COLDWELL BANKER RANKS MAJOR COLLEGE FOOTBALL TOWN’S HOME AFFORDABILITY

COLDWELL BANKER RANKS MAJOR COLLEGE FOOTBALL TOWN HOME AFFORDABILITY WITH FOURTH ANNUAL COLLEGE HOME PRICE COMPARISON INDEX

BOWLING GREEN’S AVERAGE SALES PRICE IS $199,588 AND RANKS AS ONE OF THE NATION’S AFFORDABLE COLLEGE TOWNS

Bowling Green, KY (November 18, 2008) – As the college football season enters its most exciting time of the year, students and fans don school colors and cheer as their teams go helmet to helmet on the field. Celebrating this competitive spirit, especially as traditional rivals like Michigan and Ohio State play for the 105th time later this week, Coldwell Banker® jumps into the fray. The real estate company released its own set of rankings outlining the most expensive and affordable college towns across America in its fourth annual College Home Price Comparison Index (HPCI), including Bowling Green, KY.

The Coldwell Banker College HPCI study found that while the University of Alabama is ranked No. 1 in the football polls, it is hardly on the same playing field as the No. 2 team, Texas Tech University, in regards to home affordability. In this year’s College HPCI, Texas Tech comes in as the No. 11 most affordable college in terms of home prices, while Alabama rolls in at No. 59.

According to the study, the average price of a 2,220-foot, 4 bedroom 2 ½ bath home with a family room and two car garage1 in Tuscaloosa, Ala. is $251,775 while the same home in Lubbock, Texas would cost $170,700.

Meanwhile, Stanford University and the University of Akron are each frontrunners on different spectrums of the home price ranking, holding titles of the most expensive and most affordable college towns, respectively. An average home in Palo Alto, Calif., costs approximately $1.74 million while the same home in Akron, Ohio averages at $135,780 – a $1.6 million price difference.

The Coldwell Banker College HPCI specifically examines the home market to the 119 Football Bowl Subdivision (I-A) schools.

This year, the Coldwell Banker College HPCI also found that Bowling Green, KY is one of the affordable college towns in the Sun Belt Conference, with home prices in 2008 averaging $199,588. Bowling Green, KY ranks comparably with other such college towns as Syracuse, NY and East Lansing, MI.

“Real estate in college towns such as Bowling Green, KY can be a very smart investment, especially when the family’s college student can live in the home,” said John Huggins, President and CEO of Coldwell Banker Legacy Real Estate Group. Instead of pouring money into rent, students can gain a sense of responsibility, and a roommate can help cover the costs with rent payments – all while the home is appreciating in value over time. Real estate professionals have been doing this for years.”

2008 Coldwell Banker College HPCI – Highlights & Interesting Facts

• Three of the top 25 teams in the BCS standings also rank as the top 10 most affordable markets in the Coldwell Banker College HPCI – Ball State University, Texas Christian University and Oklahoma State University.

• Two of the top 25 football teams make the College HPCI top 10 most expensive list – the University of Miami and the University of Southern California.

• For the fourth year in a row, the Mid-American Conference ranks as the most affordable league, with an average home price of $207,952.

The top 10 most affordable college markets for home prices in 2008 are:

Rank School Town, State 2008 Avg. Price
1 University of Akron Akron, Ohio $135,780
2 Ball State University Muncie, Ind. $144,250
3 Texas Christian University Fort Worth, Texas $148,625
4 University of Tulsa Tulsa, Okla. $154,200
5 University of Toledo Toledo, Ohio $155,900
6 University of Houston Houston, Texas $158,412
Rice University Houston, Texas $158,412
8 University of Louisiana Monroe Monroe, La. $166,109
9 Eastern Michigan University Ypsilanti, Mich. $166,750
10 Oklahoma State University Stillwater, Okla. $170,500


The top 10 most expensive college markets for home prices in 2008 are:

Rank School Town, State 2008 Avg. Price
1 Stanford University Palo Alto, Calif. $1,740,731
2 Boston College Boston, Mass. $1,381,250
3 University of California, Berkeley Berkeley, Calif. $1,299,750
4 University of California, Los Angeles Los Angeles, Calif. $1,090,884
University of Southern California Los Angeles, Calif. $1,090,884
6 San Jose State University San Jose, Calif. $1,077,575
7 University of Hawaii Honolulu, Hawaii $780,000
8 Northwestern University Evanston, Ill. $653,750
9 University of Miami Miami, Fla. $600,000
10 University of Colorado Boulder, Colo. $578,047



