Existing Home Sales Rally According to RISMedia

Existing Home Sales Rally in February, bouncing back from a slog at the start of the year, the National Association of REALTORS® (NAR) reports. Sales increased 3 percent to 5.54 million, marking a 1.1 percent increase from one year prior.

Inventory increased, as well, 4.6 percent to 1.59 million, but remained 8.1 percent lower than one year prior.

Existing Home Sales Rally

“A big jump in existing sales in the South and West last month helped Existing Home Sales Rally from a two-month sales slump,” says Lawrence Yun, chief economist at NAR. “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018; however, even as seasonal inventory gains helped boost sales last month, home prices—especially in the West—shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

Currently, inventory is at a 3.4-month supply. Existing homes averaged 37 days on market in February, four days less than one year prior. All told, 46 percent of homes sold were on the market for less than one month.

The metropolitan areas with the fewest days on market and most realtor.com® views in February, according to realtor.com’s Market Hotness Index, were San Francisco-Oakland-Hayward, Calif.; Midland, Texas; Vallejo-Fairfield, Calif.; San Jose-Sunnyvale-Santa Clara, Calif.; and Sacramento-Roseville-Arden-Arcade, Calif.

 

 The median existing-home price for all types of houses (single-family, condo, co-op and townhome) was $241,700, a 5.9 percent increase from one year prior. The median price of an existing single-family home was $243,400, while the median price for an existing condo was $227,300.

Existing Home Sales Rally in the single-family space came in at 4.96 million in February, a 4.2 percent increase from 4.76 million in January and a 1.8 percent increase from 4.87 million one year prior. Existing-condo and -co-op sales, however, came in at 580,000, a 6.5 percent decrease from January and a 4.9 percent decrease from one year prior.

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

 

 Two of the country’s major regions had higher sales, rising 5.5 percent to 2.41 million in the South, with a median price of $215,700; and 11.4 percent to 1.27 million in the West, with a median price of $370,600. The Midwest and Northeast had reduced sales, falling 2.4 percent to 1.22 million in the Midwest, with a median price of $179,400; and 12.3 percent to 640,000 in the Northeast, with a median price of $258,900.

“The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month,” Yun says. “Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March.”

First-time homebuyers comprised 29 percent of existing-home sales in February, unchanged from January.

REALTORS® in several markets note that entry-level homes for first-timers are hard to come by, which is contributing to their underperforming share of overall sales to start the year,” says NAR President Elizabeth Mendenhall. “Prospective buyers should start conversations with a REALTOR® now on what they want in a new home. Even with the expected uptick in new listings in coming months, buyers in most markets will likely have to act fast on any available listing that checks all their boxes.”

Re/Max is bullish on automated marketing with Adwerx, Imprev

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RE/MAX is arming agents with automated marketing tools to generate and place highly targeted ads around the web as RE tech race heats up

A week after debuting an automated marketing platform for its agents with the marketing company Imprev, real estate franchisor Re/Max is touting the results of another automated tool.

Last October, Re/Max gave its agents access to automated marketing through a partnership with the online advertising firm Adwerx. Since then, Re/Max says, the online marketing campaigns generated through Adwerx’s platforms have received 1 billion impressions. Re/Max got 850 million impressions from its usual digital ad campaigns outside of Adwerx throughout all of 2017 in its company-owned markets, or about 70 percent of its U.S. markets.

Re/Max is bullish on automation — and for good reason.

“In the past, the number one most powerful marketing tool has been the physical yard sign,” Re/Max Executive Vice President Mike Ryan told Inman in an interview. “People drive past the yard sign, and they know the Realtor in their local community is doing business. Now we’ve taken that to the next step, to a digital yard sign. We’re reaching that highly targeted customer out there looking for a home. It’s not just somebody driving by. It’s someone engaging behavior that makes them a warmer lead.”

The Adwerx automated marketing tools are similar to the automated platform Re/Max introduced with Imprev, although the Adwerx platform has more of a focus on hyperlocal ad targeting. The Imprev platform lets agents enter new listings into their multiple listing service and receive ready-to-go marketing materials, including YouTube videos, virtual tours and physical marketing materials like flyers and postcards. Adwerx’s platform auto-generates ads for new listings and places them strategically on websites and on Facebook.

The Adwerx platform uses behavioral data analysis to target consumers within 15 miles of the listing and to target consumers who have been searching homes online, who have used mortgage calculators, and who have been buying items related to a new home at big-box stores like Costco.

