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 NAR midyear meeting, blogging via live feeds

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 NAR Game Changer Challenge awards

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More single women buying U.S. homes, says NAR

Single women, according to the National Association of Realtors’ 2009 NAR Profile of Home Buyers and Sellers, are now the second largest group of home buyers in the U.S., making up 21 percent of all buyers and 25 percent of first-time home buyers this past year.  Single males make up only 10 percent of first time home buyers.

Single women homeowners are looking for less costly homes, however, as their media income is $47,900, compared with the average $53,700 annual income for single male home buyers. Most women buy a single family home, though the percentage of those who buy a townhome or condo are higher than for any other group. More single women buy an existing home than any other home-buying group in the U.S.

Other highlights of the NAR annual survey:

* First time home buyers made up 47 percent of home buyers in 2009, up from the typical 40 percent;

* The typical first time home buyer was 30 years old, while the typical repeat buyer was 48;

* New home purchases only made up 18 percent of all home purchases in 2009, an eight-year low;

* Of all homes purchased, 78 percent were single families, with the typical being 1800 square feet, built in 1991;

* Median home prices: $210,000 in the Northeast; $158,000 in the Midwest; $175,000 in the South; and $240,000 in the West;

* Of all responding buyers, 78 percent said commuting distance was very or somewhat important to them as they considered their new home purchase;

* More than one third of consumers started their search for a new home on the Internet, though more than 90 percent used the Web at some point;

* The services of a real estate agent or broker were engaged by 77 percent of buyers;

* Of all 2009 home buyers, 10 percent bought a foreclosure, as compared with 3 percent in 2008;

* One half of home buyers traded up, while one fifth traded down;

* Recent sellers sold their homes for 95 percent of their asking price, though 60 percent dropped that price at least once;

* Of sellers who signed with an  agent 59 percent would definitely use the same agent again and recommend her or him to others; 22 percent said probably;

* Of those who sold their own home without agent assistance, 49 percent did so to save the agent commission;

* FSBO sellers had their obstacles: Almost one of every three failed to market their home, while 57 percent offered no buyer incentives. Eighteen percent of them said that preparing their home for display to seller prospects was their biggest obstacle, 15 percent said it was hardest to get the price right, and another 15 percent said that completing paperwork was their buggest stumbling block.

Here’s a PDF of the complete report, thanks to the Fayetteville (NC) Association of Realtors. 

 

 

 

 

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NAR’s HouseLogic launches; DIY, watch your back

The National Association of Realtors just launched HouseLogic, a social and highly-engaging real estate site. Designed to help homeowners make smart decisions to maintain, protect and increase the value of their homes, we registered and set up our profile and found it to be easy to navigate, highly informative as well as entertaining. Clearly, it rivals Scripps’ DIY, and in some ways even takes on helpful sites such as Lowe’s and Home Depot.

In fact, if they haven’t thought of it already, this almost cries for a Lowe’s collaboration. The HouseLogic site was designed to follow people through the entire cycle of their homeownership, and has really, at first short glance, done a bang up job of pulling people in long term. In the last conversation we had with NAR they were still thinking about how to monetize. We’re thinking that a revenue share for Lowe’s or Home Depot products sold through the HouseLogic site or linked from there might well kickstart this revenue.

While an NAR spokesperson has just told us that such a collaboration is something they may think of for the future to “offset the costs” of the site, she also said that “right now the value of the site is in creating relationships with consumers and creating grass roots support for public policies.”

I registered for the site, and opted to let HouseLogic have the address of my new home. (Homeowners can keep this to themselves, if they wish.) The site recognized my house, and some features like square footage. I answered some questions – how long had I owned my home, how handy I was, how ambitious I am to complete my own DIY projects, and what I would like to learn about. Learning options included fixing home problems, finding better maintenance methods, increasing my home’s value, conserving energy, finding tax credits, improving my neighborhood (nice touch), making the most of my home finances, and lowering the cost of my home ownership. I checked everything – why not?

