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What’s my home worth? Realtor.com’s ‘My Home’ has answers

Inmannews - 48 min 47 sec ago
Realtor.com today announced a new feature to address the increasing number of homeowners who are staying put longer than they used to.  ...
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Crazy Sh*t In Real Estate: Don’t judge a book by its cover

Inmannews - 3 hours 49 min ago
“Don’t judge a book by its cover” -- a lesson Buddy West learned in a very humbling way when he was out showing a house to a man whom he thought was a drug dealer ...
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Ixact Contact’s new design improves agent experience

Inmannews - 3 hours 49 min ago
Ixact Contact is a CRM for real estate agents that is set to debut a totally revamped look and feel by the end of the year ...
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5 types of insurance first-time homebuyers should consider

Inmannews - 4 hours 18 min ago
Buying a home is a huge deal. It’s not only a sanctuary to raise your family, but it's also an investment in your future. New homeowners want and need insurance to protect this investment. Here are five types of insurance homeowners need to protect their home ...
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3 totally bustable myths about millennials in real estate

Inmannews - 4 hours 49 min ago
As a real estate agent who helps a lot of millennials through their first homebuying process, and a millennial myself, I have had several older agents come to me for help when dealing with this new generation of buyer ...
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How email templates can save real estate agents much needed time

Inmannews - 5 hours 18 min ago
It’s not a surprise that when you hear email templates, you automatically assume it must have to do with bulk emails or mass newsletter emails. And you’re not wrong, but in this case, it’s more important to think about email templates as one of the easiest ways to personalize your emails to larger groups of people in your network while still saving yourself big chunks of time ...
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How to get the most out of your real estate coaching experience

Inmannews - 5 hours 49 min ago
Congratulations! You are ready to invest in yourself as a real estate agent or team leader, and you’ve hired a real estate coach. Hopefully, the potential to grow personally and professionally brought you to this point.  ...
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President Trump loses support of real estate industry

Inmannews - Tue, 08/22/2017 - 3:00pm
The majority of Inman readers disapprove of Donald Trump's performance as president, an Inman poll reveals. Of those who responded to the one-question survey, 66 percent said they disapproved of the way Trump is handling the job ...
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NAR ‘Moving With Kids’ research: Focus on schools, service

Inmannews - Tue, 08/22/2017 - 1:52pm
It's probably no surprise that school district and convenience to schools are important to homebuyers and sellers with kids. But do you have any idea how the presence of children in a household affects a seller's urgency to move or a buyer's willingness to compromise ...
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Freddie and Fannie’s appraisal-free mortgages to slash closing times

Inmannews - Tue, 08/22/2017 - 1:19pm
When real estate broker Hank Miller explains the mortgage process to buyers, he gives it to them straight. "It's going to be the biggest pain in the ass that you've been through," he says. Freddie Mac and Fannie Mae, government-owned entities that buy a large share of U.S. mortgages from lenders, are taking a big step toward alleviating this pain ...
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FinCEN extends all-cash buyer rules to Honolulu

Inmannews - Tue, 08/22/2017 - 11:49am
Welcome to the club, Honolulu! The Hawaiian metropolitan area is the latest to join a list of cities and counties that have to report all-cash real estate deals above a certain dollar amount to the Financial Crimes Enforcement Network (FinCEN) ...
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Nationstar does a branding 180, becomes ‘Mr. Cooper’

Inmannews - Tue, 08/22/2017 - 10:21am
Nationstar has officially rebranded its servicing and loan origination operations as Mr. Cooper, seven months after the announcement of the name change during the company's Q4 2016 earnings call ...
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Relax and live a little: How to earn a spot at real estate’s rich table

Inmannews - Tue, 08/22/2017 - 9:55am
You won't find Aaroe Estates president and real estate agent Aaron Kirman slumped behind a desk or hiding behind his tablet. You're more likely to catch him mid-volley on the tennis court with clients, chatting it up with prospects at dinner or enjoying a casual day of shopping with investors ...
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OfferPad, an Opendoor competitor, launches ‘Agent-on-Demand’

Inmannews - Tue, 08/22/2017 - 6:01am
Buyers will soon be able to use their smartphones to access Phoenix listings owned by OfferPad, an "iBuyer" that uses technology to quickly buy and resell homes ...
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Handling objections: How to chase and unpack the ‘no’

Inmannews - Tue, 08/22/2017 - 3:00am
Is there a winning formula that can help us deal with objections effectively? Should we actually encourage objections? In this post, Dale Archdekin shares his winning tactics for reverting objections and making them work in his favor ...
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How do you stack up online? Find out with these 4 free tools

