Real Estate Today 3-5-17
Mar 5, 2017|
Opening doors for buyers and sellers with critical and credible information on the real estate market. Fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This is. Real estate today. The number one real estate show on the radio. Welcome to real estate today. Backed by the professional experience of real tours from across America we are your most trusted source on the radio. For up to date real estate information. Realistic today is the official radio program of the National Association of Realtors. And it's real tour members in your neighborhood. Hi there I'm Stephen got square and I'm glad you're with us today as we look at the latest and greatest things happening in homes across America. In our special show hot trends. From the latest home design elements to the hottest Smart home tonight. We'll have at all costs we'll look at why the suburbs might not be bedroom and he's anymore. Hot trends is straight ahead but first we haven't expanded edition of to. As the nation's secretary of housing and urban development. Leading the massive government agencies that affects every American homeowner home buyer home seller and rancher. He'll oversee the rules that apply to buying and selling homes. The rules over financing homes and the rules guaranteeing every American equal housing opportunity. Earlier in the confirmation process Bill Brown president of the national association of real course. He looks forward to working with doctor Carson on the housing issues facing all Americans. Rulers know that the incoming secretary. Of housing and urban development has a big job ahead. Potential homebuyers Kaczur range of hurdles from rising prices to mortgage credit Pittsburgh by fees and extra cost. We congratulate doctor Carson on accepting this important challenge. To which of the best of luck. Immediate task ahead. Although we've made great strides in recent years far more can be done to put that dream. Homeownership. In reach for more Americans. And now with more on doctor Ben Karstens confirmation. Let's go to the realistic today newsroom for a special report here's Bill Thompson. The days are 58. Measure 41. And the nomination is confirmed. The senate vote confirming retired neurosurgeon doctor Ben Carson to lead Hud came seven weeks to the day after his confirmation hearing before the senate banking housing and urban affairs committee. The chairman of that committee Idaho Republican Mike Cray poll was an enthusiastic Carson backer as the senate prepared for that confirmation vote. In his testimony before our committee doctor Carson highlighted the commitment that he has to carry enforce the mandate of and to learning more from the people directly affected by had policies. He's also received bipartisan letters of support from four former Hud secretaries. Henry Cisneros. Senator former senator Mel Martinez. Alphonso Jackson and Stephen Preston. Who served under both Republican and Democrat administrations. He has said he plans to continue his conversation with the American people and do a listening tour if confirmed. This is an encouraging sign that doctor Carson wants to hear from stakeholders. And more importantly from the American people. But Carson also counted among his supporters liberal Ohio Democrat Sherrod Brown. Through acknowledge that Carson is not the nominee he would have chosen to lead hug but who nevertheless earned his support. I'll give doctor Carson the benefit of the doubt that's why I am voting for him. Because he made commitments to me in person. Sitting in my office across the table and he made commitments in the banking housing and urban affairs committee he and his testimony is written responses. These include as promises to address the scourge of lead hazards that threaten to help the futures of children in Ohio and nationwide. He pledged to uphold the fair housing act in the housing rights of LG BTQ individuals. He has pledged to advocate for rental assistance and investment and homelessness he's pledged to push to include housing in the president's infrastructure plan. Even though Carson was not considered a top target for Democrats like some of president trumps other cabinet nominees. The road to confirmation was not entirely smooth his confirmation hearing clash with Massachusetts Democrat Elizabeth Warren went viral K and you. Assured me that not a single taxpayer. Dollar that you give out. Will financially benefit the president elect or his family. I can assure you. That the things that I do. Are driven by a sense. Of morals and guide us and therefore. I will absolutely. Not. Play favorites for anyone doctor Carson but it's not. About your good faith that's not my concern we will not be my intention to do anything I have the benefit. Any. Any American I understand it's for all American but everything that we did. Yet in the end Warren decided to advance Karstens nomination despite backlash from her liberal constituents. On her FaceBook page Warren wrote. Yes he is not the nominee I wanted but the nominee I wanted is not the test. Carson was also caught in the middle when. Outgoing Obama Hud secretary Julian Castro cut the mortgage insurance premium quarter point a move the clock Carson and the trump team unaware. Kids secretary cash or his folks reach out to you lord to your knowledge anyone else in the Trump Organization since you would be responsible. Assuming your concern confirmed. For implementing this change which is about to go into effect. But no they did not. I too was surprised to see something of this nature dumped on the way out the door certainly. If confirmed. I'm going to put to work with the FHA administrator and other financial experts to really examine that policy. And on his first day in office Donald Trump reversed the Castro movements up the mortgage insurance premium back to where it was. National Association of Realtors president Bill Brown. Wrote to Carson at the end of January saying suspension of the premium reductions had created uncertainty and confusion for borrowers sellers lenders and underwriters. He remains unclear what the ultimate resolution the MIP reduction will be. As he begins his work at Hud Carson may also need to spend some time walking back some of the comments he made while he was running for president. Including remarks that made some question his commitment to LG BT protections senator Sherrod Brown. He said comments that I find offensive. Or worse. About. Gay people in this country but he made the commitment under oath to our committee that he would fight any discrimination against people. Com because of their sexual orientation. Still at the time of his confirmation hearing in January 1 of Carson's most vocal supporters. Turned out to be ironically a onetime rival for the Republican nomination Florida senator Marco Rubio. Has the values the compassion and character and the kind of drive that we need is a proven leader a doer and solving tough problems and doing things that are hard. And that people believed to be impossible. Well now we'll see how Ben Carson will lead the Department of Housing and Urban Development. Carson offered a little glimpse of his philosophy at his confirmation hearing more. There's things that I discovered. As thin and neurosurgeon. Is you much more effective. When you. Bring in that. Pay a bigger picture view of things don't just look at you know the consumer there's nobody has. Their grain. That you know look at the whole person I am and what. How can you bring health that this entire individual and and that's the same principle I'm looking at here. The programs that have been enacted and over the years. You know they're good programs put in and of themselves. They're not bringing about. The elevation of large numbers of people and that's what we're really looking for. So for the first time since the Department of Housing and Urban Development was created in 1965. It is now led by a secretary with no prior experience either and housing policy. Pouring government. Incidentally but in Carson himself recently went through the home buying process again when he purchased a large home to Washington DC suburb in Northern Virginia. On Capitol Hill I'm dual Thompson for real estate today. Coming up unrealistic today social media and real estate is the F hot or not. This finger and spread the direct T today communication between client and agent that's next on our special show. Hot trends. Real estate today. Connecting you with the real estate professionals. Every week. And we're back. Wheeler special show the. The hot trend it's all about the latest cutting edge tools designs and techniques that are transforming homes and the way we all buy and sell. And