In Connecticut, for example, 2009 building permits should settle in the 3,000 range by year’s end. While still far short of the more than 11,000 permits issued in 2005 or the 7,746 permits issued in 2007, the slowdown may have reached its end.    

High Levels of Affordability Drive Home Sales

The good news for buyers is that housing affordability is currently at one of the highest levels that we’ve seen in nearly 20 years, driven by attractive mortgage rates and adjusted home values.  New levels of affordability are motivating buyers to re-enter the housing market so they can take advantage of unusually low pricing levels throughout much of the Northeast.  

Sales data in some areas confirms that buyers are indeed becoming more active. The number of existing home sales in Massachusetts that were pending (or put under agreement), for example, was up 27% in October 2009 for the fifth month in a row, compared to October 2008. And both single family home sales and condominium sales were up 17% in October from a year ago, the Massachusetts Association of Realtors reported. Massachusetts realtors attribute the spike in sales, which has been more apparent at the lower price ranges, to the $8,000 federal tax credit available to first-time homebuyers. 

A similar trend is apparent in neighboring Connecticut, where sales of single-family homes and condominiums rose by 11.5% and 10%, respectively, in October.  

The $8,000 federal tax credit has been extended through June 2010 and the income limits for eligible homebuyers has been raised, enabling a greater number of buyers to quality for the credit. We believe that the extension of the first time homebuyers’ tax credit will continue to help drive buying activity, as will the new $6,500 tax credit for step-up buyers who wish to trade up.  (“Step-up” buyers are those who have owned and occupied a residence for at least five of the past eight years.) 

New Construction Pricing is Determined Differently

Unlike sales of existing homes, however, pricing in the new construction marketplace is not only determined by supply and demand, but also by the cost of land, materials and labor.  

While some economists remain pessimistic, predicting that a full market recovery could take another three to five years, others sense that the worst is behind the industry and that a recovery is indeed underway.  In either case, certain markets show greater resilience and tend to recover more quickly, simply because they are great places to live; many offer perennial value and will always be perceived as desirable due to waterfront locations, proximity to a major university or commutability to a leading jobs center. 

Buyer Priorities Have Shifted Dramatically

Still, today’s buyers are exhibiting strikingly different buying behaviors than their predecessors did just a few years ago.  Today’s consumers are opting for smaller square footage with the same quality features of larger homes  and are shrewdly assessing the huge cost savings that come from heating and cooling a smaller home, not to mention reduced maintenance and furnishings expenses as well as lower property taxes. 

In the past, one often universal mindset among buyers was “Bigger is usually better.” Today’s buyers, in contrast,  have developed a new sensibility, one characterized by a pragmatic, frugal assessment of the “cost to operate” over the long term as well as a newfound appreciation for the financial benefits and enhanced quality of life that energy-efficient homes offer.

“We are proud to receive this honor,” said Mr. Raveis.  “It is an award that is quite meaningful to us. This prize substantiates our efforts to make raveis.com the best website in real estate.  Each year, raveis.com becomes more robust and more popular as a result of our initiative to deliver leading-edge technology to our customers.”

Raveis.com is recognized in the Northeast as “the best website in real estate” and draws more than 10 million visitors annually.

The Connecticut Quality Improvement Award  (CQIA) is America’s first state-level quality award using the Malcolm Baldrige National Quality Award for Performance Excellence criteria.  CQIA was founded in 1987 in an effort to advance innovative programs that improve quality and performance excellence in the marketplace.   

The Baldrige Award is given by the President of the United States to businesses and to education and healthcare organizations that apply and are judged to be outstanding in seven areas: leadership, strategic planning, customer and market focus, information and analysis, human resource focus, process management, and business results.

William Raveis Real Estate, Mortgage & Insurance is one of the top companies in the nation.  It is rated as the #1 family-owned real estate company in the Northeast, the #6 independent real estate company nationwide and most recently, rated by Realtor Magazine, as the 10^th largest real estate company in the USA based on sales volume.  The innovative firm is nationally recognized as an industry leader in technology, marketing and REALTOR^® education.

