Prices of Private Residential Property fell 1.3 in Second Quarter

The Urban Redevelopment Authority (URA) the flash estimate of the price index for private residential property for 3rd Quarter 2014 which showed that private residential property prices declined in the second quarter of this year.

Overall, the private residential property index fell 1.3 points from 209.4 points in 2nd Quarter 2014 to 208.1 points in 3rd Quarter 2014. This represents a decline of 0.6%, compared to the 1.0% decline in the previous quarter. This is the fourth continuous quarter of price decrease (see Annex A).

Prices of non-landed private residential properties declined in all market segments. In Core Central Region, prices fell 0.9%, compared to the 1.5% decline in the previous quarter. Prices in Outside Central Region fell 0.2%, compared to the 0.9% decline in the previous quarter. In Rest of Central Region, prices fell 0.1%, compared to the 0.4% decline in the previous quarter (see Annex B). Prices of landed properties fell 1.7%, following the 1.7% decline in the previous quarter.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by survey data on new units sold by developers in the quarter. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 3rd Quarter 2014, which captures more data on the caveats lodged and the take-up of new projects. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.

A separate data released by the National Association of Realtors showed that the single- and multifamily mortgage insurance programs, which provide safe, affordable credit to qualified buyers, are important for the housing recovery and the real estate industry as a whole.

That was the consensus amongst realtors during the 80th anniversary the Federal Housing Administration held at the White House. NAR President Steve Brown joined distinguished speakers on the second panel to emphasize the significance of FHA-backed loans to the real estate market and housing recovery.

"As the leading advocate for homeownership, NAR has always supported FHA's single- and multifamily mortgage insurance programs, which provide safe, affordable credit to qualified buyers," said Brown, co-owner of Irongate, Inc. Realtors  in Dayton, Ohio.

During the economic downturn, when private capital fled the housing market, FHA made it possible for many families to purchase homes. "During the depths of the Great Recession, at least half of my clients relied on FHA-backed loans because of extremely tight credit conditions," said Brown. "Even today, FHA-backed loans are 30 percent of my book. FHA continues to make a real difference in people's lives. Without this program, many creditworthy individuals wouldn't be able to enter the market."

Homebuyers who are looking for low down payment mortgage can take advantage of the technology offered by Realbiz Media Group, Inc. RBIZ particularly its patented “shoot-and-stitch” technology, which is the foundation of the company’s virtual tour software, was initially used in Kodak and Pentax digital cameras.

The company’s mission is to empower agents with the right video marketing tools as homebuyer’s online shopping habits evolve. The company manages to achieve this through its roster of disruptive video technologies such as video content management system Microvideo App, its website-based marketing tool NestBuilder Agent, and its mobile video app called EzFlix.

The Microvideo App is a platform targeted at brokerage firms allowing brokers and their agents to collaborate in creating listing video microsites and executing marketing campaigns.

Nestbuilder Agent is a tool that is accessible through listing site Nestbuilder.com and allows agents to create professional agent profilesand virtual tours out of listing photos. These tours can be shared automatically to the agent’s network through social media platforms and email.

EzFlix is a smartphone app that allows agents to create, edit, and share their property videos through their tablets or mobile phones. It appears like a social network and is easy to use with drag and drop functionalities, and a timeline that keep all agents’ listing photos and videos in one place.

 “It is gratifying to see our services being adopted by key players in the real estate industry,” said Realbiz Media CEO William Kerby.

Realbiz Media Group, Inc.’s RBIZcreates virtual tour and video technologies for real estate agents. Nestbuilder.com, which serves home to 1.6 million video listings and virtual tours, is one example of a website that uses Realbiz Media’s virtual tour and video marketing platform. Agents using Nestbuilder.com simply have to record a video or use listing photos to create a virtual tourof a property, upload it to the site, and share it on social media platforms in real time for potential clients to see.

RealBiz Media also runs a digital video network. For more information on the company, please call this toll free number: 1.888.REAL.BIZ (888.732.5249) or email at support@rbm.zendesk.com.