New national rules ‘dumb down’ real estate says REIA

A new national licence regime for real estate agents will lower educational standards and dump professional development, the Real Estate Institute of Australia said.

The real estate industry, and its more than 100,000 licensed participants, is in the first wave of occupations that the Council of Australian Governments aims to establish national licensing for.

The others are plumbers and gasfitters, electricians, and the refrigeration and air-conditioning industries.

At the moment, there are separate state-based qualifications and licences. Under the national scheme these would be merged into five classifications.

The Real Estate Institute of Australia said it supports national licensing but not one that drops the educational standards to the lowest in the country.

President Peter Bushby said the dumbing down of standards was a big risk for consumers.

Get More Info @ http://www.brw.com.au/p/business/new_national_rules_dumb_down_real_Mlt5CayKg40LlYffDvLY6J

Real Estate: Will a cost-effective renovation add value to WA homes?

TO renovate or not to renovate? That is the question West Australians are asking more than any other homeowners in the country. For those wondering whether a quick, cost-effective update will add value to their home, the experts share their tips on what to do and what not to do. Claire Bickers reports.

WA homeowners are the keenest renovators in the nation, a new survey says – but they also tend to go over budget and over deadline. 

A survey last month showed almost half of the WA homeowners (46 per cent) were planning a renovation compared to 43 per cent nationally. 

Survey spokeswoman Belinda Williamson from Mortgage Choice attributed the trend in “renos” to the popularity of reality-TV shows and the fact Perth’s home prices may be encouraging more people to renovate rather than move.

Despite the popularity of renovations, a survey by the Commonwealth Bank last month revealed that less than half of its clients’ projects had gone to plan, with many forced to cut corners or compromise in order to complete the work.

Of these, the average renovations nationally went over budget by nearly $3000, while in WA the average blowout was more than $6000. 

Projects often took up to 95 per cent longer than expected, proving frustrating for the 81 per cent of homeowners in the west who stayed at home while renovations were being carried out. 

The extra time and costs meant that 56 per cent of WA respondents were forced to make compromises to their projects, such as simplifying their designs (20 per cent) and postponing parts of the renovation (14 per cent), while some had to skimp on the quality of the materials. 

The survey also showed most homeowners had not planned for extra costs, with only 21 per cent seeking financial advice.

Get More Info @ http://www.perthnow.com.au/news/western-australia/real-estate-will-a-cost-effective-renovation-add-value-to-wa-homes/story-fnhocxo3-1226673834058

Ares Commercial Real Estate Corporation Announces Public Offering

Ares Commercial Real Estate Corporation (NYS: ACRE) (the "Company") announced that it plans to make a public offering of 18,000,000 shares of its common stock. The Company also plans to grant the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. The offering of the shares will be made under the Company's shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission.

The Company intends to use the net proceeds from this offering to invest in target investments as described in the Company's prospectus supplement, repay indebtedness, fund future funding commitments on existing loans and for other general corporate purposes. Depending upon the timing of the closing of the proposed loans in our pipeline, the closing of the acquisition of Alliant Capital and the receipt of funds from other financings, the Company may utilize a portion of the net proceeds of this offering to fund a portion of the purchase price of Alliant Capital.

Credit Suisse, Citigroup, Wells Fargo Securities, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for this offering. JMP Securities, Keefe, Bruyette & Woods, a Stifel Company, and RBC Capital Markets are acting as co-managers in the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state

Read More @ http://www.dailyfinance.com/2013/06/17/ares-commercial-real-estate-corporation-announces-/

Dallas Real Estate Prices Benefitting from Stability and Buyer Urgency

The Dallas, Texas real estate market was spared the worst of the housing crisis. In the years leading up to the crash, Dallas home prices avoided the speculation-fueled inflation seen in many other metropolitan areas. As a result, prices in this metro area didn’t have very far to fall when the market crumbled. No bubble, no bust.

The stability we are seeing today within the Dallas real estate market is a direct result of this economic “insulation.” Here are the latest pricing trends being reported by Zillow and Case-Shiller.

Zillow: Dallas Median Sale Price up by 34%

According to the housing economists and data crunchers at Zillow (some of the best in the business), the median sale price in Dallas rose 34% over the last year.

That’s within the city itself. Annual gains for the broader metro area are more varied, though all areas have experienced some level of appreciation in the last 12 months.

Case-Shiller: Home Values Up by 6.8%, Year Over Year

According to the latest release of the Case-Shiller Home Price Index, published earlier today, the average home price across the Dallas-Fort Worth metro area rose 6.8% from March 2012 to March 2013.

5 housing markets that are outpacing the nation

The price gains within Dallas’s real estate market are lower than the national average. But that’s not necessarily a bad thing. It’s a result of the market stability we spoke of earlier. Home prices in other metro areas may be rising faster right now. But that’s only because they fell further during the bust.

Phoenix and San Francisco are two good examples. These metro areas are currently experiencing much larger price gains than the Dallas housing market. But that’s only because they suffered worse during the crash.

David Blitzer, chairman of the committee that produces the Case-Shiller index, recently said as much:

“I know everybody wants to be first, but you guys [in the Dallas area] have been first in a better way,” he said. “In the last 10 years, when most of the country was going berserk with housing, you guys managed to keep your heads on your shoulders.”

Real Estate Listings Down 21%, According to Realtor.com

Local home prices are also benefiting from a significant reduction in inventory. This is a trend we are seeing across the country right now.

Almost every housing market in the country has contracted over the last year, in terms of the number of homes for sale. Of the 146 metropolitan areas tracked by Realtor.com, 135 markets have experienced some level of inventory reduction over the last 12 months.

7 metro areas where buyers face stiff competition

In Dallas, Texas, the total number of homes listed for sale has dropped by more than 21% over the past 12 months. At the same time, we have seen an uptick in housing demand as a result of continued improvements in the job sector and the broader economy. More buyers are competing for fewer properties. That’s why we are seeing price appreciation in this market.

Read more: http://www.homebuyinginstitute.com/news/dallas-real-estate-buyer-urgency-381/#ixzz2UfLJSLRt