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This Month in Real Estate July 2010
- 1. Commentary 2 Released: TheNumbersThatDriveRealEstate 3 July7,2010 RecentGovernmentAction 9 TopicsforHomeBuyers,Sellers,andOwners 11 Broughttoyouby: KWResearch
- 3. HomeSales 4 TheNumbersThat HomePrice 5 DriveRealEstate Inventory 6 MortgageRates 7 Affordability 8 Broughttoyouby: KWResearch
- 4. HomeSales InMillions ExistinghomesalesslowedslightlyinMayto5.66million,down 2.2%fromAprilbut up19.2%fromlastMay.Thisistheeleventhconsecutivemonthofyear‐over‐year increase.LawrenceYun,NARchiefeconomist,attributesthistothe“ongoingeffects ofthehomebuyertaxcredit,” andheanticipatesthesamenextmonth.InMay,46% ofsaleswerefromfirst‐timebuyers,downslightlyfromthepreviousmonth’s49%but stillconsideredhigh. ImpactofTax SeasonallyAdjustedHomeSales‐ InMillions CreditDeadline May‘08‐’09 9‐’10 May‘0 LatestDataRelease:June22,2010 Source:NationalAssociationofRealtors KWResearch4
- 5. HomePrice InThousands Themedianpriceforanexistinghomewas$179,600inMay,up2.8%fromayearago and4.2%fromApril.Distressedhomes,accountingfor31%oflastmonth’ssales, continuedskewingpricesdownwardslightlyastheyareusuallydiscountedfrom comparablehomes.Overall,pricesthispastyearcontinuedtoshowincreasedstability overthepreviousyear.VickiCoxGolder,presidentofNARstates,“Withdistressed salesatroughlythesamelevelasayearago,thegaininhomepricesisahopefulsign thatthemarketisinagoodpositiontostandonitsownwithoutfurthergovernment stimulus.” 09 Increased HomePrice‐ InThousands ‘08‐’ May Stability ‘0 9 ‐’ 1 0 May LatestDataRelease:June22,2010 Source:NationalAssociationofRealtors KWResearch5
- 6. Inventory‐ Numberofhomesavailableforsale InMillions Totalhousinginventorydeclinedslightlyto4.89millioninMay,representingbetween eightandeight‐and‐a‐halfmonthsupplyofsales(ifhomescontinuetosellatthe currentpaceconsistentlyandnonewonescomeonthemarket).Thereareaboutthe samenumberofhomesforsaleaslastyear,with1%morecurrentlyavailable. Althoughtherecontinuestobeaniceselectionofavailablehomesforbuyers,the 3.4%fewernumberfromlastmonthhelpstofurtherstabilizeprices. Aboutthe sameas May‘08‐’09 lastyear May‘09‐’10 Numberofhomesavailableforsale‐ InMillions LatestDataRelease:June22,2010 Source:NationalAssociationofRealtors KWResearch6
- 7. MortgageRates 30YearFixed MortgageratesfelltoanewrecordlowinJuneamidadropinconsumerconfidence concerningtherecovery.ThetoneoftheFederalReserve’slatestmeetingwasnotably temperedontheoutlookforrecovery,indicatingthattheeconomyisstrongerthanlast yearbutthereisstillmuchgroundtocover.Interestratessignificantlybelow5%may piquetheinterestofmoreinvestors. Thirty‐YearAverage– 8.9% Average Weekly Mortgage Rates 12%drop sinceApril8 One‐YearAverage‐ 5.0% Source:FreddieMac KWResearch7
- 8. Affordability‐ Thepercentageofamedianfamily’sincomerequired tomakemortgagepaymentsonamedian‐priced PercentageofIncome home Affordabilityremainsadvantageous,supportedbythelowestmortgagerates indecadesaswellasloweredhomeprices.Thehomeprice‐to‐incomeratio continuestoremainwellbelowthehistoricalaverageof25%,butstabilized homepricesaredrawingaffordabilitybackuptowardmorenormal levels.The rationowstandsat15.4%. HistoricalStandard:25% AffordabilityasofMayeveryyear.Calculationsassumea20%downpayment. KWResearch8 Source:NationalAssociationofRealtors
- 9. Recent TaxCredit’sClosing 10 GovernmentAction DeadlineExtended Broughttoyouby: KWResearch
- 11. TopicsforHome Buyers,Sellers,and RealEstateInvesting 12 Owners Broughttoyouby: KWResearch
