An organization that’s run on emergencies and reaction to incoming doesn’t know what to do when there are no problems.
Instead of seeking out new ways to delight, they run around looking for new emergencies, and if they look hard enough, of course they’ll find them.
(Two reasons for this: emergencies concentrate the mind and allow things to get done, and history).
A median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas in the U.S., according to research released today by Interest.com, a Bankrate company. Detroit, Atlanta and Minneapolis are the most affordable metropolitan areas and San Diego, New York and San Francisco are the least affordable.
A median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas in the U.S., according to research released today by Interest.com. Detroit, Atlanta and Minneapolis are the most affordable metropolitan areas and San Diego, New York and San Francisco are the least affordable.
“Despite all of the talk about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households,” said Mike Sante, managing editor of Interest.com. “Dealing with rising expenses and stagnant wages is a struggle. Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas that we looked at.”
Most Affordable Metropolitan Areas*
1. Detroit (+45.32%)
2. Atlanta (+40.00%)
3. Minneapolis (+32.20%)
4. Phoenix (+23.67%)
5. St. Louis (+23.49%)
Least Affordable Metropolitan Areas*
21. Los Angeles (-12.52%)
22. Miami (-12.59%)
23. San Diego (-25.90%)
24. New York (-29.71%)
25. San Francisco (-32.76%)
*Percentage reflects how much the median household income in a metropolitan area exceeds or falls short of the income required to purchase a median-priced home in that area
To determine each rating, Interest.com gathered the median home prices in the 25 largest U.S. metropolitan areas and calculated how much financing would be required for a buyer with a 20% down payment. They entered that amount and city-specific data on 30-year fixed-rate mortgage rates, median household income, median property taxes, average homeowners insurance costs and average household debt into the “Required Income Calculator” on Interest.com. Finally, they divided the median household income for each city by the income required to finance the median-priced home.
Median Home Price Source: National Association of Realtors, Q2 2012 study of existing single-family homes [Note: Pittsburgh was not included in that study, so September 2012 data from Real STATS was substituted]
30-Year Fixed-Rate Mortgage Rate Source: Bankrate.com, weekly national survey from September 19, 2012 [Note: City-specific data was not available for Portland (Ore.), Sacramento and San Antonio, so the national average was used for those three cities]
Median Household Income Source: U. S. Census Bureau, 2011 American Community Survey, median household incomes by Metropolitan Statistical Area
Median Property Taxes Source: U. S. Census Bureau, 2011 American Community Survey, median real estate taxes by Metropolitan Statistical Area
Average Homeowners Insurance Source: National Association of Insurance Commissioners, 2009 average premiums by state [Note: average 2009 premiums for Texas cities were obtained from the Texas Department of Insurance]
Average Household Debt Source: Experian’s 2012 State of Credit Study [Notes: did not include mortgage debt; Interest.com calculated monthly debt payments using an 8% interest rate amortized over 60 months]
Month-to-month inventories have now fallen for 27 consecutive months, according to the monthly RE/MAX National Housing Report. Inventory was 29.1 percent below September 2011 and may have contributed to the drop in sales from August.
The inventory of homes-for-sale in September fell 5.3 percent from August and 29.1 percdent from inventory levels seen in September 2011. Month-to-month inventories have now fallen for 27 consecutive months. While a shrinking inventory is certainly causing home prices to rise, there’s also a concern that it may also be limiting sales. Given the rate of sales in September, the average Months Supply was 5.5, about two months lower than the 7.7 average seen in September 2011. Very low Months Supply continues to be seen in San Francisco, CA 1.3, Los Angeles, CA 1.7, Orlando, FL 2.6, Denver, CO 2.6, Washington, DC 2.8, Detroit, MI 3.0, San Diego, CA 3.2, Seattle, WA 3.2 and Miami, FL 3.3.
