1. Andy Yan, director of Simon Fraser University’s City Program research on the Vancouver, BC housing market concludes, “Of the $965-billion worth of residential real estate in the Vancouver census metropolitan area, $75 billion is tied to at least one non-resident owner, Yan found. And, in Vancouver, non-residents of Canada are involved in the ownership of at least $34-billion worth of residential real estate, about 10 percent of the $341-billion total in the city.” Watch a short video of Andy Yan in this Vancouver Sun post: Dan Fumano: A $75-billion snapshot of foreign-owned Vancouver real estate.
2. INVESTOR JITTERS
Housingwire says, Hello refis? Mortgage rates just had the largest one-week drop in 10 years. “Freddie Mac’s report showed that the 30-year fixed-rate mortgage averaged 4.06% in the last week, a massive drop of 22 basis points from the previous week’s total of 4.28%.” Time to buy and/or refinance?
3. RE MILESTONE
HomeServices of America® is Now the Country’s Largest Real Estate Company. “Headquartered in Minneapolis, HomeServices has nearly 44,000 real estate professionals operating in nearly 900 offices across 30 states and the District of Columbia. In 2018, the company’s sales associates facilitated nearly $136 billion in residential real estate sales, nearly 347,000 home-sale transactions, and nearly 323,000 mortgage, insurance, title, and escrow transactions.” See an infographic of the HomeServices of America’s family of companies around the United States.
4. ACROSS THE POND
Although Gary Barker writes about sales and leasing trends in the U.K., some of the same principles apply in the U.S. He just published an article for Forbes, What Estate Agents Need To Know About Shifting Customer Demands. In it he speaks with local real estate agents who say “Despite prop-tech, client care and personal attention will become increasingly important. Estate agents will be on notice to demonstrate how they earn their commission, so making the buyer and seller experience an even greater one will become imperative.” I speak with real estate agents every day who understand the importance of staying tuned in to their customer’s needs. Their skills are essential to facilitating smooth transactions.
5. APRIL OR MAY?
CNBC reports “Homes listed in the first week of April get 14 percent more online views on average and are likely to sell six days faster than the average during the rest of the year.” Not everyone is in agreement that if you Want to sell your home? Hurry up and list it next week. I’ll let you read the article, but others say there is a better time to list. What do you think? What is your experience?
6. YOUNG GUNS
It’s not easy being a real estate agent sometimes. I think the younger you are the more there is to overcome. Meet the 30 Under 30 Class of 2019. “Resilient is one word that accurately characterizes REALTOR® Magazine’s 2019 Class of 30 Under 30. Nearly 300 young real estate professionals applied for the honor this year—some for their third or fourth time. The candidates seem to be more and more qualified each year, making it a difficult task to narrow the field.” Congratulations to all the Realtors under 30. If you love what you’re doing, stay the course. If you persevere, the rewards are amazing.
7. STILL FALLING
CNBC reported Mortgage rates are now breaking to new lower territory, and they could stay there for months. “The average lender is offering a rate between 4.125 and 4.25 percent, with more aggressive lenders going to 3.875 percent for borrowers with pristine applications, according to Mortgage News Daily.” Since buyers will have more leverage, the market should be more robust for a while.
8. COVERAGE CUBED
“On average, at least 6% of homeowners make a claim to their home insurance company each year. This might not seem like many, but those claims are far from small. The Insurance Information Institute estimates that insurers paid out an average of $10,592 to homeowners last year, covering everything from fire and lightning damage to theft.” Read the Realtor.com article: How Much Home Insurance Do I Need? What Every Homeowner Should Know About Their Coverage. I think the bottom line is, make sure you update your policy regularly as things change, especially the value of your home.
9. DREAM BIG BABY
Italian island for sale, costing less than a Bay Area home. “Ever dreamed of owning your own Italian private island? An aristocratic family is selling one in Sicily for less than the price of a San Francisco condo. Isola delle Femmine, a wild pristine atoll near Palermo with a 17th-century crumbling stone tower, is up for sale with offers invited of more than 1 million euros — about $1.1 million.” I have to admit, the main reason I posted this CNN and The Mercury News article is for my wife. We love when this real estate becomes available. Did you know that the Sicilians have no word for “future”? This property needs someone who has vision.
Ever wonder What Is the Difference Between a Real Estate Broker and an Agent? “There are so many types of real estate professionals that even agents sometimes confuse themselves. Some real estate agents add titles and certifications after their names to help them stand out in a crowd. They might be associates, real estate consultants, salespersons, independent brokers, or REALTORs® – but they are all licensed to sell real estate.” The Balance attempts to put it all into perspective for us. If you have any questions after reading the article, I am happy to help add more clarity.