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It sounds like Christmas came early this year…borrowers who already received loan modifications via the Home Affordable Modification Program (HAMP) are now eligible for expanded benefits.

As it stands, borrowers taking part in HAMP who stay good on monthly payments can earn up to $5,000 in principal balance reduction over the first five years of their modification.

But now HUD and the Treasury are sweetening the deal. Under revised guidelines announced today, roughly one million borrowers are eligible to receive another $5,000, which will also be applied toward the principal loan balance in the sixth year of their loan mod.

This means borrowers can shed a total of $10,000 off their outstanding loan balance, which will certainly help them get their heads above water, assuming they aren’t already.

Additionally, borrowers will be given the opportunity to re-amortize the reduced mortgage balance, which will lower their monthly payment going forward.

Under normal circumstances, making extra payments to the principal balance reduces the overall interest expense, but it doesn’t lower subsequent monthly payments.

So this change will help borrowers build equity and lower payments even further.

Changes Coincide with HAMP Payment Resets

This change happens to come at a time when interest rates on HAMP loan mods are scheduled to increase.

After five years of monthly payments via a HAMP loan mod, the interest rate will increase one percent or less per year for three or four years until it reaches the market rate at the time of the modification.

Secretary of the Treasury Jacob J. Lew noted that scores of homeowners continue to struggle with their mortgage payments in spite of the strengthening housing market.

After all, just because a home is worth more doesn’t mean the payment is more affordable, there’s just more incentive to pay it.

He added that the changes are “meaningful incentives for borrowers to stay current in their modifications,” while also giving them an opportunity to build equity in their homes.

Borrowers with HAMP Tier 2 loan mods, which provide a low fixed rate for the life of the loan to those who don’t qualify for HAMP, will see their interest rates get slashed by another 50 basis points.

They will also be eligible for the $5,000 pay-for-performance incentive if they are in good standing at the end of the sixth year of their loan modification.

Lastly, borrowers receiving benefits under the Home Affordable Foreclosure Alternatives (HAFA) program will see relocation assistance bumped up to $10,000 from $3,000 to “better reflect increased rents and the cost of moving in many parts of the country.”

HAMP was launched back in 2009 to help delinquent homeowners (or those in danger of falling behind) keep up with mortgage payments.

The program has reduced monthly mortgage payments for over a million borrowers via interest rate reductions, extended mortgage terms, and in some cases, principal balance reductions.

Despite this, many borrowers have been unable to make even the modified payments, with re-default rates on loan mods often remarkably high, though they seem to have improved along with the housing market as a whole.  It seems HUD and Treasury want to keep it that way.

If you’re currently making mortgage payments under HAMP, you might want to get in touch with your loan servicer to see how you can take advantage of these new incentives.

Source: thetruthaboutmortgage.com

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Irvine, California, is renowned for its picturesque landscapes, master-planned communities, and commitment to green spaces. Within this vibrant city, you’ll find an array of exceptional parks that offer residents and visitors an opportunity to bask in the beauty of Southern California’s outdoors. If you’re considering relocating and renting an apartment in Irvine or buying a home, you’ll be delighted to discover the plethora of well-loved parks. Whether you’re looking to enjoy a leisurely day with family, embark on an adventure, or simply unwind amidst nature, these parks in Irvine offer many options. In this Redfin article, we’ll explore 7 of the most popular parks in Irvine, California. 

1. Orange County Great Park

Spanning over 1,300 acres, the Orange County Great Park is a massive recreational hub that features sports fields, a carousel, an iconic helium balloon ride offering panoramic views, and even a farmer’s market. The Palm Court Arts Complex within the park houses an art gallery and artist studios, making it a cultural oasis in addition to its outdoor offerings. The Great Park is a testament to Irvine’s commitment to providing ample green spaces for its residents.

2. William R. Mason Regional Park

William R. Mason Regional Park is an idyllic haven spread across 339 acres, nestled in the heart of Irvine. The park boasts serene lakes, sprawling picnic areas, and shaded playgrounds. Visitors can rent pedal boats to explore the lake or embark on leisurely walks along its scenic trails. With well-maintained amenities and lush landscapes, Mason Park remains a favorite destination for those seeking a tranquil escape.

3. Quail Hill Loop Trail 

Nature lovers and hiking enthusiasts will find solace in Quail Hill Loop Trail. This 2.8-mile loop trail weaves through the Quail Hill Preserve, offering captivating vistas of Irvine’s preserved open spaces. As you traverse the trail, you’ll encounter a diverse range of native flora and fauna, making it a perfect spot for birdwatching and wildlife observation. The serene surroundings make Quail Hill Loop Trail a hidden gem for hikers of all ages and abilities.

4. Heritage Park

Situated in the Woodbridge community, Heritage Park exudes a sense of history and charm. The park’s highlight is the Irvine Historical Museum, which provides insights into the city’s rich heritage and development. Additionally, Heritage Park offers well-manicured gardens, a large lawn area for gatherings, and peaceful walking paths. It’s an ideal spot to soak in the beauty of nature while appreciating Irvine’s cultural legacy.

