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http://freep.topworkplaces.com/company_survey/real-estate-one-fami_detroit/freep_11
For more than 80 years, Real Estate One has been known as the leading provider of real estate services in Michigan, and is ranked as one of the largest brokerages in the United
States. "The 2010 Power Broker Report" compiles data fro the top 300 firms in
the nation and we have the honor of being on the list since its inception. The
Real Estate One Family of Companies has the highest market share in Metro
Detroit and is proud to call Michigan our home.
EXPERIENCED,
INNOVATIVE, CREATIVE
Established in 1929 by Staunton Elsea, the company has long been known as the "innovator". Many of the marketing tools commonly used throughout the country started here. Real Estate
One was the first company to have multiple offices, homes magazines, a computerized MLS service and even hosting Open Houses. Today’s generation, Dick (son of Staunton) as the Chairman and his sons Stuart and Dan, still focus on innovative and efficient ways to serve our customers and agents. Our website attracts over 1.8 million unique visitors each year and we are involved in over
17,000 home sales throughout Michigan. Operating under multiple brands- Real Estate One, Inc., Max Broock Realtors, 45th Parallel and Johnstone & Johnstone, along with the support of our affiliates- John Adams Mortgage Company, Capital Title Insurance and Insurance One we truly provide the agent
and our clients through every aspect of the real estate transaction to save money, time and stress.
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Its network, Leading Real Estate Companies of the World®,
is the largest organization of locally branded residential real estate firms,
with 700 companies and 170,000 associates producing over $370 billion in annual
home sales. Our Company offers life-long career education and training through
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tools, technology support, in-house legal services, relocation and referral
assistance, mortgage, title, insurance and a long list of agent benefit
programs. Our agents are the life blood of our organization and we strive to
make each career a personal commitment for success. Guided by principles of
trust, respect and integrity, we empower people to achieve their dreams.
Our goal is to attract the highest caliber people in the
business – agents with an unprecedented reputation for success and those that
strive to achieve it. It’s through this commitment, coupled with a sense of
family, unsurpassed quality, professional integrity, a passion to exceed and
excel, stability and a clear future vision that the Real Estate One Family of
Companies have become a destination broker of choice – attracting more than 300
professionals to our family over the last 12 months.
Jobs you may be interested in...
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Real Estate Consultant, Real Estate One - Metro-Detroit
In response to sales growth, Real Estate One is looking for additional real estate sales consultants with a background in sales or marketing. We offer offices all over Metro Detroit which are managed by dedicated real estate sales professionals, a comprehensive training program for new and experienced agents and local corporate support. College education preferred but not required. Requirement
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Experienced Real Estate Agent, Real Estate One - Greater Detroit Area
Are you open minded about your business? Are you looking to take your real estate sales career to the next level? We are so confident that you will achieve a greater amount of success with Real Estate One, that we are willing to pay you to prove it. Our resources and training are unparalleled. We are currently hiring experienced agents that qualify for a specialized program. If you qualify, we
What Real Estate One employees are saying...
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I'm so proud to be a part of one of the most innovative real estate companies in the nation. It's not surprising that we all voted Real Estate One a top company to work with in 2011! http://freep.topworkplaces.com/survey/freep_11
The Real Estate One's Charitable Foundation supports several local charities throughout the year
Real Estate One's Charitable Foundation supports the following local charities all year long:
Special Olympics of Michigan
Multiple Sclerosis Society
Alzheimers Association
The Leukemia & Lymphoma Society
Be the best source for Buyers & Sellers - Your Customers should be the "1st To Know"!
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Imagine in this instant gratification society, being able to provide your home buyer or seller immediate information. Would they be more likely to work with you and remain loyal, because you could provide them access that no other broker offers. That is - 1st To Know. Customers can customize a home search to immediately be informed of properties that enter the market matching their criteria or current listing and you receive instant feedback on the ones they like - buyer lead. In the case of a seller, this often results in a call to reduce their listing price to remain competitive. Your buyers or sellers will have access to text the address of any listed property they happen upon (no matter which broker has it listed) and get real time and complete information about that home delivered via their smart phone. No listings found in the area you want to live, your buyer can simply text any address in that neighborhood and they will be sent a link to the 5 closest listed properties.
October 2011 Real Estate Market Update
Employee Benefits at Real Estate One
- Health insurance
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- On-site cafe
More about Real Estate One Careers
We are now hiring! Paid training programs available for qualified candidates.
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Monday, August 30, 2010
Reluctant landlords in metro Detroit rent to pay mortgages
Reluctant landlords in metro Detroit rent to pay mortgages
Posted: Aug. 30, 2010
Reluctant landlords in metro Detroit rent to pay mortgages
Real estate leases zoom to 20% of deals
BY GRETA GUEST
FREE PRESS BUSINESS WRITER
Comments (122) Recommend (4) Print E-mail Letter to the editor Share
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First of two parts
Tom Youngblood Jr., 38, lived every landlord's worst nightmare with his first rental -- he learned all about eviction law when his tenant wouldn't pay up.
