Thursday, July 31, 2008
How Old is The Typical First Time Home Buyer?
How Old is the Typical First-time Buyer? Question: How old is the typical first time buyer? Answer: According to a 2007 study by the National Association of Realtors, "the typical first-time buyer is 31-years-old, 15 years younger than the typical repeat buyer. More than one in 10 first-time buyers are under the age of 25. The typical repeat buyer is 46 years old; half of repeat buyers are between 35 and 54 years old. Among all groups of buyers, unmarried couples tend to be the youngest at 30 years old and also the youngest among first-time buyers."
Wednesday, July 30, 2008
New Housing Bill, Who Can Qualify
Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Additionally, they must be spending at least 31% of their gross monthly income on mortgage debt to be eligible for the program.
They can be up to date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage - and attest that they are not deliberately defaulting just to obtain lower payments.
Before homeowners can get FHA-backed mortgages, they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it's to pay for necessary upkeep on the home.
To get a new home equity loan, borrowers will need approval from the FHA, and total debt cannot exceed 95% of the home's appraised value at the time.
How can I apply? Call Joe Phillips @ 386-615-7977
They can be up to date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage - and attest that they are not deliberately defaulting just to obtain lower payments.
Before homeowners can get FHA-backed mortgages, they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it's to pay for necessary upkeep on the home.
To get a new home equity loan, borrowers will need approval from the FHA, and total debt cannot exceed 95% of the home's appraised value at the time.
How can I apply? Call Joe Phillips @ 386-615-7977
Monday, July 28, 2008
Home Inventory Dips, Homeownership Rises
The Census Bureau has reported that the inventory of vacant homes listed for sale fell 3% in the second quarter to 2.17 million, and the home ownership rate rose from 67.8% in the first quarter to 68.1%. Listings of vacant homes rose dramatically in 2006 to 2.1 million, and this overhang on the real estate market continues to exert downward pressure on house prices. Home builders view the inventory as a negative factor that depresses demand for newly constructed homes. The Federal Reserve Board's Beige Book noted that home sales are weak across the country and "inventories of unsold homes and condos were reported higher or excessive" in several areas. The Fed's survey of economic activity in early July also found "increased use of incentives and discounting" to sell homes. The Census Bureau report indicates that the home ownership rate for blacks rose from 47.1 % in the first quarter to 47.8% in the second quarter, while the rate for Hispanics rose from 48.9% to 49.6%.
New Home Sale Dip, but So Do Inventories
Sales of new homes fell to 530,000 units in June, a slight decline from the previous month's level but a 33% drop from that of the same month a year ago. However, in one positive development for the market, the inventory of new homes for sale fell to a 10-month supply, compared with a 10.4-month figure in May, according to statistics compiled by the Census Bureau and the Department of Housing and Urban Development. RBS Greenwich analyst Omar Sharif said the results were better than expected, noting that "perhaps the best piece of news was the sharp drop in the supply of new homes." He added that "more progress will have to be made on the supply front, but June's data provided a glimmer of home."
Tuesday, July 22, 2008
Fed Myth that needs Debunking
NEW YORK (Fortune) -- There are two things you may have heard about the Federal Reserve Board, both of which are wrong. We are going to speak of one of them here.
The Fed controls U.S. interest rates.
It's the more common myth, created partly by sloppiness among people in my business who write (and say) things like, "The Fed cut interest rates today."
In fact, we should always insert "short-term" before "interest rates" when we talk about the Fed's control. That because the Fed controls only some short-term rates, primarily the so-called federal funds rate that financial institutions charge each other for overnight loans. The financial markets set long-term rates, which often don't move in the same direction as the fed funds rate.
The case in point: the relationship - or lack of one - between the Fed funds rate and the interest rate on long-term mortgages.
Since September, the Fed has reduced the Fed funds rate by 62% - to 2% from the previous 5.25%. But long-term mortgage rates are higher than on Sept. 18, when the Fed began its rate cuts, as you can see from the adjacent graphic, which is based on numbers from mortgage experts HSH Associates.
The rate on a 30-year fixed-rate conforming mortgage - "conforming" means that the mortgage is eligible for sale to mortgage guarantors Fannie Mae (FNM, Fortune 500) or Freddie Mac (FRE, Fortune 500) - was 6.44% the week before the Fed's first cut, and was recently 6.51%. Jumbo mortgages - mortgages too big to be considered conforming - were going for 7.63%, up from 7.26%. (All of these numbers include up-front points that borrowers pay, in addition to their basic interest rate.)