one of the hottest trends were sitting in today's market is the use of apps when you're Smartphones and tablets to do realistic. But there are so many apps out there. You might wonder which one should are used well let's talk about this with a real tour on the cutting edge of digital communications. Joining us now in the realistic today's studios is to name Madison guy real Ter with long and Foster in Washington DC. Today is that sales manager for long and fosters Capitol Hill office. She's deeply involved in any urge young professionals network and she's a recipient of the real term magazine's prestigious thirty under thirty award. Donate welcome to realistic today thank you so much for having me and a things are changing so quickly in the digital arena. One day and app is red hot the next day people don't use it anymore. And so I'd like to ask someone who is. In it and uses a lot of the digital tools. What's hot and what's not because that's got to covered ten did. So let's start with texting. I'm talking about between a real chore and their client whether it's a seller or buyer is texting hot or not Red Hat. I would say it's it's definitely important because you don't have the ability to always talk to someone on the phone and so if you can your tax salmon. Ask a question and get an answer is quick as possible which. I was allegiance when your birds and clients at the time you know when you're going through a transaction. If you're lender needs something. If feed the title company something you know pretended to fire drill stock had dropped general. Because we will need to get that information over to them as quickly as possible it was not to have any delays. And so you know being able to have that form of communication and instantaneous form of communication has really important. And while you text or use sometimes including photographs and videos. Absolutely I think we're starting to see that more and more especially if we're going to preview for our clients and we wanna send them photos ahead of time where it can do a video and things like that. But clients I think are utilizing those platforms as well you know say they go for an open house and they want to send the photos to the realtor hey you know here's where I am. Here the photos I love it can we see you know if they have any offers on the property at him can we write on it can we move forward can we come back and and at another time to deal with TO. Imus and those things are really important to how Bao wrote. Email hot or not too hot. Again in a similar to the taxing it the ability to communicate as quickly as possible. We have our iphones we have are emails being pushed to our phones and having the ability to reach out and another form is very important. Interest. Twitter hot or not. I'm I'm kinda torn on Twitter IE. I don't really use it much personally I don't see as many people using it in business comes on this or not it spreads the direct data today. Communication between clients and agents. Okay how about FaceBook hot. Or not. I think FaceBook will always be pretty hot and I think again it's just having that additional platform to showcase what you're doing. And the property you have available. I think cam in the past we used to use FaceBook business pages which I think are not hot anymore oh. Again not hot to have a business and extra those listening. Because I think people want to get a sense of who you why are you when we worked with a client didn't you know we're trying to attract clients to work with us. They have to connect with us and feel comfortable and get a sense of who we are because they'll enjoy working with us even more and so. Using FaceBook as a platform for people to connect with who you are as well as just an aside here's what I do here's the property I just sold. I think that is a stronger presence and separating the two are now. In program hot. Or not hot. If there. I definitely am a fan and I have in Graham and again I think it's a platform where you can showcase listings in you can and pose. Your personal things as well and again it's similar to FaceBook it's that ability for others to see who you are what your interest today and and what you're doing. And so a lot of the time mean I want necessarily posts all the details about a property but if it's absolutely stunning kitchen. And I know that people would be drawn to that and I might you know tag some homes magazine or for things like that where potentially get three posted and things like sky you can spread out what you're doing on a greater level I think and it's about what you like so you're also showcasing I'm a big fan. Of this kitchen and sell well we have similar styles that's connection. So it's it's very cool snapshot hot or not. In the real states IR AM gonna say not yet I wouldn't be surprised if we start seeing it more again it's that video element that I think people are leaning towards who they like fat. I don't know why I think people like to see the video on their own terms and they might not necessarily. Appreciate someone else. Talking through what they're seen as opposed just visualizing it themselves. So I don't know it's there yet but I definitely see a lot of people doing it to showcase their day today and by people meeting the agents. So I think that that connection are showing that connection can be cooled to seat. Well that's a friend of mine. That Al -- doing real estate and they will be friend of mind because I watch them I follow what they're doing a snapshot or these other platforms and so when I'm ready. Could do I know who's coming to my mind first finally. Interest. Pinch this com. Tough one I I would put that in math. In. Lukewarm to not the typical Couric. I think you know we do have so many platforms out there and I think a lot of people get distracted by making sure that they're on everything and pay interest is one of those I think it's very. Cool to showcase. A listing that you might have. I don't think people are going on pay interest to look for property I think they're going on there to look at ideas. You know since they're renovating a house and they are looking at kitchens their finding this kitchen as an inspiration that you posted from a listing that you had. Yes it might result in a connection of some sort but again it's just having that platform for visibility. Excellent book today we have a lot more to talk about can you join us again our next hour I would be happy Tim thanks to Nate. Today medicine's guy with long and Foster realtors in Washington DC the sales manager for a long and fosters Capitol Hill office. And a recipient embryo to magazine's prestigious thirty under thirty award. Coming up unrealistic today we'll take you to the international builders show. Some really cool design elements that I enjoyed let's. It has you really need to industrial flared into a lot of mixed metals which I love because there's so much easier to tax rate would you have a bunch detrimental together. That's coming up. Our special show hot trends. But first it's time for our Smart home technology report. No we're talking hot trends today here's a question. What do you get when you emerged home loans with the Internet of things. The answer you get online mortgages in which the entire application. Underwriting and approval. Happens on your computer screen. Or your tablet or your Smartphone. You never come face to face with your lender. It's an absolute revolution in mortgages joining us is build in field vice president of capital markets with Quicken Loans. Bill welcome to realistic today. Bill tell us about rocket mortgage first ball how does that work. He actually rocket mortgage is. Up revolutionary Procter that we created we launched it in January 2006. School. And somebody looking your mortgage can apply online and what really differentiate says that it isn't Sharpton application I'm right this. A lot of import all of your documentation that would require action she knew gay or Procter. The more importantly it allow you to have complete visibility into the programs be qualified or. You get to decide. Do you want a fixed and variable. You want people not only can you control every single party edu you collect little wanna look for a usual if you want to. Lockyer interest rates on line. And you can import all your documentation that you dropped approximately the year he had complete control over every part of it. And what we are a bit disputed that we're actually but always surprised that the battle marlin business coming and related to purchased as its candidate to agenda. A product has been heavily used by first time homebuyers we've seen. Approximately 72% of all number of people that apply to outline