5. Turtle Rock Community Park

Turtle Rock Community Park offers a delightful blend of recreational facilities and natural beauty. This park features sports fields, tennis courts, a playground, and picnic areas for families to enjoy. The park’s lush greenery and mature trees create a serene ambiance that’s perfect for unwinding and connecting with nature. Whether you’re seeking an active day out or a leisurely picnic, Turtle Rock Community Park has you covered.

6. Bommer Canyon

For those craving a more rugged outdoor adventure, Bommer Canyon is a must-visit destination. This nature preserve is situated within the foothills of the Santa Ana Mountains and offers a network of hiking and biking trails that wind through picturesque landscapes. Bommer Canyon’s serene wilderness and sweeping vistas make it an excellent escape from the urban bustle, offering an immersive nature experience right in the heart of Irvine.

7. Deerfield Community Park

Deerfield Community Park is a beloved neighborhood park known for its family-friendly amenities and welcoming atmosphere. The park features sports fields, basketball courts, and a playground, providing ample opportunities for recreation and outdoor play. With its open green spaces and shaded picnic areas, Deerfield Community Park is an inviting spot for gatherings and community events.

A final note on parks in Irvine 

Irvine, California, stands as a shining example of a city that values green spaces and outdoor experiences. From expansive regional parks to intimate neighborhood oases, Irvine’s parks cater to diverse interests and offer residents and visitors a chance to appreciate the natural beauty of the outdoors. So, whether you’re seeking tranquility in nature or a day filled with recreational activities, be sure to explore these remarkable parks in Irvine.

Source: redfin.com

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The best places to live in Illinois criss-cross the state. You can always head to the dense urban centers or live close by in the suburbs. But, that’s the great thing about Illinois — that you have options. With a reasonably low cost of living, outside of the Windy City, Illinois offers up a variety of cities, each with their own special characteristics and charm.

To find the right spot for your budget, breaking down the cost of living in Illinois helps a lot. Looking at average pricing in key areas can make it easier to narrow down your options, and get you moved into this great state even faster.

So, what are these key categories you ask?

Illinois housing prices

Housing prices in Illinois are all over the map. Some cities crash through the ceiling of the national average, making them expensive places to live. Others are so far below, you won’t believe it. With plenty of options, though, finding that perfect home is easy, whether you’re looking to rent or buy.

Champaign

A small enough city to provide both urban vibes and quieter rural ones, Champaign is known for its art scene, food and parks. The city also draws in a lot of college students thanks to the University of Illinois at Urbana-Champaign, which bridges the gap between Champaign and its neighbor, Urbana. Living here is very budget-friendly, as well as fun. Housing prices are 31 percent below the national average.

Rental prices in Champaign are still within reach for most, even with rising prices. The average rent for a one-bedroom apartment is $874, down 3 percent from last year. A typical two-bedroom rents out for $1,042 per month, up 11 percent over last year.

Housing prices rose 18.5 percent over last year, with the median home price in Champaign at $205,000.

Chicago

There’s so much to say about Chicago, that it’s hard to know where to start. The city offers up so much to do, all of which come at a pretty high price. Home prices here are 52.9 percent above the national average. Like other big cities, Chicago has it all, and a lot of it. There are more restaurants and museums, bigger shopping and a brighter nightlife. Chicago also has a lot of parks and a sizable area of lakefront for hanging out outdoors. It’s a typical city, with great neighborhoods, but living in the thick of things will cost you.

When it comes to apartments, rents aren’t rising by too much, but that doesn’t mean prices are low. A one-bedroom apartment, up 11 percent over last year, has an average rent of $1,947. A two-bedroom apartment, up only 12 percent over last year, has an average rent of $2,597. That’s the most expensive yet by far.

Up only slightly in price, the median home price in Chicago is $370,000, a 4.5 percent increase over last year.

Danville

While still very much a small town in its essence, Danville is a perfect spot for outdoor lovers. Located on Lake Vermilion, there’s no shortage of water-based activities, hiking, fishing and more. A strong sense of community makes local festivals all the more fun. The biggest perk is the cost of living. Home prices especially make Danville more accessible to any budget as numbers are 44 percent below the national average.

The average rent in Danville is $788 per month, and home prices average out to around $250,000. This makes for a large selection of reasonably-priced real estate for any newcomer.

Peoria

A laid-back town with a few entrenched industries offering plenty of employment opportunities, Peoria provides a perfect lifestyle. Sidling up to the Illinois River, there’s great hiking and water-based activities. The bars, restaurants and casinos make for delicious times and a fun nightlife. Living here is also very affordable, at 29.1 percent below the national average.

Apartment costs are on the rise, and rents are up significantly over last year. One-bedroom apartments saw a 28 percent increase, for an average monthly rent of $1,008. Two-bedroom apartments saw a 24 percent increase, for an average monthly rent of $1,272.

Although rents are going up, home prices are going down. The median sale price in Peoria is $139,900, down 7.6 percent over last year.

Springfield

Getting closer to the national average, home prices in Springfield are only 10.4 percent below it. This still leaves a lot of wiggle room for affordable housing in the state capital. Springfield holds a lot of history and feels more suburban than anything else. However, its assortments of bars and restaurants help keep the city attractive to younger professionals.

