Published by Allan 1 year, 11 months ago
in NAR and Real Estate.
Kris Berg at www.sandiegohomeblog.com puts out some interesting ideas on the current and future state of the locals MLS systems. As we reported the NWMLS decided last week to give realtor.com the heave ho. Are others to follow? Is there a downside if they do? Where is all this headed?
Kris takes a clear, even-handed view of this topic in her post entitled, “Time to Defrag?” I know everyone has an opinion of this volatile issue. I recommend you read this post to broaden your horizons. It may not change your mind on anything, but it will make you think.
Published by Allan 1 year, 11 months ago
in Housing, NAR, Real Estate and MLS.
360 digest, a real estate blog from the Seattle area is reporting that the northwest multiple listing service is planning to pull their feed from realtor.com at the end of their contract. Citing the feelings of the majority of the board members that it is inappropriate to provide this type of information to a “for-profit” business outside their sphere of influence, they decided to make the move.
NWMLS currently serves over 2000 companies and 27,000 individual agents in Washington and Oregon.
It sounds like realtor.com will become basically irrelevant in buying and selling real estate in this area. For more information, go to: NWMLS to pull feed to realtor.com
Published by Allan 2 years, 1 month ago
in Housing, NAR, Real Estate and Finance.
You know, I get a kick out of the real estate news lately. “Expert” after “expert” comes along to pontificate on the future of the real estate market (even yours truly has taken a stab or two recently) each with his or her own reasons why what they’re promoting is “the truth.”
Last week I reported on a new brochure by the National Assn. of Realtors which states that renting is seven times more expensive than buying. We talked about the smoke and mirrors they used to make their point. Today in USA Today, Noelle knox quotes a study by Marcus and Millichap which indicates that the median mortgage in the good ol’ USA is $1,687 — nearly double the median rent which is $868. They say the price in the major cities is even more out of whack. I have to admit I’d like to see what our “seven times more expensive” friends would say to that.
Like I said last time. This is a cash issue. If I could buy for $2,000 or rent for $1,000, I’d have to give serious thought to renting (especially if I didn’t have the $2,000.)
I would have to say that I believe the disparity between mortagage payments and rent payments will decrease as the real estate bubble deflates and the market right sizes itself. The article in USA Today also states that rents in San Francisco have gone up substantially in the last two months (narrowing the gap.) While I’m not suggesting (and never would) that you run right out, sell your house and begin renting, it’s not hard for me to see why some people in some markets are doing so.
Again, your crystal ball is as shiny as anyone else’s. What does yours tell you about what’s happening now, and what will happen in the future. Post a comment and let us know.
If you would like to read the whole text of the USA Today story, it can be found here:
USA Today: For some, renting makes more sense
Published by Allan 2 years, 1 month ago
in Housing, NAR and Real Estate.
A new brochure, put out by the National Association of Realtors postulates that renting costs as much as seven times the price of home ownership. Now if that sounds as far-fetched to you as it does to me, you’ll probably want to read the newly edited NAR consumer education brochure that explains what they mean. Like many things that “require explaining,” this one includes its share of smoke and mirrors. Much of the difference is found in intangibles (at least as far as cash is concerned), such as inflation, appreciation in value, interest rates, etc. Nobody anywhere is paying a rent payment that’s seven times the cost of a house payment.
Now don’t get me wrong. I think real estate is the very best investment anyone can make (and I think it is the ONLY investment some people make.) There’s absolutely no doubt that owning a home (if you can find any possible way to buy one) is a much better idea than renting — anytime, anywhere.
What makes me crazy are the exorbitant claims they feel they need to make to get you to buy a home. I think most people would love to buy a home. I don’t think there’s anyone in America who would tell you they prefer to rent. It’s an economic matter. Believe me, if they could buy a home, they’d have already done so.
I think a brochure extolling the virtues of home ownership is a great idea (especially one that helps new buyers navigate the maze of securing financing.) These people would love a home. You don’t need to beat them over the head by making exaggerated claims, and you don’t need to make them feel bad if they can’t qualify. Just give them the facts and help them make a purchase.
If you would like to read more about why you should buy instead of rent, ask your realtor for a copy of the brocure. If she doesn’t have one, she can order one. This is a valuable read (notwithstanding the claims) and it will help you understand what you really give up while you continue to rent.
The title of the brochure is, “Why Rent When You Can Buy?” and if your realtor can’t find you one, you can purchase one at www.realtor.org/store
Published by Russ 2 years, 4 months ago
in Housing, NAR and Real Estate.
The National Association of Realtors® is predicting that 2006 will be the third best year on record for the housing market. Also being predicted for 2006 is a 30-year fixed rate mortgage level of 7% by summer, and a decline in the number of existing-home sales, new-home sales and housing starts.
Read More: May 2006 housing forecast