The Fed and Treasury - along with many of the world's big financial players - would love to have U.S. mortgage rates decline, because that would lend support to home prices, which could use it.
Falling home values - what we have in most U.S. housing markets - increase foreclosures, which increase borrowers' pain and lenders' losses. The declining value of houses as collateral for mortgages makes mortgage lenders less eager to lend, and makes potential home purchasers far less eager to buy. It's a vicious cycle that will end sooner or later - everything does - but it's not something that the Fed (or any individual regulator or player) can control.
The Fed cut short-term rates to help mitigate the panics that have been sweeping the world financial markets for more than a year. In addition, those lower rates - in theory, at least - help prop up the U.S. economy.
But you can also argue that the Fed's lowering of short-term rates has raised inflation fears and contributed to the decline of the dollar in international markets, which in turn has affected commodities prices, whose massive increases are a major factor in U.S. inflation. So repeat after me: the Fed can set only short-term rates. Which may contribute to having long-term rates act in ways that the Fed didn't intend, and doesn't particularly like.
The Fed controls U.S. interest rates.
It's the more common myth, created partly by sloppiness among people in my business who write (and say) things like, "The Fed cut interest rates today."
In fact, we should always insert "short-term" before "interest rates" when we talk about the Fed's control. That because the Fed controls only some short-term rates, primarily the so-called federal funds rate that financial institutions charge each other for overnight loans. The financial markets set long-term rates, which often don't move in the same direction as the fed funds rate.
The case in point: the relationship - or lack of one - between the Fed funds rate and the interest rate on long-term mortgages.
Since September, the Fed has reduced the Fed funds rate by 62% - to 2% from the previous 5.25%. But long-term mortgage rates are higher than on Sept. 18, when the Fed began its rate cuts, as you can see from the adjacent graphic, which is based on numbers from mortgage experts HSH Associates.
The rate on a 30-year fixed-rate conforming mortgage - "conforming" means that the mortgage is eligible for sale to mortgage guarantors Fannie Mae (FNM, Fortune 500) or Freddie Mac (FRE, Fortune 500) - was 6.44% the week before the Fed's first cut, and was recently 6.51%. Jumbo mortgages - mortgages too big to be considered conforming - were going for 7.63%, up from 7.26%. (All of these numbers include up-front points that borrowers pay, in addition to their basic interest rate.)
The Fed and Treasury - along with many of the world's big financial players - would love to have U.S. mortgage rates decline, because that would lend support to home prices, which could use it.
Falling home values - what we have in most U.S. housing markets - increase foreclosures, which increase borrowers' pain and lenders' losses. The declining value of houses as collateral for mortgages makes mortgage lenders less eager to lend, and makes potential home purchasers far less eager to buy. It's a vicious cycle that will end sooner or later - everything does - but it's not something that the Fed (or any individual regulator or player) can control.
The Fed cut short-term rates to help mitigate the panics that have been sweeping the world financial markets for more than a year. In addition, those lower rates - in theory, at least - help prop up the U.S. economy.
But you can also argue that the Fed's lowering of short-term rates has raised inflation fears and contributed to the decline of the dollar in international markets, which in turn has affected commodities prices, whose massive increases are a major factor in U.S. inflation. So repeat after me: the Fed can set only short-term rates. Which may contribute to having long-term rates act in ways that the Fed didn't intend, and doesn't particularly like.
Lead Generation: Do you Seek or Attack
When the market is tough you need to be more aggressive and creative with your lead generation activities, says Chris Pullig, Director of the Keller Center for Residential Real Estate Sales & Marketing at Baylor University's Hankamer School of Business.
His recent study of lead conversion rates revealed that varying market conditions call for different approaches to lead generation.
When the housing market is tough, a balance of 60 percent seek-oriented activities and 40 percent attract-oriented activities delivered the highest lead generation conversion rates.
A “seek” orientation employs tactics such as phone calls, networking and referrals. An “attract,” or marketing, strategy, employs tactics such as advertising, direct mail and then waiting for the phone to ring.
When your market is sluggish, “You should do some things that are nontraditional and not rely so much on advertising and direct mail,” Pullig says. “Focus more on building networks, acquiring referrals, and other ways that you can generate leads by proactive means."
You can read his complete report at Lead Generation: Do You Seek or Attract?