Rental prices in Springfield are moving at the same pace but in opposite directions. One-bedroom rents went down by 15 percent over last year, while two-bedroom rents increased by 15 percent. An average one-bed apartment is currently $750 a month, while two-bedrooms are an affordable $1,100 per month.

Homes in Springfield are working a little differently in the market. Their prices are up by 6.4 percent over last year, so interest in owning property here is definitely growing. The median home price in Springfield is $154,250, still quite affordable for many.

Illinois food prices

From Chicago-style pizza to hot dogs done right, Illinois knows food. Locals spend between $200 and $233 per month on groceries. This most likely leaves room for a night or two each week out since food prices all hit pretty close to the national average.

  • Danville is 4.7 percent below the national average
  • Champaign is 4.6 percent below the national average
  • Springfield is 1.3 percent below the national average
  • Peoria is 1 percent below the national average
  • Chicago is 3.1 percent above the national average

While it may not surprise you that this is the order of cities when it comes to overall food prices, the cost of individual items on your grocery list won’t always fall into the same patterns. Although parmesan in Chicago is almost a dollar more than in Danville, bread is the most expensive in Peoria. To get a real read on what your food prices will be and how they will impact your cost of living in Illinois, it’s best to look at a few specific prices.

Illinois utility prices

Utilities in Illinois are all below the national average. This means that costs for electricity, gas, water and even internet don’t get too high at any given point.

  • Peoria is 8.2 percent below the national average
  • Champaign is 7.8 percent below the national average
  • Danville is 7.7 percent below the national average
  • Chicago is 1.4 percent below the national average
  • Springfield is 0.2 percent below the national average

It’s nice to see Chicago slip out of the most expensive spot. It means the cost of living in Illinois isn’t always super high in that one city. Other cities shoulder the burden of high expenses, too.

You can see this subtle change in averages when looking at a typical monthly energy bill across our cities. Springfield has the highest at $179.75, and Peoria is the lowest at $144.39. What’s also interesting to see is that the other cities’ averages lean more toward Peoria prices than Springfield’s. Even Chicago’s average energy bill is only about $12.50 more than Peoria’s.

It’s also worth noting that Illinois is working toward increasing its wind energy across the state. Currently, only 7.6 percent of Illinois’ electricity comes from wind power, but the state is working toward increasing that. This could help to lower energy bills even further down the road.

Illinois transportation prices

Even if you just look at Chicago alone, transportation is big in Illinois. That includes the trifecta of getting around — your feet, the train (or bus) and a car.

All modes of transportation are big businesses in Illinois. Even parking can cost you an arm and a leg in the right spot, so it’s no surprise that city averages are pretty high.

  • Champaign is 6.2 percent below the national average
  • Danville is 1 percent above the national average
  • Peoria is 6.5 percent above the national average
  • Springfield is 10 percent above the national average
  • Chicago is 33.7 percent above the national average

To keep your own transportation budget in check, consider replacing owning a vehicle with riding the bus or train. Even if you paid for a monthly pass and rode public transportation to and from work all week, while still having a car for weekends, you’d most likely save big when it came to gas and parking.

Chicago CTA

Operating both the ‘L’ Train and the bus, the CTA is the second largest public transportation system in the country. There are eight trains along the elevated train, or ‘L’, and 129 bus routes across Chicago.

A regular fare on the ‘L’ is $2.50, but it’s only $2.25 on the bus. Transfers are free and passes are available that work with both modes of transportation. A 30-day pass is $75, but 7-day passes are only $20.

Springfield SMTD

With a long list of bus lines that include a state fair shuttle, night service routes and a bullet bus, nobody can claim the SMTD isn’t a thorough system.

A single-ride fare is $1.25, but passes are available. These passes are good for a certain number of rides rather than a specific time period. You can buy a standard discount pass, good for 20 rides, for $20.

Peoria CityLink

With 17 bus routes, CityLink makes good on its promise to connect customers to where they want to go in an efficient and safe manner.

A single-ride fare is $1, but you’ll really save big with a 30-day pass. For only $40, the pass is good starting on the first day you use it.

Illinois healthcare prices

Looking at healthcare across Illinois, it’s easy to see a correlation between price and city size. The larger cities definitely have higher averages, making it very obvious that where you live affects your cost of living.

When it comes to healthcare — the doctors, urgent care visits and prescription medications, most of our cities fall under the national average, unless big and densely populated.

  • Danville is 15.9 percent below the national average
  • Champaign is 13.8 percent below the national average
  • Peoria is 6 percent below the national average
  • Springfield is 2.3 percent above the national average
  • Chicago is 21 percent above the national average

It’s a big jump between average healthcare costs in Champaign and Chicago. Big enough that you’ll see the difference when looking at the average costs of specific medical bills. An average trip to the doctor’s in Chicago is 59 percent more than going in Champaign.

Seeing an eye doctor in Chicago is 48 percent more costly than having that same appointment in Champaign. Even just looking at these two examples makes it very apparent how much your budget can skew in an area like healthcare depending on where you live.

