Posts Tagged ‘real estate’

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Intero Insider: 5 Home Purchase Cancellation Prevention Techniques

By Gino Blefari | February 1st, 2012 0 Comments

The real problem in the housing industry right now is not lagging sales or falling prices. With lots of supply and rock-bottom interest rates on mortgages, demand from buyers is shaping up. The real problem now is in cancelled contracts.

In its December Pending Home Sales Index released last week, the National Association of Realtors said that pending home sales remained strong at 96.6 – still well above the same month a year earlier when the index was at 91.5. (An index of 100 is considered to be a healthy market.)

The index measures the number of contract signings made in a month and is viewed as a forward-looking indicator because contract signings in a perfect world lead to actual sales either the following month or month after. So, with all the positive numbers here, why aren’t we seeing a boom in closed sales? The answer is  simply that deals are falling through.

NAR says that one-third of Realtors are reporting that contract failures remain a big issue. This is no small potatoes. Now that we know more buyers are ready to bite, we can’t let you get blindsided or discouraged by contract failures. Here are five home purchase cancellation prevention techniques:

1. Have enough cash: A no-brainer, I know. Lenders are much stricter these days about how much cash they want to see at closing. You should know how much you can bring – for both down payment and closing costs – well in advance of your house hunt.

2. Prepare your paperwork now: Agents say that many times contracts fall through because the buyers didn’t have their paperwork ready when it was needed. To save your deal, make sure you’ve got all your financial information in line before you make an offer: proof of income, assets, debt, and proof of down payment, and letters you may need to explain gaps in income or employment.

3. Tighten up your finances: Just because your offer was accepted doesn’t mean you’ve got the house. You still need to get a loan (unless, of course, you’re independently wealthy and plan to pay cash). Long before you go house hunting, be sure to visit with a loan officer or mortgage broker to get a picture of your finances so that you’ll know whether a bank will lend to you and how much.

4. Understand your comps: Many deals are falling through because of appraisals coming in below the purchase price. While there’s nothing an agent or home buyer can do about a low appraisal, you can do something about the offer price. Make sure you know your market inside out. Pull good comps that are similar, local and recent. Get a good inspection and be sure that any defects are accounted for in some way. You need to know about any little thing that may come up to negatively impact the appraisal the bank will use to determine the home’s value.

5. If buying a short sale or foreclosure, educate yourself on these processes in advance: These types of transactions take much longer to complete in many cases. But when they move, you need to be ready to move with them. That means you should first know what to expect before making your offer, and then follow through on what is expected of you every step of the way.

Extreme caution, hyper preparedness and highly informed home buyers are the only combination that’s going to make a dent in the large portion of contract failures the market is experiencing. While we can’t control lenders, we can control our readiness to respond.

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Intero Insider: The Growing Wealth Gap Between Young and Old

By Gino Blefari | November 8th, 2011 0 Comments

New research out from the Pew Research Center this week finds that the wealth gap between older and younger Americans is widening. The new data found that households that were headed by Americans age 65 and older were worth 47 times more than those headed by people 35 and younger – $170,494 vs. $3,662.

It’s a stark jump from 1984, when the data showed older households were worth 10 times more than their younger counterparts – $120,457 vs. $11,521.

The interesting point for our discussion is that real estate is cited as the main cause of the disparity.

It’s not unusual for older Americans to have more wealth than their younger counterparts. In fact, common sense tells you that if the typical path of Americans is to start with little, work hard and save money, you’ll end up with a lot more when you’re older. The point that everyone is riled up about is that the wealth gap has significantly grown between the two age groups.

Real estate has played a role here because:

  1. The older households likely bought their homes before the run-up in prices took the nation by storm, which means they haven’t seen a significant drop in their home values compared to what they paid. In fact, they have the benefit of time on their sides, and that has enabled them to keep most of their gains.
  2. Declining home equity has been one factor in the wealth of the younger age group. They’ve had less time to build equity, and may even have bought at the top of the market, turning their gains upside down or taking out a substantial cut.

With the downside of this news aside (no one wants to think about our younger generation starting in a worse position than in generations past – or worse, being left behind altogether), the upside here for housing is that it’s a good concrete example of the value of home ownership on a household’s financial prosperity over the long term.

I talk a lot here about the real values of home ownership getting better over time, and this research supports that in full. The main takeaway from this research for me is that we have to do more to help younger Americans realize the value of home ownership and get into homes they can afford as early in their lives as they can financially handle.