- 12. RealEstateInvesting Theincreasedaffordabilityandlowinterestratesmayhavesome thinkingaboutpurchasingrealestate investmentproperties.HereareafewkeypointsoninvestingfromTheMillionaireRealEstate Investor: • Criteria:Criteriaarethestandardsthatdefinewhatkindofproperty Therearesomegreatterms youarelookingfor.Thesearethethingsthatyoulistwhenyou are rightnowwithrecord‐low huntingforthenextopportunitytoinvestin:Isitasinglefamilyormulti‐ interestratesand familyopportunity?Whatfeaturesoramenitiesdoesithave?Whatis discounteddistressed properties.Keepinmind thelocation?Theseareaspectsofthepropertythatcan’tbenegotiated. thatthelendingfor investmentpropertieshas • Terms:Thisishowyouturnyouropportunityintoagooddeal.Once additionalrequirements– likecashreservesandtotal thepropertymeetsyourcriteria,termsarethenegotiableaspectsof propertylimits.Talktoa yourinvestment,suchastheofferprice,thedownpayment,interest professionalformore rates,occupancydate,andclosingcosts.Termsarewhereagreatdeal information. canbecreatedfromeventhemostmodestcriteria.Theymean understandingthefinancialbasicsofatransaction,knowingwhich elementsareflexible,beingsystematicaboutgettingallyoucanfrom everydeal,andalso,forsome,knowingwhentowalkaway. • Network:thepeoplewhohelpyoufind,complete,andsupportyour realestateinvestments. Havequestionsorwanttolearnmoreaboutinvestmentopportunitiesinyourlocalarea? KWResearch12 JustaskyourlocalKellerWilliamsassociate!
- 13. YourLocalMarket Althoughitisimportanttostayinformedaboutwhatisgoingon inthenational economyandhousingmarket,manydifferentfactorsimpacttherealestate marketinyourownarea. TalktoyourKWassociateforassistanceinterpretingthe conditionsinyourlocalmarket. KWassociatesareequippedwiththeknowledgeandinformationto helpyou navigatethroughthehome‐buyingorsellingprocessinthischallengingmarket. KWResearch13
- 14. LocalMarketAbsorptionRate KWResearch14
- 15. NumberofHomes“inplay” KWResearch15
- 16. Avg Pricepersqft KWResearch16
- 17. SoldtoListPriceComparison KWResearch17
- 18. Avg PriceForSaleVSSold KWResearch18
- 19. AboutKellerWilliamsRealty Foundedin1983,KellerWilliamsRealty,Inc.,isaninternationalrealestate companywithmorethan77,000associatesand677officesacrosstheUnited States andCanada.Thecompanybeganfranchisingin1991and,afteryearsof phenomenalgrowthandsuccess,becamethethird‐largestU.S.residentialreal estatefirmin2009. Thecompanyhassucceededbytreatingitsassociatesaspartners andsharing itsknowledge,policycontrol,andcompanyprofitsonasystem‐widebasis. Byfocusingonhelpingassociatesrealizetheirfullestpotential,KellerWilliams Realtyisknownasanindustryleaderinitsfamilyculture,unmatched education,profitsharingbusinessmodel,phenomenalcoachingprogram,and technologyofferings. www.kw.com KWResearch19
- 20. AboutPaulW.Drury • OriginallylicensedasanagentinOhioin1986,Paulbeganwith LehmanJohnsonRealEstateinElyria.HeacquiredhisRealEstate BrokerageLicensein1992andbecameanAssociatebrokerwithWest ShoreRealty.In1995hemovedhisbrokeragelicensetoContinental RealtyInvestmentwherehebegantofocusonadditionalworkwith commercialandinvestmentrealestate.Duringtheseyearshealso performedprofessionalappraisalswithTheAppraisalHouse. • In2001hebeganDruryRealtyConsultingandworkedasan independentRealEstateConsultantandworkedonhisownuntil2009 whenhejoinedKellerWilliamsRealty,GreaterClevelandWest.“Being apartoftheKellerfamilyprovidesmewithtoolsandserves unachievablestrictlyonmyown,providesmewiththetoolsand networkingofahugenationalnetwork,whilestillenablingmeto work,act,andfunctionasthemanagerofmyownbusiness.It’sthe bestofbothworlds.” – Paul • Paul'sHomePage KWResearch20
