire talks around the importance of the first impression. Here are some examples of how you can respond to the opening question, “How are you?”

1. Ira Hayes -  “Great” … simple yet dynamic;

2. Ed Foreman -  “Terrific” … positive for sure;

3. Lew Bennett -  “Like a million! … I’m not sure what it meant, but it sounded excellent;

4. Zig Ziglar -  “Outstanding, but I’ll get better!” … A super answer that will even evoke some laughter;

5. Tom Hopkins – “Unbelievable!” … with that you are covered either way;

6. Carol Prentiss -  “Perfect” …  How can you beat that one? She and Jim had millions, and that might have had something to do with it;

 
Then there are those poor deflated souls who just can’t muster a positive answer.  They have a dejected tone and answer with comments like …

1. “Not too bad” – this remark is often a person’s way of saying that things are really pretty good in their life, but since they are basically negatively programmed, they feel a need to make a downtrodden remark. Do they think an expression of wholesome optimism is unsophisticated?

2. “Terrible” -  Boy, that will get you off to a fine start! From there the pessimist will proceed to elaborate on all of the imperfections of the world his life in it.

3. “I’m all right” – it’s not awfully negative but not very positive either. This is a lukewarm response that won’t set you apart.

4. “I’m getting by” -  just getting by huh? I’m not really fired up to talk to you; I like to talk to people who offer hope for optimism and positive results!

 
OK, I’ve used a lot of ink to delve into a relatively simple concept, but in business, if we are going to get a positive response we must say and do things that contribute to the kind of positive environment that is conducive to success. Another vital reason for a positive response to this simple question is that you are not only setting the stage for the interaction, you are also participating in positive self-talk that can intensify your own conviction!
Posted On Friday, 23 April 2021 00:00 Written by


Rick DeLucaRick began his career as a part-time agent in 1976, quickly becoming full-time and eventually buying the company in his fifth year.  He grew it from 34 to 193 agents and lead the U.S. in agent productivity.  His personal sales production saw him sell 200+ homes per year during his sales career.  He was honored to be both Renos Salesperson of the Year, as well as the Nevadas Realtor of the Year.  Upon selling his company, Rick has shared his successful strategies worldwide ever since.  He has spoken in all 50 states, for every real estate franchise and has been recognized as one of the most popular trainers within the real estate industry. In 2014 Rick became the Regional Director for an Australian based franchise and grew it to 7 offices with 125 agents in Oregon and Washington.

With over 40 years of experience Ive seen every real estate model offered to this industry.  When I was first introduced to Exit Realty, I was intrigued with a business model I had never seen.  The culture of we help our people grow immediately impressed me. While providing state of the art technology, Exit Realty continues to emphasize the importance of relationships.  The combination of providing incredible tools, exceptional service to owners, agents and staff, a strong emphasis on strengthening relationships and a compensation plan that rewards growth has created a culture that is truly unique in this industry.  I believe my 40+ years in this business has prepared me for this journey and by joining the Exit Realty family I will create a legacy I will be proud to claim.

Posted On Monday, 10 May 2021 00:00 Written by
Posted On Thursday, 22 April 2021 11:52 Written by


Mark Eaton Book Headshot minMARK EATON is a successful, award-winning motivational speaker, entrepreneur and best selling author of The Four Commitments of a Winning Team, who has earned the coveted CSP (Certified Speaking Professional) designation, the speaking profession’s highest international measure of professional competence. He has spoken to numerous world-class organizations including IBM, FedEx, Phillips 66, Caesars Entertainment, T‑Mobile, LG, and businesses, government agencies and universities at every level. He has been featured as a team-building expert in print and online publications such as Forbes.com, Sports Illustrated and Entrepreneur.com.

Eaton is also a 7′4″ NBA All-Star who played with the Utah Jazz for 12 seasons, led the NBA in blocked shots 4 of those seasons, was named to the NBA All-Defensive Team 5 times, was named NBA Defensive Player of the Year 2 times, and still holds 2 NBA records—most blocks in a single season (456) and career average blocked shots per game (3.5).

In addition to his work on team building, Eaton is managing partner in two award-winning restaurants in Salt Lake City, Tuscany and Franck’s, recently voted Best Restaurant in Utah.

Eaton is founder and former chairman of the Mark Eaton Standing Tall for Youth Foundation, which provided sports and outdoor opportunities for more than 3,000 at-risk children. He is a former president and board member of the Legends of Basketball, which supports the needs of retired NBA players.