In September, the average Days on Market for sold homes was 81. This is unchanged from August, but represents a drop of 13 days from the 94 day average in September 2011. September represents the fourth month in the last 12 months with a Days on Market average below 90, and the lowest average since June 2010. The Days on Market average continues to fall in many markets due to very low inventory. Days on Market is the number of days between first being listed in an MLS and when a sales contract is signed.
While shrinking inventories are is certainly causing home prices to rise, there’s also a concern that it may also be limiting sales and creating bidding wars in some markets, RE/MAX said. September home sales fell 17.5 percent from August, but remained 0.5 percent higher than sales in September 2011. September is the fifteenth consecutive month with sales higher than the same month in the previous year. Of the 52 metro areas surveyed this month, only 29 saw higher sales than one year ago and just 6 saw double digit increases including: Albuquerque, NM +40.9 percent, Chicago, IL +24.1 percent, Raleigh-Durham, NC +22.1 percent, Providence, RI +22.1 percent, Nashville, TN +21.0 percent and Denver, CO +11.4 percent .
You have to love a person who describes herself as somebody who studies “the dark side of Customer Management.” Ana Isabel Canhoto is just such as person. An instructor at Oxford Brookes University, Ana is a Twitter friend who recently shared with me highlights of a speech by Paul Fennemore, a Managing Partner at Viapoint.
Fennemore contends that every social media strategist needs to consider six aspects of human behavior if they are to understand the drivers of social media. Social Media may be a relatively recent technological phenomenon, but the behavioral drivers that explain why and how the various platforms are used are old. This post explains, in very basic terms, these six key drivers: altruism, hedonism, homophily, memetics, narcissism and tribalism.
Altruism
The unselfish devotion to the welfare of others. Application: Social network users readily share information with other users. They share information simply because they believe it may be helpful. This behaviour occurs even when the users do not know who benefits from the information being shared. Example: A study showed that altruism is a primary reason why many travelers selflessly share experiences to help others have a more enjoyable vacation.
Hedonism
A belief that pleasure is the main – or only — goal in life Application: Hedonism can affect social media in two ways: 1) People use social media because doing so is an enjoyable activity. 2) People use social media because it provides a novel way of accessing activities that give them pleasure, such as meeting people. Example: To the dismay of idealists, research shows that young people are usually not using the social web to change the world. They are using it to experience a digital nirvana of a vast supply of movies, music, instant communication and of course, sexual opportunity.
Homophily
The tendency of human beings to associate with others similar to them. “Birds of a feather flock together.” Application: People tend to join and become attached to social networks whose users share similar interests or beliefs. Example: There are many recent studies revealing the power of peer recommendations on purchasing behavior and product discovery.
Memetics
The replication of ideas, habits and beliefs across individuals. Commony known as a “meme.” Application: For a marketing message to go viral, it will need to exhibit the following characteristics: 1) be assimilated by a social media user 2) be retained in that user’s memory; 3) be replicated by the user in a way that is observable by other users; 4) be transmitted to other users (who, in turn, assimilate, retain and further replicate the message). Example: Here are some of the best Internet memes of 2011.
Narcissim
Excessive fascination with oneself. Application: Social networks provide an outlet for individuals to engage in self-promotion. Specifically, research suggests that Facebook users are more likely to be extraverted and narcissistic. Example: Recent research from the University of Georgia showed that narcissisistic personalities had higher levels of social activity in the online community and more self-promoting content. Strangers who viewed the Web pages of these users judged the page owners to be more narcissistic.
Tribalism
A person’s strong feeling of identity and loyalty towards a specific group (the tribe). A person derives social value from participating in that community. Application: Social media enables continued interactions between supporters of a brand, and between the consumers and the companies, thus increasing engagement. Example: Reseach in the U.K. shows that restaurants and hotel chains who successfully make customers feel part of an exclusive clan engender loyalty. Tribe members want to contribute to the success of the tribe.
What other key drivers of human behavior would you add to this list? What motivates YOU to use the social web?
Mark Schaefer is a marketing consultant, author and college educator who blogs at {grow}. You can also follow him on Twitter: @markwschaefer.
