New home sales were down 57 percent in February from February 2006 levels, according to data from the California Building Industry Association (CBIA). Their data also showed a drop of 52 percent for single family homes in February. Sales of new townhomes and “plexes” declined 48 percent, and sales of condominiums were down 79 percent.
Online banking services showed a 12 percent increase in customer satisfaction since 2003 according to the 2008 ForeSee Results/Forbes.com Online Financial Services Study. Among the findings of the study, 31 percent of highly satisfied online banking customers are more likely than less satisfied customers to purchase more services; 57 percent are likely to use their bank’s Web site as a primary channel for banking services; 54 percent would recommend their bank to another person; and 63 percent would recommend their bank’s Web site to another person.
According to the report, the highest need for improvement in order to boost customer loyalty is to improve the overall site experience, specifically, make search tools more accessible; improve content organization; and make upgrades on transaction functionality and over site performance.
The Green Tip of the Week by the CALIFORNIA ASSOCIATION OF REALTORS® is how to reduce your paper waste. Ever feel like you’re literally throwing away money when you print from a Web site and discard those annoying extra pages containing a Web address or footer information? GreenPrint’s patent-pending technology automatically eliminates these pages (and waste) by analyzing each page of every document sent to the printer by searching for typical waste characteristics (pages with only an URL, banner ad, logo, or legal jargon). GreenPrint also incorporates an easy-to-use PDF writer, a print preview called GreenView, and a reporting feature which tracks the number of pages and the amount of money you’ve saved.
Foreclosures are driving price declines. Riverside and San Bernardino areas are most affected. Fifty-six percent of homes sold in Riverside County in March were foreclosures, which caused the area’s median price to drop 27 percent to $306,250. San Bernardino’s median price fell 28 percent to $265,000. Orange County continues to be the most expensive market in the region at $406,000, which was 20 percent below last year’s median price for March.
Homeowners on April 15th were reminded of the tax benefits of owning a home. Most people know that mortgage interest and property taxes are deductible in most cases, as is the interest paid when homeowners borrow against the equity in their home. The Tax Payer Relief Act of 1997 provides that owners who have lived in their home for more than two years don’t have to pay taxes on the first $250,000 of profits (if they are single) and $500,000 of profits (if the owners are married) when they sell the home.
The 2008 Consumer Advertising Campaign will be launched by the time that you read this article by the CALIFORNIA ASSOCIATION OF REALTORS® highlighting the value REALTORS® bring to the transaction. Building on last year’s successful “Your Piece of California. Your Peace of Mind” theme, the campaign also will raise awareness of the REALTOR® brand and reinforce the professionalism of REALTORS® who belong to C.A.R.
C.A.R.’s 2008 Consumer Advertising Campaign features two new radio spots, contextual Web banners placed on popular Web sites directing consumers to www.yourpieceofcalifornia.com. The site will contain consumer-friendly guides to regions throughout California. In addition to housing market data and links to school, health, crime and government information, the guides enable consumers to search for median price information on more than 250 communities throughout the state.
The site reinforces key messages of the radio ads while providing valuable information for consumers when buying or selling a home. New this year, the campaign will feature two new radio ads in Spanish that will reach the state’s Hispanic home buyers and sellers. The Hispanic campaign also features a Web site in Spanish at www.lallavedetutranquilidad.com that contains in-language information on buying and selling a home and information-rich guides to the state’s many regions.
The Web sites also remind consumers why they should use a REALTOR® in all of their real estate transactions.
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