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Boomer Helicopter Parents Now Hover In Home Buying

You’ve probably heard about the helicopter boomer parents accompanying their Millennial kids on their first job interviews. Maybe you’re guilty of this. Well, now that the young adults are buying homes, helicopter parents are hovering over house hunts, too.

 

That can wind up being a bad idea for moms and dads, as well as their sons and daughters.

 

According to a recent Time article, 17% of parents of Millennials are helping their offspring purchase homes. Most are offering financial assistance, which is where the problems start. Like parents who contribute to their child’s wedding and want a say in the guest list, the helicopterers providing a portion — or all — of a down payment frequently want in on the house hunt, too.

 

Bill Golden, a longtime Realtor with RE/MAX Metro Atlanta Cityside, says parents started showing up for showings when the economy began declining a few years ago. “Part of it is parents were worried the kids would make a bad financial decision,” he says.

 

While those are good intentions, the road to hell… (you know the rest).

 

Many times, the parents insist they know more about real estate than the real estate agent their child has hired, which can irritate Realtors. “I might have spent months educating them [prospective Millennial buyers] about the market and what’s a good value and what’s not,” says Golden, “and then the parents come in, and it is hard for them to believe that kids will spend $300,000 on a 600-square-foot place.”

In addition to not understanding local market values, parents risk ruining a deal because they don’t understand the “custom” of buying a home there.

 

Daniel Pierson of McEnearney Associates in Arlington, Va., recalls a couple whose parents from Ohio insisted they offer only 80% of asking price, since that was customary where they lived. But in the Washington, D.C. area, Pierson says, homes typically sell for their asking price or above. No one will take a lowball offer seriously.

 

Sometimes, helicopter parents show up unannounced to look at a house their child is considering or interfere with the home inspection, rankling Realtors and home sellers. This kind of meddling can lead a seller to reject the otherwise worthy buyer’s offer.

 

“I had a situation recently where a father followed the inspector around and argued with him about everything,” says Golden. The father — no surprise —  was not a home inspector.

 

Mike Ferrante, with Century 21 Homestar in Highland Heights, Ohio, tells a similar inspection tale: “The father was crawling around the house and poking things,” he recalls. “I was so worried he would damage the house and tick off the sellers.”

 

4 Tips for Millennials’ Parents

 

So parents, if you want to help your kids purchase a home — either through financial assistance or just moral support — here are four tips from Realtors:
1. Speak with the real estate agent to educate yourself. When Golden has to deal with a buyer’s parents, “I will pull up comps for them and explain what’s going on in the market. Sometimes I just have to share anecdotes about how it’s highly competitive, that most homes have several offers and this is what you have to do to compete,” he explains.

 

2. Understand that home-buying trends change. At one point, it may have been a buyers’ market, but it isn’t today in most places, says Ferrante. Some parents are acting like it’s 24 months ago and they and their kids are holding all the cards. “We have to explain that you are not in as strong a position as you think you are,” notes Ferrante.

 

3. Trust the real estate pro. Chances are your children asked friends and colleagues for recommendations for a Realtor; respect their decision to work with this person. “You don’t go to a brain surgeon and tell the doctor where to start cutting,” says Ferrante. “By the same reasoning I wish folks would trust their agents.”

 

4. Let your kid make mistakes. Buying a house is a big investment, to be sure, and if you’re helping your son or daughter with the purchase, you want to make sure it’s money well spent. But at some point you need to let go. If not, says Ferrante, “your child will second guess [the decision] because it wasn’t their choice.”

 

Worse, don’t come in and kill the deal on a house your child covets. “I’ve seen this happen multiple times, even though the kids want the house. Then the kids tell me that they have this nagging feeling that they should have bought that house,” notes Ferrante. “Do you really want to be responsible for that kind of remorse?”

