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A Message From the CEO
Hello Folks,
I was given this article from Kiplinger’s that I thought makes for a good summary of where housing is now and the future forecast.
Overall TMG is 13.5% ahead of last year, most of our primary markets are up around 6-7%, so your sales performance growth is double that of the market. Congrats!!!
Over 80% of our 32 offices are ahead year over year in closed sales, some as much as 200%, quit impressive!
I hope everyone is enjoying the summer!
The Kiplinger Letter
FORCASTS FOR EXECUTIVES AND INVESTORS
1100 13th Street NW, Washington, DC 20005 * Kiplinger.com * Vol. 92, No. 27
Dear Client: Washington, July 2, 2015
The housing recovery will step up its pace heading into the second half of the year and beyond.
That’s good news for the economy overall, and especially so for the scores of home builders, craftsmen, suppliers of building materials and others who rely on this key industry for their livelihood.
Through 2015, new-home sales will gain 22%. From last year, when 440,000 such homes were sold. Existing-home sales will climb 6.8%, while new-home starts are poised to go up about 9%.
In 2016, sales of new homes will rise 23%. Sales of existing homes will top this year by 6%. We also see a 17% improvement in housing starts, with single-family homes accounting for the bulk of the gain: 25% growth vs. 2% for multifamily units.
Two groups of buyers are making a difference:
First-time purchasers of existing homes. Whose presence among all buyers rose to 32% in May from 29% last year. Their participation rate will tick up a notch by year-end and hit 35% by the end of 2016.
And people with less-than-stellar credit. More of them are able to secure home mortgage loans as Lenders loosen credit terms. The percentage of Federal Housing Admin. Loans given borrowers with credit scores of less than 640 is up from 8% in 2013 to 18% today. But general lending guidelines will remain strict…no repeat of the easy-peasy lending ways prior to the recession.
Lending requirements call for a debt-to-income ratio of no more than 45%.Debt includes outstanding student loans, car loans, credit card obligations, etc.
Higher rents are coaxing many first-time home buyers into taking the plunge. The stronger job market and climbing incomes give people more confidence to buy, especially in and around large urban areas where rents are increasing fastest.
Gradually rising mortgage interest rates also play a role. Many first-timers feel that now’s the time to purchase a home to beat even higher rates down the road. We see the 30-year fixed mortgage rate rising from 4% now to 4.2% by year-end.
Note that many first-time buyers are a bit older than their predecessors. The recently sagging job market, looming student loan debt and other factors had led many millennials to delay marriage and home buying. That’s changing now.
Several builders are moving to accommodate buyers of entry-level homes. For example, Meritage Homes, based in Scottsdale, Ariz., is ramping up construction of starter homes priced in the low $200,000s. The company typically caters to more affluent buyers at an average selling price of nearly twice that amount. Pulte Homes, KB Home and D.R. Horton, the largest home construction company in the U.S., also report seeing more neophytes entering the ranks of home buyers.
Christopher J. Masiello
June’s Top Teammates
Top 25 Realtors® – by volume
Agents
Office
Volume
Transactions
Peter LaRochelle
Wells
$5,794,200
12
Steve Brunette
Sanford
$3,828,360
15
Beth Rohde Campbell
Durham
$3,405,199
10
Denise Sassaman
Durham
$3,274,000
10
Madiha Farag
Durham
$2,891,900
8
Denise Denver
Bedford
$2,759,700
7
Pamela Cameron
Exeter
$2,650,200
9
Joan Osler
Bangor
$2,576,500
7
Kathleen Wright
Wells
$2,384,000
4
Martha Giacalone
Nashua
$2,177,648
6
Jennifer Laverdiere
Portsmouth
$2,133,500
7
Tracey Boies
Hampton
$2,093,400
6
Kathy Cleary
Concord
$1,964,900
4
Holly Taylor
Bangor
$1,926,275
11
Judith Ilomaki
Hollis
$1,819,700
6
Anu Rao
Nashua
$1,716,800
6
Rick Wagner
Concord
$1,659,000
5
Linda Davis
Auburn
$1,558,948
11
Jackie Flanagan
Portsmouth
$1,430,900
4
Leslie Priest
Augusta
$1,410,500
8
Kristy Bower
Durham
$1,392,000
5
Darlene Conca
Brattleboro
$1,350,000
5
Karin Cannon
Bedford
$1,325,420
5
Lou Nixon
Bedford
$1,314,900
4
11
Top Teams – by volume
Team
Office
Volume
Transactions
The Gina Team
Auburn
$2,090,400
16
Team Pelletier
Bangor
$1,586,398
11
Fish Team
Bangor
$1,231,200
9
11
Great East Insurance Customer Service Representatives – Top 3 by policies written
Representative
Policies Written
Cindy Begley
25
Sandy Pratt
22
Sharon Fish
21
11
Great East Title Relationship Managers– Top 3 managers based on closings
Lori Buzderewicz
46
Amie Nickel
35
Lora Piatti
34
11
Great East Mortgage – Top Producers
Laura Chapman
14
Greg Curry
10
Meghan Merrill
5
11
Outgoing Referrals
Agent
Office
# of Referrals
Mark Soltys
Atkinson
1