Illinois goods and services

The cost of living in Illinois, when it comes to goods and services is relatively good across the board. Of course, that’s only if you leave out Chicago, which again skews the numbers.

  • Springfield is 12.1 percent below the national average
  • Peoria is 5.8 percent below the national average
  • Danville is 5.2 percent below the national average
  • Champaign is 4.2 percent below the national average
  • Chicago is 21 percent above the national average

Goods and services include all those extras in your monthly budget. They’re the nights out with friends, the treats you give yourself and a few practical extras. All combined they’re usually the first items to go when money gets tight, but how do you prioritize? Looking at specific costs can help you do that. It can also help you really see which cities might be too much for your budget.

Surprisingly, Chicago does not take the top spot for everything. When it comes to dry cleaning, it’s one of the least expensive cities. It does, however, rank at No. 1 in every other category. The least expensive city shifts from column to column, meaning you can never really say that one city is the “least expensive.”

Taxes in Illinois

Illinois residents pay a flat income tax each year of 4.95 percent. This means that regardless of how much money you make, you’re taxed the same. For those making less, this can feel frustrating, but overall the rate isn’t too high.

When it comes to sales tax, the state rate is 6.25 percent. On top of that, localities are able to add an additional 4.75 percent. This means that the maximum amount of sales tax you could pay in Illinois is a whopping 11 percent. At that rate, for every $1,000 you spent shopping, $110 would go straight to taxes.

Unfortunately, all of our cities lean in pretty close to that maximum amount.

  • The sales tax rate in Champaign and Peoria is 9 percent
  • The sales tax rate in Danville is 9.25 percent
  • The sales tax rate in Springfield is 9.74 percent
  • The sales tax rate in Chicago is 10.25 percent

The average rate across the state is 8.81 percent, so there are definitely cities that opt for lower sales tax than this sampling.

How much do I need to earn to live in Illinois?

To live comfortably anywhere, you need to afford rent. Experts suggest you spend around 30 percent of your annual salary on this particular expense, so there are two ways to calculate how much you should earn to guarantee you can pay for a place to live. The first is to plug some numbers into our rent calculator. This tool will help you make sure your budget aligns with the cost of living in Illinois.

The second way is to do a little estimating. You can use the average rent in Illinois, $1,442, to calculate a minimum income. From there, you can compare the average annual income for the state to see if things match up. This would put the odds in your favor.

With the average rent, you’d need to earn at least $57,680 to put 30 percent toward this monthly bill. This is good news since the average annual salary in Illinois is $59,650. It’s just a tiny bit above, but that little extra means less stress when it comes to apartment hunting.

Living in Illinois

With so much to see and do, a strong economy, a whole lot of sports teams and some amazing food, you’d be hard-pressed to argue against living in Illinois. And, with many cities being so affordable, it’s a state that could fit into your budget. So, grab a map and start checking those numbers. There could be a move in your future.

Related articles:

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

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According to Jeff Berman, General Partner at the venture capital firm, Camber Creek, one in three recent home buyers made an offer before even seeing a home in person. This revolutionary trend brought about by the adoption of cutting edge PropTech, is one of the subjects Realty Biz News discussed with Berman last week.

Camber Creeks Jeff Berman

RealtyBiz: Why do you think property technologies have lagged behind the trend to adopt technology-based solutions set by other industries?

Jeff Berman: The most common reason given is that real estate is a “dinosaur” industry. And while that may be true to a certain extent – after all, many of the processes involved in property purchase/sale/lease haven’t changed in hundreds of years – that’s only half of the story. The other half requires us to examine the root of innovation…which is typically borne of necessity (as the old proverb goes, “necessity is the mother of invention”). And the fact of the matter is that players in the real estate industry have been making (a lot of) money going about their business(es) in a decidedly 1.0 manner. But I think that time is ending. Over the last few years we have noticed a sharp uptick in interest in technology from real estate industry insiders. They’ve woken up to the fact that technology is no longer a “nice to have” but a “need to have”.

RealtyBiz:We are seeing hundreds of millions in funding for proptech of every description. What do you see as “game-changing” technology in the space?

Jeff Berman: One of the fundamental ways technology is changing the real estate industry is in workflow/process. Let’s take a typical real estate (buy/sell) transaction. Even with the best stock trading apps at our disposal, you still have to follow a fairly cumbersome process to execute a transaction. There’s discovery (i.e. finding the property you want to buy or listing the property you want to sell), diligence, appraisal, title, legal, financing and settlement. And you have to pay a different set of professionals for each step along the way. The analog I like to use is the stock market 30 years ago. Back then, if you wanted to trade stock you would call a broker who would call a market maker who would call the trading floor to get the trade executed.

Now you can buy stock with a few swipes on your phone. So it will be with real estate. And while we’re still in early innings of this transformation, there are a number of companies developing software tools that are bringing that reality that much closer. For example, Camber Creek portfolio company Bowery built the world’s first end to end technology enabled appraisal firm cutting down the time to generate an appraisal – which is needed in most real estate transactions and is therefore a potential bottleneck – by up to 75% and often at less cost. It is companies like Bowery which will bring ‘game-changing’ technology to the fore.

