Realestatelicense.com has created this blog to keep you informed on recent real estate news, views, and topics. Real estate is a very dynamic field. Everyday there's something new and exciting happening in the world of real estate. Use this blog to stay on top of current real estate events, news, and views and support your real estate license and career. As a licensed real estate professional, you need to know this information.
Want to
obtain your real estate license? Now might be the right time. In an interview with the San Diego Union-Tribune, Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University, says he is encouraging students to study real estate because we are at the bottom of a cycle. By the time these students have graduated, he believes the industry will have recovered.
"I don't think we'll ever again see the 2005-2007 heyday in real estate. That was an anomaly, and actually, I hope we don't go back to that. But within real estate, there are a lot of opportunities, such as property management and lending," he says.
Lea sees apartments as a particularly bright spot.
"I think as more people realize that homeownership is not quite what it was cracked up to be, we're not going to have marginal people buying homes any more," he says. "That's ultimately going to mean more people going back to the rental sector. We're growing as a population, and people have to live somewhere, so I think the rental market is in relatively good shape and will strengthen as we go forward."
Source: San Diego Union-Tribune, Roger Showley/www.realtor.org (02.08.10)
Want to get your
California resl estate license? Now might be the right time. For example, the median home price in the nine-county San Francisco Bay area increased 15.2 percent in December compared to a year ago, reaching $380,000, according to MDA DataQuick. And in Southern California, the median home price increased 7.5 percent to $360,000.
Economists say the improvement in coastal California was driven by jobs and the increasing availability of venture capital. California is often considered a bellwether of trends in other areas of the country.
Source: The Wall Street Journal (C. Tuna 02.02.10)
California real estate agents and brokers who perform residential
mortgage loan originator (MLO)activities will now need to obtain an MLO license endorsement. Why?
The Housing and Economic Recovery Act of 2008 has set forth new regulations. And a section of Title V called the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E.) is of particular importance to individuals who perform MLO activities. And in the State of California, this act has set a precedent for how real estate agents and brokers who execute MLO activities will conduct business in the future.
Basically, the SAFE act is about greater accountability. Its main purpose is to increase consumer protection and decrease fraudulent activities.
According to the California Department of Real Estate (DRE), here's what you need to do to obtain your MLO license endorsement:
-Successfully pass the national and California components of the SAFE mortgage test
-Submit an MLO licensee endorsement application (after DRE joins NMLS&R in March 2010)
-Submit fingerprints to the NMLS&R
-Satisfy 20 hours of pre-licensing education
-Submit authorization for the NMLS&R to obtain a credit reportVisit
www.dre.ca.gov/lic_safe.html for complete details concerning California MLO license endoremsent requirements and due dates.
Are you a real estate agent or broker from another state and wondering if you also need to obtain an MLO license endorsement? Visit the NMLS Web site and check the
state licensing requirements page to learn more. Regulations and due dates vary by state. In fact, according to the NMLS, it is individual state law that determines when you must pass the SAFE mortgage test, complete education and/or continuing education courses and a background check.
Attention Realtors - once you complete your required
real estate education and
obtain a real estate license, you will be ready to enter an industry that is heavily influenced by the green movement.
In fact, in addition to demanding eco-friendly materials that will cut home energy costs, consumers also want these environmentally-friendly materials to have major design appeal. And the good news is that consumers are willing to pay more to save on utility costs (NAHB 2007 Consumer Preference Survey).
So, how can your home seller incorporate a few green upgrades to attract the growing numbers of environmentally-conscientious home buyers? Why not focus on one of the home's major assets - the kitchen. Here's a video from REALTOR TV to provide you with tips and inspiration that will help you to better advise your clients.
Media Source: REALTOR TV (BETA)
Texas continues to beat the rest of the U.S. in housing affordability, according to 2009 first-quarter statistics from the Real Estate Center at Texas A&M.
The Center uses a Texas Housing Affordability Index (HAI) to compare the ability of a Texas median-income family to purchase a median-priced existing home in their area vs. consumers in other states. Where higher numbers are better, Texas had a ratio of 1.95 in first quarter 2009 compared with 1.55 nationwide.
"Texas continues to maintain its place as the most affordable high-growth state in the country," says Jim Gaines, Ph.D., research economist.
Source: Real Estate Center at Texas A&M
As a licensed Realtor, you will work with a wide-range of clients with an even broader range of personalities, needs and demands. And sometimes, a little help and a fresh perspective on classic client challenges can be the difference between closing the deal and losing a sale.
No worries - there's an easy way to obtain instant insight: check out the
scripts and
client handouts on realtor.org.
