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It used to be a given for anyone selling their house – a realtor would put their
listing on national real estate aggregator websites like Zillow, Trulia, and
Realtor.com to maximize exposure and sell homes quickly. But that could be changing fast as the two
entities face off.
Since 2005 or so, realtors have shared data about homes they have for sale
with those national sites, which have millions of visitors (Zillow, for example,
had 32 million last month). But even though the sites have grown, sales haven't
in the distressed housing market, and some agents believe the sites may not be
helping. They accuse them of engaging in practices that give buyers inaccurate
information that may hurt sales.
Among their complaints are that the sites allow any agent, for a fee, to have
their name and photo appear prominently beside homes listed for sale in a given
region, even if they aren’t the agent who represents the seller. In reality, the
agent in the photo may know little about the property or the neighborhood where
the house is located, frustrating customers’ efforts to get accurate answers,
according to a report last year by real estate consulting firm Clareity.
Some realtors also claim that many listings on the largest sites are
inaccurate. “The wrong photos often appeared with our listings,” says San Diego
realtor Jim Abbott, whose firm no longer shares data with the national sites. He
also says that the sites kept up listings that were no longer on the market.
Clareity CEO Gregg Larson says Zillow and Trulia get information about the same
property from multiple sources (like the listing agent, the local multiple
listing service, and a syndication service). “The duplicates sneak through, and
then you have [the same] listing with different prices, listed by different
brokers.”
One Massachusetts realtor, Jack Attridge, notes in a letter to Inman
News that because homes he’s listed appear on national sites, he’s often
contacted by agents and customers well outside his area who have questions about
those properties. Most of the time, they have wrong information, and none of
those calls, Attridge wrote, have resulted in a sale.
These and other problems hurt realtors reputations and do nothing to sell
houses, they say. Abbott argues that inaccurate web listings, combined with
side-by-side links to realtors who know little about the property, frustrate
potential buyers and may actually drive them to look elsewhere. He studied three
years of his firm’s sales data and compared listings that the company didn’t
share with national sites versus those they did. “Time after time, the listings
that we did syndicate compared with the listings that we didn’t had no better
outcomes,” he says. “In fact the ones we didn’t syndicate often sold faster” and
closer to the asking price.
Zillow CEO Spencer Rascoff has fired back, asserting that an internal company
study shows that homes that are in the top 10 percent of page views on Zillow
sell more than a month faster than their counterparts in the bottom 10 percent
of views and achieve sale prices closer to their asking price. He also says
Zillow “invests massive resources in making our listings as accurate as
possible.
Nevertheless, Abbott and a few others have opted out. Minnesota-based Realty fired the first shot in November by announcing they’ll no longer list
their data on aggregator sites like Trulia and Realtor.
Abbott pulled out on
January 27 with a hard-hitting web video announcing his company’s plans. Then on February 6,
a bigger player weighed in. Denver-based Metrolist, a multiple-listing service
(a member cooperative that realtors jointly buy into that advertises properties
locally), announced they’ll no longer allow a Zillow subsidiary to use their
data. Some realtors in larger metropolitan areas say they have better local
listing service options. “It would only take a few good-sized brokers in every
community before these sites either drastically changed how they do business or
went away altogether,” says Abbott.
But other industry insiders worry that realtors will lose business by pulling
out of the aggregator sites. “All it takes is [brokers who don’t share data]
losing a few listings and having a couple of their top-selling agents complain,”
Larson says, and “they’ll cave.”
Phoenix realtor Jay Thompson has chosen to continue listing with the sites.
“Good luck explaining your decision to not market a listing on high traffic
sites,” he writes on his blog. “I can assure you that if a Phoenix area
brokerage chooses to do that, then we will use their decision to our advantage.”
Abbott argues the opposite could happen — since he posted his video, he’s had
12 people who were interviewing for an agent to sell their home ask him about
his company’s new policy. “We got all 12 of those listings,” he says. Calls to
the firm, he says, have “gone through the roof.”
