As many of you know, NAR releases a quarterly Metropolitan Area Home Price report. But what if you need more local data – say for a neighborhood or a single community rather than a whole metro region? Or what if you need historic data? Probably your best bet would be your local MLS, or if your area is a member, the REALTORS Property Resource (RPR®). But even for non-members or consumers there are some other options to consider. In Chicago for example, there was a publication called Living in Greater Chicago that provided neighborhood and local community data during the 1990s. For other larger metro areas, there may be something similar. Check your local library. While Living in Greater Chicago is no longer published, that mantel has been taken up by our local social and lifestyle magazine, Chicago Magazine. Their annual “What’s Your Home Worth Now” issue takes data from the local/regional MLS and compiles it into some easy to digest tables. New York Magazine provides something similar for its neighborhoods. In smaller communities try your daily newspaper, business paper, or weekly alternative press for info. Finally your local board of REALTORS® may provide a detailed report or make that data available on request.
White House value, goodbye yard signs, and summer travel
A couple of firms have estimated the value of the White House as if it were for sale. A local DC firm has put the asking price of 1600 Pennsylvania Ave at $110 million, though it estimates it would probably close for around $80 million. That figure doesn’t take into account the historic one-of-a-kind nature of the deal. Zillow is more generous, estimating the value at over $220 million, though like much of the country the price has declined over the last year.
Inman’s recent review of The Seven Pearls of Financial Wisdom (on financial guidance for women), piqued our interest. We have a substantial personal finance collection of our own in our library—in both electronic and print.
Are yard signs going the way of the buggy whip in Aspen, Colorado? The Aspen Board of REALTORS® is seeking a voluntary ban on yard signs, in order to eliminate visual pollution. Some approve of the measure, others are in opposition. “The issue of real estate signs in Aspen is not a simple ‘for or against’ question. It’s multi-faceted,” said Will Herndon, President, Coldwell Banker Mason Morse. He defended a firm’s right “to serve our clients’ interests in marketing their properties to the best of our ability within governing codes and regulations of Aspen, Pitkin County and ABOR.”
Fannie Mae, the largest source of U.S. housing funds, said it would not need to request more taxpayer aid this quarter after posting a $2.7 billion profit in the first three months of the year.
Austria’s ‘upside down house’ becomes tourist attraction.
Summer travel season is just around the corner. If your holiday plans include overseas excursions, you might consider getting a credit card that doesn’t charge a foreign transaction fee. These bank fees can add up quickly if you’re not careful. Luckily several companies offer cards without these pesky charges.
And credit cards are not the only ones with fees on the rise. Watch out for the airlines, as they nickel and dime their way back to profitability.
Peek behind the scenes at Paramount Pictures as the studio celebrates 100 years with a look at pictures from Life Magazine’s coverage of a massive ‘housecleaning’ that took place in 1970 at the iconic studio.
Foreclosure to rental, a new PC virus, and how dogs shaped humans
The burgeoning foreclosures-to-rental business could become a $100 billion industry as increasingly sizable investors infiltrate hard-hit markets from Florida to California to Arizona to the Midwest.
Signs are pointing to a housing recovery, as stated by numerous news and government authorities. Some markets have picked up so much, that competition is forcing buyers to set themselves apart.
Internet access via a PC will cease for many due to a new Windows virus. Hackers recently discovered a Windows vulnerability, and seized the opportunity to infect over half a million PCs with their new virus. The FBI, in conjunction with a partner, set up a site to check your machine for infection and get a fix.
In these tough times a little bit of business etiquette can go a long way in making you stand out from the rabble. Time shares 5 rules to help refine your sense of propriety and decorum.
Before you pull out the mop and bottles of cleaning solution for your annual Spring cleaning, you might want to check the labels. Time reports that several popular brands contain toxic ingredients.
Man has domesticated and mutated dogs for centuries to suit our needs and whims, but an article in American Scientist reveals some scientists belief that dogs cause humans to evolve too. Humans are the only ape species to have a white part of the eye around the pupil as a default–perhaps a competitive advantage for early dog owning humans by allowing dogs to more quickly follow an owner’s gaze to help hunt prey.
Pretty agents, the real cost of good schools, and tv for dogs
Research published last month finds that the personal characteristics of real estate agents matter to house prices and the length of time a house is on the market, even after controlling for the quality of the house.
What will good schools cost you? About $200K, according to a new report from the Brookings Institution. Home values are $205,000 higher, on average, in neighborhoods with high-scoring public schools versus schools with low scores. Homes in high-scoring neighborhoods typically have 1.5 additional rooms, and 30% fewer are rented, the study found. Housing costs average $11,000 more per year in areas with better schools.
