Monthly real estate newsletter featuring national and local trends from North central Ohio. National news by Keller Williams Realty International and local trends by Paul W. Drury
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Newsletter Jan 2011
1. Commentary 2
Released:
The Numbers That Drive Real Estate
h b h i l 3
January 7, 2011
Recent Government Action 10
Topics for Home Buyers, Sellers, and Owners
Topics for Home Buyers Sellers and Owners 12
Brought to you by:
KW Research
2. Commentary
The housing market is recovering. As more home buyers are taking advantage of the
improved affordability conditions. With mortgage rates hovering around recent record
p y g g g
lows and home prices having generally stabilized, economists are expecting an upward
trend to a healthy and sustainable level in 2011.
Encouraging signs are showing up across the economy. Retail sales recently hit their
highest level since before the recession. Key measures of small and big businesses’
optimism marched back up to prerecession levels and new claims for jobless benefits are
optimism marched back up to prerecession levels and new claims for jobless benefits are
trending lower. Together they bode well for steady job creation and improved consumer
confidence which is generally manifested in more spending.
As the economy improves, current stimulus efforts by the government and the Federal
Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to
benefit from historically favorable buying conditions.
benefit from historically favorable buying conditions
KW Research 2
3. Home Sales 4
The Numbers That Home Price 5
Inventory 6
Drive Real Estate Mortgage Rates 8
Affordability 9
Brought to you by:
KW Research
4. Home Sales
In Millions
In Millions
Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a
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seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6%
above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a
year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.
First Extended and Expanded Home Buyer Tax Credit Second
Credit Gradual Recovery Without
Renewed November 7 Tax
Set to Tax Credit
Must have contract signed by April 30 Credit
Expire
Expire Must close by June 30
M l b J 30 Expired
Nov 30
November ’08‐’09
Latest Data Release: December 22, 2010
Source: National Association of Realtors
KW Research 4
5. Home Price
In Thousands
In Thousands
Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above
year‐ago levels. Distressed homes have accounted for a fairly stable market share, representing
year‐ago levels Distressed homes have accounted for a fairly stable market share representing
33% of sales in November. This is on par with the 34% in October and 33% in November 2009.
Historically favorable interest rates, coupled with stable home prices, continue to offer
advantageous buying opportunities .
Latest Data Release: December 22, 2010
Source: National Association of Realtors
KW Research 5
6. Inventory ‐ Number of homes available for sale
In Millions
In Millions
The number of homes on the market continued to decline. Total inventory fell to 3.71 million in
November from 3.86 million in October. This reflects the increasing response from buyers to
November from 3 86 million in October This reflects the increasing response from buyers to
improved affordability conditions. As lending standards return to historical norms and consumers
become more confident about their financial situation, more people will be able to buy their first
home, move up, or invest.
Latest Data Release: December 22, 2010
Source: National Association of Realtors
KW Research 6
7. Supply of Inventory
In Months
In Months
A steady increase in home sales and a shrinking inventory are cutting down the month’s supply to
9.5. This is one month down from October and one and a half months below last year. While still
9 5 This is one month down from October and one and a half months below last year While still
at a relatively high level, months of inventory has declined substantially since its peak of 12.5
months in July.
Latest Data Release: December 22, 2010
Source: National Association of Realtors
KW Research 7
8. Mortgage Rates
30 Year Fixed
30‐Year Fixed
Mortgage rates are inching up but remain historically low. This trend continues to support home
buying as it translates to significant savings for buyers. As overall economic recovery remains on
buying as it translates to significant savings for buyers. As overall economic recovery remains on
track, rates are expected to rise to keep inflation in check.
Source: Freddie Mac KW Research 8
9. The percentage of a median family’s income required
Affordability ‐ to make mortgage payments on a median‐priced home
Percentage of Income
Percentage of Income
Housing affordability set a new record in November. The relationship between mortgage rates, home
prices, and family income is the most favorable on record for buying. The home price‐to‐income ratio
continues to remain well below the historical standard. Stabilizing home prices and rising interest rates
are expected to begin drawing affordability back up toward more normal levels.