"She paid me the first month, and then October rolled around and she started giving me empty promises," he said. "My first taste of it was tough."
The human resources director for Detroit Testing Laboratory in Warren is among hundreds of homeowners across metro Detroit becoming reluctant landlords because they can't sell their homes.
About 20% of metro real estate transactions now are leases, compared with fewer than 5% in a normal market, said Dan Elsea, president of brokerage services for Real Estate One in Southfield.
Youngblood rented only because he couldn't sell his St. Clair Shores home after 26 months of trying. He and his wife, Andrea, had already purchased a larger home in Macomb Township.
"It took me a long time to convince my wife to rent out the house," he said.
Before you become a landlord, Elsea advises mapping out where you want to be in the next few years. "You should figure renting for the next four to five years and be mentally prepared for that," he said.
Converting the reluctant landlord
A growing number of metro Detroiters are finding out what it means to be a landlord after failing to sell their homes in one of the worst housing slumps in history.
With home prices in the metro area down an average of 32% in the past five years, many don't want to take a huge loss when they decide to move. They want to wait to see whether they can rebuild their equity. So they rent.
"People just really don't want to be landlords, and they really have no choice," said Dennis Dickstein, a Realtor at Real Estate One in Farmington Hills, who estimates that 20% of his deals are leases.
Mark and Rhonda LaVelle decided to buy a bigger home while the market was down. The couple had a 1,100-square-foot house in Royal Oak to sell but decided to move when they found a 2,300-square-foot home about 2 miles away, also in Royal Oak. They started renting their old house in January after it had been on the market nine months.
"After paying two mortgages and the house wasn't moving, we were at a point where we would have to sell it at a substantial loss or get someone else in who could pay the mortgage," said Mark LaVelle, 38, a freelance cameraman.
He and his wife, Rhonda LaVelle, 37, an executive producer at WDIV-TV (Channel 4), turned the leasing over to his real estate agent.
"It's been a great experience. We're getting the full mortgage payment from the tenants," Mark LaVelle said. "My wife just wanted to wash her hands of the whole thing. She looks at it like a liability. I look at it as an investment."
Services can do the work
But it's not always moving up that sparks a home rental.
Sometimes it's a life change, such as a marriage, college graduation, divorce or death in the family.
Many homeowners who decide to lease their homes use their Realtors to handle the transaction, including background and credit checks.
The service generally will cost a landlord one month's rent, while property management could cost 10%-20% of the monthly rent. But with rent often set just high enough to cover the mortgage payment, some landlords do it themselves.
Dan Elsea, president of brokerage services for Real Estate One in Southfield, advises landlords not to be too turned off by potential tenants with bad credit.
"The people coming to them have gotten rid of their biggest expense, their mortgage, when they arrive at the door. They arrive with a reasonably clean income statement if they have a job," he said. "You should look at the credit report, but don't scrutinize it too closely. References are just as important."
Other Realtors agree.
James Silver, an agent with Keller Williams in Troy, said there are many good tenants to choose from.
"As long as you get everything ... a credit report, the last few pay stubs, references. As long as you have everything in front of you, you're fine," Silver said.
And the beauty of the rental market is that prices there have not fallen by 40%, as many parts of the sales market have. The reason is there are a lot of renters to feed demand.
"So many people have lost their homes ... they are looking for a place to live," said Linda Hiller Novak, a Realtor with Max Broock Realtors in Birmingham.
Beware of deadbeats
There are horror stories, of course, for untested landlords. Some learn quickly that the old saying "Possession is nine-tenths of the law" is true.
Steve Cole, an agent with Coldwell Banker Weir Manuel in Birmingham, said he knows a homeowner in Birmingham who rented his house to tenants who not only didn't pay rent, they trashed the home before the landlord could evict them.
"When times are tough, people look to scam," Cole said.
Tom Youngblood Jr., a 38-year-old human resources director, is renting his St. Clair Shores home to a responsible tenant after having to evict the first one.
He was lucky. First off, a court clerk helped him figure out how to legally evict the tenant. He had to give the tenant seven days' notice to pay or face eviction. Then he filed eviction paperwork with the court.
Last December, a judge ordered the tenant to pay or be out in 10 days. She chose to leave and did not damage the home, he said. If the tenant had not moved out within 10 days, a court officer would have done it for her.
It can take from 27 to 57 days to evict a tenant, according to the Michigan State University College of Law's Rental Housing Clinic.
Youngblood's home is now being rented by Danette Trice, 30, an engineer design specialist at AT&T in Mt. Clemens. She had been living in Eastpointe with her son, Ephraim Gibson Jr., 4.
Ephraim has bronchitis, and the two had to move because the air-conditioning wasn't working at their house. Her Realtor helped her get a $100-a-month reduction in rent and made air-conditioning a requirement in the lease.
"I didn't have to do this or that to move in," Trice said. "There was new cabinetry in the kitchen, the appliances were nice and the tile was nice." The right move
Dickstein helped Cyndee Pote, who works in advertising and marketing for Real Estate One's corporate offices in Southfield, lease her Southfield home earlier this summer after Pote, her husband and three children moved to a 2,400-square-foot home in Bloomfield Hills.