our first time homebuyers. Interest thing so when I'm on my computer and applying for a rocket mortgage. As you said and any time I can just hit the pause button and come back a couple days later. Yet it's a great thing you'd handle an eight year old case and you know like all of our she could be trying to. Explore a little bet he would erupted but you can come back to rich can proceed when you're ready. And you know sometimes easier. People like to get into your calculators they like to see what's possible and then come back and when they're ready to transact is there 24/7 or whatever they wanna be that they don't have to wait for anybody. In major base here realtors are there no you don't know just don't work nine shots illegally jail declines get approved what are blinking is a big deal. Well bill we have a lot more to talk about so could you come back in our next Smart home technology report in our next hour or great bill thank you. Bill Banfield vice president of capital markets with quick and below us on today's Smart home technology report. Real estate today. Because knowledge is power. And we're back. Put our special show hot trends filled with the latest cutting edge elements for your home. And the neighborhood you live. New ideas and fresh approaches designed to make the place you call home. It's simply a mis. Hot trends is coming right up but first let's check in with Bill Thompson in the realistic today newsrooms Pardo. I Stephen as a trumpet illustration sets its sights on housing reform. Treasury Secretary Stephen Nugent says he's already set up a group to study reforming the mortgage market. The Newton told CNBC. I'm committed that under this administration we're gonna have housing reform so that we don't just leave these entities. The way they are they've been sitting there for too long of a period of time. And we need a solution. Aaron we're gonna look at this I think this will be one of the areas where hopefully we will have a bipartisan. Solution. Minutes and also says however that housing reform will have to wait until there is tax reform he said and that CNBC interview not to expect to see anything on housing. Right away. A new report from Fitch ratings reveals that mortgage loans modified in 2014. Are re defaulting at faster rates than older modified loan. Three out of four borrowers who re default would do so within the first two years after getting a loan modification. Fitch analyzed Fannie Mae data on 700000. Modified loans concluding that. The higher re default rates often reflect the weaker credit background to borrowers getting a modification. Coming up in half an hour is the US becoming a nation of landlords. Stephen back to you thanks bill. You might have heard about the one place in America are considered to be the launch pad for new ideas in house design. And that is. The international builders show which happens every January. It's an enormous think tank are huge display. Where home builders appliance companies design firms and more. All come together to launch the next hottest trends in home construction and design. Now it's a closed event the public can't get in. But our next guess was there when an insider's look at the 2017. International builders show. Joining us is Meg White the managing editor of real Tora magazine. Make helped shape the content and direction of real drum magazine and she's a multi media realist eight journalist. Whose articles and videos appear in print and online meg and welcome to realistic today. It had to be meg first of all you were at the international builders show what did you regard as the coolest thing cut the whole show. Contact a tough call so the coolest thing to always go to the every year is the new American home. Basically deconstruct a brand new home out of not banks every year just to kind of shocked some of the cool things that are happening. And this year would be even more interesting because they actually had to the American cult and had a re model and that any construction. They're three have a loved that I don't don't need and they really reused this speech really well I could survive past fighter and all these different terrible things to happen to edit the comedic. Need you construction a little skull like a hotel. They're doing it's really cool thing with flexible living each. That allows you to come out how do you mean living space and then went when it comes to limit viewers deep field for a long period you can. And open it up and it was great it was a very cool idea. It can kill a wolf it's a little bit industrial to me like you're living in a hotel. So I did kind of like decoding and others the re not all get more. But some of the really cool design elements that I enjoy it was. They had these really neat industrials players a lot of mixed metals which I am not because it's so much easier to attack great when you have a budget for muddled together. Aren't some textures in the time all in all the surfaces it's and then the way to use fireplace does with it really interesting because they're using it. To highlight really special place that the local. Which I think it's so much more thoughtful than just cut throwing a fireplace where space. Meg or are you did an awesome video about the international builders show so let me ask you about some of the things you talked about first of all. Comfortable. Contemporary. Tell us about that. Oh I love the act also known as moderated modern didn't the idea that's kicking modern design element that keeping them kind of a product market appeal. And making it more affordable. In the lead at the end of doing it is kicking bad. Color and texture and that really. It had contracts that you see a lot of modern design of concrete and blood and that bright colors are really high shank finishes. All in one place. And then they're able to do you treat us like instead of having had really wild reform that you might see a modern building. Which is really expensive. You can take things like having option that windows and it how does that mean. Modern its people but you don't end up spending quite as much money on the dole got a builders are kind of inking that baby boomers are gonna like it can't become a bit like barreled home but it's a beaded and thrashed out very call. Another thing you wrote about meg which is fascinating to me being a clincher boring part you know. The modern form house. Oh yes I love that I actually drugged and he gets an 1890s our house building when I was a kid so I really love this Q which just to get cute. These buildings that Americans have always. But at a later updated it did get. Release fresh white printed predict they'll beat the barn doors that have been popular but are getting more and work kind of industrial and getting that updated look. Deemed that holds. But again it kind of taking that more industrial feel and seeking to eat symmetrical design into something. Like a charm talks which has been traditionally Metrocall it just really make that pops. That is fascinating. Now here's one that is just really. Crazy interest. The secret hideaway. My dad I love fest it's really Smart in terms of you haven't really weird spacing and you don't know what to do with that. A lot of people how to cut or tight clot that are underside grooms it's. And you know they're trying to solid plays did Katrina make it work for them when they moved in and just adding like one of those barn door there it sliding door pocket dork. It did little mystery you know it's your own little plays whether that's a small place where you can work from home. Or a little teeny library. There's so many options you don't know they should be taught at a patrol didn't finally got to do it. It helped her door and Larry and it gives it like it's that little mystery to it. That is just wonderful meg thanks for telling us all about your experience at the 2017. International builders show actually it might. Meg quite the managing editor of real true magazine. And if you'd like to check out megs video on the builders' show go to YouTube and search the new American home tour. Coming up unrealistic today which home improvement projects bring you the best return on your investment. And then remember we were asking the realtors to take. What what this did the value of house if you told that within a year. That's next on our special show. Hot trend. This is real estate today. 