The New Realty Executives Website and Cutting-Edge Management System is Live

New WebsiteToday is a very exciting day for Realty Executives International! I’m immensely proud to announce the launch of our new Realty Executives International Website at www.RealtyExecutives.com. In addition to our innovative new and improved web presence, we’ve also launched an extremely comprehensive intranet for our Broker/Owners and Executives which serves as a dashboard that will better implement business productivity on a daily basis.

The new Realty Executives International Website allows for property search functionality in the United States and Canada and is optimized for our consumers. The new design and features were developed with our ideal client in mind, while still providing our Broker/Owners and Executives with a state-of-the-art website that meets their needs.

As if that wasn’t enough, we’ve also launched our new back-end management system which is unlike any product or tool we’ve ever developed for Realty Executives International. Not only is it a robust intranet system but, it also provides a comprehensive platform which supplies our Realty Executives Broker/Owners and Executives with a dashboard that allows them to interact with the system for a wide-variety of uses on a daily basis. We call this system Executive Access and it provides the following amazing benefits:

  • A Customer Relationship Management (CRM) tool to manage contacts and leads
  • Listing management and access to the MLS
  • An interactive experience as opposed to a static website that provides a lot of information
  • Calendar management and alerts for business
  • Management of business activities

I’m so pleased to announce this news and I’m looking forward to seeing how these innovative technological tools change the day-to-day lives of both our Executives and their clients.

2013 Brings Enlightenment About Our Real Estate Future

HouseCoreLogic released their monthly installment of MarketPulse which provides calculated insight into the state of our ever-evolving real estate market. While CoreLogic highlighted that the impending theme for last year’s industry was definitely “uncertainty”, they noted that the beginning of 2013 brings with it a slight amount of clarification, which in turn is slated to produce more positive fiscal results.

CoreLogic stated that, however it is a bit early to announce, the data implies that the fiscal cliff deal done on January 1 has created little change in our market across the United States. The good news however, is that recent research shows that the wealth effect of rising home values will help to increase sales.

According to MarketPulse (which is reporting on statistics from December 2012), home prices nationwide increased by 8.3 percent on a year-over-year basis. This is the biggest increase since May 2006 and also the 10th consecutive year-over-year home price increase. All but FOUR states are experiencing price gains compared to last year.

After more than several years of so much uncertainty, we’re starting to see the waters part and data is leaning towards the positive. CoreLogic said this about the market expectations for 2013, “While it is important to recognize the improvements to the mortgage market during 2012, we should continue to be vigilant in 2013. This year we will begin to transition to a more normal balance in the mortgage market. It’s a year that will also create more regulatory certainty.”

So what does this mean for your business? It means continue to build your sales pipelines, leverage the incredible technology out there for increased productivity and keep an eye out for more permanent infrastructure which will equal positive results for our businesses.

To read the full report, go to www.CoreLogic.com and sign in to download.

“Fiscal Cliff” Details for Real Estate Issues

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Some temporary relief, but with much more to resolve...

Some temporary relief, but with much more to resolve…

Ok, so we have some answers to some of the questions we were facing concerning real estate issues.  I am sure you probably have heard the major points, so I won’t go into all the details.  Here is the link to the official White House Summary of the bill:  http://www.whitehouse.gov/the-press-office/2013/01/01/fact-sheet-tax-agreement-victory-middle-class-families-and-economy

The main topics I want to point out are:

1. The income levels of $400,000 and $450,000 (for individuals and married couples filing jointly, respectively) refer to “taxable income” which means after expenses and deductions.

2. This also is for income received in 2013, so this does not affect people’s 2012 tax returns that are due April 15, 2013.  It will affect the returns due April 15th, 2014.

short sale

3. The Mortgage Debt Relief Act (see my earlier post from October 8, 2012 http://realestatebizexpert.com/2012/10/08/congress-needs-to-act-now-to-save-short-sales/) was extended for 1 year, until December 31, 2013.  This is terrific news for Realtors and sellers of short sale properties.

4. The Mortgage Interest Deduction was left untouched, at least for now.  I suspect that it will be a target when Congress resumes conversations about cutting expenses…

5.  The 3.8% Capital Gain tax that was buried in the Obamacare health bill remains, and will affect people starting this year.

6. Other Capital Gain taxes remain at 15%, except for those earning more than $400,000 (individual) or $450,000 (married filing jointly).

I am very happy to see the extension of the Mortgage Debt Relief Act for another year; this will help clear the decks of more shortsales faster!  As far as the other issues, I believe the Mortgage Interest Deduction is a huge target for the President and Congress, so I am not optimistic about its likely future.