- 21. Whatwehavetooffersellers • Sellersnowhaveaccesstotoolsunimaginablejustafew yearsearlier.KellerWilliamsRealtydoesn’tspend valuableresourcespromotingitsownname.Insteaditputs resourcesintothebesttoolsandresourcesforeducation andtraining,providingthehighestqualityrealestate professionalsintolocalcommunities. • PropertiesputupforsalebyPaularealsolistedinKWLS,a nationalMLS,implementedbyKellerWilliamsthethird largestcompanyintheUS;localMLS;NEOHREX(Northern OhioRealEstateExchange);andonnationalsitessuchas Trulia,Zillow,CyberHomes,andothers. KWResearch21
- 22. Whatwehavetooffersellers(Cont’d) • OthertoolsbroughttobearbyPaulincludebrandingusing uniquewebaddresseswithavirtualtourthatcanbe emailedorthelinkcanpostedanywhere,toincludeCraig’s ListandBackPage.Examplesofpropertiessoldrecently usingthismethodinclude: – 947GulfRoadinElyria (soldin28days)http://947gulfroad.com/ – 359GayleDriveinSheffieldLake(soldin57days)http://359gayledrive.com/ – 327GayleDriveinSheffieldLake (soldin18days)http://327gayledr.com/ – 810SandalwoodDriveinElyria (Soldin19days)http://810sandalwooddr.com/ • NotPlanningtosellinthenearfuture? – Wouldyoustillliketomonitorwhatishappeninginyour neighborhoodorarea? – ContactPaulnowforafreeperiodicmarketupdate.Nocost.No obligation. KWResearch22
- 23. Propertiescurrentlyforsale • Propertiescurrentlyforsale: – 37101HuntersTrailinAvon ‐ http://37101hunterstrail.com/ – 4435PorterRoadinNorthOlmsted ‐ http://4435porterroad.com/ – 19593WhiteheadRoadinWellington ‐ http://19593whiteheadrd.com/ – 1GroverCourtinGrafton– http://1groverct.com – 416Winckles StreetinElyria– http://416wincklesst.com – 149Woodview DriveinElyria– http://149woodviewdr.com – 2815WestRiverRdSouthinElyria– http://2815wriverrds.com • Wouldyouliketoseeoneofthesehomes?Clickonthelink foratour. • Wouldyoulikeyourhomeorpropertypromotedlike these? – ContactPaulforafree,noobligation,consultationtoday at440‐385‐5650. KWResearch23
- 24. Whatwehavetoofferbuyers • BuyersofRealEstatealsohaveaccesstotools unimaginablejustafewyearsbefore.SinceKellerWilliams doesn’tspenditsmoneypromotingitsownname,itputs itsresourcesintoprovidingthebesttoolsandresourcesto itssystems,education,andtraining,thusprovidingthe mostprofessionalrealestateteammembersbackintothe communities. • Paulisavailablemosthoursofthedaydirectlywithout havingtospeakwithassistantsandhemonitorshisemail regularly. KWResearch24
- 25. Whatwehavetoofferbuyers(Cont’d) • BuyerscanaccessPaul’swebsiteatwww.druryrealty.com andconducttheirownsearchesaswellascreatetheirown searchprofilesforsearchingforpropertiesanywherein Ohio.IfrelocatingoutofOhio,KellerWilliamsoffersoneof thefinestrelocationreferralnetworksinthenation.While wemaynotbethebiggestfirminNorthernOhioyet,we areinmanyareasofthenationalalready. • Paul’swebsiteiseasytomanageandhecansetupsearch profilesforyousoyougetnotifiedatabout8:30amofany newpropertiesthatcomeavailable.Healsohasprofilesset uponnationalwebsitessuchasTruliaprovidingfor greateraccesstosearchtools. KWResearch25
- 26. Investors&Shoppers– ForeclosureWatch • Areyoushoppingforthedealofacenturyforyour newhome? • Areyouinthemarkettobuyahomeatasteep discountandtryandfixitupand“flipit”? • Areyoulookingforahomeforsomeoneelse? • Wanttoknowwhatishappeninginyourmarketplace? • SendPaulanemailtodayandrequestfreemarket updatesatpaul@druryrealty.com • CallPauldirectlyat440‐385‐5650. • Nocost.Nocommitments.Noobligations.Nofuss.No kidding. KWResearch26
- 27. FollowPaulonline… HomeWebPage OnTwitter • www.druryrealty.com • ‐ www.twitter.com/PaulWDrury OnZillow OnFaceBook • www.zillow.com/profile/PaulWDrury • ‐ www.facebook.com/paul.w.drury OnTrulia OnLinkedIn • www.linkedin.com/in/paulwdrury • www.trulia.com/profile/paulwdrury OntheRealEstateGlobal Network • www.realestateglobalnetwork.com/profile/PaulWDr ury KWResearch27