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CINC Dynamically Shifts Development, Product, and Service Focus to Address COVID-19 Crisis
MARIETTA, GA., April 6, 2020 -- CINC, the number one lead generation and conversion platform for elite agents and teams, today announced new releases in development, product, and service to address specific needs of clients affected by COVID-19, including enhancements to the full suite of CINC's offering. CINC has focused its efforts on creating tools needed to navigate the now virtual nature of home buying and selling and helping CINC clients better communicate with their consumers. "This is what CINC is all about – facing challenges with optimism," says Alvaro Erize, CEO, CINC. "We see this as an opportunity for our clients to lead the industry through this challenge." He continues, "People are starving for human connection like never before, and agents that have the means and the mindset to supply that connection will be doing a public service AND securing a lot of business through and after this situation. So, this package of features, content, and service we are releasing is meant to provide CINC clients more and better tools they need to establish deeper and more human connections, remotely." Updates Include: Immediately Request a Virtual Meeting: We've modified our "Request a Showing" feature so that a consumer can now immediately request or schedule a virtual meeting via video chat with an agent on both desktop and mobile via Etta, CINC's consumer search app. Schedule Virtual Open Houses: In the CINC properties dashboard, clients will now see a "Virtual Open House" button. Once activated, clients can schedule an open house and include either a pre-recorded video or live video stream. Message to all CINC Site Visitors: All updated CINC sites now include a message to consumers communicating safety and health updates. Updated COVID-19 Email Campaign Content: CINC's communication tools now have pre-built COVID-19 content. CINC clients can now be assured that automatic follow up scripts have been updated to timely, relevant messages addressing the new nature of home-searching and how these CINC product updates can fulfill the consumers' needs. Expanded Service Hours & Free Live Training: Service hours are extended to 8pm ET. In addition, CINC's live training team is now running virtual training sessions four days a week – free for all CINC clients to attend. "At CINC, the client always comes first," says Nate Jones , VP of Tech, CINC. "We are constantly innovating to meet their needs and the needs of the market — these updates are no different. It was important for our tech team to pivot quickly to complete these projects. A lot of late nights went into creating relevant content and updating current CINC features into something useful for the agent in today's virtual real estate environment, but that's what's most important to us, being a team our clients can rely on." CINC is committed to the health, safety, and success of its clients, partners, and employees. As public and global public health authority recommendations and specific housing market conditions and regulations evolve in this crisis, CINC will continue to adapt to the needs of its community.
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LionDesk Chooses Constellation1 to Provide IDX Data Services
Constellation1's robust data services provide faster market penetration and streamlined processes MILWAUKEE (APRIL 06, 2020) -- Constellation1, a leading provider of technology for real estate brokerages, franchises and MLSs across North America, is pleased to announce a new data services relationship with LionDesk, the CRM platform of choice for over 165,000 real estate and mortgage professionals. "We're excited to have chosen Constellation1 as our data services provider," said David Anderson, Founder and CEO of LionDesk. "There were a number of options in the market but the level of service available through Constellation1 and their industry reputation for robust data and reliability solidified our decision." This new partnership will enable LionDesk to simplify their data aggregation process through Constellation1's data services offering, which includes IDX feeds from more than 500 MLSs across the country. The result is faster market penetration, access to the Constellation1 data compliance experts, streamlined approval processes, and significant cost and time savings with full access to data services professionals under Constellation1. "LionDesk's needs align seamlessly with the value of our data services offering," says Andrew Binkley, President of Constellation1. "Our APIs, extensive data sets, and applied data mapping will simplify the workflow for LionDesk, enabling improved operations and increased market opportunities. We value being a part of this growth for LionDesk." The data services offering from Constellation1 integrates with its front office and back office solutions, which includes front office sales and marketing tools with lead generation and relocation management, back office software such as accounting, eSignature, and transaction management. Constellation1 provides a full suite of technology solutions that meet the needs of leading real estate brokerages, franchises and MLSs. Its comprehensive data services products additionally serve technology providers, both in and outside the real estate industry. About Constellation1 Constellation1 provides front office, back office and data services to real estate brokerages, franchises and MLSs across North America. Constellation1 is your source for real estate technology.Constellation1 is part of Constellation Real Estate Group. For more information, visit constellation-1.com About LionDesk LionDesk is the CRM platform of choice for over 165,000 real estate, mortgage and small business professionals. Known for ease of use, affordability and customization, LionDesk leads the way in innovation with features such as video emailing, texting and an AI lead follow up system. To learn more, visit LionDesk.com or follow on social at @LionDeskCRM.
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NAR Offers Members TeleHealth to Realtors at No Cost in Response to COVID-19 Crisis
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March Housing Trends Provide First Glimpse of COVID-19 Impact on U.S. Housing Market
Signs of softening price growth and slower buyer activity began to emerge in last two weeks of March despite an overall decrease in inventory, higher listing prices and fewer days on market SANTA CLARA, Calif., April 2, 2020 -- The U.S. housing market began to show signs of slowing in the second half of March as the year-over-year decline in inventory softened, the number of newly listed properties declined and prices decelerated compared to earlier in the month, according to realtor.com's March Housing Trends Report released today. The monthly report provides the first data-based glimpse into the impact the COVID-19 pandemic could have on residential real estate as the market enters the spring home-buying season. Due to the strong start to the month, the total number of homes for sale in March overall declined 15.7 percent from the same time a year ago, a faster rate of decline compared to the 15.3 percent drop in February. This amounts to 191,000 fewer homes for sale year-over-year. The impact of COVID-19 materialized in the latter half of March. While the last full week of February showed inventory declining by 16.8 percent -- the largest year-over-year decrease since April 2015, the weeks ending March 21 and 28, respectively, declined at a slower pace of 15.2 percent each on a year-over-year basis. "Our inventory and listing data can provide some early insight into how housing markets may be impacted by COVID-19, but the situation and reactions to it are still rapidly evolving," said realtor.com® Chief Economist Danielle Hale. "The U.S. housing market had a good start to the year. Despite still-limited homes for sale, buyers were buying and builders were building. The pandemic and virus-fighting measures appear to be disrupting that initial momentum as both buyers and sellers adopt a more cautious posture." Although there is not enough movement in weekly data to provide insight into shifts in days on market, the progression of weekly data hints that sellers may be rethinking or postponing their plans to list their home for sale in response to COVID-19. In the weeks ending March 21 and March 28, the volume of newly listed properties decreased by 13.1 percent and 34.0 percent, respectively compared to the prior year. This is in line with recent surveys of agents and consumers that report declining interest among potential homebuyers and homesellers. While far from foreshadowing price declines, price growth decelerated during the weeks ending March 21 and March 28 as compared to earlier in the first two weeks of the month. During the last two weeks of March, the median U.S. listing price increased by 3.3 percent and 2.5 percent year-over-year respectively, the slowest pace of growth this year, and the slowest since realtor.com began tracking in 2013. March Housing Trends Inventory declines continued to impact the housing market in March. The metros which saw the largest declines in inventory were Phoenix-Mesa-Scottsdale, Ariz. (-42.2 percent); Milwaukee-Waukesha-West Allis, Wis. (-36.2 percent); and San Diego-Carlsbad, Calif. (-33.4%). Only Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+3.6 percent) saw inventory increase over the year. Consistent with the first two months of 2020, March saw homes selling more quickly than last year as an early home buying season began in the U.S. The typical home sold in 60 days, four days faster than last year. Properties in Miami-Fort Lauderdale-West Palm Beach, Fla.; Pittsburgh and St. Louis, Mo.-Ill.; spent the most time on the market, selling in 86, 78 and 65 days, respectively. Meanwhile, properties in San Jose-Sunnyvale-Santa Clara, Calif.; Denver-Aurora-Lakewood, Colo.; and Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va., sold most quickly, spending 24, 26 and 29 days on the market, respectively. Listing prices grew at a slightly decelerating pace of 3.8 percent compared to February's 3.9 percent. Of the 50 largest metros, 45 continued to see year-over-year gains in median listing prices. Pittsburgh (+17.9 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+14.0 percent); and Memphis, Tenn.-Miss.-Ark. (+12.7 percent) posted the highest year-over-year median list price growth in March. The steepest price declines were seen in Dallas-Fort Worth-Arlington, Texas (-2.7 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-1.4 percent); ; and Houston-The Woodlands-Sugarland, Texas (-1.4 percent). *Some data points for Los Angeles have been excluded due to data unavailability. EDITOR'S NOTE: The realtor.com economics team is continually tracking the impact of the coronavirus pandemic on the U.S. economy and housing market. The team's reports and analysis are available here. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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JP & Associates Realtors Partners with Matterport to Make 3D Virtual Tours Available to 2,500 Agents
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Redfin Reports How U.S. Cities Will Fare in the Coronavirus Recession
Affordable homes and low exposure to volatile industries should help some metros weather the storm SEATTLE, March 31, 2020 -- Affordable East Coast and Midwest cities have the lowest overall economic risk in the 2020 recession that began in March, according to a new report from Redfin, the technology-powered real estate brokerage. The one-two punch of the coronavirus (COVID-19) and an oil price war between Saudi Arabia and Russia has rapidly brought to reality a possibility that seemed remote just a few months ago, but the impact in the real estate market is likely to be short-lived and much less extreme than the 2008 Great Recession. Rochester, Hartford, and Raleigh have the lowest overall economic risk in this recession, while Los Angeles, Miami, and San Diego have the highest risk, based on a late March 2020 analysis by Redfin economists. Housing is Well Positioned to Weather This Storm Because the housing market was strong going into the 2020 recession, there's currently no reason to expect a major crash in home prices. In fact, the driving factors for this 2020 recession are unrelated to real estate, which is just one of the reasons at this time Redfin believes fallout in the U.S. real estate market will be mild, and nowhere near the catastrophe of the 2008 Great Recession. "The housing market came into this turmoil in a strong position, with a very low supply of homes for sale and record levels of home equity," said Redfin lead economist Taylor Marr. "Home equity can function as a rainy day fund. Homeowners can weather a storm of falling home values without the pressure to walk away from their home. They can also better handle a loss of income if they can tap into their equity with a home equity line of credit (HELOC). This stabilizes the market, preventing an influx of supply from foreclosures, which would further cause prices to fall in a vicious cycle. Additional government support provided through the stimulus bill CARES Act and a moratorium on foreclosures can also prevent a falling out during this pandemic." To evaluate the potential impact of the 2020 recession on the local economies of the 49 largest U.S. cities, Redfin analyzed a variety of general factors, as well as some specific to this recession, such as rates of leisure and hospitality employment, debt-to-income ratios, number coronavirus cases and air transportation employment. Metros With Lowest Economic Risk in the Coronavirus 2020 Recession High Debt, High Density and Expensive Housing Make Some Cities More Susceptible While many cities are expected to weather the 2020 recession, some will be harder hit than others. Because the impacts on other, non-housing sectors of the economy, especially employment, are likely to be very large, some metro areas face a greater economic risk during the 2020 recession. Those that are hit the hardest overall are also likely to be more at risk of a real estate downturn. "Some cities have factors that make them more susceptible to losing their footing and are likely to be hard hit," continued Marr. "Amidst rapidly rising layoffs, it will be especially difficult to sell a home in these markets, and yet buyers will likely find limited options as sellers delay listing, leaving the housing market in a standstill. Federal support will help cushion the fall, but in these areas it will take significantly longer to recover." The cities most likely to face economic risk tend to be those with high home prices, high levels of personal debt, and large numbers of people employed in the hospitality industry, which applies to most of the big cities in the West. San Jose (48.4%) is the only metro area in the West with a recession risk score below 50%. The metro area with the highest risk of economic damage during this coronavirus recession is Los Angeles, with an overall score of 77.6%, followed by Miami (76.8%) and San Diego (75.2%). Chicago and Denver stand out as unusual among the 10 metros at greatest risk as, unlike most others on the list, neither is a typical "boom-bust" town. Both have relatively high population density, large employment bases in air transportation and a large rate of existing coronavirus cases, which drove up their overall risk scores. To read the full report, complete with metro rankings and methodology, please click here About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $115 billion.