Pote and her husband, Jason Pote, had their 980-square-foot house on the market for a year with no offers. Houses in the neighborhood were going for $50,000, and she had paid $94,000. Once it was put up for rent, the showings increased, and they had it rented within a week.
The young man who rented it lived just 10 houses down the street and was losing that rental because the owner let it go into foreclosure. Dickstein did a background check, a credit check and contacted the renter's employer before letting him rent the home.
"The rental market was strong. We were able to cover our mortgage and then some," Cyndee Pote said.
Contact GRETA GUEST: 313-223-4192 or gguest@freepress.com
Posted: Aug. 30, 2010
Reluctant landlords in metro Detroit rent to pay mortgages
Real estate leases zoom to 20% of deals
BY GRETA GUEST
FREE PRESS BUSINESS WRITER
Comments (122) Recommend (4) Print E-mail Letter to the editor Share
Facebook Twitter FarkIt Digg Del.icio.us Reddit Newsvine Buzz up!
First of two parts
Tom Youngblood Jr., 38, lived every landlord's worst nightmare with his first rental -- he learned all about eviction law when his tenant wouldn't pay up.
"She paid me the first month, and then October rolled around and she started giving me empty promises," he said. "My first taste of it was tough."
The human resources director for Detroit Testing Laboratory in Warren is among hundreds of homeowners across metro Detroit becoming reluctant landlords because they can't sell their homes.
About 20% of metro real estate transactions now are leases, compared with fewer than 5% in a normal market, said Dan Elsea, president of brokerage services for Real Estate One in Southfield.
Youngblood rented only because he couldn't sell his St. Clair Shores home after 26 months of trying. He and his wife, Andrea, had already purchased a larger home in Macomb Township.
"It took me a long time to convince my wife to rent out the house," he said.
Before you become a landlord, Elsea advises mapping out where you want to be in the next few years. "You should figure renting for the next four to five years and be mentally prepared for that," he said.
Converting the reluctant landlord
A growing number of metro Detroiters are finding out what it means to be a landlord after failing to sell their homes in one of the worst housing slumps in history.
With home prices in the metro area down an average of 32% in the past five years, many don't want to take a huge loss when they decide to move. They want to wait to see whether they can rebuild their equity. So they rent.
"People just really don't want to be landlords, and they really have no choice," said Dennis Dickstein, a Realtor at Real Estate One in Farmington Hills, who estimates that 20% of his deals are leases.
Mark and Rhonda LaVelle decided to buy a bigger home while the market was down. The couple had a 1,100-square-foot house in Royal Oak to sell but decided to move when they found a 2,300-square-foot home about 2 miles away, also in Royal Oak. They started renting their old house in January after it had been on the market nine months.
"After paying two mortgages and the house wasn't moving, we were at a point where we would have to sell it at a substantial loss or get someone else in who could pay the mortgage," said Mark LaVelle, 38, a freelance cameraman.
He and his wife, Rhonda LaVelle, 37, an executive producer at WDIV-TV (Channel 4), turned the leasing over to his real estate agent.
"It's been a great experience. We're getting the full mortgage payment from the tenants," Mark LaVelle said. "My wife just wanted to wash her hands of the whole thing. She looks at it like a liability. I look at it as an investment."
Services can do the work
But it's not always moving up that sparks a home rental.
Sometimes it's a life change, such as a marriage, college graduation, divorce or death in the family.
Many homeowners who decide to lease their homes use their Realtors to handle the transaction, including background and credit checks.
The service generally will cost a landlord one month's rent, while property management could cost 10%-20% of the monthly rent. But with rent often set just high enough to cover the mortgage payment, some landlords do it themselves.
Dan Elsea, president of brokerage services for Real Estate One in Southfield, advises landlords not to be too turned off by potential tenants with bad credit.
"The people coming to them have gotten rid of their biggest expense, their mortgage, when they arrive at the door. They arrive with a reasonably clean income statement if they have a job," he said. "You should look at the credit report, but don't scrutinize it too closely. References are just as important."
Other Realtors agree.
James Silver, an agent with Keller Williams in Troy, said there are many good tenants to choose from.
"As long as you get everything ... a credit report, the last few pay stubs, references. As long as you have everything in front of you, you're fine," Silver said.
And the beauty of the rental market is that prices there have not fallen by 40%, as many parts of the sales market have. The reason is there are a lot of renters to feed demand.
"So many people have lost their homes ... they are looking for a place to live," said Linda Hiller Novak, a Realtor with Max Broock Realtors in Birmingham.
Beware of deadbeats
There are horror stories, of course, for untested landlords. Some learn quickly that the old saying "Possession is nine-tenths of the law" is true.
Steve Cole, an agent with Coldwell Banker Weir Manuel in Birmingham, said he knows a homeowner in Birmingham who rented his house to tenants who not only didn't pay rent, they trashed the home before the landlord could evict them.
"When times are tough, people look to scam," Cole said.