100%. Real estate 100% of the time. One hot trend that never goes out of style is getting your money's worth. Especially when the money has been spent improving your home. There while it's true that many home improvements will not produce a dollar for dollar payback can you sell your house some come pretty close let's talk about which home improvements could do view. The best return on your investments. By cracking open the 2017. Cost vs value report. From remodeling magazine. Joining us now is Craig web editor in chief at remodeling. Craig is a career journalist who came up through the ranks of the Wall Street Journal united press international and McGraw-Hill. Craig welcome to realistic today. Craig for those listeners who may not be familiar with the cost vs value report can you tell them what it is how you do it and what it means. Yes we've been doing the cost sources value report for several decades now and it's relatively simple to. We had experts. Take the average price of doing eight. Theoretical. But standard remodeling project. That we take those cost numbers. And we ask realtors around the country if somebody did that project in your market and they sold the house within a year how much do you think that project would answer the value of the house had recent from bad. We get the cost value ratio. Oh that's interesting so Craig among the top home improvement projects to provide a good return your investment. More come in for instance. As the top three in the 2017. Report. Quality employ best project is putting loose fill insulation and you're at a it pays back a dollar page for every dollar that you put the F. Nothing else goes beyond that dollar for dollar paycheck. Putting the looser no insulation in your attic cool not only help view as you said. With greater than a dollar for dollar return at resale but until then you'll be saving a lot of money on utilities every month. That's absolutely sure and remember we were asking the real church to say what will this do to the value of the house if you sold within a year if any time you go beyond that you're going to be benefited and many utilities and still have paid taxes and subsidies and other ways to fund. The cost of doing that insulation. Excellent point Craig so what else brings to a great returner. On your investment when you improve your home. If you were to change out stuck entry door in your house you would be able to get about 91 cents on the dollar. If you were put stone veneer up on the outside your house you get about ninety cents. And it there's several other settle at least get you in the upper to mid eighties. All of them frequently are involved with the exterior projects. So curb appeal is very important and a lot of them and all we're placing things rather than discretionary projects. Now let's look at the other end of the chart Craig what three home improvement projects comment. As delivering the least return on your investment. Well the absolute least want right now it's a bathroom addition that's a mid range it would return about 54 cents on the dollar. And they backyard patio is close at about 55% that's a brand new project. The masters week is it about 60%. Now one reason why. Those costs are low is that it's not necessarily. Bad. The return is viewed badly by realtors it's just that those are very very complicated jobs which require a lot of time for a bubble burst one thing that's important is that only about 13. Of what you pay a professional model works do the work goes to pay for the products and materials they use. The rest of it is for their time and energy and expertise. So consequently. If there's a lot of tightened its needed to put into a complicated projects. The cost is gonna go up and sometimes the cost will exceed the relative gains should Barack you can get from selling it helps. Where can people see the entire list and find out specifically what's going on in their part of the country. You go to www. Cost the cash value dot com cost yes value dot com. You tell us a few things about yourself you can download a report giving Europe cost both for your local market has lost for the nation. Excellent we'll Craig again we sure do appreciate you joining us on the show with the latest. Cost persons are you report from remodeling magazine thank you thank you. Craig web editor in chief Ed remodeling magazine with the 2017. Cost vs value report. Coming up unrealistic today yeah why are so many suburbs. Looking more like cities we'll talk about the rise of the service. Next right here on realistic today. If you love listening I'm talking about real estate doing the conversation. I'm really see today's radio on FaceBook. We can't wait to hear from you that's real estate today radio on pace to. This is a real estate today is location. Location. And information. And we're back. Put our special show hot trend it's filled with cutting edge ideas about the American home and the neighborhoods therein. And that's what we're going to talk about now one of the biggest changes in the American experience. That's been happening so slowly and so subtly. You might not have noticed a change that mix is the best of two world urban and suburban. Ladies and gentlemen please welcome. That's urban. I know it's a play on words part urban part suburban. But not me doing it it's a word invented by John Burns real estate consulting in Chicago. And it's become a bona fide term that describes a relatively new phenomenon in the cities and towns we Lyndon. It means our community located in the suburbs of an urban feel big buildings big shopping big dining. A big city experience with the buzz in vibe of the urban senator. Located in the suburbs. Usually at the close in suburbs where you have fast and easy access to the inner city when you want it. But an area that's so fun and so cool. You could just stay there you'll find a couple of Serb and near me in the DC area. One is Bethesda. Used to be a quiet little town right over the DC Maryland border. Mostly little single family houses with a few grocery stores. Pharmacies and family restaurant now by the way you know at a family restaurant is right no liquor. But now Bethesda is a bonafide. City high rises world class cuisine top retailers. Like the Apple Store Williams-Sonoma and pottery barn. In a bike trail mass transit walk a bull town. With a vibrant big city feel it's become. Us urban and it's one hot trend. There's another servant about twenty miles away just across the Potomac River in Virginia where Reston town center has become a red hot city. Located right in the suburbs. Fact is it's happening all over the country. The web site MarketWatch wrote about servants recently and feature Oak Park and also saint Charles Illinois. Right here in Chicago land area is that market washed describes. As suburbs where you can walk to work walked to get groceries walk to restaurants entertainment and more. In an area with great schools to. According to burns realistic consulting other Serbian areas include San Jose California. Pasadena California. Tempe Arizona. Plano Texas and many more the burns company considers it a huge trend. Double only grow in the years ahead. How big will servants become older urban Land Institute makes a bold prediction that servants with their big walk global retail. Will eventually replace shopping malls all across America they say servants make shopping inexperienced. Not a chore. And they believe that walker bull retail outside not in the mall make traditional suburban shopping malls fade away. Like I say that's pretty bold and what you see the kind of retail is pouring in to servants across the country. It's the same kind of retail that sometimes. Is leaving the mall in fact that Williams-Sonoma I mentioned in Bethesda Maryland. It's now in its urban environment located right there on the street with huge pedestrian traffic. And that Williams-Sonoma opened up just after two others which were close by located in Washington area malls. Shut down. The implications for commercial real estate and residential real estate are huge the urban institute believes. We're about to see an enormous 86%. Surge in household formation across America. And in this urban model residential and retail will coexist. Side by side. In fact they're expected to thrive as more people park or sell their cars. And as more people adopt a walking lifestyle with everything they need right there a short walk away. So that's the whole idea behind servants are fascinating development possibly the wave of the future which you can just. Walked to. If you'd like to hear more a realistic today's special show hot trends. Either stay tuned for join us online at radio got real torque. They're from all of us here at realistic today thank you for listening. If you're realtor you can put the entire re was BTV show on your website. The best real stage show on the Radio One 100% for each and they are members. Just go to our new web address radio dot realtor and my how realtors. This isn't real estate today. The