2010 12-07 international forum
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2010 12-07 international forum

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Christine Todd's powerpoint presentation from the Dec. 7, 2010 International Forum year-end celebration.

Christine Todd's powerpoint presentation from the Dec. 7, 2010 International Forum year-end celebration.

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2010 12-07 international forum 2010 12-07 international forum Presentation Transcript

  • NVAR International
    Year-End Celebration
    December 7, 2010
  • What’s happening in our market?
    Northern Virginia market:
    In some ways we are like the rest of the country
    In others ways we are very different
    And in many ways, we have one of the best markets in the nation!
  • Have we hit the bottom?
    -Indicators say “yes” and “no”!
    -Recovery is slow and painful
    -First time buyers and cash investors drove first half of 2010 recovery
    -Prices up, inventory weak but we see fewer short sales (thank goodness)
  • Today’s Real Estate Market
    30-year mortgage rate is at generational lows, under 5%
    National median-home price is stabilizing, $170,000
    Inventory is still very high
    Foreclosures more of a problem than short sales
    Source: NAR
  • The U.S. market today
    The economy is growing….slowly
    The private sector is finally creating some jobs, corporate profits are up
    Consumer confidence remains low, though clearly off bottom
    Source: NAR
  • Local Signs of Recovery
    • Home prices stabilizing with small increases
    • Investors still purchasing inventory with cash
    • Job losses and unemployment show improvement in our region
    • Economy will continue to slowly expand in 2011
    Source: Gerald L. Gordon ,PH.D
    President and CEO, Fairfax County Economic Development Authority
  • Recent Major Economic Development Activity in Fairfax County
    Northrop Grumman selects Fairfax County for new corporate headquarters, joining
    CSC
    Hilton Worldwide
    Science Applications International Corporation
    Volkswagen of America
    More on the way!
  • Northern Virginia Market
    Population is growing
    New jobs are being created
    Unemployment around 5% and (would be lower if population were not growing)
    Prices up, inventory steady
    Foreclosure/Short Sales market shrinking
  • Benefits of Living in Fairfax County
    Source: Jerry Gordon, President and CEO of the Fairfax EDA
  • NVAR home prices starting to rise
    • NVAR statistics on prices
    • Record high $569,826 June, 2007
    • Record low $376,669 Jan., 2009
    • 2010 first half average sales price - $472,762
    • October average sales price- $ 470,882
    Over 7% increase over last year
  • NAR: Record number of first-time homebuyers(Survey finds most buyers applied for tax credits)
    First-time homebuyers accounted for half of all home sales from July 2009 through June 2010 based on 8,449 responses to a survey sent nationwide. This is the highest share of first-time-buyer purchases in the history of the survey, which dates back to 1981.
  • Tax Credit was Huge Success
    1 million additional buyers
    1 million fewer inventory units
    Reduced months supply by
    2 to 2.5 months
    Preserved Housing Wealth by nearly
    $1 trillion
    Limited future foreclosures
  • Long Standing Housing Policy
    Mortgage Interest Deduction
    If eliminated, estimated about a 15% loss in home values
    FHA
    Self-financing without ever needing taxpayer funds, but threatened
    Fannie and Freddie
    Made big mistakes and need to be restructured
  • ?
  • Home Ownership Matters Campaign
    • Aggressive media & consumer outreach
    • Research, white papers
    • Coalition building
  • Support NAR's Call For Action by calling your Representatives to ask their help in defending home ownership and the Mortgage Interest Deduction.They need to hear from YOUtoday.
    For more info, please visit
    realtoractioncenter.com/realtor-party/click-to-call-mid
  • Suggested Talking Points
    I am a constituent and a REALTOR®.
    I have been on the front lines of the housing crisis.
    I can assure you that even talk of changing MID harms an already fragile market.
    I am strongly opposed to the Deficit Commission's proposal to limit or eliminate the Mortgage Interest Deduction.
    News reports saying that Congress threatens to repeal or limit MID will keep potential buyers on the sidelines and further delay the housing recovery.     
  • Suggested Talking Points
    Please oppose any efforts to reduce or eliminate the Mortgage Interest Deduction in any future deficit reduction proposals or legislation.
    Thank you for helping to ensure the ongoing recovery of the housing market.
    As a member of the National Association of REALTORS®, I appreciate your belief that home ownership matters.
    If you call outside of office hours, please leave a voice mail communicating the message above.
     