Ryan expects that Re/Max agents will use both its Adwerx and Imprev platforms. While the offerings use similar data analysis and automated tools, they provide complementary services: automated ad creation and automated ad placement across the web.

Re/Max made its Adwerx tool available for free to agents for the past five months and will keep the tools available for agents in company-owned regions through June. Independent agents can purchase the service for $36.75 for a weeklong campaign, discounted from Adwerx’s usual $59 weekly price.

Adwerx-created Re/Max ads were used by between 90,000 and 100,000 agents on 350,000 to 400,000 listings, Ryan said.

The two marketing platforms are part of Re/Max’s efforts — like many big real estate brokerages and franchisors — to become players in real estate technology. Along with its Imprev and Adwerx partnerships, Re/Max announced its acquisition of the real estate tech startup booj last week.

REMAX Acquires Booj Taking Bold Step to Provide Best-in-Class Technology

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Global Franchisor Acquires Leading Technology Firm booj
February 26, 2018

DENVER – In a move signaling a shift in RE/MAX technology strategy, RE/MAX, LLC announced today REMAX Acquires booj, an award-winning Colorado-based web design and technology company.

The acquisition exemplifies a new approach for RE/MAX that goes beyond adapting third-party vendor products to fit broker and agent needs. Moving forward, RE/MAX will leverage the capabilities of booj and other strategic partners to deliver core technology solutions designed for and with RE/MAX affiliates. The objective: technology platforms that create a distinct competitive edge for RE/MAX brokerages and agents and complement other tech products they choose to use.

“Our strategy is to serve the industry’s most productive agents by providing technology that saves them time, connects them to buyers and sellers, helps them leverage the brand and its many competitive advantages, and ultimately enables them to be even more productive and successful,” said Adam Contos, RE/MAX CEO. “In collaboration with booj, our membership and other strategic partners, we will deliver the best technology to the world’s most productive real estate network. The future of global real estate is RE/MAX.”

Booj has developed powerful technology systems for more than 40 regional real estate companies and 20,000 agents, allowing agents and brokerages to grow their business. These platforms, designed by and for the real estate industry, include websites, mobile apps, lead generation and cultivation systems and predictive analytics.

“We’re passionate about building technology that changes agents’ lives and makes buying and selling a home easier,” said Ido Zucker, Enterprise Director and Managing Partner of booj. “Putting our existing platform and new innovations into the hands of RE/MAX agents will be incredibly rewarding for our entire team. We’re excited to see what world-class technologies we can build together.”

The acquisition is one of many RE/MAX initiatives in the past year demonstrating the global franchisor’s drive to continue to lead the industry – including a refresh of the powerful RE/MAX brand, the creation of a new Business and Product Strategy team, and the launch of new automated social media and digital marketing solutions for agents.

“We’re investing in tremendous talent, proven systems and future innovations as REMAX Acquires booj which will develop modern technology that helps our brokers and agents deliver even better service to their buyers and sellers,” said Contos.

Why booj?
Founded in 2005 by Managing Partners and technology evangelists Ido Zucker and John Sable, booj has rapidly become an industry leader in producing end-to-end productivity solutions for real estate brokerages. The company has won numerous awards and was ranked in the Inc. 5000 for rapid growth for six consecutive years. With its staff of 77 members, booj, whose motto is “be original or jealous,” will retain its name and office.

“Our extremely talented team at booj has worked hard to deliver dynamic technology to the real estate industry,” said booj Managing Partner John Sable. “Joining forces with RE/MAX allows us to invest even more in research and development to take our suite of tools to the next level, bringing new and powerful solutions to busy agents and their buyers and sellers.”

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About the RE/MAX Network
RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 115,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE:RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $157 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

January 2018 Housing Report: 4 Things to Know

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The January 2018 Housing Report shows that December capped off 2017 with record-breaking home prices, speedy sales and low inventory. One thing is for sure is that the real estate market is on fire, and there’s no indication the flames will be dying down anytime soon. Here are key points from the January 2018 Housing Report based in 54 metro areas including Orlando:

1. Homes are selling fast
In December, homes spent an average of 57 days on the market. That’s the shortest time of any December in the report’s history.

2. Prices are rising
The median sales price of a home sold in December was $232,500. That’s nearly 3 percent higher than the median sales price in December 2016.

3. Inventory continues to shrink
Making sales harder was a low supply of inventory at 3.7 percent — which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6 percent decline in inventory, lengthening a streak of monthly declines that began in November 2008.