number one real estate show on the radio. Welcome back to real estate today backed by the professional experience of group tours from across America. We're here most trusted source on the radio up to date real estate information. Realistic today is the official radio program a the national association of real source it's real for members in your neighborhood. Hi again I'm Stephen gas quake and I'm delighted you could join us today for our special show. Hot trend it's all about what's cutting edge in Homs neighborhoods and real estate markets all around the country. We'll look at Smart home technology including Smart lighting Smart thermostats and Smart mortgages and all that and much more is straight ahead on our special show hot trends but first. Let's go to the realistic to a newsroom with Bill Thompson cargo. I Stephen. The Federal Reserve has signaled that more interest rate hikes are likely this year and next. But does fed chair Janet Yellen worry about choking off the housing recovery. That was a question put to were at a recent house committee hearing yellen acknowledged that there is a sensitivity of hell's country interest rates as she puts us. The yellow and also says look at the positive side. We've got him that could employment growth income growth. On consumer spending is solid. House prices have been rising and all of those are positives. So unbalanced. We've seen a very slow but continued recovery. And Hal sang. Which she expects to continue even in the context of what she called somewhat rising mortgage rates. Thirty year mortgage rates could average five and a half percent in two years according to an analysis by Goldman Sachs. According to a report by Reuters Goldman analysts believe that conventional mortgage rates will rise 150 basis points by 2019. As investors demand higher yields on mortgage backed securities. Conventional mortgages or those guaranteed by Fannie Mae and Freddie Mac. Mortgage finance reform in Washington could change the rules of those companies and push rates higher. New single family homes continue to get a bit smaller. Figures from the national association of homebuilders. Children in the last quarter of 2016. New single family homes continued along the general trend of decreasing size. That's a reversal of a years long trend of larger and larger homes which resulted from builders efforts to cater to the higher end of the market during the recovery. The average single family home is now 2661. Square feet. Landlords are playing a larger role in the US housing market. Data compiled a new report by Adam data solutions and clear capital dot com. Show that last year 37% of homes sold in this country were bought by people who didn't limit them. As home prices have risen institutional investors have backed away from acquiring rental homes. But Adam Davis solutions report finds that smaller investors have picked up the slack. Many individuals seem rental properties as an attractive way to save for retirement. Coming up and half an hour pump putting strangers in your house may help you sell it. Stephen thank you thanks bill. And we have the latest information on contract signings for you today the National Association of Realtors. It's been in the first month of 2017. Pending home sales dropped compared to December of last year. There are you know pending home sales represented contracts that have been signed but which have not yet gone to closing. Joining us now with the latest pending home sales report is Daniel hale. The managing director of housing research at the national association of real torch. Danielle welcome to realistic today. And so again you know the numbers were down almost 3%. In January compared to December. What caused that drop. Detect even pending until put in January compared to December a big factor behind that but is limited inventory. While the number of comfort bail it out lately in January according to our data. It would only slightly from the lowest level that we need to do tracking that data they hit that out I'm on December and then moved up a little bit from there. And try to mart if we look at EIA year over year basis in January they were down. About the twentieth month and it rattled and we had declining here every year inventory. In other words in each and every month of 22015. We've seen fewer homes on the market compared to a year ago. And that's what's causing the trouble here that. Are. When Daniel you know I find this fascinating because just. Last week. We talk to Lawrence unit chief economist and and they are who reported that existing home sales were up. And now we're finding that pending home sales are down. How does that all work. Well I've been mentioned before depending on the field are based on contract signings and that eventually. Usually in a monitor to. Those kind contact started to close and sold to pound that's characteristic of those part time. Dignity condos. Happened after pending home sales for the heading until dated sort of a leading indicator of what might be ahead in the next month there's battle for existing home sales. So it's not unusual to be allowed to strengthen existing hotels followed by the week at the Pentagon dose which might mean some weakness in existing until. And the tactical Lamotte. The interest and so overall though people apparently are having less access getting homes under contract you mentioned. That inventory is a leading factor in that dip. How about price. Get a straight inventory is one explanation. That this thing about limited inventory is that it often leads to try to increase its. Generally can have buyers and then pretty resilient and failed to continue to increase to just talked about DA can numbers last month. But every month that inventory shortages continue you know. Challenges now because he's still the very strong demand in the market hectic job growth and consumer they're pretty confident right now. And I brought about the price plummeted it to economics 101 and it will be a lack of command very little supply tightness have to go out. An attack in January we have a typical price set a hole that fold increased seven point one per fat compared to a year ago. But is the fastest pace that we've seen any year. That could die net a much more imagery comes to market or heard demand slowed down in response to some of these challenges. Are stringent when he haven't eaten. I likely to be similar to do or maybe even a little higher than what we signed 26. What Daniel let's take a virtual tour on the United States how did we do in pending home sales in the different parts of the country. Bullets start in the last two this month to square from the summer tending to build the biggest challenge. Heading toward down nine point 8% from last month to. And down just slightly to near point 4% from one year ago. But the into the mid lacked were pregnant and generally get more manageable relative to buyer incomes. We've still got declined to 5% in contact padding in December. And three point 8% from January 2016. The album play improvement. Heading home builder out your point 4% from December and gained 2% compared to one year ago the south. And finally the northeast liberal leader in January CNET 2.3 percent increase that contract and ancient amber at three point 6% gain from one year ago. Interest and looking down the road Danielle at the rest of 2017. Does this dip in pending home sales suggest anything at all in the long run resist just a flash in the pan. I think we'll take a couple more meditated and figure out if this is a long term challenge but what we're expecting at this point is. Perhaps or choppy at that killed going forward. We know we had a strong this number because it home the man it's a week spending hunt fields which suggests that some weaknesses I had for they existing home sales. We go to buyers are out there we know that they're interested because it had. The gained jobs growth and improving consumer confidence and when those things happened buyers are very interested in making a long term purchases like homes. But I can't I without on the market and their price range so. Still they're only going to happen when inventory in those tight ranges as plentiful. In areas where the economy can't while it is the vast majority of the country nowadays but it might we got a lot as new inventory coming to market. Pending home sales in that eventually it could be called social app and they're likely to suffer and those kind of months. One positive of higher prices that it should help to drop builders and a market. And there may also be an improvement on the regulations guide. That might make it easier for builders to build as well but anything that improved on