The following chart ranks Football Bowl Subdivision (I-A) college football conferences by affordability:

Rank School 2008 Avg. Price
1 Mid-American Conference $231,321
2 Conference USA $235,627
3 Big 12 Conference $248,026
4 Southeastern Conference $253,169
5 Big East Conference $283,203
6 Sun Belt Conference $287,548
7 Big Ten Conference $289,629
8 Mountain West Conference $304,609
9 Independent $400,123
10 Western Athletic Conference $407,728
11 Atlantic Coast Conference $410,945
12 Pac-10 Conference $735,822

The below chart ranks the BCS Top 25 college football teams in affordability:

BCS Standing School Town, State 2008 Avg. Price HPCI Ranking
1 University of Alabama Tuscaloosa, Ala. $251,775 59
2 Texas Tech University Lubbock, Texas $170,700 11
3 University of Texas Austin, Texas $241,325 55
4 University of Florida Gainesville, Fla. $303,375 81
5 University of Oklahoma Norman, Okla. $211,357 31
6 University of Southern California Los Angeles, Calif. $1,090,884 116
7 University of Utah Salt Lake City, Utah $389,400 100
8 Penn State University State College, Pa. $311,125 83
9 Boise State University Boise, Idaho $232,750 45
10 Ohio State University Columbus, Ohio $236,924 48
11 University of Georgia Athens, Ga. $244,967 57
12 Oklahoma State University Stillwater, Okla. $170,500 10
13 University of Missouri Columbia, Mo. $205,300 28
14 Brigham Young University Provo, Utah $347,850 96
15 Michigan State University East Lansing, Mich. $196,000 23
16 Texas Christian University Fort Worth, Texas $148,625 3
17 Ball State University Muncie, Ind. $144,250 2
18 Louisiana State University Baton Rouge, La. $263,000 61
19 University of Cincinnati Cincinnati, Ohio $243,583 56
20 University of Pittsburgh Pittsburgh, Pa. $267,980 66
21 Oregon State University Corvallis, Ore. $319,967 86
22 University of North Carolina Chapel Hill, N.C. $369,966 99
23 University of Miami Miami, Fla. $600,000 110
24 University of Oregon Eugene, Ore. $341,944 93
25 University of Maryland College Park, Md. $317,750 85

The following charts rank Football Bowl Subdivision (I-A) college football conferences and independent schools. The most affordable conference is listed at the top and most expensive at the bottom. Each school in the conference is listed with the most affordable at top:

Mid American Conference Town, State 2008 Avg. Price
University of Akron Akron, Ohio $135,780
Ball State University Muncie, Ind. $144,250
University of Toledo Toledo, Ohio $155,900
Eastern Michigan University Ypsilanti, Mich. $166,750
Central Michigan University Mt. Pleasant, Mich. $182,825
Western Michigan University Kalamazoo, Mich. $221,050
Bowling Green State University Bowling Green, Ohio $223,503
Ohio University Athens, Ohio $223,925
Northern Illinois University DeKalb, Ill. $236,788
Kent State University Kent, Ohio $263,000
University at Buffalo Buffalo, N.Y. $264,900
Miami University Oxford, Ohio $276,750
Temple University Philadelphia, Pa. $511,750
Conference Average Price $231,321



Conference USA Town, State 2008 Avg. Price
University of Tulsa Tulsa, Okla. $154,200
University of Houston Houston, Texas $158,412
Rice University Houston, Texas $158,412
Marshall University Huntington, W. Va. $182,050
University of Southern Mississippi Hattiesburg, Miss. $188,035
University of Memphis Memphis, Tenn. $190,275
University of Texas El Paso El Paso, Texas $226,362
East Carolina University Greenville, N.C. $283,022
University of Alabama at Birmingham Birmingham, Ala. $303,181
Tulane University New Orleans, La. $306,900
Southern Methodist University Dallas, Texas $333,347
University of Central Florida Orlando, Fla. $343,333
Conference Average Price $235,627

