When Not to Press ‘Send’ on That E-mail

When Not to Press ‘Send’ on That E-mail. Image courtesy of patrisyu / FreeDigitalPhotos.net

There’s a time to e-mail, and a time to call. Sometimes in the rush to be responsive you’ll instantly send an e-mail, but doing so may backfire.

When should you e-mail and when should you maybe wait to respond until you can call or even talk in-person? Forbes.com recently highlighted times when you absolutely should not send that e-mail. Some of their biggest e-mail no-no’s:

Sending a long response.

“If you could write what you’re thinking in one sentence and your e-mail is still three paragraphs long, you’re in trouble,” the article notes. For example, maybe you’re correcting a client’s confusion over a transaction. You may end up dedicating one section of your e-mail to how you understand why the person might be confused and then another section to what you think should be done, and a third section honing in on how your plan is really the better route to go. The longer the e-mail, though, the more lines the other person could potentially misread.

Instead, be succinct with your message. If you disagree with someone, just write “I’m not sure we’re on the same page” or “I had a different read on it” – is more efficient – and nicer than going on and on, the article notes.

Too much punctuation.

If your e-mail has too much emphasis, you may want to second-guess sending it. For example, if you’ve made every other word italicized, bold, or in all caps and punctuated everywhere – the other person will perceive you as being extreme. “If your sentiments aren’t positive, the other person could easily think you’re trying to convey anger – as opposed to say, simple confusion,” the article notes. Limit yourself to one punctuation mark and no italics.

Your response is confusing.

You’ve had a long, busy day and you keep re-reading the e-mail you’re crafting over and over again to make sure it makes sense. You may be better off waiting to press send until you’re more alert. If it’s absolutely urgent, send a response with a short message that promises to send more details later. That way you’ve confirmed you received the other person’s message and have let her know you’ll be in touch with more information soon. This provides you more time to compose your response and more time to focus on making it succinct.

Source: “4 Times You Should Absolutely Not Send That E-mail,” Forbes.com (Oct. 7, 2015)

‘Zombie’ Homes Spook Fewer Neighborhoods

‘Zombie’ Homes Spook Fewer Neighborhoods. Image courtesy of Simon Howden / FreeDigitalPhotos.net

Vacant foreclosures – known as “zombies” – plunged 43 percent in the third quarter compared to a year ago, according to RealtyTrac’s latest U.S. Zombie Foreclosure and Vacant Property Report. As of the end of the third quarter, about 20,050 residential properties were in the foreclosure process and vacant, but had not yet been repossessed by the foreclosing lender.

“The overall inventory of homes in the foreclosure process has dropped 36 percent over the past year so it’s not too surprising to see a similarly dramatic drop in vacant zombie foreclosures,” says Daren Blomquist, vice president at RealtyTrac. “What is surprising is there are so many vacant homes where the home owners do not appear to be in financial distress — with only 3 percent in foreclosure or bank owned, and only 6 percent that are underwater. More than 63 percent of these vacant homes are not even encumbered by a loan, owned free and clear by the owner. The fact that the home owners are not selling given the recovering real estate market in most areas indicates that many of these properties are in poor condition and in neighborhoods that have been left behind by the housing recovery.”

The following states are still haunted with the most vacant “zombie” foreclosures, according to RealtyTrac’s report:

• New Jersey: 3,997
• Florida: 3,512
• New York: 3,365
• Illinois: 1,187
• Ohio: 1,028

The following states have the highest share of vacant “zombie” foreclosures as a percentage of total vacant properties:

• New Jersey: 9.4%
• New York: 8.2%
• Nevada: 2.7%
• Massachusetts: 2.5%
• Illinois: 2.1%

On a metro level, the following areas had the highest share of vacant “zombie” foreclosures as percentage of all vacant properties:

• Rochester, N.Y.: 14.3%
• Trenton, N.J.: 10.5%
• New York: 10%
• Albany, N.Y.: 7.9%
• Allentown, Pa.: 5.2%

Source: RealtyTrac

Chinese Buyers Sink More Cash Into U.S.

Chinese Buyers Sink More Cash Into U.S. Image courtesy of podpad / FreeDigitalPhotos.net

Chinese buyers now make up the largest segment of foreign purchasers in the U.S. real estate market, and they predominantly pay in cash.

So far this year, 46 percent of Chinese buyers paid cash, up 229 percent from a decade ago, according to RealtyTrac. That is significantly higher than the 33 percent share of cash buyers overall in the market. That figure is also up 65 percent from a decade ago.

“Cash buyers across the board are playing a much bigger role in the housing market now than they were 10 years ago, and that is particularly true for Chinese Mandarin-speaking cash buyers, who are more likely to be foreign nationals,” says RealtyTrac Vice President Daren Blomquist. “Foreign cash buyers have helped to accelerate U.S. home-price appreciation over the past few years, given that these buyers are often not as constrained by income as local, traditionally financed buyers.”

Even recent instability in China’s economy and stock market haven’t deterred Chinese buyers from investing in U.S. real estate. In fact, it has heightened their interest. With the influx of money from China so high, Long & Foster even recently partnered with Juwai, a China-based real estate listing site.

“We’re seeing demand from Chinese buyers with children of all ages — some as young as 1 year old — and they’re relying on our team for insight into the local areas and their educational offerings, from elementary to university level,” says Pandra Richie, president of Long & Foster’s corporate real estate services. “Access to quality education is one of the top priorities for Chinese buyers, and from Philadelphia to Richmond, our market areas offer some of the best school districts and universities.”

