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Existing-Home Sales Slipped 0.4% in August
WASHINGTON (September 21, 2022) -- Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of REALTORS®. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other posted a drop. On a year-over-year basis, however, sales fell in all regions. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, notched a minor contraction of 0.4% from July to a seasonally adjusted annual rate of 4.80 million in August. Year-over-year, sales faded by 19.9% (5.99 million in August 2021). "The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve's interest rate policy changes," said NAR Chief Economist Lawrence Yun. "The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago." Total housing inventory registered at the end of August was 1,280,000 units, a decrease of 1.5% from July and unchanged from the previous year. Unsold inventory sits at a 3.2-month supply at the current sales pace – identical to July and up from 2.6 months in August 2021. "Inventory will remain tight in the coming months and even for the next couple of years," Yun added. "Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply." The median existing-home price for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer. Properties typically remained on the market for 16 days in August, up from 14 days in July and down from 17 days in August 2021. Eighty-one percent of homes sold in August 2022 were on the market for less than a month. First-time buyers were responsible for 29% of sales in August, consistent with July 2022 and August 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. All-cash sales accounted for 24% of transactions in August, the same share as in July, but up from 22% in August 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in August, up from 14% in July and 15% in August 2021. Distressed sales – foreclosures and short sales – represented approximately 1% of sales in August, essentially unchanged from July 2022 and August 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.22% in August, down from 5.41% in July. The average commitment rate across all of 2021 was 2.96%. Realtor.com®'s Market Trends Report in August shows that the largest year-over-year median list price growth occurred in Miami (+33.4%), Memphis (+25.8%) and Milwaukee (+25.0%). Phoenix reported the highest increase in the share of homes that had their prices reduced compared to last year (+30.9 percentage points), followed by Austin (+24.8 percentage points) and Las Vegas (+24.4 percentage points). Single-family and Condo/Co-op Sales Single-family home sales decreased to a seasonally adjusted annual rate of 4.28 million in August, down 0.9% from 4.32 million in July and down 19.2% from the previous year. The median existing single-family home price was $396,300 in August, up 7.6% from August 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 520,000 units in August, up 4.0% from July and down 24.6% from one year ago. The median existing condo price was $333,700 in August, an annual increase of 7.8%. "In a sense, we're seeing a return to normalcy with the homebuying process as it relates to home inspections and appraisal contingencies, as those crazy bidding wars have essentially stopped," said NAR President Leslie Rouda Smith, a REALTOR® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "In an ever-changing market, REALTORS® help consumers successfully manage the complexities of buying or selling homes." Regional Breakdown Existing-home sales in the Northeast grew 1.6% from July to an annual rate of 630,000 in August, down 13.7% from August 2021. The median price in the Northeast was $413,200, an increase of 1.5% from the previous year. Existing-home sales in the Midwest fell 3.3% from the prior month to an annual rate of 1,160,000 in August, retreating 15.9% from August 2021. The median price in the Midwest was $287,900, up 6.6% from the previous year. At an annual rate of 2,130,000 in August, existing-home sales in the South were identical to July but down 19.3% from one year ago. The median price in the South was $356,000, an increase of 12.4% from August 2021. Existing-home sales in the West expanded 1.1% compared to last month to an annual rate of 880,000 in August, down 29.0% from this time last year. The median price in the West was $602,900, a 7.1% increase from August 2021. The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Home values decline for second month as competition eases
Bouncing mortgage rates hinder buyers stressed about affordability SEATTLE, Sept. 19, 2022 -- Home values slipped for the second consecutive month as mortgage costs continue to sideline buyers, according to Zillow's latest market report1. Affordability is driving market momentum: Low-cost markets remain competitive while prices drop the fastest in both the most expensive markets and those that witnessed the strongest appreciation during the pandemic. In addition to affordability challenges, recent volatility in mortgage rates is making it difficult for many borrowers to qualify for a loan or even plan for their purchase. "Substantial day-to-day and week-to-week rate movements mean that many potential buyers are able to qualify for a loan one week, but not the next, or vice versa," said Skylar Olsen, chief economist at Zillow. "Even buyers able to afford a house at current rates could feel frozen, waiting for mortgage rates to fall dramatically again, like they did from the end of June to mid-July, when rates dropped 50 basis points in just two weeks." As the share of median household income needed to pay monthly mortgage costs now stands beyond the 30% level considered to be a financial burden, uncertainty itself could be holding up a large population of buyers who could otherwise still afford to move forward with a loan. It's likely that this problem will continue until markets stabilize and return to some semblance of normalcy, Olsen said. The U.S. typical home value fell 0.3% from July to August and now stands at $356,054, as measured by the raw2 Zillow Home Value Index. That's the largest monthly decline since 2011 and follows a 0.1% decrease in July. Appreciation has receded since peaking in April, but typical home values are still up 14.1% from a year ago and 43.8% since August 2019, before the pandemic. Typical mortgage payments show an even starker picture of the astronomical growth of expenses for new homeowners over the past three years. The historic rise in home prices over the pandemic combined with this year's spiking mortgage rates have pushed the monthly mortgage payment on a newly-purchased typical home, including insurance and taxes, from $897 in August 2019 to $1,643 – an 83% increase. Reduced competition has homes lingering on the market. Typical time before a listing goes pending is now 16 days3, three days more than in July — a steeper increase than the market usually sees this time of year — and up from an all-time low of six days in April. Inventory ticked up, rising 1% from July. But that's by far the smallest monthly increase since February. A significant decline in the flow of new listings to the market over the past two months indicates that the slight rise in total inventory is the result of homes taking longer to sell, rather than extra selling activity. Mortgage rates hovering around 6% are likely dissuading many owners from selling their current homes and entering the market as buyers. Affordable markets in the Midwest are generally retaining their heat while competition is cooling most rapidly in Western markets, especially those that either cost the most or saw the most extreme appreciation over the pandemic. Home values rose from July to August in 12 of the 50 largest U.S. markets, led by Birmingham (0.9%), Indianapolis (0.5%), Cincinnati (0.4%) and Louisville (0.2%). Those four all have a typical home value well under $300,000. Miami, in the fifth spot, breaks the trend here, but also features the highest rent growth over the past three years by far, which could be stoking demand for purchases. Values fell the furthest month over month in San Francisco (-3.4%), Los Angeles (-3.4%), Sacramento (-3.2%) and Salt Lake City (-2.6%). Listings' time to pending saw similar trends, decreasing since July by one day in Milwaukee and staying steady in St. Louis, Cincinnati, Columbus and Louisville. Markets with the largest increase were Las Vegas by 11 days, Austin (10), Phoenix (8) and Riverside (7). Sellers appear to be coming to grips with the new market paradigm. The share of listings with a price cut rose by just one percentage point since July, compared with much steeper hikes in previous months. Roughly 28% of listings nationally received a price cut — slightly higher than August 2019's rate of 22%. The share of listings with a price cut is highest in Salt Lake City, Phoenix, Las Vegas and Austin. Markets with the lowest rates for price cuts are Milwaukee, New York, Hartford and Boston. Rent growth continued to ease in August, with typical rent of $2,090 now 12.3% above that of last August — down from a peak of 17.2% annual growth in February. Annual rent growth is strongest in Miami (21.9%), New York (17.9%), Orlando (17.5%) and San Diego (17.1%). *Table ordered by market size 1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research. 2 Home value figures in the August 2022 Zillow market report represent the raw version of the Zillow Home Value Index. Zillow Research has chosen to present the raw version during this period of unparalleled volatility. The full series of all ZHVI versions, including geographic cuts down to the ZIP code level, are available for download at https://www.zillow.com/research/data/. 3 Raw median days to pending. A smoothed (3-month moving average) version of this metric appeared in previous market reports. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) and (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease.
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California, New Jersey and Illinois Again Dominate List of Vulnerable Housing Markets
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Redfin Reports Nearly One-Third of U.S. Homes Are Bought With Cash, Well Above Pre-Pandemic Levels
For buyers taking out loans, the share of homes purchased using FHA and VA loans are both up slightly from record lows as the market cools down SEATTLE -- Nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, according to a new report from Redfin, the technology-powered real estate brokerage. That's near the eight-year high reached in February and up from 27.5% a year earlier. The share of all-cash purchases jumped in early 2021 during the pandemic-driven homebuying frenzy and has remained elevated since then. All-cash purchases are prevalent with today's affluent buyers largely because mortgage rates have doubled from a year ago, reaching 6% in mid-September. Buyers who don't use loans avoid high interest payments that exacerbate home prices, which remain near record highs even as the housing market slows. All-cash purchases jumped in popularity last year because they allowed buyers to stand out among fierce competition: Bidding-war rates reached record highs in early 2021 due to sub-3% mortgage rates and remote work driving homebuyer demand. Remote work has also given more Americans the option to use all cash, as it allowed a record share of homebuyers to relocate, often from expensive to affordable parts of the country. U.S. home values have skyrocketed since the start of the pandemic, which means Americans who sell a home in a pricey place like San Francisco may use equity to pay cash in a more affordable area like Las Vegas. Investors are also contributing to the all-cash boom. Real estate investors bought up a record share of the U.S. housing stock in the fourth quarter of last year, and their share has remained above pre-pandemic levels since then. About three-quarters of investor home purchases are made with cash. All-cash purchases are most prevalent in Long Island, NY and Florida Three of the five metro areas with the highest share of all-cash purchases are in Florida, partly because the state is home to a lot of affluent buyers. But Long Island, NY–which includes the Hamptons–is home to the highest share of cash buyers, with two-thirds (66.5%) of home purchases made in cash in July. Next come West Palm Beach (56.4%), Jacksonville (45.5%), Milwaukee (45.3%) and Fort Lauderdale (43.3%). A trio of expensive West Coast markets have the lowest share of all-cash purchases, partly because high prices make it more challenging to pay in cash: Oakland, CA (15.1%), San Jose, CA (16%) and Seattle (16.7%). Washington, D.C. (17.5%) and Pittsburgh (17.8%) round out the bottom five. FHA loans are somewhat more popular than they were at the height of the market, but less prevalent than before the pandemic Even though all-cash purchases are at an eight-year high, most home purchases use loans. Conventional loans are by far the most common type, followed by Federal Housing Administration (FHA) and Veterans Affairs (VA) loans. More than eight in 10 (81.3%) of home sales that used a mortgage in July took out a conventional loan, down slightly from 81.9% a year earlier and down from the record high of 83.8% set in April. Roughly 12% of home sales that used a mortgage in July took out an FHA loan, flat from a year earlier but up from the all-time low of 10.4% in the spring. And 6.8% used a VA loan, up slightly from 6.2% a year earlier but up from the record low of 5.4% in spring 2021. "The spike in interest rates is pricing some buyers out of the market, but it's also helping some buyers get into the market because there's less competition," said Tampa Redfin agent Eric Auciello. "A lot of buyers who were repeatedly outbid earlier this year are having their offers accepted, including those using FHA loans, those with smaller down payments and ones that include inspection and financing contingencies. In 2021, hardly any buyers used FHA loans. The story is completely different now, as low down payments are no longer an automatic deal breaker for sellers." But FHA loans are still much less prevalent than they were pre-pandemic; about 17% of mortgaged purchases used them in 2019. That's partly because even though the market has cooled and FHA buyers are less likely to face competition, homes are still quite expensive: The typical U.S. home that sold in July cost about 8% more than a year earlier. That means a lot of the people who would use an FHA loan–lower-income, first-time homebuyers–are priced out of the market. VA purchases are about as popular as before the pandemic; roughly 7% of mortgaged purchases used them in 2019. Read the full report, including charts, methodology and additional metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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The Best Time to Buy a Home is the Week of Sept. 25, According to Realtor.com
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Homebuyers With Access to Flood-Risk Data Bid on Lower-Risk Homes
Redfin users who viewed homes with severe and/or extreme flood risk prior to a Redfin experiment proceeded to bid on homes with 54% less risk after gaining access to flood-risk data SEATTLE -- Homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don't have access, according to a new report from Redfin, the technology-powered real estate brokerage. That's according to a three-month randomized controlled trial involving 17.5 million Redfin.com users, half of which had access to property-level flood-risk scores (treatment group) and half of which did not (control group). Redfin users who viewed homes with an average flood-risk score of 8.5 (severe/extreme risk) prior to the study went on to bid on homes with an average score of 3.9 (moderate risk) after gaining access to flood-risk data—a decrease of 54%. By comparison, users who viewed homes with an average score of 8.5 before the study but did not get access to risk data went on to bid on homes with an average score of 8.5. Redfin only saw this impact on users who had been viewing homes with severe/extreme risk prior to the study, suggesting that flood danger is currently unlikely to change homebuyer decisionmaking unless it's substantial. When users who viewed homes with lower risk (minimal, minor, moderate and/or major) prior to the study gained access to flood-risk scores, there was no statistically significant change in the risk level of homes they proceeded to bid on. "We now have definitive evidence that the risks posed by climate change are affecting where Americans choose to live. Before Redfin's experiment, that was just a hypothesis," said Redfin Chief Economist Daryl Fairweather. "Equipping people with flood-risk information helps them make more informed decisions. Some will opt to move out of risky areas altogether, while others will stay put but invest in making their homes more resilient to disaster." Fairweather continued: "As more house hunters become aware of climate risk, homes in endangered areas will likely receive fewer offers, causing home values to fall. At the same time, we may see prices in lower-risk, inland areas rise as more Americans move there to avoid flooding." Flood-Risk Data Also Impacted Which Homes Buyers Viewed Online Giving house hunters access to flood-risk data also impacted their online search behavior. Redfin users who were viewing homes with an average risk score of 9.5 (extreme) prior to the study went on to view homes with an average risk score of 8.5 after gaining access to flood-risk data—a decrease of about 10%. There was no meaningful change in the average risk score of homes viewed by users in the control group who had been viewing extremely risky homes prior to the experiment. The impact increased over time for users who had access to flood-risk data. On average, users who viewed homes with extreme risk before the study were viewing homes with 25% less risk than the control group after nine or more weeks in the experiment, compared with just 7% less risk during week one. "Climate-risk data may start to have an even bigger impact on homebuyer decisions now that the housing market is slowing and tilting more in buyers' favor," said Sebastian Sandoval-Olascoaga, the MIT researcher who co-conducted the experiment. "Today's buyers have more leeway to seek out the home features they really want. For some buyers that might mean considering only turnkey homes, and for others it might mean limiting their search to homes with minimal flood risk." Redfin Users in Cape Coral, FL and Houston Were Most Likely to Click on Flood-Risk Data Redfin also measured how frequently Redfin users in the experiment took the additional step of clicking into a home listing page's "Flood Risk" section, where more information can be found on future risk, FEMA flood zones and disaster insurance. Nationwide, users in the treatment group clicked into the flood-risk section 2.8% of the time. Many users likely didn't feel the need to expand the flood-risk section because they found the preview of the flood-risk data sufficient—one reason the clickthrough rate appears low. In Cape Coral, FL, users in the treatment group clicked into the flood-risk section 8.5% of the time, the highest rate among the 100 most populous U.S. metropolitan areas. Next came Houston (8.1%), Baton Rouge, LA (7.5%), McAllen, TX (7.4%) and New Orleans (7.3%). Three other Florida metros—North Port, Tampa and Jacksonville—were also in the top 10. All of these areas face flood risk, and some have attracted an influx of homebuyers during the pandemic. Tampa, Cape Coral and North Port all consistently rank on Redfin's list of most popular migration destinations—an analysis based on net inflow, or how many more Redfin.com users are looking to move into an area than leave. Top 10 Metros Where Redfin Users Were Most Likely to Click on Flood-Risk Data Alexis Malin, a Redfin buyer's agent in the Jacksonville, FL area, recently worked with a buyer who opted out of purchasing a home due to its high flood-risk rating. "I had a buyer from the Northeast who toured a beachfront home in the Jacksonville area and was close to making an offer, but changed his mind after seeing that the flood-risk rating on Redfin was almost a 10 out of 10," Malin said. "He loved the house and the location, but decided the purchase was just too big of a financial risk. He ended up staying in the Northeast and buying a home there instead." People Have Access to Climate-Risk Data—What Now? Individuals should be aware that if they own or buy a home with high natural-disaster risk, it may require costly disaster insurance and could ultimately drop in value. It's possible this will disproportionately impact disadvantaged communities, which are often more exposed to flooding. Formerly redlined areas have a larger share of homes with high flood risk than areas that weren't redlined, a 2021 Redfin analysis found. While redlining has been outlawed for years, formerly redlined areas are still more likely to house people of color than non-redlined areas. "Home prices haven't yet started to broadly plummet due to natural-disaster risk. That means communities that face the highest risk still have time to act," Fairweather said. "If a homeowner thinks their property will lose value due to flood risk, they may want to relocate now to keep both themself and their finances safe. Unfortunately, that may mean passing on the risk to someone else. Governments can help prevent that by purchasing and demolishing at-risk homes, or subsidizing climate-resilient improvements. Upgrades like landscaping, flood walls and flood openings to direct water away from homes can help an at-risk property retain value." Fairweather continued: "Local and federal leaders should also be using climate-risk data to inform their policy decisions. Lawmakers in lower-risk cities should consider changing zoning laws to allow for denser housing, which would provide more options for people who face flood risk but don't have a place to go." Redfin conducted this experiment from Oct. 12, 2020 to Jan. 3, 2021 in partnership with researchers from University of Southern California, the National Bureau of Economic Research and Massachusetts Institute of Technology. Flood-risk scores came from First Street Foundation's Flood Factor. Redfin now publishes climate-risk data (including fire, heat, drought, storm and flood) for nearly every U.S. home, with the exception of rentals. To view the full report, including charts, graphics and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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National Association of Realtors Announces Partnership With PunchListUSA
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Millennial and Gen Z Renters Have Inflation Rates Above 11%, Compared with 8.5% For the Typical American
Inflation is hitting young renters hard because the cost of rent and other expenses has increased much faster than their incomes SEATTLE -- Millennials who took on a new rental lease in July saw their overall cost of goods and services increase 11.6% year over year, substantially higher than 8.5% for the U.S. population as a whole. The personal inflation rate for Gen Z renters taking on a new lease came nearly as high at 11.3%, according to a new report from Redfin, the technology-powered real estate brokerage. That's largely due to soaring rental costs, with asking rents up 13.5% year over year in July. While rental price increases have slowed after skyrocketing in 2021, asking rents are roughly 25% higher than they were before the pandemic. Millennials and Gen Zers allocate more than one-quarter of their income to housing, the largest chunk of all spending categories. "Inflation is hitting young renters hard because not only have prices of everything from food to fuel soared, but so have rental prices," said Redfin Senior Economist Sheharyar Bokhari. "Homeowners are forking over more money at the grocery store and the gas pump, but at least the number on their mortgage statement isn't going up every month. Combine high rental prices with student loan debt and relatively low incomes, and it's difficult for millennials and Gen Z renters to put money into savings, retirement accounts and down-payment funds to eventually buy a house. They may also have higher interest rates on debt, which cuts further into their potential savings." While inflation has cut into the budgets of most Americans, it's more severe for younger generations. Gen Zers overall have an inflation rate of 9.2% and millennials clock in at 9.6%. That's lower than the 11%-plus rates specifically for members of those generations who rent, but it's higher than 8.5% for the general population. Inflation is also more severe for renters overall, who tend to be young. The price of goods and services rose 9.2% year over year in July for all renters. Less than half (48.5%) of millennials own their home, and while official data isn't available for Gen Zers, the rate is likely significantly lower. That's compared with homeownership rates near 80% for baby boomers and 70% for Gen Xers. Older generations tend to have lower personal inflation rates partly because they're more likely to own their homes and earn money from rising equity rather than spend money on rent. Inflation is particularly difficult for Gen Z adults to grapple with because they typically have relatively low entry-level incomes and don't own many assets—but they're still bearing the brunt of rising costs. Inflation is also having an outsized impact on millennials, as older millennials have been playing financial catch-up since starting their careers during the Great Recession and younger ones are early in their careers with fewer savings and lower incomes. Gen Zers have just 2% of their income left over after paying for housing and other necessities Incomes for both Gen Zers and millennials have increased 9.7% from 2020 to 2022—but expenses rose much more, about 17%. Costs increasing faster than incomes have left young Americans without much disposable income. For the typical Gen Z adult, just 1.9% of their $40,953 median income is left over after accounting for housing payments and other expenses including food and transportation. That's down from 7.7% of their income in 2020. While that technically leaves just a sliver of their income for discretionary spending, many Gen Z adults—which includes those who are college aged—live with their parents and/or receive financial help from them. The typical millennial has about 26% of their income left over after accounting for housing payments and other expenses, down from 30% in 2020. These figures are higher for millennials mostly because they earn more money. The typical millennial income of $85,233 is more than double the typical Gen Z income. If the typical Gen Zer saved all of their disposable income, they would have just $766 at the end of the year. Millennials would have $21,959. At that rate, it would take millennials four years to save enough for a 20% down payment for the median-priced U.S. home ($413,000). It would theoretically take Gen Zers more than 100 years to save at that rate, but that figure isn't realistic because we expect the youngest workers' incomes to grow as they age. Four in 10 (39%) recent or current first-time homebuyers didn't buy a home sooner because of the high cost of rent, according to an August Redfin survey. The high cost of rent was the most commonly cited obstacle, ahead of other obstacles including debt and pandemic-related financial setbacks. Nearly 80% of the respondents to this question were millennials or Gen Zers. "The combination of expensive housing, high inflation and relatively low incomes have forced many young renters to save money in creative ways," Bokhari said. "Some are living with their parents or roommates longer than they would like, and others are moving to more affordable areas." Young renters in Seattle, Miami and New York are hit hardest by inflation Seattle Gen Zers who signed a new lease in June—the most recent month for which data is available—saw prices of goods and services rise 17.1%, the highest inflation rate of the 21 metros in this analysis and substantially higher than the 10.1% overall June Seattle inflation rate. The metros included in this analysis are ones for which metro-level inflation data is available. Next comes Miami, where members of Gen Z signing a new lease in June had an inflation rate of 14.2%, compared with 10.6% for the metro overall. Rounding out the top three is New York, where Gen Zers taking on a new lease in July have an inflation rate of 12.8%, nearly double the metro's overall rate of 6.5%. The list is the same for millennials, with those signing a new lease in Seattle experiencing 16.8% inflation, followed by 14% in Miami and 12.6% in New York. That's partly due to quickly increasing rental costs in those three coastal metros. Seattle and New York are both among the 10 metros with the fastest-rising rents in July, with the typical asking rents increasing 22% year over year to $3,157 in Seattle and 23% to $4,209 in New York. Miami asking rents rose 18% to $3,068. To read the full report, including a chart, metro-level table, and methodology, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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Own Up and Realtor.com Join Forces to Streamline the Home Buying Process