AZ Midday TV Show – Phoenix Real Estate Market

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Behind the camera on AZ Midday

Behind the camera on AZ Midday

Here is my recent visit to the NBC Affiliate in Phoenix…this is the broadcast of the segment of the show that aired on Friday, November 30th.  Click on the link below to see the four minute spot.

http://www.azcentral.com/video/2000814369001

Phoenix Metro Real Estate Update For Sellers – List It NOW!

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Here is the latest from our Phoenix market:

Phoenix was one of the first markets to be hit hard by the economic downturn, and is now the first to be recovering. Phoenix used to rank #5 in the nation for mortgage delinquencies…today it is #39! The bottom of the market was September 2011, just over a year ago. Since then, prices have risen 28% overall, with some local cities hitting 40% increases.

Courtesy of Michael Orr/Cromford Report

These increases in prices mean it is a great time for people to sell. Many homeowners probably do not know that they have equity in their homes and could easily sell their homes today. Now is an excellent time for homeowners to contact their Realtors to get their current property values. Home pricing at this time is critical. Properties priced at the right price point can often expect multiple offers and possibly sell for more than the asking price. See below for an example of a recent sale in the Phoenix area.

Courtesy of Michael Orr and the Cromford Report

Short Sales have also become a good solution for many sellers. A Short Sale is when someone sells their home for a price lower than what is owed on the loan. This process has become more common and generally does not take as much time as it used to.  However, each situation is different, and it requires a seller to assemble a team of professionals to help.  Here are a couple of links to experts we know have done well for clients:

Irving Hymson - http://scottsdale-lawyer.com/irving-hymson/

Scott Druckerhttp://www.mackdruckerwatson.com/scott-drucker-partner.php

To sum it up, REAL ESTATE IS GOOD IN PHOENIX! Inventory is low, prices are up and interest rates are low. Now is the ideal time for homeowners that have been waiting to put their homes on the market.

Mortgage Interest Deduction – Pro or Con?

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Are you in favor of eliminating or reducing the Mortgage Interest Deduction?

 

The battle lines have been drawn.  The National Association of Realtors (NAR)has taken a hard-line stance against any more changes or reductions to the Mortgage Interest Deduction, stating that doing so would damage one of the strongest incentives for purchasing homes.  According to NAR statistics, 68% of all homeowners have mortgages and benefit from this savings.  Others at the Urban-Brookings Tax Policy Center state that only about 30% of taxpayers itemize their expenses to take advantage of this savings.

This tax benefit for mortgage interest payers came into existence in 1913 when the federal tax code was created.  At that time, all interest was deductible.  In the 1986 overhaul of the tax code, the Mortgage Interest Deduction (MID) survived.

Today, the interest on mortgages of up to $1 Million and home equity loans up to $100,000 is deductible.  This applies to primary residences as well as additional homes someone may own.  It used to be that there was no limit on the loan amounts.

Homeowners’ taxes will increase if the MID is eliminated or changed.

It appears that there is significant momentum in Congress right now to modify the MID as suggested by the Simpson-Bowles report.  That bi-partisan panel proposed: reduce the limit on the deduction to $500,000 instead of $1 Million, eliminate the deduction for home equity loans, and prohibit people from deducting interest on homes other than their primary residence.

I believe that messing with the MID right now is a big mistake; housing will pull the economy out of the doldrums if the recovery we are feeling right now is allowed to flourish.  Toying with the MID, in addition to the uncertainties about lending availability (due to the Dodd-Frank Bill) and the expiration of the Mortgage Debt Relief Act will bring the housing recovery to a stand-still!

I know there are many differing opinions on this subject.  How do you feel about it?  Is the MID only a benefit to the “rich?”  Will housing prices drop dramatically if the MID is eliminated?  Talk to me…

 

House Music of the Best Kind…

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This is one of my favorite songs of all time.  It is probably not one that many of you know, especially as a “House” song.  It is an instrumental by one of the best guitar players of all time.  It is “House Music” because of its title.  Very Mellow and haunting…

Are you enjoying this feature?  Let me know what you think.

House Music Continued…

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Check this one out and let me know what you think.  Not familiar with this song or the artist, but the photo was a pretty funny fit with the words. I am still looking for more song suggestions.  Get creative and let me know what you come up with.  Enjoy!

NAR Convention Update

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I am flying back to Phoenix to our World Headquarters from Orlando after attending the National Association of Realtors convention.  (Pretty cool to have wi-fi on the plane.)  The only real new information I gained has to do with the possible extension of the 2007 Mortgage Debt Relief Act.  All indications are that it will get lumped in with a bunch of other tax extension actions and will most-likely not be approved until well into the first quarter of 2013.  It will most-likely be made retroactive for those sales that occur between January 1st and the passing of the bill.  Not the best scenario, but good news none the less.

See my post below from Monday October 8th for more details about this topic.

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