 

Leah Ingram is a lifestyle and frugal-living expert and the author of Suddenly Frugal: How to Live Happier and Healthier on Less. She is also founder of the money-saving blog, Suddenly Frugal, and writes for magazines and websites including Good Housekeeping and Parade.com. This article originally appeared at Forbes.com.

 
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2015 Real Trends “The Thousand”

 
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National Survey Ranks Top Real Estate Agents and Teams

Results find RE/MAX Affiliates Outnumber Competitors

 

RE/MAX has more of the nation’s top real estate agents when ranked by transaction sides than any other brand, according to The Thousand, an annual survey compiled by REAL Trends and showcased inThe Wall Street Journal.

Among the 250 individual agents and 250 agent teams closing the most residential transaction sides, 125 are RE/MAX professionals, which is 25 percent of the total. Keller Williams finished second with 90 transaction rankings, while Coldwell Banker had 64. Century 21 was fourth with 33.

“The RE/MAX agents who appear on this list are some of the very best in the entire industry,” says Dave Liniger, CEO, Chairman of the Board and Co-Founder of RE/MAX, LLC. “They provide a level of service to their clients that’s hard to match and keep RE/MAX competitive in this survey year after year.”

RE/MAX teams averaged 389 sides and 27 ranked in the top 100, with three in the top 10. RE/MAX individuals, 20 of whom ranked in the top 100, averaged 177 sides. In addition to transaction sides, The Thousand also ranks agents by sales volume and average sales price. Two RE/MAX teams finished in the top 20 for sales volume, while RE/MAX individuals ranked by average sales price posted an average of $5.9 million.

RE/MAX leaders by category include:

  • Team closing the most residential transaction sides – 3rd/1,265 sides, Ryan O’Neill’s Minnesota Real Estate Team, RE/MAX Advantage Plus, Bloomington, MN
  • Individual closing the most residential transaction sides – 3rd/457 sides, Joe Kadaf, RE/MAX Leading Edge, Dearborn Heights, MI
  • Team selling the highest residential sales volume – 14th/$280 million, Ryan O’Neill’s Minnesota Real Estate Team, RE/MAX Advantage Plus, Bloomington, MN
  • Individual selling the highest residential sales volume – 48th/$162 million, Mike Sedar, RE/MAX The Woodlands & Spring II, The Woodlands, TX
  • Individual with the highest average sales price – 90th/$7.1 million, Jonathan Taksa, RE/MAX Commercial and Investment Realty, Los Angeles, CA

The REAL Trends The Thousand ranks participating U.S. agents based on their total 2014 residential production. The top 250 teams and top 250 individual agents are ranked in each of three categories: most transaction sides, highest sales volume, and highest average sales price.

 
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Home Sales Continue Upward Trend … May Average Price is at Record Levels

Published on June 22, 2015 in Ohio

May home sales in Greater Cincinnati continue to climb, up + 1.3%, compared to a year ago. Homes sold (closed) last month were 2,308 compared to 2,277 in May 2014.

“The Cincinnati housing market is in great shape,” said Joe Mock, President of the Cincinnati Area Board of REALTORS®. “The number of listings under contract is up over last May, which is good. There appears to be a slight backlog of listings waiting to close, which is not bad, but may be a result of changes to lending policies and government restrictions,” said Mock.

“Even though our housing market is strong, we will begin to see, later this summer, a slowdown in the reporting of sales and an increase in the time it takes to close on a property due to these lending restrictions. This is even MORE reason to contact a REALTOR to assist you through this process,” said Mock.

The May average home price set new records climbing to $195,110 vs. $182,630 a year earlier, a + 6.8% increase. The average price has increased year-over-year for 39 consecutive months. At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend to 8,679 from 9,554 a year ago, down – 9.2%

Local home mortgage rates in May averaged 4.00% for a 30-year fixed rate loan. The rates were higher at 4.13 a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $478.

“The fact that the May average price is at record levels is a result of a few things: the inventory is at record lows; interest rates remain low; once listed, if the property is priced correctly and in move-in shape it will sell quickly; and with the demand high and the supply low of good housing, the prices are increasing,” Mock continued.