the construction should help ease the K inventory conditions that we feed. It's so it would just be Europe I can count the ticket when he seventeen. Interest and was then yeah I sure do appreciate you being on the show today and talking pending home sales with the facts here gala event at. You're welcome Danielle hailed a managing director of housing statistics at the national association of real tours. Coming up unrealistic today. Instant communication. Instant information. Instant realistic. Certainly we see properties that come on the market in the city and again because they're so little inventory and lots of buyers out there to see you get in the batter. That's next on our special show. Contrary. Real estate today. Connecting you with the real estate professionals. Every week. And where Barack put our special show. Hot trend it's all about start cutting edge changes that are affecting real estate all over America. And one of the hottest trends of all. Is instant communication and instant information. About every home. The comes on the market anywhere in the country it has changed the way every realistic transaction happens. And for that let's continue our conversation now would do they Madison sky real sore with long and Foster in Washington DC. Today is the sales manager from long and fosters Capitol Hill office. She's deeply involved in an heiress young professionals network and she's a recipient a real sure magazine's prestigious thirty under thirty award. And today we are delighted to have today right here in the realistic today's studios now did they let's travel back in time to the first time I bought a house. Our realtor called on Tuesday and said. Steve I found the one that looks perfect for you can we go in Egypt on Saturday and now how would that happen today. It would an ex I'm because that property would likely be gone by Saturday depending on you know where it is but. Certainly we see properties that come on the market in the city and again because they're so little inventory and lots of buyers out there. The sooner you can get in the batter so it's really that call head from the house where you can icu right now fifty. Can you take a break from work and get over here so we can get UN and in some cases. Would it not be a call at all. That is very true a lot of times are buyers come to us you know historically. As agents who we would find the properties and provide those two fires and now with the Internet and and every other you know medium out there pretty much clients can see the properties that are hitting the market and the same time we can't very often so there are a lot of time bringing the properties. And that's uninteresting so in that old scenario for whom I would have said to my agent I found a place let's go see Rick that's awesome. Knowing today's digital world how did the agents in your office usually communicate with their clients. Primarily via email it's still using the phone quite bad IA while being a millennial myself IA. You know love email and texting for sure. But I definitely see the importance of picking up the phone and I always try to instill that in the agent that I work with as well but I do a lot more people utilizing email and text is continuing to grow as Adam you know communication platform and I think a big part of that is because. People are seeing properties at all times of the day and of their work they might not be able to call their real turns say hey I saw the property and so that taxing ability is really helpful. That's perfect. Now have any of your agent's been in properties that have just come on the market and taken photos and instantly send them to their clients. Oh absolutely very often you know we've gotten preview for our clients and so. That's always really helpful to be able to take a video you. Take the photos to send to them men and any information that we can gather up front so that you know they can get everything and digest at all. Something you just said it's not so much the photos these days is the videos. The video is definitely a great medium in all aspects I think of the industry and more and more I think we're seeing you know the virtual tours that we have now. Having that 3-D experience. So it's not had necessarily a video per say but you still have that ability to flow. Better than you would in a photo and a lot of companies are starting. To pop up in the DC area that provide photo and video tour so we see more and more agents utilizing. Platforms and moving on to your client side now and when they're touring houses debate typically get out their phones and rule video themselves still very often especially if it CE OMR buyer going to look for miss his. Fire and you know as we all know you can make a decision that must by her giving her stamp of approval. So you know we'll take the video and provide that yes it definitely something you see all the time. I recently heard of someone who toured a whole bunch of houses Ming came home to show his family what he had seen it. And if he passed it to his television so they can all watch it on the big bust out and put. Seem you know. I gotta make it work isn't exactly so it things are moving so fast these days that's one of the reasons you need to. The instant communications absolutely but I also think sometimes it is the instant communications. They're speeding things up so much. That's hurled you know I think because people can access the properties they can get a first look of it without necessarily walking through. They can kind of pinpoint this is dead I know it and I am going to look at it in person just to validate that decision. So going back to how we all used to do real estate and if I try to sell my house in 2017. Is that going to be a very different experience. Than it used to be. I would say it definitely would as far as the ability for people access your property it'll be happening all times of today and certainly not too late hits and within the parameters you choose. But people will be in and out and the visibility will be even greater. Axelrod and how about on the buyer's side if I was buying a place who will that be a different experience than in the old days. It would again you know if you saw that property on Tuesday evening to see it on TV stay in this market and so you know having that time in between properties and showings of we don't really have the luxury of just because things are going to quickly and you've. Very well might lose opt out on it. You know reminds me of that old expression. If you wanna sleep on it someone else is going to be sleep and pin it exactly it's a very accurate and couldn't sell its us. And hey I really appreciate you joining us here in the studio for realistic to think again. And aim at a sky sales manager from long and Foster real tours in Washington DC. And a recipient of real for magazine's prestigious. Thirty under thirty award. Coming up on realistic today. If a top tech writer who bought a new house what's the first Smart home device he'd get physically please. Quick and humans clips from a number of different sources and you can compromise that's what is. To hear good news you want. That's coming up on our special show. Hot trends. But first it's time for our Smart home technology report. And in today's show hot trends we have a special double report for you. That's right a double report because we're talking about something that is really big. And really knew something that could revolutionize. The entire mortgage process all over America and I'm talking about online mortgage applications like rocket mortgage. A process that allows you to apply for a purchased mortgage or refinanced mortgage. Without ever coming face to face with a lender. Instead. You can apply on the couch in your pajamas if you want using your laptop your tablet or your Smartphones so where's all this headed. Let's continue our conversation now with bill Banfield vice president of capital markets with Quicken Loans bill thanks for coming back. Up. Now continuing our conversation about the on line mortgage to our have to be the stellar candidate for a mortgage to use an online application process. Or if I'm just an average guy with the average credit score. Can I still do it. Yet seen people forget and what we offer you lock in mortgages the same that we offer. He asked the fire is looking to talk to one of our mortgage bankers ended. Really big deal rocket origin Procter. It's complete control of the home buyer. To transact howling watching when they like you but the program and abruptly the program is available at the same as talking any mortgage banker turned. Rocky mortgage is not one type of mortgage it's all the mortgages quicker