Sure, not everyone is ready for home ownership in their 20s or even early 30s. But if we reinforce the value as one of prosperity and a path to financial security, I think we’ll see more young households striving to do it right.  A few years of poor market conditions and declining values in the grand scheme of things didn’t do much harm to the demographic that had more time in their mortgages and equity. That’s a great message that really speaks to the long-term value of home ownership.

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Commercial Real Estate Market Insight with Steve Becerra

By Teressa Francis | July 7th, 2011 0 Comments

This Intero Insider-Video Series brings you Steve Becerra, one of the top real estate agents at Intero Real Estate Services from the Saratoga office. Steve has been in the business for over 20 years and is an expert on the commercial real estate market, owning his own brokerage business for 10 years. Steve speaks with Intero COO Tom Tognoli and shares his knowledge about the current condition of the commercial market both locally and globally as well as giving us his insight about what to expect in the future.

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High-End Real Estate Market Insight with Ethel Green

By Teressa Francis | May 10th, 2011 0 Comments

This Intero Insider – Video Series brings you Ethel Green, one of the top real estate agents at Intero Real Estate Services from the Los Altos office. Ethel has been in the business over 30 years and has really focused in on the high-end real estate market. She speaks candidly with Intero COO Tom Tognoli  and shares her insight and projections on the high-end real estate market such as where it has been, where it is at now, and where it is headed.

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The Multi-Family Opportunity

By Gino Blefari | April 12th, 2011 1 Comment

A silver lining to today’s dismal housing markets lies right in Newton’s third law of motion. This law states that every action has an equal and opposite reaction, and that’s exactly what’s happening in a lot of real estate markets right now.

The pace of homeownership slows, and the pace of rentals speeds up. There’s Newton’s law at play. But it actually runs even deeper.

As single-family home sales on average continue at a slow pace, alas, some markets are seeing faster growth in multifamily sales. And according to a recent article in Smart Money magazine, these aren’t your run-of-the-mill investor purchases. These are families or individuals who decided the rock-bottom prices of investment real estate are just too hard to pass by.

This is obviously great news for local economies and real estate markets. But it’s also great news for homeownership in general. We’ve seen the value of ownership being picked at by critics and money gurus like Suze Orman over the last few years (see my post, “Why Aspiring Homeowners Will Ignore Money Gurus“). The growth in multifamily activity and interest is a clear sign that Americans still value the notion of being homeowners and of being entrepreneurs.

Here’s why the growth of multifamily makes a lot of sense:

  • Multifamily properties present an opportunity for owners to earn extra income – something the recent recession has reminded us can be key to making it through rough patches of unemployment or economic hardship.
  • Rental markets are on fire. People have to live somewhere and for most Americans, that will mean either renting or owning a home. This is a positive statistic that multifamily investors are paying attention to.

I’m not one to sit here and hand out investment advice or even broad real estate advice. I think it’s all very personal and the answers and direction vary with each situation. Multifamily investing comes with its own set of problems and risks – you have to be a landlord, prices may not rise as quickly as you’d like, the rental market could soften again.

But if you’re in the market for a new home or on the fence or even just starting to think about how you can take advantage of today’s real estate market, check out the multifamily opportunity in your city. You may find some great bargains that you hadn’t previously considered. Then, next time a recession rolls around, you may find yourself with a few more options and a few more income streams.

If you’re interested in learning more about multifamily opportunities near you, ask an Intero agent where to start.

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Carole Rodoni’s 2011 Luxury Real Estate Review

By Teressa Francis | February 24th, 2011 0 Comments

CEO of Bamboo Consulting and a former leader of multiple reputable real estate companies around the Bay Area, Carole Rodoni candidly speaks with Intero COO, Tom Tognoli and shares her thoughts on today’s luxury market.

Read more on Carole Rodoni here.

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Broker Owner Teddy Carlson-Brown Opens Doors to a New Innovative Office

By Teressa Francis | February 14th, 2011 0 Comments

Announcing the opening of Teddy Carlson-Brown and Dennis McDuffee’s new Intero Real Estate Services office in Markleevillle, CA

CUPERTINO, Calif. – Teddy Carlson-Brown and business partner Dennis McDuffee announced the opening of their new Intero Real Estate Services office in Markleeville, CA on February 3, 2011.

Teddy Carlson-Brown, broker and owner of the new Intero Markleeville as well as Intero Gardnerville which opened on October 14, 2010, explains: “Intero is an exciting company with a whole new perspective on selling real estate.” She feels that providing agents with cutting edge technology, the best in training and tools and a positive, high energy work environment, along with strong leadership and management is a necessity to being successful in real estate sales in today’s market.