4. Slightly fewer transactions occurred
The overall average number of home sales fell 3.3 percent compared to December 2016, with 39 markets reporting fewer transactions. The end of year is typically a slower selling season, but buyers should still work with their agents to navigate the competitive market.

Dig into the details of the January 2018 RE/MAX National Housing Report in the infographic below.

 

January 2018 Housing Report

January 2018 Housing Report

The January RE/MAX National Housing Report shows the median home price rose 8.1% year-over-year, with 50 of the report’s 54 markets posting increases. At the same time, December sales dropped 3.3% from December 2016, with 39 markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6% decline in inventory, lengthening a streak of monthly declines that began in November 2008.

Also setting a report record for December was the speed of home sales: 57 days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.

Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

Evolution of the #1 Brand in Real Estate

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Billions of dollars have been spent promoting the RE/MAX brand in the past 44 years. The result is a name and image people instantly know, giving you a huge competitive advantage. RE/MAX branding helps you stand out from the crowd, get noticed, and connect with potential clients or customers. With the refresh, the industry’s top brand is more powerful than ever.

REMAX Celebrates 25 Years Supporting CMN as We Approach the August ‘Month of Miracles’

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Since 1992, RE/MAX Affiliates have raised more than $157 million for the 170 Children’s Miracle Network member hospitals throughout the U.S. and Canada. To celebrate 25 years of miracles, here are 25 things to know about CMN, the patients it serves and how easy it is to become a Miracle Agent.

August is the sixth annual “RE/MAX Month of Miracles,” a celebration of the RE/MAX partnership with Children’s Miracle Network Hospitals. It’s a time for all REMAX Agents to re-engage with your local CMN Hospital and raise funds and awareness for this important cause. And this year marks an important milestone for RE/MAX – 25 years supporting CMN Hospitals!

25 Fast Facts About RE/MAX and Children’s Miracle Network Hospitals

Jobs, Fewer Loan Defaults Boost Orlando’s Draw, Report States

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Orlando’s rising employment rates and waning commercial mortgage delinquencies during the last year made the region one of the nation’s leading markets for growth and investment, according to a new study.

The four-county area, including Orange, Osceola, Seminole and Lake counties, ranked fourth nationally for its business climate during the last four quarters, according to a report released Wednesday by the analytics firm Trepp LLC. Orlando ranked behind Seattle, Las Vegas and Atlanta in the measurement of economic growth and commercial real estate investment, said Sean Barrie, research analyst for Trepp.

During the last year, Orlando’s population grew 2.5 percent and unemployment was 3.9 percent, with 42,800 jobs added during the last four quarters, Trepp’s report stated

Orlando’s ranking was not surprising to Marcel Arsenault, who oversees the investment management company Real Capital Solutions, based in Colorado.

“We concur 100 percent. Orlando has wonderful in-migration from Puerto Rico and elsewhere, and it benefits from the ‘Great Drain’ of companies leaving New Jersey,” said Arsenault, who studies business cycles of property types throughout the country. Last week, he showed an audience of real estate journalists the advisory emails he sent in 2005 predicting a sharp economic slide, which materialized starting a year later as the Recession.

Underscoring his views, Real Capital Solutions earlier this month purchased Maitland Forum with more than 284,000 square feet at 2600 Lake Lucien Drive, Maitland, for $15.4 million and Park Center with more than 127,000 square feet at 2500 Maitland Center Parkway for $6.8 million, records show.

Maitland stands as one of the biggest turn-around markets in the region, said Chris Owen, who oversees research for Cushman & Wakefield in Florida. Vacancies for Maitland-area offices diminished from about a quarter of available space to a tenth during a three-year period that ended in early 2017, the real estate brokerage reported. Relatively affordable office rents, particularly when compared with downtown Orlando, have boosted activity there, he added.

Owen cited another factor considered by companies scouting cities for call-center and back-office locations: Orlando residents are often “accent-neutral” and can communicate easily with customers nationwide.

Trepp cited Orlando’s rising appeal in part to businesses relocating from expensive markets with higher taxes, including New York, Los Angeles and Chicago. Trepp researchers referred to Orlando and other top cities in the ranking as “18-hour cities” — they may not enjoy the same round-the-clock cache as larger cities but are heading in that direction.

Trepp also cited Florida’s lack of state income tax.

Orlando businesses are not without some credit problems, although commercial mortgage delinquencies dropped about a half a percent to 2.18 percent during the year-long period. Trepp reported.