and offers. But rocket is just the on line prospects. That's right we offer conventional beer or PGA mortgages are moral reaching such an influx of people looking to get your route through the rocket mortgaged the bad. You'd have to hit refugee NBA all their good programs are very popular to gauge their rector of the right homebuyers really need into the market. So the whole thing seems to be going on line. Yeah yeah you can't be industry it does appear that. Almost everybody's moving she went online current environment and we're certainly will always be a case work some people just think countries but by and large I would change. If you look at millennial if you look at even somebody actually has got to actually achieve. Thursday's surge of activity where people want to transact online and they wanted to let. Based on their schedule not other peoples and so that's what we're excited about the rocket mortgages you believe that this is a continuing trying to get a Bill Campbell. We'll build it certainly is an amazing development. Good luck with rocket mortgage and thanks for joining us on realistic today could be due. Build in field vice president of capital markets with Quicken Loans on today's Smart home technology report. This is really easy today. All real estate all the time. Back again where their special show hot trends looking at all the new direction ten homes. Neighborhoods and realistic transactions. There's a lot going on in 2017. And we want you to know all about it. In this half hour we'll you're closing companies say no to your certified check. That story and much more is coming up on how trends right after we check in with Phil Dawson and the realistic today newsroom hi bill. I Stephen significant change could be coming in the mortgage market. If the trump administration loosens regulations on big banks it could bring them back into the mortgage business that many have been exciting in recent years and that. Could put new pressure on non bank lenders like caliber home loans but company CEO sound you've Doss told CNBC. I fully expect that the banks who also step up. Do know that their exposure commanding a lot more than I expected to be more from the regional banks stand from the major banks. Six years ago non bank lenders held just 10% of the mortgage market today it's almost half. Complete or closures plunged in December according to the latest figures from core logic the company's data shows a nearly 40% drop in December compared. The same month a year earlier and December foreclosures were down 82% from the peak in September 2010. The foreclosure inventory that's the actual number of homes in some stage of foreclosure was down 30%. A Jumbo loan is a mortgage for an amount higher than conforming loan limit. And new figures compiled by the journal inside non conforming markets children Jumbo loan originations fell in the last two quarters of 2016. Market share for the jumbled sector also fell during that time reversing what had been a steady climb in both originations and market share in recent years. Home staging is a common selling tactic Q hire professionals to commit and make her a look like something out of a magazine to help itself. Another is a new twist a home staging report too real for dot com Libyan home staging. You'd just hire someone to live in your house for awhile. They bring their own furnishings pay a discounted rent and make himself scarce when the house is being shown. And say experts quoted by REALTOR.com. They can make your home look less well staged. Seemed like you. Thanks bill. And right now as we continue our special show hot trends. We're going to look at that technological revolution happening in the American home. Possibly your home Smart home tack is pouring into houses all across the country. As people connect devices to the Internet and control them with their phones or their voices. But if you're a homeowner and you haven't done any of this yet but you want to. Where do you start. What's your first move which are second let's ask an expert. Joining us now is Andrew Gephardt associate editor with CNET. Andrew is on the Smart home and Smart appliance team it's CNET and he covers all sorts of Smart home tech news. From lighting to thermostats. And the new voice recognition devices Amazon echo and grew home. Andrew welcome to realistic today. Andrew if you were buying your first house and you moved in what's the first Smart home device you would bring home. Is that right why. My personal Sloan in the pixel so I am Maurer. Personally involved in the Google platform right now that I am in Amazon or apple so I would want that Smart speaker. And Google Smart speaker I would go with would be due out. And what's the first question you would ask Google Hoch I think. I would ask it to you. Only about my day Google has the unique feature a bit like. UK. Okay Google tell me about my day. It might phoned it started doing it. And all your thoughts on your way to work on the Oprah you are wondering your location and a little player cut provide daily brief saying basically blades. Quick news clips from a number of different sources. And you can compromise that would let. Your good news you want you. Awesome so. You're in your new house you've got the Google home all set up what's next on your shopping list for Smartphone tech. Next I think I would go with that thermostat. I'd probably go eco beat although. Eager beaver Nast is a really tough decision but I'd probably go to eat could be discredited. If I'm home playing video games Berk apartment night I don't want. You know my permit that forgot nets are a put at center in the room what they are don't you could become that next. OK so. Oklahoma is up and running eco be Smart Thurman that is up and running the dinner on a weekend and you think OK what's next. Writing so I learned go where it switches. Are quick which of the walk let all the light and appealing would be Smart just by replacing them. And you would replace the switch rather being going with the phillips' use system because. You were just do one switch and control all the existing lighting rather than replacing every bold at a high cost. Anything else are you sect now are you on an Andrew or is there more martone exact coming home and a bag through your front door. Well I wanna look at a cold packs which isn't necessarily you Ed Smart on device but Google home to many years. Column cannot. Do you control your EB. So you can say eight. Google play parks and recreation on my TV. And don't go to signal to the cold out. Well if you not the right setting and you can eat. Will automatically turn on your TV were already in place and launched parks and recreation subnet. That's amazing slander here's a tough question for. Chart you have your Smart home all set up now one year from now. What do you think will be with Smart home technology. Well I have imagined. To go home and Amazon Acco we're gonna continue to grow their plot or. Also Matt and a year from now we're gonna peer computing device. From apple and may be from Samsung as well. And my guess is that next step for each of these devices. Is developing. Police and recognition. While in those speakers as an added layer of security so you can saying. Alexa are locked my front door and get a security problem because it can tell your boy I know you need quite that can't give that yet. But I would imagine at that the next. Andrews this has been fascinating and I really appreciate you walk him through the American home with Smart home technology. Well thank you Arianna is always on the part about Arnold. I do appreciated Andrew Andrew Gephardt associate editor on the Smart home and appliance team at CNET. Coming up unrealistic today finding your next home. With the incredible power of your Smartphones we started to look. More more at all of those capabilities. With a goal of imagining ways in which we can leverage the power that inherited mobile devices to give people who read. Novel ways of finding now whether creates. That's next on our special show. Hot trends. This is real estate today. Because your home might be your biggest investment. Back again where their special show hot trends bringing you the brand new cutting edge tools you'll need. If you wanna buy or sell real estate in today's digital world. And right now we're going to show you how you can hold every real estate listings in your neighborhood. Your city for a fact the world. In the palm of your hand. Because in 2017. Your Smartphone can access more real estate information faster and more accurately than ever before. Joining us now to talk about this new frontier in real estate information is David Wright senior vice president of