Big 12 Conference Town, State 2008 Avg. Price
Oklahoma State University Stillwater, Okla. $170,500
Texas Tech University Lubbock, Texas $170,700
Baylor University Waco, Texas $184,325
University of Missouri Columbia, Mo. $205,300
University of Oklahoma Norman, Okla. $211,357
Iowa State University Ames, Iowa $213,450
Texas A&M University College Station, Texas $213,755
University of Kansas Lawrence, Kan. $239,412
University of Texas Austin, Texas $241,325
Kansas State University Manhattan, Kan. $266,921
University of Nebraska Lincoln, Neb. $281,217
University of Colorado Boulder, Colo. $ 578,047
Conference Average Price $248,026


Southeastern Conference Town, State 2008 Avg. Price
Mississippi State University Starkville, Miss. $186,383
University of South Carolina Columbia, S.C. $189,262
University of Tennessee Knoxville, Tenn. $208,637
Vanderbilt University Nashville, Tenn. $239,500
University of Georgia Athens, Ga. $244,967
University of Arkansas Fayetteville, Ark. $248,528
University of Alabama Tuscaloosa, Ala. $251,775
Louisiana State University Baton Rouge, La. $263,000
Auburn University Auburn, Ala. $282,600
University of Kentucky Lexington, Ky. $291,000
University of Florida Gainesville, Fla. $303,375
University of Mississippi Oxford, Miss. $329,000
Conference Average Price $253,169


Big East Conference Town, State 2008 Avg. Price
Syracuse University Syracuse, N.Y. $198,600
University of Louisville Louisville, Ky. $241,060
University of Cincinnati Cincinnati, Ohio $243,583
University of Pittsburgh Pittsburgh, Pa. $267,980
University of South Florida Tampa, Fla. $285,000
West Virginia University Morgantown, W.Va. $331,333
University of Connecticut Storrs, Conn. $343,067
Rutgers University New Brunswick, N.J. $355,000
Conference Average Price $283,203

Sun Belt Conference Town, State 2008 Avg. Price
University of Louisiana at Monroe Monroe, La. $166,109
University of North Texas Denton, Texas $189,000
Western Kentucky University Bowling Green, KY $199,588
Troy University Troy, Ala. $204,633
Arkansas State University Jonesboro, Ark. $208,250
University of Louisiana at Lafayette Lafayette, La. $232,467
Middle Tennessee State University Murfreesboro, Tenn. $237,800
Florida Atlantic University Boca Raton, Fla. $462,125
Florida International University Miami, Fla. $600,000
Conference Average Price $277,744

Big Ten Conference Town, State 2008 Avg. Price
Purdue University Lafayette, Ind. $184,333
University of Indiana Bloomington, Ind. $196,000
Michigan State University East Lansing, Mich. $196,000
University of Iowa Iowa City, Iowa $214,975
Ohio State University Columbus, Ohio $236,924
University of Illinois Champaign, Ill. $238,126
University of Michigan Ann Arbor, Mich. $263,783
University of Wisconsin Madison, Wis. $300,000
Penn State University State College, Pa. $311,125
University of Minnesota Minneapolis, Minn. $390,900
Northwestern University Evanston, Ill. $653,750
Conference Average Price $289,629

Mountain West Conference Town, State 2008 Avg. Price
Texas Christian University Fort Worth, Texas $148,625
United States Air Force Academy Colorado Springs, Colo. $198,500
Colorado State University Fort Collins, Colo. $230,967
University of Nevada, Las Vegas Las Vegas, Nev. $272,125
University of Wyoming Laramie, Wyo. $282,333
University of New Mexico Albuquerque, N.M. $329,185
Brigham Young University Provo, Utah $347,850
University of Utah Salt Lake City, Utah $389,400
San Diego State University San Diego, Calif. $542,500
Conference Average Price $304,609


Independents Town, State 2008 Avg. Price
University of Notre Dame South Bend, Ind. $174,000
United States Military Academy West Point, N.Y. $390,000
United States Naval Academy Annapolis, Md. $524,741
Average Price $362,914

Western Athletic Conference Town, State 2008 Avg. Price
Utah State University Logan, Utah $199,850
Louisiana Tech University Ruston, La. $228,750
Boise State University Boise, Idaho $232,750
New Mexico State University Las Cruces, N.M. $237,000
University of Idaho Moscow, Idaho $280,000
University of Nevada Reno, Nev. $302,625
Fresno State University Fresno, Calif. $331,000
University of Hawaii Honolulu, Hawaii $780,000
San Jose State University San Jose, Calif. $1,077,575
Conference Average Price $407,728