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National Association of Realtors Honors 2022 Good Neighbor Awards Finalists
WASHINGTON (September 1, 2022) -- The National Association of Realtors has selected 10 Realtors as finalists for its 2022 Good Neighbor Awards, which honor NAR members who make an extraordinary difference in their communities through volunteer work. This is the 23rd year the Good Neighbor Awards program has recognized Realtor volunteers who donate time, money and passion to enrich the lives of people in their communities. "This year's Good Neighbor finalists have gone above and beyond to help build stronger communities and improve the lives of people across this country," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "Their determination and selfless commitment embody everything that we strive for as Realtors® and as compassionate members of our community. I'm proud of this group for devoting hundreds of hours of their personal time to these important causes." Five winners will receive a $10,000 grant and national media exposure for their charity, including a feature in the fall issue of REALTOR® Magazine. The winners will also be honored in November during NAR NXT, The REALTOR® Experience, in Orlando, Florida. Five honorable mentions will receive $2,500 grants. Beginning today, the public can vote for their favorite of the 10 Good Neighbor finalists. The top three vote-getters will be recognized as Web Choice Favorites, with the winner taking home $2,500, and the second and third place finishers each receiving $1,250, funded by Realtor.com®. Cast your vote at realtor.com/goodneighbor between September 1 and October 3. Both the winners, as determined by judges, and the Web Choice Favorites will be announced on October 6. The 10 NAR Good Neighbor Awards finalists are as follows: Jennifer Barnes, Keller Williams Realty Peachtree Road, Brookhaven, Georgia In 2020, Jennifer Barnes thought she would feed people for just a few weeks until the COVID-19-induced shutdowns ended. That experience opened her eyes to an underlying vulnerability in her affluent Atlanta-area neighborhood that extended well beyond food. The nonprofit she founded, Solidarity Sandy Springs, inspires more than 2,600 volunteers to provide wide-ranging community services for thousands of families, including free eye exams and glasses, flu vaccines, job fairs, back-to-school backpacks, and more. Barnes has also distributed nearly one million pounds of food to about 46,000 shoppers. nar.realtor/gna/jennifer-barnes Dennis Curtin, Legacy Investments, Kansas City, Missouri Dennis Curtin founded Mimi's Pantry to offer a more positive food pantry experience to people in need. The state-of-the-art, 6,000-square-foot facility welcomes shoppers to browse the aisles and choose their food, just as they would in a grocery store. The nonprofit invested in commercial refrigeration equipment and offers fresh meat, produce and milk. It also has a play area and library for kids and is building a greenhouse, an orchard of fruit trees and berry bushes this fall. In three years, it has served 50,000 individuals. nar.realtor/gna/dennis-curtin Jim Edmonds, Emerald Isle Properties, Kilauea, Hawaii As the Hawaiian island of Kauai may at any time have only a handful of homes for sale under $1 million, Permanently Affordable Living (PAL) Kaua'i founder Jim Edmonds partners with nonprofits to build and convert affordable housing for service and farm workers within walking distance to their workplaces. Edmonds navigates the complex challenges of poor infrastructure and resource scarcity through innovative, cost-saving solutions like solar energy, edible landscaping, shared electric vehicles, and shared bicycles. nar.realtor/gna/jim-edmonds Heather Griesser LaPierre, RE/MAX Preferred Newtown Square, Newtown Square, Pennsylvania To address food insecurity in her neighborhood and around the world, Heather Griesser LaPierre founded Kids Against Hunger Philadelphia. She rallies hundreds of volunteers each month to pack nutritious, ready-to-make pasta- and rice-based meals, involving local entities like churches, scout troops and police officers. In 2021, she decided to double production to 350,000 meals a month in order to ensure children who depended on school lunches were fed. This effort was even more impressive considering COVID-19 restrictions had forced her to manage with a fraction of the normal volunteer force. nar.realtor/gna/heather-griesser-lapierre Tamara "Tami" Hicks, Century 21 Signature Real Estate, Ames, Iowa As a Realtor®, Tami Hicks would see sellers throw out perfectly good furniture that they didn't need because they didn't know what to do with it. Hicks gathered a few friends and co-founded Overflow Thrift Store, a nonprofit that recycles and resells home furnishings and clothing. Now boasting two locations, the thrift stores' proceeds are distributed monthly to 10 nonprofit organizations. It also partners with eight additional community agencies to provide clients with free shopping vouchers for furniture and housewares. Since 2014, Overflow Thrift Store has resold more than 1 million items, recycled 325 tons of clothing that otherwise may have gone into landfills and donated $512,000 to nonprofit organizations. nar.realtor/gna/tami-hicks Lisa Hoeve, Coldwell Banker Woodland Schmidt, Holland, Michigan As a foster parent herself, Lisa Hoeve understands the stressful circumstances that arise when a child is placed in a new home, often with strangers, on short notice and carrying none of their own belongings. Hoeve created Hope Pkgs to ease the transition for the children and to support the foster parents striving to ensure these children are as comfortable as possible. She works through child service agencies in Michigan to provide "First Night Bags" with gender- and age-appropriate new pajamas, socks, underwear, blankets, toiletries and stuffed animals. Since 2015, she has served more than 4,200 children. nar.realtor/gna/lisa-hoeve Debbie McCabe, Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, and the Trident Group, Devon, Pennsylvania Most of us don't know what it feels like to sleep on the streets in the winter, but Debbie McCabe does. Each year, she leads a team of people who voluntarily sleep in cardboard boxes to raise money to help youth experiencing homelessness. For more than 10 years, McCabe has been a volunteer leader for the 76-bed Covenant House Pennsylvania. The transitional housing and services it provides build a bridge to hope for young people overcoming homelessness and who have been a victim of human trafficking. McCabe helped the facility safely keep its doors open 24 hours a day, 7 days a week at the height of the pandemic. nar.realtor/gna/debbie-mccabe Debbie Miller, Webpro Realty, Lakeland, Florida Debbie Miller had been a devoted volunteer for KidsPACK for many years, helping provide weekend food to kids who might not otherwise have had enough to eat. When COVID-19 hit and demand spiked, the organization found that vendors could no longer supply the bulk food it needed. As inventory dwindled, Miller took to social media, starting a Facebook page and convincing hundreds of new people to donate Chef Boyardee provisions using Amazon. The organization was able to support 140 new children from this effort alone. Today, it feeds 3,000 kids from 80 area schools on weekends. nar.realtor/gna/debbie-miller Kathy Opperman, Long & Foster Collegeville, Collegeville, Pennsylvania Kathy Opperman knows a little support can make all the difference when managing grief or loss. She founded Pillars of Light and Love, which offers a multitude of programs and support groups including grief support, help with anxiety, healthy coping skills training, anti-bullying and self-confidence building, and several youth empowerment programs. They have offered over 800 free workshops and support groups. Their mission is to build confidence, self-esteem and resilience so adults and youth can overcome the stresses of life. nar.realtor/gna/kathy-opperman MaliVai Washington, Diamond Life Real Estate, Jacksonville Beach, Florida For 26 years, MaliVai Washington Youth Foundation founder Mal Washington has been breaking the cycle of poverty through a vibrant after-school mentoring program. Originally rooted in his beloved sport of tennis, MWYF now serves 500 kids annually through a comprehensive youth development program of academic tutoring, leadership skills, financial training and fitness. He is proud of the 100% high school graduation rate within the program as the surrounding neighborhood's dropout rate is 20%. nar.realtor/gna/malivai-washington NAR's Good Neighbor Awards is supported by primary sponsor Realtor.com® as well as the Center for REALTOR® Development. "The Good Neighbor Award finalists are a remarkable group of individuals," said Realtor.com® CMO Mickey Neuberger. "Their work shows that volunteers are truly improving our communities and making them a better place, and Realtor.com is so pleased to be able to recognize them for their efforts." Nominees were judged on their personal contribution of time as well as financial and material contributions to benefit their cause. Realtor.com® is an open real estate marketplace built for everyone. Realtor.com®(link is external) pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for empowered growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. The Center for REALTOR®Development (CRD) is a wholly owned subsidiary of NAR, and the home of high-quality education. With 10+ credentials, learning pathways, over 100 microcourses, and an award-winning podcast, there is a learning experience for every real estate professional. Sharpen your skills and boost your business by investing in yourself. Get started at crd.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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'Shrinkflation' hits $1 million homes, down 397 square feet since 2020
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Bargaining Power is Back; 92% of Recent Sellers Accepted Buyer-Friendly Terms
Home sellers are once again making repairs and accepting contingencies as we move toward a more balanced housing market SANTA CLARA, Calif., Aug. 30, 2022 -- The days of frenzied sales with waived inspections might be behind us, as buyers regain a bit of bargaining power. According to a new Realtor.com® survey, 92% of people who sold their home within the last year accepted some buyer-friendly terms and 41% accepted some contingencies in the contract. Additionally, among those surveyed, the number of buyers asking for repairs based on the inspection results more than doubled in recent months and the number of sellers refusing to make repairs dropped to zero. Whether it be financing, timing, repairs or flexibility, the art of negotiation is returning to the housing market. Realtor.com® surveyed 449 people who sold their home within the last 12 months. To highlight the shifting market, responses were collected based on how long ago the home sold. "Our survey shows that the overheated housing market of the past two years, which predominantly favored sellers, is beginning to regain a sense of normalcy, which is welcome news for home buyers," said George Ratiu, manager of economic research, Realtor.com®. "The combination of higher mortgage rates and prices have noticeably cooled demand over the first half of the year. In addition, as more homeowners have been listing their properties, rising inventory is motivating more of them to resort to price cuts in order to successfully close transactions. At the same time, even as we are seeing a shift toward a more buyer-friendly market, it's worth noting that the majority of recent sellers are still satisfied with the outcome of their home sale." Room for negotiation Despite the extremely competitive housing market of the past several years, the survey suggests that negotiation is back on the table – for both price and contract terms. Homes that sold at- or above-asking price peaked at 82% in Feb. and March of 2022 when mortgage rates were below 4% and dropped to 69% for homes that sold within the last month when rates hovered near 6%. By contrast, the share of sellers who sold below-asking jumped from 18% in Feb. and March 2022 to 31% for those sold within the last month. Additionally, 92% of all recent sellers accepted some buyer-friendly terms. Those included: 41% Accepted some contingencies in the contract (appraisal, home inspection, home sale, financing, etc.) 32% Dropped the price because the home didn't meet appraisal 32% Paid for some or all of the buyer's closing costs 30% Had to be flexible on the ideal timeline for closing 29% Paid for repairs to the home after the appraisal 28% Were not able to rent the home back after close despite asking to Inspections and repairs make a comeback A professional home inspection is always a good idea for homebuyers, but during the housing market's peak, many buyers waived this important step in order to be competitive with their offer. Of those who sold within the last month, 95% reported that the buyer requested a home inspection, up from 82% of those who sold 6-12 months ago. More than twice as many buyers of homes that sold in the last month asked for repairs as a result of the home inspection (67%) compared to homes that sold 6-12 months ago (31%). The number of surveyed sellers who refused to pay for any repairs during that time dropped from 8% to zero. Nearly all respondents (95%) who sold their home in the last month made some updates or repairs to the property prior to listing, compared to 71% who sold 6-12 months ago. The average amount that recent sellers spent on repairs prior to listing was $14,163. Not all bad news for sellers Despite the shifting market, homes are continuing to sell quickly. In fact, 22% of people who sold within the past month said that their home went under contract in less than a week. This is up from 14% of people who sold 6-12 months ago. Additionally, 92% of people who sold their home in the past month were satisfied with the overall outcome of their home sale, down slightly from the 98% who were satisfied 6-12 months ago. Nearly half (46%) of sellers in the last month were satisfied with the price of their home sale, compared to 72% of those who sold 6-12 months ago. Changing needs motivate sellers After two years of the pandemic, sellers' needs have changed, prompting a search for another home. Of those who sold within the last year: 31% were looking for different amenities/features 29% found that the home no longer met the needs of their families 26% needed a home office for remote work 23% wanted to live closer to family and friends 20% felt they bought their home in a hurry/panic and decided it was not the right home for them 17% no longer needed to live near an office Methodology This survey was conducted online within the United States from Aug. 9-12 among 3,001 adults, of which 449 had sold their home in the last 12 months. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Ten-X Announces Million-Dollar 'Battle of the Bids' Winner in First-Ever Gamified Real Estate Competition
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Former NAR REACH Executive Director Kia Nejatian Joins Revive Real Estate
Leading Real Estate Venture Capital exec becomes Head of Corporate Development IRVINE, Calif. - August 23, 2022 -- Revive Real Estate, the most complete presale home renovation solution for sellers and cash-backed offer programs for buyers, announces leading real estate venture capital executive Kia Nejatian as its new Head of Corporate Development. He will join the Revive executive leadership team on September 6, 2022. Most recently, Nejatian was the Executive Director of the National Association of Realtors' REACH accelerator program for US real estate startups. He also was a venture capitalist at Second Century Ventures, the strategic investment arm of the NAR, focusing on real estate investments. Revive was among eight residential real estate technology startups selected for the US 2022 NAR REACH program earlier this year. "Kia joining Revive Real Estate rockets our visibility in the PropTech space and puts us on a trajectory that will drive higher revenue and smarter market expansion," said Michael Alladawi, Revive Real Estate CEO and founder. "Leading our business expansion efforts while helping us go deeper with current partners, Kia has the unique skillset to make an immediate impact for Revive. We are excited to have his energy and drive to help take us to an even higher level of success," he added. Before his roles at NAR REACH and Second Century Ventures, Nejatian led real estate and construction investments at Plug and Play Ventures. He also was Director of Partnerships at Kash, a mobile payment startup purchased by a publicly traded financial services company. Previously, he was a Real Estate Analyst at Real Facilities, acquired by Savills Studley, and an Advisor to Toronto Mayor Rob Ford. "The real estate market today is shifting rapidly, and there will be winners and losers," said Kia Nejatian. "Revive shows it does incredibly well in a seller's market, but wait until you see how extraordinary it becomes for agents and sellers in a buyer's market. I'm excited to share the massive value Revive can deliver to sellers and their agents," he added. According to Revive cofounder Dalip Jaggi, adding Nejatian to Revive Real Estate's executive team validates the tremendous growth ahead for the entire Listings Concierge category. "As the demand of our product grows, Kia's involvement will be essential to integrate with the right strategic partners to deliver our mission to help homeowners maximize their biggest asset– their home," Jaggi said. Revive offers presale renovation services for homeowners to help maximize their profits from their home sales. When homeowners renovate their homes before selling, they maximize their return on their most significant asset — their home. Revive research shows that sellers leave 15 to 20 percent of potential profits on the table when they sell their homes "as is." Revive sellers average $186,000 more than the renovation costs and substantially more in higher-cost markets, and once Revive homes are listed, they sell faster. Learn more at www.revive.realestate. About Revive Revive's mission is to guide home sellers through presale renovations without upfront costs. By providing access to Revive's network of top contractors, home sellers gain an average of $186,000 in additional profit when selling their homes. Revive homes sell for more and help sellers move ahead by maximizing their sales value. Learn more at www.revive.realestate.
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Realtor.com's 2022 Hottest ZIP Codes in America: Historic New England is the Newest Homebuying Hotspot
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Four in Five Metro Areas Notched Double-Digit Price Gains in Second Quarter of 2022
Eighty percent of metro markets, 148 of 185, saw double-digit annual price appreciation in median single-family existing-home sales prices (70% in the previous quarter). WASHINGTON (August 11, 2022) -- Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, a greater number of markets experienced double-digit annual price gains compared to the prior quarter, according to the National Association of REALTORS' latest quarterly report. Eighty percent of the 185 tracked metro areas posted double-digit price gains, up from 70% in the first quarter of this year. Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. Year-over-year price appreciation eased slightly compared to the previous quarter's 15.4%. "Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers," said NAR Chief Economist Lawrence Yun. "Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief. The recent dips in mortgage rates will bring additional buyers to market, especially in those places where home prices are still relatively affordable and where jobs are being added." Regionally, the South accounted for 44% of single-family existing-home sales in the second quarter and posted the largest price appreciation of 18.2%. Prices increased 12.7% in the West, 10.1% in the Northeast, and 9.7% in the Midwest. The top 10 metro areas with the largest year-over-year price gains all recorded increases greater than 25%, with seven of those markets located in Florida. Those include Fayetteville-Springdale-Rogers, Ark.-Mo. (31.9%); Lakeland-Winter Haven, Fla. (31.4%); Naples-Immokalee-Marco Island, Fla. (28.9%); North Port-Sarasota-Bradenton, Fla. (28.8%); Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (28.5%); Tampa-St. Petersburg-Clearwater, Fla. (28.0%); Cape Coral-Fort Myers, Fla. (27.8%); Punta Gorda, Fla. (27.4%); Ocala, Fla. (26.7%); and Ogden-Clearfield, Utah (25.5%). The top 10 most expensive markets in the U.S., half of which were in California, included San Jose-Sunnyvale-Santa Clara, Calif. ($1,900,000; 11.8%); San Francisco-Oakland-Hayward, Calif. ($1,550,000; 11.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,300,000; 17.2%); Urban Honolulu, Hawaii ($1,145,000; 17.3%); San Diego-Carlsbad, Calif. ($965,900; 13.6%); Boulder, Colo. ($933,400; 11.8%); Naples-Immokalee-Marco Island, Fla. ($850,000; 28.9%); Los Angeles-Long Beach-Glendale, Calif. ($825,700; 9.2%); Seattle-Tacoma-Bellevue, Wash. ($818,900; 14.4%); and Boston-Cambridge-Newton, Mass.-N.H. ($722,200; 8.9%). "The local job market performance and supply availability are the clear distinguishing factors driving local home price growth," Yun added. "Job growth is positive and should be applauded, but supply restraints are creating unnecessary barriers to ownership opportunities." Housing affordability dramatically tumbled in the second quarter of 2022, driven by sharply rising mortgage rates and climbing home prices. The monthly mortgage payment on a typical existing single-family home with a 20% down payment jumped to $1,841. That's an increase of $444 – or 32% – from the first quarter of this year and $612 – or 50% – from one year ago. Families typically spent 24.3% of their income on mortgage payments, up from 18.7% the prior quarter and 16.9% one year ago. Growing unaffordability impacted first-time buyers looking to purchase a typical home during the second quarter of 2022. For a typical starter home valued at $351,500 with a 10% down payment loan, the mortgage payment rose to $1,810 – a bounce of $433 (or 31%) from the prior quarter and $597 (or 49%) from one year ago. First-time buyers typically spent 36.8% of their family income on mortgage payments, up from 28.7% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to over 25% of the family's income. A family needed at least $100,000 to afford a 10% down payment mortgage in 53 markets, nearly double the 27 markets from the prior quarter. Yet, a family needed less than $50,000 to afford a home in 23 markets, down significantly from 63 markets in the previous quarter. The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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CubiCasa Announces New, Free Product Designed to Make Floor Plans Standard in U.S.
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Chime Introduces Social Studio to Automate and Streamline Social Media Marketing
Latest innovation enables real estate professionals to execute low-cost lead generation programs with organic social media posts directly from the Chime platform PHOENIX and LAS VEGAS, Aug. 03, 2022 -- Today, Chime Technologies, an award-winning real estate technology innovator, introduced the company's latest natively-built platform capability, Social Studio. Designed to help real estate professionals capitalize on social media as a low-cost opportunity to build awareness and fill their pipeline, Social Studio automates the creation and execution of organic social media posts directly from the Chime system. Agents no longer need to spend countless hours developing engaging content; Social Studio provides the automation needed to streamline social media marketing efforts. To learn more, watch our video. As the housing market begins to cool amongst inflation concerns, real estate professionals must manage their operations against the rising cost of doing business. The expense of online marketing is one specific area of concern and agents are increasingly turning to organic social media to generate consistent brand awareness and provide an effective and affordable lead generation strategy. With Chime's Social Studio, users can generate engaging social content automatically. Featuring an easy-to-use rules-based system, Social Studio can automatically publish posts to your social media channels driven by things such as MLS status changes. Key features of Social Studio include the ability to: Showcase your listings, website, or blogs automatically incorporating content from both your website or the MLS; Schedule posts in advance for more consistent awareness; View detailed lead engagement metrics to build customized lead nurturing campaigns; Auto-post when the MLS status of your listing changes. "Every real estate professional knows time is money and as the market tightens it matters more than ever where you spend your time and focus. Our platform has always been designed to help automate key business functions and let agents and teams do what they do best - service the client and close deals. Social Studio is another example of that commitment. By offering a fully-automated social media management tool designed specifically for realtors, we can help our customers attract more followers and capture more leads while keeping costs low," said Stuart Sim, Head of Industry Development, Chime. To learn more, click here. About Chime Technologies Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. For more information, visit www.chime.me/.