Realty Biz: You and other experts have predicted that virtual reality (VR) will be an $80 billion dollar market by 2024. What kinds of tools do you see leading this dynamic market? 

Jeff Berman: The promise of augmented reality and virtual reality in real estate is borne of the number of potential applications for the technology. From improved digital home/office tours to virtual collaboration – the possibilities are endless. In time, these technologies will reshape how we interact with our homes, our experience of walking down a city street, and how we conceive of offices altogether.

Realty Biz: – How do you pick a winner in a race to fill this property tech void? 

Jeff Berman: Our (i.e. Camber Creek’s) ability to identify and scale market leaders is built on our unmatched network of decision-makers and principals in all real estate asset classes.  This network provides the firm with a platform to rapidly test potential companies during diligence to determine actionable facts and propriety insights. We can literally “try before we buy” allowing us to find winning companies prior to making an investment.  Once an investment is made, our hands-on approach provides portfolio companies access to the network and significant new revenue opportunities.  This allows us to de-risk investments, accelerate the growth of portfolio companies, and create exceptional returns for investors.

Takeaway

Berman and other industry experts predict that by 2021, the market for virtual reality and augmented reality technologies will reach $108 billion. Virtual reality tech will become an $80 billion market by 2025, an of this, more than $2.5 billion will come from real estate. The
Camber Creek executive’s suggestion that PropTech is a necessity rather than a nicety now, this is the takeaway every forward-thinking real estate professional should glean. For this analyst, I try and imagine a modern movie studio still trying to market silent films. This is the nature of the paradigm AI, AR, and machine learning are causing today. An investment in these technologies is an investment of necessity, in the infrastructure that is the real estate business.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Latest posts by Phil Butler (see all)

Source: realtybiznews.com

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Builders are increasingly offering buyers incentives in order to help sell their homes, with promotions including paying the closing costs, buying down mortgage rates and even straight discounts, which is a move they’re normally reluctant to make.

“We are really working a little bit harder to get people in the door and to get people excited,” Mark Mullin, a real estate professional who sells new homes in the L.A. area, told the Los Angeles Times. “These are things [builders] were not having to do a year ago.”

However, the concessions are still fairly small compared to a decade ago, though they are growing. For example, 23 percent of builders in the Los Angeles area lowered their listing prices in December, in addition to offering buyers money for upgrades, according to a recent John Burns Real Estate Consulting survey. In comparison, just 4 percent of builders did so one year ago.

But some 43 percent of builders were cutting prices in 2010, which shows they’re doing better than they were during the last throes of the Great Recession.

Normally, builders will prefer to offer incentives such as new amenities or cash for upgrades rather than cut prices. That’s because they don’t want buyers who’ve already signed a contract while the home is still being built to later back out when they see the prices slashed.

For example, development company Planet Home Living in Newport Beach, California, was selling units at $809,000 but not getting the traction it desired for its townhome-like units. In November, it slashed the price by $10,000 and added upgraded flooring, which would have cost buyers an extra $20,000. But so far, buyers are still not jumping at the discounts. Builders say they don’t expect to drop prices further.

Builders have seen sales slowing for several months. KB Homes, Toll Bros., and other homebuilders reported a drop in sales in the last quarter. Builders and real estate professionals say a jump in mortgage rates in 2018 and more than six years of price increases led to the slowdown. Some buyers “are waiting for reassurance that we are not in a crash,” Mullin told the Times.

Meanwhile, some homebuilders are readjusting their pricing expectations. “We took prices beyond the realm of reality,” says Grant Keene, chief executive of WJK Development, a luxury builder in Huntington Beach, Calif. The company tried unsuccessfully to sell single-family homes for up to $2.2 million—10 percent higher than the previous per-square-foot record for the area. “It made consumers balk,” Keene says.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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Source: realtybiznews.com

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Achieving success as a real estate agent requires more than simply understanding the mechanics of the job. Yes, you should certainly be able to post an impressive listing and understand the ins and outs of closing, but helping buyers and sellers means cultivating a diverse set of skills to navigate a complex and ever-changing real estate market. Here are 10 essential skills every real estate agent should possess.

1. Solid understanding of the market

It doesn’t matter if you specialize in investment properties, second homes, condos, or single-family homes for first-time buyers. The first skill you need is the desire and drive to stay current with market conditions. This includes understanding:

This knowledge helps you find the best properties for your buyers and ensures that you price a seller’s property appropriately.

2. Skillful communication

Communication is one of the most critical skills a real estate professional can cultivate. These skills help you to be both a better listener and a better speaker. And why is this so important?

Real estate professionals who listen carefully better understand their clients’ wants and needs. They won’t waste time on mismatched properties or investments beyond a client’s reach. And when it’s time to wade through complicated contract language or explain the benefits or drawbacks of a property, agents who communicate better have a leg up on their competition.

3. Talent for negotiation

Negotiation isn’t easy. There’s a delicate balance between being assertive and pushy compared to compromising and capitulating. Real estate agents who work hard to refine their skills are better at reading a buyer or seller so they can negotiate the best deal possible, even under challenging circumstances.

