This Week’s Lockbox Activity Decreases for Washington and Oregon
When comparing the week of May 7 – May13 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox declined 11.1% in Washington and 7.4% in Oregon.
To see larger version of these charts visit our photostream on flickr.
Guest Blog Post by Gail Hare, Executive VP
As reported in the recent issue of Market Action, Portland Metro had only 4.7 months of active listings, the lowest in almost five years. Inventory in months is calculated by dividing the number of active listings by the number of closed transactions for the month. In the Portland Metro area, the number of active listings on the market has held quite steady, varying less than 5% between December and April. At the end of April, there were 8,523 active listings on the market.
In neighboring Clark County, Washington, there were 2,679 active listings or 6.7 months of inventory to work with. However, this inventory includes an unusually high number of proposed new construction listings. Out of all the active listings in the RMLS™ system on 5/14/2012, there are only 1,059 designated as proposed construction. More than half of those are in Clark County. Counting under construction listings, over 20% of the inventory in Clark County is not available to purchase and move into right away, so inventory in months for built homes (new and existing) is more in the neighborhood of 5.3 months. By contrast, the Portland Metro area has less than 8% of its active inventory in homes that are not yet built.
Of course, further decreasing readily available inventory across both Portland Metro and Clark County is the market phenomenon called short sales. Active inventory includes listings that may have offer(s) accepted by the seller but waiting for action from the bank.
For the buyer who wants a home to move into soon, the low inventory together with these complicating factors creates a very real shortage of listings that might meet desired criteria. It should be noted that this is not a universal issue in all RMLS™ service areas. Some areas still struggle with higher inventories. (Click on charts for larger image.)
This Week’s Lockbox Activity Decreases for Washington and Oregon
When comparing the week of April 29 – May 6 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox declined 7.6% in Washington and 1.6% in Oregon.
To see larger version of these charts visit our photostream on flickr.
RMLS™ and Supra are working together to test a new tool that will assist you with assigning an address or MLS number to your lockboxes. Using MLS and shackle release data, the system will send suggested matches to you via email. The test begins on Tuesday, May 22, and will last for approximately 60 days.
Why Are We Participating?
Our subscribers have told us they would like to have more pinpoint statistics when it comes to lockboxes. Ultimately, the proposed changes being tested would increase the rate and accuracy of lockbox assignments. It would also allow us to break down the lockbox statistics by specific areas.
Benefits of Assigning a MLS Number or Address to a Lockbox
First, when you receive a showing alert it will include the address. At a glance you’ll know which property was shown. Secondly, when viewing showing reports within Supra, the address and MLS number will be included. Finally, knowing where the boxes are physically will eventually allow RMLS™ and Supra provide market activity data that is specific to zip codes and/or specific geographic areas, etc.
How the Lockbox Assistant Beta Test Works
The lockbox assignment tool takes new MLS listings, and recent lockbox shackle releases and then tries to predict which lockbox goes with a given listing. In general, within a few days of putting a lockbox on a home, a new MLS listing is created or vice versa. The system is designed to look for these two events and then make an assignment suggestion.
So for instance, on Monday an agent enters a new listing into the MLS. On Tuesday the agent- puts a lockbox on the house (i.e. releases the shackle), the Supra system will see these two events and send an email to the agent asking if the lockbox is on that listing, at that specific address. If the suggestion is correct, the agent just has to click on a link in the email to be taken to Supra, and then click on the assignment button to confirm the assignment. See the sample email below.
There might also be situations where a given agent might have created two new listings and the system cannot be sure which listing goes with a given lockbox. In this situation, the agent would receive an email for each listing with a couple of potential assignment choices. They would choose the correct lockbox, and the assignment will be made. If neither choice is correct, a link to SupraWEB is provided and the assignment can be made manually. See sample email below.
How Does This Beta Test Affect You?
The only impact will be that you begin to receive emails asking you to confirm or choose a location assignment for your lockbox. You do not have to participate—you can ignore the emails. However, your participation would be greatly appreciated. It will allow Supra to tweak the system – see what’s working and makes changes as needed. Ultimately, our subscribers will benefit because when fully implemented Supra will be able to offer more targeted information about showing activity.
If you have any questions please contact Shannon Henry, Customer Service Manager at 503-872-8065 or shannon.h(at)rmls(dot)com.
APRIL 2012
WRITTEN BY CHRISTINA RORDAM
Distressed sales have a well-earned reputation for difficulty. But if you’re thorough in your dealings with consumers, lenders, and other agents, you will find things go much more smoothly.
As real estate professionals, we all know that distressed properties are a huge part of today’s market. And they’re going to be for a while. Whether you’ve dealt with an REO account or find success in short sales, you will probably deal with distressed sales.
Becoming your customer’s ultimate resource in these complicated transactions is easier than you may think. Here are four important tips to aid you in navigating these complex processes.