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Homesnap Recognizes Top Pro+ Agents With Excellence in Client Service Awards
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Redfin Reports an Uptick in Searches and Tours Highlight Buyers' Mortgage-Rate Sensitivity
Since mortgage rates came down from their June high, measures of early demand like online real estate searches and home tours have ticked up and/or stabilized SEATTLE -- A half-point drop in mortgage rates is drawing some homebuyers back to the market, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin's Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—has increased 15 points since the week of June 19, reversing a 10-week trend of decreasing demand that began in mid-April. Searches of homes for sale on Google have also risen 11 percent since late May, and touring levels have been relatively stable for the past two weeks. However, the uptick in early demand has not carried through to home-purchase contracts or sales. Pending home sales are down, few homes are being listed, and inventory is piling up as homes take longer to sell. Home-sale prices continue to decline, with the year-over-year growth rate falling to 9%, its lowest level since August 2020. "The housing market seems to be settling into an equilibrium now that demand has leveled off," said Redfin chief economist Daryl Fairweather. "We may still be in for some surprises when it comes to inflation and rate hikes from the Fed, but for now an ease in mortgage rates has brought some relief to buyers who were reeling from last month's rate spike. Although the number of sales is down considerably from last year, first time-homebuyers with not a lot of cash are welcoming the decline in competition, and anyone who intends to stay in their home for many years doesn't need to worry about these short-term fluctuations in home prices." In reaction to this week's economic news, Redfin Deputy Chief Economist Taylor Marr added: "Whether we label the current economy a recession doesn't matter much except for sentiment. The under-the-hood stats—on consumption, real income and inflation—significantly worsened last quarter. Weaker economic growth and poor consumer sentiment are weighing on both homebuyers and sellers. The upside is that mortgage rates fall when the potential for economic growth is weak. This could help bring more rate-sensitive homebuyers off the fence to move forward with a purchase." Leading indicators of homebuying activity: For the week ending July 28, 30-year mortgage rates fell to 5.3%. This was down from a 2022 high of 5.81% but up from 3.11% at the start of the year. Fewer people searched for "homes for sale" on Google—searches during the week ending July 23 were down 26% from a year earlier, but are up 11% since late May. The seasonally-adjusted Redfin Homebuyer Demand Index was down 14% year over year during the week ending July 24, but has risen 15 points since the week of June 19. Touring activity as of July 10 was down 4% from the start of the year, compared to an 18% increase at the same time last year, according to home tour technology company ShowingTime. Mortgage purchase applications were down 18% from a year earlier during the week ending July 22, while the seasonally-adjusted index was down 1% week over week. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending July 24. Redfin's weekly housing market data goes back through 2015. The median home sale price was up to $384,871, up 9% year over year, the slowest growth rate since August 2020. Prices fell 2.9% from the peak during the four-week period ending June 19. A year ago they rose 0.9% during the same period. The median asking price of newly listed homes increased 14% year over year to $395,925, but was down 3% from the all-time high set during the four-week period ending May 22. Last year during the same period median prices were down just 1.1%. The monthly mortgage payment on the median asking price home hit $2,336 at the current 5.3% mortgage rate, up 42% from $1,648 a year earlier, when mortgage rates were 2.8%. That's down slightly from the peak of $2,482 reached during the four weeks ending June 12. Pending home sales were down 15% year over year. New listings of homes for sale were down 6% from a year earlier. Active listings (the number of homes listed for sale at any point during the period) rose 4% year over year—the largest increase since August 2019. 40% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 45% a year earlier. 27% of homes that went under contract had an accepted offer within one week of hitting the market, down from 32% a year earlier. Homes that sold were on the market for a median of 20 days, up from 18 days a year earlier and up from the record low of 16 days set in May and early June. Days on market is increasing off its low point for the year faster than it did in 2021, up 4 days in the past eight weeks, compared to a 3 day increase in the eight weeks after the low point in 2021. 47% of homes sold above list price, down from 53% a year earlier. On average, 7.5% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 101.1%. In other words, the average home sold for 1.1% above its asking price. This was down from 102% a year earlier. View the full report, including charts and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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FTC Takes Action to Stop Online Home Buying Firm Opendoor Labs, Inc. from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service
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Home buyers with lower credit scores pay an extra $104,000 in mortgage costs
A borrower with a "fair" credit score could pay $103,626 more over the life of a 30-year mortgage for the same home than an otherwise identical borrower with an "excellent" score would SEATTLE, July 28, 2022 -- Elevated home prices and rising interest rates are feeding into housing affordability woes for potential buyers, especially those with lower credit scores. A new Zillow analysis shows that, nationally, buyers with "fair" credit could be paying up to $288 more on their monthly mortgage payment than those with "excellent" credit. A buyer’s credit profile plays an important role in how much a home ultimately costs. Today's home shoppers can expect to pay around 62% more per month to buy a typically priced U.S. home than they would have a year ago. Zillow examined credit scores against current mortgage rates and found that such monthly cost increases are exacerbated for millions of Americans with low credit scores or less than perfect credit histories. A borrower with an "excellent" credit score — between 760 and 850 — can qualify for a 30-year fixed-rate mortgage with a 5.099% interest rate. For the same loan, a similar borrower with a "fair" credit score — between 620 and 639 — qualifies for a 6.688% rate. This equates to a $288 difference in monthly mortgage payments and nearly $103,626 in interest over the life of a 30-year fixed loan, based on the current price of a typical U.S. home ($354,165). "When you are thinking about buying a home, the best first step you can take is to fully understand your financial picture, what you can afford and your outstanding debts or obligations," said Libby Cooper, Zillow Home Loans vice president. "If you find you have low credit, take realistic steps to improve your credit score by doing things like disputing possible report errors and paying down as much debt as possible. This could increase the amount of home loan you qualify for." The chart below illustrates how a buyer's credit profile plays an important role in how much a home ultimately costs. Buyers who make raising their credit score part of their initial steps in the home-buying process typically have more buying power and lower monthly payments. The cost of buying a typically priced U.S. home based on credit scores There is a direct correlation between credit security — having a strong credit history and structural access to credit offerings — and higher homeownership rates. The homeownership rate is lower in counties that are more "credit insecure," meaning they are home to high numbers of residents with poor or no credit history. That cuts off millions — particularly Black and Latinx residents — from the wealth-building advantages of homeownership. Additionally, Black applicants are denied a mortgage at a rate 84% higher than white applicants, and credit history is the most common reason cited for those denials. Limited traditional financial services in Black and other communities of color are a significant factor in the lack of credit history and the inability to build a high credit score. Fannie Mae and Freddie Mac recently adopted policies that include timely rent payments in their automated underwriting systems. Lenders and brokers can submit bank account data (with borrower permission) to identify 12 months of prompt rent payments to help potential borrowers qualify for a mortgage. "While inclusion of timely rent payments doesn't change a borrower's credit score, it can have a positive impact on how lenders view a borrower's credit worthiness. This move shows how effective policy changes can help consumers build a strong financial foundation that unlocks homeownership," said Cooper. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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The Wall Street Journal and Realtor.com Release Summer 2022 Emerging Housing Markets Index Report
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RICOH360 Tours Releases Automatic Floor Plan Generator
Now agents and photographers can generate professional quality floor plans from their virtual tours automatically CAMPBELL, Calif., July 20, 2022 -- RICOH360 Tours, a service of RICOH Company Ltd, the only truly complete and affordable 360° virtual tour solution under one global brand, announces the launch of the powerful Floor Plan Generator feature. Need an updated floor plan with that virtual tour – not a problem. While sellers fall in love with the virtual tour experience, buyers have come to expect floor plans to tell the truth about how the rooms fit together and the flow between them; and every listing needs a floor plan. According to the National Association of REALTORS® 2021 Home Buyer and Seller Generational Trends report, floor plans are the second most important listing visual. "The convenience of the floorplan feature on RICOH 360 Tours is both an incredible time saver and a terrific feature to offer clients which helps my team stand out from our competitors," added Karin Provencher at NH Realty Gals, a full time New Hampshire real estate agent, having handled over 1,300 transactions. "I have been impressed with the ability to generate floor plans with such accuracy based just on the tours we send in. We will continue to use this valuable feature in all of our listings!" An exact floor plan is generated automatically by the virtual tour url using the Floor Plan Generator feature and returned in 1 to 2 business days. The cost of ordering a black-and-white floor plan is $20 and the first order is free. The images are presented in PNG and PDF format. Here's an example of a finished floor plan: About RICOH360 Tours RICOH360 Tours is the official virtual tour platform of the RICOH THETA camera. A game changing technology that supports the sales and marketing operations of real estate agents, brokerages, photographers and other industries as a cloud-based software that allows anyone from anywhere to virtually view spaces online without having to visit the site. With a RICOH THETA camera and mobile app, anyone can easily create and publish a virtual tour to a real-estate marketplace or MLS in minutes. There is no limit to the number of virtual tours you can publish and the number of images you can insert in a tour. Furthermore, customers can use AI image enhancement, AI Video Maker, AI Virtual staging beta and Floor Plan Generator, which use Ricoh's original AI technology, and are available for all plans, making it easy to create professional content. Learn more at www.ricoh360.com/tours/. About Ricoh Data Service Business Ricoh is the leader in the development of high-quality immersive 360° cameras and platforms for prosumers and professionals to easily capture and share 360° views of physical spaces from a mobile app in minutes. Ricoh creates intuitive solutions that require no professional, technical or photography experience to create immersive digitized photo-realistic views of a physical environment.
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Texas home builders are being 'whiplashed,' says US No. 1 agent
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Revive enhances its brand, becomes Revive Real Estate, changing its top-level domain destination to revive.realestate
IRVINE, Calif. - July 20 2022 -- Revive, the most complete presale home renovation solution for sellers and cash-backed offer programs for buyers, announces the enhancement of its brand, becoming Revive Real Estate, and changes its top-level domain to revive.realestate. "By officially becoming Revive Real Estate, we boost the clarity of our brand and can amplify it with a hot top-level web domain extension," said Michael Alladawi, Revive Real Estate CEO and founder. "Very few Proptech firms, if any, can say that their domain is only their name. It gives our business instant recognition and elevates our marketing," he added. Created by the National Association of Realtors and launched in 2018 alongside .realtor for members of NAR, the .realestate domain is free of restrictions from NAR affiliation. It allows firms like Revive Real Estate to creatively market its brand by leveraging "real estate" as a descriptive and universally understood term. "Securing .realestate is a fantastic fit for Revive to better connect with brokers and their agents, as well as home sellers, buyers and others who are part of the presale renovation ecosystem," said Colleen Doyle, Vice President, RIN and Strategic Initiatives at NAR. "This top-level domain helps firms like Revive own their segment in our industry, setting them apart from their competition," she added. Revive is one of nine Proptech firms in the 2022 NAR US REACH program, operated by Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global real estate technology fund. Revive offers presale renovation services for homeowners to help maximize their profits from their home sales. When homeowners renovate their homes before selling, they maximize their return on their most significant asset — their home. Revive research shows that sellers leave 15 to 20 percent of potential profits on the table if they sell their homes "as is." Alladawi notes that presale renovation is a burgeoning new industry, offering a new tool that more agents and sellers need to know about. "Revive sellers average $186,000 more than the costs of the renovation, and substantially more in higher-cost markets," Alladawi explained. "The more we spread the word – and our new enhanced brand will help – the more wealth we can help create for homeowners when they sell their homes," he added. According to Revive research, a little more than 8% of all homes in the US as of February 2022 were worth at least $1 million. If just one in ten sellers of homes worth $1 million or more chose a presale renovation, sellers would net tens of billions of dollars in additional sale proceeds. "The potential of additional annual wealth creation is staggering," said Revive Real Estate cofounder Dalip Jaggi, noting, "Every year, some 5 million to 6 million existing-home sales occur. If just 5% of these homes chose a presale renovation, sellers could increase by $56 billion." Learn more at www.revive.realestate. About Revive Revive's mission is to guide home sellers through presale renovations without upfront costs. By providing access to Revive's network of top contractors, home sellers gain an average of $186,000 in additional profit when selling their homes. Revive homes sell for more and help sellers move ahead by maximizing their sales value. Learn more at www.revive.realestate.
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Down Payment Resource releases Q2 2022 Homeownership Program Index
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National Association of Realtors Announces Partnership with Rental Beast
CHICAGO (July 12, 2022) -- The National Association of Realtors today announced Rental Beast as its exclusive recommended software provider in the rental space. Under this agreement, NAR members receive free access to Apply Now by Rental Beast, the secure FCRA-compliant online rental application and tenant screening engine. "NAR REALTOR Benefits® aims to provide products and services that deliver value and empower Realtors® to succeed in their businesses," said Rhonny Barragan, NAR vice president of strategic alliances. "Rental Beast created a lead-to-lease platform which brings seamless entry into the multibillion-dollar rental industry and its clientele, and we are thrilled to provide this benefit to our members." NAR members will also receive unlimited access to Rental Beast University, the digital education platform designed by industry experts. Rental Beast is also integrated with many MLS platforms and association websites. NAR members within these partnerships receive additional access to rental-centric listing management tools, including listing add/edit, comprehensive rental search, rental listing syndication, rental lead generation and qualification, and renter-to-buyer conversion. "We are proud to be NAR's exclusive provider of rental solutions," said Ishay Grinberg, founder and CEO of Rental Beast. "This partnership will help Realtors® better serve their clients and U.S. consumers everywhere by partnering them with the nation's more than 113 million renters. With our tools, Realtors® can also build relationships with potential home buyers by serving as their trusted advisors in the rental process." To claim this benefit, NAR members can sign up for a free account at nar.realtor/rental-beast. Once activated, the account will allow Realtors® to initiate applications for any rental property and access Rental Beast University content anytime. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About Rental Beast Rental Beast is a leading real estate technology firm with an end-to-end SaaS (Software as a Service) platform designed to empower real estate professionals and the nation's most comprehensive database of more than ten million rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. Rental Beast achieved notable success as a member of the 2022 REACH Canada cohort, a unique technology scale-up program managed by Second Century Ventures, NAR's strategic investment arm. About NAR REALTOR Benefits® NAR REALTOR Benefits® is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries.
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HomeJab Debuts Novel Real Estate Agent Marketing Method that Creates Real-Estate-Backed-NFTs to Promote Home Sales
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Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate
The combined company expands Matterport Capture Services by bringing together the industry-best of Matterport digital twins and floor plans with professional photography, drone capture, and marketing services SUNNYVALE, Calif., July 07, 2022 -- Matterport, Inc., the leading enterprise and real estate digital twin company driving the digital transformation of the built world, today announced the acquisition of VHT, Inc., known as VHT Studios, a U.S.-based real estate marketing company that offers brokerages and agents digital solutions to promote and sell properties. This transaction brings together VHT Studios' visual media services with the immersive Matterport 3D Digital Twin platform to elevate the buying experience for home buyers while simplifying the process of creating comprehensive marketing packages for brokers and agents. With this acquisition, Matterport aims to increase adoption of digital twin technology and expand further into the real estate industry while adding marketing services for other key markets such as commercial real estate, travel and hospitality, and the retail sector. Matterport's acquisition of VHT Studios provides real estate brokerages and their professionals access to an expanded selection of marketing services and expertise they need to effectively market and promote properties. These include high-end photography, drone imagery, floor plans, virtual tours, and other marketing services. When combined with Matterport digital twins and collaboration tools, the newly expanded solution not only helps brokerages and agents save time with an easy-to-order and comprehensive source for their digital marketing needs but also reduces their costs with comprehensive marketing packages along with flexible, optional add-ons. This all-in-one marketing solution provides one of the richest and most compelling digital experiences for property seekers and has been proven to drive increased sales for brokerages and agents. "We're thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring," said RJ Pittman, Chief Executive Officer at Matterport. "When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them. We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios' expertise to our growing enterprise business as demand for digital twin technology continues to surge." "We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today. While we make strategic investments to expand our business, we remain committed to conscientiously managing our balance sheet of approximately $600 million in cash and short- and long-term investments as of March 31, 2022. Further, having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration," said JD Fay, Chief Financial Officer of Matterport. "What makes this acquisition unique is how complementary our services are to one another," said Brian Balduf, CEO of VHT Studios. "In today's market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster. Together we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure, and experience a space from anywhere, anytime, as many times as needed." The all-in-one marketing solution that brings together VHT Studios' and Matterport's services is expected to be available through Matterport's Capture Services during the third quarter this year. The acquisition will enable more data to be trained on the machine learning systems acquired through Enview and whose data insights will be incorporated into Matterport's Cortex Artificial Intelligence engine. VHT Studios has helped more than 200,000 real estate professionals sell more than $200 billion in properties since the company's founding in 1998. Seven of the top 10 brokers in the United States are customers of VHT Studios, including Baird & Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman, and more. Terms of the transaction were not disclosed. Canaccord Genuity served as the exclusive financial advisor to VHT Studios. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.
