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NAR’S Latest Existing Home Sales Report [Infographic]

MRED Chicagoland Report for July, 2015

According to the U.S. Census, homeownership is at 63.4 percent for the second quarter of 2015, down 1.3 percent from the second quarter of 2014. This is the lowest rate of homeownership since 1967. To put that in greater context, homeownership peaked at 69.2 percent in 2004, and the 50-year average is 65.3 percent. Although the data may be indicating otherwise on a macro level, mortgage applications have kept REALTORS® busy through summer.

New Listings in Chicagoland were up 4.7 percent for detached homes and 1.3 percent for attached properties. Listings Under Contract increased 20.1 percent for detached homes and 22.5 percent for attached properties.

The Median Sales Price was up 3.1 percent to $230,000 for detached homes and 6.1 percent to $189,950 for attached properties. Months Supply of Inventory decreased 14.8 percent for detached units and 16.2 percent for attached units.

Ever since the Great Recession ended in about June 2009, the market has strengthened to once again become a cornerstone of the national economy. Better lending standards, lower oil prices and higher wages are a few of the catalysts for positive change. Many trends continue to reveal a stable housing market. Federal Reserve Chair, Janet Yellen, has predicted a fine-tuning of monetary policy by the end of the year. It is widely believed that interest rates will go up before the year is over, an indicator that the housing market is ready for such a move.

MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports.  You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.

Any questions?  Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

The Top 5 Things to Know about TRID Now

Getting ahead of the paperworkWith TRID’s (TILA-RESPA Integrated Disclosure Rule) effective date of October 3, 2015 approaching, lenders, real estate agents and settlement agents need to be taking stock of their preparedness and communicating among themselves and with consumers about what do expect.

Read the “Top 5” for TRID Compliance by three individuals from organizations recognized as industry leaders who have been dedicated to implementing TRID on time and in compliance.

Article via RIS Media

When is it a Good Time to Rent? Definitely NOT Now!

When is it a Good Time to Rent? Definitely NOT Now! | Keeping Current Matters

People often ask whether or not now is a good time to buy a home. No one ever asks when a good time to rent is. However, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau just released their second quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Median Asking Rent Since 1988 | Keeping Current MattersAt the same time, a report by Axiometrics revealed:

“The national apartment market’s annual effective rent growth rate of 5.1% in June 2015 represented a 47-month high, and continued a streak of 5.0%-plus rent growth that is now the longest in at least six years, according to apartment market research. The effective rent growth in June 2014 was 3.7%, putting June 2015’s exceptional performance into perspective.

This is the highest rate since the 5.3% of July 2011. The metric has reached at least 5.0% for five straight months, the longest such streak since Axiometrics started monthly reporting of annual apartment data in April 2009.”

Where will rents be headed in the future?

Stephanie McCleskey, Axiometrics vice president of research, commented on the above report in an article by Real Estate Economy Watch:

“Rent growth is just shy of the post-recession peak, and the June metrics reflect the continued strength of the apartment market. The demand for apartments is still strong, despite the record number of new units being delivered this year. Tight occupancy is why landlords can push rents higher.”

Bottom Line

If you are ready, willing and of course able to buy, now may make sense.

Blog Post via KCM Blog

Groundbreaking study reveals how predators select victims (and it’s not what you think)

“Modern humans are the dazed survivors of a continuous, five million year habit of lethal aggression,” said Richard Wrangham and Pale Peterson, authors of the book Demonic Males.

In past times, people lived in small communities, everyone knew everyone else, and you knew who the bad guys were. It was impossible to escape past behavior. Fast forward to the internet age and our social interactions are often casual and impersonal with no frame of reference.

We still remain territorial, competitive, and sometimes violent just like our ancestors, but luckily most of our modern society lives within the norms of reality. Most of us act predictably, which in itself holds society together.

There is this small section of society however, that does not think that the rules apply to them. We refer to these individuals as predators as they prey on weak victims, just like sharks circling their next meal. Your potential to become their next victim is influenced, in large part, by the unconscious signals you project.