The company’s Connecticut offices were recently voted “the best residential real estate company” in Connecticut by the readers of Commercial Record in the “BEST OF” Commercial Record 2009 Readers Poll. The company’s Massachusetts offices also received the same award by the readers of Banker & Tradesman. This is the second year in a row that the company received the First Place Gold Award in MA.

William Raveis recently began its New York expansion and presently has an office in Rye as well as in Harrison in Westchester County.  Future plans entail expansion into Vermont, New Hampshire and Maine. Presently, the firm has 2,100 highly trained sales professionals and 65 offices / two affiliates in Connecticut; Massachusetts; Westchester County, New York; and Rhode Island.

A hush permeated the crowd of more than 250 people gathered at the William Raveis Shelton Headquarters on September 16, 2009. Bill Raveis, blindfolded and smiling, reached into the large glass bowl and pulled out the names of four very happy real estate agents who are now $10,000 richer.

The occasion was the third and fourth drawing in the company’s statewide marketing campaign called Target-20K, a program Raveis conceived to stimulate cooperation among agents, and to increase property showings. In the program, agents who have listed and sold Target-20K houses become eligible to win $10,000. Drawings are held when 50 houses are sold.

Sales agents from 47 different participating real estate companies attended the champagne event.

In his remarks, Mr. Raveis confirmed that, to date, the company has closed properties totaling more than $79 million in 82 cities with the most expensive property at $1,150,000. Based on statistics accumulated since the start of the program, Target 20K homes sell faster than regular listings. Mr. Raveis stated that Target 20K houses have an average market time of 87 days compared to 101 days for regular listings.

The happy winners of the first drawing are listing agent, Ann Mirrione, of the William Real Estate Trumbull Office, and Ken Caserta of William Pitt Sotheby’s International Realty, who sold a Raveis Target 20K listing in Stratford to earn his place in the drawing.

The 2nd drawing produced both winners from William Raveis Real Estate with the listing associate being Adelaide Waring of the Norwalk Office and the selling associate, Carolene Mahnken of the Milford Office.

of buying in a recessionary period.

The Mortgage Disclosure Information Act (MDIA), a government regulation introduced on July 30, 2009, requires all mortgage lenders to provide Truth in Lending (TIL) disclosures to borrowers according to a defined schedule. While the regulation gives borrowers additional time to review their mortgage documents prior to closing, buyers and sellers may have to push closing dates back to comply with the mandatory waiting periods imposed by this regulation.

Waiting Periods:
Closing documents cannot be signed earlier than seven days after the initial TIL has been issued.

If the annual percentage rate on subsequent revised TIL changes more than the limits of the regulation, then there is an additional three day waiting period to close from when the borrower receives the revised TIL.

Work with settlement providers who are familiar with each other to streamline your home buying process.

Choose a closing date that allows sufficient time for waiting periods.

Contact a William Raveis Executive Mortgage Banker to understand how you can avoid some common pitfalls and meet your closing dates.

William Raveis Real Estate Voted The Best Real Estate Company In Massachusetts!!

MASSACHUSETTS — Chris Raveis, executive vice president and managing partner of William Raveis Real Estate, Mortgage & Insurance, LLC, Massachusetts, recently announced that the company has again been voted one of “Banker & Tradesman’s Best” with the recent First Place Gold Award in the residential real estate category of Banker & Tradesman Best of 2009 Readers Poll.

“We are quite proud of this tribute,” said Mr. Raveis.  “Being chosen as the ‘Best of 2009’ by the Banker & Tradesman readers adds testimony to our commitment to provide the highest caliber service to the residents of Massachusetts.”

“Banker & Tradesman is a leading publication in New England with a broad readership of the most influential people in the real estate, financial, and construction industries,” he added.

More than 6000 readers, (three times the number of voters than last year), responded to the annual Banker & Tradesman readers’ opinion poll, which has grown to be quite prestigious in the business community in Massachusetts. The subjective survey measures the loyalty and satisfaction the publication’s readers have with service providers. It is an opportunity for the Bay State’s financial and real estate community to speak up for those providers they believe are the best.

All winners will be published in a special section of the July 27^th issue of Banker & Tradesman.