Affordability as of November every year. Calculations assume a 20% down payment.
KW Research 9
Source: National Association of Realtors
10. Recent Tax Break Extended
Tax Break Extended 11
Government Action
Brought to you by:
KW Research
11. Tax Break Extended
‐President Obama signed an $858 billion tax bill into law on December 17, keeping income tax rates from
increasing before the new year.
‐The legislation …
•Extends the Bush‐era income tax cuts on income, capital gains, and dividends for two years
•Reduces Social Security payroll tax rates by 2% for one year on income up to $106,800
•Extends jobless benefits for 13 months
•Allows businesses to write off 100% of capital investments between September 9, 2010 and
December 31, 2011.
•Extends dozens of expired and expiring tax breaks, including a research and development tax credit
and a college tuition tax credit that was created in last year’s economic stimulus law.
•Sets the estate tax rate at 35% for two years and would apply it only to estates worth more than $5
million. Under current law, the estate tax has lapsed for 2010 and is set to jump next year to 55%.
‐The tax cut is expected to put more money in the pockets of families most likely to spend it, help businesses
to grow and as a result, spark demand, spur job creation, and strengthen the economy in 2011.
‐Many economists predict the tax package could increase the economic expansion rate by a substantial one
percent next year.
Sources: wsj.com KW Research 11
12. Topics for Home Buyers,
p y , Use the Season to Your
13
Sellers, and Owners Home Selling Advantage
Brought to you by:
KW Research
13. Use the Season to Your Home‐Selling Advantage
While summer is generally known as the peak season for home sales activity, the winter can also offer great
advantages for sellers – such as less competition from other sellers. With a little effort, you can use the season to
your home selling advantage
home-selling advantage.
Let’s put these ideas to work, so your home shows at its best.
1. Keep snow and ice at bay.
If the buyer can't get in easily, the h
h b ' i il h house won't sell. Th means k
' ll That keeping walkways and d i
i lk d driveways f free off
the frozen stuff. You want to make the home look well maintained.
2. Warm it up.
Think warm, cozy, and homey. Before a buyer comes through, adjust the thermostat to a warmer
temperature to make it welcoming. If you have a fireplace, turning it on right before the tour can create a
more welcoming ambience.
3. Emphasize winter positives.
Is your home on a bus route or some other vital service that means it's plowed or deiced regularly in bad
weather? B sure t mention that to the buyers.
th ? Be to ti th t t th b
4. Make it festive.
Even if you're not actually going to be present, greet your buyers as if they were going to be guests at a
party. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests,
some warm cider, or even chilled bottles of water.
5. Use the season to your advantage.
When the holidays are over, you can still use winter wreaths and dried arrangements around the door
to spark interest. In the winter, with the leaves off the trees, you might also have a nice view that isn't as
apparent in the spring and summer months.
Sources: msn.com KW Research 13
14. Your Local Market
Although it is important to stay informed about what is going on in the national
Alth h it i i t tt t i f d b t h ti i i th ti l
economy and housing market, many different factors impact the real estate
market in your own area.
Talk to Paul W. Drury for assistance interpreting the
conditions in your local market. The following graphs are
conditions in your local market The following graphs are
general and covers most of the broad market area he serves.
For detailed information about your own neighborhood call
For detailed information about your own neighborhood, call
him or send him an email today.
KW associates are equipped with the knowledge and information to help you
navigate the home‐buying or selling process in this challenging market.
KW Research 14
20. About Keller Williams Realty
Founded in 1983, Keller Williams Realty, Inc. is an international real estate
company with more than 80,000 associates and 686 offices across the United
company with more than 80 000 associates and 686 offices across the United
States and Canada. The company began franchising in 1991 and, after years of
phenomenal growth and success, became the third‐largest U.S. residential real
estate firm in 2009.
estate firm in 2009
The company has succeeded by treating its associates as partners and sharing
its knowledge, policy control, and company profits on a systemwide basis.
