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The New Age Real Estate Market

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Clearly the Internet, public demand for transparency and the push for information sharing has impacted all business sectors, but perhaps none more than the real estate industry. Thirty years ago, real estate agents could not envision a time when the real estate market data held close to their vest would be accessible with the click of a mouse. The term mouse paired with house conjured up a different image entirely…

The evolution from giant listing books dated soon after print and delivery to real-time data on the Web began slowly at first. While search engines were trying to gain a foothold in the real estate market, brokers continued to train newbies on traditional sales techniques and armed them with a briefcase full of listing presentation materials to bedazzle the customer and secure the agent’s position as the sole source of and savior from documents and details. The mystique that shrouded the real estate market was evident by proprietary market data, cautionary tales of competitive bids, and a language of its own. There was no Internet option to search comparable data, understand the concept of short sale, learn and compare mortgage options, research the credentials of inspectors and attorneys or access a satellite view of neighborhoods.
Today all of those options (and more) are available via the Internet. Agents can quickly and efficiently share data and information in real-time to buyers, sellers, lenders and all other parties involved. There is no doubt that the real estate market in the digital age has been challenging and rewarding. There always has been and will be FSBO (For Sale by Owner) properties, especially now that resources and tools are bountiful on the Web to support that effort.

Real estate professionals who felt threatened during the transition and resisted the new machinery most likely did not survive the change compared to those willing to keep up with the changing times and technology.

However, there is one thing that most definitely has not changed – the remaining?fact that real estate is about building relationships through quality customer service, commitment and loyalty to your clients.

New Year Greetings from Acuity!

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Join us as we welcome in 2014. We are looking forward to seeing what?s in store for the New Year. Friebert & Mattingly and Acuity National Real Estate Solutions LOVED 2013 and are just as excited for 2014!

This past year our company went through some major and very successful changes. Let?s take a minute to recap on all that we have to be thankful for in 2013.

Within the past year, we branded our national real estate solutions company, Acuity National Real Estate Solutions. With the establishment of our new company, we also launched a brand new, world-class website that speaks to our core beliefs, traditions, strengths and services. Feel free to take a look at www.ftgclosings.com. We?re proud of our new site, and think that you?ll appreciate it as well!

In addition to the release of our beautiful new website, we also progressed further into the digital age as we began our online branding strategy campaign. As of today we have 63 new Twitter followers and 120 Facebook fans. We also created an attractive new LinkedIn company page. Join us on social media! Twitter Facebook LinkedIn

We?re also proud to say that we opened two new company locations in Cape Coral and Coral Gables, Florida. What a year 2013 was!

As 2013 progressed, it brought us growth, success and happiness. We?re truly excited to see what 2014 will bring to us and to all of you! We at Acuity National wish every one of you a happy and healthy New Year and all the success we experienced in 2013!

Goodbye 2013, HELLO 2014!

All the best,

The Acuity National and Friebert & Mattingly team

Mortgage Rate Predictions for the New Year!

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With the New Year right around the corner, experts have begun to make their forecasts about mortgage rates for the upcoming year. Here we share some of the Mortgage Bankers Association (MBA)?s predictions for 2014.

First, the MBA predicts a rise in mortgage rates during the New Year, with a 5% increase in 2014 and an average increase of 5.3% over the next two years.

This is a significant increase in rates if you look at the current average mortgage interest rate of 4.5%. This rate for a 30-year fixed-rate mortgage nears its lowest since June of this year.

Part of the reason for this anticipated increase in rates can be attributed to the Federal Reserve?s plan to ease back and eventually discontinue its bond-buying program during 2014. The Fed has been purchasing $85 billion in mortgage-backed securities every month for the last two years in an effort to keep mortgage rates low and to aid the housing market.

Since the release of this data by the MBA, the Federal Reserve has already announced that it will begin cutting back its bond-buying program by $10 billion in January 2014. It is their belief that the economy is showing enough signs of improvement to warrant a decrease in buying.

Also included in their forecast for the New Year, the MBA stated that they believe they will see at least a nine percent increase in application for new mortgages during the year. Improvements in employment figures and an increasing amount of people desiring to purchase homes will drive the market. Additionally, with home prices continuing to rise, consumer confidence has also risen. High consumer confidence levels usually lead to more home sales.

