The Most Powerful Person in Real Estate Is…

The Most Powerful Person in Real Estate Is… Image courtesy of photostock / FreeDigitalPhotos.net

When it comes to influencers in residential real estate, no one was more powerful in 2013 than Realogy CEO Richard A. Smith, according to a new ranking of the 200 most powerful people in real estate by Stefan Swanepoel, who authors the Swanepoel TRENDS Report and Swanepoel TECHNOLOGY Report.

The first annual Swanepoel Power 200 list, co-edited by consultant Rob Hahn and billed as “the most comprehensive list of influential CEOs, thought leaders, and senior executives ever assembled in the residential real estate brokerage business,” bases its rankings on factors such as an individual’s tenure in the real estate business, the office he or she holds, the decision-making and financial power of the company, and how much significance the company has in the industry, among others.

“While there are others who have higher personal profiles within the industry, there is no doubt that none have more power and influence in almost every aspect of real estate than Smith,” SP200 said of its top pick, noting that Realogy owns top power brands such as Century 21, Coldwell Banker, and Sotheby’s International Realty.

Rounding out the top 10 most powerful people in real estate on SP200’s list are:

• Ronald J. Peltier (No. 2)
  Chairman and CEO, HomeServices of America
• Spencer Rascoff (3)
  CEO, Zillow
• Gary W. Keller (4)
  Co-founder and chairman, Keller Williams Realty International
• Dave L. Liniger (5)
  Co-founder and chairman, RE/MAX
• Alexander E. Perriello, III (6)
  President and CEO, Realogy Franchise Group
• Dale A. Stinton (7)
  CEO, National Association of REALTORS®
• Pete Flint (8)
  Chairman and CEO, Trulia
• Mark Willis (9)
  CEO, Keller Willis Realty International
• Steven Berkowitz (10)
  CEO, Move, Inc.

Members of NAR’s executive and leadership teams joined Stinton on SP200’s list, including Senior Vice President Bob Goldberg (No. 34), Past President Gary Thomas (No. 39), SVP and Chief Lobbyist Jerry Giovaniello (No. 45), General Counsel Laurie Janik (No. 47)*, and 2014 President Steve Brown (No. 51).

Local and state association leaders were also represented on the list, including Bob Hale, CEO of the Houston Association of REALTORS® (No. 23); Joel Singer, CEO of the California Association of REALTORS® (No. 36); and Ed Barisa, CEO of the Ontario Association of REALTORS® (No. 125).

*Janik retired from NAR in November.

—source Graham Wood, REALTOR® Magazine

More Home buyers Willing to Compromise

More Home buyers Willing to Compromise. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Faced with tight inventories of homes for sale, more buyers are realizing they may have to bend a little in order to get the home they want.

According to a new survey by the real estate brokerage Redfin, 35 percent of real estate agents said that buyers are now “willing to pay more” to find a home compared to this summer. About 30 percent of agents also reported that buyers are more “flexible on features,” held “lower expectations” for how far their money would stretch, and were “looking to new construction” due to inventory constraints. Real estate agents also reported that home buyers were more “prepared to waive contingencies” in order to win a bid.

Eighty-seven percent of the Redfin real estate agents surveyed cited “limited inventory” as the biggest challenge that home buyers face nationwide.

While home buyers may be getting more realistic about market conditions, the survey found that sellers are not. Sixty-three percent of agents said that sellers have “unrealistic expectations” about the value of their home. What’s more, 31 percent of agents say that sellers also are frustrated with the number of homes available that they would be interested in buying.

Source: Redfin

Banks Aim to Clear Foreclosure Backlogs

Banks Aim to Clear Foreclosure Backlogs. Image courtesy of renjith krishnan / FreeDigitalPhotos.net

Banks are trying to capitalize on rising home prices by selling seized homes more quickly. States with some of the largest backlogs of foreclosures are seeing an upswing in properties that are moving to auction for quicker sales since last July, according to RealtyTrac.

“Lenders know there’s now a much better chance they can get those properties sold, so they’re moving to do that,” says Daren Blomquist, vice president at RealtyTrac.

The number of new foreclosures entering the pipeline is slowing. However, the number of foreclosures going to auction is seeing an uptick in 19 states, particularly in Oregon, Massachusetts, Utah, Connecticut, Delaware, and New York.

In New York, the average foreclosure can take 1,037 days to process, and in Florida, the process averages 929 days.

Back when buyers were on the sidelines and prices were still falling, lenders’ had little incentive to speed up the foreclosure process. Doing so would only add to the large amount of empty houses that needed to be maintained. But now that prices are rising in most markets, the backlog of bank-owned homes is being trimmed quickly. With tight inventories of homes for-sale in many cities, banks are seeing opportunity in getting repossessed homes back on the market faster for a quick sale, analysts say.

Source: “Housing recovery sparks pickup in home seizures,” CNBC (Jan. 3, 2014)

Mortgage Rates Edge Higher Entering 2014

Mortgage Rates Edge Higher Entering 2014. Image courtesy of cuteimage / FreeDigitalPhotos.net

Fixed mortgage rates continued an upward climb this week, with the 30-year fixed-rate mortgage starting the year more than a full percentage point higher than last year at this time, Freddie Mac reports in its weekly mortgage survey.

“Mortgage rates edged up to begin the year on signs of a stronger economic recovery,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 2:

• 30-year fixed-rate mortgages: averaged 4.53 percent, with an average 0.8 point, up from last week’s 4.48 percent average. Last year at this time, 30-year rates averaged 3.34 percent.
• 15-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.7 point, rising from last week’s 3.52 percent average. A year ago, 15-year rates averaged 2.64 percent.
• 5-year hybrid adjustable rate mortgages: averaged 3.05 percent, with an average 0.4 point, rising from last week’s 3 percent average. Last year at this time, 5-year ARMs averaged 2.71 percent.
• 1-year ARMs: averaged 2.56 percent, with an average 0.5 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.57 percent.

Source: Freddie Mac

More Than 3 Million Regained Equity in 2013

More Than 3 Million Regained Equity in 2013. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Home prices rebounded in 2013, helping more than 3 million home owners regain long-lost equity, according to CoreLogic’s latest MarketPulse report.

“We’re encouraged by the improvements of the past year and have every reason to be cautiously optimistic about continued progress in 2014. That said, monitoring the current and potential headwinds the industry faces is critical,” says Anand Nallathambi, president and CEO of CoreLogic.

More than two-thirds of all homes with a mortgage now have at least 20 percent equity, giving home owners more options in the housing market in the new year and increasing their employment mobility.

Still, 6.4 million residential properties have negative equity, and a third of those are concentrated in five states: Nevada, Florida, Arizona, Ohio, and Georgia.

Some of the biggest jumps in home prices over the last six months has occurred in Chicago and Raleigh, N.C., CoreLogic reports.

“That acceleration is consistent with our prior analysis, which showed that Chicago has had the most rapid growth of any market for owner-occupied purchase transactions in the past two years,” the report said.

Source: “CoreLogic: 2013 marks year of rapid transition,” HousingWire (Dec. 30, 2013)