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NAR Relaunches 'Right Tools, Right Now' to Help Realtors Face Coronavirus's Impacts
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Happy Grasshopper Announces Free Content for Every REALTOR
SAFETY HARBOR, FLA. - (March 26, 2020) -- Dan Stewart, CEO of Happy Grasshopper, today announced the creation of free messaging content for all real estate agents, teams and brokers, whether or not they are HG members. The new program is called "HG Free." "Our mission – to connect the world in conversation – has never been more important," Stewart said. "In this unprecedented time of social distancing, we must continue to hold conversations with one another through the communication media available to us. For our largest client base – real estate agents, teams, brokers, and franchises – staying in touch with leads, their sphere of influence, current and past clients and others is always important. Today, in the face of this world-wide, self-quarantining pandemic, it is crucial." Stewart noted that the free content Happy Grasshopper has created includes email and text messaging, voicemail drops, and social media messaging. "Every real estate entity will have access to this content, which they can copy, paste, edit and send to their database through Happy Grasshopper or their own system." "The real estate industry has been very good to us," Stewart added. "We value the relationships we've built in the real estate industry throughout North America. So, when times become uncertain, we want everyone to know that we are here for them, continuing to provide more and better services every day." Above: Happy Grasshopper Home Page about HG Free Content. "Many are fearful of what will happen to their businesses. Fear can be paralyzing. However, the worst course of action is inaction. We're providing an opportunity for everyone in real estate to be proactive. We will get through this, and those who continue to communicate and converse with the people in their databases are the ones who will emerge stronger than ever." A look at the Free Email Message Page for Real Estate Agents inside HG Free. Happy Grasshopper is a company that helps people initiate and foster conversations with prospects, customers, and others through a variety of media. Dan Stewart is available for media interviews, contact Brian Rayl for scheduling. Happy Grasshopper Home page: https://happygrasshopper.com/
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NAR Survey Finds Nearly Half of Realtors Say Home Buyer Interest Has Decreased Due to the Coronavirus Outbreak
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Showing Activity Down 38-45 Percent in Past Two Weeks Due to COVID-19
The Pandemic"s Daily Impact on Buyer Traffic is Being Felt on Both the National and State/Province Levels, Though "Virtual" Showings are Being Scheduled Through ShowingTime"s Systems March 24, 2020 - As the world comes to grips with the impact of COVID-19, so too has the residential real estate industry, with showings off as much as 45 percent in some North American markets vs. the pace from two weeks ago, according to data obtained by ShowingTime. Data aggregated from the five million showings scheduled through ShowingTime's systems each month reveals that buyer interest – which has been higher for the past seven months compared with 2019 – remains intact, but showings have plateaued as more states issue statements asking residents to shelter in place to slow the spread of the virus. "ShowingTime is dedicated to helping our clients and the communities they serve ease the burden brought on by the pandemic by giving them accurate, reliable data that they can use to help with their home buying and selling decisions," said ShowingTime President Michael Lane. "We are committed to working with our clients to help them do their jobs in a safe, productive manner." To monitor daily showing traffic vs. the same period in 2019, ShowingTime has posted charts on its website that shows buyer activity across North America, along with traffic in individual states, to provide insight on the pandemic's impact. The data points in the charts represent a rolling weekly average in 100 markets that each record tens of thousands of appointments each month. "If we look at the magnitude of the slowdown across different price ranges, homes in the $300K range saw 35-45 percent declines in showing traffic over the last two weeks, while homes above $500K are still being shown, but the temporary declines are in the 50-60 percent range," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. The onset of the COVID-19 pandemic follows a February that marked the seventh consecutive month of nationwide growth in buyer activity with the nation's 14.8 percent rise, according to the latest ShowingTime Showing Index® report. The West Region saw the most notable gain, with a 25.2 percent year-over-year increase in traffic, followed closely by the South's 21.4 percent increase. The Northeast's 13.4 percent increase and the Midwest's 9.9 percent uptick rounded out the regional improvement in buyer activity. "As communities continue to respond to COVID-19, we will continue seeing expected declines in showing activity in most markets, particularly in those that felt the greatest impact in the 2008 housing crash," said Cherkasskiy. "Whether or not these drops will be sustained will become clearer as additional data are made available. We will continue to monitor the situation and provide the latest data on our website." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/ About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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NAR to Deliver Virtual Solutions for 2020 Realtors Legislative Meetings & Trade Expo
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Exclusive Podcast Interview with NAR Chief Economist on Coronavirus Impact
National Association of REALTORS ® Chief Economist, Dr. Lawrence Yun, addresses the outlook of real estate markets in a special episode of "The Brian Buffini Show" podcast CARLSBAD, Calif., March 19, 2020 -- Chief economist and senior vice president of research for the National Association of REALTORS® (NAR), Dr. Lawrence Yun, will discuss the impact of COVID-19 on real estate and the economy in an exclusive interview with real estate leader, Brian Buffini, on The Brian Buffini Show podcast. Available Thursday, March 19, the two experts will weigh in on the state of the housing market, the short/long-term outlook and how real estate agents can safely serve their clients and community. In a wide-ranging interview covering a variety of topics, Dr. Yun reveals his belief that a vibrant real estate market should emerge after the coronavirus threat subsides, "even if it takes a little longer to contain it, there are such solid fundamentals for the real estate market, things will play out very well over the long haul." Buffini advises real estate professionals to be a reliable source of market information for their clients and use the downtime to enhance their professional skills. He wants everyone to realize that "The sky is not falling. This is a difficult time, but in many ways, it could be our finest hour." Dr. Lawrence Yun is a renowned leader in real estate and economics. His extensive research fuels major reports for NAR, which serves a membership of more than 1.4 million real estate agents. During this interview, respected industry guru Brian Buffini complements Yun with his more than 30 years of real estate expertise, providing much needed clarity in the midst of an uncertain economic situation. The Brian Buffini Show podcast is now in its 4th year of providing real estate professionals and consumers with Brian's insightful observations, along with the views his well-known guests. The podcast has become recognized as one of the most influential in the industry, with over 7 million downloads. What: "This Too Shall Pass: An Interview with Dr. Lawrence Yun," The Brian Buffini Show special episode Who: Lawrence Yun, Chief Economist for the National Association of REALTORS®, and Brian Buffini, Founder and Chairman of Buffini & Company Where: https://www.thebrianbuffinishow.com/ When: Available Thursday, March 19, 2020 @ 12:01 a.m. About Buffini & Company Buffini & Company is the largest coaching and training company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company's comprehensive business coaching, training programs and cutting-edge content have helped more than 3 million professionals in 37 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California. For more information, please email [email protected] About Brian Buffini Brian Buffini, chairman and founder for Buffini & Company, was born and raised in Dublin, Ireland, emigrated to San Diego, California, in 1986 where he became the classic American rags-to-riches story. Discovering real estate, Brian quickly became one of the nation's top real estate agents working a non-traditional methodology based on building long-term relationships with clients. Today, he travels the world sharing a message of encouragement about how to "live the good life." His wit, wisdom and motivational style make him a dynamic speaker and podcast host, adept at helping people tap into their full potential and achieve their dreams. He is a New York Times, Amazon and Wall Street Journal best-seller with his latest book, "The Emigrant Edge." Learn more at brianbuffini.com.
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Email marketing generated $42 for every $1 spent in 2019
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Buying, Selling or Just Curious: Realtor.com Helps You Determine What a Home is Worth
Estimated home values from three highly respected sources now available on for-sale and off-market homes SANTA CLARA, Calif., March 12, 2020 -- To help provide consumers with the information they need to make confident choices, realtor.com announced today that it now displays estimated property values from three widely respected sources on for-sale and off-market properties. Realtor.com is the only national home search site to offer a range of values from third party sources. To provide more insight into a home's value, realtor.com® is partnering with the same trusted data providers used by lenders and insurance companies to estimate a property's value. While not an appraisal, this data will empower consumers to make more informed and confident decisions when buying or selling a home. "A home is often a person's largest asset, so it's natural to wonder what it is worth. Additionally, everyone wants to make sure they're getting a fair deal when buying or selling," said Todd Callow, vice president, product management, realtor.com®. "By providing consumers with multiple estimates from the same sources that financial institutions rely on to estimate a home's value, we are able to offer a broader set of data to help our users make informed decisions about buying and selling homes." Many factors go into accurately estimating the value of a home including location, size, finishes, school districts and much more; so, property estimates can vary from one source to the next. Although no automated model is 100 percent accurate, providing data from multiple sources, each with their own unique algorithms, enables consumers to have a more complete picture of home value. While these data sources add a layer of transparency and show consumers the information often only available to financial institutions, they are not a replacement for the value gained from speaking to a local real estate professional. In addition to being included on for-sale listings, the values will also appear in the My Home portal, realtor.com®'s dashboard for homeowners to track everything about their home including value, equity and mortgage, all in one place. This will further help homeowners to understand the value of their home and make decisions about refinancing, remodeling, neighborhood changes and more. Realtor.com® is a trusted source for accurate and transparent real estate information and listings. These home value estimates add an important data point from which consumers can more easily buy and sell with confidence. Home values are now available for web and mobile web with iOS and Android coming soon. To see the new home values, visit the My Home portal or property listings on realtor.com®. To learn more visit: realtor.com/estimates. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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ATTOM Data Solutions Launches Building Permit Data Spanning Over 200 Million Permits Nationwide
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It's Oh, So Quiet!
Realtor.com's new noise indicator enables home shoppers to understand a property's noise level before they visit SANTA CLARA, Calif., March 9, 2020 -- There are many things you can determine from a property listing – a home's size, location, aesthetics, school districts and much more. However, there are some things you simply can't see – such as how noisy or quiet a property may be. Today, realtor.com introduced a new noise indicator feature that provides reliable sound data down to the property level. Understanding the noise level surrounding a property gives consumers another piece of valuable information they need to make confident buying decisions. Consumer surveys have found that the most important aspects when considering a new home are price, schools, commute, crime and noise. Realtor.com®'s noise indicator is a first-of-its-kind feature among national real estate search sites providing home shoppers with data at the property level, where others can only do so at a neighborhood level. "Every home buyer is different. Some people are at home in a bustling city, while others prefer the peace and quiet of a country farmhouse," said Rachel Morley, senior vice president, product management, realtor.com®. "With our new noise indicator, we can provide specific information about whether the property is near a freeway, an airport or a gas station and how that impacts sound levels. This information can help narrow the search and make sure that our users find a home that's perfect for them." Noise works in two ways. First, each property will be assigned a noise rating—high, medium or low. Users will also be able to drill down into sources of noise near each property and view details on a heat map overlay that displays noise sources. The feature takes into account three sources of noise: traffic, airports and local sources like restaurants, gas stations, sports stadiums, schools and more. These sources are combined to assign each property a rating. Because the new tool can delineate noise levels down to the individual property level, homes in the same neighborhood may have different ratings based on proximity to major roads, hospitals or schools, for example. Realtor.com® empowers consumers with extensive property listings and accurate information to help home buyers and sellers make confident and informed decisions. Click here to try the noise indicator; now available for properties across the continental U.S. on iOS, Android, web and mobile web. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Seamless Search-to-Social with Market Reach
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Delta Media Group Adds INRIX Drive Time
Inrix Drive Time Shortens Sales Cycle for Clients CANTON, Ohio -- Michael Minard, CEO and Owner of Delta Media Group, announced today his company's recent addition of INRIX Drive Time to better serve its real estate marketing clients. "By making INRIX Drive Time available to our real estate marketing clients, the question of commute time can be determined in the number of minutes—not miles—it takes to drive to a destination. Delta's clients who incorporate INRIX Drive Time into their websites remove the frustration out of the house hunt for buyers and shortens the sales cycle for REALTORS® considerably by prioritizing suitable homes for their clients," says Minard. INRIX, founded in 2005, developed the practice of managing traffic by analyzing data not just from road sensors, but also from vehicles. With Drive Time, users analyze the extent of a drive by day of the week, time of day, and length of the journey. Franklin Stoffer, Sales Manager for Delta Media Group, comments, "Delta continues to innovate and deliver the most powerful search engine for real estate. In addition to the ability for our clients to create hyper-localized searches, search by government-defined zones, and metro-line searches, our clients now can offer drive-time (commute) searches on their websites. This feature is a powerful differentiator for our clients who can now say with confidence they provide the best search tools in their market." To find out more about incorporating INRIX Drive Time into your marketing plans, contact Franklin Stoffer for details. About Delta Media Group Delta Media Group, located in Canton, Ohio, is the creator of DeltaNET 6, the real estate industry's most advanced all-in-one technology platform. Delta Media Group is 100% family-owned and operated with no outside investors and no VC funding. As a leading technology provider to the top U.S. real estate companies, Delta provides clients with both form and function in DeltaNET 6, saving them money and reducing the frustration of managing multiple online.relationships. When you work with Delta Media Group, you're getting a technology partner that you can trust rather than merely a tech vendor.
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Homes.com Local Connect Advertising: Smarter than Ever
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Housing Shortage Leads to Intense Competition Among Homebuyers
Survey of more than 500 Redfin agents shows increase in bidding wars across U.S. markets SEATTLE, Feb. 24, 2020 -- A majority of offers submitted by Redfin agents faced competition in January, according to a survey of more than 500 agents across the nation in a new report from Redfin, the technology-powered real estate brokerage. Competition is spiking hard and early in 2020, and agents are reporting a flood of buyers as home supply sits at its lowest point in seven years, leading to a severe housing shortage in many areas. "Low mortgage rates have brought buyers back to the housing market, but a lack of listings means buyers are having to compete with one another to secure a sale and lock in a mortgage rate," said Redfin chief economist Daryl Fairweather. "This competition pushes up prices, which means that even though buyers can get a good deal on a mortgage now they are often paying a higher sticker price." The San Francisco Bay Area had the highest rate of competition, with agents estimating that more than 90% of the time there were multiple offers on homes their clients were bidding on—despite the fact that the median home price there is still well above $1 million. Of the 24 markets where Redfin received a significant volume of responses from agents, homebuyers in all but five faced competition more often than not. The area that seemed least prone to competition was Greenville, SC. In the Bay Area, the most competitive market in January, buyers are going to extreme lengths to win a home. "After missing out on one home due to a bidding war, my clients were much more aggressive on their next offer," said Redfin San Jose agent Jennifer Tollenaar. "In order to beat 24 other offers, they put 50% down, wrote a great letter to the sellers and removed all contingencies. This was on a home with a purchase price of over $1.7 million." "In Phoenix, inventory is so low right now that one of my clients has run into bidding wars with more than 10 offers for three weekends in a row," said Arizona Redfin agent Thomas Wiederstein. "Offering well above listing price isn't enough in today's market. You have to do that, plus waive contingencies just to have your offer considered by sellers." The most shocking story of competition came from Redfin Portland agent Meme Loggins, whose clients recently made an offer that was $8,000 above the home's $275,000 list price. "Ours was the second offer the sellers had received. Two days later we were competing with 30 other offers. This bidding frenzy took place on a mobile home that was pretty far out of the metro area and not even in great condition. It's getting crazy out there!" It's not just the West Coast that's seeing competition explode. In Philadelphia, even homes that have been on the market for months are suddenly attracting bidding wars. "One home I recently helped my clients win had been on the market since June and hadn't been reduced in price since November," said Redfin Philadelphia agent Brenda Beiser. "When we looked at it in mid-January the agent told me there had been six other appointments the day before. By the time our offer went in that evening they had received two other offers." A number of other Redfin agents shared similar stories of experiencing multiple offers in January on homes that had been on the market for months. This recurring theme is indicative of just how many buyers have suddenly come into the market, but without a corresponding increase in listings of homes for sale. To read the full report, please visit: https://www.redfin.com/blog/homebuyer-competition-report-january-2020. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $115 billion.