4. Dedication to service

Real estate is, in the end, customer service. So how does your customer service measure up?

  • Do you promptly return emails and phone calls?
  • Are you available to show properties during high-demand times (weekends and evenings, and, yes, sometimes holidays)?
  • Are you ready to go above and beyond to meet a customer’s needs?

If you answered “no” to any of the above questions, chances are good your customer relations need some work. This does not mean you should allow clients to walk all over you. But ultimately, if you want to close the deal, the customer (with a bit of hand-holding) is always right. It can be challenging to deal with needy clients, but they can also be the most loyal when you demonstrate your commitment to their happiness.

5. Ability to network

As with many jobs these days, you’re only as good as your team. Real estate agents may seem like lone wolves, but they are just the leader of a tight-knit pack of professionals. These include:

  • Contractors
  • Inspectors
  • Loan officers
  • Closing agents
  • Real estate attorneys

Real estate professionals who can call on a trusted network to make the deal move through the channels smoothly are more successful and sought after than those who struggle to make or keep contacts.

6. Marketing skills

Real estate agents are a little of everything: teacher, counselor, and financial adviser. Another hat to place on your head? Marketer.

Nothing draws more potential buyers than a beautifully crafted listing with eye-catching photos and tantalizing text. That doesn’t happen all on its own. And once you get that perfect listing assembled, it’s time to blast it on social media to get even more eyes on it.

Skillful marketing is also about understanding who’s buying and selling. A change in the target demographic means adjusting your marketing strategy appropriately. Some old-school realtors need help to adapt to marketing methods beyond paper advertising or direct mail. Don’t let that be you.

7. Comfort with new technology

Marketing is another area that has seen massive change in the last decade. These days, buyers and sellers complete complex real estate transactions from their couch, never visiting a property or setting foot in a closing agent’s office. So how comfortable are you with new real estate technology?

Can you:

  • Send and receive documents for electronic signatures?
  • Utilize customer relationship management software?
  • Set up virtual property tours and respond to questions from them?
  • Manage tour scheduling on a website?
  • Decipher property valuation software for clients? 

Realtors who are not comfortable with the latest technology in real estate will not be as successful in the years to come.

8. Time management

There’s an old saying: There’s no such thing as being on time — only late or early. It’s common for people to juggle full-time work, family, and volunteer activities, but how do you get it all done?

Time management. It doesn’t matter what your system is for being on time and meeting deadlines, so long as you have one. No client wants to feel like they are last on your list, even if you have a sick toddler or an overdue project for a night class. Use online planning tools or a paper notebook: whatever it takes to ensure your clients get the attention and service they need right on time.

9. Emotional intelligence

Buying and selling a home can be a complex and emotional process. Maybe a family is selling the home of a loved one who has moved to assisted living and needs to liquidate this asset. Perhaps a first-time buyer is realizing the dream of their first step to generational wealth building. 

It’s not just a simple business transaction for these sellers and buyers. It’s personal, and you need to have the emotional intelligence necessary to honor their experience while still serving the needs of the transaction. It’s a delicate balance, but it’s essential to ease people through sometimes-challenging transitions.

10. Integrity

Integrity is doing the right thing even if no one is looking, and it can be a difficult skill in a profession with its fair share of dubious loopholes and quasi-legal transactions that nevertheless feel a little “off.”

Don’t be that real estate professional who goes for the deal at any cost. Too many people get so blinded by the possibility of lucrative commissions that they neglect to act ethically. This compromises the respect of the profession overall and can undoubtedly damage your reputation locally.

Act in a way that feels ethical and honorable to maintain personal integrity and achieve a successful career you can be proud of.

Luke Babich is co-founder and CEO of Clever Real Estate.

Source: housingwire.com

Apache is functioning normally

Redfin was in the red yet again in the second quarter, but its losses are narrowing and it’s tweaking its unique brokerage model to court more experienced agents in pricey coastal areas.

Redfin’s financials

Revenues at Redfin fell 21% year-over-year to $275.6 million, down from $606.9 million a year earlier. The brokerage and portal’s real estate services division, its principle source of revenue, dropped to $180.6 million, a 28% decline. In all, Redfin registered a $27 million net loss for the quarter, a 64.9% year-over-year decline from the $78.1 million loss in the second quarter of 2022.

Redfin’s mortgage revenue was $38.4 million, down 28% year-over-year. Its attach rate was 19%, down from the 20% last quarter.

In an earnings call with analysts on Thursday, Redfin founder and CEO Glenn Kelman said high mortgage rates and a frozen existing-home sales market resulted in a slowdown for Redfin’s salaried agents and it will likely continue for a few more quarters.

“Sales volume is near rock bottom,” he said.

The company expects to break-even on an adjusted-EBITDA basis over the next 12 months, rather than reach that goal by the end of 2023, which Kelman described as “a setback.” He did note that company expects to improve its adjusted EBITDA this year by more than $140 million.

Redfin’s market share in the second quarter of 2023 declined nearly 10% on an annualized basis to 0.75%. Revenue per transaction dropped 2.88% year over year to $10,224, the company said.