By focusing on helping associates realize their fullest potential, Keller Williams
Realty is known as an industry leader for its family culture, unmatched
education, profit sharing business model, phenomenal coaching programs,
education profit‐sharing business model phenomenal coaching programs
and technology offerings.
www.kw.com
KW Research 20
21. About Paul W. Drury
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• Originally licensed as an agent in Ohio in 1986, Paul began with
Lehman Johnson Real Estate in Elyria. He acquired his Real Estate
Lehman Johnson Real Estate in Elyria He acquired his Real Estate
Brokerage License in 1992 and became an Associate broker with West
Shore Realty. In 1995 he moved his brokerage license to Continental
Realty Investment where he began to focus on additional work with
Realty Investment where he began to focus on additional work with
commercial and investment real estate. During these years he also
performed professional appraisals with The Appraisal House.
• In 2001 he began Drury Realty Consulting and worked as an
independent Real Estate Consultant and worked on his own until 2009
when he joined Keller Williams Realty, Greater Cleveland West. Being
when he joined Keller Williams Realty Greater Cleveland West “Being
a part of the Keller family provides me with tools and serves
unachievable strictly on my own, provides me with the tools and
networking of a huge national network, while still enabling me to work,
networking of a huge national network while still enabling me to work
act, and function as the manager of my own business. It’s the best of
both worlds.” – Paul
• Paul's Home Page
KW Research 21
22. What we have to offer sellers
• Sellers now have access to tools unimaginable just a few
years earlier. Keller Williams Realty doesn t spend valuable
years earlier Keller Williams Realty doesn’t spend valuable
resources promoting its own name. Instead it puts
resources into the best tools and resources for education
and training, providing the highest quality real estate
professionals into local communities.
• Properties put up for sale by Paul are also listed in KWLS a
Properties put up for sale by Paul are also listed in KWLS, a
national MLS, implemented by Keller Williams, now the
2nd largest company in the US; local MLS; NEOHREX
(Northern Ohio Real Estate Exchange); and on national
sites such as Trulia, Zillow, CyberHomes, and others.
• Free Real Estate Informational Webinars available by
Free Real Estate Informational Webinars available by
logging onto this link… http://budurl.com/druryvideos
KW Research 22
23. What we have to offer sellers ( Cont’d)
• Other tools brought to bear by Paul include branding using
unique web addresses with a virtual tour that can be
i b dd ith i t l t th t b
emailed or the link can posted anywhere, to include Craig’s
List and Back Page. Recent listed homes sold.
List and Back Page Recent listed homes sold
– 37101 Hunter’s Trail in Avon – http://37101hunterstrail.com
– 2815 West River Road South in Elyria – http://2815WRiverRdS.com
• Not Planning to sell in the near future?
– Would you still like to monitor what is happening in your
neighborhood or area?
– Contact Paul now for a free periodic market update No cost No
Contact Paul now for a free periodic market update. No cost. No
obligation.
KW Research 23
24. Properties currently for sale
ope t es cu e t y o sa e
• Properties currently for sale:
– 3307 Sandy Lane in Avon – http://3307SandyLn.com
– 19593 Whitehead Road in Wellington ‐ http://19593whiteheadrd.com/
– 13951 Diagonal Road in Lagrange – http://13951DiagonalRd.com
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– 1 Grover Court in Grafton – http://1groverct.com
– 416 Winckles Street in Elyria – http://416wincklesst.com
– 149 Woodview Drive in Elyria http://149woodviewdr.com
149 Woodview Drive in Elyria – http://149woodviewdr com
• Would you like to see one of these homes? Click on the link
for a visual tour.
• Ch k
Check out Paul’s YouTube Channel at
P l’ Y T b Ch l
http://www.youtube.com/user/Mrpdrury
• Would you like your home or property promoted like
Would you like your home or property promoted like
these?