When the market is tough you need to be more aggressive and creative with your lead generation activities, says Chris Pullig, Director of the Keller Center for Residential Real Estate Sales & Marketing at Baylor University's Hankamer School of Business.
His recent study of lead conversion rates revealed that varying market conditions call for different approaches to lead generation.
When the housing market is tough, a balance of 60 percent seek-oriented activities and 40 percent attract-oriented activities delivered the highest lead generation conversion rates.
A “seek” orientation employs tactics such as phone calls, networking and referrals. An “attract,” or marketing, strategy, employs tactics such as advertising, direct mail and then waiting for the phone to ring.
When your market is sluggish, “You should do some things that are nontraditional and not rely so much on advertising and direct mail,” Pullig says. “Focus more on building networks, acquiring referrals, and other ways that you can generate leads by proactive means."
You can read his complete report at the Baylor Business Web Site.
http://www.baylor.edu/business/kellercenter/index.php?id=55741
His recent study of lead conversion rates revealed that varying market conditions call for different approaches to lead generation.
When the housing market is tough, a balance of 60 percent seek-oriented activities and 40 percent attract-oriented activities delivered the highest lead generation conversion rates.
A “seek” orientation employs tactics such as phone calls, networking and referrals. An “attract,” or marketing, strategy, employs tactics such as advertising, direct mail and then waiting for the phone to ring.
When your market is sluggish, “You should do some things that are nontraditional and not rely so much on advertising and direct mail,” Pullig says. “Focus more on building networks, acquiring referrals, and other ways that you can generate leads by proactive means."
You can read his complete report at Lead Generation: Do You Seek or Attract?
When the market is tough you need to be more aggressive and creative with your lead generation activities, says Chris Pullig, Director of the Keller Center for Residential Real Estate Sales & Marketing at Baylor University's Hankamer School of Business.
His recent study of lead conversion rates revealed that varying market conditions call for different approaches to lead generation.
When the housing market is tough, a balance of 60 percent seek-oriented activities and 40 percent attract-oriented activities delivered the highest lead generation conversion rates.
A “seek” orientation employs tactics such as phone calls, networking and referrals. An “attract,” or marketing, strategy, employs tactics such as advertising, direct mail and then waiting for the phone to ring.
When your market is sluggish, “You should do some things that are nontraditional and not rely so much on advertising and direct mail,” Pullig says. “Focus more on building networks, acquiring referrals, and other ways that you can generate leads by proactive means."
You can read his complete report at the Baylor Business Web Site.
http://www.baylor.edu/business/kellercenter/index.php?id=55741
Friday, July 18, 2008
New Home Loan Applications Up
With all the stock market jitters about Fannie Mae, Freddie Mac and the U.S. mortgage system, you might have the impression that the real estate market is on the edge of some sort of cliff.
But that's wrong: Would you believe that new home loan applications jumped by a seasonally-adjusted seven and a half percent last week, according to the Mortgage Bankers of America's national survey! Applications to purchase homes using FHA loans surged by nearly 20 percent.
Even the economy continues to defy predictions of imminent recession. Economic growth in the second quarter is expected to hit a vigorous 2.3 percent annual rate, according to Orawin Velz, chief forecast economist for the Mortgage Bankers Association.
The spurt is the result of booming exports tied to the weak dollar and higher sales at chain stores attributable in part to the economic stimulus plan.
But there's a flip side to all this, warns Velz: Prices of imports to consumers are rising sharply -- up by 2.6 percent in June, for the second straight month. So watch out on the inflation front.
Mortgage rates rose slightly last week -- to an average 6.4 percent for 30-year fixed rate conventional loans, up from 6.3 percent the prior week. Fifteen year loans inched up to 5.94 percent from 5.9 percent the week before.
And how about this: Even the co-founder of the Standard & Poor's Case/Shiller housing price index, which has generally reported the scariest price drops of all indexes during the past two years, is now saying that prices are leveling off and increases are on the way.
Professor Karl Case, an economist at Wellesley College, was quoted in the July 12 stock market advisory publication IStockanalyst.com, that the current drop in new home construction has hit a point where, based on prior downturns in the 70s, 80s and 90s, price declines should soon be over in many hard-hit areas.
In fact, the latest Case/Shiller index showed definite hints of a turnaround. Although on a national basis the index found prices down by 15.3 percent year over year, prices actually rose in eight out of the 20 top metropolitan markets.