  • Public Awareness Campaign: What Matters Most ?
    “What Matters Most ?” reminds homeowners, buyers and sellers alike that homeownership remains the foundation of the American Dream. The advertising materials underscore the value that REALTORS® bring to communities and their clients, and explain that REALTORS® are prepared—to show you options, answer your questions and guide you home.
  • NAR Real TV ad let’s watch
  • Why Buy?
    • Get a good deal now
    • Low mortgages
    • Save on taxes
    • It’s yours!
    • A better home
    • Forced savings
    • A lot to choose from
    • Sooner or later -- the market will clear
  • Homeownership Rate for Selected Years (1900 – 2010)
  • First-time Buyers
    Median
    Household
    Income
    $59,900
    Median
    Square Feet
    1540
    Median
    Age
    30
  • Home Owners' Net Worth Is More Than 40 Times That of Renters
  • Housing Wealth Gains
  • Economists Expect Price Increases in Upcoming Years
    Northern Virginia Region already beyond these national estimates
  • Sample Markets with Price Increases
    % change from one year ago
    Source: Lawrence Yun, Ph.D.,Chief Economist and Senior Vice-President of NAR
  • Home SalesDipping in 3rd quarter of 2010, then rising
  • Pending Contracts on Existing Homes
    Tax Credit Impact
  • Existing Home Sales
    Source: NAR
  • Housing StartsGradually rising
  • New Homes Construction
    2.1 million
    In 2006
    500,000
    new starts in 2010
    VS
  • Future Housing Shortage?
    Source: Lawrence Yun, Ph.D.,Chief Economist and
    Senior Vice-President of NAR
  • Dr. Yun’s predictions
    “Over the next 12 months, I will be watching Lexington, KY and Washington, DC to outperform the rest of the country”!
    May, 2010
  • NVAR Counties- October, 2010 Stats
  • Supply and Demand (NVAR)
  • 2010 Sold Listings October
  • 2010 Under Contracts October
  • 2010 Ave. Sales Price (NVAR) October
    Record High- $578,689 (June 2006)
    Record Low- $376,669 (January 2009)
  • Economic GrowthSlow growth, but still positive
  • NAR Challenges in the Coming Years
    Ensure flow of capital into the Real Estate market
    Creating access to affordable property insurance
    Preserving the value of homeownership
    Improving professionalism of REALTORS®
    Fighting the attack on Home Ownership
    MID……are you ready for the fight?
  • Take advantage of this new member benefit for all 2011 members by learning how to make use of these form fillable documents.  Please visit
    nvar.com/nvar-news/free-instanetforms-for-members
  • The IdentitySecure® Program for REALTORS® is the newest offering from NAR's REALTOR Benefits® Program and is among the most comprehensive fraud security solutions available today
    Find out about all the protection benefits of IdentitySecure®. Your first month is just $1.
    Visit the IdentitySecurewebsite for more information and to sign up.
    www.identitysecure.com/NAR
  • NEW! Auto Loan Offer
    Get a fixed low rate on a new or used vehicle with a 20% down payment.
    NEW! Individual Retirement Accounts (IRAs) -Plan for your future today with Traditional, Roth and SEP Savings & Certificate accounts
    Realtorsfcu.org
  • Health Insurance
    Realtors® Core Health Insurance Plan
    Guaranteed acceptance
    Low cost starting at $70.69 per month
    Choose any provider
    RealtorsCoreHealthInsurance.com/AE
  • Dental Insurance
    For more information: visit us online at RealtorsDentalInsurance.com
  • REALTOR.ORG
  • houselogic.com
  • Happy Holidays