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Second Century Ventures Continues Global Expansion of REACH Accelerator
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2020 Home Showing Traffic Begins Where 2019 Left Off with Sixth Consecutive Month of Nationwide Year-Over-Year Improvement
National Growth in Buyer Foot Traffic Largest in the History of the Showing Index® February 21, 2020 -- The chill of winter's first full month failed to cool home buyer activity, as January showing traffic saw significant year-over-year increases across all regions throughout the U.S., according to the latest ShowingTime Showing Index report. The 20.2 percent year-over-year jump in national showing traffic in January was the most significant recorded in the history of the Showing Index. The West again topped regional growth last month, with a 34.1 percent increase compared to January 2019. The South and Northeast reported similar gains in buyer traffic, at 21.6 percent and 20.6 percent, respectively. The Midwest's 15.7 percent year-over-year increase rounded out the regional gains in January. "We continue to see substantial increases in buyer traffic," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "While only a portion of the markets showed spikes in November - December 2019, showing traffic increased across the board for almost all markets in January. "It's important to note that January 2019 traffic was somewhat subdued due to extreme weather conditions in parts of the country at the time, reflecting an exaggerated year-over-year growth for January 2020," he added. "Even so, the number of appointments per listing have gone up to record levels based on activity we see in our systems, suggesting that the housing market will be quite competitive this spring." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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NAR Announces New Cyber Liability Insurance Program for Realtors
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Missing: For Sale Signs Across West, Midwest and Northeast Markets
For more options, buyers need to go South SANTA CLARA, Calif., Feb. 18, 2020 -- The nation's record low housing inventory is making shopping for a home in Buffalo and Rochester, N.Y., Columbus, Ohio, and Salt Lake City feel more like the tech hubs of San Francisco, Silicon Valley and Seattle, according to a new analysis issued today by realtor.com® that ranks the toughest and easiest markets to find a home. Based on the analysis, San Jose, Calif., led the list of toughest markets to buy a home with four listings per 1,000 homeowner households. San Jose is followed in rank order by San Francisco, Rochester and Buffalo, N.Y., and Seattle, which had an average of 5.2, 6.1, 7.1 and 7.2 for sale homes per 1,000 households, respectively. This compares to the national average of 16 listings per thousand owner-occupied homes. At the other end of the spectrum, the top 20 easiest markets to buy a home had an average of 22 for sale listings per 1,000 households. Fort Myers, Fla., topped the list of easiest markets to buy with nearly 38 listings per 1,000 households. It was followed by two other Florida markets -- Miami/Fort Lauderdale with 31.8 listings per 1,000 households and Deltona/Daytona Beach/Ormond at 30.9 listings per 1,000 households. Bridgeport/Stamford/Norwalk, Conn., with 29.7 listings per 1,000 households, and North Port/Sarasota/Bradenton with 25.8 listings per 1,000 households, rounded out the top five easiest markets to buy a home. "While the nation's housing supply continues to hit new lows just in time for the spring home-buying season, local market differences remain," said realtor.com® Chief Economist Danielle Hale. "Although the toughest list is sprinkled with some of the markets you expect, others may be a surprise -- they represent markets where housing is still affordable, but quality of life makes them attractive markets, especially for first-time buyers." Hale added, "We also found that 'easiest' doesn't mean that a market is struggling. Buyers searching in easier markets generally benefit from a combination of strong availability of homes for-sale and, with some exceptions, healthy, yet more moderate price growth." To determine the toughest and easiest markets to find a home, realtor.com® looked at the density of home listings in each market relative to the available stock of owned homes in the area and compared that to the number of active listings in a market per 1,000 households during the fourth quarter of 2019. Toughest Markets to Find a Home The top 20 toughest markets include a diverse geographic mix of larger established metros and up-and-comers where housing is still relatively affordable. They are concentrated in three regions of the country -- eight metros from the West, six from the Midwest and six from the Northeast. None of the markets are located in the South, which dominates the list of top 20 easiest markets to find a home. California led the national list of toughest markets, with six of the top 20 toughest markets coming from the state. Ohio followed with three markets -- Columbus, Cincinnati and Akron -- making the top 20 toughest markets list. The scarcity of homes is reflected in the market prices, and the trend in most of the toughest markets is toward even fewer homes for sale. The average median listing price for the top 20 toughest markets was $480,830 in January, 40 percent higher than the average median price of the top 100 largest markets. In addition, 17 of the top 20 toughest markets began 2020 with double-digit annual declines in available inventory, with a handful of markets seeing more than a 30 percent drop, including San Jose, San Francisco, Seattle, Salt Lake City and San Diego. Realtor.com®'s ranking of the top 20 toughest markets to find a home Easiest Markets to Find a Home The South dominates the list of easy places to find a home. Florida metros claimed four of the top five spots and seven of the top 20 easiest markets to find a home. Connecticut has three markets represented, while South Carolina and Texas each have two. The average median listing price for the top 20 easiest markets was $356,345 in January 2020, 3 percent higher than the average median price of the nation's 100 largest markets. Despite having a good supply of inventory, asking prices are growing and the number of for sale listings is dropping. For instance, the Fort Myers metro saw asking prices grow 8 percent year-over-year in January, while inventory declined 22 percent during the same period, which was in line with national market demand. Realtor.com®'s ranking of the top 20 easiest markets to find a home Methodology Households refer specifically to owner-occupied household counts sourced from Claritas estimates based on Census data. Listing per 1,000 households calculations were performed using data from Q4 2019. The latest listing price and active listings year-over-year data are from January 2020. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Rental Beast Partners with Homes.com to Simplify the Rental Application
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Chime Partners with Verse.io to Arm Real Estate Professionals with High Quality Leads
Bundled solution addresses lead generation surplus and effectively generates, manages and nurtures sales ready leads for improved bottom line growth PHOENIX, Ariz. , Feb. 10, 2020 -- Chime Technologies, an operating system for the real estate industry, today announced a strategic partnership with Verse.io (formerly Agentology), a leading conversational marketing platform revolutionizing lead engagement across verticals, including the real estate market. Together, Chime and Verse.io will offer an end to end sales acceleration platform purpose-built for the real estate industry to effectively generate, manage and nurture high quality leads. Powered by both highly trained humans and artificial intelligence, this unique bundled offering, which has been developed to address the biggest pain points facing realtors today, will empower modern agents with the critical tools needed to eliminate time consuming tasks, strategically focus on sales ready leads, and effectively compete in today's market. To learn more about this partnership, visit HERE. To be successful, real estate professionals need to generate high quality buyer and seller leads, but lead generation within the real estate industry has become unwieldy. Over the last five years the number of real estate leads generated online has skyrocketed, while the number of homes sold year over year in the same time period has moved less than 5%. Recognizing this growing industry gap, Chime partnered with Verse.io to effectively engage and nurture the right leads for customers, helping to fill the funnel with sales ready buyers and sellers and get to a close faster. Verse.io's revolutionary lead engagement platform is powered by both real people and adaptive technology, saving valuable time, creating a better experience for both leads and sales and most importantly, helping to close more deals. By fueling Chime's sales acceleration platform with high quality leads, Verse.io will help agents feel even more confident pursuing identified leads and allow them to focus on their efforts on revenue generating activities. By eliminating time consuming tasks – countless phone calls and text messaging with low success rate – agents are empowered to strategically focus where it matters most and improve the bottom line. "Technology is a critical enabler to addressing our industry's lead conversion challenge and can dramatically help improve the number of closed deals," said Mike McGowan, Vice President, Sales, Chime. "The team at Verse.io shares in our mission to modernize the real estate industry by empowering today's agents and teams with innovative technology and best practices for sales and marketing. Together, we offer the most comprehensive sales acceleration platform on the market today, purpose built for the real estate industry and designed to improve the bottom line." "We're thrilled to partner with Chime to help give their real estate agents and brokers the leverage they need to accelerate sales efficiency," said Steve Gottlieb, Chief Marketing Officer at Verse. "Chime cares deeply about its partners, saving them time and helping them be more successful, and we're excited to help bring forward this unified solution to the industry." "The Chime/Verse.io solution is a tool all agents must have to be successful. The 'qualified' leads have proven to be legit and my conversion rates have increased dramatically," said Chad Lummus, Realtor, Coldwell Banker The Legacy Group. "By streamlining the process of vetting and scrubbing new leads, the bundled solution ensures I don't have to worry about wasting my time with bad phone numbers or emails. I recommend the Chime/Verse.io solution to any serious agent looking to increase efficiencies and productivity, eliminate time consuming tasks and improve the bottom line." About Chime Technologies Chime is an all-in-one Sales Acceleration Platform for the real estate industry headquartered in Phoenix, Arizona. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me. About Verse.io Verse.io is the leading conversational enablement platform that helps businesses engage, qualify and nurture prospects across multiple channels to drive full-funnel lead conversion and bridge the gap between marketing and sales teams.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a November in at Least 20 Years
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RICOH Tours Virtual Tour Company Partners with CubiCasa for Indoor Floor Plans
CUPERTINO, CA - February 14, 2020 -- RICOH Tours, one of the real estate industry's most complete and affordable mobile-first virtual tour solutions, has announced a partnership with CubiCasa, the industry-leading real estate data and technology company specializing in indoor data mapping. The collaboration allows agents and photographers to integrate 2D floor plans generated with CubiCasa's easy-to-use app into RICOH Tours' virtual tours. Users scan a property with CubiCasa's app to generate an accurate and high-resolution floor plan image and add to the RICOH Tours virtual tours platform. With floor plan integration, users are able to quickly provide an easy-to-digest, comprehensive overview of properties. Images can be pinned and labeled for clear, smooth transition between rooms - all from a mobile device. Harri Pesola, CEO at CubiCasa, said: "We are very happy to announce our partnership with RICOH Tours. Floor plans provide an overview of the layout of a property and allow you to visualize the location of the virtual tour images. The combination of both assets enhances the experience of any home buyer and helps them quickly understand the property, making this partnership a win for everyone." Martin Shock, Lead at RICOH Tours, said: "This collaboration brings the democratization of property marketing to the next level. With more than 90% of home buyers searching online for properties, floor plans and virtual tours rank highest as the 'very useful' features, according to a National Association of REALTORS® survey. This collaboration will enable us to address our clients' needs for access to fast and accurate floor plan services." About RICOH Tours RICOH Tours, headquartered in California's Silicon Valley and a service of Ricoh Company, Ltd, brings its world-class optical technology and virtual tour platform to deliver easy-to-use marketing tools for business use. Internal innovation is complemented by Open Innovation projects with a broad range of leading universities and forward-thinking companies from around the world. Ricoh's cameras and virtual tour platform allow anyone, regardless of their technical knowledge, to quickly and easily turn spaces in the real world into immersive virtual experiences. To learn more about RICOH Tours, please visit us here at www.ricohtours.com. About CubiCasa CubiCasa is the maker of a revolutionary app that allows you to scan a property in under five minutes using a mobile device and get a professional floor plan in less than one business day. Please visit our website at cubi.casa for more information.
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Migrants Out of Expensive West Coast Metros Flocked to Portland, Oregon in Q4 2019
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What Makes Buyers Fall in Love with a Home?
This Valentine's Day realtor.com® looks at the country's most loved home features SANTA CLARA, Calif., Feb. 11, 2020 -- What makes someone fall in love with a home? Across the U.S., people swoon over fabulous pools, stunning water views and ever-sexy storage space, but a new analysis released today by realtor.com® reveals what really makes home shoppers' hearts skip a beat. Realtor.com® analyzed keyword home search data in each U.S. state to determine regional must-have features when searching for a home. According to the data, Mainers want to go "upta camp," a local term used for a cabin or cottage. Oklahomans are looking for storm shelters, and California loves solar power. In Hawaii, where real estate prices are sky-high and leaseholds are part of the for-sale market, home shoppers are searching for "fee simple" homes to ensure they own the land and the building in their little piece of paradise. Additionally, D.C. residents want to be near the Metro, the city's local public transportation system, Pennsylvanians want parking; and in New York, where outdoor space can be hard to come by, residents would love to have a balcony. "While some of the country's most-loved home features, such as accessory dwelling units or lakefront properties, will likely fetch a premium on the open market, others are more matters of the heart," said George Ratiu, senior economist, realtor.com®. "Maybe you grew up in a certain style of home or have always dreamed of having a big yard -- everyone's vision of home is unique and being able to search for what makes a house perfect for you can help you find true love in a new home." If the shed's a-rockin' Topping the list of most-loved features are the makings for man-caves, she-sheds, workshops and granny pods. Popular search terms in this category include in-law apartment, barn, ADU, casita and RV parking. Residents in 13 states, including Arizona, Idaho, Louisiana, Massachusetts, Mississippi, Montana, Nevada, New Jersey, New Mexico, Oregon, Texas, Utah and Washington, all want alternative living spaces. Whether it's because they love being in close proximity to their relatives or because they love the extra rental income, separate spaces are a top must-have item. Don't come a-knockin' Unsurprisingly, people in many states love their privacy -- acreage, fenced yard, room for horses and a country setting all make the top searched feature list. Home shoppers in six states -- Alaska, Illinois, Iowa, Vermont, Wisconsin and Wyoming -- all want room to roam and some real separation from the neighbors. Take my breath away With a large number of baby boomers reaching retirement age, America has fallen out of love with having to climb stairs. Residents in nine states -- Colorado, Delaware, Georgia, Kentucky, Maryland, North Dakota, Ohio, Rhode Island and Virginia -- don't want anything to do with multi-level homes. Top searches in these states include first-floor master, ranch, rambler and single-level. Beauty is in the eye of the beholder For some, the old adage rings true that real estate is all about location, location, location. In Arkansas, Florida, Minnesota, Missouri, Tennessee and West Virginia, having a heavenly location with beautiful views topped the must-have list. Home buyers in these states are searching for a lake view, canal, dock, lakeshore and river access as their favorite features. For others, it's all about looks. For example, in states like Connecticut and New Hampshire that have a lot of older homes, people are looking for contemporary style, while South Carolinians love traditional brick facades and Texans prefer a modern aesthetic. Most Searched Home Features For more information, read the full report here. Methodology: The top features were derived from realtor.com® home keyword search data between April 2019 and December 2019, generating a list of twenty features per state. The most searched for term from each state was selected, omitting the responses that appeared consistently across states. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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U.S. Homeowners Four Times as Likely to Be Equity-Rich Than Seriously Underwater
Equity-rich Properties in Fourth Quarter of 2019 Comprise 27 Percent of All Mortgaged Homes; Highest Equity Levels Remain in San Francisco Bay Area IRVINE, Calif. -- Feb. 6, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its fourth-quarter 2019 U.S. Home Equity & Underwater Report, which shows that 14.5 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity-rich properties in the fourth quarter of 2019 represented 26.7 percent, or about one in four, of the 54.5 million mortgaged homes in the U.S. That percentage was unchanged from the third quarter of 2019. The report also shows that just 3.5 million, or one in 16, mortgaged homes in the fourth quarter of 2019 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property's estimated market value. That figure represented 6.4 percent of all U.S. properties with a mortgage, down slightly from 6.5 percent in the prior quarter. "Homeownership continued boosting household balance sheets across the United States in the fourth quarter of 2019, as people paying off mortgages were much more likely to be in equity-rich territory than seriously underwater. That marked yet another sign of how much the country has benefited from an eight-year housing-market boom," said Todd Teta, chief product officer with ATTOM Data Solutions. "Some big gaps in equity levels persist between regions and market segments. But as home values keep climbing, financial resources keep building for homeowners, which provides them with leverage to make home repairs, help their children through college or take on other major expenses." Highest equity-rich shares all in the Northeast and West The top 10 states with the highest share of equity-rich properties in the fourth quarter of 2019 were all in the Northeast and West regions, led by California (42.8 percent equity-rich), Vermont (39.2 percent), Hawaii (38.8 percent), Washington (35.4 percent) and New York (35.1 percent). States with the lowest percentage of equity-rich properties were Louisiana (13.6 percent equity-rich), Oklahoma (14.9 percent), Illinois (15.3 percent), Arkansas (16.3 percent) and Alabama (16.5 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest shares of equity-rich properties were San Jose, CA (65.9 percent equity-rich); San Francisco, CA (57.5 percent); Los Angeles, CA (47.8 percent); Santa Rosa, CA (45.9 percent) and Honolulu, HI (39.3 percent). The leader in the Northeast region was Boston, MA, (35.6 percent) while Dallas, TX, led the South (36.5 percent) and Grand Rapids, MI, led in the Midwest (27.4 percent). Metro areas with the lowest percentage of equity-rich properties were Baton Rouge, LA (10.8 percent equity-rich); Little Rock, AR (13.4 percent); Tulsa, OK (13.7 percent); Columbia, SC (13.9 percent) and Akron, OH (14.6 percent). Top equity-rich counties concentrated in California Among the 1,467 counties with at least 2,500 properties with mortgages in the fourth quarter of 2019, 11 of the top 25 equity-rich locations were in California. Counties with the highest share of equity-rich properties were San Mateo, CA (73.6 percent equity-rich); San Francisco, CA (70.1 percent); Santa Clara (San Jose), CA (66.9 percent); San Juan, WA (63.5 percent) and Alameda County, CA (outside San Francisco) (57.7 percent). More than half of all properties were equity-rich in 451 zip codes Among 8,262 U.S. zip codes with at least 2,000 properties with mortgages in the fourth quarter of 2019, there were 451 zip codes where at least half of all properties with a mortgage were equity rich. The top 25 were all in California, with most in the San Francisco Bay area. They were led by zip codes 94116 in San Francisco (82.6 percent equity-rich), 94040 in Mountain View (81.7 percent), 94122 in San Francisco (80.6 percent), 94112 in San Francisco (80.1 percent) and 94087 in Sunnyvale (79.5 percent). Highest seriously underwater shares in the South and Midwest The top 10 states with the highest shares of mortgages that were seriously underwater in the fourth quarter of 2019 were all in the South and Midwest, led by Louisiana (16.8 percent seriously underwater), Mississippi (16.0 percent), West Virginia (13.9 percent), Iowa (13.5 percent) and Arkansas (12.9 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest share of mortgages that were seriously underwater included Youngstown, OH (16.2 percent); Baton Rouge, LA (15.9 percent); Scranton, PA (15 percent); Cleveland, OH (13.7 percent) and Akron, OH (13.4 percent). More than 25 percent of all properties were seriously underwater in 149 zip codes Among 8,262 U.S. zip codes with at least 2,000 properties with mortgages in the fourth quarter, there were 149 zip codes where at least a quarter of all properties with a mortgage were seriously underwater. The largest number of those zip codes were in the Cleveland, OH; Philadelphia, PA; Milwaukee, WI; Rockford, IL, and St. Louis, MO, metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 71446 in Leesville, LA (65.7 percent seriously underwater); 44110 in Cleveland, OH (59.6 percent); 08611 in Trenton, NJ (58.7 percent); 53206 in Milwaukee, WI (58.6 percent) and 44105 in Cleveland, OH (54.2 percent). About ATTOM Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Introducing All-New Homesnap Pro
