This Week in Real Estate: Microapartments, Vacation Home Sales Slip, and More

There’s a lot going on in the real estate industry this week. Don’t miss a beat with our weekly real estate news roundup:

  • As home and rental prices continue to rise, consumers are turning to new housing trends in order to save money. Realtor.com took a look at how the housing market is working to meet the needs of consumers with microapartments, co-living, tiny homes and more.
  • Women and minorities are missing out on one of the biggest tax benefits available simply because they aren’t borrowing to buy homes. To learn more about the disparity in mortgage borrowing Trulia took an in depth look at U.S. households using the Census’ 2014 American Community Survey.
  • According to NAR’s 2016 Investment and Vacation Home Buyers Survey, vacation-home sales in U.S. during 2015 were down 18.5 percent from 2014.  See what Lawrence Yun, NAR chief economist, has to say about the slip in vacation-home sales at World Property Journal.
  • Destroyed or withheld evidence is hampering Move Inc.’s argument in its case against Zillow. Realtor Mag expands on forensic expert Byron Lloyd-Jones’ findings after reviewing all electronic devices used by Move executives Errol Samuelson and Curt Beardsley.

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Group of Multiethnic Busy Real Estate Agents Working in an Office

Low Inventory Levels Spark Bidding Wars Across The Nation

In metros across the nation, buyers are seeing steeper competition spurred by low inventory levels.

Redfin agents in Oakland, Seattle, San Francisco, Los Angeles, Denver and Austin saw large percentages of homes enter bidding wars in March, with the most extreme case being Oakland, where 84% of homes were at the center of a bidding war, according to the residential real estate company.

The trend is particularly concerning for first-time buyers, or those looking for more affordable homes. Redfin agent Andrew Vallejo, who serves the Greater Austin area, commented on the bidding war crisis in his market. (more…)

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Real Estate Negotiation: Why a Win-Win Outcome May Not Be in Your Client’s Best Interest

It doesn’t always work out that everyone gets to walk away from the negotiation table with exactly what they want. A win-win scenario isn’t always what’s best for your client. Learn how to tell which negotiation strategies are appropriate for the current market conditions and your client’s situation. Watch our video below to learn one of the most important rules to follow in real estate negotiations.

 

Need to brush up on your negotiation skills? Take a look at our selection of real estate negotiation courses.

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An agent types on a laptop working on a real estate business plan.

Create an Effective Real Estate Business Plan in Only 8 Simple Steps

All successful real estate professionals begin their career with a well thought-out and crafted business plan.

This beginning step is essential for agents looking to thrive in the profession, because it allows you to anticipate potential problems, estimate cost, determine best marketing practices and, in the end, make money.

Unfortunately, some agents jump in without first organizing their plan of action, which more often than not results in failure.

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A large suburban single-family home with a multiple-car garage and a manicured lawn.

This Week in Real Estate: #PanamaPapers, McMansions and More

What real estate news did you miss this week? With the spring selling season in full swing, we know you’ve probably been busy. Here’s what happened:

  • There goes the neighborhood: how does the sudden appearance of a McMansion in their neighborhood affect homeowners? Realtor.com‘s Audrey Braschich has the story.
  • How will the #PanamaPapers revelations affect housing markets that benefit greatly from foreign money, like Miami’s? The Miami Herald‘s Nicholas Nehamas explored potential consequences for Miami’s residential real estate market.
  • A common lament among homebuilders is that it’s becoming increasingly difficult, as they face rising construction costs and labor shortages, to build affordable homes. Could a German affordable housing concept called Baugruppen offer a solution? Barbara Eldredge explores this affordable condo/citizen collective concept at Curbed.
  • Recent NAR numbers show that while vacation home purchases have lagged, investment property purchases are up, and median prices for both have risen. Construction Dive’s Kim Slowey breaks down the data.
  • Do you know how to tell if a kitchen is wheelchair friendly? Redfin published a great guide to home accommodations for people living with disabilities this week that agents can adapt to build their own awareness of what home characteristics and features to keep in mind when working with a client living with a disability.

 

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A real estate agent meets with prospective clients in a cafe

The 5 Steps of A Killer Listing Presentation

Real estate agents have a lot to prove. How do you show prospective clients you have what it takes to sell their home?

 

Your value to your clients (and potential clients) lies largely in your ability to handle the details of their home search, transaction and closing that they aren’t equipped to handle themselves. They need to believe in you.

If your listing presentations aren’t earning you business, to put it simply: you’re doing it wrong.

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Beautiful sky at sunrise in city. Building under construction and crane.

This Week in Real Estate: Online Homebuyers, Move’s Latest Push Against Zillow and More

Plenty happened in the real estate world this week. If you weren’t on top of these stories, never fear – we’ve gathered a quick reading list to ease you into the weekend.

  • What’s the future of union labor in construction, and how will that affect price and quality of new homes? Construction Dive’s Kim Slowey took a closer look this week at union hiring in construction in the context of the industry’s current labor shortage.
  • In several states between Dec. 2015 and Feb. 2016 homes sold in under 45 days, a testament to the ongoing inventory crunch. For a full analysis of how long listed homes took to sell by state, head over to NAR’s Economists’ Outlook blog, where Scholastica D. Cororaton has the story.
  • Move has made a “staggering” claim of damages against Zillow in its trade secret theft lawsuit, the latest development in the feud between the two companies. See full details at HousingWire.
  • Builder.com covered a recent Owners.com® survey of 1,000 potential homebuyers, which found that buyers are certainly enjoying the conveniences of technology as they shop for homes: “73% said they’d use online sites to search for properties, more than half (53%) are inclined to book home tours online, 43% would consider online financing products and 27% would make a purchase offer online.” Read the full article here.
  • On Thursday, “The Mortgage Professor” Jack Guttentag wrote in a piece for MiamiHerald.com that a “switch to a borrower-ownership model of appraisals would reduce the number of applications that are aborted when the appraised value turns out to be too small to support the transaction,” “reduce the time required to execute purchase transactions” and “facilitate mortgage shopping by eliminating the need to pay for multiple appraisals.” What do you think? Should buyers own the appraisals they pay for and be able to use them with any lender? Read the full article here.

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