Real Estate of the Decade: How Did Neighborhoods Fare?

With 2020 approaching, it’s time we take a step back and look at how far real estate has come since 2010. After nearly a decade, some drastic changes have been implemented into the market.

At the start of 2010, real estate was in some tough waters: home values were at their lowest and delinquency in mortgages was high. But now, as 2020 approaches, home values have recovered (along with the economy) and mortgage rates are at a historic low.

The new challenges of 2020? Well, much of the country is still grappling with housing affordability and lack of homes for sale.

Below, you’ll find Redfin’s research of the housing markets that have experienced the most dramatic changes over the past decade.

Take a look here:

  • Highest % increase in home prices: Fort Lauderdale, Florida
  • Biggest contrast between increase in home prices and decline in incomes: Las Vegas, Nevada
  • Largest dollar value jump in home prices: San Francisco, California
  • Greatest decline in days on market: Long Island’s Nassau County, New York
  • Steepest drop in home supply: Salt Lake City, Utah

We’ll have to wait to see what 2020 will bring – but with the decade coming to a close, it’s interesting to see where real estate has come.

The Year Ahead: Real Estate 2020

With 2020 on the horizon, it’s time to start preparing for what clients are wanting. Alliance Title has the knowledge and expertise you need to close quickly and efficiently.

Let us help you reach your 2020 market goals.

Real Estate 2020 Stats:

  • Millennials will look to “Hipsturbia” communities – a blend between suburb and city life. *
  • 1 in 4 households will face bidding wars compared to only one in 10 in 2019.**
  • There will be 35 million 65+ households in the U.S.***

*forbes.com
**redfin.com
***qz.com

Real Estate Tip of the Week: Holiday Gift Guide for Clients

Struggling with holiday gifts to send your clients? We’ve got you covered!

To inspire repeat clients and encourage referrals, it’s important that you continue building relationships with your past leads. What better way to inspire and encourage a continuing relationship, than to send out a little holiday gift?

*It’s important to note, however, that each state has its own regulations with what can be purchased as gifts for clients. Be sure to check with your state regulations.

You’ll want to make sure your gifts are thoughtful and personal – your previous (or current) clients will be able to tell the difference!

Holiday Card

Pick out a set of holiday cards and personally write your warm wishes inside for each of them. A handwritten note is a special touch, and really does go a long way!

Food / Drinks

Homemade cookies, a bottle of wine, or a sweet candy treat are all great options to send! Keep your client in mind, though – not everyone has the same tastes!

If you need more of a direction, local hits are always a great gift. If your state specializes in jam, wrap up the jar in a cute bow!

Plants / Décor Items

A lovely poinsettia (what better holiday plant?) or a unique vase / planters are great ways to spruce up your holiday gift giving. Another option – a holiday wreath to hang on their front door!

“Home for the Holidays” doormat or sign, or a cozy holiday candle are perfect staples as well.

The holidays are a perfect excuse to show your clients you care! A small gift can be a great reminder to use you again in the future, or to refer someone to you.

Check out more real estate tips and tricks – stop by Alliance Title’s Blog here.

Expanding your Business

Reaching new clients and expanding your business is our top priority. We have the tools and resources you need for fast, smooth, and efficient transactions. With a hot market, you don’t have time to lose potential leads.

Check out some of our tools and prospecting ideas:

  • EMTransfer: Cloud-based service to securely document, collect, and disburse earnest money 100% electronically
  • Title Capture: A fast and useful quoting tool for title quotes, net sheets, and more
  • Seller Prospecting: search for properties in the most needed inventory areas
  • Buyer Prospecting: Look for zoning, land use, and acreage for agricultural land

Call your local Alliance Title Representative to connect with fast and friendly service!

New Housing Law Protects Against Discrimination

A new law was put in place this past Friday (June 17th) at the U.S. House of Representatives. The Equality Act passed by a vote of 236-173; this act includes protections for LGBTQ people against discrimination in housing.

This law has been added on to current state anti-discrimination laws on a national level by providing an extra layer of support against discrimination throughout the U.S. Earlier this month, the Fair and Equal Housing Act of 2019 has also been trying to add gender identity and sexual orientation to the classes that are defended against discrimination.

Maine Senator, Angus King, explains: “No one should be denied access to affordable housing because of who they are. Safe and affordable housing is the basic building block for all Americans seeking to achieve economic, educational, and personal success.”

