In this season of the World Cup, I’m sure most of us would consider it unfair to move the goal posts while the ball is in the air. Well, according to a recent announcement from the Homestead Unit within the DC Office of Tax and Revenue, moving the goal posts on homebuyers is a perfectly acceptable practice when it comes to qualifying for the DC Homestead Deduction. 

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Study: Math deficiencies increase foreclosure risk
The New York Times:
21% of the respondents whose math abilities placed them in the bottom quarter of the survey experienced foreclosure, versus 7% of in the top quarter.
Understanding the Gen Y gender gap
Inman News: In the average metropolitan market, single women in their 20s are earning 105 percent of what their single male counterparts are bringing in,
HUD asking a lot of questions about 'required use'
Washington Post: Under the RESPA, consumers cannot be compelled to use the services of affiliates of realty firms, title companies, builders and other market participants.
Penn Quarter is D.C.'s place to be
Washington Examiner: The surest sign that a neighborhood has surpassed trendy and arrived at "established" is when it thrives even as home prices tumble.
Clarendon 4.0: Evolution of a neighborhood
Washington Business Journal: Over the past couple of years, Clarendon has seen a renaissance of development from new concepts giving the neighborhood a try.
Symphony Park at Strathmore
DC Mud
: A new Montgomery County-based development firm plans to bring 112 new brownstone townhouses to the front yard of the Strathmore Music Center and Mansion.

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Headlines compiled by Strategic Research.

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Obama slept here, you can too
The New York Times:
The president’s former pad — which he shared with a roommate  in 1981 when he was a junior at Columbia University — is for rent, asking $1,900.
Housing's double dip
CNBC: While temporary tax credits succeeded in lifting buyer psychology temporarily, they essentially shifted demand forward without having a lasting impact on purchase behavior.
Profit on your home's price -- even if it's falling
Forbes: Let's look at a few ways to trade real estate as a diversification method for your investments, and protect yourself against losses.
Our houses, our selves
The Atlantic: A new crop of books suggests that for women, obsession with real estate is replacing obsession with love and marriage.
Will the homebuyer tax credit help?
Forbes: Don't let appearances fool you. Gains in new home sales were likely due to last-minute bargain-hunters scrambling to take advantage of a federal tax credit.
Time for the mortgage industry to get social
Housing Wire
: If you want those satisfied customers referring you to their friends and family, there’s no easier way to do that than social media.

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Headlines compiled by Strategic Research.

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

About credits toward closing costs
Boston.com:
After a home inspection, it’s not unusual for a buyer to ask a seller to correct some defect in the home that wasn't obvious when the buyer and seller agreed on the price.
Realtors want Congress to tweak the tax credit timeline
Wall Street Journal: The NAR and its members are asking Congress for flexibility with the June 30 deadline, but it is unclear when—or even if—something would happen.
Borrowers: Beware the second credit report
Smart Money: Your lender might be checking up on you up until the day you close – and that letter of approval may not be the last word on your loan.
Tiger Woods opens DC learning centers
Washington Business Journal: The foundation is evaluating a partnership with the D.C. Public School System for more learning centers in the District.
America's best places to raise a family
Forbes: The top 10 cities for families aren't flashy. Most don't draw throngs of tourists or boast enviable night life. But then that's not what most families are looking for.
Area prices climb in May
Washington Examiner
: Mortgage rates holding near record lows, combined with the expiration of the expanded tax credit in April, have helped propel the market in recent months.

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Headlines compiled by Strategic Research.

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

As housing perks up, multiple offers come back
Wall Street Journal:
If sellers are willing to get aggressive in pricing, they can create conditions for multiple offers. But the highest offer isn't necessarily the best offer.
Record loan demand strains FHA's capacity
Real Estate Economy Watch: With virtually the same level staffing and aging computer systems, the FHA is serving much more than it was designed to handle.
How to be a brainy renter
The New York Times: But even with a thorough understanding of the market, renters may find the apartment hunt daunting because there is no centralized depot for information. 
Financial bill to reform home loans
Boston Herald: There will also be mandatory determinations by lenders that applicants can afford to repay mortgage debt, insurance and taxes on time.
Luxury homes losing value
CNBC: While the middle and lower end of the market was seeing real price recovery this spring, the high end started to really tank from March through May.
Washington area housing prices continue to climb
Washington Business Journal
: In the District, the quarter-over-quarter gain was 1.4 percent, while prices compared to a year ago were up 9.3 percent.

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Headlines compiled by Strategic Research.