Linda Beaulieu
Auburn
1
Barbara Nokes
Brattleboro
1
Christina DeYeso
Hampton
1
Judith Ilomaki
Hollis
1
Michael Blair
Keene
1
Sandy LeRette
Nashua
1
Paula Hersom
Windham, ME
1
Don Newell
Unity
2
11
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GREAT EAST / REGENCY MORTGAGE
GENERATION Y MILLENNIALS:
The Millennial generation, those in the 18-34 age range have begun entering the housing market and will be the largest segment of home buyers in the very near future. (Millennials comprise 24% of the US population or 77 million individuals.) As the economy begins to improve, so does the job market and financial standing for many Millennials, allowing them the opportunity to qualify for a home loan. According to NAR, the overall financial picture for Millennials is strengthening. The Labor Department reported that the unemployment rate for adults between 25 and 34 years old fell to about 5 percent in February 2015 and 42 percent of Millennials said they plan to buy a home in the next one to five years. NAR also reports, more than 50 percent of millennials search for homes on their phones and, among those, 26 percent end up buying a home they found
that way.
Clearly the Millennial home buyers will play a big role in our future. The upcoming enews articles from me will focus on how we can tap into this expanding market segment. Get ready to change the way you do business with the Y Generation!
Mark McCauley
Sr. VP Loan Originations
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GREAT EAST INSURANCE
COMMON INSURANCE MYTHS AMERICANS SHOULD BE AWARE OF
Two of the most common myths about insurance are that red cars cost more and that houses should be insured for their real market values. However, red cars do not cost more, and houses should be insured based on how much it would cost to reconstruct them. This cost could vary greatly from one area of the country to another, which means some homeowners are significantly under-insured or even over-insured.
Researchers recently conducted a survey with 2,000 participants to test policyholders’ knowledge about insurance myths. To do this, they read each person 10 statements that were all false. Their research showed that men were more likely to believe insurance myths. However, the one exception was that women were more likely to believe that red cars were more expensive to insure. One of the biggest disparities in believing a myth was the myth that speeding tickets do not follow a person home if they are received out of state. More than 65 percent of men believed this myth was true, and less than 35 percent of women believed it. The following are additional myths, truths and statistics gathered.
1.) Myth: Insurance coverage should be purchased for a home based on real market value. As mentioned before, the cost to reconstruct the home is the amount that should be insured. This amount should include both materials and labor. Of those surveyed, 55 percent of men believed it and 45 percent of women did as well.
2.) Myth: An auto insurance company can cancel a policy if the policyholder causes a crash with extensive damages. When insurers drop policyholders because of the amount of claims, they wait to do so until the end of the policy’s period. Half of all men and women surveyed believed this myth.
3.) Myth: It is cheaper to insure a small car. Both mid-size and small minivans or SUVs are usually cheaper to insure. Since inexperienced drivers often select small cars, they are actually not the cheapest to insure due to a higher amount of claims. About 40 percent of women believed this, and nearly 60 percent of men believed it.
4.) Myth: The Affordable Care Act means health insurance rates are based on preexisting conditions. The ACA actually prohibits insurers from increasing rates based on preexisting conditions. However, 40 percent of women and 60 percent of men believed this myth.
5.) Myth: Comprehensive auto coverage includes everything. There are limitations with this type of coverage. It only covers smaller areas of certain incidents such as theft, animal collisions, vandalism and storm damage. About 30 percent of women and 60 percent of men believed this myth.
6.) Myth: Thieves prefer stealing new vehicles. Thieves are more likely to steal older cars to sell for parts. About 40 percent of women and 60 percent of men believed this myth.
7.) Myth: If a policyholder loans his or her car to a friend who crashes it, the friend’s insurance company will cover the damage. Whenever someone else crashes a policyholder’s car, the policyholder and his or her insurer must pay for the damage. Slightly less than 50 percent of women and slightly more than 50 percent of men believed this myth.
8.) Myth: The ACA requires people to take advantage of employer-sponsored plans. Americans must have insurance, but there are no laws stating where they must buy it from. About 40 percent of women and 60 percent of men believed this myth.