The report stated, however, that they are anticipating a 32% decrease in refinancing mortgage applications. Refinancing usually declines when interest rates rise (it?s a natural part of the process). The report also states that homeowners will likely opt for home equity second mortgages instead of cash-out refinancing. At this time, refinancing is the largest portion of all mortgage applications.

New mortgages only account for 30% of the loans issued in 2013. It?s anticipated that this will increase to 60% or more in 2014. Cash-only sales are anticipated to drop, however, as fewer distressed properties are available. The MBA also anticipates higher loan-to-value ratios as home prices continue to climb.

Architecture Trends of 2014 Real Estate Agents Will Want to Know!

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These last few years have seen a good deal of growth in the area of home construction. It?s exciting that this trend is expected to grow by a half million (or more) new homes constructed in 2014 – keep your eye out, real estate agents! What can be expected in terms of architecture during this period of growth? While trends in architecture certainly don?t happen overnight, below are a few concepts we may see pop up to a greater degree in the New Year:

Relaxation

People are now thinking of their homes more and more as a spot of relaxation and tranquility. This trend manifests particularly in bathroom architecture. 2014 will probably see an increase in more spa-like bathrooms reminiscent of what travelers may find in upscale hotels?with over-sized tubs and large walk-in showers. What a dream?

Environmentally Friendly

Correlating with an increasingly environmentally-conscious population, it?s no wonder that more and more homes are being built to play to the strengths of their region?s climate. 2014 will see more large windows installed to allow sunlight and heat into homes, and more of a particular kind of pitched roof built in areas of higher winds that reduces energy consumption and monetary costs. The term ?passive homes? may grow in popularity, as more and more people consider building houses that take ?passively? advantage of the elements.

Tradition

Some older and more sophisticated home concepts have made resurgence and are expected to gain even more popularity in the coming year. Queen Anne style and Craftsman homes, in particular, are gaining ground, as columns and large porches are once again in vogue.

Room Flexibility

It?s growing increasingly common that multiple generations live together in the same house. An interesting trend for 2014 is the construction of homes with flexible square footage that can be utilized for future needs. This space is designed to allow for privacy and to accommodate future needs. As the Baby Boomers age, planned flexibility in new homes is more popular now than it?s been in a long time.

Centrally-Located Kitchens

The traditional out-of-sight-out-of-mind kitchens are now totally relegated to the distant past. Rather, kitchens are growing more and more central to the functioning of homes, as centrally-located kitchens with room for various tasks and activities are more popular than ever. The New Year will see more kitchens built to serve both as meal preparation stations and areas for families to congregate and perform other activities.

2014 is right around the corner and bringing numerous changes within the real estate industry along with it! Buyers and sellers will be seeking homes with these amenities so keep these trends in mind and stay ahead of the game!

Real Estate Trends to Expect in 2014

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There?s been grimness at the thought of the real estate market these past several years, but all that is changing now. The recovery that?s been making headway in 2013 will continue into 2014, and the Urban Land Institute actually wrote on its website, ?The year 2014 may well be the year the real estate market ?recovers from the recovery,?? with burgeoning commercial real estate demand. Real estate trends for 2014 are actually looking, in large part, quite encouraging. Here?s an overview of some expected trends:

It?s a Seller’s Market

Home prices are now poised to please sellers more than buyers. Both parties know this, and it?s predicted that potential property owners will be quick to buy before interest rates and home prices rise.

At the same time, it?s also been argued that home prices, rather than being exorbitantly high, are actually reaching pre-recession levels, and that their rise is a symptom of a price correction. Should this be true, it may signal a normalization of the housing market that may see more moderate price increases of about three to five percent.

Inventory Changes

Currently quite a few markets are seeing an inventory shortage (hence the higher prices). However, the resultant higher prices/seller?s market may very well encourage more people to put their properties on the market, thus freeing up inventory. Consumer confidence also seems to be on the rise, and mortgage restrictions show signs of easing up, so hopefully there will be a fair bit of inventory turnover in 2014.

