California Association of Realtors
Sacramento
May 2013
Joel Saylor
Economic Update
Recovering Market
up 34.2% statewide
Job loss down
Housing is in it's lowest supply since 2005
Discrepancy between Housing starts v Demand
First time home buyers having difficult time qualifying for loans\
Rent/Buy
8 in 10 Renters still want to Buy a home (81% believe in home ownership)
They believe a home is still a good long term investment
24% choose to rent
70% of sales are Equity
American Dream v Deficit Reduction
MID Mortgage Interest Deduction will go away, not equal in all states
if passed, it could really affect the incentive in home ownership, 71% oppose it
GSEs own 70% of all notes
FNMA/FDMC profited largely in 2012, reducing debt of 2009 quickly
Long Term Future of Brokerage
Disintermediation of FB, Google, Bookstores, Zillow, etc
Trust will become a huge issue
Customer Expectations will be critical - HO does not believe we have their best interest at heart
Realtors will become the next Travel Agents unless we continue to be a critical part of the deal.
30% of all sales in the US done without a realtor in 2012.. number will continue to increase
Alternate Disposition Methods
Public Auction
Homepath
Hubzu/Ocwen REO business 90,000 sold
Auction.com - NationStar
FHFA Bulk Sales
Decision Support Technology
Supposedly performs better than a doctor, MD Software or items such as TurboTax
Who Needs the MLS?
FB
Exclusions
Flash Sales - without realtor, 1st day of listing
as much as 15% of sales have higher process in MLS
CHANGE IN MANDATORY! Must change personality and attitudes of trust!
Sacramento
May 2013
Joel Saylor
Economic Update
Recovering Market
up 34.2% statewide
Job loss down
Housing is in it's lowest supply since 2005
Discrepancy between Housing starts v Demand
First time home buyers having difficult time qualifying for loans\
Rent/Buy
8 in 10 Renters still want to Buy a home (81% believe in home ownership)
They believe a home is still a good long term investment
24% choose to rent
70% of sales are Equity
American Dream v Deficit Reduction
MID Mortgage Interest Deduction will go away, not equal in all states
if passed, it could really affect the incentive in home ownership, 71% oppose it
GSEs own 70% of all notes
FNMA/FDMC profited largely in 2012, reducing debt of 2009 quickly
Long Term Future of Brokerage
Disintermediation of FB, Google, Bookstores, Zillow, etc
Trust will become a huge issue
Customer Expectations will be critical - HO does not believe we have their best interest at heart
Realtors will become the next Travel Agents unless we continue to be a critical part of the deal.
30% of all sales in the US done without a realtor in 2012.. number will continue to increase
Alternate Disposition Methods
Public Auction
Homepath
Hubzu/Ocwen REO business 90,000 sold
Auction.com - NationStar
FHFA Bulk Sales
Decision Support Technology
Supposedly performs better than a doctor, MD Software or items such as TurboTax
Who Needs the MLS?
FB
Exclusions
Flash Sales - without realtor, 1st day of listing
as much as 15% of sales have higher process in MLS
CHANGE IN MANDATORY! Must change personality and attitudes of trust!
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