Tom Youngblood Jr., a 38-year-old human resources director, is renting his St. Clair Shores home to a responsible tenant after having to evict the first one.
He was lucky. First off, a court clerk helped him figure out how to legally evict the tenant. He had to give the tenant seven days' notice to pay or face eviction. Then he filed eviction paperwork with the court.
Last December, a judge ordered the tenant to pay or be out in 10 days. She chose to leave and did not damage the home, he said. If the tenant had not moved out within 10 days, a court officer would have done it for her.
It can take from 27 to 57 days to evict a tenant, according to the Michigan State University College of Law's Rental Housing Clinic.
Youngblood's home is now being rented by Danette Trice, 30, an engineer design specialist at AT&T in Mt. Clemens. She had been living in Eastpointe with her son, Ephraim Gibson Jr., 4.
Ephraim has bronchitis, and the two had to move because the air-conditioning wasn't working at their house. Her Realtor helped her get a $100-a-month reduction in rent and made air-conditioning a requirement in the lease.
"I didn't have to do this or that to move in," Trice said. "There was new cabinetry in the kitchen, the appliances were nice and the tile was nice." The right move
Dickstein helped Cyndee Pote, who works in advertising and marketing for Real Estate One's corporate offices in Southfield, lease her Southfield home earlier this summer after Pote, her husband and three children moved to a 2,400-square-foot home in Bloomfield Hills.
Pote and her husband, Jason Pote, had their 980-square-foot house on the market for a year with no offers. Houses in the neighborhood were going for $50,000, and she had paid $94,000. Once it was put up for rent, the showings increased, and they had it rented within a week.
The young man who rented it lived just 10 houses down the street and was losing that rental because the owner let it go into foreclosure. Dickstein did a background check, a credit check and contacted the renter's employer before letting him rent the home.
"The rental market was strong. We were able to cover our mortgage and then some," Cyndee Pote said.
Contact GRETA GUEST: 313-223-4192 or gguest@freepress.com
Friday, August 27, 2010
HELP! I really need you all to give me a little boost for the Alzheimer's walk tomorrow. I'm begging - just $5 please! http://ping.fm/HnFMA
Thursday, August 26, 2010
I'm on the move for Alsheimer's this Saturday: Please lend your support, if only the next $5 you were going to spend on coffee http://ping.fm/cgssY
Tuesday, August 24, 2010
Shop Talk: Aug. 25
Shop Talk: Aug. 25
Honors
Lori Stephan named
Realtor of year
• The Water Wonderland Board of Realtors’ awards Lori Stephan, of Real Estate One of Alpena, the 2010 Realtor of the Year.
Stephan will be honored and recognized by her peers at both the Michigan Association of Realtors during the Annual Convention in October and the Water Wonderland Board of Realtors during the annual general membership meeting held in November.
Honors
Lori Stephan named
Realtor of year
• The Water Wonderland Board of Realtors’ awards Lori Stephan, of Real Estate One of Alpena, the 2010 Realtor of the Year.
Stephan will be honored and recognized by her peers at both the Michigan Association of Realtors during the Annual Convention in October and the Water Wonderland Board of Realtors during the annual general membership meeting held in November.
Thursday, August 12, 2010
Free & Continuous Training With David Knox
Press Release: Free & Continuous Training With David Knox
Did you know that, in addition to the in office training your receive at Real Estate One, you also have unlimited access to the entire library of David Knox training online; absolutely free! In addition to video tutorials and real role plays, searchable by topic, David is continuously updating the site with new videos to show you how to address difficult situations we run into based on the market today. The material is never outdated! How much more could you earn with the right tools? Our mission is to be smarter, faster, and more personal for you and your customers.
Did you know that, in addition to the in office training your receive at Real Estate One, you also have unlimited access to the entire library of David Knox training online; absolutely free! In addition to video tutorials and real role plays, searchable by topic, David is continuously updating the site with new videos to show you how to address difficult situations we run into based on the market today. The material is never outdated! How much more could you earn with the right tools? Our mission is to be smarter, faster, and more personal for you and your customers.
Wednesday, August 11, 2010
What Could you do with more leads?
What could you do with more leads?
More leads mean more opportunities to earn more money. In June, Real Estate One launched the new "1st to Know" system which gives a potential buyer the ability to text or call with any listed address, regardless of listing broker, and get information sent to them on that property. The system also captures the customers number and information allowing the listing agent or the agent the lead is assigned to, the ability to contact the customer immediately and secure them as a customer. In the first full month of opperation, 1st to Know provided an additional 2000 leads to our agents. How much more income could you make with access to more customers? Real Estate One is working Smarter, Faster, & more personal to secure your future and the future of your clients.
More leads mean more opportunities to earn more money. In June, Real Estate One launched the new "1st to Know" system which gives a potential buyer the ability to text or call with any listed address, regardless of listing broker, and get information sent to them on that property. The system also captures the customers number and information allowing the listing agent or the agent the lead is assigned to, the ability to contact the customer immediately and secure them as a customer. In the first full month of opperation, 1st to Know provided an additional 2000 leads to our agents. How much more income could you make with access to more customers? Real Estate One is working Smarter, Faster, & more personal to secure your future and the future of your clients.
