Tuesday, October 28, 2014

Charlotte-area home prices rise 2.5% | CharlotteObserver.com

Charlotte-area home prices rise 2.5% | CharlotteObserver.com



Charlotte-area home prices rose 2.5 percent in August from a year ago as annual appreciation nationwide continues to slow down, according to Standard & Poor’s/Case-Shiller data released Tuesday.
Nationwide, prices increased 5.6 percent from a year ago, according to a composite index of 20 cities.
Home prices continue to rise in Charlotte and nationwide but at a declining pace. In July, for example, prices in the Charlotte region were up 3.6 percent from the same month last year. Nationally, prices were up 6.7 in July from a year ago.
“The deceleration in home prices continues,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Blitzer said low interest rates and slower increases in home prices should help the U.S. housing market improve.

Read more here: http://www.charlotteobserver.com/2014/10/28/5272439/charlotte-area-home-prices-rise.html#storylink=cpy

Thursday, October 23, 2014

Panel: Stronger growth ahead for Charlotte, national economy | CharlotteObserver.com

Panel: Stronger growth ahead for Charlotte, national economy | CharlotteObserver.com



Growth in the national economy should accelerate in the months ahead, a panel of commercial real estate experts said Thursday, and Charlotte, Raleigh and other Sun Belt cities stand to grow even faster.
That was the prognosis from a panel of regional and national officials from JLL (Jones Lang LaSalle), a global commercial real estate firm with operations across the U.S. and in 75 countries. They gathered at the Mint Museum to talk about trends and forecasts in commercial real estate across the globe and the Carolinas.
Despite recent fears over the Ebola virus outbreak and instability in European financial markets, the panel offered a bullish assessment of the U.S. economy. Colin Dyer, JLL’s Washington, D.C.-based global president and CEO, said America’s post-recession recovery has spread through a broad range of industry sectors, with corporations posting quarter after quarter of strong growth while stockpiling record amounts of cash.
The recovery, he said, “is stronger than most people came to believe,” he said. “Generally speaking, there’s good growth everywhere.”
It’s even stronger Charlotte, Raleigh-Durham, Charleston and other Sun Belt cities than nationally, added John Sikaitis, managing director of JLL’s Washington, D.C.-based research unit that studies office space trends and tracks more than 50 U.S. markets where the firm operates.
He said U.S. economic growth should be about 3 percent over the next two years. Growth in Charlotte and other Carolinas cities, fueled by strong population increases, should be about 4 percent to 4.5 percent.
“There are a lot of different super-regions that are growing a lot faster than the U.S. as a whole,” he said. “Texas and Denver are at the top of the list, but the one that’s been coming up from behind the pack, and could be in front of the pack in the next 24 months is really the Sun Belt, and the Carolinas is part of that.”
That growth will be particularly strong in urban areas, he added, since the growing wave of young millennial workers prefer urban settings where workplaces, recreation and shopping sit in close proximity.
That means in Charlotte’s central business district, he said, but also SouthPark and Ballantyne, areas traditionally thought of as suburban. He said they retain strong appeal for young workers because they manage to keep work, retail and recreational opportunities close together, despite being outside the city’s urban core.
“We’re seeing sub-markets like that outperform (the broader market) from a demand standpoint, from a pricing standpoint, from an investor demand standpoint,” he said.
People don’t want to be in isolated office park buildings “with a deli downstairs” and a highway as their only connection to other activities.
“I’m not against the suburbs,” he said, but “that’s just not how we’re thinking today.”

Read more here: http://www.charlotteobserver.com/2014/10/23/5261724/panel-stronger-growth-ahead-for.html#storylink=cpy

Tuesday, October 21, 2014

Existing home sales rise in September, says National Association of Realtors, as mortgage interest rates remain low - Charlotte Business Journal

Existing home sales rise in September, says National Association of Realtors, as mortgage interest rates remain low - Charlotte Business Journal




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Sales of existing homes rebounded in September, hitting their highest annual pace this year: 5.17 million.
That's up from 5.05 million in August,according to the National Association of Realtors. The bad news is that sales are still below last year's pace.
The numbers include completed sales for single-family houses, townhomes, condominiums and co-ops.
September's increase can be attributed to "low interest rates and price gains holding steady," said NAR Chief EconomistLawrence Yun.
"Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter," he said.
The median home price was $209,700 in September, up 5.6 percent from a year earlier.
Mortgage rates increased slightly in September, but Yun thinks stock market volatility "is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now," Yun said.