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

A fresh look at rent vs. buy
Wall Street Journal:
Homeowners need to look first and hardest at present cash flow. If renting is much cheaper than buying, think seriously about it.
Trulia introduces the Rent vs. Buy Index
Trulia: Price-to-rent ratio uses the average list price compared with average rent on 2 bedroom apartments, condos and townhomes listed on Trulia.com.

Fed has new set of reasons to stay the course
CNBC: How an increasingly impatient market takes such a timeline is, of course, very uncertain, but low rates can be a stigma as much as they can be stimulative.

Jury still on on tax credit benefit: homebuilder
USA Today: Home sales will decline in coming months now that the government incentive has ended, as high unemployment keeps many buyers on the fence.
Why title companies hate technology
Forbes: Changing the title system involves not just developing new technologies, but also fighting political battles against special interests that profit from the current system.
Is housing already double dipping?
Seeking Alpha
: As the end of Spring buying season coincided with the tax credit the buyers have literally become non-existent in the housing market.

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Headlines compiled by Strategic Research.

The $8,000 federal tax credit for first-time homebuyers expired for most of us a little over a month ago, but  mortgage rates continue to hold at historic lows prompting the question: Is it better to rent or own?

The big picture story tells us conditions are prime for buyers, but the truth is on a regional level the story has many versions. To determine if now is the best time for your unique circumstances, take a look at this Rent. vs. Buy Index produced by Trulia, a real estate website.

I came across an article in Forbes today entitled "Why Title Companies Hate Technology."

At Federal Title, we love technology! We worked pretty hard around here to develop our consumer-friendly automatic quote software and then dove head-first into the world of Web 2.0 when we re-launched the Federal Title website earlier this year, so seeing a headline like that was certainly alarming.

Author Lee Gomes asks if a homebuyer can immediately access his credit score online, then why isn't there an online database where he can access land records and research his own title? Well, Mr. Gomes, if I can access my credit score online, why isn't there a database where I can access and interpret my own X-rays?

It's a conspiracy, according to him, where title companies are deliberately blocking the progress of technology because they stand to profit more from the current, "antiquated" system. His theory is that title companies have "enormous political clout in state capitals," and consequently the consumer is trapped into paying upward of $2,000 in closing costs. (It should be noted the bulk of the costs go toward the policy premium, not title services.)

Personally, I don't see how a credit score and a title search is an apples-to-apples comparison, as Todd likes to say. A credit score involves no legal interpretation whatsoever. Meanwhile, there's a whole glossary of terms that relate to the title search and settlement process.

Sure the title claims rate may be 1 out of 100 annually, but how does that support the opinion that we no longer need title companies? What Gomes fails to recognize is that issues arise during the title search far more frequently than that – more like 1 out of every 3 title searches, according to ALTA.

If potential title clouds appear during 33% of title searches but title claims are only made 1% of the time, that's evidence to me the system is doing its job.

Furthermore, many title companies are embracing technology because they recognize its potential to cut operating costs, a savings that's passed along to the consumer. That was the whole reason Federal Title developed its custom quote software.

The Internet is a great resource for house hunters, but it's not a substitute for professional or legal advice. Foregoing legal assistance to save a couple thousand in the homebuying process could actually wind up costing a whole lot more should a claim arise.

It may not be rocket science, but there is more to a title search than the eHow article suggests.

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

District streets that border states create confusion
Washington Post:
There's a common misconception that the border runs down the middle of three District boundary streets: Western, Eastern and Southern avenues.
Pending home sales up, but will they close in time?
Washington Post: Realtors point to the rush of business, bank delays with short sales and foreclosures and appraisal issues as reasons why closings could take longer then usual.

Showing the benefits of green retrofits
The New York Times: Retrofitting buildings is considered the low-hanging fruit in carbon reduction, but despite its simplicity, it is still not mainstream.

Realtor.com iPhone app marks 1 million downloads
Inman News: Since the January 2010 launch, iPhone users have tapped into Realtor.com through the Realtor.com iPhone app on average of two times per day.
Looking for lending
Wall Street Journal: But the tight credit environment is making it difficult for entrepreneurs to secure those loans. The difference between today is the underwriting scrutiny.
Nordstrom Rack to open 3rd DC store
Washington Business Journal
: The Friendship Heights store will be the sixth in the Washington area. The existing stores are in Sterling, Woodbridge and Gaithersburg.

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Headlines compiled by Strategic Research.

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

How to best other homebuyers
Smart Money:
As the housing market continues to struggle, sellers don’t yet have the upper hand as they did in the boom years.
More bank-owned homes likely to hit the market
Wall Street Journal: Housing analysts keep trying to count how many foreclosed homes banks and mortgage investors own.

