Consumers are woefully under-educated when it comes to purchasing a home.That’s the simple takeaway from a survey recently conducted by Zillow Mortgage Marketplace. Nearly half (46 percent) the respondents answered basic questions about mortgages incorrectly. About the same percentage acknowledged their limited understanding of mortgages and the process in general.Among the findings:A majority of consumers don’t understand how adjustable-rate mortgages work or that interest … [Read more...]
Zillow files for IPO
April 18, 2011 By 2 Comments
Tech Crunch just posted that Zillow has filed for an IPO valued at 51.75 Million . While that number is simply a starting point and does not means much, it is interesting to note that Zillow has an accumulated deficit since its founding of over $78 Million. According to Tech crunch:"In terms of financial specifics, Zillow appears to be losing less money each year. The company lost $12.8 million in 2009, and lost roughly half of that ($6.7 million) in 2010. The company, which launched to the … [Read more...]
Realtor Safety reviewed after shooting
April 13, 2011 By 2 Comments
Realtor safety is one of those things that we all worry about from time to time.It is back in the forefront again after a shooting at an open house that took the life of 27 year old Ashley Okland who was shot and killed on Friday in West Des Moines while holding an open house. Police are continuing their investigation. No suspect has been identified according to the Des Moine Register.With REALTORS often in contact with people they do not know, either at open houses or with buyers who … [Read more...]
Zillow buys Postlets
April 12, 2011 By Leave a Comment
In an announcement yesterday, real estate syndicator Zillow.com bought the syndication company Postlets. In a post on the company blog, Zillow president Spencer Rascoff said the following:"...it’s a great service that enables individual agents, property managers and landlords to distribute their listings across 13 real estate and social media websites, for free. Real estate professionals love Postlets because you create a property listing just once, and Postlets automatically … [Read more...]
RealtyTrac adds New Loan to Value and Equity tools
April 8, 2011 By Leave a Comment
RealtyTrac announced on April 5th that they are offering new tools to RealtyTrac members that will provide both professional investors and REALTORS with tools to filter results for short sales, purchases and listing opportunities.“These new features bring key information to the forefront, helping buyers and investors more quickly decide which distressed properties represent good purchase opportunities for them and which do not,” said James J. Saccacio, chief executive officer of … [Read more...]
Cash is King for Homes
March 25, 2011 By 1 Comment
Financing is harder and harder to come by. Recently, February 2011 sets a new record, as 33.7% of homes were purcahsed with cash, nearly a 7% incrase from February 2010 according to NAR. Investors are responsible for purchasing 23.5% of homes sold in February, an indication that investors are coming back into the market. However, an a recent survey of 3,000 Realtors, the average sales per month for these agents went from 2.1 closings in January to 1.7 closings in February an indication … [Read more...]
NAR plans $40 mandatory political fund fee increase
March 23, 2011 By 9 Comments
NAR has announced that they intend to raise dues by $40 per year in 2012 and in 2013 to fund more political donations and clout. This has been met with mixed reviews and generally negative reactions from the real estate blogging community. A great overall analysis of the proposed fee hike is done here by Rob Hahn and an excellent op ed was written by Jay Thompson.The sticking point for many of the bloggers seems to be that the fees are MANDATORY. For years, REALTORS can contribute via RPAC … [Read more...]
Select Military Members Can Still Tap Into Homebuying Tax Credits
March 16, 2011 By 2 Comments
Tax Day is looming, sparking memories of the landmark home-buying tax credits that helped prop up the flailing housing market over the last 18 months.But there’s still one deserving demographic that can take advantage of the $8,000 tax credit for first-timers and its companion $6,500 credit for existing homeowners: America’s active duty service members.Qualified service members who served at least 90 days on extended duty from January 2009 to April 30, 2010, can pounce on these tax … [Read more...]
Wisconsin Governor Walker warns possible mass layoffs
March 5, 2011 By Leave a Comment
The heat is on! Wisconsin Replublicans and Democrats have not yet come to terms on a collective bargaining agreement for state workers. Republicans are only one vote away from passing the bill which takes away union bargaining rights. Governor Scott Walker warned of mass layouts to 1500 state union employees; since 20 democrats have fled south to Illinois. Wisconsin's economy is caught in the heart of this mess. The state capital building has the same amount of protestors as the … [Read more...]
Zillow and CoreLogic: Home Prices Still Declining
February 9, 2011 By 3 Comments
Two reports by Zillow and CoreLogic state home prices are still declining. Home prices posted their largest quarterly drop since the first quarter of 2009 dropping 2.6% in the fourth quarter of 2010 said Zillow. In the press release, Zillow stated home prices have fallen a total of 27 percent since the peak in June of 2006. CoreLogic's recent Home Price Index (HPI) shows home prices dropped for the fifth straight month. National home prices including distressed properties dropped by … [Read more...]
