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To Be a Broker: the survey

By Inman News, Friday, October 16, 2009.
<a href="http://www.surveymonkey.com/s.aspx?sm=ww6nM2Vf6Qj1YLwuo_2fpUiw_3d_3d">Click here to take survey</a>.

Inman News has launched a companion survey for the To Be a Broker editorial project, which is focused on pressing issues for real estate brokers (see related article).

This To Be a Broker Survey (click here to participate) is intended to highlight priorities, problems and trends for the brokerage community at large. We will share the results of this survey with Inman News readers in upcoming articles.  more...

Buyers and sellers get on the same page

By The Real Deal, Friday, October 16, 2009.

NEW YORK -- Zhann Jochinke, an associate broker at Argo Residential, put an alcove studio on the market last year for $525,000. But the offers that came in were as low as $390,000.

"People were putting bids out there just to see if the person had to sell," he recalled.

More recently, however, he convinced the seller to drop the price to around $490,000.

Offers began coming in at "5 percent or less off the asking price," he said. Now, the listing is in contract, and expected to close in the next month.  more...

Pig-in-a-python economics Premium Content

By Lou Barnes, Friday, October 16, 2009.
Flick photo by <a href="http://www.flickr.com/photos/gloriapayne/2913733628/" target=blank>♥ Morning Glory ♥</a>.

Long-term rates rose again this week, the 10-year Treasury note and mortgages continuing the spurt that began last Friday, to 3.46 percent and just shy of 5.25 percent, respectively.

As always, economic optimism was the cause. In legitimate good news, retail sales rose in September, only 0.5 percent net of "Cash for Clunker" effects, but beat the forecast decline and have been stable for three months.

Also, new claims for unemployment insurance have continued their glide-path decline, now about 150,000 weekly below the April peak at 668,000, but still 200,000 weekly above anything resembling health.  more...

RealtyTrac, mlsfinder.com fall off Top 20 Premium Content

By Inman News, Friday, October 16, 2009.

Home improvement lead generation site ServiceMagic elbowed its way past Rent.com and Trulia.com to take the fifth position on Hitwise's list of most visited real estate Web sites in September.  more...

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Beach house for sale ...

By Inman News, Friday, October 16, 2009.
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The new REO reality: above-asking offers

By Tara-Nicholle Nelson, Friday, October 16, 2009.

Q: I am in the market for a new home, and I am worried. My friend recently put an offer in on a house of $109,000, which was the list price. The bank came back with a counteroffer of $150,000! Is that even ethical? Can they really do that? Is that something I should be looking out for?

A: Your question reflects the essence of why I write this column. I know that's a little heavy, but let me explain. Hindsight for hindsight's sake sounds a little too much like fodder for guilt or blame or regret for my tastes. Those are probably three of the most counterproductive of all the human emotions, and definitely cause more harm than good.  more...

Right wrench for the job

By Paul Bianchina, Friday, October 16, 2009.

If you're the type of person who substitutes a pair of pliers for an entire set of wrenches, you may want to consider adding a few of the proper wrenches to your toolbox. Wrenches are relatively inexpensive and the good ones last a lifetime -- and you'll probably be surprised at how much the proper tool can simplify your project.

Here are a few wrenches to consider:

Open- and box-end wrenches: Open-end wrenches have an opening on one end to allow them to be placed on a nut or bolt head from the side.  more...

HGTV parent acquires OpenHouse.com

By Inman News, Friday, October 16, 2009.

Scripps Networks Digital has acquired Realogy Corp.'s OpenHouse.com -- a Web site where homebuyers can find information about open houses -- adding it to a suite of HGTV Web sites including FrontDoor.com that provide information through the homeownership lifecycle.

Realogy and its brands will maintain their association with OpenHouse.com through a continued marketing relationship with HGTV's FrontDoor.com, which includes an online listings distribution agreement for all of Realogy's property listings, Scripps said. Realogy Franchise Group was FrontDoor's initial listings partner when Scripps launched the site in 2007 (see story).  more...

Tooling up, scaling down in lean times Premium Content

By Erik Pisor, Friday, October 16, 2009.

SAN DIEGO -- An industry veteran with more than 35 years of real estate experience, Rick Hoffman has worked through several housing market cycles and is no stranger to the challenges and adjustments brokers face during housing downturns.

As president and chief operating officer of NRT LLC's Coldwell Banker Residential Brokerage in the San Diego, Calif., area, Hoffman -- along with other real estate managers -- has coped with the current housing market and economy by adjusting the company's operating model.

"To me, the downturn was probably a big positive. It caused me to operate more efficiently and be more cost-conscious," Hoffman said. "The marketplace has required that we (brokers) make decisive moves."  more...

HUD says no RESPA reprieve Premium Content

By Matt Carter, Friday, October 16, 2009.

Federal regulators say they won't be swayed by a last-ditch effort by industry groups representing bankers and other lenders to postpone Jan. 1 implementation of standardized mortgage loan disclosure forms and procedures that are intended to help consumers comparison shop.  more...

Double-digit mortgage rates on horizon?

By Steve Bergsman, Friday, October 16, 2009.

At a recent real estate conference, I found myself standing next to Richard Williams, a Century 21 Realtor from the Atlanta area, who had founded something called Clickit Inc., which provides flat-fee pricing for sales and listings. I would say we chatted, but Williams is a born raconteur and I mostly just listened.

After a while, a young man from New York joined us and in the course of the shifting conversation, the Big Apple dude wistfully noted he was renting an apartment, but considering buying a condo. Williams turned his attention to the young fellow. "Now is the time to buy," he exclaimed.  more...