The Return of ?Smile Investing?

The ?smile?, or the Northeast, Southern cities, then Northwest appears to be a new hot spot for investors in 2014, and these regions will lead the recovery.

Additionally, we may be able to look forward to the more unexpected cities in these regions (i.e. not New York and San Fran) heading the real estate market in the coming year.

Millennials May Have More of an Effect on the Market Than You?d Think

This generation is predicted to have a pretty strong effect on the recovery, as many 20-somethings look to development opportunities.

Less Distressed Properties

The National Association of Realtors expects that distressed sales (so foreclosures and short sales) will fall to about 8% of the housing market by the end of next year, which contradicts fears earlier in 2013 of a looming boom of shadow foreclosures. This ease in distressed sales and the presence of distressed properties is indicative of a healthier housing market.

Things seem to be looking up in the real estate market. Definitely looking forward to ringing in the new year!

The National Real Estate Market is Recovering!

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Finally, several years after the first real rumbles of the financial crisis, the national real estate market seems to be on the road to normal. The online real estate site Trulia actually claims that the housing market is 64% of its way there, as compared to being 36% of normal a year ago. Now, we do know that ?normal? is a bit of a subjective term, but it cannot be doubted that the national real estate market is rebounding and, dare I say it, recovering. Here are a few tidbits to support this position:

Although inventory climbed throughout the summer, when aggregated the year-to-year decrease in inventory from August 2012 to August 2013 was 11.2%, which is pretty encouraging. The decrease in property for sale means that people are buying, and putting their trust in the economy to do so. Actually, new home sales hit their highest levels since the spring of 2008 in June, and the Commerce Dept. claims that sales of new single-family homes reached a five-year high that same month.

Listing prices have also been steadily climbing, and according to the Case/Shiller home price index, home values rose 12.4% between July 2012 and July 2013. This is good news for those wishing to sell property, though of course increased sales often leads to increased inventory.

Upped home values also help underwater mortgage holders get back above water, encouraging people to stick out their mortgages and avoid default. On a related note, another indicator of recovery is the drop in the role that distressed sales, like foreclosures and short sales, have been playing in the overall housing market. Apparently, during the height of the financial crisis distressed sales made up almost half of the market, whereas now that number has dropped to less than 15%.

These changes are truly encouraging. Now, of course we must tread with caution, but it seems the worst may be behind us. It?s time to move forward and take advantage of these improving and almost ?normal? conditions.

Social Media Marketing for the Real Estate Professional

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There are only so many hours in a day and days in a week. To maximize your impact and efficiency as a real estate professional in the digital age, social media use is a must. As we already know, networking and marketing are at least half the battle in the real estate industry. Luckily, the strategic employment of social media in your business can tackle both these aspects at once.

Social media is all about networking?connecting instantaneously with large groups of people, finding and targeting audiences and building and strengthening a consumer or visitor base. It?s also all about performing?marketing yourself or your business to these networks. With social media you can find new clients, strengthen relationships with potential clients, establish an image of yourself as reputable, increase your presence and availability and positively associate yourself with trusted entities of good credibility that can pass that cred onto you.

There is no secret to good social media use. Just dive in and keep things simple and open. Networking with other professionals through real estate-specific social media platforms can help you not only connect with other professionals from whom you can learn, but can also lead you to opportunities and potential clients you may not have found otherwise. LinkedIn, Facebook, and Twitter can be especially helpful in this regard. I?d also recommend following, engaging with, and possibly tagging the big sites, like RealEstate.com or Real Estate Global, while also connecting with any and all relevant experts for referral purposes. The larger your social network, the higher the probability that you will meet other professionals and potential clients with just a click of your thumb on your smart phone.

The purpose of marketing yourself and networking on social media is also to make yourself constantly and instantaneously available. You can quickly reply to inquiries or share information via Twitter, Foursquare, Instagram, etcetera, and it?s important to have the apps for the most relevant social media platforms downloaded on your smart phone.

You can also use your pages on social media to display and develop your branding. You should upload photos, tweet about activities and offers and keep target clients engaged by communicating through chats and conversations, responding to questions, hosting contests, etcetera.