Shocking data predator selection

In a groundbreaking study, researchers Betty Grayson and Morris I. Stein shot video of pedestrians walking down a busy New York City sidewalk, unaware they were being taped. They then asked convicts, in prison for violent offenses such as armed robbery, rape, and murder, to review the footage.

Literally within a few seconds, these convicted criminals identified which pedestrians they would have targeted. What’s alarming is that there was a clear consensus among the criminals as to which individuals they personally would have picked as victims.

Their choices were not based on gender, race, or age. Some petite, physically slight women were not selected, while some large men were.

Grayson and Stein soon realized the criminals were intuitively assessing the ease with which they could overpower the targets and neither criminals nor victims were consciously aware of these cues.

Predators spot non-verbal attributes as well

Further investigation revealed that there were several nonverbal signals—posture, body language, pace of walking, length of stride, and awareness of environment – what psychologists call “precipitators,” personal attributes that increase a person’s likelihood of being criminally victimized.

One of the main precipitators is a walking style that lacks organized movement and flowing motion.

Just like predators in the wild, predators often attack the slowest in the herd. People who drag their feet, shuffle along, or exhibit other unusual gaits are accessed as less self-confident and so targeted more often than people who walk fast and fluidly.

How to avoid looking like a potential target

To reduce the chances of becoming a victim, you can’t look like a victim. “Walk in an alert fashion, walk with purpose, with your shoulders held back,” the study recommends. This, in itself, can terminate the selection process.

Try this experiment: The next time you are in a crowded area such as a mall, alter your stance. Walk taller with purpose, looking straight ahead with your shoulders back. Choose your course, stick to it, and don’t waver. As you walk forward, there will be groups of people walking towards you.

You may notice that you are more aware of your surroundings. Some of these people may look at you inquisitively – just make brief eye contact and keep moving.

With enough purpose and confidence, you will find that these groups will part in front of you, allowing you to stay your course.

Another important study showed that 60 percent of criminals would move on to a different target, if the person they were targeting simply made eye contact with them. Looking squarely at someone who concerns you communicates to them that you are not a tentative, frightened victim-in-waiting.

Move with purpose

Predators are looking for a victim who is unaware, preoccupied and easy to ambush, so in future you will walk in an alert fashion, with purpose, your shoulders held back, just like you did in the mall during your experiment.

#RealtorSafety

Blog post via The Real Daily

It’s Mostly Cloudy at MRED

Cloud Streams is the Newest MRED Service, joining Cloud CMA

LISLE, ILLINOIS (August 4, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that Cloud Streams has gone live as the newest MRED service offered to its real estate professionals.

Cloud Streams is the listing alert and collaboration tool that real estate brokers will love to use from the folks who provide Cloud CMA, W&R Studios. It allows you to send gorgeous listing alerts to prospective purchasers via email or text, and has real-time MLS property information. Photos are front and center, to give possible buyers a window shopping experience they will love. Brokers are notified immediately when a customer “likes” or makes a comment on a property, and Cloud Streams works on any device.

Adding Cloud Streams is just the latest initiative pursued by the Midwest MLS giant. MRED is committed to supporting its real estate professionals with many different marketing tools, including its social networking listings delivery tool, the Share My Listings (SMyL) widget; RatePlug, which integrates real-time mortgage payment information into MLS listing reports; and the very popular Cloud CMA, the easy to use CMA and listing presentation software.

“With Cloud Streams agents can collaborate with their buyers in style,” stated Greg Robertson, co-founder of W&R Studios. “Cloud Streams is a perfect tool to help agents keep more buyers and past clients” concluded Mr. Robertson.

“Cloud Streams caught my eye from the moment I first saw it,” said MRED President/Chief Executive Officer Rebecca Jensen. “Delivering the freshest information in the most consumer friendly way to prospective purchasers is critical to service the public today. W&R Studios has hit another home run with this latest product.”

About MRED

Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and nearly 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for five consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.

About W&R Studios

Founded in 2008, W&R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a “less is more” approach to software design, elegant user interfaces, and using the latest in agile programming, W&R Studios’ software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 20 years experience each developing and marketing real estate software solutions.

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