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How Do You Manage Your Online Ratings? - 06/28/12 06:03 PM
Earlier this week, I was having a conversation with a real estate peer and the question came up, "How do you manage your online ratings"?
Almost unanimously, each person said that they don't manage their online ratings and many of them didn't even consider that they could manage their online ratings.
Yet, in a world of Facebook and Google+ likes and dislikes, Angie's List, BBB and Yelp, online ratings are becoming more commonplace for a myriad of services and even products...think Amazon for book reviews.
Granted, I'm not saying that the ratings are accurate or valid, but I am saying that … (2 comments)
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Is The Buyer Really So Smart? - 06/26/12 04:50 PM
Earlier today, we received the following message, "The value opinion is wrong, please correct it to what we think it should be." Interesting comment indeed given that the message was from a homeowner who asked for the opinion of market value because they wanted an appraisal in their file for their cash offer on a property.
This got me to thinking, 'Is the buyer really so smart'? or are they just seeking emotional fodder for their pocketbook to avoid buyer's remorse?
In this case, I think it is the latter and not the former. Yet, how many times in the imperfect … (3 comments)
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Is This Your Job Or Is This Your Profession? - 06/25/12 04:28 AM
As a real estate practitioner, is this your job or is this your profession?
This seemingly simple question really is quite a significant inquiry into how your view what you do. Maybe you get up each day inspired and forward-thinking about how you can make a difference. Maybe you get up each day and wonder why your life isn't so good and when it will change? Maybe you get up each day and think about what else you could be doing if you were not weighed down with what you are doing now.
Whether you have been in the real estate … (2 comments)
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Hoarder or Stacker? - 06/23/12 04:30 AM
The preceding post generated a host of insightful comments and unfortunate situations.
http://activerain.com/blogsview/3350830/my-oh-my-you-have-a-big-mess
One in particular that rung true was that some individuals may not just be a hoarder, but a stacker.
Think magazines from decades gone by stacked in orderly or not so orderly fashion to look like a library turned 90 degrees on its side throughout the property. Imagine a windy 'road' from the front door around to the bedroom on a one-story, Ranch-style house that leads to the bedroom, with little 'paths' off to the side for the kitchen and the bathroom. I've seen it so many times … (1 comments)
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My, Oh My, You Have a Big....Mess - 06/22/12 04:22 AM
There are many things that can definitely shift your demeanor out of high gear and into low gear when walking into a property for the first time. One of them is the unexpected experience of walking into a property and finding it an utter mess, possibly even despicable. And when asked something along the lines of, "What do you think?", about the only repsonse you can politely and quickly come up with is, "My, oh my, you have a big ....mess."
Yes, cable tv and shows like Horders are helping get the word out, but I surely don't think it is … (35 comments)
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Implementing A REO To Rental Program - 06/21/12 04:38 AM
There is much talk in the media and the investing communiting about developing strategies REO to Rental. One immediate upside is neighborhood stabilization, which most will agree than an occupied house is much better than a vacant house, all other things equal. In a city like Chicago, there is a growing need for affordable rental housing and reducing the inventory of foreclosed properties.
Granted, no one is stepping up and saying an REO to Rental strategy will actually deliver affordable housing, but to the extent it can occur, that assists some of those in greatest need.
In theory, this possibility … (3 comments)
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Beazer Builds $150 Million Bundle By Buying Rental Homes - 06/20/12 08:15 PM
Beazer Homes, an Atlanta-based home builder, is building a $150 million bundle by buying rental homes. An announcement last week by Beazer noted that the company is has created a real estate investment trust (REIT) to buy, renovate and rent single-family homes. Beazer developed the REIT with Kohlberg Kravis Roberts & Co., (KKR), a well-known buyout firm. The name of the new entity is Beazer Pre-Owned Rental Homes Inc. To date, Beazer has acquired 192 single-family homes in Phoenix and Las Vegas. Generally, these acquisitions have come through foreclosure auctions, short sales and other distressed property avenues.
Interesting to note that … (0 comments)
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The Wal-Mart Effect on Housing Prices? - 06/18/12 04:31 AM
Have you ever wondered if the arrival of Wal-Mart stores increases or decreases the prices of surrounding homes? The argument goes something like Wal-Mart Stores Inc. will hurt small businesses, put a damper on wages and increase traffic.
Well, two college professors decided to investigate their wonder regarding the ‘Wal-mart’ effect.
