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How
we get prospects has changed, but how we follow up has not. It’s easier to
close someone you know, a “prospect,” than a stranger, a “lead.” You turn
leads into prospects by following up. Here’s how.
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May 18, 2016
5 tactics for effective prospect follow-up
May 16, 2016
Weekly Update
QUOTE OF THE WEEK... "The way to get started is to quit talking and begin
doing." --Walt Disney, American entrepreneur and animation pioneer
INFO THAT HITS US WHERE WE LIVE ... There's always lots to talk about in the housing market, but happily what more people have begun doing is actually buying homes. The National Association of Realtors (NAR) reported existing home sales saw their best first quarter in almost a decade. The NAR chief economist painted this picture: "In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing sales since 2007." For single-family homes and condos, that was a 5.29 million unit annual rate--4.8% higher than a year ago.
Seeing this excellent Q1 performance, an NAR economic forecast forum predicted existing home sales would post their best year in the last ten, finishing 2016 at a 5.40 million annual pace. They expect median existing home price gains to moderate from 6.8% in 2015 to 4% to 5% this year. A major real estate information firm's report on Q1 loan originations showed purchase mortgages up 3% and home equity lines of credit up 10%, versus a year ago. Oddly in this low rate environment, refinance originations dropped, but the firm's senior VP pointed out, "the purchase loan market continued the pattern of slow-and-steady growth that it has been following the past two years."
BUSINESS TIP OF THE WEEK... In every endeavor, always choose to succeed. People are successful for many different reasons, but they all share this one: they chose to succeed.
INFO THAT HITS US WHERE WE LIVE ... There's always lots to talk about in the housing market, but happily what more people have begun doing is actually buying homes. The National Association of Realtors (NAR) reported existing home sales saw their best first quarter in almost a decade. The NAR chief economist painted this picture: "In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing sales since 2007." For single-family homes and condos, that was a 5.29 million unit annual rate--4.8% higher than a year ago.
Seeing this excellent Q1 performance, an NAR economic forecast forum predicted existing home sales would post their best year in the last ten, finishing 2016 at a 5.40 million annual pace. They expect median existing home price gains to moderate from 6.8% in 2015 to 4% to 5% this year. A major real estate information firm's report on Q1 loan originations showed purchase mortgages up 3% and home equity lines of credit up 10%, versus a year ago. Oddly in this low rate environment, refinance originations dropped, but the firm's senior VP pointed out, "the purchase loan market continued the pattern of slow-and-steady growth that it has been following the past two years."
BUSINESS TIP OF THE WEEK... In every endeavor, always choose to succeed. People are successful for many different reasons, but they all share this one: they chose to succeed.
May 9, 2016
Market Update
QUOTE OF THE WEEK... "Rule No. 1: Never lose money. Rule No. 2: Never
forget Rule No. 1." --Warren Buffett, American business magnate,
investor and philanthropist
INFO THAT HITS US WHERE WE LIVE ... The weekend before last, Mr. Buffett spoke at his company's annual meeting and the "Oracle of Omaha" asserted that the housing market is on stable footing. He said the likelihood of another crisis brought on by falling home prices is "very low." "I don't see a nationwide bubble in real estate right now at all. In Omaha and other parts of the country, people are not paying bubble prices for real estate." A leading real estate information firm agrees. They reported home prices were up 6.7% year-over-year in March and the firm forecasts that prices will come in 5.3% ahead, year-over-year, in March 2017.
In other words, home price appreciation has been steady over the last year and the trend isn't likely to change any time soon. It doesn't hurt that mortgage rates have remained attractive. Freddie Mac's chief economist said that last week "...the 30-year mortgage rate drifted down to...just three basis points above the low for the year." He added: "Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates." One listing site reports homes are indeed selling faster, with 66.6% on the market after 30 days, a 1.2% drop from a year ago.
BUSINESS TIP OF THE WEEK... Change is inevitable but people can be flexible. So instead of fighting change, work it to your advantage and see what amazing things can happen.
INFO THAT HITS US WHERE WE LIVE ... The weekend before last, Mr. Buffett spoke at his company's annual meeting and the "Oracle of Omaha" asserted that the housing market is on stable footing. He said the likelihood of another crisis brought on by falling home prices is "very low." "I don't see a nationwide bubble in real estate right now at all. In Omaha and other parts of the country, people are not paying bubble prices for real estate." A leading real estate information firm agrees. They reported home prices were up 6.7% year-over-year in March and the firm forecasts that prices will come in 5.3% ahead, year-over-year, in March 2017.
In other words, home price appreciation has been steady over the last year and the trend isn't likely to change any time soon. It doesn't hurt that mortgage rates have remained attractive. Freddie Mac's chief economist said that last week "...the 30-year mortgage rate drifted down to...just three basis points above the low for the year." He added: "Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates." One listing site reports homes are indeed selling faster, with 66.6% on the market after 30 days, a 1.2% drop from a year ago.
BUSINESS TIP OF THE WEEK... Change is inevitable but people can be flexible. So instead of fighting change, work it to your advantage and see what amazing things can happen.