Friday, October 10, 2014

Charlotte-area home sales increase 15% in September | CharlotteObserver.com

Charlotte-area home sales increase 15% in September | CharlotteObserver.com



Charlotte-area home sales increase 15% in September

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- CHARLOTTE REGIONAL REALTOR ASSOCIATION
Joe Rempson, president of the Charlotte Regional Realtor Association, said the year-over-year rise in Charlotte-area home sales bucks a national trend. But more new homes are needed in the region to meet growing demand from people moving to Charlotte for jobs, he said.
Charlotte-area home sales rose 15 percent in September from the same month last year while the supply of properties for sale shrank again – a combination that continues to give sellers an edge over buyers.
The region had 3,253 closings in September, which recorded the largest year-over-year percentage rate increase for any month this year, according to a report on existing-home sales released Thursday by the Charlotte Regional Realtor Association.
In a trend that continues, sales and prices are rising while supplies are declining, giving buyers fewer options.
According to the report, inventory fell to a 5-month supply, down from a 5.2-month supply in August. A widely accepted definition of a balanced housing market is one with a six-month inventory. Charlotte has been below that level since November 2012.
Supplies in the Charlotte region have now fallen for three months in a row. Tight supplies have been seen as a key factor in large annual price gains in Charlotte and elsewhere, as buyers waging bidding wars push up prices.
Last month, the average sales price in the region was $228,085, up 3 percent from a year ago. Annual price gains in the Charlotte region have cooled off from double-digit gains, recorded as recently as January, as appreciation nationwide has also slowed.
Joe Rempson, president of the Realtor association, said in an interview that more new homes are needed in the region to meet growing demand from people moving to Charlotte for jobs. But in the wake of the housing bubble bursting, some home builders continue to face challenges getting financing to build new homes, he said.
“The new-housing market’s coming alive, but we’ve got to have more and more inventory with the amount of people moving into the area,” he said.
September’s closings were down 11 percent from August. That decline is not all that surprising, as the housing market tends to slow in the second half of the year.
The Realtors report is based on activity in a roughly 18-county region. It generally does not include sales of new homes.

Read more here: http://www.charlotteobserver.com/2014/10/09/5230219/charlotte-area-home-sales-increase.html#storylink=cpy

Thursday, October 2, 2014

Allen Tate Realtors pulling listings from Zillow, Trulia and doubling down on realtor.com | Inman News

Allen Tate Realtors pulling listings from Zillow, Trulia and doubling down on realtor.com | Inman News



