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Existing-Home Sales Flounder in August

Existing-home sales floundered in August, posting higher than one year prior but lower than in July, the National Association of REALTORS® (NAR) reports.

Existing-home sales totaled 5.35 million, a 1.7 percent decrease from July but a 0.2 percent increase from one year prior. Inventory decreased 2.1 percent to 1.88 million, 6.5 percent below one year prior.

“Steady employment gains, slowly rising incomes and lower mortgage rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,” says Lawrence Yun, chief economist at NAR. “What’s ailing the housing market, and continues to weigh on overall sales, is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country. Sales have been unable to break out because there are simply not enough homes for sale.”

Inventory is currently at a 4.2-month supply. Existing homes averaged 30 days on market in August, six less days than one year prior. All told, 51 percent of homes sold in August were on the market for less than one month.

The metropolitan areas with the fewest days on market in August, according to data from realtor.com®, were San Jose-Sunnyvale-Santa Clara, Calif. (29 days); Seattle-Tacoma-Bellevue, Wash. (30 days); Vallejo-Fairfield, Calif. (31 days); and San Francisco-Oakland-Hayward, Calif., and Salt Lake City, Utah (both 32 days).

The median existing-home price for all types of houses (single-family, condo, co-op and townhome) was $253,500, a 5.6 percent increase from one year prior. The median price for a single-family existing home was $255,500, while the median price for an existing condo was $237,600.

“Market conditions continue to be stressful and challenging for both prospective first-time buyers and homeowners looking to trade up,” Yun says. “The ongoing rise in home prices is straining the budgets of some of these would-be buyers, and what is available for sale is moving off the market quickly because supply remains minimal in the lower- and mid-price ranges.”

Single-family existing-home sales came in at 4.74 million in August, a 2.1 percent decrease from 4.84 million in July, but a 0.4 percent increase from 4.72 million one year prior. Existing-condo and co-op sales came in at 610,000, a 1.7 percent increase from July, but a 1.6 percent decrease from one year prior.

Twenty percent of existing-home sales in August were all-cash, with 15 percent by individual investors. Four percent were distressed.

The Midwest and Northeast saw positive activity in August, with existing-home sales rising 2.4 percent to 1.28 million in the Midwest, with a median price of $200,500, and 10.8 percent to 720,000 in the Northeast, with a median price of $289,500. Existing-home sales in the South and West fell, 5.7 percent to 2.15 million in the South, with a median price of $220,400, and 4.8 percent to 1.20 million in the West, with a median price of $374,700.

“Some of the South region’s decline in closings can be attributed to the devastation Hurricane Harvey caused to the Greater Houston area,” says Yun. “Sales will be impacted the rest of the year in Houston, as well as in the most severely affected areas in Florida from Hurricane Irma; however, nearly all of the lost activity will likely show up in 2018.”

First-time homebuyers comprised 31 percent of existing-home sales in August, a decrease from 33 percent in July.

Overall, the housing market is on a continuing path to recovery—but its progress is threatened by recently proposed tax reform.

“Consumers are smart and know that any attempt to cap or limit the deductibility of mortgage interest is essentially a tax on homeownership and the middle class,” Brown says. “A study commissioned by NAR found that under some tax reform proposals, many homeowners with adjusted gross incomes between $50,000 and $200,000 would see an average tax increase of $815, along with home values shrinking by an average of more than 10 percent. An even steeper decline would be seen in areas with higher property and state income taxes. Congress must keep homeowners in mind as it looks towards tax reform this year.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Existing-Home Sales Flounder in August appeared first on RISMedia.

Innovation, Not Irrelevancy: 3 Strategies to Sustain

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

“How are we going to be able to keep up with the rapidly evolving world around us?”

A crucial question, and one posed at RISMedia’s recent 2017 Real Estate CEO Exchange Networking Breakfast, where Power Brokers and other industry leaders gathered not only to connect, but also to consider the relationship between innovation and irrelevancy.

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DocuSign General Manager of Global Real Estate and Vice President Georg Gerstenfeld speaks at the CEO Exchange Networking Breakfast.​

The two are closely linked, explained Georg Gerstenfeld, general manager of Global Real Estate and vice president at DocuSign, sponsor of the breakfast.

Change is the key driver to us becoming irrelevant,” Gerstenfeld said. “The technology is ready. The consumers are demanding it. The time is really now for us to transform the [real estate] transaction.”

Gerstenfeld called out several culturally significant changes created through innovation, as well as the strategies that propelled them: automated workflows, delighted customers, and workable data. The Netflixes and Wazes of the world mastered all three—and rendered their predecessors obsolete in the process.

“Disruptors delight, automate and leverage data,” said Gerstenfeld. “[They] constantly challenge themselves to stay relevant and to find new ways to delight their customers and use their data now.”

DocuSign and Gerstenfeld are at the forefront of the same strategy, sussing out ways to transform the real estate transaction, specifically through its products such as Transaction Rooms.

“Transaction complexity is still largely unsolved,” Gerstenfeld said. “There are a lot of people involved in real estate day in and day in out in any one particular transaction. Every one of those people has their own process. What we want to bring is change that creates an environment where everybody in the transaction has a space where they can collaborate.”

On innovation, Gerstenfeld recommended starting with a manageable goal—a “quick win.”

“Change management is about building up wins and building up confidence,” said Gerstenfeld. “Start with the quick wins, and start today, as opposed to waiting for the perfect solution or ideal software. Pick a project that’s going to make a difference in your business.”