Since first entering the Massachusetts marketplace in 2003, William Raveis has experienced phenomenal growth. In 2007, the company opened three new offices in Marblehead, Orleans and Osterville, with statewide sales volume jumping 48% from the previous year. In 2008, the company launched four additional offices in Falmouth, Scituate, Marblehead and Hingham. In 2009, the company has already added 3 new offices in Chatham, Eastham and Orleans making William Raveis Real Estate the largest independent real estate firms in Massachusetts.

“We’ve significantly outpaced the market every year we’ve been in Massachusetts,” Raveis said, “and we’re right on track to continue our strong growth trend in Massachusetts as well as the Northeast.”  Currently, the company has 19 offices and 500 sales associates in Massachusetts.

William Raveis Real Estate, Mortgage & Insurance is one of the top companies in the nation.  It is rated as the #1 family-owned real estate company in the Northeast and the #6 independent real estate company nationwide.  The innovative firm is nationally recognized as an industry leader in technology, marketing and REALTOR^® education. Its award-winning website, raveis.com, is recognized as “the best website in real estate” and draws more than 10 million visitors annually.

The company began its New York expansion with the recent opening of the Rye office in Westchester County.  Future plans entail expansion into Vermont, New Hampshire and Maine. Presently, the firm has 2,100 highly trained sales professionals and 63 offices / two affiliates in Massachusetts; Westchester County, New York; Connecticut and Rhode Island.

###

Moderator:Virginia Cook, Special Liaison for Large Firm Relations, NAR
Participants:
Bill Raveis, Chairman, CEO, William Raveis Real Estate, Shelton, Connecticut
Ed Forman, Founder, Chairman, Watson Realty Corp., Jacksonville, Florida
Mary Frances Burleson, President, CEO, Ebby Halliday REALTORS®, Dallas, Texas

Virginia Cook:NAR statistics confirm existing home sales are continuing to rise in most areas of the country. Given the new Home Buyer’s Tax Credit and the abundance of low-priced inventory available, it is not surprising that first-time buyers account for more than 40% of all current transactions. This is one reasons NAR provides a variety of consumer focused publications REALTORS? can use to attract this growing sector of the market. With practical titles like, Why Rent When You Can Buy? and How to Use the First Time Buyer’s Tax Credit, they directly target the entry-level home buyer. To better understand the new first-time home buyers, we ask-what’s so different about these buyers?

Bill Raveis:Well, no doubt this recession has been a game-changer in the industry and today’s young buyers totally get it. They are much more savvy than the first-time buyers of even five years ago, who were only just beginning to look online for listings. Today’s young buyers are far more informed about mortgages, property values, short sales, market conditions, the whole nine yards-and the way to cultivate their business is through technology and social networking. You’ve got to give them everything they need the way they want to get it.

Ed Forman:Absolutely. The home-buyer tax credit is attracting young buyers in droves-especially young, single women. In our company, we have created a task force to look at what these buyers want, and we’ve developed some very effective first-time buyer seminars. But basically, this group lives by Facebook and LinkedIn. They are attached to their Blackberries, their i-Phones and their cell phones, and they’re checking listings on their PDAs. That’s where you’ve got to be if you want to reach out for their business. Those kinds of communication capabilities are what we look for when we recruit new agents, and that’s how we are retraining veteran agents whose more traditional business methods are suffering.

Mary Frances Burleson:I agree. We are fully involved in virtual tours and online open houses in Dallas-and one-stop shopping is more important than ever. You need to be able to provide for mortgage needs, insurance…the whole package, all under one roof. These young buyers don’t have the time or interest in doing things any other way.

BR: And once you reach them, whether via e-marketing or other means, you have to be super-responsive. Our call center gets over 8 million visitors a year, and you can bet our people are very proficient at what they do, not only greasing the wheels for first time buyers but up-selling those ancillary products.

EF: The good news is that it’s worth the effort to attract first-time buyers, because they are the ones who are fueling the industry. Let’s face it, there are great values out there, and recovery has to start from the bottom up. The seller of that $200,000 condo you just sold to an entry level buyer will likely move up to a $400,000 property.

VC: That’s true, but it sounds like the top of the market has a way to go before it recovers.

