MARKET REALITIES

Baris is fully aware of the state of the economy and that people have lost equity and are losing their jobs, and for them buying right now is simply not an option.

" But there are still a vast number of people who can buy' he emphasizes. "Every Realtor should be out there appealing to first-time home buyers.

"We should be talking to renters. We shouId be telling them that for the price of renting, often times they can own and that doesn't even count the tax advantages of ownership. Many renters who can come up with a 3 to 5% down payment can qualify for FHA financing.

'This is a conversation that needs to be going on right now but it's not a message that we're hearing out there. We (Realtors) need to be doing that all over the country’

Tax Appeal Parties

Maybe it's a question of going with the flow. Or maybe it's a question of seizing an opportunity to be visible in a positive way.

Or maybe it's just a good old-fashioned idea to help your neighbors when they need it most.

Whatever it is, Ken Baris says, "I came up with the idea to create Tax Appeal Parties· and they are a great way to help people, build goodwill, generate referrals and keep your name in front of potential clients by building tremendous mindshare.

"All across the country property values have dropped," says Baris. "This is an opportunity for people to appeal their property taxes and save money, if they know how to do it.

"This is especially important now as so many people need a financial break. Baris says sales associates are in a particularly good position to help others understand how taxes are assessed and what current values are. With a little training, they also can help their neighbors win tax appeal cases.

For instance, in New Jersey where he lives, property taxes can be appealed whenever the fair market value assessment is more than 15 percent over true value.

There are 81 homes in my neighborhood, and I realized every one could have significant savings, he said. So he emailed and sent letters to everyone inviting them to a wine, cheese and tax assessment party at his house. People were told that everything they would need would be at the party including their tax assessments, comparable sales, forms and instructions.

We had owners from 35 homes attend. We set up a laptop computer and a 24·inch monitor and we went over what it takes to win a tax appeal. And I pointed out how lower taxes could raise our property values. I helped people fill out the appeals forms.

The party was a great success.

"It gave everyone a chance to meet everyone else. But l also ended up meeting with more neighbors the next week. In the end, we helped about 50 neighbors with appeals - with no cost or obligation to them." And the feedback was tremendous.

"The day after the party, we took a listing as a direct result of the party and two more people say they will be listing with us soon. I had not met two of the three before - and would not have been thought of for the listings if it hadn't been for the party. I've also received referrals."

Baris took the idea to his office and a sates associate, who lives in a condo building, decided to try it.

"There are 415 people living in his complex. He contacted them all, and got a huge response for meetings. He is going to take listings as a direct result as well.

Meet Ken Baris

Kenneth B, Baris, CRB, CRS who holds a bachelor's degree in Communication from Rutgers University, is the President of Northern N.J. based Jordan Baris, Inc., Realtors· and the son of Jordan Baris, the firm's founder.

Among his many achievements, he and a partner developed and licensed Top Presenter to Top Producer Systems, which was awarded the best software product of the year by the National Association of Realtors.

A founding member of the Zillow Advisory Board, he is also on the Executive Committee of elumindata, Inc., a business analytics software company. He is a founder and serves as a Director of First State Bank of NJ.

An accomplished speaker, Ken has been featured at numerous national conferences and has been seen on CNBC and NBC National Nightly News and is frequently quoted in USA Today, The New York Times, The Wall Street Journal, CNBC.com, and Bloomberg.com.

Jordan Baris, Inc., Realtors Established in 1952, Jordan Baris, Inc., Realtors· is one of the oldest and most respected full-service real estate brokerages in New Jersey and the New York metropolitan area. The firm operates offices in W. Orange and S. Orange and has a team of close to 200. A member of leading Real Estate Companies of the World, the firm provides national relocation services and is renowned for both superior customer service and leading edge technology.

Jordan Baris, Inc., Realtors·
50 Mt. Pleasant Avenue
West Orange, New Jersey 07052
T. 973-736·1600 F. 973-736·51 59
www.jordanbaris.com . kenbaris@jordanbaris.com

Watching The Bottom Line

Baris urges his sales associates to work smarter and take advantage of the exploding number of free outlets to make contact with potential buyers and sellers.

''There are free Web networking sites like Facebook where you can reach lots of people. Twitter is another excellent choice for brokers. There are social networking Web sites that are fantastic for Getting your information up where people can see it, and the price is right.

"You can use-mail blasts. Offer your services to speak at local organizations. Create opportunity for yourself. Host Home-buyer seminars al the local library.
"

Speaking engagements and free seminars, he says, are no different from holding an open house.