Got gizmos? For those who love gadgets as much as we do, Fox News compiled this collection of the must-have gadgets of the week. From Frisbees to fridges, smartphones to headphones, here’s the best of the best.
DOGTV, a television channel for dogs (no, not dog lovers, actual dogs) is headed for national distribution. The Telegraph reports on the upstart commercial-free channel started in San Diego and includes some video highlights.
Time has a new top 100 list: Top 100 most influential people in the world. Chelsea Handler? Hmm….
Every now and then we’re asked for materials by members to take to their children’s schools for career day. While we don’t have a great pre-packaged dog and pony show that covers the industry for elementary to high school visits, we do have some recommended resources for REALTORS® asked to explain what they do to eager young minds.
A good place to start for background is the Bureau of Labor Statistics’ Occupational Outlook Handbook entry on Real Estate Brokers and Sales Agents. It gives a nice summary of industry statistics — what kind of education you need, work hours, salary, and job growth outlook. It also provides a list of traits that will help someone stand out in the field: independence, interpersonal skills, persuasion, and problem solving abilities.
For information on your particular state’s license requirements, you will want to contact your state real estate commission. They control licensing and regulation and will have details on any age or educational restrictions and how much class time it will take to get a license.
Another resource we suggest is our own Careers in Real Estate webpage. The page talks about different specializations in real estate, provides links to organizations for more information, and some suggested further reading.
More statistics on REALTORS® can be found through our Economists’ Outlook blog which frequently discusses our Member Profile or facts on the real estate industry.
The University of Cincinnati’s Linder School of Business also provides information on real estate as a career, with details on different commercial career paths including appraisal, corporate leasing, and development.
A final resource we suggest is The Value of a REALTOR handout created by the Orlando Regional REALTOR® Association. The PDF document lists the countless activities and responsibilities of REALTORS in the home buying and selling process. It attempts to show just how important having a good REALTOR® at your side can be to the potential client.
Field Guides are one-stop resource packages on dozens of subjects of interest to REALTORS®. On each page you’ll find links to articles, books, web sites, statistics, and other material on each subject. The list of the most-used field guildes from Information Central for the month of March 2012 was released today:
- Field Guide to License Reciprocity / License Recognition
- Field Guide to Working with FSBOs
- Field Guide to Strategic Planning for Associations
- Field Guide to Effects of Low-Income Housing on Property Values
- Field Guide to Facebook for REALTORS®
- Field Guide to Open Houses
- Field Guide to Cell Phone Towers
- Field Guide to Foreign Investment Trends in the U.S.
- Field Guide to Real Estate Office Policy Manuals
- Field Guide to Commercial Property Management
Have an idea for a new field guide? Let us know!
New Construction upturn, rent-to-own housing, and your brackets
Plenty of economists and executives have fallen on their faces predicting a resurgence in housing in the past five years. But while the jury is still very much out for the overall market, there is reason to feel hopeful about new construction.
Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.
In today’s technological age, do business cards still serve a purpose? The Los Angeles Times thinks not. Younger people are shunning paper business cards as lame and wasteful and social media is the new replacement.
About 85 million people manage their professional networks with LinkedIn. Some 77 million smartphone users have downloaded the Bump app, which allows them to bump their phones together and instantly exchange contact information. Others carry a personalized quick-response code that smartphones can scan like a hyperlink. And, of course, there’s always Facebook, email and digital business cards. If they do take a paper card, some said they use a smartphone app to snap a picture of it and instantly digitize the card’s information. Then they toss it into the nearest trash can.
It’s something to consider when prospecting Generation Y clients.
Prepare yourself: on July 1, as many as 8 million college students will see their interest rates on federally subsidized student loans double, from 3.4% to 6.8%.
Are you more worried about your basketball brackets than your bottom line this month? March Madness can take over your life (and work) if you let it. Lifehack lists 5 tips to enjoy the madness while getting your work done.
So you undoubtedly heard the fairy tale about the turnip princess as a child. Or the one where the maiden escapes the witch by transformering herself into a pond. No? Well, probably that’s because researchers in Germany have discovered a trove of over 500 new fairy tales locked away in a vault in Bavaria. They were gathered in the mid-19th century by a contemporary of the brothers Grimm from the folktales of Bavarian peasants. Widely admired in his day, the collector Von Schönwerth’s work has mostly faded into obscurity. With this new find maybe we’ll be sharing the tale of the miserly farmer and a money-mill.