Source: “Chinese Money Flows Into U.S. Housing,” CNBC (Oct. 6, 2015)

Home Inspection Deal-Breakers

home inspection. Image courtesy of hywards / FreeDigitalPhotos.net

Home inspectors are hired to perform an objective evaluation of a home’s condition, but at times, their discoveries can prompt the buyer to terminate a sale contract.

Dylan Chalk, owner of Seattle-based Orca Inspection Services LLC, writes on Redfin’s blog that, in his experience, the following three issues kill the most deals:

1. Cover-ups. The house may look great, but a deeper inspection may reveal short-cuts on repairs or renovations made by a prior home owner. These commonly occur in homes that were purchased to be flipped. “I sometimes find flips in need of structural repairs or discover chronic moisture problems that were covered up in an effort to sell the house,” Chalk writes. “On the outside, everything looks new and shiny, but there may actually be deep dysfunction lurking in the bones of the house.” He also finds problems with vacation homes that have been remodeled multiple times over the years. “There can be a hodgepodge of foundations, additions, and rooflines that make them fundamentally different than they appear,” Chalk notes. “These are not ‘bad houses,’ but they are often quirky and may present risks that buyers weren’t anticipating. One tip that often gives these homes away is a quirky roofline that shows obvious additions.”
2. More repairs than anticipated. This is a common scenario with younger homes, Chalk says. The clients may say, “It’s only 20 years old!” But while most 20-year-old houses are in good shape, they often require expensive replacements for systems that last only 15 to 20 years. Systems that usually need to be replaced after 20 years are a deck, furnace, roof, and appliances. Carpets, the home’s siding, and even hardwood finishes may need special attention at that point, too. The maintenance list may come as a surprise to some buyers.
3. The home has bad bones. Buyers go into fixer-uppers knowing they intend to do a host of repairs, such as the furnace, kitchen, bathrooms, flooring, paint, and appliances. But buyers may not have taken into account the foundation, frame, roofline, floorplan, and drainage. A home inspection that turns up structural problems or drainage issues will add a significant amount to the buyer’s budget — even pushing them out of their price range.

Source: “The 3 Most Common Reasons a Home Inspection Kills a Deal,” Redfin Blog (Oct. 2, 2015)

4 Digital Marketing Trends to Watch in 2016

4 Digital Marketing Trends to Watch in 2016. Image courtesy of KROMKRATHOG / FreeDigitalPhotos.net

Looking to gain more of an edge in your market? Being on the forefront of technology trends can certainly help, according to a new article at Forbes.com. SEO and online marketing expert Jayson DeMers recently pinpointed some of the top trends you’ll see in digital marketing in the coming year. See if any of these trends could work in your real estate business:

The domination of video ads. YouTube, Facebook, and Bing have helped make video ads bigger, but in 2016, look for Google’s release of in-SERP video advertising to make headway. Forbes.com predicts that more types of video ads will pop up next year as well.

App indexing will boost app use. 2016 will likely be a year where more business owners harness the online visibility advantages of having a dedicated app, predicts DeMers. “A mobile-optimized site works wonders for appealing to the mobile crowd, but soon, apps will begin to replace them,” DeMers predicts. “Apps can do everything that websites can, except in more intuitive, convenient, accessible ways.” Apps won’t replace websites –at least yet – but they are expected to play a more pivotal role in cornering the mobile market, according to Forbes.com.

Mobile will dominate desktop. Google announced this year that mobile traffic has finally overtaken desktop traffic in 10 different countries. Google also announced an algorithm update to phase out sites not optimized for mobile, and even just a mobile-only site with no desktop counterpart is acceptable to Google now. That doesn’t mean the complete death to desktop traffic but you may want to place more of your marketing dollars on mobile-focused online marketing to best compete.

Digital assistants become key to optimization. While search engine optimization and pay-per-click advertising are two popular ways for getting your site seen by more visitors, Forbes.com marketers predict that digital assistants will arise as the new kind of optimization. Digital assistants – such as Siri and Cortana – use traditional search engines but only when they need to find information. “The key to optimizing in this new format is to make sure your business information is easily accessible to these assistants, rather than trying to funnel people to your site specifically,” according to DeMers.

Source: “The Top 7 Online Marketing Trends That Will Dominate 2016,” Forbes.com (Sept. 29, 2015)

For 10 Weeks, Mortgage Rates Stay Below 4%

For 10 Weeks, Mortgage Rates Stay Below 4%. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Thirty-year fixed-rate mortgages continue to hold below 4 percent, often an attractive lure for home buyers and refinancers.

“In contrast to the volatility in equity markets, the 10-year Treasury rate — a key driver of mortgage rates — varied just a little more than 10 basis points over the last week,” says Sean Becketti, Freddie Mac’s chief economist. “As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 1:

• 30-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.6 point, dropping from last week’s 3.86 percent average. Last year at this time, 30-year rates averaged 4.19 percent.
• 15-year fixed-rate mortgages: averaged 3.07 percent, with an average 0.7 point, dropping from last week’s 3.08 percent average. A year ago, 15-year rates averaged 3.36 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.91 percent, with an average 0.4 point, holding the same average as last week. A year ago, 5-year ARMs averaged 3.06 percent.
• 1-year ARMs: averaged 2.53 percent, with an average 0.2 point, holding the same average as the previous week. A year ago, 1-year ARMs averaged 2.42 percent.

Source: Freddie Mac