The
views, opinions, positions or strategies expressed by the authors and those
providing comments or external internet links are theirs alone, and do not
necessarily reflect the views, opinions, positions or strategies of First
Capital, we make no representations as to accuracy, completeness, current,
suitability, or validity of this information and will not be liable for
any errors, omissions, or delays in this information or any losses, injuries,
or damages arising from its display or use. Any
information provided does not constitute an offer or a solicitation to lend.
Providing information to purchase does not guarantee a loan approval. All registered
trademarks, copyright, images, or other items used are property of their
respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a
direct lender, Dept. of Corporations file #413-0713
It used to be a given for anyone selling their house – a realtor would put
their listing on national real estate aggregator websites like Zillow, Trulia, and
Realtor.com to maximize exposure and sell homes quickly. But that could be changing fast as the two
entities face off.
Since 2005 or so, realtors have shared data about homes they have for sale
with those national sites, which have millions of visitors (Zillow, for example,
had 32 million last month). But even though the sites have grown, sales haven't
in the distressed housing market, and some agents believe the sites may not be
helping. They accuse them of engaging in practices that give buyers inaccurate
information that may hurt sales. RELATED: 10 Ridiculously
Desperate Real Estate Listings
Among their complaints are that the sites allow any agent, for a fee, to have
their name and photo appear prominently beside homes listed for sale in a given
region, even if they aren’t the agent who represents the seller. In reality, the
agent in the photo may know little about the property or the neighborhood where
the house is located, frustrating customers’ efforts to get accurate answers,
according to a report last year by real estate consulting firm Clareity.
Some realtors also claim that many listings on the largest sites are
inaccurate. “The wrong photos often appeared with our listings,” says San Diego
realtor Jim Abbott, whose firm no longer shares data with the national sites. He
also says that the sites kept up listings that were no longer on the market.
Clareity CEO Gregg Larson says Zillow and Trulia get information about the same
property from multiple sources (like the listing agent, the local multiple
listing service, and a syndication service). “The duplicates sneak through, and
then you have [the same] listing with different prices, listed by different
brokers.”
One Massachusetts realtor, Jack Attridge, notes in a letter to Inman
News that because homes he’s listed appear on national sites, he’s often
contacted by agents and customers well outside his area who have questions about
those properties. Most of the time, they have wrong information, and none of
those calls, Attridge wrote, have resulted in a sale.
These and other problems hurt realtors reputations and do nothing to sell
houses, they say. Abbott argues that inaccurate web listings, combined with
side-by-side links to realtors who know little about the property, frustrate
potential buyers and may actually drive them to look elsewhere. He studied three
years of his firm’s sales data and compared listings that the company didn’t
share with national sites versus those they did. “Time after time, the listings
that we did syndicate compared with the listings that we didn’t had no better
outcomes,” he says. “In fact the ones we didn’t syndicate often sold faster” and
closer to the asking price.
Zillow CEO Spencer Rascoff has fired back, asserting that an internal company
study shows that homes that are in the top 10 percent of page views on Zillow
sell more than a month faster than their counterparts in the bottom 10 percent
of views and achieve sale prices closer to their asking price. He also says
Zillow “invests massive resources in making our listings as accurate as
possible.”
Nevertheless, Abbott and a few others have opted out. Minnesota-based Edina
Realty fired the first shot in November by announcing they’ll no longer list
their data on aggregator sites like Trulia and Realtor. Abbott pulled out on
January 27 with a hard-hitting web video announcing his company’s plans. Then on February 6,
a bigger player weighed in. Denver-based Metrolist, a multiple-listing service
(a member cooperative that realtors jointly buy into that advertises properties
locally), announced they’ll no longer allow a Zillow subsidiary to use their
data. Some realtors in larger metropolitan areas say they have better local
listing service options. “It would only take a few good-sized brokers in every
community before these sites either drastically changed how they do business or
went away altogether,” says Abbott.