Monday, August 9, 2010
Real Estate One is #10 Brokerage in the US according to Realtrends
Real Estate One ranked #10 for closed transactions and #7 for total company business throughout the US!
Real Estate One is #10 Brokerage in the US according to Realtrends:
Real Estate One is #10 Brokerage in the US according to Realtrends:
Wednesday, August 4, 2010
Real Estate One Event - August 5
Less than 24hrs to David Knox FREE Seminar & it counts for 3 Hrs con-ed! Last chance to register here: http://www.jotform.com/form/1940116968
Monday, August 2, 2010
Special Announcement! Real Estate One has just secured a partnership with David Knox, one of the countries leading trainers: To kick of our partnership David will be speaking this Thursday Live - & you're invited! "Prospering in a changing market" is the topic and it counts for 3 Hrs of FREE con-ed! Click here to register: http://ping.fm/08Z1F
Friday, July 30, 2010
Tuesday, July 27, 2010
Wednesday, July 14, 2010
June 2010 Real Estate Market Report
June 2010
Dear All,
The June market followed what we had expected, slowing from the peak activity levels prior to the tax credit expiration. The good news is that our slowdown has been less than most of the other markets across the nation. Available home (listing) inventories continue to fall, which will help to stabilize value declines. The months supply of inventory for the metro area remains at a two year low of under six months (compared to the high in Nov. of 08' of over 14 months), still a Buyer's market, but moving in the right direction.
The number of showing appointments in May and June fell compared to last year, which would indicate there may be fewer buyers in the market. However there are also fewer houses to look at as well so by creating a Showings/Listings comparison we can get a better "apples to apples" look at buyer activity. The Index shows buyer activity is up over last year and certainly it did fall after April, but only to the same levels as last year. This gives a positive indication that there is still pent up post tax credit demand with current buyer interest actually about equal to last year.
Showings to Listing Index - 10' vs. 09'
If the banks continue their current strategy of a slow release of foreclosure inventories and focusing on short sales then we can expect our market to look very much like is does now for the next two years, a Buyer's Market, but hovering close to a neutral market. That means that values will not fall as fast, or even at all, but there will be little, if any, appreciation either.
The best priced and condition homes will go within weeks, not months and many with multiple bids, so the market will feel like "the same old homes" are sitting on the market, which in fact they are in terms of those homes that are not priced right or in the right condition to attract attention.
Every crisis results in the "correction" pendulum swinging too far the other way. In this case the Lenders fear of loss has resulted in appraisal standards becoming too stringent, causing their valuations to lag behind the values the market is placing on homes. The result is that many sales today require up to three distinct negotiations; a) the Buyer and Seller, b) the Seller and Bank, c) the renegotiation after the appraisal. This will only get worse as the economy picks up, since lenders will be behind in reacting to the market improvement.
For Buyers that means that you need to have patience and, even more important, remember that cash is king. There will be many instances of "hot" homes that get multiple offers, even above the asking price, however the appraisal will come in below the sale price. It will be the Buyer who has the extra cash to make up the difference who will get that "hot" home. This is really not a very risky strategy for a Buyer, since the market has shown by the demand that the value is there, however the appraisals will lag the true market value, since their data is based on historical sales, not current activity.
Some bragging rights for all of you, the most recent Crain's Metro Area Broker list is out. We are in our usual #1 place, handling more transactions in 09' than the next six competitors combined! Across the entire state, we are larger than the next three competitors combined!
Thank you for your all your hard work and for helping so many people both find great opportunities and through tough times.
Here are our numbers and the MLS stats for June of 2010, a down tick from April and May, but still ahead of what we expected.
Dan
June Market Summary – 2010
The reduction in Pending Sales is mainly due to the expiration of the tax credits. A significant portion of the reduction in listing inventories is a result of lenders holding their properties from the market. That reduction in bank owned properties also accounts for the large increase in the median home values for Wayne County.
All Price Ranges Number of Homes Pending Available Homes for Sale
Area June 09 June 10 % Change June 09 June 10 % Change
Oakland County 2,041 2,008 -1.6% 14,802 10,762 -27.3%
Macomb County 1,206 1,140 -5.5% 6,190 4,833 -21.9%
Livingston County 317 276 -12.9% 2,263 1,696 -25.1%
Washtenaw County 319 285 -10.7% 2,236 1,803 -19.4%
Wayne County 3,102 2,642 -14.8% 14,044 11,198 -20.3%
Northwest Michigan* 229 185 -19.2% 4,445 4,925 10.8%
Total 7,214 6,536 -9.4% 43,980 35,217 -19.9%
Median Sale Price Ave Chance of Selling (in 30 days)
Area June 09 June 10 % Change June 09 June 10 % Change
Oakland County $97,750 $125,000 27.9% 14% 19% 35.3%
Macomb County $72,000 $75,250 4.5% 19% 24% 21.1%
Livingston County $140,000 $140,000 0.0% 14% 16% 16.2%
Washtenaw County $169,450 $165,000 -2.6% 14% 16% 10.8%
Wayne County $20,500 $45,000 119.5% 22% 24% 6.8%
Nwest Michigan* $137,600 $156,500 13.7% 5% 4% -27.1%
Total $66,520 $87,254 31.2% 16% 19% 13.1%
Residential and Condominiums
Data Source: MiRealsource, Realcomp, TAAR, Ann Arbor MLS, Broker Metrics
Ave Chance reflects the % chance the average home will sell in the next 30 days under the current rate of sales.