Stay tuned to RISMedia for continuing coverage of this year’s CEO Exchange sessions:

  • The State of Real Estate: ‘The Good, the Bad and the Ugly’
  • Brokers Get Real About Standards, Succession Planning and Zillow
  • Ushering in a Fresh Perspective: John Peyton and Nick Bailey Ready to ‘Blow the Dust off’ Iconic Brand

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Innovation, Not Irrelevancy: 3 Strategies to Sustain appeared first on RISMedia.

Revealed: 100 Best Places to Live in America

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Ever wondered who is living the good life, and where? A new study done by MONEY with the help of realtor.com® runs down the top 100 best places to live in the U.S.

But how does one quantify “best,” a term that feels quite subjective? The study’s methodology focuses on towns with a population of 10,000 to 100,000, to avoid the big cities and spotlight smaller suburbs and towns that often get overlooked as folks gush about Portland, Ore. and Austin, Texas.

The variables MONEY focused on with these smaller places included job availability, school systems, crime rates, convenience, home values and community/cultural outlets. Realtor.com stepped in to assist with the real estate aspect, and together the two sources unveiled 100 great places to live across the country, from North Dakota to New Jersey and back again.

So what are the top 10 spots? Some may surprise you:

  1. Fishers, Ind.
  2. Allen, Texas
  3. Monterey Park, Calif.
  4. Franklin, Tenn.
  5. Olive Branch, Miss.
  6. Dickinson, N.D.
  7. Lone Tree, Colo.
  8. North Arlington, N.J.
  9. Schaumburg, Ill.
  10. Bozeman, Mont.

For more details, check out MONEY’s post here, and to see how realtor.com broke down what is occurring in the “Best Places” housing markets, click here.

Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Revealed: 100 Best Places to Live in America appeared first on RISMedia.

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John Becker / Bald Head
Bald Head Realty

33 Pine Lane
Franklin, NC 28734

Phone: (828) 506-3719 Mobile
           (828) 369-0000 Office
           (828) 369-0009 Fax


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Macon County NC Real Estate with Specialty in Franklin & Otto
"Offering Solutions to My Clients"
Your gateway to Paradise in the Smokey Mountains of Franklin, NC.
John Becker / Bald Head, provides a superior level of informed, professional real estate service to Buyers and Sellers.

Testimonials

January 4th, 2013 Our first real estate dealing with John Becker (aka Baldhead) was when selling our primary residence in Franklin, NC as he was the agent representing the buyers. Not only did he present a successful contract but the offer exceeded our asking price! Since we were so impressed with his process expertise, responsiveness, and negotiation skills, in 2012 we listed and sold our second home with him. John doesn't just wait around for the "right" buyer to walk in the office he aggressively pursues perspective buyers through professional contacts, extensive Internet exposure, and local advertising. The video John produced of our home was HGTV worthy and initiated immediate interest. Just a few weeks after listing John presented us with an acceptable offer and handled all the details of the process through closing. We were very impressed with his support and communication and would highly recommend his services. If you are truly serious about buying or selling a home in this area you need a full time professional agent with local knowledge, and John Becker is by far the best choice. Graydon & Susan Smith
Sep 10, 2011 John Becker was fantastic as our realtor. He helped us look at houses for over 2 years before we finally found the house we wanted and helped us navigate the short sale and foreclosure process perfectly. At all times he was professional, honest, and responsive. Thank you John and we look forward to having you as our realtor in the future. Thanks Chip & Mary Ann Godwin Chip & Mary Ann Godwin
Wendell & Karen ‎ - Sep 4, 2011 One Saturday on a whim I told my wife I was going to talk to John “Bald Head The Realtor” about some property I come across. After a short conversation with John he had formulated a plan. I was amazed that in less than a week we were on the fast track to owning the property. During the course of the negotiations John helped us overcome many potential obstacles to owning our first property in beautiful Franklin, NC. He always responded quickly to our questions. I soon became aware that this was a man I could trust - a rare find. My wife and I will always be grateful to John for helping us realize our dream of owning our own piece of this majestic land. Wendell and Karen, Franklin, NC Wendell & Karen
Kathryn P ‎ - Sep 28, 2011 Thanks so much John for being you as you are SUPER! My Dad and I were blessed that you were the listing agent on the home we first looked at as that led us to you. And you made our whole experience one that was so darn easy and pleasant. Working with you through the whole experience of looking at both homes was a total delight. Not only do you listen, you make the rather grueling process of home shopping to be fun. Thanks so much for your good humor and grace under pressure. Your smile alone made the paper signing go faster. You surround yourself with great people, too. From your assistant to your real estate attorney...all top notch and the nicest of folks to work with in the home buying process. I know I will certainly be recommending you to others and if I ever have to do this again.....you will be the first person I call. Kathryn Kathryn Pickens
Aug 22, 2011 "We have to admit that all of this "Bald Head" business seemed a bit much at first, but it took very little time with him to come to the realization that John "Bald Head" Becker is a very serious and effective real estate broker who in our experience and opinion is simply the best. Not only did "Bald Head" give us focused attention, maintained very active and prompt communications with us but also went way beyond our expectations in anticipating and filling practical needs. We would use him again in a heartbeat and only lament that we cannot also employ him to sell our house in Raleigh. We highly recommend "Bald Head The Realtor" to you and without reservation." Bill & Pam Peterson
Hey John, What a job you did! Listed in June and sold in August, in this economy ! Thanks for all the follow up work getting it closed in such a short time. Thanks again, James and Barbara Frank Aug. 13th 2011 Jim & Barbara Frank
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