Even the most resourceful, resilient real estate practitioners have run into challenges since the downturn. Here are some of the issues they face today:

• Buyers and sellers who strive to pinch pennies make the job more difficult — and less profitable. "Consumers are looking at agents differently and saying, 'We don't need to buy the full level of service,'" says Katherine Pancak, professor of finance and real estate at the University of Connecticut.

• The overall number of real estate professionals has dropped during the past two years, although some states, including Texas, Michigan, and New York, have seen increases in the past year of up to 10 percent in new real estate licensing applications.

• Persistence is an important factor in today’s real estate business. The average U.S. home is on the market for 150 days before it sells, up 43 percent from two years ago, according to Altos Research.

Source: SmartMoney, Alyssa Abkowitz (07/15/2010)

 

Google, which is holding its annual developer conference, is releasing new apps for its Android smartphones. Here are some of the most interesting free apps aimed at practitioners:

ZipRealty: Search for homes for sale and recently sold homes, sorted by price, location and size. Also shows photos and property details and offers third-party home value estimates from Cyberhomes.com, Eppraisal.com and Zillow.com.
Zillow: Searches for rentals, homes for sale and recently sold homes. Provides Zestimates for 95 million homes, as well as full-screen photos.
Mortgage Calculator: Calculates monthly mortgage payments as well as payoff and related calculations.
Safe Neighborhood. Search for sex offenders by address, including name, address, photo and relevant offenses.
Place Director: Search for amenities near homes, including restaurants, stores, theaters, banks.
Google Maps: Ask and receive directions by voice.

Source: Inman News (05/21/2010)

To compensate for the demise of the home buyer tax credits, real estate practitioners and sellers have come up with a variety of new incentives.

Century 21 is running "The $8,000 List Your Home Sweepstakes," through June 30, which offers a variety of prizes and an $8,000 payout for one lucky winner.

Coldwell Banker has launched the Buyer Bonus Sales Event, which encourages sellers to offer a 3 percent credit on a home’s purchase price – up to $8,000 – for buyers who sign a contract before July 31. Participating sellers receive some promotional value, including yard signs, listing on Coldwell Banker’s Web site and in their TV advertising.

Re/Max International says many of its clients, particularly in condo complexes, have decided to offer options like free appliances.

Source: The Street, Carmen Nobel (05/03/2010)

 

Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:

1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

Source: CNNMoney.com, Les Christie (04/19/2010)
 

Dover - The Department of Transportation announces that ten additional red light cameras are expected to be installed at locations throughout the state by early summer.

Currently, as part of the Electronic Red Light Safety Program (ERLSP), 20 red light cameras capable of video taping red light violators are operational throughout the State. The ten new cameras, expected to be up and running by summer, include one additional location in Kent County, seven in New Castle County, and two in Sussex County.

“We are glad to see the addition of these new cameras, bringing the total to 30 locations throughout the state. We know this program is saving lives and reducing the number of angle crashes, which are more likely to result in serious injury or death,” said Transportation Secretary Carolann Wicks.

The first two locations to be operational will be in Sussex County on Route 1 at Munchy Branch Road and Route 1 at Old Landing Road. Once the cameras are operational, a 30-day warning period will be provided, which means motorists traveling through a red light at these locations will receive a warning instead of a citation, until the warning period expires. Permanent “Red Light Camera Enforcement” signs will also be placed at each location to indicate which intersections are monitored by cameras.

The seven new locations in New castle County that are expected to be operational by summer are:

Old Baltimore Pike at Salem Church Road/Salem Woods Drive
Route 2/Kirkwood Highway at Harmony Road
Route 2/Kirkwood Highway at Red Mill Road/Polly Drummond Hill Road
Route 58/Churchmans Road at Route 1 Northbound ramps
Route 92/Naamans Road at Shipley Road/Brandywine Parkway
Route 273 at Harmony Road/Gerald Drive
Route 273 at Route 7