Then I found the badges – psychic rewards for completing DIY tasks, saving money, sharing my ideas and things I learned with my HouseLogic community, and so forth. In fact, once I completed my profile I had already earned two badges for doing so. I now have a binder to keep all my HouseLogic lessons and activities in one place, complete with deadlines and e-mail alerts as those deadlines approach. My binder landing page offers several lessons already – on the costs and benefits of professional energy audits, replacement of old windows, “green” remodeling of my bathroom, and conducting my own energy audit. For each I earn a badge just for reading it. For each there is a quiz as well.

Since I’m new to the neighborhood I really enjoyed looking at all the local community ideas available as a featured project on the How To page. Ideas included a neighborhood pot luck monthly or quarterly, and a guys or gals night out. There’s even an article about creating an online community of neighbors.

This is really the tip of the iceberg on this voluminously-informative site. I’ll be attending a HouseLogic online press conference soon, which will show me more about it. I’ll share with AIM Group clients what I learned.

Here’s the offical NAR press release of the launch.

 

 

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39% U.S. home buyers get FHA loan, 33% sales distressed, says NAR

According to the November, 2009 Realtors Confidence Index survey, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors also reported that the number of first-time home buyers continued to climb to 51 percent.

One of every three homes sold last year were distressed sales, the RCI also determined, with investors and first-time home buyers vying for these bargains. The result of the preponderance of foreclosures, however, has been a negative impact on the pricing of non-distressed properties, Realtors report. Home buyers have pricing expectations of all homes comparable with foreclosure prices. In addition, Realtors expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.

“As the first, best source for real estate information, Realtors have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today’s real estate market,” said NAR president Vicki Cox Golder, in the survey announcement. “We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.”

The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 Realtors; in a typical month there are more than 3,000 usable responses. Participants are asked about their expectations for the demand for homes, price of homes, and other economic conditions.  The National Association of Realtors represents 1.2 million members involved in all aspects of the residential and commecial real estate industries.

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Google going up against NAR for real estate search?

If you’re looking at properties by way of Google Maps, you’ll now find a broker place page that has all sorts of information on that listing, and while some conjecture that this could rival National Association of Realtors’ (NAR) upcoming Realtors Property Resource site, we don’t see that unless it’s much improved somewhere down the road.

It’s nice but its probably more an enhancement to what’s out there already, not a rival. We see real estate agents and brokers adding this to their branding and listing repertoire, but not replacing another online listing resources with this new Google Maps product.

Google now offers details on the property (though still not as detailed as some real estate verticals or realtor sites), photos, placement on the local map, and a Street View. You can also determine what public transportation options are nearby. While it might not rival all real estate verticals it does offers links to those that offer the listing, and consumers can send the listings to their own or friends’ e-mails. No longer must users get this Google info by pop-up, a nice user-friendly feature.

 We looked at one property for sale in Phoenix AZ, for example. We clicked on the Google Maps icon, where we saw that the property was a foreclosure with an asking price of $39,900. A 2 bedroom, 1 bath home, Realty Store was the seller agent. (The broker’s name was hyperlinked). The property is 840 square feet, we learned. From the broker’s place page we learned that about the neighborhood, where the average house value is $151, 200.

There are nearly 11,000 homes in this area, whose average income is $57,519.  The neighborhood is home to 30,436 people, with a median age of 33.  Of these, 87.28 percent are white, 2.28 percent are black. Interesting that statistics break down by Indian, Asian and Hawaiian, all with fewer than 2 percent, but the other nearly 8 percent are listed as Other, in a neighborhood, city and state with a hefty Hispanic population. That would seem a “local” look by someone without any “local” understanding.  Nearly 41 percent of the neighbors are college graduates, its crime index is 244, and the turnover in residents is moderate.

There’s another major flaw to this, though a flaw not unique to Google. This listing was posted Nov. 30, days after the property was actually sold. The listing remains live today.

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Latin America report …

Digital classifieds are growing in Latin America -- a mixed landscape of traditional media companies and intercontinental giants that are finding new opportunities.

The 64-page report, for sale here, is a compilation of analyses our clients have already received as recipients of Classified Intelligence Report.

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