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Redfin Ranks the Most Walkable U.S. Cities of 2020
SEATTLE, Feb. 10, 2020 -- New York, San Francisco and Boston are the most walkable cities in the U.S. in 2020, according to a new ranking from Redfin, the technology-powered real estate brokerage. Those three cities, along with Philadelphia, Miami, Chicago, Washington, D.C., Seattle and Oakland, have reigned as the nine most walkable in the U.S. for the last five years. Long Beach, CA has been number 10 since it overtook Baltimore in 2016. The ranking was determined using data from Walk Score®, a Redfin company that rates the walkability of cities, neighborhoods and addresses. Cities where daily errands do not require a car score 90 points and above, a score of 70 to 89 points means most errands can be accomplished on foot and a score of 50 to 69 indicates that some errands can be completed on foot. Below is Redfin's latest ranking of the top 10 U.S. cities (with populations of more than 300,000) for walking: Biggest Walk Score changes Since Redfin last published Walk Score rankings in 2017, Miami and Washington, D.C. each lost about 1.5 points, and New York lost about one, but each retained its place in the rankings. Oakland; Long Beach, CA; Portland, OR and Omaha, which each picked up around two points, had the biggest Walk Score increases since 2017. "A lot of my homebuying clients seek out walkable neighborhoods in Long Beach because it's a way to get a small-town feeling in a big city. In certain neighborhoods, people run into each other all the time because they're out running errands, walking the dog or keeping an eye on neighborhood kids playing outside," said local Redfin agent Costanza Genoese-Zerbi. "Second Street, Belmont Shore, Belmont Heights, Naples, Alamitos Heights and Belmont Park, all of which are within walking distance of schools, stores, restaurants and parks, have become more and more popular over the last few years." Baltimore, which lost four points to hit 65, saw the biggest Walk Score decline of any U.S. city. It's followed by Bakersfield, CA and San Antonio, which each dropped three points to 34 and 35, respectively. To read the full report, please visit: https://www.redfin.com/blog/most-walkable-us-cities-2020 For a ranking of the most walkable Canadian cities of 2020, visit: https://www.redfin.com/blog/most-walkable-canadian-cities-2020 About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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U.S. Housing Supply Reaches New Low
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W+R Studios Partners with Xplode
Cloud Agent Suite becomes Co-Sponsor of all Xplode Conferences and RealX Workshops HUNTINGTON BEACH, Calif. - February 6, 2020 - W+R Studios, the leading software company focused on serving agents, brokers and real estate professionals, and creator of Cloud CMA, announces a new partnership with Xplode that will give conference and workshop attendees exposure to Cloud Agent Suite products and services. "We are in the business of helping agents succeed. Anytime we can help educate them on how to create a great listing presentation and present it for a potential client, we are happy to do so. Partnering with Xplode will give us the opportunity to present our products and services to hundreds of agents nationwide," said Greg Robertson, co-founder and president of W+R Studios. The partnership between Xplode and W+R Studios gives conference and workshop goers the opportunity to see how easy it is to grow their business with award winning tools like Cloud CMA and the rest of the Cloud Agent Suite. "Xplode is all about delivering the very latest technology info for agents and brokers and Cloud Agent Suite is absolutely best-in-class tech. We couldn't be more excited about our 2020 partnership with W+R Studios!" Xplode Conference Founder Matt Fagioli said. "We're incredibly excited for our 2020 conference season. This is our 10th-anniversary tour and it's also going to be our largest US tour ever. When agents and brokers spend the day at Xplode Conference, they leave knowing that they've seen and heard up to the minute info about the best tech and marketing opportunities in real estate today" Xplode is a real estate convention that specializes in action-oriented content that excites, motivates, and gets results. Industry thought leaders are brought together with one purpose in mind - to share techniques and tactics on how to succeed in the real estate industry. Speakers share details about their wins and losses so that industry members can collectively improve. Conferences also feature built in time for networking. For more information about Xplode, visit https://xplodethis.com/ For more information about Cloud Agent Suite, visit https://cloudagentsuite.com/ About Xplode Xplode Conference & Xplode Workshops are products of Helives LLC based near Atlanta. Helives, LLC produces real estate specific conferences and workshops in partnership with REALTOR associations, MLS organizations and leading real estate technology providers. About W+R Studios Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 27 years of experience each developing and marketing real estate software solutions.
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CoreLogic Reports December Home Prices Increased by 4% Year Over Year
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Elm Street Technology Secures Strategic Investment by Aquiline Capital Partners
Leading real estate technology and marketing services provider receives investment to accelerate growth and facilitate strategic acquisitions DALLAS, Feb. 05, 2020 -- Elm Street Technology, LLC ("Elm Street Technology"), a leading real estate technology and marketing solutions provider to the residential real estate industry today announced a strategic investment by Aquiline Capital Partners LLC ("Aquiline"), a New York and London-based private equity firm investing in businesses globally across financial services and technology. Elm Street Technology offers a simplified platform called Elevate, for real estate technology and marketing services, that aims to provide a single vendor and point of contact to maximize business leads. The Elevate platform is currently used by tens of thousands of real estate agents, teams and brokerages across the United States. It offers a variety of seamlessly integrated tools including IDX websites, lead generation services, CRM, email, social, text and blog marketing automation, recruiting and retention campaigns, and more, all backed by zealous support and education teams. "Aquiline is the perfect partner to help Elm Street Technology accelerate its growth strategy," said Prem Luthra, President and CEO of Elm Street Technology. "With Aquiline, we will be able to broaden and accelerate our sales and marketing capabilities, enhance product development and increase our focus on strategic acquisitions that will allow us to better service the increasing demand for technology to automate and streamline the day-to-day activities of the busy real estate professional." "Elm Street Technology stood out as a differentiated platform in the real estate sector with the ability to consolidate the many investments that realtors must make into a single, holistic technology solution that is effectively supported by its trainers and educators," stated Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners. "We believe Elm Street Technology has built a strong position within this market, with significant opportunities for expansion of its offerings, and look forward to working with the company as they enter their next phase of growth." The investment from Aquiline will be used to accelerate product development as well as to expand Elm Street Technology's portfolio of technology solutions. Past acquisitions have included companies such as eMerge, AgentJet, Listingbook, RLS2000 and Consolidated Knowledge. About Elm Street Technology, LLC Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform — Elevate — to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com. About Aquiline Capital Partners, LLC Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York and London investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.com.
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Pending Home Sales Skid 4.9% in December
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Redfin Ranks the Hottest Neighborhoods to Watch in 2020
With a housing affordability crisis in full swing, neighborhoods with lower home prices surge in popularity SEATTLE, Jan. 28, 2020 -- The southeast states of Virginia, Florida, North Carolina and Tennessee are home to half of this year's top neighborhoods to watch, according to a new report from Redfin, the technology-powered real estate brokerage. The 2020 watch list was developed by identifying the neighborhoods with the greatest year-over-year growth in listing pageviews on Redfin.com and speaking with agents about what areas are seeing rising interest from homebuyers. Relatively affordable neighborhoods dominate this year's list. Seven of the top 10 neighborhoods to watch in 2020 have median sale prices of less than $500,000; three fell below the 2019 national median of $279,900 making them "affordable" compared to other parts of the country. Half of the neighborhoods also have median sale prices that are less than their respective metro areas. "The affordability crisis has caused people seeking single-family homes to search in areas they may not have considered before," said Redfin chief economist Daryl Fairweather. "Homebuyers continue to be priced out of Washington, D.C. and New York, so you're seeing a lot of northerners moving to the southeast, but even people from as far away as California are migrating there. The overall U.S. economy is doing better, so people feel more comfortable leaving the biggest job centers for small job centers. Plus, the southeast is becoming more metropolitan, with new restaurants and amenities that cater to younger people." Corporations are also setting up shop in the southeast. In Atlanta, money manager BlackRock is building a new innovation hub, with plans to employ 1,000 people there by 2024. Microsoft is spending $23 million to expand its campus in Charlotte and a new Volvo plant is adding thousands of jobs in Charleston. The two Carolinas cities are expected to lead the nation in home-price gains this year, according to Fairweather. Charleston saw a 104% annual net increase in the number of Redfin users looking to move in during the third quarter of 2019, and Charlotte saw a 44% boost. Below is the complete list of Redfin's neighborhoods to keep an eye on this year. All statistics on median sale price, percent of homes that sold above list price, and median days on market represent the full year of 2019. 1. Willowsford, Ashburn, VA (Washington, D.C. metro) Median sale price: $918,059Median sale price for metro area: $412,433Percent of homes that sold above list price: 16.3%Median days on market: 51 "Willowsford is a relatively new development that's very popular due to its location and community amenities. Homes are large and modern, with country-chic facades," said Redfin Virginia team manager Irene De Leon. "There are swimming pools, tennis, community events, a farm, ponds, and 40-plus miles of trails. You could probably do something every day in the community if you wanted, and it all revolves around different seasons. In 15 minutes, you can get to Washington Dulles International Airport, Reston Town Center, Route 28, the Dulles Toll Road and I-66." 2. Bal Harbour, Fort Lauderdale, FL Median sale price: $747,500Median sale price for metro area: $270,000Percent of homes that sold above list price: 4.8%Median days on market: 109 "Bal Harbour is centrally located and within walking distance of the beach, which is very appealing. There's a huge plaza with high-end shops and restaurants, and very high-rated schools. It's also close to a marina, where people can dock their boats," said Redfin Miami agent Larry Kevelier. "Plus, one of the main roads that runs through the neighborhood—Collins Avenue—offers accessibility to South Beach and Aventura." 3. Wildwood, Charlotte, NC Median sale price: $181,000Median sale price for metro area: $259,900Percent of homes that sold above list price: 35.7%Median days on market: 32 "Wildwood, just 15 minutes from downtown Charlotte, is one of the few affordable remaining areas where you can find homes under $250,000. They're cute, ranch-style, brick homes, too, that aren't in cookie-cutter neighborhoods," Redfin Charlotte market manager Marcy Prentiss said. "Homebuyers have increasingly been moving east and west of Charlotte—to neighborhoods like Wildwood—instead of north, to avoid the new I-77 toll road. Plus, there's a new development under construction nearby that will include townhomes, shopping and entertainment." 4. West Arvada, CO (Denver metro) Median sale price: $376,500Median sale price for metro area: $415,925Percent of homes that sold above list price: 17.9%Median days on market: 41 "West Arvada is a wonderful place to live. It is 20 minutes away from Boulder, 20 to 25 minutes from downtown Denver and 15 to 20 minutes from downtown Golden. The schools are also very highly rated," said Redfin Denver agent Corey Keach. "We have a bustling old town area with multiple shops, breweries and restaurants as well as a new light rail station. There's a multitude of lakes, hiking and biking trails and large dog parks. You also have a head start getting to the mountains, which for a lot of my clients is a huge plus and why they have joined me on the west side." 5. Waverly Hills, Arlington, VA (Washington, D.C. metro) Median sale price: $322,500Median sale price for metro area: $412,433Percent of homes that sold above list price: 50.8%Median days on market: 6 "Waverly Hills is the neighborhood we are all looking for. It's like something from a story book, with undulating hills, mature trees and a 'front porch culture,' Redfin Arlington agent Candee Currie said. "The homes are all unique, some with updated history and others with beautiful new architecture. Neighbors know and care for each other. The community is a haven from busy traffic, but within walking distance of schools, shops, eateries, parks and every form of public transportation. It's close to D.C., the Pentagon and now Amazon HQ2—all hubs of major employment, theatre, culture and sporting events." 6. Adamsdale, North Attleboro, MA (Providence metro) Median sale price: $400,000Median sale price for metro area: $286,000Percent of homes that sold above list price: 39.5%Median days on market: 41 "Adamsdale is located in Massachusetts and borders Cumberland, Rhode Island, making it an ideal place for traveling into Providence or Boston due to the easily accessible commuter rail," said Redfin Boston agent Alysandra Nemeth. "Adamsdale is also conveniently located near major highways, shopping and amenities all while maintaining a neighborhood setting." 7. Poplar Grove, Indianapolis, IN Median sale price: $182,300Median sale price for metro area: $190,000Percent of homes that sold above list price: 28.3%Median days on market: 10 "Poplar Grove is blowing up. First-time homebuyers are moving here to start families, as it's extremely affordable and close to areas where they enjoy hanging out, like Fountain Square, Downtown Indianapolis and Irvington," Redfin Indianapolis market manager Jake Johnson said. "The city of Indianapolis has spent significant money making the southeast side of downtown more accessible, adding walking trails, multi-use projects, better roads, etc." 8. West Ridge, Woodinville, WA (Seattle metro) Median sale price: $934,997Median sale price for metro area: $562,300Percent of homes that sold above list price: 14.7%Median days on market: 36 "This area has older homes and apartment/condo complexes, which led some buyers to overlook it in the past, but with the explosion of the Woodinville wine country as well as the new Totem Lake town center, prices have shot up," said Redfin Seattle agent Michael Wyman. 9. Raleigh, Memphis, TN Median sale price: $96,450Median sale price for metro area: $185,000Percent of homes that sold above list price: 19.7%Median days on market: 39 "Raleigh's home prices are typically less than $150,000, which appeals to investors, as well as first-time buyers. It is among the least expensive neighborhoods in Memphis," said Redfin Memphis agent VanAsa Preston. "A huge percentage of Memphis's housing stock is actually rentals, and a very large portion of these rentals is owned by out-of-state investors. Many of the views on Redfin.com may actually be coming from these potential investors, as well as first-time buyers." 10. Old Town Rocklin, Sacramento, CA Median sale price: $499,995Median sale price for metro area: $410,000Percent of homes that sold above list price: 20.5%Median days on market: 46 "Old Town Rocklin was not very populated in the past and used to have a lot of vacant strip malls. Now it's the hub for the Rocklin community, with plenty of activities for families, family-owned restaurants and hip breweries," said Redfin Sacramento agent Michelle Dane. "They built a massive adventure park called Quarry Park, with ropes courses and an amphitheater for concerts in the summer. The neighborhood hosts car shows, local food trucks and festivals. They're also starting to do newer construction, and the houses tend to be a little less expensive. Old Town Rocklin rehabilitated a lot of older properties, and they typically don't have all of those additional HOA and tax costs. Plus, it's walkable and super convenient to the freeway." To read the full report, including research methodology and a list of the top three neighborhoods in many of the largest metro areas in the U.S., please visit: https://www.redfin.com/blog/hottest-neighborhoods-2020. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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The Gap Between Buying and Renting Narrows Nationwide
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Buffini & Company's Latest Networking Tool Changes Game for Real Estate Agents
The new Buffini Referral Network connects thousands of top-notch real estate professionals, creating the most powerful agent network in North America CARLSBAD, Calif., Jan. 27, 2020 -- Buffini & Company's latest networking tool has made it easier than ever for real estate agents to connect with professionals across North America. The Buffini Referral Network is an online tool linking Buffini & Company members to top-notch, like-minded real estate professionals dedicated to the working by referral system. "The Buffini Referral Network was intentionally designed to help our members go from local agents to national agents," says Dermot Buffini, CEO of Buffini & Company. "This is an essential membership benefit that taps into the most powerful agent network in North America, connecting our clients directly with the best in the business." Available through Buffini & Company's productivity tool Referral Maker CRM, the powerful Buffini Referral Network is more than just a means of giving and receiving referrals. It is a platform for agents to cultivate their own personal database of Buffini & Company members, with the ability to search for others based on attributes like credentials, affiliations and state, and then connect. Exchanging referrals through the platform is simple, convenient and straightforward. The database isn't just for real estate agents in the states either — it includes Canadian members as well as lenders. The Buffini Referral Network is free for current Buffini & Company One2One Coaching, Group Coaching and Referral Maker PRO members. About Buffini & Company Buffini & Company is the largest coaching and training company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company's comprehensive business coaching, training programs and cutting-edge content have helped more than 3 million professionals in 37 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California. Learn more at buffiniandcompany.com.