But other industry insiders worry that realtors will lose business by pulling
out of the aggregator sites. “All it takes is [brokers who don’t share data]
losing a few listings and having a couple of their top-selling agents complain,”
Larson says, and “they’ll cave.”
Phoenix realtor Jay Thompson has chosen to continue listing with the sites.
“Good luck explaining your decision to not market a listing on high traffic
sites,” he writes on his blog. “I can assure you that if a Phoenix area
brokerage chooses to do that, then we will use their decision to our advantage.”
Abbott argues the opposite could happen — since he posted his video, he’s had
12 people who were interviewing for an agent to sell their home ask him about
his company’s new policy. “We got all 12 of those listings,” he says. Calls to
the firm, he says, have “gone through the roof.”
A key gauge of home values in the nation's largest cities fell in December
to its lowest level since the start of the housing crisis in mid-2006.
Although a bottom in home prices doesn’t appear imminent, several economists
pointed to small improvements in the housing market -- including upticks in
sales and new construction -- that could support a recovery.
Home values in big U.S. cities have fallen to their lowest levels since the
start of the housing bust, but cheap prices could draw in new buyers and bolster
the chances of recovery, economists say.
A key gauge of home values in the nation's largest cities fell in December to
its lowest level since the start of the housing crisis in mid-2006 — the latest
evidence that real estate prices remain in a funk.
The Standard & Poor's/Case-Shiller index of 20 American cities, released
Tuesday, fell 1.1% in December from November and 4% from December 2010. Eighteen
out of the 20 cities tracked by the index posted declines while Atlanta, Las
Vegas, Seattle and Tampa,
Fla., saw average home prices hit new lows.
Although a bottom in prices doesn't appear imminent, several economists
pointed to small improvements in the housing market — including upticks in sales
and new construction — that will start to support a recovery.
In addition, they say, values aren't in a free fall similar to the one that
emerged after the subprime mortgage crisis and credit crunch of 2007. The drop
in prices is largely because of foreclosures, economists said, which continue to
ravage certain hard-hit neighborhoods while places with fewer distressed sales
improve.
"If you are not in a neighborhood where foreclosures are a big problem, it's
very likely that home prices are not dropping," said Patrick Newport, U.S.
economist for IHS Global Insight. "They are stabilizing or rising."
Celia Chen, a housing economist at Moody's
Analytics, drew the distinction between a recovery in home sales and new
construction, which appears to have begun, and an improvement in prices, which
remains elusive and will probably continue to remain so through much of the
year.
"Enough homes are in the foreclosure pipeline to keep house prices falling
through much of this year," Chen said.
There are other indicators that may support a housing recovery, including
increased household growth, record-high affordability, a tighter supply of homes
on the market, low interest rates, a pickup in sales of previously owned homes
and an increase in the number new units started by builders.
Housing remains road-blocked by persistent unemployment, the sheer number of
foreclosures, the difficulties buyers are having securing mortgages and the
large share of homes underwater, in which the owners owe more than the homes are
worth.
"In terms of prices, the housing market ended 2011 on a very disappointing
note," said David M. Blitzer, chairman of the index committee at S&P
Indices. "While we thought we saw some signs of stabilization in the middle of
2011, it appears that neither the economy nor consumer confidence was strong
enough to move the market in a positive direction as the year ended."
All the California cities in the index posted declines from the previous
month. Los Angeles, San Diego and San Francisco fell 1.1%, 0.7% and 0.8%,
respectively. Only two metro areas posted monthly gains: Miami, up 0.2%, and
Phoenix, up 0.8%.
A separate, national index published quarterly by S&P Case Shiller fell
3.8% during the fourth quarter of 2011 and was down 4% compared with the fourth
quarter of 2010.