Devin Pope, an assistant professor at the University of Chicago's Booth School of Business, and his brother, Jaren, an assistant professor at Brigham Young University, decided to delve into the topic as an extension of Jaren Pope's research into the effect of cell towers, airports and steel … (29 comments)
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"And, They're Off" Illinois Foreclosures race away - 06/17/12 07:27 AM
"And....they're off!" A familiar call heard of the announcer as a horse racing event commences.
And it seems, this is becoming a familiar call of the foreclosure activity, specifically in Illinois and Chicago. Based on a recent report from RealtyTrac, foreclosure activity rose 29% in May 2012 compared to the April 2012 and is 54% higher than May of 2011.
Illinois had 16,318 foreclosure filings last month. Filings include default notices, auction-sale notices and bank repossessions.
How does this stack up for the individual homeowner in Illinois? The filings represent one in every 325 housing units in … (1 comments)
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iPod, iPhone, iPad, iMortgage? - 06/16/12 06:16 PM
Marianne Sullivan, SVP of Credit Portfolio Strategy Underwriting & Pricing, for Fannie Mae, recently gave a speech addressing the ‘next frontier’ of mortgage evolution. Sullivan predicts that eMortgages may be "the next frontier" in origination. In her speech, she pointed out that there are currently only 250,000 such electronic loans on the MERS database.
Looking over the industry, Sullivan seemed confident that her mortgage finance colleagues could achieve this next front based on the recent implementation of Uniform Appraisal Data, or UAD.
Besides, is it really that far off to get your eMortgage? Now you can purchase gas … (1 comments)
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What Is Your Realtor Rating? - 06/15/12 03:34 AM
"Ratings? What Ratings, I don't need no stinking ratings?!", said the out-of-touch Realtor as he stormed out of the room when asked about his online ratings.
For many people, the first place they go for feedback is online. Online customer reviews, online portals for feedback, online for friend’s suggestions, you get the picture. The point: a crucial component of gaining knowledge is online research and if you do not have an online presence, aka online marketing, then you will not be part of a prospects research.
Yet, as Mary Umberger recently wrote about in a Chicago Tribune article, this is not … (4 comments)
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How Accurate Is Zestimate by Zillow? - 06/14/12 04:49 AM
So, when was the last time you walked into a listing appointment and after you had presented your educated insight on the client’s property based on years of experience in the local market then heard the client say, “but Zillow says it is worth this”?
Zestimates: How Accurate Are They?
Whether Realtor or Appraiser, this question will continue to come up as more companies are moving to harness vast amounts of data to predict home values.
So, the next time you need to explain the difference in your Market Analysis of a client’s property and the … (6 comments)
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Up, Up and Away - 06/13/12 04:26 AM
Up, Up and Away, no not the Jimmy Webb song written in 1967 and not the 2000 Disney movie about a boy who doesn’t have super powers, but maybe we wish he did. To the contrary, Up, Up and Away is a reference to our real estate market and the penetration of short sales which according to foreclosure research firm RealtyTrac, have increased 25% over the past year.
Not all short sales are necessarily bad; there was a 16% increase in homes acquired prior to foreclosure, which directly reduces the potential inventory of foreclosures.
As we’ve heard before, the … (0 comments)
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Bye, Bye Ms American Real Estate Appraiser - 06/11/12 03:40 AM
According to a recent article by Justin Hilley in Housingwire, the number of licensed appraisers fell 12% to 86,800 in 2011 from a high of 98,450 in 2007, according to the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, which has a national registry listing certified residential and certified general appraisers.
Granted, Illinois has a disproportionate quantity of appraisers in a state of its size, as well as being the national HQ for the Appraisal Institute, and Cook County is the largest county in the country while having the highest concentration of appraisers, but nonetheless the declines in Illinois appear … (1 comments)
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Our Stink Is Backed Up, Now What?! - 06/10/12 08:10 PM
One of the joys of being responsible for your residence is the 'privilege' of dealing with various 'issues'.
Yet, the joy of being a tenant is that the problem is someone else's to resolve even when you are most inconvenienced by renting real estate.
In the middle of my morning, I received this message from one of our appraisal team members, "We have plumbing problem in the kitchen, water doesn’t drain in both bowls of the sinks, they are full and it stinks. What now the sink stinks?"
Granted, had this been my own residence, … (2 comments)
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46 Months of Distressed Housing Supply And Counting - 06/09/12 06:28 AM
46 months and counting….that is the time that Standard & Poor’s Ratings Services said it will take to clear the nation’s distressed housing inventory per a HousingWire report.
How does this compare to prior data released? Practically unchanced, except, that 6 months ago, the projection was 45 months…and now 6 months later, we would ideally see the duration down to 39 months. Of course, timeframes vary between states due to quantity of inventory and whether or not the inventory is in a judicial state or non-judicial state in regards to the foreclosure process.