“This is simple Economics 101. However, consumers need to realize that this type of market will not last. This is why if you are thinking about selling your property, do not wait. Contact a REALTOR to assist you,” said Mock.

“Remember, a Realtor is your source for real, accurate information about the current market. Call one today!”

Nationwide, May home sales were up + 5.1% from April on a seasonally adjusted basis, and were up + 9.2% from May 2014.

Click here for the full report.

 

 
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The long and short of it

You’ve been reading mixed stories about the housing market, and while some areas are still experiencing a slowdown, our market is prime for you to pursue the American Dream.

 

Regardless of whether housing is up or down, individuals and families will always have a need to buy or sell. Home sales were not as brisk last year, but we’re experiencing a great market this year. Interest rates are at historical lows, which is creating an excellent atmosphere for qualified buyers.

 

When reading the gloom and doom about foreclosures, it’s important to keep the reports in perspective. Most defaults were a result of sub-prime adjustable mortgages. Most were no money down loans with the seller paying for the buyer’s closing costs and down payments. Those days are gone.

 

Buyers need to put down at least 5 percent for a conventional loan and 3.5 percent for an FHA loan. Sometimes the down payment may be a gift from a relative. Check with your lender for their loan guidelines. Buyers can still get no money down VA or USDA loans. There are restrictions with both.

 

Now is the time to seek the advice and guidance of a trusted local real estate professional, whether you’re buying or selling. Keep a level head and take advantage of positive forces in the current housing market. Now is a great time to buy a home.

 

This article originally appeared at housecall.com

 
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Atlantic Station condo filled with art, city views

Atlantic Station condo filled with art, city views
Christopher Oquendo Photography

A cocktail party conversation in 2014 sparked Vicki Hooten’s move to a Midtown Atlanta condo.

Friends shared how happy they were with their decision to downsize to a condo in Buckhead. Hooten began to wonder why she was holding onto her Morningside home of 27 years.

The next week, she saw her real estate agent, Julie Sadlier with RE/MAX Metro Atlanta Cityside, in the grocery store. Her home was on the market three weeks later.

Hooten wanted to remain close to Piedmont Park and her job in Buckhead. About 20 condos later, she viewed a unit with floor-to-ceiling windows in The Atlantic, a high-rise condo in Atlantic Station.

“I saw that I got to see Midtown and downtown with my view and then when I look down, it is historical trees,” she said. “It kind of looks like a mini Central Park.”

Snapshot

Resident: Vicki Hooten, who works for ABC National Television Sales

Location: The Atlantic, Midtown Atlanta

Size: 1,828 square feet, two bedrooms, two-and-a-half baths

Year built: 2009

Year bought: 2014

Builder: Novare

Architect: Smallwood, Reynolds, Stewart, Stewart & Associates

Architectural style: Art deco

Favorite architectural elements: Floor-to-ceiling windows

Renovations: Bertolli Floors installed American Scrape Walnut floors from Armstrong in all the rooms. Synergy Multimedia installed Lutron QS wireless shades compatible with RadioRa 2 and HomeWorks QS automation system, and an Apple TV, Sonos Playbar and Sonos wireless sound system.

Interior design style: She describes it as comfortable and inviting with a touch of humor.

Favorite pieces: Dining room table from Crate & Barrel, which is paired with an oversized bronze mirror. “It is a statement piece and reflects the city,” she said.

Favorite artwork: Pieces by her son, artist Christopher Derek Bruno, and multiple mixed media pieces by artists Samuel Ruder and Dawne Raulet, which join other original pieces of art.

Favorite outdoor features: Balcony and the pool, which she can view from her condo.

Favorite collections: Sid Dickens Memory Blocks

Resources: RH Gallery, Bobby Berk Home, Crate & Barrel, West Elm, Mathews’ Furniture Galleries, Cantoni, Pottery Barn, Eco Denizen, RH Gallery, The Dump

Decor tip: Just because you see a piece of furniture that you really like, stop and ask yourself: Does it have a place in my home, and if so, what am I going to get rid of?