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Showing Activity Continues to Slow Nationwide in May as Fewer Buyers Compete for Listings
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National Home Price Gains Continue to Exceed 20% in May
IRVINE, Calif., July 5, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for May 2022. Though U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%. While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward. "Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention," said Selma Hepp, deputy chief economist at CoreLogic. "With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home price growth still exceeds 20%, we expect to see a rapid deceleration in the rate of growth over the coming year. Nevertheless, the normalization of overheated buying conditions should bring about more of a balance between buyers and sellers and a healthier overall housing market." Top Takeaways: U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over-month basis, home prices increased by 1.8% compared to April 2022. In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%). Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand. Tampa, Florida logged the highest year-over-year home price increase of the country's 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April. Florida and Tennessee posted the highest home price gains, a respective 33.2% and 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. Source: CoreLogic The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at [email protected] Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Realtor.com June Housing Report: For-Sale Home Supply Grows Faster than Ever as New Seller Activity Rebounds
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New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
Chicago and New York City Areas Most Exposed to Downturns in First Quarter of 2022; East Coast, Midwest and Inland California Have Other At-Risk Markets; South Region Less Vulnerable IRVINE, Calif. - June 22, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the first quarter of 2022. The report shows that New Jersey, Illinois, and inland California had the highest concentrations of the most at-risk markets in the first quarter of 2022 – with the biggest clusters in the New York City and Chicago areas. Most southern states were less exposed. The first-quarter 2022 patterns – based on home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 34 of the 50 counties most vulnerable to the potential declines. The 50 most at-risk included eight counties in the Chicago metropolitan area, six near New York City and 10 sprinkled throughout northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast and in the Midwest. They included three each in the Cleveland, OH, and Philadelphia, PA, metropolitan areas, plus two of Delaware's three counties. At the other end of the risk spectrum, the South had the highest concentration of markets considered least vulnerable to falling housing markets. "While the housing market has been exceptionally strong over the past few years, that doesn't mean there aren't areas of potential vulnerability if economic conditions continue to weaken," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Housing markets with poor affordability and relatively high rates of unemployment, underwater loans, and foreclosure activity could be at risk if we enter a recession or even face a more modest downturn." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 586 counties around the United States with sufficient data to analyze in the first quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The wide disparities in risks come at a time when the U.S. housing market remains relatively strong but shows signs that a decade-long boom may be easing. Home prices have climbed more than 15 percent in most of the country over the past year, with new highs hit in about half the nation, boosting homeowner equity to record levels. But as interest rates on 30-year mortgages rates have climbed to 6 percent, worsening affordability for prospective homebuyers, home sales have declined every month in 2022, and home price appreciation is showing signs of retreating rapidly. "The housing market has been one of the strongest components of the U.S. economy since the onset of the COVID-19 pandemic," Sharga noted. "But Federal Reserve actions aimed at bringing inflation down from its 41-year high are having an immediate impact on home affordability, sales, and pricing. Whether the Fed can execute a relatively soft landing, or inadvertently steers the economy into a recession will determine the fate of the housing market over the next 12-18 months." Amid that backdrop, the national median home value rose up just 3 percent from late-2021 through early-2022, seller profits are starting to dip and home affordability is inching downward. Lender foreclosures against delinquent mortgages also are up. Most-vulnerable counties clustered in the Chicago, New York City, Cleveland and Philadelphia areas, along with Delaware and sections of California Thirty-two of the 50 U.S. counties most vulnerable in the first quarter of 2022 to housing market troubles (from among 586 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; Cleveland, OH, and Philadelphia, PA, and as well as in Delaware and interior California. They included eight in Chicago and its suburbs (Cook, De Kalb, Kane, Kendall, Lake, McHenry and Will counties in Illinois and Lake County, IN) and six in the New York City metropolitan area (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey). The three in the Philadelphia, PA, area were Philadelphia County, plus Camden and Gloucester counties in New Jersey, while the three in the Cleveland area were Cuyahoga, Lake and Lorain counties in Ohio. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the first quarter. In other states, California had 10 counties in the top 50 list: Butte County (Chico), San Joaquin County (Stockton), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto) and Stanislaus County (Modesto) in central California, and Kern County (Bakersfield) in the southern part of the state. Maryland had also three among the top 50. They were Baltimore County, Charles County (outside Washington, DC) and Prince George's County (outside Washington, DC). Counties most at-risk have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 25 of the 50 counties that were most vulnerable to market problems in the first quarter of 2022. The highest percentages in those markets were in San Joaquin County, (Stockton), CA (48.9 percent of average local wages needed for major ownership costs); Bergen County, NJ (outside New York City) (48.3 percent); Solano County, CA (outside Sacramento) (46.6 percent); Passaic County, NJ (outside New York City) (46.5 percent) and Ocean County (Toms River), NJ (42.5 percent). Nationwide, major expenses on typical homes sold in the first quarter required 26.3 percent of average local wages. At least 10 percent of residential mortgages were underwater in the first quarter of 2022 in 22 of the 50 most at-risk counties. Nationwide, 6.5 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (20.6 percent of mortgages underwater); Kings County, CA (outside Fresno) (19.9 percent); Lake County, IN (outside Chicago) (18.3 percent); Rock Island County (Moline) IL (18.1 percent) and La Salle County, IL (outside Peoria) (17.8 percent). More than one in 1,000 residential properties faced a foreclosure action in the first quarter of 2022 in 29 of the 50 most at-risk counties. Nationwide, one in 1,795 homes were in that position. Foreclosure actions have risen since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the virus pandemic. The moratorium ended July 31 of last year and foreclosures are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cumberland County, NJ (outside Philadelphia, PA) (one in 402 residential properties facing possible foreclosure); Cuyahoga County (Cleveland), OH (one in 426); Gloucester County, NJ (outside Philadelphia, PA) (one in 484); Ocean County (Toms River), NJ (one in 496) and De Kalb County, IL (outside Chicago) (one in 510). The March 2022 unemployment rate was at least 5 percent in 29 of the 50 most at-risk counties, while the nationwide figure stood at 3.6 percent. The highest levels among the top 50 counties were in Merced County, CA (outside Modesto) (8.4 percent); Winnebago County (Rockford), IL (8.3 percent); Lorain County, OH (outside Cleveland) (7.9 percent); Kern County (Bakersfield), CA (7.8 percent) and Kings County, CA (outside Fresno) (7.6 percent). Counties least at-risk concentrated in South Twenty-six of the 50 counties least vulnerable to housing-market problems from among the 586 included in the first-quarter report were in the South. Just five were in the Northeast. Tennessee had eight of the 50 least at-risk counties, including five in the Nashville metropolitan area (Davidson, Rutherford, Sumner, Williamson and Wilson counties), while Virginia also had five, including three in the Washington, DC area (Arlington, Fairfax and Loudoun counties), and Wisconsin also had four – Brown County (Green Bay), Dane County (Madison), Eau Claire County and Winnebago County. Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin), TX, and Hennepin County (Minneapolis), MN. Lower levels of underwater mortgages, foreclosure activity and unemployment in least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the first quarter of 2022 (with owners owing more than their properties are worth) in 31 of the 50 least at-risk counties. Among those counties, those with the lowest rates among those counties were Williamson County, TN (outside Nashville) (1.5 percent of mortgages underwater); San Mateo County, CA (outside San Francisco) (1.6 percent); Chittenden County (Burlington), VT (1.7 percent); Santa Clara County (San Jose), CA (1.9 percent) and Travis County (Austin), TX (1.9 percent). Less than one in 5,000 residential properties faced a foreclosure action during the first quarter of 2022 in 27 of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Washington County, RI (outside Providence) (one in 32,847); Johnson County (Overland Park), KS (one in 22,880); Boone County, KY (outside Cincinnati, OH) (one in 17,156) and Arlington County, VA (outside Washington, DC) (one in 17,012). The March 2022 unemployment rate was more than 5 percent in none of the 50 most at-risk counties. The lowest levels among the top 50 counties were in Shelby County, AL (outside Birmingham) (1.6 percent); Chittenden County (Burlington), VT (1.6 percent); Davis County, UT (outside Salt Lake City) (1.9 percent); Limestone County, AL (outside Huntsville) (1.9 percent) and Williamson County, TN (outside Nashville) (1.9 percent). About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
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What are the most popular real estate listing photos? New HomeJab study reveals the answers
Cherry Hill, NJ - June 22, 2022 -- A new study of real estate photography data from HomeJab finds that the most popular real estate listing photo is not the home's front exterior. Instead, bedroom photos were ranked first, barely nudging out kitchen photos. Front exterior shots placed a distant fifth. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services in all 50 states, partnered with Artificial Intelligence firm Restb.ai to study more than 14,000 photos of homes for sale. Professional real estate photographers hired by listing agents took the images used for the research from a random selection of 600 properties listed for sale in early June 2022. The HomeJab study – using Restb.ai computer vision technology – found: Bedroom photos topped the list. More than one in ten images used to sell a home were bedroom photos (11.92%). Kitchen photos came in second place, just 1/50th of one percent lower than bedroom photos (11.90%). Living room photos took the third spot, with 10.79%. Bathroom photos were No. 4 with 9.75%. Front exterior photos rounded out the top 5 most popular real estate listing photos with 8.70%. "When you scroll through listings of homes for sale online, typically, you see an exterior shot," said Joe Jesuele, founder and CEO of HomeJab. "But that's not the most popular photo that real estate photographers capture. Instead, professionally shot photos of the kitchen and bedroom are the most common ones used to help sell homes," he said. HomeJab enlisted the help of real estate's leading computer vision firm, Restb.ai, to automatically sort through thousands of photographs from homes currently for sale, use its computer vision technology to identify the type of photo, and then classify and sort the images. "What would take a research team hundreds of total people hours to accomplish manually, Restb.ai was able to provide these research results in minutes," noted the founder and CEO of Restb.ai, Xavi Hernando. HomeJab's Jesuele explains that using only professionally shot real estate photos improves the quality of the study findings because research shows that high-quality, professional real estate photos are more effective in selling homes. He notes that past research from the Center for Realtor Development shows that professional real estate photography helps homes sell 32 percent faster. Homes with more professional photos sell for more, too. Homes in the $200,000 to $1 million price range net sellers $3,000 to $11,000 more when using professional images. The new HomeJab real estate photo study also shows that rounding out the Top 15 listing photos were: Dining area – 4.48% Aerial – 4.32% Yard – 3.00% Back exterior – 2.48% Patio terrace – 2.10 Home office – 1.84% Laundry room – 1.81% Deck – 1.72% Hallway – 1.39% Foyer – 1.26% The bottom six were Basement (1.22%), Garage (1.12%), Front door (1.11%), Pool (1.11%), Stairs (.93%) and Walk-In closets (.66%). Other miscellaneous photos comprised the remaining 16.38%. Jesuele added, "It will be interesting to see if these numbers change over time – especially with the increased accessibility and use of drone footage for aerial photography and video. And because of the pandemic, will we see more photos of home offices in the future? Time will tell." A summary report on this new HomeJab study is available here. About the Study For this study, HomeJab, which has real estate photography professionals available in every major US market and all 50 states, worked with real estate's leading computer vision firm Restb.ai. The study used 14,000 photographs of 600 homes for sale, shot by professional real estate photographers hired by the listing agent in early June 2022. Restb.ai used its AI technology to identify, categorize and sort the real estate listing photos. About Restb.ai Born in 2015 and operating across 5 continents, Restb.ai is the leading computer vision solution for the Real Estate market. Their AI-powered plug-n-play services identify, analyze, and categorize real estate specific insights at the image, listing, and market level with an accuracy of up to 99%. Imagine having a real estate expert analyze each of the 1 million property photos uploaded every day… Well, now you can. Learn more at Restb.ai. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states, Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Apartments.com Announces New 'Listing of the Future'
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U.S. Foreclosure Activity Increases Slightly in May 2022
Foreclosure Starts Decrease 1 Percent from Last Month, While Completed Foreclosures Increase 1 Percent IRVINE, Calif. - June 14, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its May 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 1 percent from a month ago but up 185 percent from a year ago. Illinois, New Jersey and Delaware had the highest foreclosure rates Nationwide one in every 4,549 housing units had a foreclosure filing in May 2022. States with the highest foreclosure rates were Illinois (one in every 2,000 housing units with a foreclosure filing); New Jersey (one in every 2,346 housing units); Delaware (one in every 2,426 housing units); Ohio (one in every 2,667 housing units); and Florida (one in every 2,788 housing units). "While there's some volatility in the monthly numbers, foreclosure activity overall is continuing its slow, steady climb back to normal after two years of government intervention led to historically low levels of defaults," said Rick Sharga, executive vice president of market intelligence at ATTOM. "But with inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest." Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units). Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units). Florida, California and Texas had the greatest number of foreclosure starts Lenders started the foreclosure process on 22,099 U.S. properties in May 2022, down 1 percent from last month but up 274 percent from a year ago. States that had the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts). Those major metropolitan areas with a population greater than 1 million and that had at least 100 foreclosure starts in May 2022 and saw increases from last month included: Miami, FL (up 81 percent); Washington, DC (up 60 percent); Birmingham, AL (up 56 percent); Cincinnati, OH (up 54 percent); and Jacksonville, FL (up 54 percent). "It's interesting that there were almost ten times more foreclosure starts than foreclosure completions," Sharga added. "This suggests that financially-distressed borrowers may be finding ways to avoid losing their home to a foreclosure sale." Foreclosure completion numbers increase 1 percent from last month Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1 percent from last month and up 117 percent from last year. States that had the greatest number of REOs in May 2022, included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2022 included: Chicago, IL (289 REOs); New York, NY (133 REOs); Detroit, MI (124 REOs); Philadelphia, PA (98 REOs); and Pittsburgh, PA (79 REOs). Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Zillow expands and improves AI-powered interactive tours, helping home shoppers move with speed and confidence
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Realtor.com 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
Active listings will grow 15.0% year-over-year as the inventory recovery accelerates in 2H 2022; higher home sales prices (+6.6%) and mortgage rates (to 5.5%) add to affordability issues SANTA CLARA, Calif., June 13, 2022 -- As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, Realtor.com®'s newly-updated 2022 forecast predicts inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home. Home sales will hit the second-highest level in 15 years, trailing only the 2021 pace, as rising incomes combined with higher housing costs continue to present a mixed bag of affordability issues. The updated forecast anticipates a summer break from a feverish pace of home sales that will provide space for active listings to grow at a faster year-over-year pace than originally projected (+15.0% vs. +0.3%). Combined with returning seasonality and builders ramping up production, these trends could lead to a refresh of the housing market by as early as this fall. "Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly. As Americans grapple with higher prices for everyday expenses while today's buyers face housing costs that are up 50% from a year ago, recent home sales data shows some are taking a step back from the market," said Danielle Hale, Chief Economist for Realtor.com®. "Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home – for both first-time and repeat buyers alike. Still, preparation will be key throughout 2022, as it continues to be a seller's market and asking prices remain high. For buyers who choose to wait until later in the year, take that time to assess your budget so you're set up with a strong financial footing whenever you're ready to move forward." Realtor.com® 2022 Housing Forecast – Mid-Year Update While Americans have faced a whirlwind of changes so far this year, a changing economic landscape is the biggest driver of updates to Realtor.com®'s 2022 housing forecast. Inflation has made a more significant and long-standing impact on real estate markets than was anticipated six months ago, and is reflected in trends like rapidly-climbing mortgage rates. Combined with record-high home listing prices and rents, home shoppers are feeling the strain on their budgets. As a result, buyer demand has been softening this Spring from its early 2022 surge. Higher costs will continue to challenge 2022 buyers, as mortgage rates have already far surpassed Realtor.com®'s earlier prediction of 3.6% and home sale price growth year-over-year is expected to more than double its originally-forecasted pace (+6.6% vs. 2.9%). At the same time, Realtor.com®'s updated projection for year-end 2022 mortgage rates (5.5%) anticipates that rates have largely adjusted for the bulk of expected 2022 Fed hikes. The rapid shifts in the economic landscape have some silver linings when it comes to housing affordability. With the unemployment rate near 50-year lows, employers are feeling the pressure to compete for talent, driving wage growth upwards from earlier year-over-year predictions (+3.8% vs. +3.3%). The competitive labor market may also give some buyers more negotiating power on workplace flexibility, creating more opportunities to relocate to relatively affordable housing markets. In fact, data from the first quarter of 2022 showed that 40.5% of Realtor.com® home shoppers viewed listings located outside of their current state, up from 33.4% in 2020. Overall, the updated 2022 forecast reflects a housing market that is charting a path toward more sustainability, relative to the past two years of ups and downs. Home sales are still projected to hit a near record-high pace in 2022 despite trailing 2021 levels (-6.7%) and their original forecast (+6.6%), while the projected homeownership rate will hold roughly steady (65.6% vs. 65.8%). For many Americans, housing affordability will remain a significant obstacle as demand continues to outmatch supply, although by a smaller margin than in recent years. Buyers struggling with higher housing costs can find resources via sites like Realtor.com®, including its down payment assistance tool. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Properties Online Adds New Real Estate Trends Feature to Its Award-Winning Real Estate Website Builder
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Realtor.com Acquires UpNest
UpNest's platform allows people to compare agents and select the one that's best for their situation; acquisition advances Realtor.com's seller strategy SANTA CLARA, Calif., June 8, 2022 -- Move, Inc., the operator of Realtor.com, one of the most visited real estate sites in the U.S., announced today it has acquired San Mateo, Calif.-based UpNest. UpNest operates a marketplace that connects home sellers with highly qualified local agents who compete for their business. Move, Inc. is a subsidiary of News Corp. More than 5 million homes are sold each year, according to 2018-2022 data from the National Association of Realtors®, and 9 out of 10 sellers use an agent to assist them in the transaction (NAR 2021 Profile of Home Buyers and Sellers). Realtor.com® already connects many of these home sellers with agents who can help them through the ReadyConnect Concierge℠ referral network. The UpNest acquisition will help Realtor.com® further expand its services and support for home sellers and the agents and brokers who can help them succeed. "Our open marketplace approach is all about empowering people with choices. While some of our competitors try to funnel buyers, sellers and real estate professionals into a specific set of services in a closed system, Realtor.com helps homeowners choose how they want to find and connect with an agent, and agents and brokers can decide which methods work best for them," said Realtor.com® CEO David Doctorow. "UpNest has a proven track record of successfully connecting homeowners looking to sell with the right agent for them, and we believe that its innovative model complements our existing ReadyConnect Concierge℠ program." Consumers who submit leads through UpNest's marketplace receive proposals from three to five agents within 12 hours. Those consumers can then decide to contact and interview any of those agents and select the agent they believe can best support them. Since launch, approximately 1 million agent proposals have been submitted on UpNest's marketplace, representing reputable brokerages such as Keller Williams, Re/Max, Compass, and many more. Sellers who prefer to be connected directly with an agent in Realtor.com®'s ReadyConnect Concierge℠ network can do so directly from the "List your home with an agent" link on the Sell tab on the Realtor.com® landing page. ReadyConnect Concierge℠ applies a proven process to screen and convert online leads, and 7 out of 10 of Realtor.com®'s concierge customers have said the program was critical or important to their business. More than 190,000 agents and 20,000 brokers in all 50 states participate in ReadyConnect Concierge℠. Realtor.com® also connects sellers with agents through Seller's Marketplace. Nearly a dozen companies in the Seller's Marketplace offer selling options that allow homeowners to sell their homes to an iBuyer; buy now, sell later; sell now, move later; or access equity. Visitors can compare the selling options available in their area, including listing their home on the open market with an agent. "Realtor.com has been growing momentum among seller audiences with products like Seller's Marketplace and MyHome," said Doctorow. "The addition of UpNest to our stable of seller-focused offerings is a key element of our strategy to deliver the best experience and value to home sellers as well as our agent and broker customers." "UpNest has helped hundreds of thousands of people sell their homes with the help of top agents over the past eight years," said UpNest Founder and CEO Simon Ru. "We're excited to join the Realtor.com® family. Realtor.com®'s audience reach and strong customer base will help us connect even more sellers with the agents who can best help them." Simon Ru and the company's 50+ person team will join Move, Inc. Terms of the acquisition were not made public. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About Move, Inc. Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including Realtor.com®. Move licenses the Realtor.com URL from the National Association of REALTORS®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry. About UpNest Launched in 2013, UpNest is a real estate agent marketplace that matches home buyers and sellers with top local agents who compete for their business. Buyers and sellers receive personalized quotes offering competitive listing commissions, buyer refunds (when applicable), and services. UpNest was ranked on INC 500 Fastest Growing Private Companies and on Deloitte Tech 500.
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Down Payment Resource analysis finds that 33% of declined mortgage applications are declined for reasons addressable with homebuyer assistance
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Realtor.com May Housing Report: Inventory Stages a Comeback While Home Prices Soar to All-Time High
In May, active inventory increased year-over-year (+8.0%) for the first time in nearly three years, but remained 48.5% lower than at the start of the pandemic SANTA CLARA, Calif., June 2, 2022 -- New data suggests the U.S. housing market hit a turning point in its supply struggle in May, as active inventory recorded the first year-over-year increase since June 2019, according to the Realtor.com Monthly Housing Trends Report released today. At the same time, the median national home price soared to an all-time high of $447,000 and buyers snatched up listings a week faster than last year. "Among key factors fueling the inventory comeback are new sellers, who are listing homes at a rate not seen since 2019, as well as moderating demand, with pending listings declining year-over-year in May," said Danielle Hale, Chief Economist for Realtor.com. "While this real estate refresh is welcome news in a still-undersupplied market, it has yet to make a dent in home price growth, partially due to increases in newly-listed, larger homes and because the typical seller outlook is quite high, likely shaped by recent experiences of homeowners who sold. Importantly, as 72% of this year's sellers also plan to purchase a home, seller expectations will likely start to reflect buyers' needs. In an early sign, the rate of sellers making price cuts accelerated in May." May 2022 Housing Metrics – National Inventory grows for the first time in three years, as more new sellers enter the market The U.S. inventory of active listings grew year-over-year for the first time since June 2019, with this comeback driven by two key trends. First, new listings reached the highest level of any month in nearly three years, as rising numbers of sellers might be more confident in pursuing plans to list than last Spring when COVID vaccines were just rolling out. Second, higher housing costs are spurring a moderation in buyer demand. This is reflected in May's bigger year-over-year declines in pending listings – those at various stages of the selling process that are not yet sold – compared to April, a sign of softening in the turnover rate of for-sale homes. Nationally, the number of active listings increased 8.0% year-over-year in May, but remained 48.5% below typical levels in May 2020 at the onset of COVID. Compared to last month's year-over-year changes, May's national data showed a significant improvement in the new listings trend (+6.3% vs. 1.3%) and a bigger decline in pending listings (-12.6% vs. -8.7%). Among May's new listings, the share of smaller homes (up to 1750 square feet) declined year-over-year (to 45.7% from 47.3%), while those with 1,750-plus square feet increased from 52.7% to 54.3%. On average in the 50 largest U.S. markets, active inventory grew by double-digits (+14.9%) over May 2021 levels, with the biggest increases in the West (+33.6%) and South (+18.3%), led by Austin, Texas (+85.8%), Phoenix (+67.1%) and Sacramento, Calif. (+54.6%). Active listings declined on a year-over-year basis in just 8 markets. Thirty markets posted annual gains in newly-listed homes, with the biggest increases registered in southern metros: Raleigh, N.C. (+27.9%), Nashville, Tenn. (+22.8%), and Las Vegas (+20.7%). Asking prices for homes break another record, as seller expectations remain high May's increase in for-sale home options combined with softening buyer demand would typically drive a cooldown in home prices, but data shows that is not yet the case. In fact, the yearly growth rate in the U.S. median listing price accelerated from last month's pace as the median listing price approached $450,000 after just crossing the $400,000 threshold in March. From asking prices per square foot to pending listing prices, May housing trends suggest that a few factors are potentially driving the continued home price surge. These include a rising share of newly-listed, larger homes by square footage and some sellers not yet adjusting to shifting supply and demand dynamics, including buyer interest in less expensive homes. The U.S. median listing price hit an all-time high of $447,000 in May, rising at a faster year-over-year pace (+17.6%) than last month (+14.2%). On a square foot basis, asking prices for active listings increased 16.2% over May 2021 levels. In a potential sign of softening buyer demand at the national level, the median listing price of a typical pending listing actually decelerated in May over April, to a yearly rate of 16.2% from 17.2%. Additionally, the national share of listings that had their price reduced jumped to 10.5% in May from 7.0% in April, but the rate remains well below typical pre-COVID levels. Active listing prices in the nation's largest metros grew by an average of 13.0% compared to last year in May, with the biggest gains recorded in Miami (+45.9%), Nashville (+32.5%), and Orlando, Fla. (+32.4%). In May, median listing prices were down year-over-year in just six large markets, which were: Pittsburgh (-10.5%), Rochester, N.Y. (-9.7%), Cincinnati (-9.6%), Cleveland (-2.3%), Detroit (-1.8%), and Buffalo, N.Y. (-1.2%). Buyers are still quickly snatching up homes, at a week faster than last year Similar to norms one would expect to see in home price trends, the increase in for-sale home options combined with softening buyer demand would typically drive a deceleration in time on market. However, time on market data did not yet show this trend in May, as buyers snatched up listings more quickly than in any month in the Realtor.com® data history going back to July 2016 – a record that typically isn't hit until the Summer season. For some homebuyers who have yet to be priced out of the market but can't afford to compete by making a larger down payment, acting quickly might give them an edge. In May, the typical U.S. home spent 31 days on the market , a full week less (-6 days) than last year and down 27 days compared to typical May 2017 to 2019 timing. Across the 50 largest U.S. metros, the typical home spent 26 days on market, down six days year-over-year, with the biggest declines registered in the South (-7 days). At the market level, homes saw the greatest yearly decline in time spent on market in Miami (-28 days), followed by a three-way tie between Hartford, Conn., Seattle and San Jose, Calif. (-12 days). Just one market posted a year-over-year increase in time on market: Detroit (-1 day), where homes still moved at a close to record-fast pace. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Oklahoma City new listing count growth and Hartford active listing count growth are not available while data is under review. Methodology Realtor.com® housing data as of May 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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April Slowdown in Showing Activity 'Unusual,' Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