"Sellers think open houses are for only Them, but they really serve many purposes.

Agents make contact with potential buyers and sellers. Home-buying seminars do the same thing. You may have 50 'home buyers' come to your seminar, but you end up with a couple of listings from people who need to sell their current homes first."

Baris believes the public has lost its perspective on real estate and that it's up to real estate professionals to bring it back.

"Everybody has heard the story about John D. Rockefeller who stopped to get his shoes shined on the way to work and heard the kid shining his shoes giving stock tips. That' s when he sold his stock because he knew the market was about to crash. He knew that when everybody thinks they're an expert they have no basis for investing.

"The same thing happened in real estate. Everybody thought they were an expert and started jumping in. And the same thing happened. The market crashed.

Rockefeller went back in and bought up good companies for pennies on the dollar while everyone else was afraid. That's where we are now. People are afraid."

OPPOSING THE NAYSAYERS

"When I go to cocktail parties some body will ask me. 'What do you do?' I say I 'Ill a Realtor, and the response I get is, 'Gee, l ' m sorry.'

I tell people, 'You're saying that because values are down right now. But what you should be thinking is that there is tremendous buying opportunity out there. You should be looking to get into a more expensive property."When properties do start going back up in value, the more expensive ones are going to go up even faster. This is the time you should be buying the most expensive properly you can comfortably afford."

And he dismisses the notion that the home seller could be taking a beating.

"Sure, you're selling for less – but you're also buying for less. I f you had a house that had a value once of$600,OO0 and it's now worth $450,000, you think you're losing $ 1 50,000 in equity. But you need to remember that the house that once had a $ 1 million value is now selling for $750,000. You make a net gain by moving up."

And the very next sentence he wants buyers to hear is: "People who are buying real estate today are going to be thought of as geniuses in 10 years."

He concedes prices may still drop over the next 12 months or longer, but over the next 10 years real estate will appreciate.

"History repeals itself," he says. "In 10 years or less values will be fantastic compared to what they are today."

To Thrive In The Current Market ..Be Positive. Be Innovative. Be Visible

Ken Baris is beyond positive about real estate. You could even say he's excited. When he talks, it's like 2004 or 2005. There's a cascade of words like "opportunity," "fantastic" and " tremendous'".

"Buy Now'," he says. "Take (advantage of this unique opportuity" Either Baris hasn"t read a newspaper in a few years, or he has a unique understanding of where this market is going.

" Why isn't the message getting out thal right now is a tremendous buying opportunity wonders” Baris, president of Jordan Baris lnc. Realtors, based in West Orange, New Jersey.

"We ought to be putting up billboards that say, 'Attention bargain shoppers! Real estate on sale now 25 percent off peak prices!'

“It is not a time to be timed. Nor is it a time to back off. Nor, clearly, is it a time to be pessimistic or cynical.

"Furthermore, interest rates are in credibly low! The savings on interest alone arc huge!". Baris stated. "What we've launched at Jordan Baris is a 'Thought Leadership Campaign.'

He says, "The message we need to get out is that now is the time to buy real estate and, if you do few years from now people are going 10 say you' re a genius."

Real estate agents in top stressfull jobs

(CARLSBAD, California)- The employment Website Careercast.com has named "real estate agent" as one of the top five most stressful jobs in the country, but not as stressful as being a surgeon or an airline pilot.

Among the least stressful jobs were actuary and dietitian.

The site, which lists 200 jobs. said the top five most stressful were: surgeon, airline pilot, photo journalist. Advertising account executive and real estate agents.

The least most stressful were: actuary, dietitian, Computer system analyst, Statistician and astronomer.

Florida considers mandatory registration of empty homes

(TALLAHASSEE. Florida) - The State or Florida is considering legislation that would require property owners to identity empty homes so that State and local officials can watch them to make sure they do not become the targets of vandals and house squatters.

The bill requires that property owners pay a fee to place vacant, abandoned and pre-fore closure homes on a Web site. The site would be monitored by both state and local officials to make sure homes are kept in good repair.

The purpose of the biII is to stabiIize housing markets in areas hard hit by foreclosures, said sponsor Representative Ari Abraham Porth, D-Coral Springs. He said deteriorating homes harm housing values for properties around them.

City says owners must register foreclosed properties

(MEDFORD. Massachusetts)-City Officials, worried about the rising tide Off or eclosures and the deterioration of vacant properties, have adopted an or finance requiring property owners to advise the city when a home is empty.

The ordinance is designed to make sure local officials know what homes are vacant so that city departments can monitor their upkeep.