“We are pleased to have Intero Markleeville become part of the Intero® family,” said Intero Real Estate Services President and CEO Gino Blefari. “We’ve always thought about expansion in terms of the individuals involved, not the geography. We go where we find people who are the right fit for Intero because they have the same values and believe in the culture we’ve created. Teddy and Dennis are those people. With them on board, we simply couldn’t pass on the opportunity to expand into Alpine County, California.”

Teddy has been a top producing real estate agent for the past 15 years. She is a licensed broker in both California and Nevada and specializes in residential and land sales. Teddy has had many wonderful years with Coldwell Banker ITILDO Inc. in the Carson Valley, but was ready to take her career to the next level and that meant owning her own company.

Dennis McDuffee, partner, added: “We plan to have a small office of agents who work together as a team and who possess the qualities for success.”

Teddy and Dennis have opened the doors to their new real estate office in Markleeville, CA and are focused on creating an energetic office with happy and satisfied clients as the end result. Their team includes Beth Cressaty- CA & NV Realtor, John Cressaty- CA & NV Realtor, John “JP” Pilkinton- CA & NV Realtor, Dennis McDuffee- Broker/Partner and Teddy J Carlson-Brown- Broker/Owner.

Intero Markleeville
14831 Hwy 89
Markleeville, CA  96120
530-694-2794
www.interoalpinesierra.com
www.alpinecountyrealestate.com
Hours of operation: Thursday-Saturday 11am – 4pm
Expanded hours of operation in the Spring, Summer and Fall

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The Intero Insider: The Future of U.S. Real Estate

By Gino Blefari | February 1st, 2011 0 Comments

Intero Real Estate announced some exciting news this week – we signed our first franchise agreement in Asia in Shanghai, China. This news is significant in that it marks not only the beginning of our company’s growth in Asia, but also a noteworthy shift in the real estate industry itself: increased globalization.
 
We’ve known for some time at Intero that international real estate buyers present stellar opportunity for business growth. Now that more folks are waking up to this reality, China represents a fantastic opportunity to connect more property investors to investments in U.S. real estate and throughout the rest of the world.
 
Chinese buyers are all around us. An article in the New York Times last fall described the droves of Chinese buyers moving in on properties in London. We’ve seen similar interest in the San Francisco Bay Area. (There’s even more info on this trend in this Bloomberg BusinessWeek article from 2009.)
 
What does this mean for us business folks in the industry and the clients we represent? Well, I think it’s all positive and I think it creates an opportunity to truly see things differently, and rethink:
 
-How we market our properties,
-To whom we market our properties,
-Language and cultural barriers,
-How distance impacts a real estate sale, and
-How we educate the public about these transactions.
 
Our Intero office in Shanghai will focus solely on education and providing information about international investment opportunities to high net worth clients in China.
 
Real estate is local and now it’s also global. It’s an idea that can seem confusing at first. How can one thing be both? I think the answer lies in the connectors of the two – the agency providing the service. Those who can successfully navigate this complex connection will be essential in future real estate markets, and this is why Intero is leading the charge.
 
Real estate is now a global enterprise, folks, and our reach cannot be limited by borders. Innovation will stretch far outside the neighborhood block.

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The Intero Insider: Top Real Estate Stories of 2010

By Gino Blefari | December 28th, 2010 0 Comments

There has been no shortage of things to talk about in real estate this year. From foreclosures to the home buyer tax credit, a lot has happened, which I’ve offered thoughts and commentary on. Here are the year’s top stories, with links back to the weekly Intero Insider.
 
Home Buyer Tax Credit:  We started the year with a sizeable tax credit that served as a nice incentive to home buyers and helped to prop up sales. As expected, the tax credit ended with a lot of folks shouting “doom” for the housing business. And there was a lull indeed, but we’re not dead. Check out my perspectives on:
Life After the Home Buyer Tax Credit
 
 
Rock Bottom Interest Rates: One of the biggest stories of the year no doubt has been interest rates. Just when we thought they would start to rise in late spring/early summer, they slid and slid again, setting the stage for some of the best home-buying conditions buyers have seen in well over a decade. Take a look back at the silver lining in the dark cloud of 2010:
Out of the Ashes Rises the Phoenix…or at least, a Parakeet
 
 
Year of the Foreclosure:  If there’s one word the news media would use to describe real estate in 2010, it would have to be foreclosure. Now, you can look at the situation of millions of folks losing their homes as dire (and it is – for them). Or you can look at it as an opportunity, which it has been for many buyers, investors and real estate agents. Check out my take on foreclosures:
Don’t Miss the Big Opportunity
It’s Carpe Diem for Investors
 