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Pending Home Sales Descend 3.9% in April
WASHINGTON (May 26, 2022) -- Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors reported. Only the Midwest region saw signings increase month-over-month, while the other three major regions reported declines. Each of the four regions registered a drop in year-over-year contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, slid 3.9% to 99.3 in April. Year-over-year, transactions fell 9.1%. An index of 100 is equal to the level of contract activity in 2001. "Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings," said Lawrence Yun, NAR's chief economist. "The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade." With mortgage rates rising, Yun forecasts existing-home sales to wane by 9% in 2022 and home price appreciation to moderate to 5% by year's end. "The escalating mortgage rates have bumped up the cost of purchasing a home by more than 25% from a year ago, while steeper home prices are adding another 15% to that figure." In some cases, these higher rates increase mortgage payments by as much as $500 per month. Yun notes that such price hikes are already a burden, but they become even more problematic to a family on a budget contending with rapid inflation, including surging fuel and food costs. "The vast majority of homeowners are enjoying huge wealth gains and are not under financial stress with their home as a result of having locked into historically low interest rates, or because they are not carrying a mortgage," Yun explained. "However – in this present market – potential homebuyers are challenged and thus may attempt to mitigate the rising cost of ownership by opting for a 5-year adjustable-rate mortgage or by widening their geographic search area to more affordable regions." Yun cites that more work-from-home opportunities have allowed would-be buyers to expand their home search. There are scenarios in which the market soon improves for buyers, as well, according to Yun. "If mortgage rates stabilize roughly at the current level of 5.3% and job gains continue, home sales could also stabilize in the coming months," Yun said. "Home sales in 2022 are expected to be down about 9%, and if mortgage rates climb to 6%, then the sales activity could fall by 15%. "Home prices in the meantime appear in no danger of any meaningful decline," he continued. "There is an ongoing housing shortage, and properly listed homes are still selling swiftly – generally seeing a contract signed within a month." April Pending Home Sales Regional Breakdown Month-over-month, the Northeast PHSI fell 16.20% to 74.8 in April, a 14.3% drop from a year ago. In the Midwest, the index rose 6.6% to 100.7 last month, down 2.8% from April 2021. Pending home sales transactions in the South dipped 4.7% to an index of 119.0 in April, down 10.3% from April 2021. The index in the West slipped 4.3% in April to 85.9, a 10.5% decrease from a year prior. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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National Rents Hit their 14th Straight Month of Record-Highs
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Pricey suburbs top Zillow's list of most popular markets this year
Home value growth in the suburbs began to speed ahead of urban home value growth last summer SEATTLE, May 24, 2022 -- Woodinville, Washington, is Zillow's most popular market of early 2022, leading a list of fast-growing suburbs as the most in-demand places to start off the year. As more evidence emerges that remote work is a driving force behind fast home value growth in the suburbs, expensive suburban markets are seeing strong demand. Zillow analyzed its page-view traffic, home value growth and for-sale inventory for more than 1,000 cities to come up with the site's most popular U.S. markets. Woodinville, located outside of Seattle, topped the list. Following close behind were Burke, Virginia, in the Washington, D.C., area; Highlands Ranch, Colorado, outside of Denver; Westchase, Florida, near Tampa; and Edmonds, Washington, also in the Seattle metro. "The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape," said Zillow economist Nicole Bachaud. "Demand for suburban homes found an extra gear last summer, perhaps as buyers gained more clarity in their employers' return-to-office policies. Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future." Especially strong home buyer interest has caused suburban home values to grow faster than home values in urban areas, a reversal of previous norms and from the first 15 months of the pandemic. Remote work is a driving force behind this shift, prompting home buyers to prioritize affordability and space over a short commute. More than half of the gain in U.S. home prices since late 2019 can be attributed to remote work, according to research from the National Bureau of Economic Research. The suburbs that beat out all others to top Zillow's latest list of the most popular markets are seeing home values grow faster on a quarterly basis than the principal city in their metro area, indicating stronger demand. Eight of the top 10 have a typical home value higher than their nearby principal city, and seven of those have a typical home value that's more than $150,000 higher. Regionally, Havertown, Pennsylvania, outside of Philadelphia, is Zillow's most popular market in the Northeast, edging out four Boston suburbs: Billerica, Framingham, Waltham and Arlington. In the central region, Ballwin, Missouri, near St. Louis, is joined in the top five by Grand Rapids, Michigan, and three pricey Dallas suburbs: Coppell, Plano and Prosper. Denver suburbs dominated the mountain region, taking the top eight spots in Zillow's rankings. If a buyer has their eye on a home in one of Zillow's most popular markets, they can likely expect competition. Zillow's five tips for winning a competitive bid can help. Mortgage rates are also changing quickly and can have a significant impact on a home buyer's monthly mortgage payment. Zillow's mortgage calculator is a tool that can help buyers stay on top of their finances during their home shopping experience. Zillow's Top 10 Most Popular Markets Woodinville, Washington (Seattle) Burke, Virginia (Washington, D.C.) Highlands Ranch, Colorado (Denver) Westchase, Florida (Tampa) Edmonds, Washington (Seattle) Yorba Linda, California (Los Angeles) Johns Creek, Georgia (Atlanta) Tustin, California (Los Angeles) Ballwin, Missouri (St. Louis) Golden, Colorado (Denver) *Ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Existing-Home Sales Retract 2.4% in April
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Home buyers may find less competition near city centers for the first time in years
Suburbs are generally seeing home values grow more than urban areas, indicating more competition SEATTLE, May 18, 2022 -- For the first time since the Great Recession, buyers may have an easier time buying a home in the city than in nearby suburbs this home shopping season. That's because homes in the suburbs recently have been appreciating faster than urban homes, a new Zillow analysis shows, indicating stronger demand and fiercer competition. While competition is strong in most of the country, there are pockets of opportunity for home buyers. Home values in suburban ZIP codes have been growing faster than those in urban areas since July 2021. The typical home in the suburbs gained $66,490 in value in the past year, compared to $61,671 for the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic. From January 2013 — about the time when home values began to recover following the housing crash — through June 2021, urban homes were generally gaining value more quickly. "In the beginning of the pandemic, home values in urban areas generally outpaced suburban areas, counter to what many expected during the rush for more space," said Zillow economist Nicole Bachaud. "And while urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory. That could mean competition for homes will be lighter near city centers this home shopping season, something we haven't been able to say for nearly a decade. That's not to say shopping for a home in the city will be a leisurely affair, but any sliver of opportunity for buyers is welcome in this market." Faster home value growth in the suburbs comes as remote work has changed the U.S. housing landscape. Research from the National Bureau of Economic Research found the shift to remote work is responsible for more than half of the gain in U.S. home prices since late 2019, and that the evolution of remote work is likely to have a major impact on the future path of home values. To be sure, urban real estate has seen incredible growth, as well. This is not a case of housing in the suburbs gaining value at the expense of urban real estate; rather, it's something akin to one world-class sprinter edging out another. And there are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk. Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March. The shift has been more pronounced in a few metro areas where suburban home values grew especially fast compared to urban home values in 2021: San Francisco, Columbus, Seattle and Boston. This may reflect home buyers reacting to employers' return-to-office plans, realizing that the cost savings of a move to the suburbs are not as big as they once were, or sensing that competition may not be as stiff for homes in urban parts of the metro. Nashville and Raleigh are two notable counterexamples. In both metros, urban home values rose more than those in the suburbs in 2021. However, after the first three months of 2022, those positions have been reversed. In the year ending March 2022, the typical suburban home in Nashville gained $7,350 more than the typical urban home, and in Raleigh, the typical suburban home gained about $9,800 more. This could signal a shift in demand in these markets, with home shoppers searching for more-affordable options in the suburbs, especially as mortgage rates keep rising. In today's hot sellers market, buyers should consider Zillow's tips to win a competitive bid. Hiring the right local agent and embracing new real estate technology for a speed advantage can help during the home search. Securing mortgage pre-approval and using strategies such as submitting an offer before the offer review date can help an offer stand out. *Table ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®,, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Realtor.com Now Helps You Understand a Home's Wildfire Risk
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HomeActions eRelationship Platform Integrates with ATTOM's Enhanced Navigator 3.0
Subscribers to HomeActions enable deep data dive into 155 million street addresses GREEN COVE SPRINGS, Fla., May 11, 2022 -- HomeActions, a leading email marketing platform in the real estate space, has tapped ATTOM, a leading curator for nationwide real estate data, for its enhanced Navigator 3.0 solution offering best-in-class neighborhood demographics, home/market data and other local amenities for its users. Albert Clark, HomeActions president, commented, "We strive to get our subscribers as hyper-local as possible. For the past few years, we have been integrated with ATTOM's Address Report. The new Navigator 3.0 service will help us get and keep our subscribing agents top of mind with their clients and prospects." HomeActions excels at building allegiances with the agents' spheres of influence. The powerful HomeActions e-newsletter widget covers: Neighborhood Demographics School Information Compare Communities Housing Snapshot Cost of Living Comparisons Home Sales Trending Home Sales Transactions Home Value Estimator Neighborhood Amenities The service encompasses these types of data for 155 million residential addresses. Clark added, "The new service supports HomeActions' mantra: 'content drives the conversation.' When a report is requested, alerts are sent to the agents so they can follow up quickly and get the conversation going. This data is very predictive." A live report for a random address can be found here. To request a report on your own address or another, click here. To see an Engagement Alert after a report gets delivered, click here. About HomeActions HomeActions provides custom-branded digital and print marketing solutions complete with professionally written articles for real estate professionals. HomeActions first builds a new database from all of an agent's sources such as email, MLS, CRM, iCloud, Zillow Leads and more. Once entered, email addresses become exclusive to the agent. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy.
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Zillow 3D Home tours now are automatically shared to Redfin
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Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
Homebuying is as competitive and costly as ever as soaring mortgage rates make the market less inviting for many would-be sellers SEATTLE -- The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from 9% a year earlier, and represents the largest annual gain on record in Redfin's weekly housing data back through 2015 For homebuyers, the typical monthly mortgage payment skyrocketed a record 42% to a new high during the same period. Although a growing share of sellers are responding to the palpable drop in homebuyer demand by lowering their prices, sellers remain far outnumbered by buyers, so the typical home flies off the market at the fastest pace on record and for more than its asking price. "Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market," said Redfin Chief Economist Daryl Fairweather. "Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller's territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time." Leading indicators of homebuying activity: Fewer people searched for "homes for sale" on Google—searches during the week ending April 30 were down 7% from a year earlier. The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 1% year over year during the week ending May 1. It dropped 10% in the past four weeks, compared with a 1% decrease during the same period a year earlier. Touring activity from the first week of January through May 1 was 24 percentage points behind the same period in 2021, according to home tour technology company ShowingTime. Mortgage purchase applications were down 11% from a year earlier, while the seasonally-adjusted index increased 4% week over week during the week ending April 29. For the week ending May 5, 30-year mortgage rates increased to 5.27%—the highest level since August 2009. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 1. Redfin's weekly housing market data goes back through 2015. The median home sale price was up 17% year over year—the biggest increase since August—to a record $396,125. The median asking price of newly listed homes increased 16% year over year to $408,458, a new all-time high. The monthly mortgage payment on the median asking price home rose to a record high of $2,404 at the current 5.27% mortgage rate. This was up 42%—an all-time high—from $1,688 a year earlier, when mortgage rates were 2.96%. Pending home sales were down 4% year over year, the largest decrease since mid-February. New listings of homes for sale were down 6% from a year earlier, and have been down from 2021 since mid-March. Active listings (the number of homes listed for sale at any point during the period) fell 18% year over year. 56% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. 42% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. Homes that sold were on the market for a record-low median of 15.5 days, down from 21.2 days a year earlier. A record 56% of homes sold above list price, up from 47% a year earlier. On average, 3.7% of homes for sale each week had a price drop. Overall, 14.9% dropped their price in the past four weeks, up from 11.2% a month earlier and 9.1% a year ago. This was the highest share since mid-November. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.8%. In other words, the average home sold for 2.8% above its asking price. This was up from 101% a year earlier. To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
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It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
Real estate agent breaks his own "Most annual home sales" title by selling 6,438 homes Dallas, TX -- May 4, 2022 -- Ben Caballero, a two-time Guinness World Record title holder and the No. 1-ranked real estate agent in the U.S. since 2013 by RealTrends, has been recognized for the third time by Guinness World Records, the "ultimate authority on record-breaking achievement." Caballero, a new home sales expert and owner of HomesUSA.com, works directly with 60-plus builders in Houston, Dallas-Ft. Worth, Austin, and San Antonio. He individually sold 6,438 homes worth more than $2.46 billion in 2020. He now officially holds the Guinness Worlds Record title for "Most annual home sales transactions through MLS by an individual sell side real estate agent – current" for the third time. In 2018, Caballero became a first-time Guinness World Record title holder for "most annual home sales transactions…" with 3,556 verified home sales in 2016. In 2019, he became a two-time Guinness World Record title holder, breaking his own record with 5,801 verified home sales in 2018. "One Guinness World Record title is the honor of a lifetime. But three? It's simply stunning," said Caballero. "Developing leading-edge real estate technology rewards me for doing something I love every day. This award certainly is the icing on the cake," he added. Caballero is real estate's most productive real estate agent, having sold more homes than any individual or team every year since 2016, according to research from RealTrends. Between 2004 and 2020, Caballero has 43,265 home sales totaling $15.188 billion in volume. In 2015, Ben became the first real estate agent to exceed $1 billion in total home sales. Additionally, he is the only agent to exceed $2 billion in total home sales in a single year, a feat achieved in 2018, 2019, and 2020. Caballero's new record translates into selling an average of more than 120 homes a week, or 17 home sales a day, every single day of the year. A highly acclaimed innovator and technological pioneer, he developed HomesUSA.com's proprietary SaaS listings management and marketing platform for his production builder clients. Caballero attributes his individual record-setting production to the efficiencies of the technology platform he created. Caballero was a builder for 18 years and became a real estate agent at 21. He developed his online platform in 2007. Builders interested in learning about Caballero's services can contact HomesUSA.com directly at (800) 856-2132 x300 or email [email protected] Guinness World Record Title (from the GWR website) "The most annual home sale transactions through MLS by an individual sell side real estate agent – current is 6,438, and was achieved by Ben Caballero (USA) in Dallas, Texas, USA, from 1 January-31 December 2020. Ben broke this record over the course of the entire 2020 calendar year."(A "sell side real estate agent" is the listing agent.) About Guinness World Records GUINNESS WORLD RECORDS (GWR) is the global authority on record-breaking achievement. First published in 1955, the iconic annual Guinness World Records books have sold over 141 million copies in over 40 languages and in more than 100 countries. Additionally, the Guinness World Records: Gamer's Edition, first published in 2007, has sold more than 4 million copies to date. Guinness World Records' worldwide television programmes reach over 750 million viewers annually and more than 3.7 million people subscribe to the GWR YouTube channel, which enjoys more than 328 million views per year. The GWR website receives over 20.5 million visitors annually, and we have over 15 million fans on Facebook. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is the world record holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Down Payment Resource teams up with Realtor.com to Help Home Shoppers Find Homebuyer Assistance Programs
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Over 665,000 real estate agents in the U.S. get Lone Wolf Transactions as a member benefit
Associations across the country have rallied to keep real estate's leading transaction management solution in their members' hands DALLAS and CAMBRIDGE, Ontario, May 2, 2022 -- Lone Wolf Technologies ("Lone Wolf") is thrilled to announce it has partnered with 76 associations in the U.S. to provide Lone Wolf Transactions (zipForm Edition) as a member benefit in 2022. This means over 665,000 real estate agents and counting will keep the unrivaled forms and transaction management solution in their hands. "These incredible associations have stepped up and are supporting their members at a crucial time," said Lisa Mihelcich, GM of Associations at Lone Wolf. "We're moving into a post-pandemic world and digital real estate transactions are more important than ever. Transactions is the top transaction management solution in the country, and the only one that can provide a complete and modern real estate experience for agents, brokers, buyers, and sellers. In that way, it's not only a critical tool for real estate professionals, but for real estate as a whole." Associations that are now providing Transactions as a member benefit, which features the industry's leading forms engine, transaction tools, and unlimited document storage, include the California Association of REALTORS® (C.A.R.) and Texas REALTORS®. Several associations, including the Indiana Association of REALTORS®, South Carolina Association of REALTORS®, Wisconsin REALTORS® Association, NC REALTORS®, Hawai'i Association of REALTORS® and New Jersey REALTORS®, have renewed the current member benefit plus additional time-saving solutions like zipLogix Digital Ink® and zipForm Mobile to its members at no additional cost. "Many of our members were already using Transactions as their solution of choice, so we were happy to bring the product on as a member benefit," said Travis Kessler, Chief Executive Officer at Texas REALTORS®. "Equipping our members to tackle the many moving parts of the real estate process is part of our mission, and we believe that Transactions, more than any other solution, can help them do so." Since acquiring zipLogix in 2019, Lone Wolf has made, and will continue to make, significant updates to Transactions to meet increasing digital expectations and changes in consumer behavior. The solution now boasts a complete set of digital tools to simplify an agent's workflow and bolster the client experience, including: Integrations that bring the real estate experience together in one place, connecting Transactions to leading solutions for digital marketing, CRM, and CMA Native connections to real estate's top eSignature solution, Authentisign, as well as tools for offer management and MLS integration New features for digital title and home warranty orders, forged in collaboration with the leading title and home warranty providers in the country A forthcoming upgrade of Transactions' industry-leading forms editor, featuring a new workspace, redesigned interface, and intuitive forms Transactions is available for renewal to individual agents in areas that are not providing the member benefit. Renewal at the individual-level can be completed within the solution and comes with exclusive pricing on basic and premium transaction bundles featuring real estate's top CRM, LionDesk, eSignature, zipForm mobile, and more. About Lone Wolf Technologies Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits—from transactions to back office, insights, and more, all in one place. Lone Wolf's offices are located in Cambridge, ON, Minneapolis, MN, and Dallas, TX. Find out more at www.lwolf.com.
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NAR Announces Inaugural Fair Housing Champion Award Winners
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121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
Among the 25 busiest markets, Bloomington-Normal, Ill., at 63% and Burlington, Vt., at 41% recorded the largest year-over-year increases in showing activity, joining perennial leaders Denver and Seattle as the nation’s three busiest markets for showings CHICAGO, Apr. 28, 2022 -- The number of markets seeing double-digit showings per listing jumped 46% in the past two months as buyer demand continues to outpace slightly rising inventory, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. That's despite March seeing a slight slowdown in showing traffic nationwide compared to last year’s unprecedented numbers. March’s showing activity stands in contrast to March 2021’s torrid pace, in which each of the four regions in the U.S. saw year-over-year growth in foot traffic of at least 40%. The 25 busiest individual markets averaged more than 16 showings per listing, including Burlington, Vt.; Bridgeport, Conn.; Fort Collins, Colo.; and Bloomington-Normal, Ill. The growth in the number of markets with double-digit showings jumped from 83 in January to 109 in February and 121 markets in March of this year. "We are sensing a slight slowdown in the Western region of the U.S. in year-over-year Showing Index values, although there is still very strong activity," said ShowingTime Vice President and General Manager Michael Lane. "The demand per listing is still at historically unprecedented levels, but for the first time in the last 12 months it is neutral." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. By region, the Midwest’s 5.9% year-over-year increase in showings per listing led the country, while demand in the South was flat compared to March 2021. The Northeast dropped slightly by 0.9%, with the West’s 18.5% year-over-year dip in traffic marking the third consecutive month the region has recorded a decline, attributable in large part to its heavy activity in March 2021. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime’s technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
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Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
The Eastern region of the U.S. had the highest average closing costs in 2021, with Washington, D.C. topping the list at $29,888 Irvine, Calif., April 21, 2022 -- CoreLogic's ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today released its most recent Purchase Mortgage Closing Cost Report which showed that in 2021, the national average for mortgage closing costs for a single-family property were $6,905 including transfer taxes and $3,860 excluding transfer taxes. These amounts represent a 13.4% and 11.2% year-over-year increase, respectively. Key Takeaways: The average U.S. home price increased by more than $50,000 last year, while the average purchase closing costs increased by $818 including taxes and $390 excluding taxes. Despite an increase in the absolute dollar amounts of closing fees, closing costs as a percentage of home sales prices were down slightly from 2020. Average purchase fees as a percentage of the average sales price in 2021 were 1.81% compared to 1.85% in 2020 and when taxes are excluded, were 1.01%, down from 1.06% in 2020. "As the mortgage industry comes off two years of record-low interest rates and red-hot consumer demand, lenders are now pivoting to address increasing headwinds from higher loan origination costs and lower origination volumes," said Bob Jennings, executive, CoreLogic Underwriting Solutions. "The Mortgage Bankers Association recently reported lender origination costs show a 13.2% year-over-year increase, which corresponds closely to the 13.4% increase we are seeing on purchase mortgage closing costs. As the market tightens in 2022, it will be interesting to see how lenders and borrowers respond and how these key metrics move." State and Metro Takeaways: The 2021 report shows the states with the highest average closing costs, including transfer taxes, were Washington, D.C. ($29,888), Delaware ($17,859), New York ($16,849), Maryland ($14,721) and Washington ($13,927). The states with the lowest closing costs, including taxes, were Missouri ($2,061), Indiana ($2,200), North Dakota ($2,501), Wyoming ($2,589) and Mississippi ($2,756). The most significant drivers to differences in closing costs were the types and percentages of imposed specialty and transfer taxes. The states with the highest average closing costs, excluding taxes, were Washington, D.C. ($6,502), New York ($6,168), Hawaii ($5,879), California ($5,665) and Massachusetts ($4,904). The states with the lowest closing costs, excluding taxes, were Missouri ($2,061), Indiana ($2,200), Nebraska ($2,210), Arkansas ($2,281) and West Virginia ($2,465). At the metro level, those with the highest average fees with taxes were primarily in the Eastern region of the United States including Vineyard Haven, Massachusetts ($28,724); Bremerton-Silverdale-Port Orchard, Washington ($16,003) and Salisbury, Maryland ($15,723). Comparatively, metros with highest average fees without taxes were in Santa Maria-Santa Barbara, California ($7,063); Kahului-Wailuku-Lahaina, Hawaii ($7,016) and San Jose-Sunnyvale-Santa Clara, California ($6,412). Cost calculations include the lender's title policy, owner's title policy, appraisal, settlement, recording fees, land surveys and transfer tax. The calculations use home price data from CoreLogic to estimate closing costs for an average home at the state, core-based statistical area (CBSA) and county levels. Ranges, rather than single values, are used to more accurately capture fees associated with the real transactions. On May 5, 2022, CoreLogic's ClosingCorp will be releasing the annual 2021 Refinance Mortgage Closing Cost Report. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic, Inc., All rights reserved. Methodology CoreLogic's ClosingCorp average closing costs are defined as the average fees and transfer taxes required to close a conventional purchase transaction in a geographical area. These costs consist of fees from the following service types: title policies (both owners and lenders), appraisals, settlement fees, recording fees, land surveys and transfer tax. Actual closing fees for 4.4 million single-family home purchases from January 1 through December 31, 2021 were analyzed. Homes within a $100,000 range of the average home price (source CoreLogic) were used to estimate closing costs for an average single family residential home at the state, core-based statistical area (CBSA) and county levels. The average service type component fee was computed for every geographical area where at least 10 transactions occurred in the specified range during the period under review. Total cost to close was then computed as the sum of the service type averages. Land survey fees only were included for Florida and Texas single-family homes where land surveys are required. Cost to close was computed with and without transfer taxes. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
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Earnnest Is Now Integrated with Form Simplicity
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BoomTown Introduces Expanded Success Assurance Program, Manages Both New Registrations and Database Opportunities
Concierge service now monitors the entirety of an agent's database for meaningful behavior and proactively reaches out on an agent's behalf, further differentiating the program's ability to create more opportunities and drive conversions. CHARLESTON, S.C., April 19, 2022 -- BoomTown, the leading cloud-based sales and marketing automation platform for real estate professionals, announced the next evolution of its Success Assurance program, offering full database monitoring and engagement in addition to qualifying and engaging new leads on an agent's behalf. "Any effective website or CRM should be monitoring behavioral data, but it's the actions taken on those insights that drives success and realizes ROI for real estate businesses," said Grier Allen, CEO and President of BoomTown. "Success Assurance provides a dedicated resource to not only track and monitor opportunities on an agent's behalf, but to leverage those insights to reach out and engage each opportunity with the right message, at the right time, creating meaningful conversations that ensure clients never miss an opportunity to work with a new or past homebuyer or seller." The expanded offering allows the Success Assurance concierge to not only handle the qualification and management of new lead registrations, but to also monitor each lead in an agent's database, tracking unique and predictive behaviors that indicate a readiness to transact, and reaching out on an agent's behalf. Their outreach is triggered by specific behaviors, actions taken on insight, that most likely correlate to conversion, because they are reaching a homebuyer or seller at the right time, with the right message. This type of meaningful outreach yields a connection rate of almost 50%. "BoomTown's Success Assurance Program is a massive advantage versus using a text bot to engage leads," says Andrew Undem of SURE Group of Berkshire Hathaway Homesale Realty. "You have an actual person working on your behalf, leveraging data and behaviors for each opportunity, and ensuring they are reaching out at the right moment and relaying the right information to build rapport and create a connection."  About BoomTown BoomTown exists to make real estate agents successful. Nearly 100,000 of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint and MyAgentFinder. For more about BoomTown visit boomtownroi.com.