This article originally appeared in the Atlanta Journal Constitution.

 
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Big Gain in Pending Home Sales to Start Summer Selling Season

Published on June 8, 2015 in Featured, Nashville

NASHVILLE, Tenn. (June 8, 2015) – There were 3,558 closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an increase of 15.6 percent from the 3,079 closings reported for May 2014.

 

Year-to-date closings total 13,402. That is an 11.6 percent increase compared to the 12,012 closings reported through May 2014.

 

“The summer is always a hot time for home sales. Middle Tennessee hasn’t seen a month of May this strong since 2007, said Cindy Stanton, GNAR President. “This is the first time since June of 2007 that we have exceeded 3,500 units sold in one month. The steady increase in home sales is the sign of a vibrant market.

 

“The excitement continues with the number of pending home sales. There were 3,730 pending sales at the end of May. We haven’t experiences pending sales numbers like these since June of 2006. While not all of those pending sales may make it to the closing table, they are a good indicator of the the solid activity in the housing industry we can expect in the coming months.”

 

A comparison of sales by category for May is:

  May 2014 May 2015 
CLOSINGS 3,079 3,558
 Residential  2,544  2,953
 Condominium  347  411
 Multi-Family  21  19
 Farm/Land/Lots  167  175

There were 3,730 sales pending at the end of the month, compared to the 3,108 pending sales at this time last year. The average number of days on the market for a single-family home was 61 days.

 

The median residential price for a single-family home during May was $235,000 and for a condominium it was $175,000. This compares with last year’s median residential and condominium prices of $209,900 and $174,000, respectively.

 

Inventory at the end of May was 13,764, down from 15,962 in 2014. The current inventory of properties by category, compared to last year, is:

  May 2014 May 2015 
INVENTORY 15,962 13,764
  Residential  10,414  9,067
  Condominium  1,128  980
  Multi-Family  146  130
  Farm/Land/Lots  4,274  3,587

“Inventory remains a deterrent for buyers, with a three month supply for single family homes and two months for condominiums. Many properties rapidly leave the market and some never make it to be listed in the multiple listing service,” said Stanton. “A Realtor’s market knowledge, both of available and coming properties, is invaluable in these circumstances.”

 

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.  REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

 
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Bats, RE/MAX announce partnership

LOUISVILLE, KY – The Louisville Bats and RE/MAX of Kentucky, a real-estate leader in the commonwealth, have announced a partnership running through the 2015 season. The RE/MAX logo will be displayed throughout Louisville Slugger Field as part of the partnership.

“RE/MAX is very proud to partner with the Louisville Bats,” said Bob Fauth, regional manager, RE/MAX of Kentucky. “Like RE/MAX, the Louisville Bats are a family-friendly organization with a strong history of supporting this community. We look forward to a long and successful partnership.”

RE/MAX has more than 750 sales associates and 44 offices servicing the region. As a real-estate leader, RE/MAX of Kentucky is committed to supporting the Greater Louisville community through strategic partnerships, such as their relationship with the Bats.

Many RE/MAX agents and brokers are fans of the Bats and are excited for the partnership. You can see some of their associates the next time you come to the ballpark and you may see them throwing out a first pitch at a game later this season.

The Bats have averaged 8,912 fans per game at Louisville Slugger Field since its opening in 2000 and have totaled over 9.4 million fans through 15 seasons. Tickets for all regular season games are available. The entire 2015 Bats schedule, including updated promotions and special events, can be found at batsbaseball.com. Single-game tickets may be purchased online, by calling 1-855-228-8497 or by visiting the Louisville Slugger Field box office. Full and partial season tickets, along with group outings and suite rentals are available by calling the Bats front office at 502-212-2287.