Speaking with real estate professionals who have listed REO and short sales, as well as having listed both myself, I’ve discovered that one thing’s for sure: It’s important to know your customer. Not everyone is a fit for a distressed home. When dealing with REO properties, it’s critical that the buyer’s funds are available immediately for escrow purposes and for the balance to close available within the designated closing period in the contract. Banks do not like to give out extensions when they aren’t necessary.
With regards to short-sale buyers, the renter in need of a home right away with nowhere else to go may be better off not looking at short sales. The bottom line is this: Understand your customer’s needs and financial situation. Once you’ve armed yourself with a complete picture of who your customer is, you can manage their expectations accordingly.
This one’s easy. Asset managers will often kick back contracts and paperwork for missed initials, signatures, or dates. Review your paperwork prior to sending all of it to your customer as well as the bank. Your fellow agents and customers will love you for all the time you save everyone involved. A great service for this is DocuSign, which you can use to send over documents electronically to buyers and sellers, with clear notations on where they can sign and date the forms. Your customers sign with a click of the mouse. However, ask questions before doing this, because not all lenders accept electronic signatures.
REO agents are bombarded by phone calls. Is the home available? Are there other offers? What is the condition of the home? Limit your communications to e-mail or text unless it is urgent, always read remarks from other real estate pros, and review attachments and showing instructions prior to calling with questions. Most of what you want to know is likely in the MLS. Already submitted your offer and want a status update? Again, e-mail is the best and most considerate way to inquire. The listing agent will appreciate your thoroughness and may even recommend your offer when asked.
This is especially crucial when dealing with short sales. When you meet your seller, bring along a list of required documents or send the list prior to your meeting. When sending over your packet to the lender, be sure it is complete. Days and even weeks can be lost over a missing tax return or paycheck. Being thorough not only saves you time, but the asset manager also will appreciate your preparation and be able to provide you with better information, and sooner. Once your seller’s BPO or appraisal are ordered, it’s helpful to meet the practitioner or appraiser at the home, provide them with comps, and point out any issues not immediately recognizable.
The distressed-sale process is always evolving. Follow these tips and stay abreast of the latest industry changes and you’ll chart a course to short-sale and REO success!
This Week’s Lockbox Activity Increases for Washington and Oregon
When comparing the week of April 23 – April 29 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox rose 13.9% in Washington and 3.8% in Oregon.
To see larger version of these charts visit our photostream on flickr.
This chart shows the number of Bank Owned and Short Sales in all areas of the RMLS™ system during the first quarter of 2012. To download or print the chart, click here.
Below are links to additional charts for some of our larger areas*:
Portland Metro
Clark County, WA
Lane County, OR
Douglas County, OR
*If you want information on percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.
Here are some additional facts about distressed residential properties in the first quarter of 2012:
All Areas when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012
Portland Metro when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012
Clark County when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012
The Portland Office Has Moved–Our new address is 8338 NE Alderwood Road, Suite 230, Portland, OR 97220.
Here’s a quick rundown of upcoming real estate events and education for May in Oregon and Southern Washington. If you have an event that is not listed here, please let us know by commenting below.
Events around the region:
May 3: YPN: True Confessions of a Top Producing Agent 4:00 p.m. – 6:00 p.m.
Vie de Boheme PMAR’s first Young Professionals Network event. More information
May 4: NAR Ethics Course 8:30 a.m.-11:30 a.m. 3 CE
This course meets the National Association of REALTORS® requirement that all REALTORS® must complete at least 2.5 hours of Code of Ethics training every quadrennial period (1/1/09-12/31/12) in order to maintain their REALTOR® membership status. Hosted by CCAR. More information
May 16: Navigating the Realtor® Code of Ethics: PMAR Ethics Training Seminar 9:30a.m. – 12:00 p.m.
All Realtors® are required by the National Association of Realtors® to complete ethics training every four years. Hosted by PMAR. More information
May 21: Get Connected: Beyond E-mail & Facebook $39 1:30 p.m.-4:30 p.m. 3 CE
Step by Step to the Networks: Facebook, LinkedIn & YouTube –Build your Brand Scaffolding. Hosted by CCAR. More information
This May, take advantage of FREE RMLSweb training!
If you are an RMLS™ subscriber, we have lots of FREE educational opportunities at a location near you; click the link for your area to view the March Training Calendar:
-Coos County
-Eastern Oregon
-Eugene
-Gresham
-Hood River
-Portland
-Roseburg
-Salem
-Vancouver
This Week’s Lockbox Activity Decreases for Washington and Oregon
When comparing the week of April 16 – April 22 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox decreased 4.4% in Washington and 6.1% in Oregon.
The chart below shows the number of Bank Owned and Short Sales in all areas of the RMLS™ system during 2011. To download or print this chart, click here.
All Areas when comparing percentage share of the market 2010 to 2011
Portland Metro when comparing percentage share of the market 2010 to 2011
Clark County when comparing percentage share of the market 2010 to 2011
Below are links to additional charts for some of our larger areas*:
Portland Metro
Clark County, WA
Lane County, OR
Douglas County, OR
*If you want information on percentages of distressed sales in other areas not represented by our charts, please contact us at communications@rmls.com.