BR: No doubt. Our high end market is hurting-badly. On the other hand, there is plenty of low-priced inventory for those folks who are lining up to take advantage of the first time buyer’s credit. There is something else to consider, too. We are getting a lot of bright, young recruits these days from the fallout on Wall Street and the banks. And unlike past recessions, when we attracted good agents who left as the economy recovered, I think these people are in it for the long haul. They are the ones we will continue to need as technology marches on.

EF: True, although sometimes, even “low technology” can attract today’s first-time buyers. Our sales associates go to lunch most days wearing badges that say, “Ask me about the $8,000 tax credit.” You might be surprised at how many people are actually stopping to ask.

MFB: And that’s great, because some things never change. Good, professional agents are always key in this business. Regardless of technology, buying a home will always be an emotional decision. Rates and the tax credit may be driving the market, but even the most technically oriented buyer wants a human hand to hold through the process.

The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Virginia Cook, NAR’s Special Liaison for Large Firm Relations. Watch for this column each month, where we address broker issues, concerns and milestones.

Article by RISMedia on June 16th 2009

Alain Pinel

Chris Raveis, executive vice president and managing partner of William Raveis Real Estate, Mortgage & Insurance, LLC, Massachusetts, is pleased to announce the promotion of Cohasset resident Alain Pinel to Senior Vice President and General Sales Manager of the 18 Massachusetts sales offices. 

“Since Alain’s arrival to the company one year ago,” commented Mr. Raveis, “he has demonstrated his value in supporting our Massachusetts team. He is a talented and accomplished individual who exhibits a level of experience and expertise that I respect.  His knowledge and integrity will play a major role in the continuation of our growth in the state in the years to come.  We are quite fortunate to have him in our family of companies,” he added. 

In his new position, Alain will be directly responsible for all sales offices in Massachusetts as well as for growing the William Raveis network of offices. A real estate veteran for 32 years, Mr. Pinel is eager to commence his new role at William Raveis. “I have a passion for this business,” he said, “and was fortunate to enjoy it at the highest level for more than 30 years in California, in Europe and now here. So I feel quite honored to be associated with a company whose vision, energy and overall leadership are so inspiring.  Working with such an amazing and forward-thinking team as those presently in the William Raveis Company is delightful and only encourages me to be more diligent in my vision to become the dominant force in Massachusetts.” 

“As a real estate entrepreneur,” Raveis continued, “Alain has founded a number of successful business ventures, including Alain Pinel Realtors of Silicon Valley, CA, one of the top 10 largest real estate firms nationally which operates in affluent markets of the California Penninsula and South Bay area.  Most recently, he has founded Imminence, one of Europe’s first regional MLS systems which has changed the real estate industry in France and is now the model utilized by French Realtors.” 

Prior to his five years at Imminence, Mr. Pinel held the position of Senior Vice President of Coldwell Banker where he was in charge of the “San Francisco, Peninsula, and Silicon Valley” Region comprised, on average, of 24 offices and over 1,500 sales associates. During his tenure as Executive Vice President and General Manager of Fox and Carskadon, then the largest residential real estate organization in the California Bay area, the company tripled its volume of sales and emerged as one of the top residential real estate firms in the country. 

Mr. Pinel is the former Vice President of FIABCI in Northern California; former Vice President of The French-American Chamber of Commerce in Northern California and is currently serving a 3 year term as member of the Cohasset Economic Development Committee. 

Prior to his career in real estate, he was Domestic and Foreign Politics Editor for some of the largest newspapers in France as well as Editor-in-Chief of L’OUEST INDUSTRIEL, a monthly business magazine.  

Mr. Pinel has two children and lives in Cohasset with his wife. 

Since first entering the Massachusetts marketplace in 2003, William Raveis has experienced phenomenal growth. In 2007, the company opened three new offices in Marblehead, Orleans and Osterville, with statewide sales volume jumping 48% from the previous year.  In 2008, the company launched four additional offices in Falmouth, Scituate, Marblehead and Hingham. In 2009, the company has already added 3 new offices in Chatham, Eastham and Orleans making William Raveis Real Estate one of the largest independent real estate firms in Massachusetts. Plans for the balance of 2009 include the launching of more offices in Massachusetts. 