For example, one of the latest scripts covered a variety of FSBO (For-Sale-By-Owner) objections and provided the kinds of thought-provoking come-backs that may encourage your prospect to enlist your help. Other scripts covered topics such as:
-Why Now is a Good Time to Buy
-Getting a Listing Agreement Signed
-Responses to Common Commission Questions
Want to save time and look professional? Why not instantly download a variety of educational buyer and seller handouts? In fact, realtor.com encourages you to download the handouts from their Web site, customize them with your logo/branding and utilize them in our marketing materials, including newsletters, mailings, Web sites and more.
Educational handouts are organized by buyer and seller needs and include categories such as: Getting Ready for Homeownership, Home Financing Tips, Finding the Right Property, How to Prepare for Home Showings and more.
As a Realtor, you're busy and your time is vital. So don't work harder, work smarter.
Benefit from online resources and training opportunities that allow you to save time, like
online real estate license renewal, and focus one what's important - your promising real estate career.
Is now a good time to
get your Texas real estate license? You decide. According to a CNNMoney.com report, in the year ending July 1, the state of Texas added more people than any other state.
And in the previous 12-month period, Texas was the third state in the nation with the fastest growth rate (1.97%). In fact, the state added over 3.9 million residents throughout the 2000's.
Staggering unemployment rates, among other factors, are posing challenges in some states that once boasted numerous and prosperous metro areas. However, some states have a more positive tale to share - like Texas.
For example, according to the CNNMony.com report, the state of Texas did not experience the boom-and-bust housing cycle that ravaged other states. Overall, Texas home prices stayed affordable. Plus, according to a November 2009 BLS Unemployment by State report, Texas is at eight percent. This is currently two percentage points below the national average.
With a population that is growing steady and an economy that is more stable than other states, no wonder Texas is attracting new residents. So here is the question - who will help all of these new Texans locate new homes? Why not you?
Consider getting your real estate license and take a
Texas real estate course. Whether you are interested in transitioning into the real estate industry from your current job, or are simply seeking a career path, a career in Texas real estate has much to offer.
The
career potential of a Texas real estate license includes some major perks. For example, you can experience greater schedule flexibility and the freedom of working out in the field. Plus, you are your own boss and your earning potential is up to you - never be limited by an income cap again. Lastly, is the reward of helping an individual experience one of the most significant events of their life - homeownership.
Benefit from Texas population growth and the state's stable economy. Choose an
online real estate school, satisfy
pre-licensing requirements on your schedule and launch an exciting career you can be proud to call your own.
The 2009 Home Buyer Tax Credit has persuaded home buyers across the country to get off the fence and into the home market. In fact, according to NAR,
pending home sales across the country have experienced nine consecutive months of gains.
Not only is this good news for seasoned Realtors who are helping clients benefit from attractive government incentives, but also for individuals considering a career in real estate - now is an ideal time to break into the industry, educate potential home buyers and create your own niche.
In fact, the U.S. Congress also believes that the Home Buyer Tax Credits are helping to stimulate the U.S. housing market, which is why a new legislation has passed to:
- Extend the First-Time Home Buyer Tax Credit (up to $8,000 for those who qualify) through April 30, 2010
- Expanded tax credit availability to include current home owners who may qualify to receive up to $6,500 towards the purchase of a new or existing home between November 7, 2009 and April 30, 2010In order to qualify for the extended First Time Home Buyer Tax Credit, buyers must not have owned a residence in the past three years and must put their credit towards the purchase of a single family home, condo, townhome or co-op between November 7, 2009 and April 30, 2010.
To qualify for the expanded tax credit, a current home owner must have lived in their primary residence a minimum of five consecutive years, within the last eight years, and plan on purchasing a new or existing home between November 7, 2009 and April 30, 2010.
For first time home buyers, the maximum credit is $8,000 and for current homeowners the maximum credit is $6,500. The allowable credit amount is determined by the buyer's income and the price of the home.
And there's even more good news for buyers who participate in the extended Tax Credit program. As long as the buyer lives in the property for a minimum of three years, they will not need to repay the tax credit. However, if the buyer sells the property before the three-year period, they will be required to repay the full amount of the Tax Credit.
The Home Buyer Tax Credit program has been a powerful incentive that has turned potential buyers into proud home owners. And its an ideal marketing tool for individuals who are
considering a career in real estate.
These advantageous government incentive programs won't last forever. However, by helping buyers benefit from these programs now, you can build a base of contacts and references that will serve you well throughout your career. Especially in a market that is gradually and continually stabilizing.
"As inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010," said NAR Chief Economist Lawrence Yun. "That would mean broad wealth stabilization for the vast number of middle-class families."
To learn more about the exteded Fist Time Home Buyer credit, visit www.federalhousingtaxcredit.com. Ready to set your real estate career in motion? Check out the benefits of an
online real estate school and meet your educational requirements online when it's convenient for you.