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Midwest Real Estate Data (MRED) Announces 2016 Leadership Team
Leader of MLS Giant Welcomes Two New Board Members
LISLE, ILLINOIS (February 11, 2016) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that its 2016 Board of Managers has been installed and its officers elected. Serving on MRED’s Board of Managers for 2016 are:
- Michael Emery, Urban Real Estate
- Jeff Gregory, Realty Executives Success
- Chris Haran, Coldwell Banker Residential
- Jim Haisler, Heartland Realtor® Organization (HRO)
- Ruth “Drussy” Hernandez, CONLON: A Real Estate Company
- Pam Krieter, Mainstreet Organization of Realtors® (MORe)
- John Matthews, Baird & Warner
- John Murray, Key Realty
- Jim Nelson, Jr., RE/MAX Suburban
- Thomas Poulos, Gagliardo Realty Associates
- Al Rossell, Jack Carpenter Organization
- Molly Ryan, Berkshire Hathaway HomeServices KoenigRubloff
- Aaron Starck, Berkshire Hathaway HomeServices Stark Real Estate
- Anthony Trotto, Anthony J. Trotto Real Estate
- Paul Wells, RE/MAX of Barrington
Continuing to serve as MRED’s Strategic Manager is David Charron, the President and Chief Executive Officer of Metropolitan Regional Information Systems (MRIS). The newly elected Board members are John Murray of Key Realty and Thomas Poulos of Gagliardo Realty Associates.
MRED’s Board of Managers annually nominates and elects officers to guide the company through the upcoming year. This year’s officers have performed their duties at such a high level and work so well together that the Board of Managers has reelected all to the same positions they held in 2015.
The 2016 leadership team includes:
- Chairman of the Board – Jeff Gregory, Managing Broker and Owner of Realty Executives Success in Plainfield
- Vice-Chair – John Matthews, Manager of Baird & Warner in Oak Park
- Treasurer – Paul Wells, Managing Broker and Owner of RE/MAX of Barrington
- Secretary – Molly Ryan, Vice President & General Counsel of Berkshire Hathaway HomeServices KoenigRubloff
“I am pleased the Board continues to place its confidence in these four individuals as MRED’s Officers for 2016,” said MRED President and Chief Executive Officer Rebecca Jensen. “What better endorsement of the job they have done than to reelect them? I love working with these very accomplished and experienced individuals and look forward to a fantastic 2016.”
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.
Thinking of Selling? Why Now May Be The Time
It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their home on the market until then. The question is whether or not that will be a good strategy this year.
The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed which months most people listed their home in for 2015. Here is a graphic showing the results:
The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,860,000.
That number spiked to 2,280,000 by May!
What does this mean to you?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.
Bottom Line
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.
Agents: To discover proven ways to build an inventory of salable listings right now, join us today at 2PM EST for our free webinar, How to Become a Rainmaker for LISTING LEADS. There are a limited number of seats available, make sure to save your spot!
Blog post via KCM Blog
Existing Home Sales Rebound in December
The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase ever recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.
While this is great news for the housing market, let’s take a look at one of the main reasons why there was such a large increase in sales.
As we explained last month, the implementation of the “Know Before You Owe” (TRID) initiative delayed some closings, pushing a portion of November’s would-be transactions to close in December.
“December’s rebound in sales is reason for cautious optimism that the work to prepare for ‘Know Before You Owe’ is paying off,” says NAR President Tom Salomone.
Lawrence Yun, NAR’s Chief Economist, had this to say about the surge in December sales:
“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015. Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”
The most important realization to come out of the report is the fact that inventory of existing homes for sale dropped dramatically from a 5.1-month supply in November to the lowest figure since January 2005, at a 3.9-month supply.
A normal market, where prices rise with inflation, is defined as having a 6-7-month supply of homes for sale. As you can see in the chart below, inventory levels in 2015 were at or below a 5.2-month supply for the entire year.
If inventory levels do not recover, this could be a challenge for sales moving forward as buyer demand remains strong and competition for the homes that are on the market continues to rise.
Bottom Line
If you are considering listing your home for sale in 2016, now is the time! With inventory levels at their lowest mark in over 10 years, listing your home for sale now will give you the most exposure to buyers and allow you to get the best price for your home.
Blog post via KCM Blog
Should I Buy Now Or Wait Until Next Year? [Infographic]
![Should I Buy Now Or Wait Until Next Year? [INFOGRAPHIC] | Keeping Current Matters](https://i0.wp.com/www.keepingcurrentmatters.com/wp-content/uploads/2016/01/Cost-of-Waiting-KCM.jpg)
Post via KCM Blog
Thinking of Buying? Selling? 5 Reasons You Need To Hire A Professional
Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.
The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover.
1. What do you do with all this paperwork?
Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.
2. Ok, so you found your dream house, now what?
According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream.
3. Are you a good negotiator?
So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.
4. What is the home you’re buying/selling really worth?
It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $210,000 compared to $245,000 among agent-assisted home sales.”
Get the most out of your transaction by hiring a professional.
5. Do you know what’s really going on in the market?
There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?
Dave Ramsey, the financial guru advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.
Bottom Line
You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?
Blog post via KCM Blog
MRED Chicagoland Report for December, 2015
In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy, in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.
New Listings in Chicagoland were down 6.5 percent for detached homes and 8.2 percent for attached properties. Listings Under Contract increased 15.4 percent for detached homes and 18.0 percent for attached properties. The Median Sales Price was up 10.9 percent to $203,000 for detached homes and 3.5 percent to $165,000 for attached properties. Months Supply of Inventory decreased 23.2 percent for detached units and 24.2 percent for attached units. Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets.
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.
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