In the past, the only way the city would know if home was empty was when neighbors would call and complain about vandals or such things as the smell of gas.

Housing starts down, Mortgage applications up

(WASHINGTON D.C.) - In what can be interpreted as "good news" for sales associates, the Mortgage Bankers Association reports mortgage applications are up and the Commerce Department reports new housing starts are down.

The combination of the two shouId help drain off inventory of unsold homes. The MBA said applications increased 45.7 percent from the week before and are 5,2 percent up from this time last year.

The average contract interest rate for 30-year fixed rate mortgages was 4.99 percent. compared to 5.1 9 percent the week before.

The Commerce Department said new-home starts dropped loan annual rate of 466,000 units in January. Permits for new housing construction fell to rate of 521,000 units. Both are record lows.

Monte Carlo world's most expensive real estate market

(MAKATI CITY, The Philippines)Global Property Guide's 2009 1isl of the world's most expensive real estate markets shows that Monte Carlo is No. 1 at $45.000 per square meter (a square meter equals .836 1 of a square yard). Following Monte Carlo were:

• Central Moscow, $20,853 per square meter
  
• London, $20,756
  
• Tokyo, $ 1 7.998
  
• Hong Kong, $ 1 6, 125
  
• New York, $ 14,898
  
• Paris, $ 1 2, 1 22
  
• Singapore, $9.701
  
• Rome $9, 166
  
• Mumbai, India, $9, 163

For more information, you can visit: www.globllipropertyguide.com

SentriLock launches "Lockbox Live"

(CINCINNATI. Ohio) – SentriLock, leading provider of electronic lockboxes to the real estate industry, recently launched "Lockbox Live:' a virtual presentation that allows Boards. Associations and individual real estate professionals to gain keen insights into the numerous high-tech benefits of electronic lockboxes.

" With Lockbox Live. we've listened to our customers and developed an innovative, next-generation tool hat they can access at their convenience to gain additional information on the numerous benefits of electronic lock boxes, " said .John Heithaus, Senior Vice President of sales, marketing and alliances for SentriLock.

SentriLock LLC. founded in 2003, is majority owned by the National Association of Realtors and is the official lockbox solution of NAR's REALTOR Benefits Program.

Trulia sees surge in consumer real estate interest

(SAN FRANCISCO. California) The online real estate information site Trulia.com reported recently a surge in the numberof consumers doing property searches on the site and a substantial increase in consumer networking, as well.

The company said page visits were up 40 percent in January- compared to a year ago -and that activity on its blogs. And queslion and answer sections was up by 115 percent.

Trulia co-founder Pete Flint said. "In Reality, consumers were engaged more than ever and we believe the dramatic increased engagement in January is a good indication that consumer optimism is on the risk." (http://www.trulia.com).

"Buy a house, we'll give you a job"

(SHANGHAI, China) -A real estate company is making a novel, if risky, offer to young homebuyers: Buy a condo. And we' 11 gi ve you a job to pay for it.

Shanghai Sanxiang Co., .. a Iarge developer in the city, says so far it has hired eight of its buyers.

As unemployment goes up in the overbuilt city, millions of young people who were drawn to Shanghai during the boom are now returning to their homes in rural pans of the country.

Sanxiang says it believes the market will turn by the end or the year and will need the additional trained staff.

Top relocation destinations

(CHICAGO. lllinois) -Allied Van Lines has released its annual survey of top relocation destinations. and for the fourth year in a row Texas tops the list.

The company said the number of inbound relocations to Texas exceeded the number of outbound moves by a net of 1 .903.

North Carolina was second with a net Of 800 inbound moves and Virginia was third with a gain of398.

The largest net relocation losses were Michigan. Pennsylvania, New Jersey and Illinois.

Gloria Nilson GMAC Real Estate

(RED BANK. New Jersey) –Gloria Nilson GMAC Real Estate, one of New Jersey's largest and best-known real estate Finns with 16 offices and more than 700 sales associates, has been purchased by SCS Realty Investment Group LLC, a firm led by 40-year real estate veteran Dick Schlott.

As part of t he agreement. Gloria Nil son GMAC Real Estate wilt continue 10 operate under that name and will become a franchisee of GMAC Real Estate. owned by Brookfield Residential Properly Services. The Schlott name Gloria Nilson GMAC Real Estate firm will now be the largest GMAC Real Estate franchise in the Northeast "The Schlott name is synonymous with New Jersey real estate and we are absolutely thrilled Dick has chosen to purchase these offices and in turn become a franchise of our company." said John Dearden. Presideut and CEO of GMAC Real Estate.