Those improving areas included Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Portland Oregon, and Seattle.
David Blitzer, chairman of Standard and Poor's index committee, commented that virtually none of the journalists who interviewed him about the latest Case/Shiller index had any interest in the positive local performances. "They seemed to focus (instead) on the bad year-over-year number," said Blitzer.
But that's wrong: Would you believe that new home loan applications jumped by a seasonally-adjusted seven and a half percent last week, according to the Mortgage Bankers of America's national survey! Applications to purchase homes using FHA loans surged by nearly 20 percent.
Even the economy continues to defy predictions of imminent recession. Economic growth in the second quarter is expected to hit a vigorous 2.3 percent annual rate, according to Orawin Velz, chief forecast economist for the Mortgage Bankers Association.
The spurt is the result of booming exports tied to the weak dollar and higher sales at chain stores attributable in part to the economic stimulus plan.
But there's a flip side to all this, warns Velz: Prices of imports to consumers are rising sharply -- up by 2.6 percent in June, for the second straight month. So watch out on the inflation front.
Mortgage rates rose slightly last week -- to an average 6.4 percent for 30-year fixed rate conventional loans, up from 6.3 percent the prior week. Fifteen year loans inched up to 5.94 percent from 5.9 percent the week before.
And how about this: Even the co-founder of the Standard & Poor's Case/Shiller housing price index, which has generally reported the scariest price drops of all indexes during the past two years, is now saying that prices are leveling off and increases are on the way.
Professor Karl Case, an economist at Wellesley College, was quoted in the July 12 stock market advisory publication IStockanalyst.com, that the current drop in new home construction has hit a point where, based on prior downturns in the 70s, 80s and 90s, price declines should soon be over in many hard-hit areas.
In fact, the latest Case/Shiller index showed definite hints of a turnaround. Although on a national basis the index found prices down by 15.3 percent year over year, prices actually rose in eight out of the 20 top metropolitan markets.
Those improving areas included Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Portland Oregon, and Seattle.
David Blitzer, chairman of Standard and Poor's index committee, commented that virtually none of the journalists who interviewed him about the latest Case/Shiller index had any interest in the positive local performances. "They seemed to focus (instead) on the bad year-over-year number," said Blitzer.
Monday, July 14, 2008
Choose Me! How to Get Online Prospects to Love You
Prospecting in the Internet age requires you to find new ways to appeal to consumers who are inundated with names and faces of other practitioners. Here's how to set yourself apart.
When I write about how to succeed in this relationship-driven business, I often compare prospecting to dating. After all, courting a customer is similar in many ways to courting a man or woman who may eventually become your partner for life.
So, when strategizing the best ways to get online customers to become your clients, I can’t help but draw parallels to the world of online dating. In both scenarios, you must make yourself memorable in a sea of potential suitors, and then grow a relationship on the Web before eventually meeting in person.
Here are some helpful tips I’ve gleaned from online dating that also apply well to real estate:
Show them you’re special. Don’t be common, or you'll simply be overlooked. Online customers are presented with a deluge of Web advertisements of other practitioners. They must narrow down their possibilities before they can zero in on the one they want to pursue. If your ads look like everyone else’s ads, how will prospects remember you? Advertise your niche, which will help you stand out, and provide useful information on your Web site so prospects will visit again and again throughout their home search.
Respond quickly to e-mails. If you’ve received an e-mail from a prospect, time is of the essence. You must respond quickly and in a professional manner. Remember, the prospect has probably sent e-mails to several other agents, too. The kiss of death is a slow response time; it shows you’re just not that interested, and the prospect will move on to another practitioner.
Be persistent. Your potential clients are probably contacting lots of other practitioners about the listings they've seen online, and they may be overwhelmed with response e-mails. They will most likely go through stages where they contact a lot of people and then when they take a break. If you are persistent in your polite and helpful follow-ups (many practitioners use a drip-marketing campaign for this), you can gain a lot of ground during these fallow periods. It’s often not how great you are but how persistent you are that gets the girl – uh, client. Persistence proves you’re interested, and everyone wants to be wanted.
And endearing. Now that you’re in communication with potential clients, you need to also be engaging and (dare I say it?) fun. Let your personality shine through your e-mail communications. Give them a chance to get to know you better. Offer up white papers to educate them, MP3 recordings on the real estate market or videos of you explaining how the process works and giving them “insider secrets” on how to get the most out of their transaction. The more chances they have to interact with you – even virtually through the web, the closer and more in relationship they feel with you.