This article originally appeared on Schaefer Marketing Solutions: We Help Businesses {grow} » The social media measurement smackdown and has been republished with permission.
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Armonk NY real estate was UP 34% in 2010 compared to 2009. Very good news. The Armonk NY median price dropped 6.37% to $955,000. Sellers understand there is a lot of competition to sell and need to price accordingly.
2010 Armonk Sales Numbers
82 sold
3664 average square feet
$4,000,000 high price
$460,000 low price
$955,000 Median price
$337 average price per foot
215 average days on market
92.95% average sold to ask price
2009 Armonk Sales Numbers
61 sold
3906 average square feet
$5,100,000 high price
$425,000 low price
$1,020,000 Median price
$338 average price per foot
190 average days on market
91.56% average sold to ask price
How to Make a New Years Resolution That Works
Do you remember the New Year resolutions you made last year?
If you’re like most people, you made New Year resolutions – but you probably didn’t stick with them all year long.
But New Year resolutions are a good thing – so what’s the secret to making and keeping your New Years resolutions?
1. Make Resolutions You Can Achieve
Most New Years resolutions can be achieved, but not all of them are realistic.
If you want to feel good about your resolutions, don’t set unrealistic goals. Saying “I resolve to lose 100 pounds this year” if you don’t know how you’re going to achieve your goal is a sure way to fail. Help yourself by only making New Years resolutions you can keep.
2. Make 2 or 3 Resolutions You Can Keep and 1 You’ll have To Stretch To Keep
By making realistic resolutions that you can keep, you’ll set yourself up to feel good about yourself when you achieve your resolutions.
And by making 1 New Years resolution that you’ll have to really work at to achieve, you’ll challenge yourself to be successful.
3. Write Down Your New Years Resolutions
Do you really want to make some changes in the New Year? Then you need to put at least a little thought into the changes you’d like to make.
Blurting out a few resolutions at a New Years party may be fun, but you probably won’t take them seriously. But if you take a few moments to think about some realistic changes you’d like to make – you’ll surprise yourself by being successful.
4. Put Your Written New Years Resolutions Someplace Where You Can Find Them
About a week after New Years, take out your list of resolutions and start planning how you’re going to achieve your goals.
Weight loss, making more money or travel, if your goals are achievable and you actually come up with a plan, your New Years resolutions will become a reality.
5. Celebrate Your Success
When you achieve one of your New Years resolutions, reward yourself and celebrate. Your friends will be amazed when you say “I just achieved one of my New Years resolutions.
New Years resolutions are a good thing. Improve yourself, make a positive change, do something you’ve always wanted to do. Make the New Year count – you’ll be glad you did.
Many American homeowners lost their shirts, their shorts and even their homes when the U.S. economy fell off the wall like Humpty Dumpty. Two years later the government still struggles to put it all back together again while regular hardworking Americans and stars of all stripes continue to be pummeled by the steep devaluation of their real estate investments, many of which were purchased at the peak of the recent real estate bubble.
Even though they priced them far below what they paid, there were oodles of celebs who failed to sell their homes in 2010 and many who lost substantial amounts of money, even when they did manage to offload their properties. And still other famous folks, like Latoya Jackson, Timothy Busfield and hip-hop entrepreneur Damon Dash, found themselves forced into foreclosure on luxurious and expensive residences they could no longer afford.
One of the biggest losers in the 2010 celebrity real estate game was idiosyncratic and stunningly beautiful actress Scarlett Johansson who plunked down a very A-list $7 million to buy a huge house in May of 2007 in the star studded Outpost Estates section of Los Angeles. (This was before she wed Ryan Reynolds; she and Reynolds made headlines this week when they announced their marriage was over after just two years.) Her neighbors included Oscar nominated desperate housewife Felicity Huffman and Oscar winner Charlize Theron. Property records show Johansson caught a very serious and costly case of the real estate fickle and sold the 1930s Spanish hillside villa at a pocketbook punishing $3 million loss in June of 2010.