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RentSpree Debuts Holistic Agent Tools to Streamline the Rental Process
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Real Estate Startup Revive Named to 2022 US REACH Program
Revive selected by NAR investment arm's REACH startup accelerator IRVINE, Calif. - April 11, 2022 -- Revive, a leading provider of presale home renovation services for sellers and all-cash offer programs for buyers, announced its selection to the 2022 US REACH growth accelerator program. Revive joins eight other firms in the 2022 REACH program, operated by Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global real estate technology fund. The US REACH program focuses on helping technology companies accelerate growth throughout the real estate, finance, banking, home services and insurance industries. "Our selection to the coveted US REACH program signals the enormous growth potential of Concierge services, especially Revive," said Michael Alladawi, Revive CEO and founder. "By already enhancing homeowners' sale profits by more than $28 million, REACH can exponentially help us grow our business, maximizing success for homeowners and buyers– which can be life-changing for those consumers, and game-changing for their agents." Revive offers turnkey presale renovation services for homeowners and all-cash offers for buyers, helping maximize their success. Revive brings a unique process, technology, financing, and exclusive contractor network that provides certainty within the experience for homeowners, buyers, and real estate agents nationwide. "Revive offers an innovative approach to presale renovation," said Kia Nejatian, Executive Director, NAR REACH. "The burgeoning Concierge category shows how fast technology moves forward, creating new ways agents can help their clients. "Supporting Revive will bring valuable opportunities to families by helping them maximize their biggest asset – their home," he added. Alladawi, a veteran real estate professional and seasoned home renovation expert, teamed with renowned technology entrepreneur Dalip Jaggi in 2019 to create Revive. Based in Irvine, California, and offering its services nationwide, Revive is among the fastest-growing Proptech presale renovation startups. "Our mission at Revive," said Jaggi, "is to bring certainty to the experience for homeowners, buyers, and real estate agents nationwide. If Revive helps you fix up your home and it sells for$100,000 more, or Revive gives you the ability to buy the home you want with an all-cash offer, we are doing more than just helping with a home sale. Working with real estate agents, we are improving buyers' and sellers' lives," he added. Learn more at iloverevive.com. About Revive Revive's mission is to guide home sellers through presale home renovations. By providing interest-free money and a Revive-supported contractor, home sellers on average obtain an additional $186,000 in profit when selling their home. Revive homes sell for more, and help you move ahead by maximizing your sales value. Learn more at www.iloverevive.com.
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New Realtor.com Survey Finds 64% of 2022 Sellers Plan to List by Summer's End
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Matterport Axis Now Available for Purchase, Enabling Hands-Free Precision 3D Capture for Smartphones
Designed for the Matterport Smartphone Capture app, Matterport Axis motorized mount makes digital twin creation easier, faster, and more precise SUNNYVALE, Calif. -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced that Matterport Axis™, a motorized mount for smartphones, is now available for purchase. Matterport Axis, which holds either an iOS or Android device, and can be used with the Matterport Capture app, creates 3D digital twins of any physical space with increased speed, precision, and consistency. This convenient, remote-controlled solution produces reliable results with ease. Starting at $79, Matterport Axis is now available for purchase today through Matterport, Adorama, B&H, and Amazon. "We are excited to introduce Matterport Axis, which when combined with our Capture app, allows anyone to create a 3D digital twin with the phone in their pocket," said Japjit Tulsi, Chief Technology Officer of Matterport. "Whether it's creating a digital twin to help sell your home, capturing your work environment to collaborate with team members, or capturing and sharing your business to attract new customers, there are countless uses for people and businesses to use Matterport. Our Capture app along with Matterport Axis now makes that process easier and faster for anyone to digitize their spaces with greater precision." Businesses embrace smartphone capture with Matterport Axis Business customers across a variety of industries use Matterport to virtually promote, operate, document, manage, and measure their properties online. Now, with Matterport Axis, organizations can scale up their efforts to affordably create high-fidelity digital twins at multiple locations simultaneously via employees and their smartphones. Matterport worked with multiple organizations with distributed field personnel to trial Matterport Axis together with the Capture app. One customer, Eberl, a top 4 U.S.-based insurance claims adjusting firm, used Matterport Axis to create digital twins to document insurance claims. By using Matterport Axis with the Capture app and other Matterport solutions, Eberl adjusters reduced their time spent in the field, improving its total claims cycle time by 15 percent, and increased new customer acquisition by 200 percent with the convenience of their smartphone. "Using Matterport, Eberl adjusters can easily access rich, visual data and precise measurements that reduce the need for return trips, reinspection requests, phone calls and follow-up emails," said Chris Cowan, Vice President, Operational Strategy at Eberl. "Digital twins have helped our adjusters work smarter, and their agility enhances the experience of our clients and subsequent policyholders. When we outline the value of digital twins to new and existing insurance carriers, they are eager to engage and adopt, which has had a tremendous impact on the growth of our business." Real Estate partner Avail sees Matterport Axis as transformative for landlord clients Matterport partner Avail, part of the Realtor.com network, is an end-to-end Rental Management Platform for independent Landlords that provides best-in-class tools, and educational content to help landlords optimize their marketing and streamline their operations. They understand the wide range of challenges landlords face, which includes finding affordable ways to make their listings stand out and to get in front of tenants everywhere. Avail saw value in partnering with Matterport to bring Matterport Axis and the Matterport Capture app to their users. Avail participated in the pre-launch trial where Avail landlords used Matterport Axis to successfully create digital twins of their properties. "We are excited to give our landlords an easy and accessible way to create professional-quality 3D virtual experiences by using Matterport Axis and their Matterport Capture app," said Ryan Coon, CEO / Co-Founder, Avail. "The ability to view properties virtually is increasingly important in the rental market and can lead to more eyes on listings, less vacancy time, and even more homes being rented out virtually, sight unseen. We were eager to participate in the Matterport Axis pre-launch trial, giving our landlords the resources to create their own 3D virtual experiences and it was great to see such positive adoption." To learn more about Matterport Axis or to purchase today, visit matterport.com/axis. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Home Prices Hit $405,000 for the First Time Ever
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RESAAS Rolls Out Payment System to 500,000 Real Estate Agents
RESAAS Agents Become First to Access RESAAS Pay, the Real Estate Industry's First KYC and AML Compliant Broker-to-Broker Payment System VANCOUVER, BC, March 30, 2022 - RESAAS Services Inc., a technology platform for the real estate industry, today announced the successful rollout of RESAAS Pay to all real estate agents using RESAAS. RESAAS has more real estate agents than any real estate brokerage, agency or franchise, with more than 500,000 agents members of RESAAS globally. Referral business constitutes the single biggest source of business for real estate agents, according to the National Association of REALTORS®. RESAAS delivers a best-in-class referral platform which facilitates brokerage-agnostic referrals between real estate agents on a global basis. "RESAAS Pay brings real estate payments into the 21st Century," said Tom Rossiter, CEO of RESAAS. "From this week onwards, RESAAS agents are now able to take advantage of the many benefits RESAAS Pay provides." About RESAAS Services Inc. RESAAS is a technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis. Visit www.resaas.com for more information.
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Women could afford 18% more of the housing market if they made as much money as men
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The first NFT platform for real estate images -- 'real' -- launched by HomeJab
New marketplace for one-of-a-kind images offers higher compensation for professional real estate photographers to "disrupt" the $4B stock photo industry Cherry Hill, NJ - March 29, 2022 -- A new non-fungible token or NFT marketplace for real estate images called "real" – launched by HomeJab – offers an innovative alternative to stock photo services. Participating professional real estate photographers receive 96 percent of all sales proceeds – the highest compensation available from a major stock photo platform. Photographers currently earn as little as 2 cents to 25 cents per month per photo through stock photo agencies, according to Phototutorial. "We're flipping the model upside down," said Joe Jesuele, head of HomeJab.com, who led the development of real estate's first NFT platform of images. HomeJab provides real estate agents on-demand professional real estate photography and other visual production services in every major US market and all 50 states. "Buyers such as real estate agents and their web and marketing agencies can purchase unique images with nearly all the compensation going to the artist – the photographer. That's the way it should be," he added. Jesuele explains that one of the most significant advantages of this new NFT marketplace is its "real-world utility." "Too many NFT projects today are designed to help the founders make money. The real NFT marketplace supports the hard work and gives new visibility to professional real estate photographers' artistry while properly supporting their creative efforts," he explained. "By bridging the physical world and the metaverse, 'real' can help cut through the current clutter of NFT scams and pump and dumps of (worthless) coins that have no real utility. While other NFTs' value will collapse, we know from experience that good images will always have value and utility," Jesuele said. The new real NFT marketplace is designed for real estate agents and digital marketers to purchase one-of-a-kind iconic real estate images. The real platform also enables clients to order custom NFTs to be shot and produced by professional real estate photographers for their exclusive commercial use as they will own the image. Unlike images provided by stock photo agencies, which allows the same image to be used by anyone who pays a fee, images purchased on real are unique and owned by the buyer. Real estate agents and brokerages avoid having the same photos on their websites by purchasing one-of-a-kind images on the real NFT marketplace. If the NFT resells, royalties flow back to the original photographer. "Buying an NFT through real provides agents and brokers one-of-a-kind images that only you can use versus licensing a repetitive stock image that any of your competitors can use. Marketing agencies know that using unique imagery helps agents and brokers create stronger brand recognition and avoid brand confusion," he added. The real NFTs currently available include images of destinations in the public domain, such as historical landmarks, streetscapes, downtown areas, commercial hot spots, parks, bridges, buildings, and beaches. "Think of the one single image that best describes where you live. What image would that be? That's the type of NFTs we expect to be the most popular as we launch," Jesuele said. "We are disrupting the old, legacy stock image model to become a completely decentralized ‘Web3' solution powered by NFTs with the financial benefits going back to the photographers," Jesuele said. To learn more about NFTs in real estate imaging, Jesuele published a blog explaining both the terms and the process here. To learn more about the new real NFT marketplace, go to nft.homejab.com. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Real Estate Nexus acquires Amarki marketing automation technology company
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Affordability Issues Rise as National Rents Reach 30% of Americans' Incomes
In February, national rents grew 17.1% year-over-year to a new high of $1,792 per month, representing a higher share of household incomes (29.7%) than in 2021 (24.8%) SANTA CLARA, Calif., March 23, 2022 -- New rental data shows affordability issues are on the rise, as Americans spent 30% of their monthly budgets on rents in February on average, according to the Realtor.com Monthly Rental Report released today. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros like Miami, Tampa, Fla. and San Diego, Calif. In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002. "Whether it's rent or mortgage payments, the general rule of thumb is to keep monthly housing costs to less than 30% of your income. And with rents surging nationwide, February data indicates that many renters' budgets may be stretched beyond the affordability limit," said Realtor.com® Chief Economist Danielle Hale. "With rents up by nearly 20% over the past two years, rental prices are likely to remain high, but we do expect some cooling from the recent accelerated pace. In light of mounting economic uncertainties and the conflict in Ukraine, some households will prefer to buy, in an effort to lock-in a largely fixed monthly payment as a hedge against further inflation. But fast-rising mortgage rates and still-limited numbers of homes for sale could mean some would-be buyers may stick with the flexibility of renting. With rental demand already outmatching supply, rental affordability will remain a challenge. For renters eager to make the transition to first-time buying, finding a relatively affordable rental is key to saving for a downpayment. Tools like the Realtor.com® Rent vs. Buy Calculator can help you frame the numbers in a meaningful way and make the choice that is right for you." February 2022 Rental Metrics – National Affordability issues soar nationwide, led by Sun Belt metros February data indicates that rents are increasingly straining Americans' budgets, representing roughly 30% of typical household incomes. Year-over-year rent growth in February 2022 was four-times higher when compared to March 2020, before the onset of COVID, highlighting limited supply relative to demand. The acceleration in rents is largely driven by a growing segment of young households, many of whom are turning to renting in the face of the for-sale inventory crunch, record-high listing prices and climbing mortgage rates. In turn, many of the least affordable rental markets are also some of the most competitive areas for buying. These trends are illustrated in Sun Belt metros like Miami, Tampa and San Diego, which topped February's lists of fastest-growing and least affordable rental markets, as well as the hottest homebuying destinations. February rents made up 29.7% of the typical household income in the 50 largest U.S. metros, a higher share than during the same month in 2021 (25.3%). The rental share of income was even greater in 14 of these markets, led by Miami, at 59.5%; Los Angeles, at 46.0%; and Riverside, Calif., at 45.9% (see table below). Representing nearly half of the country's largest markets, the Sun Belt claimed half of February's least affordable areas and all 10 of the fastest-growing rental markets, including four in Florida. The state's low vacancy rates highlight rising rental affordability, with the Florida supply of vacant rental units (6.6%) declining drastically since 2009 (17.9%). In Miami, the median rental price spiked 55.3% year-over-year in February, bringing it to the top of February's least affordable markets. Although buying a starter home is more affordable than renting one in Miami, the local for-sale home market is also exploding. Compared to February 2021, listing prices were up 31.6% in Miami, which jumped 25 spots on the latest Realtor.com® Hottest Markets Ranking. Least Affordable Rental Markets (Feb. 2022) Middle America rental markets offer relative affordability Although rental affordability is dwindling at the national level, February data offers some good news for some renters, depending on where they live. In many large markets in Middle America, for instance, February rents came in below the recommended max share of monthly paychecks. Additionally, the area accounted for more than half of February's most affordable rental markets, including Kansas City, Oklahoma City and St. Louis. Still, with February rent growth outpacing incomes even in these relatively affordable areas, renters devoted more of their monthly paychecks towards housing costs than in 2021. After making a swift recovery from earlier COVID setbacks, rents grew over 2021 in each of the 50 largest U.S. metros in February, up by double-digits in 39 markets. February rent growth was in single-digit territory in the remaining 11 metros, keeping rental costs to a lower share of incomes in many of these areas. At No. 8 on the February list of most affordable rental markets, Minneapolis posted the country's second lowest annual rental price gains, up just 4.5% year-over-year. Compared to a metro like Miami, where rental affordability has dropped dramatically, Minneapolis rents were significantly lower in February ($1,558 vs. $2,929). In February, Middle America dominated the top 10 list of most affordable rental markets, with rents taking up less than 30% of typical household incomes in metros like Kansas City, at 19.9%; Oklahoma City, at 21.1%; and St. Louis, at 22.3%. At the same time, with housing affordability declining and mortgage rates climbing nationwide, Middle America renters might consider putting their monthly savings on rent towards buying a first home. In the No. 1 most affordable rental market of Kansas City, monthly starter home costs were 21.7% lower than rents in January, but also grew double-digits over 2021. Most Affordable Rental Markets (Feb. 2022) January 2022 Rental Metrics – 50 Largest U.S. Metros About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Transactly Expands Home Connections with Acquisition of 360 Home Connect
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OKMOVEME Announces April Launch of its Consumer-First Website to Help People Move to Nashville
A true one-stop for: Planning, Moving, Getting Organized and Everyday Living NASHVILLE, TN, March 11, 2022 -- OKMOVEME, the premier one-stop website for anyone planning or managing a move to a new home, has launched a consumer-first website to help people move to Nashville. The free version of the company website now features exclusive content to help families and friends learn more about the area, get in touch with important local resources, purchase goods and professional services for the move, and ways to save money and time. Much has been written about the so-called "Great Resignation," and this newfound economic flexibility means millions of American families can now move to new locations that better meet their budget, lifestyle and future aspirations. "Housing is a major financial stressor. Companies who allow location flexibility and pay attention to their employees' financial stress are seeing a higher number of qualified applicants with increased retention for current employees," notes money and wellness expert Ilyce Glink, founder and CEO of Best Money Moves, an award-winning financial wellness company that helps employees and consumers measure their level of financial stress and take concrete steps to reduce it. While many companies are willing to allow employees to work-from-home, "there's rarely or ever any relocation benefits package offered, so it's a true DIY move," says John Heithaus, managing partner of OKMOVEME and a 30+ veteran of the corporate relocation industry. Tennessee is a top-10 destination for corporate and personal relocation, according to 2021 US Census data and OKMOVEME company research. In addition to thousands of employees moving to Nashville for companies like Amazon, Bridgestone, and Facebook, the Nashville region is seeing a huge influx of people moving here from both coasts for its affordability, climate and entertainment-oriented culture. Glink adds: "After two years of a pandemic, amid rising inflation and housing costs, employee financial stress is becoming a serious concern. When you add a relocation to a new and unfamiliar area, it becomes more complex and difficult to manage, especially if the employee has a family. A website like OKMOVEME brings down that level of stress, helps people save time and money, and keeps them focused on their financial wellbeing." OKMOVEME, the premier one-stop website for anyone planning or managing a move to a new place and settling-in thereafter with research, budget and planning tools to efficiently manage the moving and relocation process. We provide curated resources, direct links to trusted professionals and brands, a Nashville-specific Job Search engine, the shopping site Myokmoveme, and the company's blog with reviews and deals for anyone making a move and settling-in.