Thank you:  Orlando Sentinel

Home of America’s Best Real Estate Agents

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For the third straight year, RE/MAX has more of “America’s Best Real Estate Agents” than any other brand, according to the 2017 REAL Trends ranking of 12,500+ top producers.

Once again, RE/MAX agents dominated the annual America’s Best Real Estate Agents list from REAL Trends.

How do you define the best?

  • RE/MAX agents qualifying in the Transaction Sides category averaged 71 transaction sides last year. Teams qualifying in this category averaged 139.
  • Agents qualifying for Sales Volume averaged $30.7 million in volume last year. Qualifying teams averaged $53.5 million.

In total, 2,506 RE/MAX agents and teams made the list, compared to 2,248 Keller Williams agents and 2,040 Coldwell Banker agents. No other brand came close.

RE/MAX Agents Once Again Dominate Annual NAHREP Ranking

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National Association of Hispanic Real Estate Professionals Names Top 250 Latino Agents in the United States

The National Association of Hispanic Real Estate Professionals® (NAHREP®) Top 250 Latino Agents Award annually recognizes the industry’s leading Hispanic real estate agents and brokers from across the country. For the third year in a row, the number of RE/MAX agents included in the ranking far surpassed the number of agents of other national real estate brands.

“RE/MAX salutes all of the agents included in this year’s NAHREP Top 250 Latino Agents Award ranking,” said Mike Reagan, RE/MAX, LLC, Senior Vice President, Business Alliances, and a member of the NAHREP Corporate Board of Governors. “It’s incredibly rewarding to see dozens of RE/MAX agents, more than any other brand, included in this year’s prestigious list. It’s a testament to their dedication and the superior customer service they provide their clients every day.”

An impressive 67 agents affiliated with RE/MAX were recognized in this year’s ranking, six more than last year and 30 more than the closest competitor. In fact, RE/MAX agents included in the ranking nearly exceeded the next two competitors combined:
-RE/MAX     67 agents
-Keller Williams     37 agents
-Century 21     31 agents
-Coldwell Banker     16 agents
-ERA     8 agents

RE/MAX has five agents represented in the top 25:
-Cristina Edelstein, RE/MAX Results, Plymouth, Minnesota, 386 sides
-Mario Negron, RE/MAX Pioneers, Cypress, Texas, 364 sides
-Veronica Figueroa, RE/MAX Innovation, The Figueroa Team, Orlando, Florida,
285 sides
-Monica Foster, RE/MAX Space Center, The Monica Foster Team, Houston, Texas
281 sides
-Luis Ortiz, RE/MAX Partners, Berwyn, Illinois, 203 sides

The NAHREP Top 250 Latino Agents Award list, now in its sixth year of publication, recognizes agents whose hard work and dedication has led them to close an outstanding number of transactions in an effort to increase the rate of sustainable Hispanic homeownership in communities across the country. The agents included in this year’s ranking represent a combined total of 25,945 transaction sides from January through December 2016 and over $6.07 billion in total aggregate volume. This year’s honorees were selected from a record-breaking 900 agents considered, the largest pool of candidates for the award to date.

Other national surveys have demonstrated the high productivity of RE/MAX agents. RE/MAX recently announced that its agents outperformed agents with other real estate brands in the 2017 REAL Trends 500 survey. Associates affiliated with the RE/MAX network regularly average double the number of transaction sides per agent when compared with competitors in the annual survey of large brokerages. RE/MAX associates included in the survey on average outsold competing agents with a ratio of more than two to one and averaged 17.2 transaction sides while agents with competitors averaged 7.8. The RE/MAX agent average of 17.2 transaction sides led all national franchises in the ranking.

With a presence in over 100 countries and territories, the RE/MAX network’s global footprint is unmatched by any other real estate brand. The franchisor’s total agent count grew 6.8 percent in 2016. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides, and more than 110,000 agents worldwide are a part of the RE/MAX network.

REMAX Newsroom

National Association of Hispanic Real Estate Professionals

Congratulations to our Team Members Recognized in the ORRA Magazine

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Congratulations to all of our team members at RE/MAX 200 Realty and RE/MAX Town & Country Realty featured in the May/June 2017 Orlando REALTOR® Magazine ‘Member Recognition Issue’

  • Doug Atkins
  • Dave Bowen
  • Kim Coburn
  • Allison Day
  • David Gallup
  • Diane Gerry
  • Tom Langmann
  • Tanya McDonnell
  • John Muccigrosso
  • Jordan Muench
  • Sandi Peery
  • Kelly Sue Stonebreaker