* Includes Grand Traverse, Kalkaska, Antrim, Leelanau and Benzie counties.
Dear All,
The June market followed what we had expected, slowing from the peak activity levels prior to the tax credit expiration. The good news is that our slowdown has been less than most of the other markets across the nation. Available home (listing) inventories continue to fall, which will help to stabilize value declines. The months supply of inventory for the metro area remains at a two year low of under six months (compared to the high in Nov. of 08' of over 14 months), still a Buyer's market, but moving in the right direction.
The number of showing appointments in May and June fell compared to last year, which would indicate there may be fewer buyers in the market. However there are also fewer houses to look at as well so by creating a Showings/Listings comparison we can get a better "apples to apples" look at buyer activity. The Index shows buyer activity is up over last year and certainly it did fall after April, but only to the same levels as last year. This gives a positive indication that there is still pent up post tax credit demand with current buyer interest actually about equal to last year.
Showings to Listing Index - 10' vs. 09'
If the banks continue their current strategy of a slow release of foreclosure inventories and focusing on short sales then we can expect our market to look very much like is does now for the next two years, a Buyer's Market, but hovering close to a neutral market. That means that values will not fall as fast, or even at all, but there will be little, if any, appreciation either.
The best priced and condition homes will go within weeks, not months and many with multiple bids, so the market will feel like "the same old homes" are sitting on the market, which in fact they are in terms of those homes that are not priced right or in the right condition to attract attention.
Every crisis results in the "correction" pendulum swinging too far the other way. In this case the Lenders fear of loss has resulted in appraisal standards becoming too stringent, causing their valuations to lag behind the values the market is placing on homes. The result is that many sales today require up to three distinct negotiations; a) the Buyer and Seller, b) the Seller and Bank, c) the renegotiation after the appraisal. This will only get worse as the economy picks up, since lenders will be behind in reacting to the market improvement.
For Buyers that means that you need to have patience and, even more important, remember that cash is king. There will be many instances of "hot" homes that get multiple offers, even above the asking price, however the appraisal will come in below the sale price. It will be the Buyer who has the extra cash to make up the difference who will get that "hot" home. This is really not a very risky strategy for a Buyer, since the market has shown by the demand that the value is there, however the appraisals will lag the true market value, since their data is based on historical sales, not current activity.
Some bragging rights for all of you, the most recent Crain's Metro Area Broker list is out. We are in our usual #1 place, handling more transactions in 09' than the next six competitors combined! Across the entire state, we are larger than the next three competitors combined!
Thank you for your all your hard work and for helping so many people both find great opportunities and through tough times.
Here are our numbers and the MLS stats for June of 2010, a down tick from April and May, but still ahead of what we expected.
Dan
June Market Summary – 2010
The reduction in Pending Sales is mainly due to the expiration of the tax credits. A significant portion of the reduction in listing inventories is a result of lenders holding their properties from the market. That reduction in bank owned properties also accounts for the large increase in the median home values for Wayne County.
All Price Ranges Number of Homes Pending Available Homes for Sale
Area June 09 June 10 % Change June 09 June 10 % Change
Oakland County 2,041 2,008 -1.6% 14,802 10,762 -27.3%
Macomb County 1,206 1,140 -5.5% 6,190 4,833 -21.9%
Livingston County 317 276 -12.9% 2,263 1,696 -25.1%
Washtenaw County 319 285 -10.7% 2,236 1,803 -19.4%
Wayne County 3,102 2,642 -14.8% 14,044 11,198 -20.3%
Northwest Michigan* 229 185 -19.2% 4,445 4,925 10.8%
Total 7,214 6,536 -9.4% 43,980 35,217 -19.9%
Median Sale Price Ave Chance of Selling (in 30 days)
Area June 09 June 10 % Change June 09 June 10 % Change
Oakland County $97,750 $125,000 27.9% 14% 19% 35.3%
Macomb County $72,000 $75,250 4.5% 19% 24% 21.1%
Livingston County $140,000 $140,000 0.0% 14% 16% 16.2%
Washtenaw County $169,450 $165,000 -2.6% 14% 16% 10.8%
Wayne County $20,500 $45,000 119.5% 22% 24% 6.8%
Nwest Michigan* $137,600 $156,500 13.7% 5% 4% -27.1%
Total $66,520 $87,254 31.2% 16% 19% 13.1%
Residential and Condominiums
Data Source: MiRealsource, Realcomp, TAAR, Ann Arbor MLS, Broker Metrics
Ave Chance reflects the % chance the average home will sell in the next 30 days under the current rate of sales.
