Top 5 REALTOR® Updates | Week of September 14th
Check out these five real estate updates to help you stay in-the-know with the latest happenings in our industry.
1. DMAR Elects Chair, Board (DMAR in the news!)
Laura Ruch has been elected as chairwoman of the Denver Metro Association of Realtors, which has more than 5,500 member. DMAR was created in August 2011 when Denver Board of Realtors, the Jefferson County Association of Realtors and the North Metro Denver Realtors Association voted to merge. “As we embark on our fifth year as DMAR, I have to reflect on where we’ve been, where we are, and where we are going,” said Ruch, of Keller Williams Preferred.
2. Stock Market Swings Shake Luxury Buyers
Recent volatility in the stock market is prompting some luxury would-be home buyers to take a pause. Large swings in the stock market over the last few weeks have reportedly led to some canceled purchases, delayed closings, and requests for price reductions from some high-end home buyers across the country, The Wall Street Journal reports. Also under the umbrella of growing financial uncertainty, the Federal Reserve has been increasing its signals to raise interest rates before the end of the year, which will increase borrowing costs for a mortgage. Read More...
3. Rising Mortgage Rates Won't Spook Buyers
Mortgage rates are likely to rise in the coming weeks and many housing analysts have warned that the rises will likely shake the housing market as borrowing costs get more pricey. But the fear of rising rates isn't concerning home buyers yet, according to a new consumer survey by the real estate brokerage Redfin. Rising mortgage rates barely appeared in list that ranked the top buyer concerns. In fact, just five percent of consumers surveyed said their buyer concern was that "mortgage rates will go up before I can buy." Read More...
4. Keller Williams Posts Record Expansion
Keller Williams surpassed 125,000 sales associates recently, increasing its associate count by 17 percent since January. Its increase in sales associates has proven good for sales too. The franchise's transactions are up 20 percent to nearly 400,000 units and sales volume has risen 26 percent to $100 billion. Its agents have earned $3 billion in gross commission income. Also, Keller Williams franchise owners have increased their profits by 37 percent. "We're growing at six times the rate of the overall industry," says Chris Heller, CEO, Keller Williams. "We're focusing on innovation and providing top-notch real estate business training and coaching to our agents. It's the reason we're outpacing the market and providing more opportunities for our associates and their families." Read More...
5. Surging Rental Income Likely to Slow Soon
Rental costs are rising quickly as rental vacancy rates drop to the lowest level in three decades. Investors of rental properties have been obtaining income from the rising rents, with net rental incomes more than doubling in the past decade, according to Lawrence Yun, the chief economist of the National Association of REALTORS® in a recent column for Forbes.com. It's a good time to be an investor in a rental property. Total rental income – rents collected from tenants – climbed from $60 billion in 2007 to more than $130 billion today. Read More...