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Chime Technologies and Curaytor Partner to Deliver Powerful Real Estate Dashboard
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RPR and ShowingTime Build a Showing Integration
RPR is pleased to announce that most REALTORS can now schedule property showings with ShowingTime, a leading showing management tool, directly from the RPR platform, saving them time and effort. This integration, available to more than 250 MLSs representing more than 950,000 real estate professionals, allows REALTORS to conduct more of their daily business seamlessly. Partnering with technologies and services that REALTORS® are using, such as ShowingTime, is a strategy that RPR is deeply committed to, knowing it will help REALTORS® increase their productivity and boost their bottom lines. Available in the RPR website application and mobile app, the connection point is on RPR's Property Details page, where a button will allow users to easily schedule showings for the property. RPR MLS partners with ShowingTime access will be receiving an email in the next few days to enable this new feature. "MLSs, brokers and agents have consistently asked us to deliver even more integrations", said Jeff Young, RPR's Chief Operating Officer. "One of our primary goals in 2020 is to deliver more tools to REALTORS® so they can be more efficient and more productive." ShowingTime CEO Scott Woodard adds, "We're pleased to be collaborating with Realtors Property Resource to provide scheduling links in the RPR platform for the MLSs that would like to provide this. It's beneficial for agents, buyers and sellers when these integrations occur since it helps facilitate more showings." Jeff Young continues, saying "This collaboration between RPR and ShowingTime connects directly into NAR's mission to put Members First. RPR looks forward to adding more market level tools to help REALTORS® "wow" their clients and close more deals."
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BoomTown's New Tools Generate Listing Opportunities and Promote Active Listings
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New Study Shows Property Buyers and Sellers Overwhelmingly Prefer Listings with 3D Tours
Nearly 80 percent would switch to a real estate agent who offers listings with immersive virtual walk-throughs SUNNYVALE, Calif. -- Matterport, the market leader for spatial data capture, today announced the results of a new study that shows U.S. real estate buyers and sellers are no longer satisfied with static photos and would overwhelmingly opt for a more immersive experience. The survey polled 1,000 U.S. property buyers and 1,000 U.S. property sellers. Nearly 80 percent of property buyers and sellers would switch to a real estate agent offering immersive 3D tours of listed properties. Millennial and Gen Z respondents are overwhelmingly in favor of more immersive listings. For instance, 83 percent of Millennials and 94 percent of Gen Zs would switch to an agent offering these services, compared to 63 percent of Gen Xers. Not only would they switch, but 87 percent of sellers and 86 percent of buyers would recommend these agents to their friends. "It's clear that property listings with only static photos will no longer be viable options," said Jay Remley, Chief Revenue Officer of Matterport. "An immersive 3D experience is what buyers and sellers want—and it pays off. Properties sell 20 percent faster and close up to nine percent higher price with a Matterport 3D tour." Buyers Want Digital Measurements Respondents of both groups agreed that offering 3D tours would improve the competitive edge of a listing. In fact, 92 percent of prospective buyers would be more likely to buy a home if the property they were interested in had an immersive 3D tour available. Buyers are also interested in online measurements. Nearly 90 percent of prospective buyers reported that an immersive 3D tour that allows them to take digital measurements of rooms, walls, doors, windows, etc. would make them more interested in a listing. Additionally, over half (55 percent) of potential buyers said they would buy a property sight-unseen if there was a 3D tour available online. Sellers Seek Competitive Edge Similarly, an extraordinary 99.4 percent of sellers reported that offering an immersive 3D tour would improve the competitive edge of their property listing. Moreover, 89 percent of sellers believe their listings would perform better (i.e. sell faster) if it featured an immersive virtual walk-through tour. Of the sellers surveyed, 88 percent reported that they would prefer to work with a realtor who could offer an immersive 3D tour of their property over ones that couldn't. These sellers are ready to take actual steps today, with 80 percent saying they would switch to an agent/agency who offered 3D capture services over ones who could only offer photography services. See the highlights of the study here. To learn how anyone in real estate can use Matterport to attract prospects, increase engagement and earn higher commissions, go to here. About Matterport Matterport is the leading spatial data company digitizing and indexing the built world. Its unique 3D capture technology creates the spatial data layer on which the industry can interoperate, and the company's all-in-one 3D data platform makes it fast and easy to turn any physical space into an accurate and immersive digital twin. The Matterport platform helps customers realize the full potential of a space at every stage of its lifecycle including planning, construction, appraisal, marketing, and operations. Learn more at matterport.com.
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A Millennial Sized Problem Stands in Front of Gen Z Homebuyers
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Average U.S. Home Seller Profits Hit $65,500 in 2019, Another New High
Median Home Sales Prices Reach Record High of $258,000 in 2019; Homeowners Staying Put Longer as Average Homeownership Tenure Rises to New High IRVINE, Calif. - Jan. 23, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Year-End 2019 U.S. Home Sales Report, which shows that home sellers nationwide in 2019 realized a home price gain of $65,500 on the typical sale, up from $58,100 last year and up from $50,027 two years ago. The latest profit figure, based on median purchase and resale prices, marked the highest level in the United States since 2006 – a 13-year high. That $65,500 typical home seller profit represented a 34 percent return on investment compared to the original purchase price, up from 31.4 percent last year and up from 27.4 percent in 2017, to the highest average home-seller ROI since 2006. Both raw profits and ROI have improved nationwide for eight straight years. However, last year's gain in ROI – up less than three percentage points – was the smallest since 2011. "The nation's housing boom kept roaring along in 2019 as prices hit a new record, returning ever-higher profits to home sellers and posing ever-greater challenges for buyers seeking bargains. In short, it was a great year to be a seller," said Todd Teta, chief product officer at ATTOM Data Solutions. "But there were signs that the market was losing some steam last year, as profits and profit margins increased at the slowest pace since 2011. While low mortgage rates are propping up prices, the declining progress suggests some uncertainty going into the 2020 buying season." Among 220 metropolitan statistical areas with a population greater than 200,000 and sufficient historical sales data, those in western states continued to reap the highest returns on investments, with concentrations on or near the west coast. Metro areas with the highest home seller ROIs were in San Jose, CA (82.8 percent); San Francisco, CA (72.8 percent); Seattle, WA (65.6 percent); Merced, CA (63.2 percent) and Salem, OR (62.1 percent). The top four in 2019 were the same areas that topped the list in 2018. Historical U.S. Home Seller Gains South Bend and Boise lead major metros in home price appreciation The U.S. median home price increased 6.2 percent in 2019, hitting an all-time high of $258,000. The annual home-price appreciation in 2019 topped the 4.5 percent rise in 2018 compared to 2017, but was down from the 7.1 percent increase in 2017 compared to 2016. Among 134 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data, those with the biggest year-over-year increases in median home prices were South Bend, IN (up 18.4 percent); Boise City, ID (up 12.6 percent); Spokane, WA (up 10.9 percent); Atlantic City, NJ (up 10.6 percent) and Salt Lake City, UT (up 9.6 percent). Along with Salt Lake City, other major metro areas with a population of at least 1 million and at least an 8 percent annual increase in home prices in 2019 were Grand Rapids, MI (up 8.9 percent) and Columbus, OH (up 8.3 percent). Home prices in 2019 reached new peaks in 105 of the 134 metros (78 percent), including Los Angeles, Dallas-Fort Worth, Houston, Washington, D.C., and Philadelphia. Homeownership tenure at new record high nationwide, but down in many areas Homeowners who sold in the fourth quarter of 2019 had owned their homes an average of 8.21 years, up from 8.08 years in the previous quarter and up from 7.95 years in the fourth quarter of 2018. The latest figure represented the longest average home seller tenure since the first quarter of 2000, the earliest period in which data is available. Among 108 metro areas with a population of at least 200,000 and sufficient data, the top five tenures for home sellers in the fourth quarter of 2019 were all in Connecticut: Norwich, CT (13.49 years); New Haven, CT (13.32 years) Bridgeport-Stamford, CT (13.23 years); Torrington, CT (12.33 years) and Hartford, CT (12.25 years). Average U.S. Homeownership Tenure Counter to the national trend, 45 of the 108 metro areas (42 percent) posted a year-over-year decrease in average home-seller tenure, including Colorado Springs, CO (down 9 percent); Modesto, CA (down 7 percent); Visalia, CA (down 5 percent); Oklahoma City, OK (down 5 percent) and Olympia, WA (down 5 percent). A quarter of home buyers made all-cash purchases in 2019 Nationwide, all-cash purchases accounted for 25.3 percent of single-family home and condo sales in 2019, the lowest level since 2007. The latest figure was down from 27.0 percent in 2018 and 27.7 percent in 2017, and well off the 38.4 percent peaks in 2011 and 2012. However, this is still well above the pre-recession average of 18.7 percent between 2000 and 2007. Among 166 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 2019 were Macon, GA (51.1 percent of sales); Naples, FL (50.4 percent); Chico, CA (47.9 percent); Montgomery, AL (44.7 percent) and Fort Smith, OK (43.8 percent). U.S. distressed sales share drops to 13-year low, but rises in eight states Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 11.5 percent of all U.S. single family home and condo sales in 2019, down from 12.4 percent in 2018 and from a peak of 38.8 percent in 2011. The latest figure marked the lowest point since 2006. States where distressed sales comprised the largest portion of total sales in 2019 were all in the Northeast or Mid-Atlantic regions: New Jersey (20.1 percent of sales), Connecticut (19.5 percent), Delaware (19.4 percent), Maryland (18.1 percent) and Rhode Island (17.6 percent). Among 204 metropolitan statistical areas with a population of at least 200,000 and with sufficient data, those where distressed sales represented the largest portion of all sales in 2019 were Atlantic City, NJ (26.9 percent of sales); Columbus, GA (22.6 percent); Trenton, NJ (22.1 percent); Norwich, CT (21.6 percent) and Peoria, IL (20.0 percent). Those with the smallest shares were Portland, ME (3.3 percent of sales); Ogden, UT (3.8 percent); Provo, UT (4.1 percent); Salt Lake City, UT (4.6 percent) and San Francisco, CA (4.6 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of distressed sales in 2019 were Baltimore, MD (19.3 percent of sales); Hartford, CT (18.9 percent); Philadelphia, PA (18.1 percent); Cleveland, OH (17.9 percent) and Providence, RI (17.7 percent). Aside from San Francisco and Salt Lake City, metros with at least 1 million people that had the lowest shares, were San Jose, CA (5.2 percent of sales); Austin, TX (5.7 percent) and Grand Rapids, MI (6.2 percent). U.S. Total Distressed Sales Institutional investors dropped for the third straight year Institutional investors nationwide accounted for 2.9 percent of all single-family home and condo sales in 2019, down from 3.0 percent in 2018 to the lowest point since 2015. Among 120 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 2019 were Atlanta, GA (9.5 percent of sales); Charlotte, NC (8.6 percent); Lafayette, LA (8.4 percent); Memphis, TN (8.3 percent) and Raleigh, NC (7.8 percent). Historical U.S. Home Sales By Type Texas metro areas continue to dominate list with the highest levels of FHA loans Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 11.9 percent of all single-family home and condo purchases in 2019, up from 10.6 percent in 2018. The increase marked the first rise since 2015. Among 197 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data, the top four with the highest share of purchases made with FHA loans were in Texas. Those with the highest levels of FHA buyers in 2019 were McAllen, TX (30.4 percent of sales); El Paso, TX (26 percent); Amarillo, TX (24.4 percent); Beaumont-Port Arthur, TX (23.7 percent) and Visalia, CA (23.5 percent). The four Texas metros were the same that led the list in 2018. About ATTOM Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB 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, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Moderne Ventures Announces its January 2020 Passport Class
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2019 Ends on a High Note for Home Buyer Activity as December Showings See Fifth Consecutive Month of Year-Over-Year Growth
Sustained Buyer Demand Reaches its Longest Stretch Since September 2017 - January 2018 January 22, 2020 -- The normally sluggish holiday home buying season saw a surge in activity as December showing traffic rose year over year nationwide, according to the latest ShowingTime Showing Index report. December's 6.9 percent year-over-year growth in showing traffic in each of the four regions tracked by the Index represented the fifth consecutive month in which buyer activity increased compared to 2018. For the second consecutive month, the West Region saw the greatest increase in activity, with a 20.9 percent boost. The South followed, with a 12.9 percent year-over-year increase, the second largest improvement in the region in more than a year. Showing activity also grew in the Midwest, with a 4 percent year-over-year increase, with the Northeast close behind with a 3.5 percent gain. "December showing numbers confirm what we first reported for November 2019, that year-over-year buyer activity has increased substantially," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "NAR is reporting a significant year-over-year jump in pending sales, which confirms the trend." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in more than 250 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Existing-Home Sales Climb 3.6% in December
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U.S. Housing Market Short 3.8 Million New Homes
Realtor.com sees opportunity for homebuilders; frustration over low inventory for buyers SANTA CLARA, Calif., Jan. 21, 2020 -- As the new decade begins with a strong economy and low interest rates, home buyers still face a big hurdle -- extremely low inventory. An analysis released today by realtor.com found that the 5.9 million single family homes that were built between 2012 and 2019 are simply not enough to offset the 9.8 million new households formed during that time. At the end of 2019, homebuilder confidence reached a two-decade high, driven in large part by robust economic growth. Single family home starts per 1,000 households grew from 4.6 in 2012 to 7.3 in 2019, taking the eight-year average to 6.2. And while that growth was needed, levels still remain well below the two-decade average, according to realtor.com®'s findings. Realtor.com® economists estimate that even with an above average pace of construction, it would take homebuilders four to five years to get back to equilibrium. "Simply put, new home starts are not keeping pace with demand. Homebuilders have a mountain of opportunity, but a big hill to climb," said Javier Vivas, director of economic research, realtor.com®. "The current inventory crisis and the need for 3.8 million new homes means a nearly insatiable appetite from potential buyers, especially in the lower end of the market." The 2008 financial crisis led home builders to become much more conservative -- building less and focusing on higher end homes with bigger margins. As such, the gap between inventory and demand is focused largely on entry-level and mid-range homes and is exaggerated by the fact that baby boomers are increasingly aging in place; not freeing up existing homes for new buyers to enter the market. "Large populations of renters and well-qualified potential buyers with strong incomes are waiting in the wings. Assuming the economy avoids a full-on recession and rates remain low, the window for builders remains wide open. If builders can deliver homes at adequate price points, absorption will continue to strengthen through the first half of the decade," Vivas said. Heading into the 2020s, growing demographics and strong economic fundamentals should continue to underpin home builder confidence. However, solving the home supply puzzle is more than just a game of volume, and timing can be tricky. On average, consumers need about two to three years of solid income and stability to save for a down payment. With today's strong economy and low likelihood of a downturn in the next few months, now may be the right time for builders to make a move, according to the report's findings. "It's easy to understand why builders have been cautious in an effort to avoid overbuilding, but we believe that demand for new homes will remain strong, and homebuilders could represent a bright spot for housing in the decade ahead," Vivas said. For more information, read the full report here. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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RateMyAgent Continues to Stack Its Leadership Bench
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Discover the Earning Potential of a Home with the New Airbnb Feature on Homes.com Listings
The world is changing, and the must-have features homebuyers expect in their home are changing too. In the last several years, Airbnb has made it easy for homeowners to rent out their home or spare room. With more than half a billion check-ins through Airbnb, this platform has built a trusted reputation with people and communities around the world and created a market of people looking to buy homes with rentable components. Spare bedrooms have always been a popular feature – they make great offices, guest rooms, and playrooms. However, more and more people are specifically purchasing homes that have spaces they can fix up and rent out through programs like Airbnb. This could be anything from a full mother-in-law suite to an extra bedroom, converted garage, or basement that they can outfit for paying guests. Now, Homes.com and Airbnb have teamed up to make it easier for your buyers to find a home that meets their personal needs and their Airbnb hosting ambitions. The new Potential Income Calculator has been added to the listing detail pages on Homes.com to show buyers how much income they could earn by renting a room or property on Airbnb. This great new feature helps you show your buyers the additional value they could capitalize on by purchasing the home they’re interested in. We’ve also added the Potential Income Calculator to off-market listings so that current homeowners can discover the hidden value their home may hold. Use this information to help your homeowner contacts pay down their current mortgages to build equity and put them in a better position to move into a home that fits their ideal lifestyle. Buying homes to list as Airbnbs is a newer niche opportunity with room for real estate professionals to create a new line of business. An easy way to get started is by creating content to share on how to enter this niche and sharing on social networks. Anything from what to look for in a home, how to furnish, cleaning after rental, must have features or estimating expenses involved in renting are all of interest. You can also publish a list of available properties that would make great Airbnbs to build your credibility as an expert for buyers interested in becoming hosts. The Potential Income Calculator on Homes.com listing detail pages can help you determine which homes could be a strong source of income for these buyers. Some homes that may work well for homeowners looking to rent out individual rooms in their home would be those with split floor plans, finished garages and basements, or other rentable components, like mother-in-law suites. If you’re interested in finding homes for aspiring Airbnb hosts, but don’t know much about this program, here are some resources that could help. What Makes a House a Great Airbnb What You Need to Know Before You Airbnb Your Home How to Make Money with Airbnb – Best & Worst Cities To view the original post, visit the Homes.com blog.
