Category: Real Estate News

Cascade Sotheby’s International Makes REAL Trends 500 List!

June 7, 2013 – 12:40 am

You read it right, Cascade Sotheby’s International had made the REAL Trends 500 list. Read the email we received from Sotheby’s International president and CEO, Phillip White:

Dear Sotheby’s International Realty® Brokers,

I would like to extend my congratulations to our companies named on the REAL Trends
500, an annual research report that identifies the country’s largest and most successful
residential firms as ranked by closed transaction sides and separately by closed sales
volume. REAL Trends, Inc. is a leading source of analysis and information on the
residential brokerage and housing industry.

On the report, issued this month, there were 24 Sotheby’s International Realty firms on
the closed sales volume list and 11 on the closed transactions sides list. We are very
proud of all the companies recognized, and wish you continued success this year:

  • William Pitt/Julia B. Fee Sotheby’s International Realty
  • Premier Sotheby’s International Realty
  • Russ Lyon Sotheby’s International Realty
  • Sierra/Summit/Fuller Sotheby’s International Realty
  • Daniel Gale Sotheby’s International Realty
  • HOM Sotheby’s International Realty
  • ‘ITR Sotheby’s International Realty
  • Briggs Freeman Sotheby’s International Realty
  • ONE Sotheby’s International Realty
  • Aspen Snowmass Sotheby’s International Realty
  • Prominent Properties Sotheby’s International Realty
  • Jackson Hole Sotheby’s International Realty
  • Atlanta Fine Homes Sotheby’s International Realty
  • Gibson Sotheby’s International Realty
  • Jameson Sotheby’s International Realty
  • Ewing & Associates Sotheby’s International Realty
  • Today Sotheby’s International Realty
  • Kuper Sotheby’s International Realty
  • Callaway Henderson Sotheby’s International Realty
  • Pacific Sotheby’s International Realty
  • Heritage House Sotheby’s International Realty
  • Lakes Sotheby’s International Realty
  • Cascade Sotheby’s International Realty
  • Williams Trew Sotheby’s International Realty

Sincerely,
Philip White
President and Chief Executive Officer
Sotheby’s International Realty Affiliates LLC

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Home Sales Creating Optimism in the US

May 31, 2013 – 4:14 pm

Home prices in the US increased during the first quarter of 2013. This was the fastest surge in prices in almost seven years. The housing market revival has caused major debates within the Federal Reserve. Their current debates:

  • How far their easy-money policies should be pushed
  • Where to go with their bond-buying program, with it’s $85 billion-a-month budget

According to analysts, the bond-buying program is responsible for helping to keep the US mortgage interest rates at such historical lows. It has also helped with boosting the prices of assets, as well as stimulating spending and hiring.

Officials within the federal government have been debating about when it will be appropriate to start winding the program down. They’re concerned that our economy may not be ready to survive without the bond-buying. They fear that the current signs of recovery may be temporary, just like in the past.

On Tuesday, these reports became major factors that drove the financial markets. The strong data encouraged stock investors, sending the industrial average of Dow Jones to new heights. The 10-year Treasury note yields increased to their highest peak in about 13 months, to 2.132%.

This data shows that our economy as a whole is headed in the right direction. But, according to Scott Buchta of Brean Capital LLC, it’s probably not enough for the federal government to scale back on bond buying.

Standard & Poor’s/Case-Shiller also released a national index this past Tuesday. It shows a 10.2% increase in home prices between March 2012 and March 2013. This reflects the highest annual gain since 2006, when home prices began falling.

Also on Tuesday, 30-year fixed rate mortgages inched up to 3.9%. In the meantime, home prices are still 28% lower than they were during the market peak in 2006. Between the low prices and record-low interest rates, homes in the US continue to remain affordable.

Americans consider houses to be our biggest financial assets. So, analysts believe that increasing home prices can really help to boost consumer confidence. These gains will also stop many homeowners from being distressed by being underwater. Increasing prices mean more padding between what they owe on their homes and how much they’re currently worth.

Currently, there are still not enough homes on the market to meet demands. This is intensifying buyer urgency even more. Homebuilders have taken advantage of this situation by building new homes across the US. Eventually, as the supply increases, so will home prices.

As demand continues to outnumber supply, real estate agents have been contacting potential sellers about intense demand in their local communities. They’re becoming more and more aggressive when it comes to keeping homeowners informed about their local market conditions.

Ms. Lee, a condo owner, had been renting out her property to tenants for four years. She listed the unit for sale n April. Within just one week, she received six different offers. When it closed escrow, it went for just above her asking price of $275,000.

Her real estate agent, Mr. Bryan, says he’s sent out 200 postcards to local condo owners. His goal was to flushed out potential sellers. His postcards had one message on the front in big, bold letters, “Got Belltown Condo?”

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Big Predictions Being Made for Housing Market in Next 2 Years

April 5, 2013 – 9:09 pm

The most recent monthly economic outlook from Fannie Mae shoes that home sales in the US are expected to see big gains. According to the funding experts, their predictions for market gains will occur within the next two years.

Economists at Fannie Mae have predicted that the sales of existing homes in the US will increase by 10.5 percent by the end of 2013. By 2014, sales are expected to increase by 6.2 percent. Sales in the single-family home market are predicted to increase 15.1 by the end of 2013, and 44.1 percent by the end of next year.

According to the report, home prices are expected to increase at the rate of the current housing recovery. This will have a huge impact on boosting the net worth of US homes. The amount of homeowners who are underwater borrowers is expected to diminish gradually, while reducing strategic default incentives.

Fannie Mae Mortgage Rate Predictions

Fannie Mae made another prediction related to mortgage rates. They believe these rates will remain at record-low averages throughout 2013. However, 30-year fixed-rate mortgages will continue increasing. During the first quarter of 2013, the average was 3.5 percent. This average is expected to increase to 4 percent by the last quarter of 2013. The mortgage rate prediction for the last quarter of 2014? It’s during this time that the rates are projected to increase by an average of 4.5 percent.

The amount of homebuyer mortgage applications is also expected to increase this year by 16.8 percent. By 2014, the amount of applications should increase by 17.1 percent. However, Fannie Mae is predicting that decline in the number of refinancing applications will more than likely cause the amount of mortgage loan originations to decrease by 14.5 percent in 2012, and 31.4 percent next year.

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