Investors shrugged off the news of a new housing-price low and pushed U.S.
stocks higher. The Dow Jones industrial average extended its recent gains to
close past the 13,000 mark for the first time in four years.
"Although the rate at which house prices are falling accelerated at the end
of last year, it may only be a few more months before the decline seen over the
last five years comes to an end," said Paul Dales, senior U.S. economist at
Capital Economics. "We expect prices will be broadly unchanged this year and
maybe next."
The severity and length of the housing depression — now more than five years
in the offing — has surprised forecasters. Warren
Buffett, the billionaire investor, said over the weekend that he had been
"dead wrong" predicting that a recovery in housing would have begun by now.
But even the biggest pessimists have softened their outlooks. Robert Shiller,
a professor at Yale University and co-creator of the index who raised eyebrows
last year with comments that home prices could experience severe declines, said
Tuesday that his outlook had grown slightly more optimistic.
The
views, opinions, positions or strategies expressed by the authors and those
providing comments or external internet links are theirs alone, and do not
necessarily reflect the views, opinions, positions or strategies of First
Capital, we make no representations as to accuracy, completeness, current,
suitability, or validity of this information and will not be liable for
any errors, omissions, or delays in this information or any losses, injuries,
or damages arising from its display or use. Any
information provided does not constitute an offer or a solicitation to lend.
Providing information to purchase does not guarantee a loan approval. All registered
trademarks, copyright, images, or other items used are property of their
respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a
direct lender, Dept. of Corporations file #413-0713
Home prices continue to plummet in many parts of the U.S., including Los Angeles County. The Antelope Valley has been especially hard hit.
A key gauge of home prices in the nation's largest cities fell in December to its lowest level since the start of the housing crisis in mid-2006.
The Standard & Poor's/Case-Shiller index of 20 American cities fell 1.1% from November to December and 4% from December 2010. Eighteen out of the 20 cities tracked by the index posted declines and Atlanta, Las Vegas, Seattle and Tampa,Fla., each saw average home prices hit new lows.
“In terms of prices, the housing market ended 2011 on a very disappointing note,” said David M. Blitzer, chairman of the index committee at S&P Indices. “While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended."
All of the California cities in the index posted declines from the prior month. Los Angeles, San Diego and San Francisco fell 1.1%, 0.7% and 0.8%, respectively. The drop continues a slide that began last year as sales weakened and the jobs picture remained bleak.
In December, Miami and Phoenix were the only two metro areas that posted monthly gains, up 0.2% and 0.8%, respectively.
A separate, national index published quarterly by S&P Case Shiller, also released Tuesday, showed deterioration in home values. The national composite fell by 3.8% during the fourth quarter of 2011 and was down 4.0% versus the fourth quarter of 2010.
The steep drops indicate that the housing market likely began 2012 in decline, as the broader economic recovery was not enough to lift home values. Home prices are now below their low hit in April 2009 -- reached during the depths of the financial crisis.
[Updated 7:53 a.m., Feb. 28: Robert Shiller, a professor at Yale University and co-creator of the index, said in a conference call Tuesday he was slightly more optimistic about housing’s future than he was a year ago, “but not that optimistic.”
“We are in a situation where a lot of people think, long-term, this is great, home prices are low,” Shiller said. “But somehow they think in the short-run … we are still in a holding pattern.”
Karl E. Case, the other co-creator of the index and a professor at Wellesley College, said he was more optimistic that the housing market would begin to improve given that, according to Census data, more U.S. households are being created, meaning there will be more demand for housing. If demand remains high -- and supply relatively low -- the housing market should begin to improve, he said.
The views, opinions, positions or strategies expressed by the authors and those providing comments or external internet links are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of First Capital, we make no representations as to accuracy, completeness, current, suitability, or validity of this information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Any information provided does not constitute an offer or a solicitation to lend. Providing information to purchase does not guarantee a loan approval. All registered trademarks, copyright, images, or other items used are property of their respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a direct lender, Dept. of Corporations file #413-0713
January labor reports reveal that the U.S. economy added 243,000 jobs during the first month of 2012. This is a 133,000-person increase from the hiring numbers of January last year.