Atlantic Coast Conference Town, State 2008 Avg. Price
Clemson University Clemson, S.C. $215,960
Duke University Durham, N.C. $221,491
Wake Forest University Winston-Salem, N.C. $230,667
North Carolina State University Raleigh, N.C. $236,124
Virginia Tech University Blacksburg, Va. $302,075
Georgia Tech University Atlanta, Ga. $314,333
University of Maryland College Park, Md. $317,750
Florida State University Tallahassee, Fla. $333,250
University of North Carolina Chapel Hill, N.C. $369,966
University of Virginia Charlottesville, Va. $408,475
University of Miami Miami, Fla. $600,000
Boston College Boston, Mass. $1,381,250
Conference Average Price $410,945

Pac-10 Conference Town, State 2008 Price
University of Arizona Tucson, Ariz. $254,667
Washington State University Pullman, Wash. $285,539
Oregon State University Corvallis, Ore. $319,967
University of Oregon Eugene, Ore. $341,944
Arizona State University Tempe, Ariz. $349,350
University of Washington Seattle, Wash. $584,500
University of California, Los Angeles Los Angeles, Calif. $1,090,884
University of Southern California Los Angeles, Calif. $1,090,884
University of California, Berkeley Berkeley, Calif. $1,299,750
Stanford University Palo Alto, Calif. $1,740,731
Conference Average Price $735,822



Methodology – 2008 Coldwell Banker College Market Home Price Comparison Index:
Coldwell Banker Real Estate LLC conducted its College Home Price Comparison Index study by compiling survey data from Coldwell Banker® offices throughout the United States. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings in 2008 or a comparative market analysis of homes previously sold. Because no Coldwell Banker offices serve Tuscaloosa, Ala.; Stillwater, Okla.; Lincoln, Neb.; Charlottesville, Va.; Morgantown, W. Va., Bowling Green, Ohio; Athens, Ohio; Laramie, Wyo.; Troy, Ala.; Huntington, W. Va., Lawrence, Kan., and Ames, Iowa, the average prices reflected in the study were from local Multiple Listing Service data collected in August 2008. The criteria for the College HPCI1 subject home is: single-family dwelling, 2,200 square feet (approximately), four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,700 residential real estate offices and 108,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

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The Time is Now for Real Estate

“This is the type of Real Estate market that two years from now everybody is going to say, “I wish I had bought then.” All the factors are lining up for the next six to twelve months to be that year.

Let’s look at those factors.

Financing

Interest rates are dropping below 6% on residential mortgage loans. Rates are seldom that low and when they have reached that level, mortgage loan rates do not stay there for long. According to HSH Associates, the nation’s largest publisher of consumer loan rates (HSH.com) from mid 2003 through mid 2005 rates hovered just above and below the 6% threshold, never below for more than a few months. Before that they had not been below 6% for forty years. The most likely conclusion is that mortgage loan rates will not stay below six for long. So, Buyers would be wise to be actively looking to buy and take advantage very soon.

Mortgage money is available. Real Estate Agents and mortgage brokers from coast to coast are all telling me that there is money available with five percent down or less. The Buyers do need to have steady employment, and a reasonable credit rating. The days of Buyers needing to prove employment, have some cash on hand and credit worthiness have returned for good, hopefully. Violating those obvious principles contributed enormously to our current global financial crisis.

Requiring stability of employment, credit and some cash is not the banks being cautious. It is the way lenders have made decisions since paper money was invented. The last ten years when those fundamentals were ignored have been the exception. Bottom line, solid Buyers can get the best rates and buy at what I believe is at or near the bottom of the market.

Inventory, Foreclosures and Pricing

New home inventories are being absorbed. According to HWMarketIntelligence.com “the number of new homes for sale continues to steadily decline and have not recorded a monthly increase since May 2007.” According to the Mortgage Bankers Association the number and rate of properties entering foreclosure is slowing.

My anecdotal research from my Real Estate Agent Clients around the country is that the foreclosure properties are being purchased at a much higher rate as first time home Buyers and investors in market after market are deciding that we are near enough to bottom.