Pace yourself. Online customers don’t want to divulge too much about themselves at first. Respect this. Don’t require that they give you their phone number or sign an agreement with you before you supply them with some information to help in their home search. Let them take time to get to know you before you take it to the next level.
But keep moving forward. But there is a balance to that patience. There is a point at which, if you don’t meet, you never will. Be sure conversation continues to move forward in some way, that each communication brings you a step closer to talking on the phone or meeting. Ideally, you’re looking for somewhere between three to seven e-mails before a call or appointment is garnered – depending on the depth of the detail in the e-mails. If there’s really no “chemistry” between you and the prospect, and you get the feeling that he or she isn’t really interested in continuing the relationship, don’t be afraid to move on.
Don’t forget, there’s still a place for old-fashioned courtship. The Web fosters a quick exchange of information, and can be invaluable for consumers and real estate practitioners alike. However, just as in online dating, there’s still a need to meet face-to-face if you’re going to take the relationship to the next level. Granted, online customers have to get to know you and become comfortable with you before they’re willing to give up their anonymity, much less meet for an appointment. In other words, give them a chance to hold your hand before you ask them to marry you.
By Kelle Sparta | July 2008
http://www.realtor.org/rmosales_and_marketing/salescoach/columns/salescoach0708
When I write about how to succeed in this relationship-driven business, I often compare prospecting to dating. After all, courting a customer is similar in many ways to courting a man or woman who may eventually become your partner for life.
So, when strategizing the best ways to get online customers to become your clients, I can’t help but draw parallels to the world of online dating. In both scenarios, you must make yourself memorable in a sea of potential suitors, and then grow a relationship on the Web before eventually meeting in person.
Here are some helpful tips I’ve gleaned from online dating that also apply well to real estate:
Show them you’re special. Don’t be common, or you'll simply be overlooked. Online customers are presented with a deluge of Web advertisements of other practitioners. They must narrow down their possibilities before they can zero in on the one they want to pursue. If your ads look like everyone else’s ads, how will prospects remember you? Advertise your niche, which will help you stand out, and provide useful information on your Web site so prospects will visit again and again throughout their home search.
Respond quickly to e-mails. If you’ve received an e-mail from a prospect, time is of the essence. You must respond quickly and in a professional manner. Remember, the prospect has probably sent e-mails to several other agents, too. The kiss of death is a slow response time; it shows you’re just not that interested, and the prospect will move on to another practitioner.
Be persistent. Your potential clients are probably contacting lots of other practitioners about the listings they've seen online, and they may be overwhelmed with response e-mails. They will most likely go through stages where they contact a lot of people and then when they take a break. If you are persistent in your polite and helpful follow-ups (many practitioners use a drip-marketing campaign for this), you can gain a lot of ground during these fallow periods. It’s often not how great you are but how persistent you are that gets the girl – uh, client. Persistence proves you’re interested, and everyone wants to be wanted.
And endearing. Now that you’re in communication with potential clients, you need to also be engaging and (dare I say it?) fun. Let your personality shine through your e-mail communications. Give them a chance to get to know you better. Offer up white papers to educate them, MP3 recordings on the real estate market or videos of you explaining how the process works and giving them “insider secrets” on how to get the most out of their transaction. The more chances they have to interact with you – even virtually through the web, the closer and more in relationship they feel with you.
Pace yourself. Online customers don’t want to divulge too much about themselves at first. Respect this. Don’t require that they give you their phone number or sign an agreement with you before you supply them with some information to help in their home search. Let them take time to get to know you before you take it to the next level.
But keep moving forward. But there is a balance to that patience. There is a point at which, if you don’t meet, you never will. Be sure conversation continues to move forward in some way, that each communication brings you a step closer to talking on the phone or meeting. Ideally, you’re looking for somewhere between three to seven e-mails before a call or appointment is garnered – depending on the depth of the detail in the e-mails. If there’s really no “chemistry” between you and the prospect, and you get the feeling that he or she isn’t really interested in continuing the relationship, don’t be afraid to move on.