Eaton’s television and radio experience includes eight years as host of Jazz Tonight on KJZZ-TV, host of Mark Eaton Outdoors on The Outdoor Channel, and three years as host of Sports Health Today, an internationally syndicated radio show. He attended Cypress College and the University of California, Los Angeles (UCLA).

When Mark is not speaking, writing, or working he enjoys traveling with his wife Teri, horseback riding, mountain biking, skiing, and the outdoors. He lives in Park City, Utah with his wife, children, horses, dogs, and barn cats.

Posted On Friday, 23 April 2021 00:00 Written by
Posted On Wednesday, 21 April 2021 11:19 Written by
Posted On Tuesday, 20 April 2021 10:31 Written by
Posted On Sunday, 18 April 2021 22:23 Written by

We’ve seen cycles come and go—everything from music trends that emulate days gone by to past decades of fashion making a comeback.

It is evident that cycles are all around us. As a business leader, how do you turn cycles into your advantage, and better yet, what industries will benefit from cycles in the coming years?

Trends Are Cycles

Within my Anticipatory Organization Model, I emphasize the importance of identifying both Hard Trends, future certainties that will happen, and Soft Trends, future maybes open to influence.

Hard Trends and Soft Trends sound similar to the concept of cycles, don’t they? That’s because they are! If we begin with Hard Trends, a future certainty means we know it will happen. For example, we know the sun will rise tomorrow morning, we know spring follows a bitter cold winter, and we know a brisk fall follows a blisteringly hot summer.

On the other hand, Soft Trends are merely details that we can influence. The Hard Trend that the sun will rise tomorrow comes with the Soft Trend that we can choose to do something specific with the day that comes with said sunrise or choose where we travel to when that warm summer follows a mild spring.

Understanding how Hard Trends and Soft Trends can be leveraged in an anticipatory way is integral in leveraging cycles to our advantage, and this skill set is even more important now that we have begun a “new normal,” in our current world.

Positive COVID-19 Cycles

Now that we have been through a global disruption like the coronavirus pandemic, many businesses and business leaders have been distracted. No business was more disrupted than in-person, brick-and-mortar businesses.

Whether it was a movie theater chain or a family restaurant, COVID-19 halted growth in a seemingly insurmountable way for many who rely on physical customers walking through their doors.

But the good news is that cycles exist, just as sure as Hard Trends and Soft Trends exist! During the days of the global lockdown, I reminded everyone that these times will end; we will exit the days of COVID-19 and mask wearing. However, we have now witnessed something many of us never imagined: a global pandemic and quite a hit to the economy.

While that sounds disheartening, fear not! Not only will the economy bounce back; we are likely going to see a huge boom in those in-person, brick-and-mortar businesses. Actually, this was heading our way regardless of COVID-19, as seen with Amazon moving toward opening its own brick-and-mortar shopping centers. Now, it has been accelerated.

Having been kept from patronizing in-person businesses for the most part, customers are craving human interaction. As we bounce back, people are going to visit their favorite restaurants, try new ones, be open to travel, and want to stay in hotels again. Coupled with COVID-19 fatigue, does this mean people will throw their devices away and revert to the days prior to digital technology?

Absolutely not! Disruptions are going to increase, so as a brick-and-mortar business leader, you must be anticipatory in how you will stay ahead of the curve.

The Both/And World

We live in what I call a Both/And world, where the Internet of Things (IoT) and connectivity have allowed us to have both in-person and digital aspects to just about every industry, whether it’s a vehicle that has autonomous features and can be driven by a person or a company that has machines performing repetitive tasks while its human workforce works with said machines.

As an increase in patronizing in-person businesses becomes more popular than ever before, there will be just as much a need for you as an owner to find ways to implement digital technology in your customer experience.

For example, people have gotten used to the convenience of working out at home and not having to drive to a gym. If you are an owner, this poses a problem: How do you get those customers back? How about having your own Uber, for which gym goers can add a flat fee into their memberships to use an app that calls them a ride to the gym or perhaps a free feature on said app that facilitates a carpool option. That way, you ease them back into leaving the house to come to your facility.

We are in an era of rapid change, so it is important to pay attention to cycles, or Hard Trends and Soft Trends, and foster your own anticipatory mindset about how to transition back to normalcy as a brick-and-mortar business owner. It is a definite Hard Trend that individuals will return to brick-and-mortar businesses they were restricted from during the pandemic like never before; however, the convenience of digital technology is not far off their minds, so find a way to live in a Both/And world, and bounce back better than before!

Posted On Tuesday, 20 April 2021 00:00 Written by
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