In spite of the news of renters flooding the market,

in many top US cities, it's still a homebuyers market. 

Trulia, the real estate marketing and research site, released their Summer 2011 Rent vs. Buy index which shows that it is still cheaper to buy a home in 74 percent of the 50 largest cities in the United States.

"While recent stock market volatility on top of the slow economic recovery makes homebuyers nervous, it has not destroyed the American dream of homeownership." said Ken Shuman, Head of Communications at Trulia.

Las Vegas and Detroit, as of August 2011, top the list of 50 cities where it is still less expensive to buy than to rent.  Many of these cities have been hard hit by foreclosures. But Miami, who topped the list in January 2011, has dropped to 20^th place as foreclosure freezes and foreign investors caused a mini-boom in the first quarter.

Denver moved from 22^nd place in January of this year, to 31^st place in the August report with a price to rent ratio of 14- anything 15 & under means it's still better to buy than rent.  Colorado Springs ranked 33^rd in August, with a ratio of 15, dropping from 31st place in January 2011.  The survey compares the median rent on 2 bedroom apartments, condominiums and townhomes to purchasing a 2 bedroom home.  The costs of homeownership, including closing and mortgage costs, taxes and insurance, were taken into consideration when factoring the results.

Read the full Trulia report.

photo credit: woodleywonderworks

Posted in Buyer Resources, GenX GenY, Headlines

"Just because your mortgage application has been rejected once, doesn't mean you won't eventually get funding." writes Vickie Elmer for the New York Times.  

Elmer says that some borrowers succeed on the second or third attempt, "after they have saved more money for a larger down payment or improved their credit score."

Find out why you were rejected.  Were you close to getting the approval?  Ask the lender who reviewed it, to see if it's something on your credit report that you can change. "Sometimes the gap is small," writes Elmer, "and could be bridged with, say, a few thousand dollars more for the down payment, or another home appraisal."

Shop around for lenders.  "You may want to go to a mortgage broker or an online network like LendingTree or Zillow's Mortgage Marketplace." Says Elmer, " An experienced broker or banker can discuss alternative products and loans available from the Federal Housing Administration, which has less stringent requirements, though applicants may have to take out mortgage insurance if their down payment is low." And don't forget to look at your local Credit Union.

Lenders still have to compete, even in this economy but make sure you are looking at properties you can afford.  "Applicants should also look at ways to strengthen their financial picture" before they seek financing, writes Elmer. Get a copy of your Free Credit Report.  "If your FICO score, for example, is 20 or 30 points below a bank's requirement, you may be able to inch it up by paying down your credit-card balances.  Just don't use up the money you need for a down payment or closing costs."

Do your homework when looking to apply for a home loan.  Understand all available loan options and get your finances in order before filling out the paperwork.  You can even find a lender to pre-approve you for a loan, which will make shopping for an affordable home that much easier.

Read the full article at NewYorkTimes.com.

Posted in Buyer Resources, GenX GenY, Real Estate Market Conditions, Headlines

Consumer reviews can make or break a business.

Review sites such as Yelp, Insider Pages, Yahoo Local, and Thumbtack.com, just to name a few, are an important part of your business.  These sites are the new Word-of-Mouth advertising that are a listings directory for consumers as they search online for businesses.  In one stop they can get information about the business, along with ratings and reviews of that business.

Use the feedback to improve your services.  Make sure you monitor your online reputation and be proactive in your response.  Use both positive and negative reviews to improve service.

Ask to be reviewed.  Ask your clients to write and publish a review for your business. Video Testimonials are also a great way to generate leads.   Perhaps, just after closing, ask the client if you can capture their review on video.

Take the first step to make these sites work for you.  Create an account on the most popular sites and claim control of your identity.  Consider this a business asset and take the time to make sure all the information is correct.  "Think of it like a brochure," writes Jon Jantsch, a small business marketing consultant. "Add photos, links, brands, products and anything else that helps describe your business."

