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- Eighteen percent of REALTOR® members have at least one personal assistant working for them. This is most common among managers and broker-owners to have a personal assistant. Among managers who do not sell, 27 percent have 1 personal assistant and 20 percent have more two or more assistants.
- Personal assistants most commonly process new listings and enter them into the MLS, send mailings to clients and prospects, and place and track advertising of listings, as well as schedule listing presentations, closing, and appointments.
- About half of personal assistants are licensed in real estate, and slightly less than half are full-time. Members most frequently reported paying the assistant themselves, while about one-third are paid by the company. The most common compensation structure is hourly.
- For more information about this and other data from the Member Profile, go here >
Yesterday, NAR Research held a Twitter chat on home feature preferences for recent buyers. The information for this chat was taken from our recent 2013 Home Features Survey and echoes many of the experiences real estate professionals are having in their own markets. There were too many responses to include them all, but the recap of the major highlights is below. Thank you to all who participated!
Confidence about current market conditions and in the outlook for the next six months rose in February based on information gathered in the February REALTORS® Confidence Index (RCI) Survey (http://www.realtor.org/reports/realtors-confidence-index). REALTORS® generally mentioned strong buyer demand and improving prices amid tight inventory and restrictive credit conditions.
Examples of improving residential markets are delineated in detail in the RCI Report.
- Eighty three percent of REALTORS® reported constant or higher prices in January compared to a year ago.
- Median days on market for all sales was reported at 74 days in January compared to 97 days a year ago.
- Thirty-three percent of respondents reported time on market at less than 1 month when sold.
- Ninety-two percent of REALTORS® reported that they expect constant or higher prices in the next 12 months.
Distressed sales were at 25 pecent of market, down from 34 percent a year ago.
REALTORS® frequently provide comments in their responses to the monthly REALTORS® Confidence Index survey. The January responses in general were upbeat, focused on the ongoing recovery of the residential real estate markets. However, there continue to be problems associated with the recovery: a lack of inventory, tight financing, appraisal issues, and regulatory/economic issues are constraining the current housing recovery.
Low Inventory/Multiple Bidding
Inventory was reported as remaining tight, with increased multi-bidding. Investors, who typically pay cash, frequently win against first-time buyers. REOs do not appear to be coming to the market sufficiently to meet demand. Sellers are reported as waiting for prices to pick up further. There are reports of homes selling above asking prices.
Access to financing continues to be perceived as tight. The process of obtaining a mortgage remains protracted, especially for short sales, causing delayed closings and risking cancellations. There are reports that banks are disapproving loan applications of those with reasonably good credit scores and are requiring larger down payments.
The most common reports are about out-of- area appraisers who have poor knowledge of local conditions. Another issue is the demand for unusual repairs by some appraisers.
Regulatory and Economic Issues
REALTORS® expressed concern about the adverse effects of fiscal/financial regulation and the state of the economy on the real estate market.
Based on responses to the January RCI survey, the Buyer Traffic Index rose to 63, while the Seller Traffic Index continued to register at 38 in January. In many areas of the country, REALTORS® reported low inventory levels.
Tight inventory conditions have been cited as leading to higher prices and reduced time on market. At this time seller listings are not keeping up with buyer interest.