The U.S. Court of Appeals for the Seventh Circuit also recently ruled that landlords could be held liable for any acts of discrimination if they did not respond to harassment tenants might be facing.

Marketing Tips for Your Open House

Unless most of your customers are as honest as Sydney Fife in the movie, I Love You Man, it can be hard to know exactly how to market to your audience.

You have the perfect house to show – the location and aesthetics are picturesque and deserve an open house. How can you ensure your event will reach a fair amount of people in order to create a successful showing?

Pick the Right Day & Time

Obviously, the weekends see the highest attendance in open houses. Know your audience – do you want to attract younger couples, singles, or recent empty nesters? Then Saturdays are probably your better day.

This doesn’t mean that weekdays are off limits – just select the best time. Shoot for a schedule that attracts an after-work attendance. They might just decide to stop at your open house to avoid the daily commuter traffic going home. Having an open house in the evening also allows the buyer to see the house in a new light – literally.

Social Media

An effortless and creative way to advertise your open house will be through various social media outlets – especially Facebook and Instagram. Upload your post on Realtor Association pages and to your own personal account.

Include the day, time, and contact information. Don’t forget those pretty pictures of the house!

Signs

Place your open house signs as the busiest intersections – think about placing 15-20 directional signs pointing drivers and walkers to the property.

Make sure you place any signs, flyers, or postings about the event early in the week. This way people can plan accordingly and possibly even help spread the word to family or friends!

Be Bold

Remember, sometimes you’re going to need to go that extra mile to help sell. Think about going door-to-door around the neighborhood personally inviting them – or anyone they know looking at buying a home – to your open house.

Think about creating a “Thank You” video after the open house and posting it to your social media accounts. This keeps the momentum of your house going.

Understanding Property Tax Prorations for Washington

Through the process of a closing, your escrow officer will prorate property taxes to the date of the closing. The seller is responsible for the property taxes from January 1st to the closing date. The buyer is responsible for the taxes from the closing date through December 31st. If the buyer is including taxes in their mortgage payment, the lender may collect reserves to pay the taxes on the buyer’s behalf when they come due.

In the State of Washington, the property tax year is January 1st through December 31st. Property tax installments become due on April 30th and October 31st each year.

Here is an example of how taxes would be prorated for a closing date of March 15th:

Annual tax bill is $1,200 (January 1st through December 31st)

$1,200 divided by 365 days = $3.2877 per day

January 1st through March 15th = 74 days

74 x $3.2877 = $243.29, which is charged to the seller

As can be seen from the above example, the seller pays the property taxes for each day they own the home during the tax year. The buyer will then pay the property taxes for each day they own the home for the remainder of the tax year. Your escrow officer will make sure these tax prorations are properly calculated.

Upcoming Continuing Education Course – February 9th in Meridian, Idaho

An Overview of the Title and Escrow Process continuing education class, IREC course E0341, will be held February 9, 2017 from 9:00 am to 11:00 am at:

Alliance Title & Escrow Corp.
2965 E Tarpon Dr., Ste. 180
Meridian, ID 83642
208-846-8558

The course is free and 2 CE elective credit hours will be offered. Seating is limited. To register, click here or contact your local Alliance Title branch.

Upcoming Continuing Education Course – February 7th in Coeur d’Alene, Idaho

Title Explained: The Benefits of Understanding Title Insurance continuing education class, IREC course E0442, will be held February 7, 2017 from 9:00 am to 1:00 pm at:

Alliance Title & Escrow Corp.
2157 N Main St.
Coeur d’Alene, ID 83814
208-667-3402

The course fee is $20 and 4 CE elective credit hours will be offered. Lunch is included, but seating is limited. To register, click here or contact your local Alliance Title branch.

Upcoming Continuing Education Course – January 19th in Twin Falls, Idaho

An Overview of the Title and Escrow Process continuing education class, IREC course E0341, will be held January 19, 2017 from 8:30 am to 10:30 am at:

Alliance Title & Escrow Corp.
1411 Falls Ave. E, Ste. 1315
Twin Falls, ID 83301
208-733-8014

The course fee is $5 and 2 CE elective credit hours will be offered. Seating is limited. To register, click here or contact your local Alliance Title branch.