America's coolest beach homes
CNBC: With summer heat just around the corner, you can bet plenty of people are planning trips to the shore. But what's "cooler" than actually owning a mansion on the sand?

The hard truth about residential real estate
Zero Hedge: There is a massive structural imbalance in residential real estate that will take at least a decade or more to unwind.
UDC to expand east of the Anacostia?
Washington Post: The slash to the streetcar program wasn't the only big change to the city budget made in the wee hours Tuesday night.
6 new hurdles for home financing
Forbes
: If you've been in the market for a mortgage recently, you've no doubt noticed how difficult it can be to get approved. You're not imagining it, and it's not just you.

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Headlines compiled by Strategic Research.

The overhaul of an existing Web site or launch of a new one is an undertaking that comes with a lengthy checklist of tasks and possibly a substantial price tag.

However, in the world of Web 2.0 technology and mounting expectations from increasingly tech-savvy customers, title companies around the country are exploring the options available to them today. Those options are allowing the smallest to largest businesses to be more easily found through Internet searches and to better serve as a source for everything from fee quotes to consumer-oriented educational tools once their Web sites are discovered.

Nikki Smith, marketing director for Federal Title & Escrow in Washington, D.C., said that when she was hired by the agency in 2009, its Web site was about 10 years old, consisted of entirely static pages and made the company appear outdated.

“Your Web site makes a very strong impression. If your Web site looks stuffy or antiquated, it might make your business look the same way. Your Web site has to make a good first impression,” she said.

Smith began the project of creating a new site for Federal Title and took on the challenge of reaching its heavily consumer-oriented customer base while also providing the tools and information required by lender and Realtor clients.
Targeting desired functionality

Smith said one of the first priorities she addressed was to make the Web site intuitive for users. As a marketing professional from outside the title insurance industry, she said she was able to look at the site with a different set of eyes.

“That gives me a fresh perspective in terms of whether the way something is worded will be clear to the average customer or if it is going to be clear to find on the Web site if you are navigating blindly. You want to make sure that the important material is easy to find as well as to understand,” she said.

Targeting consumers, lenders and Realtors, Federal Title also decided ways in which content could be repackaged to serve those different groups while also figuring out what individual services would best suit them. For example, a lender may seek out the functionality of a fee quote calculator while consumers seek general information about the role of title insurance.

“It’s really about trying to identify with the audience and present information in a way they will also identify with,” she said.

At TitleHub Closing Services LLC, which launched in the Needham, Mass., market in January, real estate attorney Richard D. Vetstein said the technology-driven start-up company had several requirements for what it wanted its Web site to offer. Those included integration of his previously launched Massachusetts Real Estate Law Blog, the company’s e-closing system and its social media network.

“We wanted a user-friendly platform chock-full of great content for buyers and sellers and Realtors and lenders and to have it be easily accessible,” Vetstein said.

A consistent design

When it came time to design the site, Vetstein said the first priority was to develop a logo, which would serve as the foundation for the rest of the site. “You’re talking about the core concepts you want to get across,” he said.

Going through the process with a graphic designer, TitleHub’s executives were asked about color, feel, warmth and mood along with what their expectations were for the layout and functionality. Next, the company was taken through the process of deciding on the placement of menus, how to wave out boxes, the location of navigation and search bars and where the company’s e-closing system could be accessed.

In order to gain inspiration, the company looked outside the industry to Apple, Dell and Volkswagen.

Rick Grant, principal at public relations firm RGA-Rick Grant & Associates, said that when he works with companies on Web site design, he advises that they duplicate what is already being used in print marketing materials in order to maintain branding. For example, similar colors and fonts should be incorporated.

However, he warned, a company’s branding and logo are most likely not what site visitors are hoping to find and should not be overplayed. Instead, content is key.

The build-out

Smith said that once a design is in place and it is time to build the site, title companies will be faced with the additional decision of whether to have someone in-house maintain the site or if that function should instead be outsourced. At Federal Title, Smith pushed for the company to use its own content management system (CMS) so that any attorney within the company could easily access the back-end of the site from the office in order to update information or make a quick change.

Federal Title operates today on the Joomla! CMS, a platform that Smith worked with previously and preferred. Other common systems include Drupal and Wordpress.

“Any of those will do the same things. It’s just a matter of preference. Once we decided which management system we wanted to use, it was a question of contacting a host who would then host the URL for us,” Smith said, adding that she chose a local company in the Washington, D.C., area in order to have the ability to visit in person if needed.

Once the host was in place, Smith was left with building the site through Joomla! by uploading information onto the server and creating it one piece at a time. By doing it herself, Smith said Federal Title was able to garner a significant savings, having been quoted by developers anywhere from $2,500 for the creation of a bare-bones site to $50,000 for a high-end site.