– Contact Paul for a free, no obligation, consultation today
at 440‐385‐5650.
440 385 5650
KW Research 24
25. What we have to offer buyers
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• Buyers of Real Estate also have access to tools
unimaginable just a few years before. Since Keller Williams
i i bl j t f b f Si K ll Willi
doesn’t spend its money promoting its own name, it puts
its resources into providing the best tools and resources to
its resources into providing the best tools and resources to
its systems, education, and training, thus providing the
most professional real estate team members back into the
communities.
• Free Real Estate Informational Webinars available by
logging onto this link… http://budurl.com/druryvideos
• If you wish to conduct your own Multiple Listing Home
Searches, you may do so using this link….
http://bit.ly/aDE5XP
KW Research 25
26. What we have to offer buyers (Cont’d)
• Buyers can access Paul’s website at www.druryrealty.com
and conduct their own searches as well as create their own
d d h i h ll h i
search profiles for searching for properties anywhere in
Ohio. If relocating out of Ohio, Keller Williams offers one of
Ohio If relocating out of Ohio Keller Williams offers one of
the finest relocation referral networks in the nation.
Greater Cleveland West now sells more properties than any
other office in the entire regional MLS.
• Paul’s website is easy to manage and he can set up search
Paul s website is easy to manage and he can set up search
profiles for you so you get notified at about 8:30 am of any
new properties that come available. He also has profiles set
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up on national websites such as Trulia providing for
greater access to search tools. http://bit.ly/aDE5XP
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KW Research 26
27. Investors & Shoppers – Foreclosure Watch
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• Are you shopping for the deal of a century for your
new home?
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• Are you in the market to buy a home at a steep
discount and try and fix it up and “flip it”?
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• Are you looking for a home for someone else?
• Want to know what is happening in your marketplace?
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• Send Paul an email today and request free market
updates at paul@druryrealty.com
• Call Paul directly at 440‐385‐5650.
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• No cost. No commitments. No obligations. No fuss. No
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kidding.
KW Research 27
28. Follow Paul’s Real Estate updates online…
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Home Web Page On Twitter
• www.druryrealty.com • ‐ www.twitter.com/PaulWDrury
On Zillow On FaceBook
On FaceBook
• www.zillow.com/profile/PaulWDrury • ‐ www.facebook.com/paul.w.drury
On Trulia
On Trulia On LinkedIn
On LinkedIn
• www.trulia.com/profile/paulwdrury • www.linkedin.com/in/paulwdrury
On the Real Estate Global
O th R l E t t Gl b l Free Real Estate
Free Real Estate
Network Webinars
• www.realestateglobalnetwork.com/profile/PaulWDru
ry • http://budurl.com/druryvideos
On YouTube Special Deal Links
• www.youtube.com/user/MrPDrury
www youtube com/user/MrPDrury • http://bit.ly/ffvZOr
KW Research 28
29. Paul’s special vendor deals of the month…
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Paul’s Vendor’s Deal’s Page
• http://bit.ly/ffvZOr
• Featuring deals from the following vendors
• GoDaddy Domain Sale
y • Franklin Covey Supplies
• ESET Internet Security • Intuit Quickbooks
Software • Executive Book
• NewEgg Electronics
NewEgg Electronics Summaries
Superstore • RubberMaid Products
• E‐fax Electronic Fax • Build my Move Moving
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Service Services
• TomTom GPS Poducts • eBatts discount battery
• DocuSign Electronic
DocuSign Electronic services
Document Service • Bulb America Light Bulb
Supplier
• Magazine Mall
KW Research 29
30. The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and
national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in
Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of
opinion. Keller Williams Realty, Inc. does not guarantee and is not responsible for the accuracy or completeness of information, and
provides said information without warranties of any kind. All information presented herein is intended and should be used for
educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own
research and due diligence and obtain professional advice before making any investment decision. All investments involve some
degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information
degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information
contained in This Month in Real Estate.
KW Research 30