This Buyer and investor activity will create its own momentum. As more Buyers and investors choose to buy now the demand they create will stabilize and lead to market appreciation. Did people who bought at the height of the boom in late 2005 and 2006 lose equity? In most markets yes, in some markets they lost a lot. Are the Buyers who buy over the next year likely to be buying at the bottom of the market and benefit from excellent appreciation? Every indication that I see says yes.

As Real Estate Agents you need to decide if you are comfortable recommending that this is the time for Buyers to buy, that prices may be at or near the bottom. I suggest that we are at or near the bottom and the Buyers you encourage to buy over the next twelve months will be forever grateful for your advice.

Some Considerations

The Real Estate market, specifically for residential homes is typically not a speculative market. The vast majority of people buy a house to live in it as their home, not to resell it for a profit. Over the last forty years Buyers have come to expect that their home will build equity and appreciate in value. But, the decision to buy is usually based on factors other than anticipated appreciation. The Buyers you encourage to buy want to own the space in which they live. The fact that this is a fabulous time to make that decision just makes your job easier.

Second, there is a continuous demand in most markets. People graduate from school, get better jobs, get married and divorced, have children, upgrade and downsize, among dozens of other reasons that new Buyers come on the market. These life events keep occurring. However over the past two years these Buyers have paused. They still want to buy but they are waiting. Historically when there is a time that Buyers are reluctant to buy for any reason this creates a pent up demand.

As Buyers realize that it is a good time to buy but not necessarily for Sellers to sell; demand will begin to absorb and exceed supply. Over the next year or two the additional demand is likely to lead to a Seller’s market. Because of the severity and magnitude of the current housing supply this turn to a Seller’s market will likely be gradual.

The signs of this shift are occurring now, that is, the supply of new construction and foreclosure homes are being absorbed by first time Buyers, investors, and secure homeowners taking advantage of their financial strength. This spring may be the tipping point when market activity flourishes. I believe it will.

Inflation: The X Factor

I remember a rapidly inflationary period. I remember it for a funny reason. I used to drink a lot of Coca Cola. One day when I put a quarter into the machine to vend my Coke I realized that it was going to cost me forty cents. Soon after that it was fifty cents and within five years it was seventy five cents. Now it is at least a dollar. This is inflation. Your money buys less and the cost of what you buy increases.

If you owned Real Estate during this same period you were very happy because the property you owned in 1981 also doubled in price or more by 1986. That is true even if you didn’t live in a highly populated area. This inflationary period did not discriminate by locale.

Are we on the verge of another inflationary surge? I don’t know. I have been reading what I can find on this and it seems to be a largely ignored topic. I notice that gas prices are declining but not much else. I think about the trillions of dollars worldwide being spent on the bailout. The definition of inflation is when the amount of money in circulation increases and the available goods decreases. It seems to me that is what is happening.

If inflation does devalue our money then house prices, along with the price of almost all other hard goods will increase and this year’s Buyers are going to get benefit tremendously. Whether this happens or not it is time for buyers to get in the market.

First Time Buyers and Investors

For certain Buyers it is time to get active. I am saying to anyone and everyone that will listen. FIRST TIME BUYERS THIS IS YOUR TIME! The federal government is still offering a $7,500 tax credit that is scheduled to conclude in the summer of 2009. Prices and interest rates are down. If you are employed and credit worthy you can buy with a small amount of cash out of pocket. FIRST TIME BUYERS THIS IS YOUR TIME!

Another group that I am encouraging to buy now is investors of residential rental property. Investors still have to do their investment analysis. They still have to carefully look at occupancy and vacancy rates. In other words, investors have to make smart, calculated buying decisions. This is always the case.

The reason it is a good time for these investors is because the market is soft. As long as there has not been a population exodus in your community, that is, as long as people are choosing to live in your community and employment is stable, the rental property is going to sustain value. At the same time market conditions right now, with more challenging underwriting standards and only those who really need to sell putting their property on the market creates the opportunity all investors are looking for, buy low, particularly those with some cash.

Get in the Game

So, I have been telling my Agent Clients and my audiences to shout from the rooftops that first time Buyers and investors should get in the game. Call the people in your spheres of influence and your past Clients and be honest with them about whether it is a good time to sell.

At the same time encourage them to tell their relatives, friends and any one that they care about that if they are first time Buyers to call you and start looking. If they are investors with some cash suggest that they start looking for golden opportunities with you.