The HousingWire report indicated … (2 comments)
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How Long Can They Go? - 06/08/12 05:48 AM
With each passing week, it seems someone is talking about interest rates with a renewed abandon.
"Can you imagine interest rates below 4%?!", I heard one realtor say yesterday. Really, it was only a couple years ago when, people were saying Can you imagine interest rates below 6% because 8% used to be absolutely the lowest rate for the past X years (you insert your perspective here on the # of years based on your longevity in the industry).
And it many times that is followed up by, "I remember when I was paying 20%+ for my home mortgage and I … (1 comments)
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What If The Real Estate Recovery Takes 2 More Years? - 06/07/12 05:40 AM
Yesterday, the Chicago Real Estate Council hosted a luncheon on the topic of distressed real estate.
In attendance were Realtors, Brokers, Investors, Note Buyers, Bankers & Lenders, Title Agents, and Appraisers.
The panelists were Charles Krawitz of Fifth Third Bank, Rick Levin of Rick Levin & Associates, Brian Holmes of McGladrey & Pullen, LLP and Don Shapiro of Foresite Realty who was moderator.
The resounding tone of the luncheon was that although there has been an uptick in the market to start 2012, there is the distinct assumption that this real estate market is no where near 'back on its feet' … (4 comments)
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Does Washing Your Car Really Make A Difference? - 06/06/12 04:54 AM
Ok, so I'll admit that even at my ripe old age (as you can tell from my photo), that I like cars because they get me around this big city. Yet, I'll also admit that I'm not a car guy. What? Yes, you heard it right. I'm not a car guy. Cars are a utility much like a fork is helpful but absolutely not required to eat. Therefore, going to the car wash once a week as some others regularly do has not been something on my little to do list.
By chance, I had some extra time between appointments yesterday … (6 comments)
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The Doctor Said It Was Only A Lump.... - 06/05/12 07:00 PM
There comes a time in everyone's life when they receive THE call or THE news.
For many, I probably don't need to say any more than that because they know the experience of terror and finite-ness of life that comes about. Yet, for the benefit of others, I will elaborate.
Yesterday seemed like any other normal day. The morning started with a shower and getting ready for work. Then off to work and dealing with appointments as well as inbound phone calls. All in all the day was pretty uneventful, nothing to write home about, nor be concerned with. Dinner time … (3 comments)
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Rental Housing Is 30% Of All Purchases - 06/04/12 03:08 AM
Mary Umberger recently talked to Sam Khater, senior economist for housing data firm CoreLogic, about the rise in purchases which were rental houses and not for owner-occupancy.
There were a number of interesting facts brought up. For instance, in December 2011, 29% of closings were for rental, this was an increase from 24.8% a year earlier. That means, only 71% of closings were for owner-occupancy. Additionally, the strength of rental demand has driven months' supply of (available) rentals down to 4.5 months, the lowest year-end level over the past five years.
For those wondering where rental housing looks most promising, Sam … (1 comments)
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Condo Quagmire: Common Element vs. Limited Comment Element - 06/03/12 03:27 PM
So, what is the difference between a condominium common area element and a condominium limited common area element? This seemingly inane inquiry is quite the bane of existence for many Chicago-area condo owners.
In a recent quarterly newsletter from Robbins, Solomon & Patt, Ltd., Tracy E. Stevenson outlined the difference between these two seemingly similar but legally quite different elements.
Condominium law is specific to the state you reside in. Therefore, here in Illinois, the Condominium Property Act of 2012 governs condo living. The CPA defines the common elements as all portions of the property except the units, but specifically includes … (3 comments)
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Almost Time To Party Like It's 1999, Again - 06/02/12 02:51 PM
Granted, some people never grow up and others seem to be stuck in the past. Yet, the Chicago Real Estate Market is on the verge of revisiting those experiences of people partying like it was 1999. Based on the Standard & Poor's Case-Shiller index, Chicago single-family home prices are in line with March 2000 prices. Given that prices have been falling for the past seven months, it is indeed likely that 1999 prices could be revisited, but this time there will be no party for all Chicago-area property owners.
“While there has been improvement in some regions, housing … (0 comments)
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Michael Hobbs, SRA
Michael Hobbs, SRA, LEED GA, RAA
Chicago,
IL
More about me…
PahRoo Appraisal & Consultancy
Address: 1707 W. Roscoe Street, Suite 1, Chicago, IL, 60657
Office Phone: (773) 388-0003
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