Experts say that all of these misconceptions can lead to financial losses. It is important to always ask questions. To learn more, discuss concerns with us.
If you have questions or concerns on this issue, do not hesitate to call Zeiler Insurance and speak to one of our customer service representatives. As an independent agency, Zeiler Insurance prides itself with quality customer services for the people of the Chicago-land area and the rest of the Midwest. Customer or not, we can review your insurance and see if you are being protected appropriately for the right price.
– See more at: http://thez.zeiler.com/common-insurance-myths#sthash.tWJjEWs0.dpuf
Donna Croteau, AAI
President
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PEOPLE AND COMMUNITY
BENEFIT YARD SALE IN BANGOR
On Saturday, August 8th from 8 a.m. to 3 p.m., BHGRE/Masiello’s Bangor, Maine, office is holding the 4th annual yard sale benefitting Sarah’s House — a cancer hospitality house that provides residential housing for cancer patients receiving treatment at Eastern Maine Medical Center’s Cancer Care of Maine. Sarah’s House was inspired by Sarah Robinson, a BHGRE/Masiello agent who joined the company in 2007 and continued to work until her death in 2011. Yard sale items are donated from area businesses and individuals, and 100% of the profits are sent to the foundation that runs Sarah’s House. Those wishing to donate can drop items off from 8 a.m. to 5 p.m. Monday-Friday at BHGRE/ Masiello’s office, located at 1162 Union Street in Bangor. For more information, contact Kasey Davis at 207-812-7130.
WHO’S NEW
We’re pleased to offer a warm welcome to the following Agents, who recently joined the Better Homes and Gardens Real Estate The Masiello Group team:
Jason Becvar
Auburn, ME
Jillian Exel
Keene, NH
Rachel Conner
Belfast, ME
Jim McGowan
Tilton, NH
Anthony DeNuzzio
Windham, ME
Bill Shuteran
Keene, NH
Sue Dunn
Gorham, ME
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RELOCATION CORNER
A New Referral Contest Underway! Nothing better than a testimonial!
Recently, Hampton agent John McCarthy received a very nice referral fee for clients who purchased a home in Oregon. Here’s what he had to say:
So glad everything has worked out for them in Oregon.
“I was in touch with Janet (the agent) throughout the process. She was able to help them schedule the home inspection while they were still out there.”
My clients liked working with Janet very much, and I appreciate the care my clients received.
Our goal is to be sure each of your referred friends, family, and clients receives excellent service. Our commitment to you is to treat every single referral that you place as if it were our own. Give us a call to get more information!
AND…
You could win an iPad!! Every so often we run a contest to remind you about placing outgoing referrals . Our relationship with Cartus and the broker network is an important source of business for this company and our offices and agents. To maintain our preferred status in the network, we must place enough referrals so that 140 will close this year! We have a LONG WAY to go!
SO…
for every qualified referral you send us through the end of August that we can place for you (retroactive to June 1) you will win an entry into the drawing for a new iPad Mini!
“Although I can’t help you personally in that area, I will be glad to put you in touch with someone who can. May I?”
Place outgoing referrals. Lots. Ones that you would be willing to accept and work yourself.
I can help you with that! Call me or go to www.teammasiello.com under My Business Support to send us your referral!
Jocelyn F. Lavoie, CRP
Director of Client Services and Relocation
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IT CORNER
SUPPORT UPDATE!
As we all discovered in my first article “Support Update”, we have various levels of support available to our offices. Computer support, telephone support and copier support are among the most obvious needs we encounter. In order to gain the support we need; in the most direct manner requires certain procedures to be followed as closely as we can. All requests for technology support must start with your local Admin or Sales Director; these folks are the core group of folks which can reach out to the appropriate resources to get you help. If you start with them you will be helped in the most direct fashion possible.
Do you need assistance with;
Computer or Laptop troubles
Wireless connections
Cellphone issues concerning connectivity to our systems
Internet and network connections
Gmail passwords resets\
Telephone issues
Before contacting your local support staff, please be prepared to provide the following information; Your Admins will need this to pass on to the support companies to get you the help you need as fast as possible.
– Your full name
– Contact information – direct line or extension preferable
– Office location
– A detailed description of the nature of the problem you have encountered
– The severity of the issue (can you continue working or has this issue completely stopped your progress).
– Any other information that may be helpful in solving your issue? When? For how long? What were you doing at the time the issue happened?
There will be more information as we progress; the most important item you need to remember is to provide as much information as possible before your Admin contacts support!
Bill Albert
Director of Information Technology
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