Look for articles from legitimate sources about what is going on with the global financial crisis. But then look at your local market and discover the opportunities for first time Buyers, investors or any other group or type of property that may be a shining beacon through the fog.

Be the optimistic and intelligent voice of opportunity and you will both survive this market you will become a roaring success as the market improves; which it will. When? For most markets, the prediction is late 2009. For some it will be spring of 2009 and for others it will be longer.

I have led Agents to success in four of these major shifts since 1979. Every one of these soft markets creates strength in those that survive it. And those who survive it by discovering the opportunities for their Clients become the highest producers and the leaders of the healthy market that is likely to be just around the corner.

By Rich Levin

NAR pushes for new housing stimulus package

NAR has presented a four point stimulus plan to Congress for consideration. The current economic crisis is, at its core, the result of problems in the nation's housing and mortgage markets. This circumstance, along with the fact that housing has always lifted our economy out of downturns, makes it imperative that efforts be taken immediately to foster a housing recovery, so that a recovery of the overall economy can occur.

NAR's plan includes features such as consumer-driven provisions that eliminate repayment of the first-time homebuyer tax credit and expands it to all homebuyers, makes higher mortgage loan limits permanent, focuses the economic stabilization efforts once again on the housing and mortgage markets as opposed to providing banks with capital with no strings attached and prohibits banks from entering into real estate.

NAR strongly believes that inclusion of these priorities in a stimulus package is imperative to move our nation out of this economic crisis:

1. Remove the requirement in the current law that first-time homebuyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence. This will help address inventory issues in many markets.

2. Revise the FHA, Fannie Mae and Freddie Mac loan limit increases to reflect the higher temporary level enacted in February. Although subsequent legislation made loan limit increases permanent, the permanent loan limits were reduced from the February levels. This has broad implication for homebuyers in high cost areas.

3. Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:

Extend credit down to Main Street, making credit more available to consumers and small businesses;

Expedite the process for short sales;

Expedite the resolution of banks' real estate owned (REOs) properties.

4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

NAR has presented this plan to Congress and will continue to strongly pursue a special session of Congress to enact this vital housing stimulus legislation package after the national election. Housing has always help lift the economy out of downturns. It is imperative to get the housing market moving forward as quickly as possible. Congress must take immediate and specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans.

Best Places to Sell a Suburban Home

Best Places to Sell a Suburban Home

Sellers' markets are rare this year, but there are some suburban areas where prices are holding steady or rising and time on the market is measured in days or months, not years.

Forbes magazine took a look at the 90 days of sales activity in the 75 largest Census-defined metro areas. It narrowed its search to those communities with at least 75 homes on the market, and eliminated suburbs where it takes more than 125 days to sell an average home.

The magazine also cut out any suburb in which year-over-hear price declines were greater than 10 percent and where more than 50 percent of sellers had to reduce their asking price to sell.

What’s left? A list of the top 10 suburban markets where properties are selling at competitive prices relatively rapidly.

Berkeley, Calif.: 14 miles north of San Francisco; median home price, $799,986; 73 days
Bedford, Texas: 22 miles west of Dallas; $169,093; 84 days
Venice, Calif.: 16 miles west of Los Angeles; $1.5 million; 95 days
Kennesaw, Ga.: 28 miles northwest of Atlanta; $241,196; 104 days
Sugarland, Texas: 20 miles southwest of Houston; $265,418; 106 days
Midvale, Utah: 13 miles south of Salt Lake City; $255,003; 106 days
Matthews, N.C.: 12 miles southeast of Charlotte; $320,990; 127 days
Encinitas, Calif.: 28 miles north of San Diego; $1.23 million; 100 days
Waltham, Mass.: 26 miles west of Boston; $790,986; 79 days
Montclair, N.J.: 13 miles west of New York City; $450,761; 115 days

Coldwell Banker® Named #1 - Again!

Coldwell Banker Real Estate LLC was once again named the #1 Real Estate brand by Franchise Times, making this the 9th straight year in a row!

Obama Will Support Housing, Says NAR

President-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan.

That was the assessment of NAR leaders, speaking to a packed audience Thursday at the Peabody Hotel during the opening forum of the REALTORS® Conference.

Obama has long made housing a priority, said Illinois Association of REALTORS® CEO Gary Clayton, who knows the president-elect from his days as a state senator. Clayton said with a chuckle that he now regrets not joining Obama’s weekly poker game.