Don’t forget, there’s still a place for old-fashioned courtship. The Web fosters a quick exchange of information, and can be invaluable for consumers and real estate practitioners alike. However, just as in online dating, there’s still a need to meet face-to-face if you’re going to take the relationship to the next level. Granted, online customers have to get to know you and become comfortable with you before they’re willing to give up their anonymity, much less meet for an appointment. In other words, give them a chance to hold your hand before you ask them to marry you.
By Kelle Sparta | July 2008
http://www.realtor.org/rmosales_and_marketing/salescoach/columns/salescoach0708
Thursday, July 10, 2008
Are Your Listings Picture Perfect?
Put an end to boring or unflattering property photos. Here are six quick fixes to common photo challenges.
By Melissa Dittmann Tracey | July 2008
Buyers today want to see photos, and lots of them. But if the snapshots you're taking of your listings are unflattering, lack detail, or are simply too boring, you could actually be doing a disservice.
To get more eyes on your listings, you've got to make sure your photos are showing off properties to their fullest. Photographer Barbara Lane offers photography tips and illustrations for real estate practitioners in her book How to Photograph Interiors When You Barely Know How to Work a Camera (Barbara Lane Photography, 2007). Here’s how she solves the trickiest photo challenges:
1. The problem: Photos are too dark. You have tons of light pouring in from windows, yet your photos look too dark. Sound familiar? When you have your camera in its automatic mode and photograph a room with windows during the day, your camera can get confused and think the room is brighter than it really is. The result? An underexposed, or very dark, image.
Quick fix: First, frame your photo in your viewfinder. Then, move your camera to focus on another part of the room that’s not pointed at a window. Press your camera’s shutter button down halfway to lock the exposure in. Move your camera back into position for the original view. Press the shutter button the rest of the way down and take the picture.
2. The problem: Photos look like UFO sightings. Big, white, blobby hot spots can appear in your images when the reflection of your flash is caught on reflective surfaces, such as windows, mirrors, glass, or metals.
Quick fix: Change the position or shooting angle so that you aren’t facing the reflective surface straight on. Or, if you have enough light, just turn off your flash.
3. The problem: You’re losing details. Buyers looking at your photos should be able to tell crown molding from wallpaper. But blurry photos can leave buyers straining to see a home’s features. The main culprits: not having your camera in focus or not using a tripod in low-light situations.
Quick fix: Before taking a photo, determine the most important element in the scene and make it the focus of your photo. Then, press and hold the shutter button halfway down so that your camera locks its focus on that object. This will help ensure the important features you’re trying to capture are clear.
4. The problem: Photos tend to emphasize flaws in the room. The photos are showing smudges on the windows, disorganized throw pillows, and lopsided lampshades. You don’t want the imperfections to become focal points in your photos.
Quick fix: Be watchful for imperfections. Before you snap, take a close look at what you’re getting. Take a few sample photos to see what's being caught on camera, and then fix any distractions (straighten the lampshades, organize the pillows, etc.) before taking the final round of snapshots.
5. The problem: Your photos are all starting to look the same. You're so attuned to the details that your photos are getting to be a bore, with images that look alike because they're taken from the same angle and are the same size.
Quick fix: Mix it up. Take some horizontal shots and some vertical. Move around the room; go low (kneel down) or high (stand on a chair) to give your images more variety and perspectives. And after you’re finished taking photos, use photo editing software to crop, sharpen, and resize the images so that your listings look picture-perfect.
6. The problem: Your photos are tilted. Walls look like they're leaning and windows are going sideways. It’s a common amateur mistake to tilt the camera while taking a photo — mostly because you don’t realize you’re doing it.
Quick fix: Use a tripod. If that’s not available, manually keep yourself in check: Look inside your camera’s viewfinder and make sure the vertical lines of the walls are parallel to the sides of your viewfinder. You may need to squat lower or stand on stairs or a chair to get the image level.
By Melissa Dittmann Tracey | July 2008
Buyers today want to see photos, and lots of them. But if the snapshots you're taking of your listings are unflattering, lack detail, or are simply too boring, you could actually be doing a disservice.
To get more eyes on your listings, you've got to make sure your photos are showing off properties to their fullest. Photographer Barbara Lane offers photography tips and illustrations for real estate practitioners in her book How to Photograph Interiors When You Barely Know How to Work a Camera (Barbara Lane Photography, 2007). Here’s how she solves the trickiest photo challenges:
1. The problem: Photos are too dark. You have tons of light pouring in from windows, yet your photos look too dark. Sound familiar? When you have your camera in its automatic mode and photograph a room with windows during the day, your camera can get confused and think the room is brighter than it really is. The result? An underexposed, or very dark, image.