* Includes Grand Traverse, Kalkaska, Antrim, Leelanau and Benzie counties.
Friday, July 9, 2010
Monday, June 7, 2010
Thursday, May 27, 2010
Real Estate One brings the most leads through the web
Real Estate One brings more leads via web site traffic than any other broker!
Wednesday, May 26, 2010
Saturday, May 15, 2010
2009 Average Real Estate One Associate Income VS. Other Brokers
2009 Real Estate One Associate Income Vs. Other Brokers:
Real Estate One Agent Vs Century 21 earned $9,609 more
Real Estate One Agent Vs Keller Williams earned $10,694 more
Real Estate One Agent Vs Prudential earned $9,563 more
Real Estate One Agent Vs National Realty Centers earned $8,046 more
Real Estate One Agent Vs ERA earned $13,295 more
Real Estate One Agent Vs Remerica earned $15,327 more
Real Estate One Agent Vs Vision GRP earned $19,776 more
Real Estate One Agent Vs Help U Sell earned $15,775 more
How much more could you have earned with Real Estate One???
If you don't see your broker represented here, contact me and I will provide you with the information.
Numbers are based on data from broker metrics as provided by Realcomp online. Averages were calculated based on 2009 company sale volume divided by average number of agents and using gross commission income at 3%.
Real Estate One Agent Vs Century 21 earned $9,609 more
Real Estate One Agent Vs Keller Williams earned $10,694 more
Real Estate One Agent Vs Prudential earned $9,563 more
Real Estate One Agent Vs National Realty Centers earned $8,046 more
Real Estate One Agent Vs ERA earned $13,295 more
Real Estate One Agent Vs Remerica earned $15,327 more
Real Estate One Agent Vs Vision GRP earned $19,776 more
Real Estate One Agent Vs Help U Sell earned $15,775 more
How much more could you have earned with Real Estate One???
If you don't see your broker represented here, contact me and I will provide you with the information.
Numbers are based on data from broker metrics as provided by Realcomp online. Averages were calculated based on 2009 company sale volume divided by average number of agents and using gross commission income at 3%.
Thursday, May 13, 2010
It's a mansion buyers market
It's a mansion buyers market
Detroit Free Press
In that price range there was a 29-month supply of inventory at the current sales pace, according to data through March 31 compiled by Real Estate One in ...
Detroit Free Press
In that price range there was a 29-month supply of inventory at the current sales pace, according to data through March 31 compiled by Real Estate One in ...
Reports: Area home sales, prices up
Reports: Area home sales, prices up
The Detroit News
"The trump card is the employment issue," said Gerry Miller, a real estate agent in Clinton Township for Real Estate One. "As long as people can keep their ...
The Detroit News
"The trump card is the employment issue," said Gerry Miller, a real estate agent in Clinton Township for Real Estate One. "As long as people can keep their ...
Tuesday, May 4, 2010
March 2010 Real Estate Market Update & 1st Quarter Analysis
Dan Elsea
2010 1ST Quarter Market Update
From Dan Elsea, President - Brokerage Services
Real Estate One Family of Companies
March Market Update
Business has heated up in the past 45 days. The market activity certainly reflects the tax credit activity (up 40-50% from last year - but the first quarter of last year was really slow, so the comparison is relative). We had initially projected a modest level of activity since we felt about 75% of those who were going to take advantage did last year, but it appears we were light on that number and further, the move up credit, although still modest in comparison, does also seem to be stronger that we had anticipated. It looks like we may have had another 40% or so left to roll into this year.
A view of the Months Supply of Inventory (MSI) for the first quarter of 2010 shows the differences in the pace of sales within pricing segments. MSI represents the number of months it would take to sell the For Sale (or available) inventory at the current sales pace. A Buyers Market is a MSI of over 6 months; a Neutral Market is a MSI of 3-6 months; a Sellers Market is a MSI under 3 months.
We are seeing the first signs of pricing stability in the under $100,000 market and even in some segments of the under $200,000 market. For our five county market the under $100,000 the MSI is at 3.2 months, a neutral market. For $100-200,000 the MSI is 6.3 months, just above neutral and for over $200,000, 10.4 months, still a strong Buyer's Market.
We are anticipating a roller-coaster year, furious activity the first six months with a slow down in the second half. But keep in mind the hot first half is being compared to a really slow 2009' and the second half of 2010' is being compared to a really strong 2009'. So the stats will show a market looking much worse after June than it really is. None the less, it will be slower, since the core economy has not picked up enough to make up for the loss of tax credits and the possibility of rising rates. All that said, the web traffic increases we are seeing show that just as there is a shadow inventory of bank owned homes hanging over the market, there is also a shadow inventory of buyers just waiting for some consistent good economic news to jump into the market.
The Annualized Home Sales Rate graph gives you a relative feel for the strength of the market, by showing the seasonally adjusted annualized rate of sales for the five counties. You can see that the annual sales pace has been on the rise since the summer of last year. Most signs are good; however the value appreciation light is still not green, so sellers need to remain aggressive with pricing.