In Illinois, Obama advocated tax credits for property owners and fought to end predatory lending, Clayton said. As a U.S. senator, he’s advocated for a stronger FHA and voted for the NAR-backed economic stimulus bill, which increased loan limits in high-cost areas.

NAR Chief lobbyist Jerry Giovaniello addressed election banter about Obama having a “socialist” agenda. “There’s not much left to socialize,” he joked, referring to the government rescue of Fannie Mae, Freddie Mac, insurance giant AIG, and the entire U.S. banking system. “I think Jiffy Lube may be next,” he said, to uproarious laughter.

Clayton said the real Obama is a “friendly, fun guy. He’s smart, quick, and a good listener but no pushover.” Giovaniello described Obama as “careful and cautious,” someone who will listen to all sides of an issue before making decision.

Besides winning the presidency, Democrats gained seats in both the House and the Senate. Giovaniello told the crowd that didn’t necessarily mean legislators will have an anti-business bent. A substantial number are “Blue Dog Democrats,” he said, who tend to be conservative and business oriented. And many already have sided with REALTORS® on key real estate issues.

“We made our friends before we needed them,” he said, “so thank you for being involved in the REALTOR® party.

It’s Still The Economy

Clearly the state of the economy was on everyone’s minds, and NAR 2009 President Charles McMillan asked Chief Economist Lawrence Yun about his economic outlook.

“We are in a recession,” Yun said. “In the next six months, we may lose up to 1 million jobs. But the good news is, historically housing moves independently from the economy. We are seeing a 20 percent improvement in home sales in states like California, Florida, and Virginia. The economy will not improve without a housing recovery.”

In the meantime, NAR is doing all it can to help REALTORS® through the tough times, McMillan said. Among the free resources at REALTOR.org are daily economic commentaries, an FHA toolkit, and 150 local market reports.

The association also offers a host of money-saving benefits. For more information, visit REALTOR.org/NARHelpsYou.

President-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan. That was the assessment of NAR leaders, speaking to a packed audience Thursday at the Peabody Hotel during the opening forum of the REALTORS® Conference.

Obama has long made housing a priority, said Illinois Association of REALTORS® CEO Gary Clayton, who knows the president-elect from his days as a state senator. Clayton said with a chuckle that he now regrets not joining Obama’s weekly poker game.

In Illinois, Obama advocated tax credits for property owners and fought to end predatory lending, Clayton said. As a U.S. senator, he’s advocated for a stronger FHA and voted for the NAR-backed economic stimulus bill, which increased loan limits in high-cost areas.

NAR Chief lobbyist Jerry Giovaniello addressed election banter about Obama having a “socialist” agenda. “There’s not much left to socialize,” he joked, referring to the government rescue of Fannie Mae, Freddie Mac, insurance giant AIG, and the entire U.S. banking system. “I think Jiffy Lube may be next,” he said, to uproarious laughter.

Clayton said the real Obama is a “friendly, fun guy. He’s smart, quick, and a good listener but no pushover.” Giovaniello described Obama as “careful and cautious,” someone who will listen to all sides of an issue before making decision.

Besides winning the presidency, Democrats gained seats in both the House and the Senate. Giovaniello told the crowd that didn’t necessarily mean legislators will have an anti-business bent.

A substantial number are “Blue Dog Democrats,” he said, who tend to be conservative and business oriented. And many already have sided with REALTORS® on key real estate issues.

“We made our friends before we needed them,” he said, “so thank you for being involved in the REALTOR® party.

It’s Still The Economy

Clearly the state of the economy was on everyone’s minds, and NAR 2009 President Charles McMillan asked Chief Economist Lawrence Yun about his economic outlook.

“We are in a recession,” Yun said. “In the next six months, we may lose up to 1 million jobs. But the good news is, historically housing moves independently from the economy. We are seeing a 20 percent improvement in home sales in states like California, Florida, and Virginia. The economy will not improve without a housing recovery.”

In the meantime, NAR is doing all it can to help REALTORS® through the tough times, McMillan said. Among the free resources at REALTOR.org are daily economic commentaries, an FHA toolkit, and 150 local market reports.

The association also offers a host of money-saving benefits. For more information, visit REALTOR.org/NARHelpsYou.