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New HomeJab study shows impact of COVID-19 on real estate agent marketing spending trends
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Let the Countdown to Realtor.com Listapalooza Begin! April 10-16 Is the Best Week to List a Home in 2022
With strong buyer demand, high prices, quick sales and less seller competition, April 10-16 will be the sweet spot for sellers who want to put their home on the market this year SANTA CLARA, Calif., March 14, 2022 -- With 2022 anticipated to be a whirlwind year for buyers, it can be hard for sellers to know when the optimal time is to put a home on the market. Realtor.com crunched the numbers in its fourth annual Best Time to Sell Report and found this year's best week to list nationwide is April 10-16. Sellers who list during this week – newly named Realtor.com® Listapalooza – will take advantage of the Spring buying season's top lineup of strong demand, high asking prices, quick home sales and less competition from other sellers. "Every year, to help sellers better navigate the spring buying season, we take a look at recent market conditions to determine the optimal week to put a home on the market. And that perfect moment is just weeks away for 2022 sellers, with data indicating that home prices and demand are rising earlier than in a typical year," said Realtor.com® Chief Economist Danielle Hale. "Homeowners who are thinking about selling this Spring still have time to get ready, with the majority of recently surveyed sellers indicating that listing preparations took 2-12 weeks. A good first step when selling your home is to understand your options, such as those available via the Realtor.com® Seller's Marketplace, and find the best approach based on your family's needs. This way, you'll be able to immediately start your listing process as soon as you're ready. Preparation is especially important this year, since market dynamics could shift quickly along with factors like rising mortgage rates, inflation and the ongoing conflict in Ukraine." By listing April 10-16, sellers can expect a top lineup of Spring buying competition With buyer interest accelerating weeks before the usual start of the Spring buying season, getting a head start on the competition will likely pay off for 2022 sellers. Mortgage rates have been rising more quickly than expected, adding fuel to the fire for buyers hoping to find the right home and lock-in relatively affordable monthly payments. While a high number of home sales are expected throughout the Spring, Realtor.com® found that the seasonal sweet spot to list a home in 2022, or Realtor.com® Listapalooza, is April 10-16, based on: Surging buyer demand: With buyer activity typically rising heading into the Spring, homes added to the market during the same week in 2021 received 29% more views on Realtor.com® than the average week in 2021 and 18.6% more interest than the average home listed in 2018-2021. As a result, sellers who list their homes during Listapalooza may be able to expect more offers and bidding wars, which can result in higher asking prices and a faster sale than later in 2022. High home prices: Home prices already broke the 2021 record in February, accelerating earlier in the Spring buying season than in previous years. As a result, sellers who list from April 10-16 could secure asking prices that are 10.9% (+$39,000) higher than at the start of the year and 1.4% (+$5,000) above the average annual listing price, based on 2021 trends. Fast-moving homes: So far in 2022, homes have been flying off the market at an increasingly fast pace, reflecting early signs of Spring seasonality. In fact, the year kicked off with the fastest-moving January ever (61 days), followed by even lower time on market in February (47 days). During the week of April 10, homes sold six days more quickly than the 2021 average and nearly a month faster than in 2019 (-27 days), before the onset of COVID. Less competition from other sellers: With demand outpacing supply, inventory continues to fall short of previous years, but also reflects regular seasonal patterns. From April 10-16, there were fewer sellers with homes actively listed than in the average week in 2021 (-12.9%). With the number of for-sale home options available to buyers historically rising further into the year, seller competition will increasingly be a key factor to consider. Key trends for sellers to watch moving further into the 2022 buying season Sellers can generally expect to hold the upper hand when the right time for them comes along this Spring, as 2022 buyers have been largely accepting of higher asking prices and quick sales. Even so, sellers' odds of success are greater if they list during Listapalooza compared to later in the year, due to a number of shifting market dynamics. Some of the factors sellers should keep an eye on are: Buyers price sensitivity rises along with mortgage rates: Mortgage rates remained historically-low throughout 2021, giving home shoppers more flexibility to meet higher asking prices. However, mortgage rates have jumped significantly since the start of this year and are expected to continue rising, particularly with the Fed planning on an interest rate hike as soon as March. As buyers grapple with higher monthly costs, some may tighten their budgets or take a break from the market, resulting in cooling price trends. For instance, by early May in 2021, the number of sellers making price adjustments climbed by 17.8% from the start of the year. New supply gives home shoppers more negotiating power: While supply will remain historically low relative to demand in 2022, buyers are expected to have more options later in the year. Builders are accelerating production and will begin to make progress against the new home supply gap. Additionally, new listings trends are improving in line with the typical seasonality, as warmer weather and upcoming summer breaks attract more homeowners into the market. Historically, by mid-August, the number of sellers with actively-listed homes increased 17.4% over the beginning of the year, which means more options for buyers and therefore more competition among sellers. Sellers also buying face trade-offs: As conditions become more favorable for sellers, those who are also buying face a cart-before-the-horse dilemma: Holding out for peak asking prices on their listing could also mean paying a premium for the home they buy. Listing prices typically reach each year's highest level in the Summer, as they did in July of 2021. Realtor.com® analysis indicates a similar timeline in 2022, with historical data suggesting home prices will be up double-digits over the start of the year by late May (+12.3%). However, with new sellers historically rising 48.4% over the start of the year by late May, seller-buyers who delay also face more competition from other sellers and the possibility of missing out on buying opportunities. "We all know that homes are selling lightning fast right now. But that doesn't necessarily mean your house will sell itself," said Rachel Stults, Managing Editor at Realtor.com®. "Before you list your home this spring—or any other time this year—make sure you've taken steps to get ready, including cleaning and decluttering, getting cost estimates on repairs you might need to make, and talking to agents to see who would be a good fit for your needs. No matter when you decide to list, whipping your home into shape beforehand will help you sell faster and for more money." Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Please note: The Realtor.com® Listapalooza described in this release is based on the national best week to list, which overlaps with 31 of the 50 largest U.S. metros (see details here). About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Middle-income Households Gain $2.1 Trillion in Housing Wealth in a Decade
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MoveEasy Launches New Homeowner Dashboard, Empowering Real Estate Partners and Their Clients to Seamlessly Manage All Their Moving and Home Management Needs
MoveEasy's platform is now used by more than 100,000 real estate agents, with more than a million homeowners now having access to MoveEasy's dashboard through real estate partners COLUMBUS, OHIO - MARCH 08, 2022 -- MoveEasy, the No. 1 platform for brokers, agents, and homeowners in the moving space, is taking the next step in its evolution to become a 360° solution for every home-related service you can imagine. Today, MoveEasy announced the launch of its homeowner dashboard, empowering homeowners and real estate partners like never before. The company also announced partnerships with RE/MAX, Howard Hanna, and Schmidt Family of Companies, as well as an expanded relationship with Berkshire Hathaway HomeServices, further accelerating the growth of its platform. "The moving process and home management over time can be a royal pain for homeowners," shared MoveEasy CEO Venkatesh Ganapathy. "But it doesn't have to be that way. That's why we started MoveEasy - to empower real estate partners to deliver value to their clients throughout their lifetime as homeowners. Today we're thrilled to announce the launch of our new dashboard, providing exclusive discounts on services and a dedicated concierge to ease the burden for homeowners - from their initial move to home maintenance and updates they need to make over time." In contrast to other solutions in the industry that are limited in terms of breadth and functionality, MoveEasy's dashboard provides homeowners with access to a growing marketplace of service providers across categories including home insurance, internet and cable providers, home protection, energy, utilities, and home improvement. The new dashboard also features a built-in savings calculator to compare prices, apply exclusive discounts, and discover local contractors or service providers. "Our new post-move dashboard provides real estate agents with a powerful tool to differentiate and broaden the value they deliver clients while increasing client referrals and repeat business," notes Ganapathy. "Now for the first time ever, agents have a fully integrated platform to stay in touch with clients old and new at any point throughout their lifetime as a homeowner." Building on its enterprise relationships with Century 21, Realty ONE Group, and Berkshire Hathaway HomeServices, which uses the MoveEasy platform to power its Forever Concierge service, MoveEasy is announcing national partnerships today with RE/MAX, Howard Hanna, and Schmidt Family of Companies. Each partner will utilize MoveEasy's new dashboard and concierge platform on a white-label basis with their clients with their own unique branding. In total, MoveEasy's platform is supporting more than 100,000 agents, with more than a million homeowners now having access to MoveEasy's dashboard through real estate partners. "Our goal has always been to deliver value to our franchise network clients across their entire journey and lifetime as homeowners," said Christy Budnick, CEO, Berkshire Hathaway HomeServices. "We're excited to further build on our partnership with MoveEasy. The launch of their new homeowner dashboard enhances our Forever Concierge service powered by MoveEasy and creates stronger engagement and loyalty with clients." The new homeowner dashboard further builds on what is perhaps MoveEasy's most unique feature: a dedicated lifetime concierge. With a simple call or text, homeowners can outsource the mundane tasks associated with moving such as sitting on hold with utility and cable companies. The concierge service will also help to manage subscriptions with service providers, or even search for better deals to save homeowners money. In addition to providing real estate agents with an invaluable tool to stay engaged with current and past clients, they can also leverage contextual insights available through the dashboard to deliver even more value to clients. For example, if a client is replacing a roof, the platform will not only assist with discovering contractors. It will also recognize how that project may impact the cost of other services such as home insurance, and automatically surface new insurance quotes to save the homeowner money. If the client needs a new appliance, the dashboard can tell them if their home warranty covers it, and seamlessly allow them to file a claim. To keep up with the rapid growth of the business, Move Easy is also announcing $3.5M in funding today from investors including New Valley Ventures, Breaktrail Ventures, Loud Capital and Pete Kight. The new capital will be used to accelerate the expansion of its platform into new categories. MoveEasy continues to build momentum with hundreds of service providers and partner integrations being added to its homeowner dashboard every month. Notable platform partners at launch include direct integrations with AT&T, Front Door, and Travelers Insurance, among many others. MoveEasy will also be adding additional Energy, Solar and Home Warranty providers to its platform in early 2022. The flexibility of the platform also allows real estate partners to add preferred vendors that homeowners can view live within minutes on the dashboard. The platform also includes a "My Next Move" feature, which allows clients to alert their agent or broker when they're ready to move again. About Move Easy MoveEasy is the country's first full-service homeowner concierge platform designed to help the 139M homeowners in the US with all their moving and home management needs. MoveEasy's 360° dashboard provides access to service providers across multiple categories, a built-in savings calculator, a concierge service, and more. For real estate partners, MoveEasy is a fully white-labeled turnkey concierge solution that helps brokers customize and brand the platform to offer a true end-to-end lifetime concierge service for their clients. Today MoveEasy works with real estate brokers across the country representing more than 100,000 agents. For more information, visit www.moveeasy.com.
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Realtor.com February Housing Report: Home Prices Hit All-Time High Ahead of Spring Buying Season
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Florida Realtors Tech Helpline Debuts Mobile App
Tech frustration? Help is a finger-tap away. Florida Realtors Tech Helpline's new app works on all mobile devices. Find it in Google Play or Apple's App Store. ORLANDO, Fla. -- Florida Realtors Tech Helpline offers free and easy service to members who need help with their technology projects – but the "easy" part just became easier thanks to a new app that allows members to connect with an advisor while on the road. The app works only on mobile devices. iPhone and iPad users can find it in the App Store by searching for "Tech Helpline." It's also offered on Google Play. The app gives users three options: They can directly call a Tech Helpline analyst or chat via the app. They also can choose to "open a case." The analyst who works on the case will then email them a response. The menu bar provides more information about the Tech Helpline and the services offered, including: About Tech Helpline What we support How can this be free? How we help you Account settings Share this app Sign out "We're here when you need us," says Florida Realtors Vice President of Technology Services Eric Forsman. "And now, thanks to the new Tech Helpline app, it's faster and easier to reach us no matter where you are when a technology issue arises."
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U.S. Home Buyer Activity Leaps in January as 83 Markets Hit Double-Digit Showings Per Listing
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Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High
Redfin's chief economist predicts the share of Americans relocating will keep increasing as the year goes on, with rising mortgage rates and skyrocketing rents making affordable metros more attractive than ever SEATTLE - Feb. 22, 2022 -- A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate. The share of homebuyers looking to move has grown during the pandemic as remote work and low mortgage rates have allowed many Americans to relocate to more affordable regions with more indoor and outdoor space. "I predict the share of homebuyers looking to move to a different area will continue to rise throughout the year," said Redfin Chief Economist Daryl Fairweather. "With mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget. Even workers who are unable to work from home should feel confident about finding a job in a new location with the tight labor market." Permanent remote-work policies and the ongoing housing shortage will also likely keep Americans moving. If a buyer becomes frustrated by a lack of inventory in one metro, they may relocate to a place with more affordable homes to choose from. Miami is the most popular destination for relocating homebuyers Miami was the most popular migration destination of all the major U.S. metros in January, unchanged from the third and fourth quarters of 2021. Popularity is determined by net inflow, a measure of how many more Redfin.com home searchers looked to move into a metro than leave. Miami was followed by Phoenix, Tampa, Sacramento and Las Vegas, all of which are perennial favorites for relocators. Relatively affordable metros with warm weather are typically the most popular destinations among Redfin.com home searchers. Although the five most popular metros are still affordable compared with coastal job centers like the Bay Area and New York, home prices are rising rapidly. In Miami, the typical home sold for $436,900 in January, up 18.1% year over year and above the national median of $376,200. Still, that's more affordable than the $655,000 median sale price in New York, the top origin of people moving to Miami. "While Sun Belt cities like Miami and Phoenix aren't likely to lose their luster anytime soon, rising prices may soon render them slightly less popular for relocators," Fairweather said. "Home prices–and the costs of other goods and services–are skyrocketing in a lot of these destinations precisely because they're so popular with out-of-towners. Some homebuyers who prioritize affordability may start searching in less expensive northern cities." Top 10 Metros by Net Inflow of Users and Their Top Origins Homebuyers are leaving San Francisco, Los Angeles and New York San Francisco, Los Angeles, New York, Seattle and Washington, D.C. were the top metros homebuyers looked to leave in January, unchanged from the fourth quarter. That's based on net outflow, a measure of how many more Redfin.com home searchers looked to leave a metro than move in. Redfin.com home searchers who are looking to relocate typically leave expensive cities, a trend that has become more widespread with remote work. With a median sale price of roughly $1.4 million, San Francisco is the most expensive place to buy a home in the country. Los Angeles, New York and Seattle aren't far behind. Top 10 Metros by Net Outflow of Users and Their Top Destinations To read the full report, including methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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U.S. Homeownership Rate Experiences Largest Annual Increase on Record, Though Black Homeownership Remains Lower Than a Decade Ago, NAR Analysis Finds
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Transactly Launches Connect with Acquisition of Cake
Expanding our human-centered PropTech platform into home connections market Transactly is excited to announce the launch of our new brand, Connect, a home connections service. The launch of Connect follows our acquisition of Rent Engine LLC (DBA Cake), a Dallas-based home connections service company, in September 2021. Now, in addition to streamlining the transaction process, we are offering a better way to set up home utilities and services in five minutes or less through Connect. Our entrance into the home connections market is a giant leap forward in creating a fully-connected home-buying experience, united with human expertise. "While venture capital has poured into the real estate industry with the intentionof removing the human element and one of the most successful gig economies in the world, Transactly keeps real estate agents front and center," said Bryan Bowles, Transactly's founder and CEO. "Homebuyers are people who want help from other people. The real challenge has been a lack infrastructure to support how people facilitate real transactions across the industry. That's what we're solving for, and it's working." Transactly is an online platform designed to help real estate professionals efficiently manage transactions through automation, integrations, and tech-enabled services. Our products are currently used by thousands of real estate agents, teams, brokers, homebuyers and sellers across the United States. We have been revolutionizing the process for real estate agents, resulting in consistent and steady growth since our launch in 2018. We began with two employees and have grown to 79 full-time employees and 138 transaction coordinators as independent contractors. That growth has accelerated in recent years, as we have tripled our revenue in 2021 over the previous year. In addition, we have raised a total of $13 million in investor funding. "Purchasing a home is an immensely personal experience. Homebuyers have relationships with the agents, lenders, and title companies in their communities," said Bowles. "Transactly doesn't replace any of those roles, but instead makes it easier for all those participants to work together for a better homebuying experience." Now Connect, powered by Transactly, introduces a better way to set up home utilities and services. Connect empowers agents to be able to provide a one-stop home-buying experience for their clients. Transactly has retained the six employees of Cake, the Dallas-based home connection services company it acquired in 2021. "It has been an absolute pleasure working with the Transactly executive team," said Tony Neely, operations manager for Connect and former operations manager for Cake. "Joining Transactly has given us the ability to grow our service exponentially. We could not have asked for a more dynamic leadership team to take our mission to the next level or a better support team to execute on it." Transactly is headquartered in St. Louis, Missouri, and was founded in 2017 by Bryan Bowles. Our mission is to be the platform of choice for the people and companies involved in real estate transactions. Our platform provides the largest team of tech-enabled transaction coordinators in North America. To view the original post, visit the Transactly blog.
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Vacant Zombie Properties Inch Down Again in First Quarter of 2022 Even as Foreclosure Activity Rises
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Existing-Home Sales Surge 6.7% in January
WASHINGTON (February 18, 2022) -- Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January. However, year-over-year, activity was mixed as two regions reported sagging sales, another watched sales increase and a fourth region remained flat. Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — climbed 6.7% from December to a seasonally adjusted annual rate of 6.50 million in January. Year-over-year, sales fell 2.3% (6.65 million in January 2021). "Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher." Total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December and down 16.5% from one year ago (1.03 million). Unsold inventory sits at a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months in January 2021. "The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low," Yun said. According to Yun, homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range. He noted that such increases will continue to shift the mix of buyers toward high-income consumers. "There are more listings at the upper end – homes priced above $500,000 – compared to a year ago, which should lead to less hurried decisions by some buyers," Yun added. "Clearly, more supply is needed at the lower-end of the market in order to achieve more equitable distribution of housing wealth." The median existing-home price for all housing types in January was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in each region. This marks 119 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 19 days in January, equal to days on market for December, and down from 21 days in January 2021. Seventy-nine percent of homes sold in January 2022 were on the market for less than a month. First-time buyers were responsible for 27% of sales in January, down from 30% in December and down from 33% in January 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments. "First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage," he said. "Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates." Individual investors or second-home buyers, who make up many cash sales, purchased 22% of homes in January, up from 17% in December and from 15% in January 2021. All-cash sales accounted for 27% of transactions in January, up from 23% in December and from 19% in January 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in January, equal to the percentage seen in both December and January 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.45% in January, up from 3.10% in December. The average commitment rate across all of 2021 was 2.96%. Single-family and Condo/Co-op Sales Single-family home sales jumped to a seasonally adjusted annual rate of 5.76 million in January, up 6.5% from 5.41 million in December and down 2.4% from one year ago. The median existing single-family home price was $357,100 in January, up 15.9% from January 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 740,000 units in January, up 8.8% from 680,000 in December and down 1.3% from one year ago. The median existing condo price was $297,800 in January, an annual increase of 10.8%. "The market is still thriving as an abundance of home sales took place in January," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "We will continue to beat the drum for more inventory, which will give buyers additional options and will also help alleviate increasing costs." Regional Breakdown Existing-home sales in the Northeast grew 6.8% in January, posting an annual rate of 780,000, an 8.2% decline from January 2021. The median price in the Northeast was $382,800, up 6.0% from one year ago. Existing-home sales in the Midwest rose 4.1% from the prior month to an annual rate of 1,510,000 in January, equal to the level seen from a year ago. The median price in the Midwest was $245,900, a 7.8% rise from January 2021. Existing-home sales in the South jumped 9.3% in January from the prior month, reporting an annual rate of 2,940,000, a gain of 0.3% from one year ago. The median price in the South was $312,400, an 18.7% surge from one year prior. For the fifth straight month, the South witnessed the highest pace of appreciation. "The migration to the Southern states is clearly getting reflected in higher home sales and fast rising home prices compared to other regions," Yun said. Existing-home sales in the West increased 4.1% from the previous month, registering an annual rate of 1,270,000 in January, down 6.6% from one year ago. The median price in the West was $505,800, up 8.8% from January 2021. The National Association of Realtors is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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HomeJab study shows Wednesdays are the most popular day for taking real estate listing photos
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Two-Thirds of Metros Reached Double-Digit Price Appreciation in Fourth Quarter of 2021
In the fourth quarter of 2021, fewer markets -- 67% of 183 metro areas -- had a double-digit increase in the median single-family existing-home sales price (78% in the prior quarter). WASHINGTON (February 10, 2022) -- The fourth quarter of 2021, much like the third quarter, saw home prices continue to increase, although at a slower pace. Fewer markets in the last quarter experienced double-digit price gains. According to the latest quarterly report from the National Association of Realtors®, out of 183 measured markets, 67% of the metros reached double-digit price appreciation compared to 78% in the prior quarter. Nationally, the median single-family existing-home price rose at a slower rate of 14.6% year-over-year to $361,700 compared to the year-over-year pace in the previous quarter (15.9%). While the third quarter of 2021 witnessed all regions achieve double-digit price gains, the fourth quarter saw only the South experience double-digit price appreciation (17.9%), and single-digit price gains in the Northeast (6.8%), Midwest (8.6%), and the West (7.7%).1 "Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year," said Lawrence Yun, NAR chief economist. "The increasing prices are indicative of a seller's market, with an abundance of eager buyers and very limited supply." Metros in the Sunbelt and Mountain states topped the list of areas with the highest yearly price gains: Punta Gorda, Fla. (28.7%); Ocala, Fla. (28.2%); Austin-Round Rock, Texas (25.8%); Phoenix-Mesa-Scottsdale, Ariz. (25.7%); Sherman-Denison, Texas (25.1%); Tucson, Ariz. (24.9%); Las Vegas-Henderson-Paradise, Nev. (24.7%); Ogden-Clearfield, Utah (24.7%); Salt Lake City, Utah (24.4%); and Boise City-Nampa, Idaho (24.3%). The top 10 most expensive markets in the fourth quarter witnessed prices surge, with nine of them doing so by double-digit percentages. California led the way with five metros in the top 10, along with five other areas, including: San Jose-Sunnyvale-Sta. Clara, Calif. ($1,675,000; 19.6%); San Francisco-Oakland-Hayward, Calif. ($1,310,000; 14.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,150,000; 23%); Urban Honolulu, Hawaii ($1,054,500; 16.8%); San Diego-Carlsbad, Calif. ($845,000; 14.2%); Los Angeles-Long Beach-Glendale, Calif. ($797,900; 15.9%); Boulder, Colo. ($775,100; 17.2%); Seattle-Tacoma-Bellevue, Wash. ($700,000; 13.9%); Naples-Immokalee-Marco Island, Fla. ($685,000; 21.2%); and Nassau County-Suffolk County, N.Y. (644,600; 9%). "The strength of price gains are associated with the strength of the local job market, but the escalating prices took a toll on home shoppers, compelling many to come up with extra cash, and forcing others to delay making a purchase altogether," said Yun. "A number of families, especially would-be first-time buyers, are increasingly being forced out of the market, and this is why supply is critical to expanding homeownership opportunity." While mounting housing costs were problematic for the entire year, affordability worsened in the fourth quarter compared to one year ago. Making the marketplace even more of a challenge was the certainty of increasing mortgage rates. In the fourth quarter, the average monthly mortgage payment on an existing single-family home –valued at $361,700 and financed with a 20% down payment, 30-year loan at a mortgage rate of 3.13% – rose to $1,240. This was an increase of $201 from one year ago (median price of $315,700; mortgage rate of 2.81%). Families typically spent 16.9% of their income on mortgage payments, while one year ago families spent 14.7%. During this same period, a home purchase was unaffordable for a typical first-time buyer who was intending to purchase a home. The typical mortgage payment on a 10% down payment loan on a typical starter home valued at $307,400 increased to $1,224, a rise of $198 from one year ago (starter home price of $268,300; mortgage rate of 2.81%). First-time buyers generally spent 25.6% of their household income on mortgage payments, making a home purchase unaffordable. A mortgage is considered affordable if its payment (principal and interest) amounts to 25% or less of a family's income.2 "The good news is that home prices should begin to normalize later in 2022 as more homes come on the market," said Yun. In 20 markets where the median home sales price ranged from $537,400 to $1.675 million, a family needed more than $100,000 to afford a 10% down payment mortgage (17 markets in the previous quarter). These metros were found in California (San Jose-Sunnyvale-Santa Clara, San Francisco-Oakland-Hayward, Anaheim-Santa Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora-Lakewood, Fort Collins), Washington and Oregon (Seattle-Tacoma-Bellevue, Portland-Vancouver-Hillsboro), Florida (Naples-Immokalee-Marco Island), Massachusetts and New Hampshire (Barnstable Town, Boston-Cambridge-Newton), New York, New Jersey, and Pennsylvania (Nassau County-Suffolk County, New York-Newark-Jersey City, New York-Jersey City-White Plains), Connecticut (Bridgeport-Stamford-Norwalk), Nevada (Reno), and the Washington, D.C.-Arlington-Alexandria metro area.3 Conversely, in 81 other markets – where the median sales price was at least $267,700 or less – a family needed less than $50,000 to afford a home (83 markets in the prior quarter). In 12 metro areas where the median home sales price was less than $160,000, a family generally needed less than $30,000 to purchase a home. Those areas were in Illinois and Iowa (Decatur, Peoria, Davenport-Moline-Rock Island, Waterloo-Cedar Falls, Springfield, Rockford), Ohio and Pennsylvania (Youngstown-Warren-Boardman, Toledo, Erie), New York (Binghamton, Elmira), and Maryland and West Virginia (Cumberland). The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Mortgage, but Hold the Marriage: Survey Finds One-third of Americans Have Bought a Home Together without Getting Hitched