 

This story was not subject to the approval of the National Association of Professional Baseball Leagues or its clubs
 
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Matt Hester Named The Top Team of 2014 at RE/MAX Greater Atlanta

Marietta, GA – May 28, 2015 – Matt Hester has been honored as the No. 1 team for RE/MAX Greater Atlanta located on Roswell Road in East Cobb.

Known as Matt Hester & Associates, the team’s sales production jumped from $19.5 million in 2013 to nearly $28 million in 2014. These gross sales numbers also placed Hester in the top 10 RE/MAX teams in Georgia and they were honored as the No. 2 team with the Cobb Association of Realtors.

Matt Hester is no stranger to real estate or sales. He has been in real estate 11 years and, prior to that, worked in some form of sales for most of his career, including time at Coca-Cola and Nabisco. His team focuses on residential real estate sales in the Marietta and East Cobb area.

When not selling real estate, Hester is a sponsor/supporter of Pope High School band as well as their baseball team.

To contact Matt Hester, call 678-784-4375 or visit www.matthesterhomes.com to conduct a Cobb County or metro Atlanta real estate property search or to read numerous raving fan client testimonials.

RE/MAX Greater Atlanta, a staple in Atlanta real estate for more than 25 years, is co-owned by Ben Christopher and Denny Jones. Centrally located minutes north of Atlanta in Marietta at 2050 Roswell Road, this office is one of the most productive RE/MAX offices in the metro area. RE/MAX, LLC is also the most recognizable brand in residential real estate, and leads the industry in brand awareness.

 
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Two Veteran Realtors® Open RE/MAX Masters in Nashville

Published on May 27, 2015 in Nashville

NASHVILLE, Tenn, May 27, 2015 – Charles Jeter and Stephen Jacobs, two local real estate veterans, are the new Owners of RE/MAX Master, which opened in early May in Nashville.  Although the office is under construction, the Agents are hard at work selling real estate.

 

RE/MAX Masters is located at 640 Grassmere Park Drive and currently features nine residential real estate professionals.

 

“The rest of the nation is discovering what we have always knows – Nashville is a fantastic place to call home!” Jeter says. “With a thriving economy, beautiful landscapes, and a thrilling entertainment community, Nashville is the place to plant your roots!  RE/MAX Masters would be honored to introduce you to your new Nashville home!”

 

When construction is complete, RE/MAX Masters will be the only Nashville-area brokerage to feature a design and selection center that will assist customers choosing features in their new construction homes, and clients in making selections for remodeling homes to put on the market.

 

“Our experience in leadership and sales with the top-area homebuilders will provide high-level expertise in purchasing a new home or remodeling an existing one.  This will give our clients peace of mind in the process.”

 

The office will feature private offices, conference rooms, and a technology center will support the associates as they pursue becoming a Master real estate agent.

 

RE/MAX Masters serves families within Nashville, Franklin, Brentwood, Mt. Juliet, Hendersonville, Murfreesboro, Thompson Station, Spring Hill, Gallatin and Lebanon. The office specializes in new construction and remodels – from luxury homes to first-time homebuyers.

 

For more information about Jeter and Jacobs or RE/MAX Masters, please visit www.mastersnashville.com or contact (615) 905-6331.

# # #

About RE/MAX Masters:

RE/MAX Masters is a locally owned and operated full-service real estate brokerage located in Nashville. Founded in 2015, the brokerage has nine Realtors® and specializes in residential real estate. RE/MAX Masters is located at 640 Grassmere Park Drive. To learn more, please visit www.mastersnashville.com.

 

About RE/MAX of Tennessee:

A leader in Tennessee real estate, RE/MAX of Tennessee offers real estate services to buyers and sellers in Memphis, Nashville, Chattanooga, Knoxville and every city in between. With more than 950 Real Estate Agents and 64 offices, RE/MAX of Tennessee has helped thousands of families with their home buying and selling needs. For more information, visit www.remax-tennessee.com.

 
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