SetSchedule Market Overview – Real Estate Industry Poised for a Strong Year in 2017

set-logoBy Caitlin Coakley Beckner

Looking ahead to 2017, most forecasts for the real estate industry are positive ones. Increasing rent prices, wider availability of programs for first-time buyers, and a Real Estate mogul, Donald Trump as President-elect have industry experts borderline giddy over the year ahead. However, obstacles remain when it comes to convincing reluctant buyers of their options and the reality of deregulation within the banking industry.

Perhaps the biggest cause for optimism among real estate industry gurus is the election of real estate mogul Donald Trump as President of the United States. Given the President-elect’s background in real estate, many experts expect him to be sensitive to regulations that may stifle its growth, including lending requirements and environmental regulations.

A repeal of Dodd-Frank, as the President-elect has pledged, may open some new opportunities to lenders, particularly small banks that have been disproportionately affected by the regulations. If small banks were open to make more loans, there could be a boost in home building activity, which would help to correct the inventory imbalance that is driving up home prices in several markets. However, other experts warn that it might not be as simple as the campaign promises would suggest to dismantle the bank reforms, most of which have already been implemented.

Although the Federal Reserve raised interest rates in December of 2016, experts suggest that the higher rates will be balanced by looser lending standards, which should make credit more widely available. Nonetheless, the increasing rates may encourage buyers who have been on the fence to purchase while they can take advantage of cheaper loans. These first-time buyers particularly stand to benefit: starting in 2017, Fannie Mae and Freddie Mac will begin backing larger mortgages than they have previously, which will open new opportunities for prospective buyers who live in expensive housing markets.

And those opportunities will likely spur many millennials, who have been sitting on the sidelines, to finally purchase their first home. Although a vast majority of young adults say they wish to own a home one day, surveys have shown that many of them feel that they are unable to afford the down payment, or that their credit won’t pass the current lending standards. As this much-hyped demographic enters their thirties – the median age group for real estate purchasing – the increased options for first-time buyers may convince them otherwise.

The biggest obstacle seems to be education: a 2015 survey by Fannie Mae found that 73% of young adult renters were unaware of lending options that require down payments as low as 3% to 5% of the home’s purchase price. In addition, stronger wage growth for young professionals means that more of them have the extra income to save for a down payment.

For real estate agents, one of the biggest factors that will shape their business in 2017 is the increasing use of technology. Drones, in particular, provide a wealth of possibilities for agents who are looking to showcase their properties from a new perspective, or to make sure that their listing photos or video truly do their larger properties justice. As the FAA continues to clarify regulations and ease restrictions for commercial drone use, more amateurs will be able to use drones to record photos or video. Virtual reality technology also stands to become a game-changer – imagine VR home tours for buyers who can’t attend an open house!

The increasing supply of information available to consumers means that agents must continue to offer prospective buyers or sellers a high level of information, open communication, and stellar customer service. If uncertainty or misinformation is a barrier to homeownership, an agent is offered an opportunity to supply a client with new information about their options, including mortgage products, affordable market

Sellers from Hell – Don’t Be One

If you have ever dealt with a truly obnoxious homeowner who is getting ready to sell; you know this can be a dreadful experience. While typical home sellers are gleeful about the opportunity to sell and make a killing on their great investment, some home sellers can be bad. Very bad. Other times, this kind of seller can not only kill the deal; they can end up losing money on their sell, because of their bad attitude. Sadly, the realtor in this situation ends up paying the higher price for having to cope with not only a spoiled sell, but also a spoiled seller.

For homeowners getting ready to sell, there are a few things that you should not do. Take a look through the following five facts, and don’t get caught being a Seller from Hell.

  1. Don’t be Stingy with the Buyer’s Earnest Money

When a buyer is really serious about buying a home; earnest money is provided to hold the house. Just like putting an item on lay away; earnest money is used to secure the sale and allows the buyer to get everything together in terms of financing or even selling their home. In a recent story related to earnest money, a seller decided to hang on to the Buyer’s earnest money. Apparently, there was a dispute over weather damage, and the Buyer expressed concerns over how storm-related issues were handled. In response, the Seller decided not only not to sell the Buyer the home, but also decided to not return the earnest money.

