Cash Sales Near 50% in These Cities

Cash Sales Near 50% in These Cities

The number of buyers paying all-cash in real estate transactions is falling nationwide, but some places are still seeing a big bulk of their sales from all-cash buyers. Cash sales nationwide accounted for 32.5 percent of total home sales in September, down from 35.9 percent a year ago, according to CoreLogic’s analysis. Cash sales peaked in January 2011 at 46.4 percent, but have been gradually on its way down ever since.

REO sales have the highest cash sales share at 58.3 percent, followed by resales at 32 percent, short sales at 29.1 percent, and new-home construction at 15.9 percent, according to CoreLogic.

Of the nation’s 100 largest metro areas, the following places had the highest percentages of cash sales in September:

1. Miami-Miami Beach-Kendall, Fla.: 50.8%
2. West Palm Beach-Boca Raton-Delray Beach, Fla.: 50.6%
3. Philadelphia, Pa.: 48.9%
4. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.: 47.9%
5. North Port-Sarasota-Bradenton, Fla.: 47.2%
6. Syracuse, N.Y.: 14.1%

On a larger view, cash sales continue to dominate these states:

1. Alabama: 48.2%
2. West Virginia: 46%
3. Florida: 45.2%
4. New York: 44.1%
5. Kentucky: 39.6%

Source: “Cash Sales Share Falls 3 Percentage Points From a Year Ago,” CoreLogic’s Insights Blog (Dec. 21, 2015)

The 20 Hottest Home Features Right Now

The 20 Hottest Home Features Right Now

Must-have home features are constantly evolving. After all, just a half century ago, shag carpeting in all hues – gold, orange, and purple – were all “in.” But what’s hot with home owners and buyers now?

Home staging and design tips: Visit Styled, Staged & Sold

Realtor.com® set out to find out, evaluating what must-have home features are hot right now by analyzing millions of listings at its site for the most commonly used phrases of home features.

The following 20 features were most often used in listings on realtor.com® in 2015:

1. Fireplace (gas fireplaces were the leading type of fireplace mentioned)
2. Wood floor
3. Carpet
4. Granite counter
5. Stainless steel appliances
6. Open floor plan
7. Walk-in closet
8. Formal dining room
9. Vaulted ceiling
10. Open kitchen
11. Tile floor
12. Covered patio
13. Finished basement
14. Breakfast bar
15. French doors
16. Chef’s kitchen
17. Crown molding
18. Central air
19. Separate shower
20. Garden tub

View more information about each of these “hottest” home features at realtor.com®.

Source: “Garden Tubs Are In, Spa Tubs Are Out: The Hot List of Home Features,” realtor.com® (Dec. 21, 2015)

Freddie: 2016 Rates to Stay Near Record Lows

Freddie: 2016 Rates to Stay Near Record Lows

Mortgage rates edged slightly higher for the second consecutive week and following the Federal Reserve’s decision Wednesday to raise its short-term interest rates for the first time since 2006.

“As was almost-universally expected, the Federal Open Market Committee of the Federal Reserve elected this week to raise short-term interest rates for the first time since 2006,” says Sean Becketti, Freddie Mac’s chief economist. “We take the Fed at its word that monetary tightening in 2016 will be gradual, and we expect only a modest increase in longer-term rates. Mortgage rates will tick higher but remain at historically low levels in 2016.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 17:

• 30-year fixed-rate mortgages: averaged 3.97 percent, with an average 0.6 point, rising from last week’s 3.95 percent average. A year ago, 30-year rates averaged 3.80 percent.
• 15-year fixed-rate mortgages: averaged 3.22 percent, with an average 0.5 point, increasing from last week’s 3.19 percent average. Last year at this time, 15-year rates averaged 3.09 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.03 percent, with an average 0.4 point, holding the same average as last week. A year ago, 5-year ARMs averaged 2.95 percent.
• 1-year ARMs: averaged 2.67 percent, with an average 0.2 point, increasing from 2.64 percent last week. A year ago, 1-year ARMs averaged 2.38 percent.

Source: Freddie Mac

Swear Off These Bad Habits on Social Media

Swear Off These Bad Habits on Social Media

If you’re using social media to expand your connections with customers, make sure you don’t fall for one of these bad habits. Forbes.com highlights a few:

Auto-Posting from Facebook to Twitter

Your audiences for each social network likely differ slightly, so your messaging should change slightly, too. “Facebook posts that are auto-shared to Twitter are often cut off and missing images, presenting an unpolished and unprofessional appearance to followers,” columnist Brent Gleeson writes at Forbes.com. Several tools such as HootSuite, Sprout Social, and Buffer make sharing easy across multiple social networks.

Talking at Customers, Not With Them

Social media does not equate to free advertising. “Stop posting only about your brand, and start using social media for what it was intended: communication between humans,” Gleeson notes. “Imagine if you went to a holiday party this year and only talked about yourself and your selling points.” Ask your followers questions, reply to their comments, and engage with those who have similar interests to you, Gleeson says.

Failing to Track Your Links

Know which social media posts are connecting most with your network and bringing in the highest volume of traffic to your website. “Brands are still frequently posting untracked or shortened links back to their website, therefore only measuring how many visitors came from each social media channel or how many clicks each link received,” Gleeson writes. “Tracking your links with something like Google Analytics’ URL Builder will allow you to see how much traffic came from each post you shared and the quality of that traffic with metrics such as bounce rate, average session duration, and average pages viewed per session.”

Source: “5 Things You Should Stop Doing in Social Media Marketing by 2016,” Forbes (Dec. 15, 2015)

Do Neighborhood Watch Signs Hurt Sales?

Do Neighborhood Watch Signs Hurt Sales?

Neighborhood watch signs may be intended to show home owners’ that neighbors have one another’s backs but that may not be the message to home buyers. The signs plastered on telephone poles and parks may be a deterrent to home buyers.

In Longboat Key, Fla., a debate is raging whether neighborhood watch signs are good or bad for property values. Former Mayor George Spoll argues that the signs can make an area look crime-ridden and can dent home prices and scare off potential buyers.

“I’ve had clients remark that it’s a peaceful positive gesture that the community is keeping an eye out,” David Zarghami of Keller Williams Realty told MySuncoast.com. Meanwhile, “others perceive it as: ‘Well why did they have to create the neighborhood watch? What was the issue that started that?’”

The signs may be viewed as a red flag to would-be buyers.

“The fact that the sign is posted begs the question why and what has transpired,” says Cara Ameer, a real estate professional in Ponte Vedra Beach, Fla. “It is definitely something that a buyer would notice and question regarding the safety and security of the neighborhood. If it is concerning for buyers who may hesitate on moving into the neighborhood, I think these signs could negatively affect property values.”

The verdict is out whether the signs make a difference.

“It would be hard to say that a watch sign on its own is a good or bad thing, but in particular contexts it could make a difference,” says David Reiss, research director at the Center for Urban Business Entrepreneurship at Brooklyn Law School. “If home buyers have heard that crime is an issue there, neighborhood watch signs may give comfort that the neighborhood is doing something about it. On the other hand, if it’s a neighborhood that is not facing major crime issues, signs may be a confusing signal.”

What do you think? Reply in the comments below.

Source: “Are Neighborhood Watch Signs Turning Off Prospective Home Buyers?” MySuncoast.com (Dec. 13, 2015) and “Are Neighborhood Watch Signs Killing Home Sales?” realtor.com® (Dec. 14, 2015)