Allen Tate Realtors is pulling all of its listings — approximately 10,000 — from Zillow and Trulia, and doubling down on its presence on realtor.com by paying to spotlight its listings there through the portal’s Showcase Listing Enhancements ad program.
Like a handful of other regional brokerages that have stopped sending listings to Zillow and Trulia, the Charlotte, North Carolina-based firm cited concerns with the accuracy of listing information displayed on the sites.
“After hearing enough noise from our agents and clients (about problems arising from inaccurate data), we decided to make the move,” Allen Tate Realtors President and Chief Operating Officer Pat Riley told Inman News. The firm had provided the portals with feeds “from the beginning,” he said.
Accuracy issues weren’t the only reason Allen Tate Realtors gave for pulling its listings from the two portals.
The brokerage, which has close to 1,500 agents in 40 offices throughout the Carolinas, also cited a distaste for Zillow and Trulia’s resyndication practices and ads for buyer’s agents with competing brokers that the websites run alongside of listings.
Riley questioned the practice of sending consumers to “another agent on a listing that hasn’t necessarily seen the property.”
(Realtor.com also runs lead forms that generate business for buyer’s agents, but the ads are unbranded and listing brokers can elect to block them from appearing next to their listings. Brokers who allow “Connection for Co-Brokerage” lead forms to appear next to listings they represent get free perks, like additional photos, in exchange.)
Allen Tate Realtors’ agents can still put their listings on Zillow after presenting sellers the pros and cons of listing their homes on the two portals, Riley said. Agents cheered the decision when the brokerage announced it in-house last Tuesday, he said.
Ranked by Real Trends as the 21st-largest brokerage in the U.S. by 2013 dollar volume, Allen Tate Realtors is also doubling down on its realtor.com presence by paying to enhance its listings on the site.
The realtor.com program will give Allen Tate Realtors’ agents branding and links back to their sites on all their listings on the portal. The brokerage will also get its logo and links back to its website on all its listings.
“(Allen Tate Realtors’ decision to pull its listings from Zillow) is a real disservice to their clients and their agents,” said Katie Curnutte, Zillow’s director of communications.
“By pulling for-sale listings off the most popular real estate site and set of mobile apps in Charlotte, the brokerage is severely limiting the audience of potential homebuyers who are seeing these listings and are able to easily connect with an Allen Tate agent,” Curnutte said.
Without its for-sale homes on Zillow and Trulia, consumers won’t be able to find Allen Tate Realtors’ listings on the two most popular websites in the Charlotte metro area. Zillow and Trulia attracted an average of 350,000 and 187,000 unique visitors, respectively, to their networks from desktop computers in the three months through August, according to analytics firm comScore.
Total unique visitors to Allen Tate Realtors’ website didn’t meet comScore’s minimum threshold for reporting in the Charlotte metro.
Unique visitors from desktop computers to real estate sites in the Charlotte, North Carolina, demographic market area, August 2014
NetworkNumber of unique visitors from desktop computers in August 2014*
Zillow Network**350,000
Trulia Network^187,000
Move Inc. network (realtor.com)138,000
Homes.com network^^61,000
Source: comScore. *Average for the three months through August 2014 **Includes traffic to Yahoo Homes ^Includes traffic to RentPath Inc. sites ^^Includes traffic to ForRent.com 
But that loss of potential exposure doesn’t bother Riley, who says that inaccurate listing data on the portals created a headache for his agents and their clients.
Unlike Zillow and Trulia, realtor.com gets a vast majority of its listings through direct feeds from more than 800 multiple listing services across the U.S., giving it a more complete and fresher listing database than its third-party competitors in some markets.
Zillow and Trulia, on the other hand, get listings from a variety of sources, including brokerages, agents, franchisors, MLSs and syndication platforms, which can result in duplicate listings, inaccurate for-sale statuses and other flawed data in some markets.
For Riley, the distinction between realtor.com on the one hand and Zillow and Trulia on the other has to do with both accuracy and his perception that “realtor.com is still playing by the rules.” If realtor.com — which is set to be acquired by Rupert Murdoch’s News Corp — changes its strategy in ways the brokerage doesn’t like, Riley says his firm will consider ending its feed to the portal, too.
Reps for Zillow and Trulia said that Allen Tate Realtors had not reached out to them ahead of the brokerage’s decision to pull its listings from their respective sites. Zillow and Trulia say they do not resyndicate data to sites they have not established partnerships with.
For example, listings sent to Zillow also show up on the portal’s partner sites, including Yahoo Homes, HGTV, MSN Real Estate, AOL Real Estate, but not to others, said Zillow spokeswoman Amanda Woolley. That exposure is seen as good for sellers, who benefit from having more potential buyers learn that a home is on the market.
Both Zillow and Trulia have been working to address accuracy issues by securing direct feeds from brokers and MLSs across the U.S.
Setting up direct feeds would solve Allen Tate Realtors’ accuracy concerns, representatives of the two portals said.
“Direct feeds enable us to make updates as often as every eight minutes, or 180 times per day, ensuring the highest quality and most accurate listings data,” said Alon Chaver, Trulia’s vice president of industry services.
Minneapolis-St. Paul, Minnesota-based Edina Realty, the most prominent advocate of withholding listings from portals, reversed its stance on Tuesday. It now provides Zillow, Trulia and realtor.com with a direct feed of roughly 9,500 listings.
With the added perks of improved agent and broker attribution and branding on the portals, including linkbacks to the brokerage’s website, Edina Realty tapped Zillow and Trulia’s broker direct-feed programs to improve the accuracy issues of its listings on those sites, Edina Realty CEO Greg Mason told Inman News.
Zillow and Trulia have worked to make the agent ads that show up next to unadvertised listings more palatable to the industry. Listing agents are now displayed next to their listings for free when agents claim them or when they identified as part of a feed.
Realtor.com also sends leads to competing agents on unadvertised listings, but competing agents’ branding doesn’t show up on a listing as it does on Zillow and Trulia.
Zillow and Trulia’s listing databases have a few regional dents
Allen Tate Realtors’ decision will put a dent in the listing databases of Zillow and Trulia in the markets where Allen Tate Realtors has listings, including Charlotte, where the brokerage is the clear market leader.
In that, it mirrors the decisions of other large regional brokerages who have recently made the move to cut their feeds to Zillow and Trulia in places where they have market dominance, including Memphis, Tennessee-based Crye-Leike Realtors in January and three markets in Arkansas in June.
By watching its performance closely in those four markets and seeing no ill effects of its decision, Crye-Leike is set to expand its Trulia-Zillow blackout zone to Jackson, Mississippi, on Wednesday, Crye-Leike Executive Vice President Steve Brown told Inman News.
Markets where large brokerages have stopped sending their listings to Zillow and Trulia
MarketBrokerageApproximate number of listings pulled from Zillow and TruliaDate pulled
Kansas City, MissouriBetter Homes and Gardens Kansas City Homes1,500 listingsJune 2012
Rochester, New YorkNothnagle Realtors2,400 listingsNovember 2012
Memphis, TennesseeCrye-Leike Realtors3,000 listingsJanuary 2014
Little Rock, Jonesboro and Hot Springs, ArkansasCrye-Leike Realtors3,000 listingsJune 2014
CincinnatiSibcy Cline Realtors5,000 listingsNever syndicated to
PittsburghNorthwood Realty Services2.700 listings (just Zillow)September 2014
Sources: Inman News, Better Homes and Gardens Real Estate Kansas City Homes, Sibcy Cline Realtors. 
Many other firms are going all in on syndication with third-party portals, either by advertising with them — as Howard Hanna Real Estate Services does on Zillow and realtor.com — or sending them direct feeds through their broker programs, like Edina Realty does today.
Northwood Realtors, a large Pittsburgh-area brokerage that pulled its approximate 2,700 listings from Zillow in September, cited inaccuracies in Zillow’s automated home value estimates, known as Zestimates, as another factor. Riley said Zestimates also influenced Allen Tate Realtors’ decision to pull its listings (Trulia and realtor.com display automated home valuations with homes that are not on the market, but not alongside of active listings, which can irk sellers).
“Zestimates make for a dysfunctional marketplace,” Riley said.
Howard Hanna had issues with Zestimates as well, but by sending Zillow its data, they have become more accurate, Howard Hanna President Helen Hanna Casey told Inman News. Howard Hanna blocks agents from other firms from advertising on its Zillow listings in its marketing agreement with Zillow, which was established in February 2012 and renewed this summer, she said.
Editor’s note: This story has been updated to correct that Howard Hanna Real Estate Services provides information to Zillow to help improve the accuracy of “Zestimates” that appear next to its listings. Howard Hanna does not prevent Zesimates from appearing next to its listings.