Here are our numbers for March and The Annualized Home Sales Rate Graph.
March Market Report
Monday, May 3, 2010
A closer look at Up North properties
A closer look at Up North properties
Detroit Free Press
It's much better than it was a year or two ago," said Dan Elsea, president of brokerage services for Southfield-based Real Estate One, which compiles data ...
Detroit Free Press
It's much better than it was a year or two ago," said Dan Elsea, president of brokerage services for Southfield-based Real Estate One, which compiles data ...
First-Time Homebuyers Race to Take Advantage of Tax Credit
First-Time Homebuyers Race to Take Advantage of Tax Credit
9&10 News
Gwen Hall, a realtor for Real Estate One in Traverse City tells us she has a couple of clients still hoping to sign the papers by Friday. ...
See more stories on this topic...
9&10 News
Gwen Hall, a realtor for Real Estate One in Traverse City tells us she has a couple of clients still hoping to sign the papers by Friday. ...
See more stories on this topic...
Wednesday, April 21, 2010
Tuesday, April 13, 2010
Detroit Area Home Sales Up 6.2%
Detroit Area Home Sales up 6.2%:
Detroit Free Press
There are more than 10000 properties being held back, according to estimates from Southfield-based Real Estate One. "If the inventory continues to drop, ...
See all stories on this topic
Detroit Free Press
There are more than 10000 properties being held back, according to estimates from Southfield-based Real Estate One. "If the inventory continues to drop, ...
See all stories on this topic
Friday, April 9, 2010
Ann Arbor home sales data expected to show continued climb in March
Ann Arbor home sales data expected to show continued climb in March
AnnArbor.com
At Real Estate One's Ann Arbor office, the net dollar volume generated was double the 2009 total, said manager Jeff Stabnau. Fueling those numbers were the ...
AnnArbor.com
At Real Estate One's Ann Arbor office, the net dollar volume generated was double the 2009 total, said manager Jeff Stabnau. Fueling those numbers were the ...
Real Estate One Points North agents recognized
Real Estate One Points North agents recognized
Houghton Lake resorter
Real Estate One Points North recently received awards at the Real Estate One Franchise Network statewide awards ceremony for 2009. ...
Houghton Lake resorter
Real Estate One Points North recently received awards at the Real Estate One Franchise Network statewide awards ceremony for 2009. ...
Thursday, April 8, 2010
Thursday, April 1, 2010
Despite Housing Slump, Real Estate Is Attracting New Agents
Despite housing slump, real estate attracts new agents
Detroit Free Press
Southfield-based Real Estate One hired 100 agents last year, bringing its total to 1462 in the state, said Dan Elsea, president of brokerage services. ...
Detroit Free Press
Southfield-based Real Estate One hired 100 agents last year, bringing its total to 1462 in the state, said Dan Elsea, president of brokerage services. ...
The Shannon Team Sells the Most Bank owned Properties for 2009!
Realtor You Inc: The Shannon Team sells the most units in 2009!
The Shannon Team takes top honors in the Real Estate One Family of companies with a whopping 637 units sold for 2009! Congratulations to Mike and the entire Shannon Team who specialize in bank owned properties & pre-foreclosures.
The Shannon Team takes top honors in the Real Estate One Family of companies with a whopping 637 units sold for 2009! Congratulations to Mike and the entire Shannon Team who specialize in bank owned properties & pre-foreclosures.
Traverse City - Local home sales saw increase in February
Wednesday, March 31, 2010
The Shannon Team sells most units for 2009
The Shannon Team takes top honors in the Real Estate One Family of companies with a whopping 637 units sold for 2009! Congratulations to Mike and the entire Shannon Team.
Thursday, March 25, 2010
Wednesday, March 17, 2010
Monday, March 15, 2010
Friday, March 12, 2010
Wednesday, March 10, 2010
Tuesday, March 9, 2010
Monday, March 8, 2010
Friday, March 5, 2010
HouseLogic Offers Smart Advice to Owners
helping consumers make the most out of their homes: http://ping.fm/nbAra
helping consumers make the most out of their homes: http://ping.fm/nbAra
Thursday, March 4, 2010
You know those fees other brokers ask your buyer to pay - they are a RESPA violation: http://ping.fm/jaxyP
Thursday, February 25, 2010
This is it! I'm diving into the Detroit River Saturday for Special Olympics. I'm begging each of you donate $5 we can make our goal! http://ping.fm/jiS58
Wednesday, February 24, 2010
Tuesday, February 23, 2010
Tuesday, February 9, 2010
Thursday, February 4, 2010
Monday, February 1, 2010
Wednesday, January 27, 2010
Monday, January 25, 2010
Thursday, January 21, 2010
A seller does not have to sell - to buy now & take advantage of the tax credit! http://ping.fm/hXQ5g
Friday, January 15, 2010
Thinkin bout Freezin for a Reason! Polar Plunge Baby! Watch, laugh, cry, cringe, & donate please!
http://ping.fm/b4glp
http://ping.fm/b4glp
Monday, January 11, 2010
Friday, January 8, 2010
Monday, January 4, 2010
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