Inmannews - Tue, 08/22/2017 - 2:30am
The majority of real estate agents I meet have no idea if their online efforts are paying off at all. They are told they need to have a Facebook page, that SEO is important and that they should be sending out a regular email newsletter to stay top-of-mind with clients ...
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How to ruin your buyer’s agent reputation in 5 easy steps

Inmannews - Tue, 08/22/2017 - 2:00am
Almost all real estate agents belong to at least one Facebook group where a few times a week, a listing agent is so hopping mad he or she has to vent or his or her head might actually explode ...
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How to avoid cultural gift-giving faux pas that can cost you clients

Inmannews - Tue, 08/22/2017 - 1:30am
Gift giving can be a great way to show your appreciation to clients; it sends a positive message and builds better relationships to encourage further business. Well, it usually does. In certain cultures, a poorly chosen gift is often more than just a disappointment; it can be a blatant sign of disrespect ...
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How to boost your lead nurturing with targeted blog content

Inmannews - Tue, 08/22/2017 - 1:00am
Every successful real estate agent will tell you that nurturing a healthy pipeline of people who can lead to your next closing is crucial for survival in this business. But creating value during the nurturing process can be a huge challenge ...
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Some Apartment Markets Are Facing Challenges

American Apartment Owners Association - Mon, 08/21/2017 - 10:58pm

Apartment rents are not growing as quickly as they had been, according to research firm RealPage Inc.

In a few overbuilt downtowns, apartment rents are starting to fall. But experts claim that demand for apartment units continues to be so strong, the trend won’t last for long.

“The story in these markets is the apartment story writ large: the high levels of apartment construction are not enough to house the 1.2 million or so new households formed each year without increased single-family construction,” says John Affleck, research strategist with the CoStar Group.

Apartment rents are still growing, but not as quickly as they had been, in markets across the country, according to research firm RealPage Inc. Rent growth is slowing the most in a handful of cities where developers have opened thousands of new apartments recently.

Rents fall in Houston

In Houston, rents dropped by 1.6 percent on average over the past year, according to RealPage. In the top “urban core” neighborhoods where developers have opened the most new apartments, rents have fallen by more than 10.0 percent. Apartment occupancy rate in the city averaged 92.9 percent in mid-2017, down 180 basis points from the high of 2015.

“There is still some pain immediately ahead for Houston, mainly reflecting that another 22,000 or so apartments will be delivered in the coming few months,” says Greg Willett, chief economist for RealPage.

However, the outlook for Houston is strong. “Once we get past early 2018, however, the completion pace will slow to a trickle in a metro likely to be experiencing robust employment growth,” says Willett. “The metro has the potential to move from performance laggard status to star positioning very quickly.”

New York City

The rents in New York City are barely growing. Revenue growth was close to zero over the 12 months that ended in mid-2017. “So not terrible, but very little rent growth,” says Barbara Denham, senior economist with research firm Reis Inc.

Developers are expected to open 20,000 new apartments in New York City this year, according to RealPage. That’s about 25 percent up from the year before. “Some further rent cuts are possible,” says Willett. “Queens will join Manhattan and Brooklyn among the areas struggling to digest sizable new supply.”

Nashville, Tenn.

Developers are now opening new apartments in Nashville at a rate of nearly 8,000 a year. That’s about double the rate of completions in 2016 and 2015, according to RealPage. The occupancy rate was 95 percent at mid-year, 160 basis points lower than it was 12 months ago.

Rents still grew by 3.4 percent in Nashville over the 12 months ended at mid-year. That’s close to twice the overall rate of inflation. But it’s less than half the rent growth compared with the year before, when developers opened half as many new apartments. “And the downtown submarket—where construction is heaviest—is suffering sizable rent cuts,” says Willett.

Rents are growing in smaller markets

Not all apartment markets are cooling off. The places where the pace of rent growth sped up the most include Colorado Springs, Colo.; Ventura County, Calif.; Tacoma, Wash. and Sacramento, Calif. Effective rents grew on average between 5.0 percent and 8.0 percent in these markets over the 12 months that ended in mid-2017.

These towns don’t have much in common, except they are located in close proximity to markets with very expensive apartment rents, including Denver, Los Angeles, Seattle and San Francisco, according to Denham.

Source: NRE Investor

The post Some Apartment Markets Are Facing Challenges appeared first on AAOA.

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