Wednesday, October 1, 2014

Charlotte-area home prices up 3.6% | CharlotteObserver.com

Charlotte-area home prices up 3.6% | CharlotteObserver.com



Charlotte-area home prices rose 3.6 percent in July from the same month last year as a nationwide trend of cooling appreciation continued, according to Standard & Poor’s/Case-Shiller data released Tuesday.
July marked the second month in a row the Charlotte region has posted lower annual gains. Nationally, appreciation has slowed on an annual basis for eight months in a row.
Case-Shiller said its latest report shows a significant slowdown in price increases. Nationwide, home prices rose 6.7 percent in July from the same month a year ago, according to a composite index of 20 cities. That was down from an 8.1 percent annual gain posted in June.
In the Charlotte region, annual gains have dropped to half of what their rate was at the start of the year.
“While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Blitzer said home prices are rising at two to three times the rate of inflation.
The slowdown in appreciation is welcome news to some real estate industry officials who say prices rose too quickly in recent years.
“As long as we have gains, it is a good thing” for appreciation to gradually slow from current levels, said Elaine Price, broker in charge for Keller Williams Realty’s University City office.
“I think that it’s unhealthy to have dramatic gains,” she said. “Obviously, it makes it less affordable for buyers. It makes it harder for them to purchase. I would rather see a slow, gradual appreciation over time than the drastic ups and downs that knock people out of the market.”
In Charlotte and elsewhere, low supplies of homes for sale have been considered a key factor in rising home prices, as potential buyers try to outbid one another.
A balanced housing market is one with a six-month inventory, under a widely accepted definition. The Charlotte region’s supply of existing homes has been below that level since November 2012.
Lawrence Yun, chief economist for the National Association of Realtors, said last week that supplies are improving in many parts of the country amid a decline in all-cash purchases from investors. As the investors pulled back from the market, sales of existing U.S. homes fell in August after four straight months of gains.
To be sure, rising prices are a positive for owners who still owe more than their homes are worth. Increasing prices inject equity back into those homes.
U.S. home prices on average remain about 17 percent below the peak hit in mid-2006, according to Case-Shiller. In the Charlotte region, prices are 5.5 percent below their peak in August 2007.
The Case-Shiller report is based on home sales that closed in July, which likely covers purchases that went under contract in May or June.
The report is based on repeat sales only, not sales of new homes.







Read more here: http://www.charlotteobserver.com/2014/09/30/5210114/charlotte-area-home-prices-up.html#storylink=cpy