Kelman told analysts that agent layoffs forced the company to reassign about a third of its active customers, and the closure of ibuying arm RedfinNow eliminated 12% of its listing demand.

On a positive note, Kelman said the portal’s visitor gains increased 9% annually in the second quarter of 2023. Without naming the rivals, he said Zillow and Realtor.com declined in visitors. He also spoke of an improving the user experience with artificial intelligence and the promise of its burgeoning rental platform.

A more ‘traditional’ approach to brokerage

Perhaps the most interesting talking point on the call was Redfin’s embrace of what could only be described as a more traditional real estate brokerage model.

Redfin is eschewing junior agents and its high-fixed cost, salaried approach in targeted coastal markets. Instead, it’s looking to hire more experienced agents in high-priced areas, and Kelman said the brokerage is targeting the San Francisco and Los Angeles markets for a pilot program.

“In the San Francisco Bay Area, our share is below 2%, but the share of people who bought a home and who had earlier contacted our agents for service is nearly 30%. It’s even higher for purchases above $1 million,” Kelman said, adding that “anyone launching a brokerage today with that much demand would have a massive advantage in recruiting and retaining the best agents.”

Starting in 2024, Redfin plans to give agents in the L.A. and San Francisco “the lion’s share of the commission” on self-sourced sales “while keeping for ourselves the high margins on Redfin-sourced sales,” Kelman said.

Redfin’s goal, he said, is “to hire and keep agents who can deliver better service and higher close rates for Redfin-sourced customers buying homes above $1 million and incremental profits from their own sales, too.”

If the pilot is a success, it will be rolled out to additional coastal markets.

“This is just a more traditional salesperson who wants to augment his or her income with Redfin-sourced sales and we’re switching our existing agents in those pilot markets to this pay plan,” he said.

“So, usually, the trade-off at Redfin when we approach agents is you’ll get more Redfin customers, but at a lower split. So, you have to close more sales to make the same amount of income or more income. Now, we’re trying to offer agents the best of both worlds where we allow agents to close sales from their personal network at a split with Redfin.

“That’s similar to what they would get at a traditional broker while retaining the high margins on Redfin-sourced sales. So, let’s say an agent has closed 10, 15 sales in California above $1 million, they could come over to Redfin and earn about the same income, but we could help them meet customers to close another 10 or 15 sales. And that would be incremental, and that would be at the Redfin margin. This is what our competitors fear we would do.”

Source: housingwire.com

Apache is functioning normally

By now, we have all seen our beloved Fiddle Leaf Fig Tree stand tall in all of its beauty. It’s commonly housed in a chunky, woven seagrass basket at least according to Pinterest.

But why not switch up things a bit and instead of baskets as pots, try using a bag – it’s this week’s Idea to Steal!

All you need is a tall raw canvas tote. You’ll certainly need a sturdy insert in order order for the fig leaf to hold its shape I’d likely cheat with a smaller planter inside.

Depending on the size of your plant or tree, I’m thinking that there are some great laundry bags that’ll do this trick quite nicely. I’m considering giving this one or these a try!

Find all of our favorite ideas to steal right here.

image via 

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Source: apartment34.com

Apache is functioning normally

If you love birds, you’re not alone. Birds bring us joy with their bright colors and sweet melodies—and our friends on Reddit seem to agree. In fact, a recent survey found that these 12 magnificent feathered friends consistently topped the list as the most lovable birds around! From stunning parrots to majestic eagles, let’s take a look at what made these birds some of our favorites!

1. Cardinals

Photo Credit: Shutterstock.

One user said, “Have you guys ever stopped to look at a cardinal? They’re incredible. That pointed crest is adorable.”

Another user replied, “Just saw my first male. He was absolutely stunning.”

“I find both sexes to be mesmerizing. The female’s mottled plumage and blood-orange beak are so pretty. The males are definitely more eye-catching, though. I see them occasionally in the peach tree outside my window in early springtime. Always gets a smile out of me,” a third Redditor responded. 

One commenter added, “Ever see a cardinal in the winter? The bright red stands out in a field of white snow. Truly beautiful.” 

2. Pelicans

Photo Credit: Shutterstock.

One of the Redditors added, “I enjoy a good pelican.”

Another user shared his story, “When I first got married, my Mom bought me this weird pelican statue as a wedding present. It’s way outside her norm for gift-giving, so I thought she was joking. Ever since then, my late husband and I would buy her something pelican related every year since she suddenly seemed to like them so much.”

“They look nearly prehistoric. I surf, and they skim the waves in formation, flowing around the lineup of people. Really crazy beings… if you’re able to let go of your familiarity with seeing them for a moment, they look like g-dd-mn dinosaurs,” one replied.

3. Penguins

Photo Credit: Shutterstock.

One Redditor said simply, “Penguins.”

Another user replied, “You just instantly reminded me of this penguin named Lala I saw on YouTube recently. What a nice bird.”

“Penguins are my favorite all-time animal to the point where, upon seeing the favorite bird question, I simply skipped penguins because, in my mind, they don’t count as birds; they’re just penguins-my-favorite-animal. Anyways, seconded,” one user agreed. 