consumer experience at real toward dot com. David heads up the team that developed the most amazing apps you've ever seen apps that are right there on your Smartphone. David welcome to realistic today. David REALTOR.com. Core app is called the real estate app. Millions of people use it all the time but it's always changing evolving. And improving so tell us what will we find on the real estate out today. Well you're gonna find all the basic things to consumers need to do you do search for and find out of their dreams. Really no matter what device they're on whether or confront their desktop. On a tablet on the so for their living room watching TV or using a Smartphone and walking around the neighborhood. Too he's been spending it at a time recently pretty good about where users are and ensuring we have great experiences for them across a wide range of products that the people like you and I use. And mobile devices earning credibly crede pimple this there's such powerful tools they understand who you are aware you are. If and how you're moving where you've been and where you're going they understand gestures and can interpret it the world around you. Until a designing our mobile experiences we started to look more more at all of those capabilities. With a goal of a maddening ways in which we can leverage the power that inherent in mobile devices can give people great novel ways of finding their home their drinks. So David you're in a neighborhood. And you like what you see you think I could live here. You open up realtor dot com's app. And there's a map and you just draw a circle with your finger and every listening within that circle comes up. I mean that's just amazing. He did at the core people functionality that we also spent a lot of time developing. No matter where you are what place do you in that area that you can use your fingers he mentioned to you treated circle. And it go and we'll tell you we'll show you rather all houses that are for sale in that area you can fund. I just heard about signs snap where you're walking through a neighborhood you see a sign that says forced sale. You take a picture of it with your phone and what happened. Well it's really just think what happens at that moment is that we use the technology. Inherent in the sound. As well as visual recognition technology. To do understand where that home is an immediately give people saying it was in detail page all the summary. Or all the he'd killed about the ultimate there in front of right at their fingertips. Excellent and coming soon we have something called street peak in which you hand a neighborhood with your phone's camera. And then what David. We focus the camera down a neighborhood or at a particular home or in an urban area at an apartment building. And immediately what will do his will show you all the details of that neighborhood. Solution you do without prices pretty homes that are for sale all violate those. For apartment buildings we'll show you the value of the units within the apartment buildings so people can get the context they need to understand an area and understand whether it's an area that is suitable for them. That is fascinating and there's also really exciting news on the way. Involving our message on iPhone. Yeah I'm messages are really interesting new feature of Iowa and it allows up to developers like. To provide content from our apps. Directly to consumers within the I message interface so the way it works is. As you're texting or messaging with someone you know you can easily accessed information about the little things that you care about. And reference stand in the messages that you sending your friends your real estate team. Will David great tools for anybody buying a house selling a house. Or people who were just looking thank you for joining us on realistic today. Thank you very much for your very welcomed David White senior vice president of consumer experience at real torque dot com. Coming up unrealistic today keeping your next transaction safe. From cyber fraud that's next on our special show a hot trend. It's. If you're hungry for real estate information and follow real estate today on Twitter. Shares segments listened to them again and be the first to know what's on next week's show. Just search real estate today on Twitter. Real estate today because you. Love real estate. Back again now whether or special show hot trend it's all about what's new exciting and different about the American home. And if the American realistic experience. We're going to wrap up today's show with a few words about an emerging trend in real estate that's well somewhat regrettable. And I'm talking about the bad guys. Guys who want to hack your Smartphone. Guys who want to cheat the closing company guys who wanna steal your down payment. Guys you try to do all of that on line. You see these days the bad guys never show their faces they're just at a computer somewhere trying to hack cheat and steal. No of course online bad guys are nothing new they've been around ever since the Internet was invented but the unfortunate trend we're seeing these days. Is that more and more of their online crime is being directed towards real estate. And that's why we're talking about it because the moral where you are about what the bad guys are trying to do. To better protect did you war against bear criminal behavior. So let's talk about the bad guys what they're doing and how you can stoppage before your effected. Let's begin with hacking your Smart home. Many of the really cool and relief fund devices for Smartphones are apparently easy to hack. And the New York Times says hackers are targeting Smart home devices to try to get into your network and into your personal and financial data Olson. Two possible defenses here. This old house suggests using a special email address just for your Smartphone devices. So affair hacked the bad guys won't have your primary email address. Also both the New York Times and this old house recommend having us separate network for your Smartphone devices. So for criminal hacks into it they will not be in your main home network the beyond a secondary network. And they won't be anywhere near your personal data. Now the next thing about guys are doing is targeting the closing. We've heard that some title companies no longer accept certified checks the right certified checks. Because some people reportedly. Were photographing certified check depositing them electronically into their bank accounts. And then handing over that same check at closing. The solution you wire the funds the closing company. But that would requires a very careful approach. Because in another bad guy real estate trend criminals are faking emails from your real estate agent from your title attorney or your lender. Telling buyers to wire their down payment to an account which turns out to be phony. They stole an entire down payment and that money. It's gone. This is grand theft real estate. And both the department of justice and the national association of real torch having getting the word out to make sure consumers know about it. And to help them avoid being harmed by this cyber crime. So here's the best defense never rely on any email instructions to wire money never. If you're agent or your title attorney or the lender anyone emails Hewitt instructions on how to wire your down payments for the home you're about to buy. Deleted and then call on the phone instead. Talked to your agent person to person talked to the closing attorney person to person or go to their office and meet with them face to face. Get the information on wiring your money directly from them. That way you can make the wire transfer with confidence. But again any instructions that come in an email just delete it. You know it's unfortunate that we even have to mention fraud like this but fact is. It's a trend in realistic but if enough people are aware of it in enough people know how to stop it. The navy stopping the bad guys before they do any harm. Will be the real hot trend of 2070. Coming up next week unrealistic today tax time federal tax deadline will be one month out next weekend. So we'll bring on top tax experts who can help you get every deduction you qualify for and some of you might not even know about it. Tax time is next week. Right here on realistic today. And remember you can always listen online if radio dark real tour. And from all of us here could realistic today thank you for listening. If you're realtor you can defeat tie your realistic today's show on your web site. The best real deep chill on the Radio One 100%. For each and they are members just go to our new web address radio dot realtor and click. How realtors.