“We could have spent $50,000 on a site that wouldn’t have put us any farther ahead than the site we ended up creating. To me, that was an accomplishment. We saved money and achieved the same goals,” she said, adding that she instead spent less than $1,000 for outsourced graphics, templates and hosting fees.

TitleHub took a different approach by taking the design and layout created by its graphic designer and giving it to a Web development company to create the site.

“We knew that this was of a sufficient complexity that we needed a Web designer, the only issue was whether we went with an all-in-one that did both design and build-out,” Vetstein said. To get what it wanted, TitleHub decided the right decision was to use the two separate providers.

From that point, the site was created with a fair number of tweaks made along the way. “There were a lot of bugs and kinks to work out, like getting the menus right. And, of course, we had to get them all of the content for the pages, so we were doing a lot of writing,” he said.

Making it work for your company

Grant said it’s important to build a site with a variety of ways for visitors to gather the information they need. He recommended that companies take a prospect through the regular flow of business via the Web site, from the agent’s role at first contact to closing. What is presented through that approach, he added, is imperative, since oftentimes potential clients are searching the Web for title agents because something went wrong with a provider they were working with previously.

“When something goes wrong, that’s probably the vast majority of times you’re going to find a lender looking for what you do. It’s even more important at that point that you have a Web site that clearly explains your value proposition, that makes it easy to get in touch with the knowledgeable people at your organization,” Grant said. “Make it easy for them to come on, get set up, get the information they need and give them as much as you can teach them before they even pick up the phone.”

While this process doesn’t always have an inexpensive price tag, Vetstein said TitleHub had to weigh the benefits of developing a Web site that fit closely with its own business model and make the investment, which has so far been returned by business pulled in through the site.

“Our platform in terms of marketing and sales and getting Realtors and lenders to do business with us is so Web-focused. We’re so high on social media and blogging — it’s part of our business model. We use technology to make the process better and more efficient for our partners,” he said.

Smith advised that a budget be put in place and, if possible, companies should consider having someone in-house who can tackle the project, reducing the cost and increasing the level of accountability to which a company can hold that individual. There are also many materials available online for those thinking of managing the process on their own. “If people are patient and just take a day to read over the overview before they jump into it, it’s not that hard at all to do it yourself or to hire someone like me to do it for you,” she said.

Finally, determining if a company Web site is effective should not be left to speculation. Smith recommended the use of Google Analytics, which provides breakdowns of site visits, visitor profiles, top entry and exit pages and a wealth of other data that provides insight on what is and is not working.

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Web site check list

You will need to consider the following factors when redesigning your Web site or launching a new one:

    * Evaluate your current site to determine what is working and what isn’t or decide what functionality you would like to offer in a new site.
    * Work with an in-house or outsourced designer to formulate how your company brand and logo will be used on the site and establish the overall look and feel.
    * Decide who will build the site and host it. There are a variety of options to choose from and a number of price ranges, so be sure to do your homework.
    * Take time to work through the build-out phase, trying different options and filling the site with plenty of audience-specific content.
    * Keep it fresh and remember the work is never done. Update content through blog posts and track overall performance of the site through Google Analytics.

Are you blogging?

The more regularly Web site content is updated, the more likely it is that potential clients will find a company’s site through Google searches. And an essential element to that process is blogging.

“Blogging leaves a signature for you out on the Web somewhere,” said Nikki Smith, marketing director for Federal Title & Escrow in Washington, D.C.

“The work on the Web site is never done. You have to keep it fresh. You have to keep paying attention to it. That’s probably the mistake that a lot of people make, thinking, ‘Okay, the Web site is in place, I can go work on something else.’ Time passes and the Web site isn’t new anymore. It’s all stale material. And then Google doesn’t care about it. If Google doesn’t care about it, nobody else is going to know about it,” she added.

With more regularly updated content, sites begin rising to the top of search results on Google, meaning companies become far more visible than they are without the effort. Smith, however, added that blogs should be hosted by the business site rather than an outside host, such as Google’s Blogger, in order to drive Web traffic to the company.

Rick Grant, principal of public relations firm RGA-Rick Grant & Associates, said he is a huge proponent of blogs but also noted some challenges that come with the use of them.

“You have to be serious about keeping it updated. It could look far more stale than an ordinary Web site because there is a date assigned to your post,” he said, adding that if someone within an organization commits to updating it at least three times a week, “The blog is the absolute best platform to have for your Web site, bar none.”

This article first appeared in the Title Report on Monday, May 31 and was written by Jennifer Kovacs.

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