4. Ravens

Photo Credit: Shutterstock.

One Redditor commented, “Raven.”

Another user replied, “Seconded.”

“There’s a cute young raven that visits my alleyway sometimes. He took a Dorito from us once,” one commenter shared. 

5. Chickadees

Photo Credit: Shutterstock.

“Chickadee,” exclaimed one Redditor.

Another user added, “They have a lot more personality than many songbirds and are quite intelligent. Their warning call even says something about the type of danger. And they’ll stick around through winter while most of the other birds migrate. And I love how they grab one sunflower seed and fly off to a nearby tree to eat it, while other birds are more boring and just sit at the feeder shelling them.”

“Not only just grabbing a single seed, but they’ll take turns and even kinda line up, each one flying one spot closer as the bird at the head grabs a seed and flies off,” replied one user. 

One user concluded, “I love chickadees! They are so small and round, and their call is super identifiable.”

6. Hummingbirds

Photo Credit: Shutterstock.

One Redditor shared, “Hummingbirds.”

A second replied, “So cool. Like there is the only thing that has adapted to move in all dimensions in the blink of an eye, no other fish or land animal can move anywhere near as precise or quickly. They’re the second fastest animal of any kind next to a falcon, even if they can only go that fast for like 2-3 seconds, but then they can also just stop on a dime. From a movement standpoint, by far the coolest animal.”

One user also agreed, “They’re magical!”

7. Crows

Photo Credit: Shutterstock.

“Personally, I love Crows. They’re underrated,” one user posted.

Another user also commented, “I’m not sure I would say they are underrated. They have huge followings and fans.”

One user also commented, “Compared to most other bird species, not really [underrated]. Long-tailed tit is underrated, as are hooded mergansers, pied-billed grebes, and Wilson’s phalaropes—amazing birds that aren’t likely to be known by the average non-birder. Crows are super rad, and I love them, but they are a pretty popular bird.” 

8. Cedar Waxwings

Photo Credit: Shutterstock.

Another bird enthusiast user commented, “Cedar waxwing.”

One user also shared a story about them, “We have a serviceberry tree in our yard, and every year when the berries ripen, the migrating cedar waxwings stop for a few days. They will clean the tree of berries. I absolutely love watching them from my kitchen window. Such beautiful birds!”

One user concluded, “So very dapper.”

9. Blue Jays

Photo Credit: Shutterstock.

An ornithologist posted, “Ornithologist (bird scientist) here! I like Blue Jays (Cyanocitta cristata); their plumage is beautiful, they are intelligent songbirds (all of the Corvidae are smart birds), and they love peanuts! They are a bit loud but mimic other birds (sometimes mincing hawks to scare small birds away from feeders).”

Another user confirmed, “We have a bird feeder. The Blue Jays will mimic a hawk cry to scare off the other birds from the feeder before flying in.”

10. Ospreys

Photo Credit: Shutterstock.

“Osprey. One dived into the water less than 20 feet away from me; very, very cool,” one user commented.

Another user shared, “There are wetlands near where I work, and at the moment, Ospreys are nesting. They predict the eggs will hatch in the next 3 weeks or so.”

One Redditor exclaimed, “Ospreys are one of my favorites too!”

11. Grackles

Photo Credit: Shutterstock.

One user posted, “The grackle. The male is pretty in the sun, and they remind me of the zoo.”

Another user commented, “Oh, but have you been amidst a flock of grackles? They are LOUD.”

A third replied, “I like seeing the absolute hordes of them at dusk each night. In my area, you can usually find hundreds/thousands of bedding down for the night in some places (esp., grocery store parking lots with decent numbers of trees). It’s a nightly spectacle.”

12. Vultures

Photo Credit: Shutterstock.

A Redditor shared, “I love vultures. Especially turkey vultures, since they’re common in my area. They are seen as ugly and gross because they eat dead things, but I find them to be really beautiful when I see them soaring in the sky because their wings can look iridescent black in the sunlight. They live in huge family groups, so when it’s breeding season, there are tons of them. And to top it off, they do a very important job in the environment by taking care of the dead carcasses.”

Another user exclaimed, “I was looking for this answer. Vultures do their part AND look cool doing it.”

One user also shared the same sentiments and commented, “Oh boy, I love buzzards. I find them imposing and beautiful. They don’t like to be stared at, and they will either fly off or make their wings into long fingers and shake them at you. They are so fantastic, soaring in circles in the sky; I always think, ‘I wish I could do that.’

Do you agree with all the birds listed above? Share your thoughts in the comments!

Source: Reddit.

These are 10 Things That Completely Destroyed The Love in a Relationship

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There’s no question that relationships can be confusing, but here are some of the top things to avoid if you want to keep your relationship healthy!

10 Actors and Actresses People Refuse to Watch Ever Again

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We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!

Top 10 Worst Human Inventions of All Time

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Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.

10 Famous Celebrities Who Look Like They Smell Terrible

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We’ve all had moments of hygiene faux pas—but these celebrities just look like they don’t take care of themselves at all.

10 Terrible Fads People Are Glad Died Out

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Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.



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Source: financequickfix.com