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Redfin Ranks the Most Competitive Neighborhoods of 2019
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Waning Affordability Contributes to Slower Job Growth
WASHINGTON (January 15, 2020) -- Metro areas where affordability has worsened over the last five years have seen a decline in job growth during that same period. These findings come from a new National Association of Realtors® study, which examined the top 174 metro areas and ranked them based on affordability. NAR analyzed the shift in affordability ranking, considering the pace of non-farm payroll job growth in 2019 Q3 compared to average job growth from 2014 to 2018. The NAR report, "Home Affordability Index Ranking and Payroll Job Growth," found that affordability rankings declined in 81 metro areas, 34 of which saw non-farm job growth fall faster in 2019 Q3 than the national rate over the previous five years. Those 81 metro areas need more housing inventory to boost affordability, according to Lawrence Yun, NAR chief economist. "Job growth has slowed in these areas in part because limited supply is making homes less affordable," he said. "As inventory continues to decline and affordability worsens, workers, businesses and companies are less incentivized to do business in these areas." Boise, Idaho, experienced the largest drop in affordability ranking (108th in 2014 and 153rd in 2019 Q3). From 2014 to 2019 Q3, the median sales price of single-family homes in Boise increased 75% ($172,900 in 2014; $303,100 in 2019 Q3), four times the growth rate in median family income of 18% ($62,000 to $73,101). With a steep decline in affordability, non-farm payroll employment growth slowed roughly 0.8% in 2019 Q3 from average growth during 2014 to 2018 (3.2% from 3.9%). Tampa, Fla., has also seen a rapid decline in affordability (98th in 2014; 133rd in 2019 Q3). During this same period, median single-family home prices jumped 58%, three times the growth of median family income of 19%. As affordability declined, Tampa's job growth slowed by 0.8 percentage points (2.8% vs. 2.0%). Nashville, Tenn., experienced a similar drop in affordability ranking (105th in 2014; 126th in 2019 Q3). Median single-family sales prices increased 53%, nearly double the region's median family income growth (23%). As affordability worsened, the pace of job growth was cut in half (1.9% vs 3.7%). Metro areas in the relatively affordable Midwest region were also not immune to ranking declines. Grand Rapids, Mich. (37th in 2014 to 60th in 2019 Q3); Louisville, Ky. (51st to 62nd), Indianapolis, Ind. (46th to 64th); and Columbus, Ohio (57th to 80th) all experienced drops. San Jose-Sunnyvale-Sta. Clara, Calif., is the least affordable U.S. metro region, while Anaheim-Sta. Ana-Irvine, Calif. (173rd); Los-Angeles-Long Beach Glendale, Calif. (172nd), San Francisco-Oakland, Calif. (171st), and San Diego-Carlsbad, Calif. (170th) remain among the nation's most unaffordable markets. There was no notable shift for Seattle, Wash. (164th in 2014; 164th in 2019 Q3) and Denver, Colo. (159th, 158th). In Austin, Texas, affordability ranking improved, but because it is already relatively unaffordable, the pace of job creation has slowed as well (134th, 122nd, -1.8%). Yun says worsening affordability and inventory conditions could leave some of the nation's previously fast growing metro areas unable to sustain job and economic growth. "Even fast-growing markets could be hurt and unable to further expand because of weakening affordability conditions. We must improve affordability by building more homes in line with local job market growth." Metros in Order of Affordability Rank in 2019 Q3 The metro areas with strong job growth from 2014 to 2018 that had a significant shift in affordability ranking (five or more steps) and are now experiencing slower job creation (percentage point difference) are (ranked in order of 2019 Q3 affordability): Grand Rapids-Wyoming, Mich. (60th in 2019 Q3 from 37th in 2014 -1.7%) Louisville/Jefferson County, Ky.-Ind. (62nd from 51st, -0.9%) Indianapolis-Carmel-Anderson, Ind. (64th from 46th, -0.9%) Chattanooga, Ga. (70th from 58th, -0.3%) Columbus, Ohio (80th from 57th, -1.0%) Atlanta-Sandy Springs-Marietta, Ga. (91st from 73rd, -1.1%) Spartanburg, S.C. (96th from 83rd, -0.4%) Pensacola, Ferry Pass-Brent, Fla. (111th from 84th, -1.9%) Raleigh, N.C. (112th from 90th, -0.8%) Deltona-Daytona Beach-Ormond, Fla. (125th from 94th, -1.5%) Nashville-Davidson-Murfreesboro-Franklin, Tenn. (126th from 105th, -1.8%) Tampa-St. Petersburg-Clearwater, Fla. (133rd from 98th, -0.8%) Lakeland-Winter Haven, Fla. (134th from 89th, -1.0%) Durham-Chapel Hill, N.C. (137th from 111th, -1.3%) Jacksonville, Fla. (140th from 117th, -0.8%) Salt Lake City, Utah (151st from 146th, -0.4%) Boise City-Nampa, Idaho (153rd from 108th, -0.8%) Las Vegas-Henderson-Paradise, Nev. (159th from 143rd, -1.4%) Yakima, Wash. (160th from 145th, -0.6%) Eugene, Ore. (162nd from 155th, -1.9%) Salem, Ore. (163rd from 147th, -1.5%) The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an October in at Least 20 Years
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Realtors Announce Partnership with Census Bureau in Promotion of 2020 Census
WASHINGTON (January 13, 2020) -- The United States Census Bureau has designated the National Association of Realtors as a National Partner for the upcoming 2020 Census. With the Bureau seeking to enlist the support of various national organizations, NAR is asking the 1.4 million Realtors nationwide to help drive Census participation in their respective communities. "NAR is able to provide tremendous value to our members because of the research we produce examining trends in communities across this country. But the usefulness of that information relies on current, accurate data from the federal government," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco. "Full participation in the Census is in many ways the only way to ensure that data is correct." In addition to determining appropriate Congressional representation, roughly $1.5 trillion is allocated to states and localities annually based off of Census results – delivering funds for roads, hospitals, schools and countless other public services. More specifically, this year's results will influence the allocation of $93.5 billion to Federal Direct Student Loans, $19.3 billion to Section 8 Housing Choice Vouchers and $12 billion to the National School Lunch Program. With this partnership, the Bureau will provide Realtors® with promotional materials that emphasize the importance of responding to the 2020 Census, which NAR members and partners are being asked to share with clients and neighbors. Last week, the House Oversight and Government Reform Committee reviewed some of the challenges associated with accurately securing this information at its hearing, Reaching Hard-to-Count Communities in the 2020 Census. Notices about the 2020 Census will be mailed in mid-March, and the Census Bureau will offer a guide in roughly 60 different languages. This year will mark the first time the questionnaire can be completed online, while options to respond over the phone and through the mail will still be available. In addition, NAR is reminding its members and U.S. residents that the Bureau will never ask for bank account or social security numbers, donations or anything on behalf of a political party, and strict federal law protects the confidentiality of Census responses. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. For more information on NAR's efforts to promote Census participation please visit: https://www.nar.realtor/census.
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Buying a Home Is More Affordable than Renting in 53 Percent of U.S. Housing Markets
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Redfin Report: Bidding War Rate Fell to Another 10-Year Low in December
Fewer than 1 in 10 homebuying offers faced competition SEATTLE, Jan. 8, 2020 -- Just 9% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war nationwide in December, down from 12% a year earlier and setting another new 10-year low, according to a new report from Redfin. The rate is likely to begin rising again early this year as the real estate market heats up in the spring. "Bidding war rates likely hit their true bottom in December," said Redfin chief economist Daryl Fairweather. "Amid the current global economic uncertainty, mortgage rates will remain low in the coming months, which will boost demand for homes in 2020. That means more buyers competing against each other and bidding up prices." As in November, San Francisco was the only market even moderately competitive in December. The bidding war rate there in December was 26%, down from 35% a year earlier and down from 28% in November. "There aren't typically very many homes for sale in San Francisco in December," said Redfin San Francisco Market Manager Saleem Buqeileh. "Last month we saw more buyers than usual out looking for a 'steal' and bidding on homes, which led to multiple offer situations on some homes where all of the buyers came in below list price, rather than above." Competition was still rare everywhere else in the country in December, with no other market experiencing a bidding war rate higher than 17%. The bidding war rate fell to zero in Raleigh and Dallas, and hit its lowest point in at least five years in Los Angeles. Aside from the zero rates in Raleigh and Dallas, Atlanta had the third-lowest bidding war rate in December at 4%. To read the full report, please visit: https://www.redfin.com/blog/december-2019-real-estate-bidding-wars. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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Fourth Quarter Good Time to Buy and Sell Home, Realtor Survey Says
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200 Multiple Listing Services Approve Home ASAP LLC's IDX Service
Home ASAP LLC announces the recent addition of 10 new MLSs to its IDX Home Search JACKSONVILLE, Fla., Jan. 9, 2020 -- Home ASAP, the leading provider of real estate applications on Facebook, announces the addition of 10 new multiple listing service (MLS) approvals to their agent-centric IDX Home Search solution. This brings the total to 203 MLS approved markets nationwide. Home ASAP now reaches over 1.3 million agents serving up over 1.7 million unique and active listings. Home ASAP's coverage includes 94% of the nation's active homes available for sale. Notables among the 10 newest markets introduced to Home ASAP's IDX Home Search™ include: Georgia's First MLS, Real Estate Board of New York (REBNY), YES MLS (Northeastern Ohio), West Penn Multi-List, and Columbus Board of Realtors in Ohio. Home ASAP's IDX solution provides agents with a consumer-friendly display of active listings in their local market, launchable from the agent's Facebook business page or accessed on the agent's homeasap.com provided website. The service includes automatic posts to the agent's Facebook business page to assist with promoting the search to consumers, an easy ad-launching tool, and effective lead capture that instantly notifies the agent. Agents who are members of Home ASAP's Real Estate Agent Directory and have added the IDX service will have active listings automatically fed from their MLS and updated as quickly as every 5 minutes. IDX Home Search is exclusively branded to the agent. Home ASAP also recently launched the ability to display IDX data in more than one MLS. This feature is especially helpful in areas where several MLS's overlap geographic areas. Agents who do business across these areas and are members of more than one MLS can now seamlessly display all available homes for sale in those markets. "Homebuyers and sellers are increasingly turning to social media to search for homes, connect with agents and start the real estate conversation," said John Marshall, President and CEO of Home ASAP. "As a pioneer in this space, our goal is to provide 100% MLS coverage for consumers. While we currently serve the vast majority of the nation's largest markets, we continue to strive to add more and continue to work to add more MLS feeds." Learn more about IDX Home Search at https://about.homeasap.com About Home ASAP Home ASAP operates the premier social media platform on Facebook that connects home buyers, sellers with real estate professionals. Home ASAP's flagship service, the Real Estate Agent Directory™ has grown to 600,000 agents located in all 50 US States and Puerto Rico. In addition to the Directory, the company provides technology-enabled social media services for networking, advertising, marketing, content management, referrals, lead generation and brand building.
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David Doctorow Named CEO Of Move, Inc.