Donovan told HUD must be more active

(WASHINGTON, D.C)- HUDSecrctary Shaun Donovun agreed at his Senate confirmation hearings that the government could do more to ease the mortgage crisis and promote affordable housing. Senators criticized HUD' s role in the Hush administration as being lackluster and said HUD's new leadership needed 10 be more aggressive in addressing the mortgage crisis.

Among those participating in the hearings was Senator Mel Martinez, RFlorida, who served as H U D secretary during the Bush administration before resigning to run for office.

Martinez suggested Donovan reel in Fannie Mae and Freddie Mac with tighter regulation and demand that the GSEs become more transparent in the way they operate.

RE/MAX celebrates 36 years of service

(DENVER. Colorado)- RE/MAX International Inc, one of the most recognized real estate networks in the world marked its 36th Anniversary. or "Founder's Day:' on January 30th. The Denver-based real estate franchisor celebrated another year of major milestones with the company's original founders. Dave and Gail Liniger, Still at the helm.

" Westarted REIMAX i n 1973 with an agent-centric business model designed to foster the entrepreneurial spirit," said Dave Liniger, Co-Founder and Chairman of RFlMAX International who with his wife Gail Liniger, still oversees the company's daily operations. and travels the world speaking to RF.JMAX Affiliates. " We continue to be successful because of our commitment to the founding principles of the company to provide outstanding customer service and build franchise network of the most experienced real estate professionals.

This focus has given us the experience and know-how to anticipate and adapt to changing markets." In 2008 RE/MAX sold more than 700 franchises worldwide and now has nearly 7.000 offices i n more than 70 countries lind territories. An international presence greater than any of its competitors.

RE/MAX LeadStreet· delivered five million leads to RE/MAX Associates after making its debut only two and a half years ago. In addition to its many milestones, www.remax.com is frequently ranked as the most visited web site of all the real estate brokerage brands.

RE/MAX also leads the industry in education and training. with RE/MAX Universily offering training in classrooms, online and through satellite broadcasts via the award-winning RF/MAX Satellite Network (RSN). Visit www.remax.com or www.joinremax.com.

NAR launches real estate radio show

(CHICAGO, Illinois) - The National Association or Realtors has announced it launched a consumer-radio show. " Real Estate Today" on Saturday. Feb. 14.

Accoruing to N A R . ''Today' s consumers are faced with myriad questions and concerns about their own home and mortgage. how housing trends are affecting their immediate community. And whether they should buy or sell a home in the current marketplace.

Real Estate Today" will provide a forum where listeners can learn about real estate news; get comprehensive information about buying, selling and (maintaining the value of their home; and ask questions of real estate experts from across the country." N A R stated.

Realtors Support Aid To Troubled Homeowners

(WASHINGTON, D.C.) February 18,2009- Preventing Fore closures is critical for the nation's economic recovery and the National Association of Realtors commends the Obama administration's plan to help millions of homeowners who are at risk of losing their homes.

"When people lose homes to foreclosure, our communities, the housing market and our economy all suffer." said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. "The administration's proposed plan, combined with provisions Iike the $8.000 first-time home buyer tax credit in the just-enacted American recovery and Reinvestment Act. with help minimize foreclosures. shrink housing inventory_ stabilize home values and move the country closer to an economic recovery."

President Obama' s $75 billion Homeowner Affordability and Stability Plan would help struggling homeowners by providing incentives to lenders, servicers, mortgage holders and borrowers to help modify mortgage loans. The U.S. Treasury Department will be issuing uniform guidelines in two weeks. Consistent with NAR ' s recommendations, financial institutions receiving assistance must agree to follow the guidelines.

Under another element of the program. Fannie Mae and Freddie Mac will help make monthly payments more affordable For 4 to 5 million homeowners by refinancing mortgages with loans that these entities own or guarantee. Finally. The plan provides more support for Fannie Maeand Freddie Mac. which will in turn help keep mortgage rates low for all buyers and could lead to even lower rates.

NA R called for improved foreclosure intimation as pan of its overall housing recovery plan in late 2008 and welcomes this initiative. The association supports the administration' s goals to reduce mortgage payments for millions of Americans. avoiding financial crises for families and communities.
"Realtors· build communities, and in today’s challenging Environment helping neighbors in need is what we all need to do. A renewed, revitalized and robust housing market is essential to generating commerce and helping families buiId wealth and stability and we are eager to see these measures implemented,” said McMillan.