 
Foreclosure Gate:  How could we not mention perhaps the biggest story of the year, Foreclosure Gate? This is when we all became familiar with the term “robo-signing” and watched as three major lenders ceased foreclosure proceedings while an investigation from state Attorneys General commenced. Read my early take on why the developments were worth paying attention to:
Foreclosure ‘Scandal’ a Big Deal
Foreclosure Gate’s Impact on Our Recovery
 
 
The Real ‘Value’ of a Home:  One of the biggest stories this year has been in citing all the studies and research that attempts calculate the dollar amount of lost home value in 2010. I have a much different take on what “value” means for homeowners and shared it here:
Home ‘Value’ Still Misunderstood
 
 
Congress Eyes Mortgage-Interest Deduction:  In its pursuit to improve the deficit, Congress started eyeing the mortgage-interest deduction again. A committee took a look and started the discussion of making cuts to the deduction, which is widely viewed as a great benefit of homeownership. Congress left it alone for now, but I expect to hear a bit more about this next year. I dove into the issue and discussed why this would be a bad move:
Cut the Mortgage-Interest Deduction Now? Say It Isn’t So
 
 
Finally, if you missed my 2011 outlook for housing, check it out here:
 
2011: Slow Growth Will End the Decline
 
It’s been a tough year all around and I’m proud to say that Intero Real Estate Services ended it on top. We’ve grown while others have shrunk, and we’ve continued to innovate and put efforts into working with only the top people in the business. I have no doubts that we’ll do even better in 2011!

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Top producing real estate agent Teddy Carlson-Brown and partner Dennis McDuffee open doors to two innovative offices

By Teressa Francis | October 13th, 2010 0 Comments

#1 Market share realtor announces new offices in Gardnerville, NV and Markleeville, CA

Teddy Carlson-Brown and business partner Dennis McDuffee will have a grand opening of their new Intero Real Estate Services office in Gardnerville, NV on October 14, 2010. Their second office will soon open in Markleeville, CA.

Teddy Carlson-Brown, broker and owner of the new Intero Gardnerville and Markleeville, explains: “Intero is an exciting company with a whole new perspective on selling real estate.” She feels that providing agents with cutting edge technology, the best in training and tools and a positive, high energy work environment, along with strong leadership and management is a necessity to being successful in real estate sales in today’s market.

“We are pleased to have Intero Gardnerville and Intero Markleeville become part of the Intero® family,” said Intero Real Estate Services President and CEO Gino Blefari. “We’ve always thought about expansion in terms of the individuals involved, not the geography. We go where we find people who are the right fit for Intero because they have the same values and believe in the culture we’ve created. Teddy and Dennis are those people. With them on board, we simply couldn’t pass on the opportunity to expand in California and into Nevada.”

Teddy has been a top producing real estate agent for the past 15 years. She is a licensed broker in both California and Nevada and specializes in residential and land sales. Teddy has had many wonderful years with Coldwell Banker ITILDO Inc. in the Carson Valley, but was ready to take her career to the next level and that meant owning her own company.

Dennis McDuffee, partner, added: “We plan to have a small office of agents who work together as a team and who possess the qualities for success.”

Dennis has over twenty years of experience in real estate, all being in Carson Valley. He is eager to make Intero Real Estate the premier real estate company of Carson Valley. He is convinced that Carson Valley is ready for the innovative technology that Intero brings.

Bob Moles, Chairman of Intero Real Estate Services, added: “We’ve pulled together an excellent management team with years of experience in the industry. Gardnerville, NV and Markleeville, CA present an incredible opportunity for us because of the strength of the real estate market here and the leadership ability of Teddy and Dennis.”

Teddy and Dennis will open the doors to their new real estate offices in Gardnerville, NV and Markleeville, CA and are focused on creating an energetic office with happy and satisfied clients as the end result. Their team includes Christy Canatsey-Malarchuk- Administrative Assistant and Nevada licensed Realtor, Beth Cressaty- Marketing Coordinator and Nevada/California licensed Salesperson, John Cressaty- IT Manager and California Salesperson, John Hamer- Nevada Broker Salesman, Joanne Snarr- The Balance Sheet/Accounting, Vicki Hone- Nevada Salesperson, David Wasick- Nevada & California Broker and Attorney, John “JP” Pilkinton- Nevada and California Salesperson, Jill Nichel- Nevada Salesperson, Ashley Coleman- Nevada Salesperson, Phil Sullivan- Nevada Salesperson, Theresa Guimont- Nevada Salesperson, and Janet Gookin- CA Broker/NV Salesperson.

At Intero, we’re confident that we can make a real difference to the clients we serve. We’re responsive to the needs of today’s customers, and dedicated to constructive change and innovation in every area of the real estate transaction.

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