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CoreLogic Reports November Home Prices Increased by 3.7% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.7% from November 2018. On a month-over-month basis, prices increased by 0.5% in November 2019. (October 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will be 5.3% from November 2019 to November 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.2% from November 2019 to December 2019, which would mark a new peak in prices since the last U.S. recorded peak in April 2006. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer," said Dr. Frank Nothaft, chief economist at CoreLogic. "Growth in the U.S. index quickened in November and posted the largest 12-month gain since February. The decline in mortgage rates, down more than one percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 34% of metropolitan areas have an overvalued housing market as of November 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of November 2019, 27% of the top 100 metropolitan areas were undervalued, and 39% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in November 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The study showed that a significant number of older millennials (ages 30-38) are strongly considering moving within the next 12 months, with 64% of this cohort expecting to purchase a home, reinforcing this group's interest in the housing market. Meanwhile, 57% of younger millennials (ages 21-29) plan on renting their next home. Despite the purchase intent among older millennials, nearly half (43%) still view homeownership as unaffordable and out of reach. "We're continuing to see a split among older and younger millennials when it comes to their plans to purchase a home," said Frank Martell, president and CEO of CoreLogic. "While older millennials are looking forward to participating in the housing market in the future, their younger counterparts don't see themselves buying a home anytime soon. With home prices expected to rise just over 5% over the next 12 months, affordability remains a concern for most prospective buyers." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the 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, acquire and protect their homes. For more information, please visit www.corelogic.com.
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2020 Begins With Lowest Housing Inventory in Two Years
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Home Purchase Sentiment Jumps
Fannie Mae's 2019 Home Purchase Sentiment Index (HPSI) increased in November to its highest level since March, 2018. And it's also likely that mortgage rates will remain low next year, according to experts. Also in 2020, Fannie Mae and Freddie Mac will let mortgage borrowers nationwide take out home loans over $500,000. This will be the fourth consecutive year that the conforming loan limit has increased. Whether or not this is good for the affordability crisis in many markets is discussed on realtor.com. Home Purchase Sentiment Index Here are some of the conclusions from the Fannie Mae report: "Looking ahead, we continue to expect a steady but modest pace of growth in home purchase activity," said Doug Duncan, Senior Vice President and Chief Economist, Fannie Mae. Findings Summary Good/Bad Time to Buy: The percentage of Americans who say it is a good time to buy increased this month from 57% to 61%, while the percentage who say it is a bad time to buy decreased from 36% to 29%. As a result, the net share of Americans who say it is a good time to buy increased 11 percentage points and is the highest it's been since March 2018. Good/Bad Time to Sell: The percentage of Americans who say it is a good time to sell decreased this month from 67% to 66%, while the percentage who say it's a bad time to sell remained flat at 26%. As a result, the net share of those who say it is a good time to sell fell 1 percentage point. Home Price Expectations: The percentage of Americans who say home prices will go up in the next 12 months increased this month from 41% to 44%, while the percentage who said home prices will go down decreased from 14% to 10%. The share who think home prices will stay the same increased from 39% to 40%. As a result, the net share of Americans who say home prices will go up increased 7 percentage points. Mortgage Rate Expectations: The percentage of Americans who say mortgage rates will go down in the next 12 months decreased this month from 12% to 11%, while the percentage who say mortgage rates will go up increased from 37% to 39%. The share who think mortgage rates will stay the same decreased from 44% to 42%. The net share of Americans who say mortgage rates will go down over the next 12 months fell 3 percentage points. Job Concerns: The percentage of Americans who say they are not concerned about losing their job in the next 12 months remained flat at 86%, while the percentage who say they are concerned also remained flat at 14%. As a result, the net share of Americans who say they are not concerned about losing their job did not change. Household Income: The percentage of Americans who say their household income is significantly higher than it was 12 months ago remained the same at 28%, while the percentage who say their household is significantly lower decreased from 12% to 10%. The percentage who say their household income is about the same increased from 59% to 60%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased 2 percentage points. To view the original post, visit the iHomeFinder blog.
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Home Buyer Interest Up Again in November Nationwide as Showing Traffic Increases for Fourth Consecutive Month
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U.S. Home-Flipping Activity Drops as Returns Remain at Near Seven-Year Low
Overall Home Flips Drop 12.9 Percent in Third Quarter of 2019 After Unusually Active Spring; Percent of Flips Purchased with All-Cash at Two-Year High IRVINE, Calif. - December 12, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2019 U.S. Home Flipping Report, which shows that 56,566 U.S. single family homes and condos were flipped in the third quarter of 2019, down 12.9 percent from the previous quarter and down 6.8 percent from a year ago. After an unusually lively flipping market in the spring of this year, the declines stood out as the largest quarterly and annual drops since the third quarter of 2014. The homes flipped in the third quarter represented 5.4 percent of all home sales during the quarter. That level was down from 6 percent of all home sales in the second quarter of 2019, but up slightly from 5.2 percent a year ago. Historical Home Flipping Trends Graph Homes flipped in the third quarter of 2019 typically generated a gross profit of $64,900 (the difference between the median sales price and median paid by investors), up 1.8 percent from the previous quarter and 3.5 percent from a year ago. However, the typical gross flipping profit of $64,900 translated into a 40.6 percent return on investment compared to the original acquisition price, down from a 41.1 percent gross flipping ROI in the second quarter of 2019 and down from a margin of 43.5 percent in the third quarter of 2018. The latest returns on home flips stood at the second-lowest point since 2011, barely above the 40 percent ROI from the first quarter of this year. Historical Home Flipping Profit Trends Graph "After a springtime selling binge earlier this year, the home-flipping business settled way down over the summer amid a continuing scenario of languishing profits," said Todd Teta, chief product officer at ATTOM Data Solutions. "The retreat back to more normal levels of sales comes amid broader market forces that are making it harder and harder for investors to complete the kinds of deals they were getting as recently as last year. Those forces are keeping profits way down from post-Recession highs and show no signs of easing." Maksim Stavinsky, co-founder and COO of Roc Capital noted that borrowers' declining profits on flips are leading to much greater interest in renting out renovated properties instead of flipping them. "We have been seeing a decline in projected and realized profits for borrowers on projects, despite the fact that borrower financing costs have been meaningfully coming down," said Stavinsky. "This has led to much greater interest and activity in our rental programs. We expect these trends to continue." Home flipping rates down in 78 percent of local markets Home flips as a portion of all home sales decreased during the third quarter of 2019 from the previous quarter in 115 of the 147 metropolitan statistical areas analyzed in the report (78 percent). The largest quarterly declines in the home flipping rate came in Manchester, NH (down 40 percent); Reno, NV (down 33 percent); Salem, OR (down 31 percent); Clarksville, TN (down 31 percent) and Vallejo, CA (down 31 percent). Metro areas qualified for the report if they had a population of at least 200,000 and at least 50 home flips in the third quarter. The biggest quarterly decreases in MSAs with at least a population of 1 million or more were in Rochester, NY (down 29 percent); Grand Rapids, MI (down 25 percent); Boston, MA (down 25 percent); Providence, RI (down 24 percent) and Milwaukee, WI (down 24 percent). Home flips purchased with financing continue dropping while those bought with cash climb Nationally, the percentage of flipped homes purchased with financing dipped in the third quarter of 2019 to 41.5 percent, from 43.7 percent in the prior quarter and 46 percent a year ago. Meanwhile, 58.5 percent of homes flipped in the third quarter of 2019 were bought with all-cash, up from 56.3 percent in the second quarter and 54 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with a population of 1 million or more, those with the highest percentage of flips purchased with financing in the third quarter included San Jose, CA (59.4 percent); Providence, RI (56.9 percent); Seattle, WA (56.0 percent); Boston, MA (54.9 percent) and San Diego, CA (53.4 percent). Home flippers are doubling their money in eight markets Despite decreases in profit margins nationally, eight MSAs analyzed in the report had third-quarter 2019 gross ROI flipping margins of at least 100 percent: led by Pittsburgh, PA (132.6 percent); Scranton, PA (122.5 percent); Flint, MI (111.2 percent); Cleveland, OH (109.8 percent) and Hickory-Lenoir-Morganton, NC (109.7 percent). Typical home flipping returns remained near post-Recession low points Homes flipped in the third quarter of 2019 were sold for a median price of $224,900, with a gross flipping profit of $64,900 above the median purchase price of $160,000. That profit figure was up from a gross flipping profit of $63,750 in the previous quarter and up $62,700 in the third quarter of 2018. But with prices rising on investor-purchased homes, the median 40.6 percent return on investment was down from the post-Recession peak of 52.1 percent in the second and third quarters of 2016. Among the 53 markets with at least a population of 1 million or more, those that saw the smallest gross flipping profits included Raleigh, NC ($25,000); Austin, TX ($27,549); Phoenix, AZ ($31,135); Las Vegas, NV ($33,150) and Kansas City, MO ($39,141). Average time to flip nationwide is 177 days Home flippers who sold homes in the third quarter of 2019 took an average of 177 days to complete the flips, down from an average of 184 days for homes flipped in the second quarter, but the same as the average for homes flipped a year earlier. Among the 147 metro areas analyzed in the report, those with the shortest average days to flip were Durham, NC (135 days); Raleigh, NC (138 days); Phoenix, AZ (138 days); Memphis, TN (142 days) and Birmingham, AL (146 days). Metro areas with the longest average days to flip were Provo, UT (226 days); Buffalo, NY (219 days); Asheville, NC (216 days); Gainesville, FL (216 days) and Boston, MA (215 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 56,566 U.S. homes flipped in the third quarter of 2019, 14.5 percent were sold by the flippers to buyers using a loan backed by the Federal Housing Administration (FHA), up from 14.4 percent in the previous quarter but down from 12.1 percent a year ago. Among the 147 metro areas in the report, those with the highest percentage of Q3 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Stockton, CA (37.3 percent); Visalia, CA (34.3 percent); Ogden, UT (34.0 percent); Lakeland, FL (29.9 percent) and Corpus Christi, TX (29.5 percent). Twelve counties had a home flipping rate of at least 12 percent Among 695 counties with at least 10 home flips in the third quarter of 2019, there were 12 counties where home flips accounted for at least 12 percent of all home sales. Here are the top five: Fayette County, PA, in the Pittsburgh metro area (17.9 percent); Cameron County, TX, in the Brownsville metro area (15.5 percent); Portsmouth City/County, VA, in the Virginia Beach metro area (13.5 percent); Kings County, CA, in the Hanford-Corcoran metro area (13.2 percent) and Rockingham County, VA, in the Harrisonburg metro area (13.1 percent). Ten zip codes had a home flipping rate of at least 25 percent Among 1,684 U.S. zip codes with at least 10 home flips in the third quarter of 2019, there were 10 zip codes where home flips accounted for at least 25 percent of all home sales. Here are the top five: 35005 in Jefferson County, AL (38.3 percent); 93212 in Kings County, CA (37.9 percent); 78537 in Hidalgo County, TX (31.3 percent); 33147 in Miami-Dade County, FL (28.1 percent) and 08046 in Burlington County, NJ (27.0 percent). Report methodology ATTOM Data Solutions analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM Data Solutions ATTOM Data Solutions 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 data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB 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, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Pending Home Sales Expand 1.2% in November
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a September in at Least 20 Years
For the 11th consecutive month, the U.S. foreclosure rate was the lowest in at least 20 years CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.8% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in September 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with September 2018, when it was 4.4%. As of September 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from September 2018. The September 2019 foreclosure inventory rate tied the prior 10 months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.9% in September 2019, down from 2.2% in September 2018. The share of mortgages 60 to 89 days past due in September 2019 was 0.6%, down from 0.7% in September 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in September 2019, down from 1.5% in September 2018. The serious delinquency rate has remained consistent since April 2019. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in September 2019, marking a 0.4% decline compared to September 2018 when the transition rate stood at 1.2%. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "The decline in delinquency rates in North and South Carolina compared with a year ago reflect the recovery from Hurricanes Florence and Michael, which hit in the autumn of 2018," said Dr. Frank Nothaft, chief economist at CoreLogic. "Shortly after a natural disaster, we tend to see a spike in delinquency rates. Depending on the extent of devastation, serious delinquency rates generally return to their pre-disaster levels within a year." No states posted a year-over-year increase in the overall delinquency rate in September 2019. The states that logged the largest annual decreases included: Mississippi (-1.1 percentage points), North Carolina (-1.1 percentage points), Louisiana (-1.0 percentage points), New Jersey (-1.0 percentage points) and South Carolina (-1.0 percentage points). In September 2019, four metropolitan areas in the Midwest and Southeast recorded small annual increases in overall delinquency rates. These metros include: Dubuque, Iowa (0.8 percentage points), Pine Bluff, Arkansas (0.6 percentage points), Dalton, Georgia (0.2 percentage points) and Eau Claire, Wisconsin (0.1 percentage points). While the nation's serious delinquency rate remains at a 14-year low, 14 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.7 percentage points), Dubuque, Iowa (0.2 percentage points) and Pittsfield, Massachusetts (0.2 percentage points). The remaining 11 metro areas each logged an annual increase of 0.1 percentage point. "The strong labor market in the United States along with continued prudent underwriting practices for mortgage origination have combined to power favorable loan performance over the past few years," said Frank Martell, president and CEO of CoreLogic. "Unemployment reached a 50-year low in September 2019, which helped push annual delinquency rates downward for the 21st consecutive month and we expect this trend to continue as we enter into the new year." The next CoreLogic Loan Performance Insights Report will be released on January 14, 2020, featuring data for October 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. Methodology The data in this report represents foreclosure and delinquency activity reported through September 2019. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85% coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX), the 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, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Redfin Reveals the Housing Markets that Changed the Most This Decade
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RE Technology's Top 10 Articles of 2019
Over the past 10 days, we've been counting down our top 10 articles of the year. These articles are an exclusive breed--at RE Technology, we publish over 2,000 pieces of content each year. So which types of articles were among the 0.5 percent that made it into our top 10? Well, article #4 was the most read among many popular articles about agent headshots and real estate photography. Our readers were all business this year, with articles about Google Sheets (#2) and PDFs (#10) making our list. The lighter side of things peeked through, too, with a fun article about real estate memes charting at #5. However, anxiety about low commissions dominated the year, with an article about 1% and $1 commissions coming in at #1. So what else made it onto our list of the most read articles? Take a look at the full selection below: Listing Agents Offering 1% and $1 Commissions: Is This a New Trend? 7 Google Sheet Templates for Real Estate Businesses 5 Things an Agent Should Never Say to Leads and Past Clients Headshot Ideas from the Pros: Stand Out from the Crowd 19 Real Estate Memes and GIFs that Will Make You Smile Facebook Business Pages: 4 Hidden Features to Boost Visibility Friday Freebie: Downloadable Report for Home Buyers and Sellers 10 Real Estate Email Subject Lines and Why They Work 10 Real Estate Apps that Will Amplify Your Productivity The Top 6 Things Agents Need to Know about PDFs
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Median Home Prices Still Unaffordable for Average U.S. Wage Earners in Q4 2019
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Existing-Home Sales Descend 1.7% in November