Quick fix: First, frame your photo in your viewfinder. Then, move your camera to focus on another part of the room that’s not pointed at a window. Press your camera’s shutter button down halfway to lock the exposure in. Move your camera back into position for the original view. Press the shutter button the rest of the way down and take the picture.
2. The problem: Photos look like UFO sightings. Big, white, blobby hot spots can appear in your images when the reflection of your flash is caught on reflective surfaces, such as windows, mirrors, glass, or metals.
Quick fix: Change the position or shooting angle so that you aren’t facing the reflective surface straight on. Or, if you have enough light, just turn off your flash.
3. The problem: You’re losing details. Buyers looking at your photos should be able to tell crown molding from wallpaper. But blurry photos can leave buyers straining to see a home’s features. The main culprits: not having your camera in focus or not using a tripod in low-light situations.
Quick fix: Before taking a photo, determine the most important element in the scene and make it the focus of your photo. Then, press and hold the shutter button halfway down so that your camera locks its focus on that object. This will help ensure the important features you’re trying to capture are clear.
4. The problem: Photos tend to emphasize flaws in the room. The photos are showing smudges on the windows, disorganized throw pillows, and lopsided lampshades. You don’t want the imperfections to become focal points in your photos.
Quick fix: Be watchful for imperfections. Before you snap, take a close look at what you’re getting. Take a few sample photos to see what's being caught on camera, and then fix any distractions (straighten the lampshades, organize the pillows, etc.) before taking the final round of snapshots.
5. The problem: Your photos are all starting to look the same. You're so attuned to the details that your photos are getting to be a bore, with images that look alike because they're taken from the same angle and are the same size.
Quick fix: Mix it up. Take some horizontal shots and some vertical. Move around the room; go low (kneel down) or high (stand on a chair) to give your images more variety and perspectives. And after you’re finished taking photos, use photo editing software to crop, sharpen, and resize the images so that your listings look picture-perfect.
6. The problem: Your photos are tilted. Walls look like they're leaning and windows are going sideways. It’s a common amateur mistake to tilt the camera while taking a photo — mostly because you don’t realize you’re doing it.
Quick fix: Use a tripod. If that’s not available, manually keep yourself in check: Look inside your camera’s viewfinder and make sure the vertical lines of the walls are parallel to the sides of your viewfinder. You may need to squat lower or stand on stairs or a chair to get the image level.
Wednesday, July 9, 2008
Market Conditions
The Fed announced yesterday morning that it would tighten rules on lending to subprime and exotic loan borrowers. What does this mean for the real estate market?
Fed Chairman Ben Bernanke said, "Unfortunately, in the past few years, many mortgage loans were extended that were poorly underwritten or whose terms were inadequately disclosed, particularly in the subprime market. As you know, those poor lending practices have contributed to a sharp increase in mortgage delinquencies and foreclosures. The resulting costs have been felt not only by borrowers but also by entire communities, as foreclosure clusters have caused neighborhoods to deteriorate and reduced municipal tax bases. "
In response to these subprime issues, the Fed is prepared to put a heavy hand on subprime and exotic mortgages -- issuing new lending rules to restrict exotic mortgages and high-cost loans for those with weak credit. Hopefully these efforts, said Bernanke, will "help the financial system return to more normal functioning."
He continued that designing rules for this complex system is not an easy task -- but one which is worth the Fed drawing their attention to.
Published: July 9, 2008
Fed Chairman Ben Bernanke said, "Unfortunately, in the past few years, many mortgage loans were extended that were poorly underwritten or whose terms were inadequately disclosed, particularly in the subprime market. As you know, those poor lending practices have contributed to a sharp increase in mortgage delinquencies and foreclosures. The resulting costs have been felt not only by borrowers but also by entire communities, as foreclosure clusters have caused neighborhoods to deteriorate and reduced municipal tax bases. "
In response to these subprime issues, the Fed is prepared to put a heavy hand on subprime and exotic mortgages -- issuing new lending rules to restrict exotic mortgages and high-cost loans for those with weak credit. Hopefully these efforts, said Bernanke, will "help the financial system return to more normal functioning."
He continued that designing rules for this complex system is not an easy task -- but one which is worth the Fed drawing their attention to.
Published: July 9, 2008
Subscribe to:
Posts (Atom)