This data implies that many jobless Americans have indeed, gotten
back to work. Yet, recent money-saving trends adopted by many homeowners
show that Americans are still aiming to stretch their hard-earned money
further than they did in previous years. With this in mind, I present to you four ways to cut your home costs in 2012.
Cut cable service and add Apple TV.
Digital media receivers, such as Apple TV or Roku Player, allow users to play digital content on computers or high-definition televisions.
The reason many homeowners are choosing to cut expensive cable
service plans in favor of Smart TV is simply the competitive viewing
selection it provides without a monthly bill!
Through the use of Apple TV, Bluray Player or Roku Player, users can view digital content originating from the following wide range of media:
Netflix
MobileMe
Flickr
YouTube
iTunes Store
NHL GameCenter
MLB.tv
NBA League Pass
The main complaint from Apple TV users is the fact that you can’t
watch live sports on the device. However, other Apple TV users stated
that going to a restaurant or bar to watch a live sporting event is both
more enjoyable and less expensive than paying a high cable bill every
month.
Cancel your landline in favor of a smartphone.
With the current rate technology is advancing, it’s easy to
understand how the home phone line is becoming more synonymous with the bag phone of 1992 with each year that passes.
Landlines have gotten a bad rep recently due to their involvement
with expensive cable bundle packages that have persuaded many
cash-strapped people to do away with cable and landlines all together.
The endless possibilities that apps have given smartphone users may
have provided the perfect storm for the extinction of the home phone
land line.
Clip coupons and cut cooking costs.
There are a number of Americans who have mastered the art of cutting
and using coupons. These people plan ahead to the point where they
rarely pay full price for anything on their grocery lists.
Here are a few tips for the novice coupon cutter:
Make a grocery list.
Thumb through the grocery ads that appear in your mailbox or daily paper.
Do a quick Google search to determine what items from your list are on sale at the local grocery store.
Print or clip the coupons.
If possible, delay buying items on your list that are not currently on sale.
Monitor and record your savings.
Couponing is a growing trend with frugal homeowners. With a
newspaper and a pair of scissors, you can start cutting money off your
weekly expenses today!
Buy energy-efficient products to save on utility costs.
There are many energy-efficient household products such as
energy-saving light bulbs, mica thermic space heaters, and solar radio
systems that may lower your monthly utility bills.
While the higher cost of an energy-efficient furnace may persuade you
to reconsider your options, reports show that these furnace owners can
save $787 annually on utility costs.
Websites such as Buy Energy Efficient
assist frugal homeowners in lowering their monthly utility bills by
informing them about the wide range of energy-efficient household
products available.
The economy is recovering, but if your home is full of energy vampires, your personal finances could get sucked dry.
Of course, I would be remiss if I didn’t let you know of another great way to save on home costs: refinancing.
Rates are still silly low, so find out which refinance option is best
for you, and your hard-earned money could last a lot longer.
The
views, opinions, positions or strategies expressed by the authors and those
providing comments or external internet links are theirs alone, and do not
necessarily reflect the views, opinions, positions or strategies of First
Capital, we make no representations as to accuracy, completeness, current,
suitability, or validity of this information and will not be liable for
any errors, omissions, or delays in this information or any losses, injuries,
or damages arising from its display or use. Any
information provided does not constitute an offer or a solicitation to lend.
Providing information to purchase does not guarantee a loan approval. All registered
trademarks, copyright, images, or other items used are property of their
respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a
direct lender, Dept. of Corporations file #413-0713
But other industry insiders worry that realtors will lose business by pulling
out of the aggregator sites. “All it takes is [brokers who don’t share data]
losing a few listings and having a couple of their top-selling agents complain,”
Larson says, and “they’ll cave.”