Eventually, the Seller decided to return the monies, rather than go to Court. This resulted in a lot of time and money costs, and the home sale was lost.

Simply, if you want to sell; keep your promise, and don’t keep someone else’s money. Bottom line.

  1. Don’t be Delusional – Not Everyone is a Sinatra Fan

Some sellers love their memorabilia. According to a recent case study, a seller decided to paint a life sized painting of Sinatra, and other members of the Rat Pack on their living room wall. In fact, the seller refused to remove the startling monstrosity and even insisted that the “art” should increase the selling price by $100,000. Not so. Even after not being able to sell the home; the seller did end up renting the home, but would not even allow the tenants to cover the mural. Delusional, yes? Not everyone is a fan of Sinatra. Some murals should be covered.

  1. Don’t Interfere in the Home-Selling Process

Some sellers become overly involved in the home-selling process to their own detriment. A real estate agent is a trained professional. They have attended courses, gone through certification, and understand the qualification process of buyers. So, if a seller hires a realtor to sell the home; let the agent do their job. In one example, the seller decided to interfere so much that the sale fell through. This caused a lot of frustration, hardship, hurt feelings, and wasted time. Follow the processes in place. Interfering never helps.

  1. Don’t Be Uncompromising

Buying or selling a home is a huge financial transaction. Compromise is a substantial part of the bargain. During one recent story, a seller was financially strapped and needed to sell the house short. She was able to make a deal and go through a home sale. However, during the closing an additional $67.00 was needed. The home seller in her unwillingness to compromise came under fire, because she insisted that the buyer pay this dollar amount. According to the title company, the buyer should have paid the amount, but refused. The seller actually did want the sale to go through and after cajoling from the agent, agreed to the terms. Everyone on both sides of the deal needs to understand the negotiation and compromise process.

  1. Don’t Be a Cat-Man

Yes, everyone loves a cat. However, when a seller’s pride of cats begins to take over the home, especially during showings when buyers might be allergic to the feline friends, it might be time to crate them. During one instance, even after an agent warned the seller that he should herd his cats, because buyers may be cat-adverse; the seller refused. Cats were everywhere. The seller’s sale was sabotaged. While this is a very strange scenario, and extreme in nature; when you want to sell your home; crate your cats.

Setschedule has changed the way real estate marketing is viewed, by changing the way REALTORS® access clients and listing appointments. SetSchedule is a “first of its’ kind” exclusive membership based model that provides verified appointments, marketing tools, and elite invite only networking events for its members. By blending new technologies, and thought processes with proven success methods Setschedule had incurred record producing results unseen in the industry.


Roy Dekel On Buying A New Home In 2016

We’re only two months into the new year and already we’re seeing an abundance of reports on the housing market in 2016. Whether or not it’s an optimal time to buy a home is the question most consumers on the market have. The general consensus? More homes are expected to hit the market, rental rates will continue to skyrocket, and mortgage rates are expected to gradually increase.

Los Angeles Roy Dekel

The rental market has been hot for some time now, and that’s expected to continue. As millennials continue to pay off their student loans and are more keen to living in urban areas, rental prices will continue to rise and the vacancy rate will continue to decline. There’s an overwhelming demand for apartments, specifically in central hubs on both the east and west coast, thus these alarming rates. With rates as high, if not higher than a mortgage, in most cases buying a house is the better deal!

Another factor that might entice you to buy is the more available homes expected to hit the market this year. In and article for back in December of 2015, chief economist at, Jonathan Smoke said, “Because of the price appreciation they have experienced, you will have more sellers put homes on the market next year.” Furthermore, developers are expected to focus on building more starter and middle-level homes, which will boost the inventory and further eliminate bidding wars.

Although we’ll likely see the Federal Reserve further increase interest rates this year, they’re still considerably low. Thirty-year-fixed rate mortgages averaged below 4% in 2015. According to rates should only top out at 4.4% this year, which is still dramatically less than what it was a decade ago. It would be beneficial to get approved for a mortgage this year while rates are still at an all-time low.

The overall verdict, from a multitude of authoritative figures in the real estate market, is to buy a home in 2016. There are more options readily available for you to choose from, it’s likely the lowest interest you’ll ever see in a mortgage, and renting is no longer a feasible option!


Check back for more real estate blog posts from Roy Dekel!