May 2, 2016
Market Update
QUOTE OF THE WEEK... "From there to here, and here to there, funny things
are everywhere." --Dr. Seuss (Theodor Seuss Geisel), American writer
and illustrator
INFO THAT HITS US WHERE WE LIVE ... Funny things certainly are occurring everywhere in the housing market. Last week began with the news that New Home Sales dipped 1.5% in March. But sales were up in the Midwest and the South, level in the Northeast, only slipped in the West, and overall, new single-family home sales are up 5.4% over a year ago. Plus, this report doesn't count sales of multifamily units: urban condos, for example. Monthly data of course is volatile, so we have to look at the trend and that stays positive. Jobs and wages are picking up, if ever so slowly, and that's putting a new home within the reach of more people.
The National Association of Realtors (NAR) Pending Home Sales index shot up in March to its highest level in seven months. This measure of contracts signed on existing homes gained for the second month in a row. The NAR's chief economist felt this signals a solid beginning to the spring buying season: "Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March." And the trend here is terrific. Pending home sales have grown year-over-year 19 months in a row. It was especially nice to see strength in the Northeast and the Midwest. Finally, the Case-Shiller home price index is up 5.4% from a year ago.
BUSINESS TIP OF THE WEEK... Perfectionism is a liability. The time it takes to get every detail perfect slows you down. Focus on doing the high-priority, high-impact items right, then just get the rest of the job done.
INFO THAT HITS US WHERE WE LIVE ... Funny things certainly are occurring everywhere in the housing market. Last week began with the news that New Home Sales dipped 1.5% in March. But sales were up in the Midwest and the South, level in the Northeast, only slipped in the West, and overall, new single-family home sales are up 5.4% over a year ago. Plus, this report doesn't count sales of multifamily units: urban condos, for example. Monthly data of course is volatile, so we have to look at the trend and that stays positive. Jobs and wages are picking up, if ever so slowly, and that's putting a new home within the reach of more people.
The National Association of Realtors (NAR) Pending Home Sales index shot up in March to its highest level in seven months. This measure of contracts signed on existing homes gained for the second month in a row. The NAR's chief economist felt this signals a solid beginning to the spring buying season: "Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March." And the trend here is terrific. Pending home sales have grown year-over-year 19 months in a row. It was especially nice to see strength in the Northeast and the Midwest. Finally, the Case-Shiller home price index is up 5.4% from a year ago.
BUSINESS TIP OF THE WEEK... Perfectionism is a liability. The time it takes to get every detail perfect slows you down. Focus on doing the high-priority, high-impact items right, then just get the rest of the job done.
April 25, 2016
Market Update
QUOTE OF THE WEEK... "Only the mediocre are always at their best."
--Jean Giraudoux, French dramatist
INFO THAT HITS US WHERE WE LIVE ... Housing starts certainly were not at their best in March, dropping 8.8% for the month, to a 1.089 million annual rate. But you could hardly call their performance mediocre in the past year, as starts are up a solid 14.2% during that time. Single family starts are even stronger, up 22.6% versus a year ago, and the 12-month moving average of overall starts is at its highest level since 2008. New building permits likewise weren't at their best in March, dipping 7.7% overall, to a 1.086 million annual rate. Yet single-family building permits are 13.2% ahead of where they were a year ago.
The National Association of Home Builders (NAHB) confidence index, at 58 in April, showed the majority of builders see favorable market conditions. Existing home sales did well in March, up 5.1%, to a 5.33 million annual rate. The months' supply rose to 4.5 months, due to a 5.9% increase in inventories. Still, supply remains tight and demand is getting stronger, as existing homes were on the market an average of only 47 days in March, down from 59 days in February. A real estate information company reported sellers in March saw an average 17% gain over their original purchase price, the highest increase since December 2007.
BUSINESS TIP OF THE WEEK... Let your two ears and one mouth remind you to listen twice as often as you speak. Clients want to be heard--and understood. Make sure of that by paraphrasing their words back to them.
INFO THAT HITS US WHERE WE LIVE ... Housing starts certainly were not at their best in March, dropping 8.8% for the month, to a 1.089 million annual rate. But you could hardly call their performance mediocre in the past year, as starts are up a solid 14.2% during that time. Single family starts are even stronger, up 22.6% versus a year ago, and the 12-month moving average of overall starts is at its highest level since 2008. New building permits likewise weren't at their best in March, dipping 7.7% overall, to a 1.086 million annual rate. Yet single-family building permits are 13.2% ahead of where they were a year ago.
The National Association of Home Builders (NAHB) confidence index, at 58 in April, showed the majority of builders see favorable market conditions. Existing home sales did well in March, up 5.1%, to a 5.33 million annual rate. The months' supply rose to 4.5 months, due to a 5.9% increase in inventories. Still, supply remains tight and demand is getting stronger, as existing homes were on the market an average of only 47 days in March, down from 59 days in February. A real estate information company reported sellers in March saw an average 17% gain over their original purchase price, the highest increase since December 2007.
BUSINESS TIP OF THE WEEK... Let your two ears and one mouth remind you to listen twice as often as you speak. Clients want to be heard--and understood. Make sure of that by paraphrasing their words back to them.
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