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J.D. Power and Associates Reports: Among Home Buyers, Keller Williams Ranks Highest In Customer Satisfaction Among National Real Estate Companies!

Despite Popularity of Online Home Buying and Selling Tools,Real Estate Agents are Key to Customer Satisfaction!!!

The inaugural study measures customer satisfaction of home buyers and sellers with the largest national real estate firms. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%). Four factors are examined for the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%). In the home-buyer segment, Keller Williams achieves a score of 831 on a 1,000-point scale, and receives highest ratings from customers in all three factors.
The study finds that despite the popularity of home-buying and -selling resources on the Internet, real estate agents are key to customer satisfaction with real estate companies. A large proportion of both home buyers and sellers rely on the Internet to facilitate the buying or selling process, with 68 percent of buyers saying that they used Internet tools to help them in the purchase process and 61 percent of sellers reporting that they used a Web site listing to market their home. In addition, among home sellers, online methods are the most important aspect of marketing. However, the agent factor carries the greatest importance among the factors that comprise overall satisfaction among both home buyers and sellers. "Although the Internet provides home buyers and sellers with the ability to perform some essential tasks -- such as listing a home for sale or researching a neighborhood in which to purchase a home -- it still does not replace the importance of a good real estate agent," said Howland. "Particularly in an uncertain real estate market, professional advice from agents can be especially valuable to buyers and sellers.

The knowledge and expertise provided by experienced agents is an important benefit of using a full-service real estate company." The study also finds that the average time a home for sale remained on the market was slightly more than six months, although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time -- approximately five and a half months, on average. "Satisfaction averages 794 among those customers whose homes sold within 5 months or less, but declines considerably to an average of 730 among customers whose homes took 7 months or longer to sell," said Howland. "A real estate company that provides agents who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients' homes remain on the market -- which can not only save the seller money, but also diminish inconvenience and anxiety." Additional noteworthy study findings include the following: --

Nearly one-half of respondents (46%) report using recommendations from family or friends to find their real estate agent. Approximately 28 percent used the Internet, while 23 percent used an agent they had used previously and 11 percent used a printed real estate guide. -- On average, home buyers were shown approximately 13 homes before making a purchase. -- Home sellers report that, on average, their home was shown approximately 11 times and approximately five open houses were conducted before the sale occurred. The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.

Reprinted from JD Power & Associates Report on 7/23/2008

Paul Moye, Broker
Keller Williams Realty
www.middletnrealty.com

Housing Reform Bill Set For Passage; President Bush Drops Veto Threat

The House of Representatives has passed the nearly 700 page Housing Reform Bill and the US Senate is expected to vote on it by Wednesday. President Bush has dropped his threat to veto the reform package thereby clearing the way for the legislation to be finalized.
Here is a quick synopsis

1. Increase the Federal Housing Administration's role. The FHA could insure up to $300 billion in new 30-year fixed rate mortgages for at-risk borrowers in owner-occupied homes if their lenders agree to write down their loan balances to 90% of the current appraised value of their homes. Lenders would also agree to pay upfront fees to the FHA equal to 3% of a home's appraised value. Borrowers must agree to pay an annual premium to the FHA equal to 1.5% of their new loan balance and they must also agree to share with the government any profit they realize from selling or refinancing their home. The cost of the new FHA program - which would begin on Oct. 1 and be in place for just a few years - would be funded by fees from Fannie and Freddie.

2. Create a stronger regulator for the GSEs: The new regulator will have a greater say over how well funded the agencies are - a major concern in the markets that has sent stocks in both companies plunging.

3. Permanently increase "conforming loan" limits: The bill would permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,000 from $417,000.

4. Increase FHA maximum loan limits for high-cost areas to $625,000.Higher loan limits will make it easier for borrowers to get mortgages, because they're more likely to be traded if they are considered conforming.

5. Create home buyer credit: The bill includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500. The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments by the buyer. The refund would be reduced gradually for single filers with adjusted gross incomes above $75,000; and for joint filers with AGIs over $150,000.

6. Bar down-payment assistance for FHA loans: The bill eliminates a program that has allowed sellers to provide down payment assistance. The seller-funded program is largely the reason why the agency's reserve has fallen by $4.6 billion, according to FHA Commissioner Brian Montgomery. Currently, that reserve is roughly $16.4 billion.

7. The bill would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans.

Paul Moye, your Middle Tennessee Real Estate Agent www.middletnrealty.com