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75% of recent home buyers have regrets about their new home
Nearly three-quarters of successful buyers wish they had done at least one thing differently; nearly 40% wish they had taken more time searching for a home or weighing their options. SEATTLE, Feb. 8, 2022 -- Purchasing a home in a rapidly appreciating and hypercompetitive housing market can feel like winning the lottery. But a new Zillow survey finds even those who are successful often make compromises and can suffer from buyer's remorse. Current and aspiring home shoppers can learn from the regrets of these pandemic-era buyers with help from new technology and a housing market that could offer buyers a bit more breathing room. Zillow's survey finds three-quarters of those who successfully purchased a home in the past two years say they have at least one regret about the home they bought (75%). About one-third of new buyers regret buying a home that needs more work or maintenance than expected (32%). A similar percentage regret buying a home that is too small (31%). "The pandemic-driven feeding frenzy in the for-sale market added challenges for buyers, especially those purchasing for the first time," said Zillow population scientist Manny Garcia. "This research suggests many of those buyers ended up in a home that was less than ideal. It's important to remember that even in a balanced market, most buyers have to make compromises to stay within their budget. However, to minimize regret, aspiring buyers would be wise to establish where they're willing to compromise and what's a deal breaker before shopping." A checklist can help home shoppers establish their needs versus their wants. When shopping with a partner, the right home should meet the needs of both people to avoid regrets and resentment. On the Zillow app, buyers can add a shopping partner to share listings and use SharePlay to make collaborative shopping easier. Most successful buyers (74%) wish they had done at least one thing differently during the shopping process, with 38% wishing they had spent more time searching for a home or weighing their options. About one-quarter would have shopped for and purchased a home in a different area (28%). A vast majority of successful buyers say they had to make at least one compromise in order to afford their home (81%). Nearly 2 in 5 say they ended up in a location that increased their commute time (39%), while 32% purchased a home that was smaller than they initially planned to buy. "Buyers can get distracted by a pretty kitchen or great staging when they should concentrate instead on a home's two biggest factors: its layout and location. It's very tough to change both," said Seattle-based Zillow Premier Agent partner Lucas Pinto, team lead at the Lucas Pinto Real Estate Group, Compass. "A great agent can reframe a buyer's home search and keep them focused on their priorities, helping them make a confident, informed purchase decision." New tech tools are making it easier for home buyers to understand a home's layout before touring it in person. Interactive floor plans and virtual 3D Home® tours can give buyers a more accurate sense of the spatial relationship between rooms in a home, so they can winnow their options without leaving their sofa. To help choose a location they'll love, shoppers can also take advantage of Zillow's Travel Time function, Walk Scores and Transit Scores, which are featured on all for-sale listings. Buyer burnout has become increasingly common amid rapid home price appreciation. Nearly 60% of successful buyers say they took a break from their home search (59%), while 72% of prospective buyers say they have done the same. Both prospective and successful buyers who paused their search were most likely to do so because the type of home they wanted to buy became too expensive. These pandemic-era buyers faced unprecedented conditions. They had far fewer homes to choose from and far more competition for the homes that were listed for sale. Inventory fell to a new low, down more than 40% compared to pre-pandemic levels, while home values surged nearly 20% in 2021. Today's buyers face similar challenges, but in a calmer market, they should have more time to assess their options before making one of life's biggest financial investments. In June 2021, the typical U.S. home flew off the market in just one week. That time frame has expanded every month since, to roughly 13 days in December 2021. Home values are expected to keep climbing, but Zillow economists predict those values will rise at a slightly slower rate than last year's blistering pace — 16.4% versus 19.6% in 2021. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
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Homebuying Competition Kicks Off 2022 with the Fastest-Moving January Ever
The typical U.S. home spent 61 days on market in January, 10 days less than last year and nearly a month (-29 days) faster than the typical 2017-2020 pace SANTA CLARA, Calif., Feb. 8, 2022 -- It's early days for the 2022 housing market, but new data shows homebuyers are already off to the real estate races. In the first month of the year, the typical U.S. home sold faster than in any prior January, according to the Realtor.com® Monthly Housing Report released today. Compared to January's national pace, homes sold even more quickly in the 50 largest U.S. metros, with listings flying off the market in 36 days or less in Nashville, Tenn., San Diego, San Jose, Calif., Denver and Raleigh, N.C. "We're forecasting a whirlwind year ahead for buyers and, if January housing trends are any indication, 2022 competition is already heating up. Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year," said Realtor.com® Chief Economist Danielle Hale. "But it's a different story on the other side of the closing table, with new seller listings continuing to decline in January. Factors like Omicron uncertainties could be causing sellers to hesitate even when they know housing conditions are favorable. Another key barrier is the inventory 'chicken-and-egg' dilemma that may vex sellers who are also buying: Do you list now when home shoppers are hungry for more options, or do you wait for more inventory to hit the market in the spring? Ultimately, only you know the best time for your family to make a move, but preparation is key to acting quickly when the right opportunity comes along. Sites like Realtor.com® offer information and tools to help homeowners keep a pulse on local activity in today's fast-paced market." January 2022 Housing Metrics – National 2022 kicks-off with the all-time fastest-moving January housing market Reflecting the mixed impact of 2021's pent-up buyer demand and feverish home sales pace, time on market both hit a new record and offered buyers a first glimmer of relief in January. On one hand, the typical U.S. home spent less time on the market than in any prior January and a full month less than in the pre-pandemic period from 2017-2019 alone. At the same time, with recent trends following typical seasonal patterns, national time on market increased in January over the final month of 2021. The typical U.S. home spent 61 days on the market in January, moderating from the December pace (54 days). However, homes spent less time on the market than in January 2021 (-10 days) and compared to the same month in 2017-2020, on average (-29 days). Homes spent less time on the market than the national rate in the 50 largest U.S. metros, at an average of 52 days in January. Southern metros posted the biggest yearly declines in time on market, down 10 days across the region as a whole and led by Miami (-29 days), Orlando, Fla. (-24 days), and Raleigh, N.C. (-17 days). In January, time on market increased over last year in just four large markets: Hartford, Conn. (+10 days), Minneapolis (+2 days), and Richmond, Va. (+1 day) and Washington, D.C. (+1 day). Limited inventory creates challenges for buyers and prospective sellers alike While buyer activity is accelerating earlier in 2022 than in prior years, January data suggests sellers aren't on the same timeline. The yearly decline in inventory grew for the fourth straight month as new listings continued to fall short of prior years' levels. This is partly due to typical seasonality, as sellers have historically waited until closer to the spring to enter the market. However, January's new listings declines could indicate that some prospective sellers are delaying their original plans to list earlier in the year, as 65% of those surveyed in the fall expected to list by March 2022. A number of potential factors may be behind seller hesitation, from Omicron uncertainties to the decade-long new construction shortage, with the many sellers who also need to buy a next home finding limited options in January. Nationally, the inventory of active listings was down 28.4% year-over-year in January, worsening from last month's rate (-26.8%). Although there were fewer for-sale homes than in January 2020 in all of the 50 largest metros, more than half (26) posted smaller inventory declines than the national rate. New listings lagged behind prior year's levels for the second consecutive month in January, down 9.1% nationwide. However, Realtor.com® Weekly Housing Trends show the annual rate of new listings declines improved steadily over the course of the month. If this trend continues, buyers may start to see more options ahead of the competitive spring season. Among the 50 largest U.S. metros, 19 experienced smaller new seller declines than the national rate in January. Additionally, four markets posted annual new listings gains: Cleveland (+7.6%), Orlando, Fla. (+2.3%), Indianapolis (+1.6%) and Houston (+0.9%). Home price growth continues at a double-digit pace as rate hikes fuel competition As demand further outpaced supply in January, the U.S. median listing price held near record-highs and continued to rise at a double-digit annual pace. While 2022 is forecasted to be a seller's market, annual home price growth is expected to moderate from the 2021 pace. This is partly due to looming rate hikes, which will cut into buyers' ability to meet high asking prices and have already begun to rise more quickly than anticipated. Listing price data is already showing some loss of momentum, as the acceleration was smaller in January over December compared to December over November. Still, the affordability of monthly housing costs will increasingly challenge buyers – especially first-timers, who typically have less flexible budgets and face the added financial burden of skyrocketing rents. For the second month in a row, the U.S. median listing price held at $375,000. Listing prices increased at a slightly faster annual pace in January (+10.3%) than in December (+10.0%), but the change was smaller than from November (+8.6%) to December. Relative to the national rate, home prices posted smaller yearly gains (+6.1%) in the 50 largest U.S. metros, partially due to inventory gains in smaller-sized homes. Price growth was similar on a square foot basis, up 11.8% year-over-year in large metros and 13.5% year-over-year nationwide. Listing prices grew at a double-digit annual pace in the southern (+11.2%) and western (+10.0%) regions, which dominated the top 5 list of markets with the biggest annual home price increases: Las Vegas (+35.3%), Tampa, Fla. (+28.7%), Austin, Texas (+28.2%), Orlando, Fla. (+25.0%) and Miami (+24.8%). January 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of January 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. In this release, price adjustments are defined as home listings that had their price reduced in January 2022; listings that had their prices increased during the month are excluded. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics (see more details here). As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Homebuyer's Agent Commission Rate Dips to 2.63%, the Lowest Since at Least 2017
While the buy-side commission has fallen in percentage terms, it has risen in dollar terms—a function of surging home prices; the typical seller pays the buyer's agent $12,415, up from $11,608 in 2020 and $9,610 in 2017. SEATTLE - Feb. 2, 2022 -- The typical commission rate paid to brokerages representing homebuyers has fallen to its lowest point in at least four years, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin found the typical U.S. buyer's agent commission was 2.63% of the home-sale price during the three months ending Nov. 30, 2021—down from 2.69% a year earlier and the lowest rate in Redfin's records, which date back to 2017. In a typical home sale transaction, the seller covers the cost of the fees of both their agent and the buyer's agent. Redfin's analysis focuses on the commission rate offered to the brokerage representing the buyer. Data on the typical commission rate paid to brokerages representing sellers is not available. Fierce Competition May Be Contributing to the Falling Commission Rate Today's competitive housing market may be accelerating the decline in the buy-side commission rate, Redfin agents say. Sellers and their agents understand they'll likely be able to find a buyer regardless of the commission they offer to the buyer's agent. "We're experiencing a historic shortage of houses for sale. Sellers know their home is a hot commodity and will likely attract multiple offers no matter what, so they've started offering the buyer's agents a 2% or 2.5% fee instead of 3%," said Joe Hunt, Redfin's market manager in Phoenix. "Why would you offer 3% when you know you could offer less and sell your home for the same price?" Another factor at play is increasing transparency. Some real estate websites, including Redfin, last year started publishing buyer's agent commission rates in select markets. In November, the National Association of Realtors passed a policy to allow brokerages and agents to display buyer's agent commissions on their websites, which will bring commission transparency to even more markets in 2022. Consequently, more consumers may discover that some home sellers and home-selling companies, like iBuyers, are already paying lower commissions, and follow suit. In Dollar Terms, Commissions Earned by Buyers' Agents Have Climbed While the average commission rate has been declining, the dollar value of buy-side commissions has been on the rise. At $12,415, the average commission fee a buyer's agent received during the three months ending Nov. 30 was up 6.9% from a year earlier and up 29.2% from the same period in 2017. That's a function of rising home prices. The median sale price of U.S. homes surged 15% year over year to $383,100 in November. "One might think the surge in home prices that's driving up commissions in dollar terms is also what's causing sellers to offer lower commission in percentage terms, but that's likely not the case," Fairweather said. "Instead, sellers are probably offering lower commission rates because they realize that a well-priced home in this extreme seller's market will likely attract buyers on its own." Fairweather continued: "With home prices so high, the seller, their agent and the buyer's agent are splitting a pie of funds that's bigger than ever. So even though the buyer's agent is technically getting a smaller share of the pie, their check is 6.9% bigger than it was a year ago. That could change if home prices start to level off." New York and Massachusetts Have Relatively Low Commission Rates In Nassau County, NY, home sellers paid a 1.98% average commission to the buyer's agent during the three months ending Nov. 30—the lowest rate among the 32 metros in Redfin's analysis. Nassau County was the only metro with an average commission rate below 2%. Next came Boston (2.21%), Riverside (2.22%), Anaheim (2.25%) and New Brunswick (2.3%). At 2.94%, Kansas City, MO and Columbus, OH had the highest commission rates. Next came Austin, TX (2.92%), Virginia Beach, VA (2.91%), Houston (2.90%) and Dallas (2.88%). To view the full report, including charts, local data and methodology, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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CoreLogic Reports Upward Trend in Annual Home Price Appreciation Continues; Up 18.5% in December
Home price gains averaged 15% in 2021, up from 6% in 2020 IRVINE, Calif., February 1, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for December 2021. Consumer desire for homeownership against persistently low supply of for-sale homes created one of the hottest housing markets in decades in 2021 — and spurred record-breaking home price growth. Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%. Home price growth in 2021 started off at 10% in the first quarter, steadily increasing and ending the year with an increase of 18% for the fourth quarter. While there have been questions surrounding whether we are currently in a housing bubble, the CoreLogic Market Risk Indicators suggest a small probability of a nationwide price decline, and points to the larger likelihood that a fall in price will be limited to specific, at-risk markets (Table 2). Still, the CoreLogic HPI Forecast shows the national 12-month growth steadily slowing over 2022. During the early months of the year, it's projected to remain above 10% while decelerating each month to a 12-month rise of 3.5% by December 2022. Comparing the average projected National HPI for 2022 with the previous year, the CoreLogic HPI Forecast shows the annual average up 9.6% in 2022. "Much of what we've seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures," said Dr. Frank Nothaft, chief economist at CoreLogic. "As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021." Top Takeaways: Nationally, home prices increased 18.5% in December 2021, compared to December 2020. On a month-over-month basis, home prices increased by 1.3% compared to November 2021. In December, annual appreciation of detached properties (19.7%) was 5.5 percentage points higher than that of attached properties (14.2%). Home price gains are projected to slow to a 3.5% annual increase by December 2022. In December, Naples, Florida, logged the highest year-over-year home price increase at 37.6%. Punta Gorda, Florida, had the second-highest ranking at 35.7%. At the state level, the Southern, Southwest and Mountain West regions continued to dominate the top three spots for national home price growth, with Arizona leading the way at 28.4%. Florida ranked second with a 27.1% growth and Utah followed in third place at 25.2%. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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U.S. Home Seller Profits Soar Again in 2021 as Prices Shoot to New Records
Profits on Typical Sales Nationwide Rise from 34 percent to 45 Percent; National Median Home Price Jumps 17 Percent to $301,000; Homeowners Staying In Their Homes Before Selling for Shortest Period in 10 Years IRVINE, Calif. - Jan. 27, 2022 -- ATTOM, curator of the nation's premier property database, today released its Year-End 2021 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $94,092 on the typical sale in 2021, up 45 percent from $64,931 in 2020 and up 71 percent from $55,000 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008. The $94,092 profit on the median-priced home sale in 2021 represented a 45.3 percent return on investment compared to the original purchase price, up from 33.6 percent last year and from 30.6 percent in 2019. The latest profit margin also stood out as the largest since at least 2008. Both raw profits and ROI have improved nationwide for 10 straight years. Moreover, last year's gain in ROI – up nearly 12 percentage points – was the biggest annual increase since 2013. Profits shot up as the national median home price rose 16.9 percent in 2021 to $301,000, another annual record. The combination of rising prices and profits came during a year when a decade-long boom in the national housing market steamed ahead both because of and in spite of the Coronavirus pandemic that caused widespread economic damage in 2021 and continued to threaten a recovery that began to took hold in 2021. A surge of buyers financially unscathed by the pandemic continued flooding the market throughout 2021. They were driven heavily by a combination of historically low interest rates and a desire by many households to trade congested virus-prone areas for the perceived safety and wider spaces of a single-family home and yard. As they chased a tight supply of homes for sale, prices spiked and so did seller profits. A few signs that prices could flatten out in 2022 emerged late last year in the form of declining affordability, lower investor profits and rising foreclosure activity. That was layered over rising inflation and likely increases in mortgage rates this year. But the current imbalance in demand and supply suggests that there is room for at least some additional price gains. "What a year 2021 was for home sellers and the housing market all around the U.S. Prices went through the roof, kicking profits and profit margins up at a pace not seen for at least a decade. All that happened as the virus pandemic raged on, which actually helped drive the increases instead of stifle them," said Todd Teta, chief product officer at ATTOM. "Households that escaped job losses from the pandemic dove into the market, in large part as a response to the crisis. And the rising demand led the market boom onward. No doubt, there are warning signs that the surge could slow down this year. But 2021 will go down as one of the greatest years for sellers and one of the toughest for buyers." Among 173 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data in 2021, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The West region had 16 of the 20 metro areas with the highest ROIs on typical home sales last year, led by Boise, ID (121.8 percent return on investment); Spokane, WA (86.5 percent); Bremerton, WA (82.7 percent); Prescott, AZ (81.2 percent) and Salem, OR (81.2 percent). Prices rise at least 10 percent in three-quarters of the country as most markets again hit new highs The U.S. median home price increased 16.9 percent in 2021, hitting an all-time annual high of $301,000. The annual home-price appreciation in 2021 outpaced the combined increases of 9.5 percent in 2020 plus 5.9 percent in 2019. Since 2011, when the U.S. housing market was mired in the aftermath of the Great Recession of the late 2000s, the national median home price has risen 109 percent. The latest price spike came as more than 5.7 million single-family houses and condominiums sold in 2021, the highest number since at least 2005. All but four of the 173 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data in 2021 saw median prices increase from 2020 while 124 saw prices jump at least 10 percent. Those with the biggest year-over-year increases in median home prices were Worcester, MA (up 39.6 percent); Barnstable, MA (up 39.2 percent); Boston, MA (up 28.8 percent); Boise, ID (up 27.2 percent) and Phoenix, AZ (up 26 percent). Aside from Boston and Phoenix, the largest median-price increases in metro areas with a population of at least 1 million in 2021 came in Austin, TX (up 25.4 percent); Nashville, TN (up 22.2 percent) and Las Vegas, NV (up 21.5 percent). Home prices in 2021 reached new peaks since the Great Recession in 168 of the 173 metros analyzed (98 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX. The four metro areas among the 173 where median prices dropped in 2021 were Gulfport, MS (down 4.9 percent); Peoria, IL (down 1.8 percent); Beaumont, TX (down 1.4 percent) and Kansas City, MO (down 0.7 percent). The smallest increase among the 173 metros was in Fort Wayne, IN (up 1.8 percent). Profit margins up in almost 90 percent of nation Profit margins on typical home sales rose from 2020 to 2021 in 150 of the 173 metro areas with sufficient data to analyze (87 percent). The largest increases in investment returns came in Salisbury, MD (margin up 267.2 percent); Lafayette, LA (up 227.4 percent); Montgomery, AL (up 195.4 percent); Mobile, AL (up 179.9 percent) and Augusta, GA (up 167.7 percent). Among metro areas with a population of at least 1 million in 2021, the largest ROI increases from 2020 to 2021 were in Raleigh, NC (ROI up 80.6 percent); Oklahoma City, OK (up 64.4 percent); Virginia Beach, VA (up 62.6 percent); Washington, DC (up 60.2 percent) and Chicago, IL (up 59.4 percent). The biggest decreases in investment returns in 2021 came in Kansas City, MO (ROI down 33.2 percent); Gulfport, MS (down 23.3 percent); Harrisburg, PA (down 22.8 percent); Columbus, GA (down 20.4 percent) and Myrtle Beach, SC (down 17.8 percent). Aside from Kansas City, metro areas with a population of at least 1 million and declining profit margins in 2021 included Los Angeles, CA (down 11.9 percent); Houston, TX (down 11.5 percent); Cleveland, OH (down 11.4 percent) and Las Vegas, NC (down 10.4 percent). Homeownership tenure dips to nearly 10-year low Homeowners in the U.S. who sold in the fourth quarter of 2021 had owned their homes an average of 6.14 years, down from 6.34 years in the previous quarter and from 8.03 years in the fourth quarter of 2020. The latest figure represented the shortest average home-seller tenure since the first quarter of 2012. Average seller tenures were down, year over year, in 102, or 95 percent, of the 107 metro areas with a population of at least 200,000 and sufficient data. The biggest declines in average seller tenure from the fourth quarter of 2020 to the fourth quarter of 2021 were in Lakeland, FL (down 79 percent); Tucson, AZ (down 54 percent); Cleveland, OH (down 49 percent); Knoxville, TN (down 47 percent) and Torrington, CT (down 46 percent). The longest tenures for home sellers in the fourth quarter of 2021 were in Bellingham, WA (10.03 years); Manchester, NH (9.87 years); Kahului-Wailuku, HI (9.71 years); Rockford, IL (9.27 years) and Lake Havasu City, AZ (8.33 years). Cash sales hit six-year high in 2021 Nationwide, all-cash purchases accounted for 30.3 percent, or one of every three single-family house and condo sales in 2021 – the highest level since 2015. The latest figure was up from 22.8 percent in 2020 and from 25 percent in 2019, although still off the 38.5 percent peaks in 2011 and 2012. Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2021 were Detroit, MI (59.8 percent of sales); Macon, GA (54.1 percent); Flint, MI (53.7 percent); Buffalo, NY (52.1 percent) and Salisbury, MD (48.8 percent). Lender-owned foreclosure purchases in U.S. at lowest level in at least 16 years Foreclosure sales to lenders accounted for just 1.4 percent, or one of every 69 single-family home sales in 2021 – the lowest level since at least 2005. The 2021 figure was down from 3.5 percent of sales, or one in 29, in 2020 and 5.1 percent, or one in 20, in 2019. States where lender-purchased (REO) foreclosure sales comprised the largest portion of total sales in 2021 were Illinois (3.5 percent of sales), Michigan (2.4 percent), Maryland (2.4 percent), New Jersey (2 percent) and West Virginia (2 percent). Institutional investing at eight-year high Institutional investors nationwide accounted for 6.9 percent, or one of every 14 single-family home and condo sales in 2021 in the U.S., the highest level since 2013. The latest figure was up from 2.7 percent in 2020 and 3.6 percent in 2019. Among 190 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2021 were Atlanta, GA (19.5 percent of sales); Jacksonville, FL (18.8 percent); Charlotte, NC (18.6 percent); Memphis, TN (16.8 percent) and Phoenix, AZ (16.3 percent). FHA sales at lowest level in 14 years Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 8.4 percent, or one of every 12 single-family house and condo purchases in 2021. That was down from 11.9 percent in 2020 and from 12 percent in 2019 to the lowest point since 2007. Among 190 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data in 2021, those with the highest share of purchases made with FHA loans were McAllen, TX (19.2 percent of sales); Hagerstown, MD (18.1 percent); Bakersfield, CA (17.9 percent); El Paso, TX (17.7 percent) and Yuma, AZ (17.7 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to investors, institutional investors and cash buyers, at state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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