William Raveis Real Estate, Mortgage & Insurance is one of the top companies in the nation.  It is rated as the #1 family-owned real estate firm in New England, the #2 family-owned real estate company in the United States and #12 out of 100,000 real estate firms nationwide. The innovative company is nationally recognized as an industry leader and is dedicated to providing an unparalleled real estate experience to its customers. Since 1974, the firm’s 2,100 highly trained sales professionals have been dedicated to strengthening their position as industry leaders in technology, marketing and REALTOR^® education. The company has 63 offices, including two affiliates, in Connecticut, Massachusetts, New York and Rhode Island. Future plans entail expansion into Vermont, New Hampshire and Maine.

###

“We’ve been looking to become a part of the Westchester community for a while,” said Chris Raveis, executive vice president and managing partner of William Raveis Real Estate-NY, LLC., “and we are fortunate and proud to be associated with such talented and respected professionals as Joan and Donald Bomann, owners of Realty 3 Real Estate.”   

“This is a great opportunity for us to leverage our marketing and technology platform in the Westchester community,” added Mr. Raveis. “We are looking forward to supporting our new sales associates and making an impact in the Rye area. 

“We thought long and hard about the decision to sell our company,” stated Joan Bomann.  “We searched all options and really analyzed several companies that were courting us. My overriding desire was to find a company for our agents that have the same values as ours. I was especially impressed to learn that William Raveis is a company that cares for its agents and considers each as a customer.  They support their agents and provide them with the tools necessary to grow their business. William Raveis is an industry leader in technology, marketing and education and will offer our agents and our customers the highest standards of service. Once I met with the Raveis Company,” she added, “I knew they were the perfect fit for us. I am passionate about this decision. It’s the right one!” 

According to Raveis, the acquisition is just the beginning of their expansion into the state. “Our plan,” he continued, “is to parallel the success we achieved when we expanded into Massachusetts five years ago. Within this short span of time, we have become the largest independent real estate firm in Massachusetts with 18 offices throughout the Bay State and Cape Cod.”  

Realty 3 Real Estate, Inc. has 29 sales associates, and is recognized for its top producing sales associates who have won many Platinum, Gold and Silver Excellence Awards from the Westchester County Board of Realtors.  Many of the associates speak fluent Spanish, Japanese, German, French and Portuguese. The firm has consistently been in the top five firms in the area   

Joan had been a sales associate at Realty 3 Real Estate in the company since 1982 and purchased the firm with her husband, Donald, in 1995.  A real estate veteran for more than 27 years, she has been involved in Westchester County Board of Realtors (WCBR) in many capacities. She presently is director of the WCBR and currently serves on the Grievance Committee. She previously held the position as Chairman of Long Range Planning and has been a member of the Finance Committee, Leadership Committee, Awards Committee and the Legal Forms Task Force. 

Currently, Joan is Vice President of the Rye Harrison Multiple Listing Service. Additionally, she holds a CRS and CID designation and is licensed as a Broker in both New York and Connecticut. 

Donald Bomann, who has been licensed since 1986, is an Associate Broker and holds the SRES designation. He has 30 years experience with IBM in sales management positions throughout the United States. He held the position of Director of the Rye YMCA for nine years, was Vice Chairman of the $8 million expansion and is currently a trustee at the organization. He established the Realtor Food Bank Program, in operation since 2003, to assist the underprivileged through four agencies in Port Chester. 

“We are looking forward to a long and successful relationship with the residents of the Rye community,” added Raveis. 

William Raveis Real Estate, Mortgage & Insurance is one of the top companies in the nation.  It is rated as the #1 family-owned real estate firm in the Northeast and the #6 independent real estate company nationwide. The innovative company is nationally recognized as an industry leader and is dedicated to providing an unparalleled real estate experience to its customers. Since 1974, the firm’s 2,100 highly trained sales professionals have been dedicated to strengthening their position as industry leaders in technology, marketing and REALTOR^® education. The company has 63 offices, including two affiliates, in Connecticut, Massachusetts and Rhode Island. Future plans entail expansion into Vermont, New Hampshire and Maine.