It?s also important to reinforce your reputation as an expert in your field and enhance your credibility through information sharing. Make sure to post articles and links while consistently updating a blog. The blog can be used in a variety of ways, but it is most important to focus on building your image by sharing information and advice with prospective homebuyers and sharing industry information. Blogs allow you to connect with potential clients on a more personal level and you should use your discretion to share relevant information about your business while providing hints and tips, soliciting feedback and generating traffic and leads as well.

When used strategically, social media can be an essential tool in connecting you with potential clients around the world. It?s amazing what kinds of connections you can make just by tapping at your phone.

The Secret to Excellent Customer Service

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?Customer service is our top priority.? How many times have we heard that, and how often is it actually true? Great customer service doesn?t just happen?a company must work hard to achieve it. Here at Acuity National Real Estate Solutions, LLC, we place a special emphasis on making sure our customers receive only the best possible service. Here are some of the principles we follow that have won us a strong base of satisfied, loyal customers:

Listen. Really Listen.

Great customer service is only possible if you actively listen to the voice of the customer. See what they have to say, and tweak your process accordingly. If you don?t listen, there?s no way to know what they want?it is very difficult to put yourself in your customer?s shoes without actually hearing their perspective. So listen to the feedback your customers are giving you. If they have complaints, put some thought into how to change your methods to improve your operations. Ask customers questions?many customers would be more than happy to have their voices heard, but usually they wouldn?t tell you what they think without some prompting.

Craft Your Way of Doing Business to Suit Your Customer?s Needs

Once you talk to customers, you?ll see which touch points are leaving the strongest impression, and you?ll see which changes would have the most positive impact on their levels of satisfaction. Each business has a different customer base, and you should be tailoring your business to yours. Often it only takes minor changes to improve operations and increase customer satisfaction

Go Out of Your Way to Make Your Customers Happy

In an age where much of the business world conducts transactions based on rigid protocols, it can be easy for customers to feel like they are simply a number. It?s your responsibility to make sure that your clients feel appreciated. Going out of your way to make a customer feel special, even if the gesture is minor, is an excellent way to improve your customer?s workday while winning your company points. Anything from implementing a call center that doesn?t go to voicemail, to sending holiday cards, to injecting a little bit of sociability into your interactions can go a long way to winning your customers over.

The bottom line to an improved customer experience is finding out what your customers want and then giving it to them. By going out of your way to make sure that your customers are getting the type of service they want and need, you?ll be setting your company up for the long-term benefits that come from customer satisfaction and loyalty.

Using Technology to Stay Competitive in a Changing Market

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Too many people who run title insurance agencies are still processing their transactions using a paper-based system. Unfortunately, by clinging to an outmoded method they are ultimately cheating themselves out of their full revenue stream. In the 21st century, agencies must take steps using technology to remain competitive, or they will lose out to savvier companies.

Going paperless is a major step in the right direction for a title insurance agency. Paperwork can be easily lost or misplaced in a busy office, thus resulting in botched transactions and frustrated employees. Handling and organizing physical documents places an unnecessary administrative burden on staff. By implementing software that allows a user to instantly populate, save, upload, and share a document, the title agency is investing in its long-term health.

Furthermore, completing transactions online is convenient for stakeholders because they will then be able to access all necessary documents whenever and wherever is suitable to them.

Having documents stored securely in a digital format online makes moving through the points in a transaction simpler and saves the time that the parties to the transaction would otherwise spend downloading, uploading, and emailing files. In the title industry, time is money. Every second counts, and it is important to make every step as efficient as possible.

Real estate service providers must meet rigorous credit standards and face brutal competition. Pouring time and money into obsolete methods of processing title orders is not an option, and using pen and paper wastes time and money with every transaction your company completes and gives your clients a diminished customer experience.

It is important not only to choose the right software, but also to make sure that everyone in your office (from the executives on down) knows how to use it to its full effect. Eliminating the paperwork will speed up and simplify your title transactions, and the real estate agents, lenders, attorneys, investors, and other partners you work with will appreciate how easy your transactions have become. So start researching improved software todayand watch your business grow.