Monitor your profiles on these sites, so you know when a new review has been added. "The easiest way to stay on top of the reviews" says Jantsch, "is to grab the RSS feed for your profile and set it up as a Google Alert - then you will get notices when something changes. You can also bookmark all your profiles and scroll through the list each week."

Some Review sites offer advertising through a premium listing.  Your ad shows up beside a competitor's listing to help generate leads.  Jantsch says that you must determine if it is cost effective for your business.

Read the full article at Duct Tape Marketing.

Posted in Marketing, GenX GenY

In today's market, a prospective client uses the internet not only to search for businesses but they will most likely Google your name before ever contacting you.

So, what IS your web presence?  Google your name.  What comes up?  Ideally, you want to be #1 on the page. If your LinkedIn Profile is all that comes up, maybe 5^th or 6^th in search, at least you are there but customers aren't going to reach out to a profile.

So how do I build a better web presence?  A professional website is key, but it needs to be active to get consistent traffic on the search engines.

Feature video on your website.  Did you know that video ads now reach 7 out of 10 Americans online? Creating a professional video is a great way to let people know who you are and what you do.  Here are a few ways to incorporate video into your website and across the internet.

• A business profile video can serve as a great introduction to you and your business. It's an overview about your business. What your solutions are in this tough market. Tell a little about your background, your history and your culture.
• Community Outreach & Service: What other areas are you involved in? Does your business sponsor a cause? Show the client you are not all about fame and fortune, but are involved in your local community.
• Community Lifestyle: Creating an informative community video about an area you focus on is a great way to reach out to potential clients who might be moving into the area.
• Expertise: Are you an expert in some other area? Perhaps you are an expert at fly fishing. Blogging about it and adding video from your "secret fishing holes" is a great way to generate leads.
• How-To's and Tips: Share a few of your secret tips on home buying or selling, what to do before you sell, etc. Make your website an invaluable resource for potential clients who may be searching for how-to content related to real estate.
• Commentary on News and Events: To be successful in business, you need to be on top of what's happening in the industry. Your response, in real time, of news events can be done in your blog or a featured video on your site.
• Reviews: "Are you a techie? Do you love gadgets? Host a video review of the latest and greatest equipment for business or personal use.

Build your web presence by keeping your website fresh with new material, professional, short videos and client support and information.  When posting your video or blogging, use key words and links to get more traffic from the search engines.

Posted in Marketing, GenX GenY

Your home comes alive in the summer.  The flowers are blooming, the grass is green and home buyers are looking for extended living areas and usable outdoor space.

Carla Hill, writer for Realty Times says that The National Association of Homebuilders identified a trend among young homebuyers who are "looking for homes with a connection between indoor and outdoor spaces, even in colder climates."

Hill offers these summertime sales tips for your home:

1.      Cool Your Home: Set the A/C to a comfortable level or create a gentle breeze with ceiling fans or open windows.  "The last thing you need is a prospective buyer distracted by sweat or humidity. You want them focused on your wonderful home!" says Hill.

2.      Clean For Showings! Have your carpets cleaned professionally and make sure you clean the bathrooms, laundry rooms and kitchen before each showing.

3.      Maintain your Landscape: It's your best summer asset, so keep it in perfect shape throughout the time it's listed.  "Have gardens, paths, benches, and pool ready for enjoying." states Hill, "Buyers know that a fully landscaped yard will save them time and money."   

4.      Staging the Outside Areas is as important as the inside.... "Start your staging with a thorough cleaning." suggests Hill.  "Power washing decks, patios, and furniture can make dirty items look new again. For furniture that needs a bit more TLC, apply a fresh coat of paint. Next, stage for an event. Replace worn-out cushions and invest in simple outdoor accessories. A selective arrangement of candles, glasses, and even a nice table setting can be the icing on the staging cake."

The outside living areas could be the make or break point for selling your home, so show it off to its full advantage!

Read the Full Story at RealtyTimes.com

photo credit: wb4klc

Posted in Seller Resources, GenX GenY, Real Estate Trends