WASHINGTON (December 19, 2019) -- Existing-home sales fell in November, taking a small step back after October's gains, according to the National Association of Realtors. The Northeast and Midwest both reported growth last month, while the South and West saw sales decline. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.7% from October to a seasonally-adjusted annual rate of 5.35 million in November. However, sales are up 2.7% from a year ago (5.21 million in November 2018).Lawrence Yun, NAR's chief economist, said the decline in sales for November is not a cause for worry. "Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year," said Yun. The median existing-home price for all housing types in October was $271,300, up 5.4% from November 2018 ($257,400), as prices rose in all regions. November's price increase marks 93 straight months of year-over-year gains. Total housing inventory at the end of November totaled 1.64 million units, down approximately 7.3% from October and 5.7% from one year ago (1.74 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, down from 3.9 months in October and from the 4.0-month figure recorded in November 2018. Unsold inventory totals have declined for five consecutive months, constraining home sales. Compared to one year ago, fewer homes were sold below $250,000; with a 16% decline for homes priced below $100,000 and a 4% reduction for homes priced from $100,000 to below $250,000. "The new home construction seems to be coming to the market, but we are still not seeing the amount of construction needed to solve the housing shortage," Yun said. "It is time for builders to be innovative and creative, possibly incorporating more factory-made modules to make houses affordable rather than building homes all on-site." Properties typically remained on the market for 38 days in November, seasonally up from 36 days in October, but down from the 42 days in November 2018. Forty-five percent of homes sold in November 2019 were on the market for less than a month. First-time buyers were responsible for 32% of sales in November, essentially hovering at the 31% seen in October and 33% in November 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 16% of homes in November 2019, up from both 14% in October and from 13% in November 2018. All-cash sales accounted for 20% of transactions in November, about even with 19% in October and 21% in November 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in November, unchanged from both October 2019 and November 2018. NAR recently compiled and released a list of 10 metro areas expected to outperform in terms of demand and price appreciation due to their strong job growth, in-migration and affordability. In alphabetical order, those metro areas are: Charleston S.C.; Charlotte, N.C.; Colorado Springs, Colo.; Columbus, Ohio; Dallas-Fort Worth, Texas; Fort Collins, Colo.; Las Vegas, Nev.; Ogden, Utah; Raleigh-Durham-Chapel Hill, N.C.; and Tampa-St. Petersburg, Fla. Yun cited last week's NAR Real Estate Forecast Summit, in which 14 leading housing and financial industry economists predicted that the U.S. will likely avoid a recession in 2020 while projecting the economy to grow 2% in the coming year. "The consensus was that mortgage rates may rise, but only incrementally," Yun said. "I expect to see home price affordability improvements, too. This year we witnessed housing costs grow faster than income, but the expectation is for prices to settle at a more reasonable level in the coming year in line with average hourly wage growth of 3% on a year-over-year basis." Additionally, the majority of the economists – 69% – did not anticipate an increase in the federal funds rate, while 31% expect the Federal Open Market Committee will lower the rate next year. The group predicted an average annual 30-year fixed mortgage rate of 3.8% and home prices (existing and new homes) to increase at a slower rate of 3.6%. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.70% in November, up from 3.69% in October. The average commitment rate across all of 2018 was 4.54%. "I would encourage would-be buyers to take advantage of historically-low mortgage rates, which make a home purchase more affordable, particularly when home prices are rising," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, California. By all accounts, low mortgage rates have propped up buyer interest. SentriLock Foot Traffic Index, a measure of home showings, was stable at 47.1 in November compared to October. The Realtors® Buyer Traffic Index compiled from a survey of Realtors® was essentially unchanged at 56 from 55 in October and is up from 44 one year ago. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.79 million in November, down from 4.85 million in October, but up 3.5% from a year ago. The median existing single-family home price was $274,000 in November 2019, up 5.4% from November 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 560,000 units in November, down 5.1% from October and 3.4% lower than a year ago. The median existing condo price was $248,200 in November, which is an increase of 4.5% from a year ago. Regional Breakdown Compared to last month, November sales increased in the Northeast and Midwest regions, while year-over-year sales are up in all regions except the Northeast. Median home prices in all regions increased from one year ago, with the West region showing the strongest price gain. November 2019 existing-home sales in the Northeast grew 1.4% to an annual rate of 700,000, down 1.4% from a year ago. The median price in the Northeast was $301,700, up 3.9% from November 2018. Existing-home sales increased at the strongest pace in the Midwest at 2.3% to an annual rate of 1.32 million, up 1.5% from a year ago. The median price in the Midwest was $209,700, a 5.9% jump from last November. Existing-home sales in the South dropped 3.9% to an annual rate of 2.24 million in October, but were up 3.7% from a year ago. The median price in the South was $234,400, a 4.8% increase from this time last year. Existing-home sales in the West declined 3.5% to an annual rate of 1.09 million in November, but are up 4.8% from a year ago. The median price in the West was $410,700, up 7.1% from November 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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'The Brian Buffini Show' Podcast Impacts Lives Worldwide, Celebrates 7 Million Downloads
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Give your clients the power to digitally measure anything within a 3D property tour
Imagine if prospective buyers or tenants could virtually measure anything in your listing to see if their belongings would fit? Announcing Measurement Mode from Matterport, a new capability that enables you to share measurements you've taken in a Matterport 3D tour with your clients. This allows them to measure walls, floors, windows, doors or furniture with a simple click or tap on a PC or mobile device - no account registration required. Try it for yourself.
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Could January be the New April for Home Shopping?
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Redfin Unveils the Most Bikeable U.S. Cities of 2020
SEATTLE, Dec. 4, 2019 -- Minneapolis, Portland and Chicago are the most bikeable cities in the U.S. for the second year in a row, according to a new ranking from Redfin, the technology-powered real estate brokerage. The ranking is based on data from Bike Score, a tool by Redfin company Walk Score that rates the bikeability of neighborhoods, cities and addresses. Scores are based on several factors including access to bike lanes and hilliness. Cities where daily errands can be accomplished by bike score 90 points and above, cities where biking is convenient for most trips score 70 to 89 points and cities with some bike infrastructure score 50-69 points. Below is the ranking of the top 10 U.S. cities (with populations of more than 300,000) for biking: In Minneapolis and Portland, local government has committed to creating new bike infrastructure for environmental, health, affordability and safety reasons. Minneapolis has hundreds of miles of both on-street and off-street bike lanes. The Portland bike plan, with a goal of full implementation by 2030, includes hundreds of miles of bikeways. "Fair-weather bikers like myself are out in full force during the summer months in Minneapolis, but you still see bike commuters with ski goggles year round," said local Redfin agent James Garry. "Homebuyers moving to Minneapolis from a different area are always pleasantly surprised by how easy it is to bike everywhere here. The streets have dedicated bike lanes, many of which connect to suburban trails, and a lot of companies provide locker and shower facilities for bike commuters. The city's bike culture is especially important to buyers looking at downtown condos, as they're often looking to get rid of at least one car." Portland Redfin agent Daniel Brooks said dedicated bike lanes throughout the city and the Tilikum Crossing Bridge, a car-free bridge for use by cyclists, pedestrians and public transit, contribute to the area's bike culture. "We live in a relatively small area that makes for a short bike commute to work," Brooks said. "I've worked with a lot of clients who buy homes on the east side of Portland and bike to work downtown over the Tilikum bridge. We're also seeing more newly built condos with limited parking, which encourages people to ditch their cars and rely on bikes." Top 5 Bike Score increases St. Louis experienced the biggest increase in its Bike Score from 2018, up nine points to 62. It's followed by Long Beach, CA, up eight points to 69. "Long Beach added several new bike lanes to its city streets in the last few years and divided the beach path so there are designated lanes for bikers and pedestrians. The path runs along a white sand beach, providing direct access to the Pacific Ocean and the city's popular Belmont Veterans Memorial Pier," said local Redfin agent Costanza Genoese Zerbi. "Although there has been some controversy around adding bike lanes to crowded city streets—some people believe they can cause congestion and safety issues—I count myself among Long Beach residents who take advantage of the sunny Southern California weather and the bike paths." After Long Beach come Corpus Christi, TX (up 8 points to 49); Pittsburgh (up 6 points to 57) and Memphis (up 6 points to 44). To read the full report, please visit: https://www.redfin.com/blog/most-bike-friendly-cities-usa-2020. For Redfin's ranking of the most bikeable Canadian cities of 2020, visit: https://www.redfin.com/blog/most-bike-friendly-cities-canada-2020. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Expect Continued Economic Growth, Slower Real Estate Price Gains and Small Chance for Recession in 2020, According to Group of Top Economists
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Elevate to launch free educational series: Monday Morning Mentor
Monday Morning Mentor will feature business, marketing and life tips, tricks and strategies from top agent and coach, Matt O'Neill. December 18, 2019 - Dallas, TX -- This week, Elm Street Technology, the creators of the Elevate productivity platform, announced the launch of a new educational series, Monday Morning Mentor, which will be offered on Elevate's Facebook channel beginning in January 2020. The series will be led by Matt O'Neill, whom the Wall Street Journal recognized as the #1 luxury real estate team leader in South Carolina. Each Monday morning, Matt O'Neill will offer a half hour Facebook live stream with business, marketing and lifestyle tips, tricks and strategies from his popular private coaching program, which focuses on seven key elements for "living your best life." "Many real estate agents lack either access or the funds to participate in a high-level coaching program," said Matt O'Neill. "Aligning with Elevate on the Monday Morning Mentor series will allow me to offer key aspects of my coaching program to a large community of agents, all for free." The Monday Morning Mentor series joins other Elevate educational offerings, which include "Casual Conversations," their popular weekly video interview series featuring professionals from the real estate industry and beyond; "24/seven," the monthly thought leadership series from 3sixtyfive.agency, Elevate's full-service digital and creative advertising agency; and the "Boot Camp" series which travels the US bringing high-energy, interactive educational training to MLSs, brokers and the agents they serve. "At Elevate, we strive to empower our real estate audience with more than just amazing software," said Prem Luthra, President and CEO at Elm Street Technology. "We are focused on building a stronger, better real estate experience for every facet of the process, and for everyone involved. Training and education are key components to helping brokers and agents succeed both personally and professionally, and offerings such as Monday Morning Mentor are designed to help create and support balanced, successful real estate professionals." Monday Morning Mentor launches Monday, January 6, 2020. To participate, interested persons should follow Elevate's Facebook channel - @tryelevatere - where they will receive alerts of the live stream, as well as have access to the recordings each week. About Elm Street Technology Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, an easy mobile app, and more. For more information, please visit tryelevate.com.
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AerialSphere and iFoundAgent partner to provide "addictive" 360-degree, interactive, immersive mapping technology for websites
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Low Inventory Drives Home Buyers to Explore Big City Alternatives
Boise, Idaho, McAllen, Texas and Tucson, Ariz. top realtor.com's list of markets set to sizzle in 2020 SANTA CLARA, Calif., Dec. 12, 2019 -- While the U.S. housing market is expected to cool in 2020, certain markets will remain steadfast, fueled by strong local economies, job creation, and available inventory, especially at the entry-level price point. Topping next year's housing markets list are Boise, Idaho, McAllen, Texas, and Tucson, Ariz., according to realtor.com's analysis of the 100 largest metros released today. Based on realtor.com®'s analysis of projected home sales and price data, this year's list highlights the trend of people moving from expensive coastal cities to more affordable areas inland. In fact, nine out of 10 of 2020's hottest markets are not on the coast -- a significant change from last year when four out of 10 markets were on or near the water. This trend is particularly noticeable in Boise, which jumped from the No. 8 position last year to the top spot for 2020. Boise is seeing an influx of out-of-state buyers looking to enjoy the city's amenities at a lower price point compared with places such as California. In the top 10 markets, home sales are expected to increase by 2.4 percent and prices by 3.1 percent on average year-over-year. This is in contrast to a 1.8 percent decrease in home sales and a 0.8 percent increase in sales prices nationwide, according the realtor.com® 2020 housing forecast. Top 10 markets in 2020 Boise, Idaho McAllen-Edinburg-Mission, Texas Tucson, Ariz. Chattanooga, Tenn. Columbia, S.C. Rochester, N.Y. Colorado Springs, Colo. Winston-Salem, N.C. Charleston-North Charleston, S.C. Memphis, Tenn. "Many of the markets on this year's list are late bloomers in the current housing cycle, meaning they still have plenty of inventory and prices are within reach -- a rare combination in recent years," said George Ratiu, senior economist, realtor.com®. "Additionally, a number of the top markets in 2020 are welcoming an influx of buyers from nearby large cities that have become crowded, expensive and lack sufficient inventory." Buyers have more choice With inventory at historically low levels nationwide, home ownership has become challenging, especially for first-time buyers. In fact, this year's list represents the nation's only markets which retain sufficient inventory, especially at the entry level price point. The search for affordability has attracted a large number of buyers into these markets, with active listings decreasing 11 percent year-over-year. However, in many of the top 10 markets, constricted supply is a relatively new issue and the total stock of inventory remains plentiful and in a good position to absorb growth. Sister cities Many of the markets on this year's list are smaller cities that are handling overflow from nearby larger cities that have become crowded and unaffordable. For example, Colorado Springs is becoming a respite from Denver's pricey housing market and Memphis and Chattanooga are affordable options for people looking for Nashville alternatives. University towns Interestingly, the majority of top markets are home to a college or university. This is likely due to the fact that many schools are creating incubators to nurture entrepreneurs and start-ups, helping to fuel local job markets. Rochester, N.Y., for example, is home to two large universities and is benefiting from this trend. Retirement boom Cities like Tucson, Ariz., Winston-Salem, N.C., Columbia, S.C. and Charleston, S.C. have become popular retirement destinations. Many baby boomers are looking to spend their golden years in a warmer climate and escape the high property tax rates that are common in the Northeast. Arizona, North Carolina and South Carolina do not tax Social Security retirement benefits, making these states attractive to older buyers. "As a whole, millennials are driving the housing market, but what's interesting in this year's list is that not all of our cities fall into that category. In fact, only half of this year's top 10 are millennial markets and the other half are being driven by retirees and mid-lifers leaving more expensive coastal cities," added Ratiu. 1. Boise, Idaho Median home price: $295,000 Home price change: +8.1 percent Sales change: +0.3 percent Combined sales and price growth: +8.4 percent Idaho's capital city has seen a boom in population over recent years, having nearly doubled in size since 1990. Many of the city's newcomers are transplants from more expensive coastal cities. Boise is home to a mild four-season climate with a vibrant community that actively takes advantage of the area's easy access to mountains, rivers, lakes and parks. A strong school system, thriving job market and top-notch healthcare draw a diverse crowd to Idaho's capital. A favorable tax structure -- which includes relatively low sales and property tax and no state Social Security tax -- as well as relatively affordable housing has made this area popular for retirees as well as young professionals. Boise is no stranger to realtor.com®'s Top Markets List, it was No. 8 in 2019. 2. McAllen-Edinburg-Mission, Texas Median home price: $152,000 Home price change: +4.0 percent Sales change: +4.4 percent Combined sales and price growth: +8.4 percent Nestled along the Rio Grande and Mexico border in the southern tip of Texas sit the cities of McAllen, Edinburg and Mission. The area has a rich heritage which can be felt throughout and is home to the National Butterfly Center and annual Citrus Fiesta. Affordability is a main driver for many people moving to the area from other parts of Texas and the country -- in fact, McAllen is one of the most affordable markets in the country, with a median home price of just $152,000. Emerging job opportunities coupled with the fact that Texas does not have a state income tax is drawing many young professionals to the area. 3. Tucson, Ariz. Median home price: $230,000 Home price change: +3.3 percent Sales change: +3.4 percent Combined sales and price growth: +6.6 percent Many people are flocking to Tucson, which boasts warm temperatures and 286 days of sunshine each year. The sun-baked city is one of the most popular retirement destinations in the country, however, it is also drawing the younger generation, as the city is home to The University of Arizona. Additionally, large companies including Amazon, Texas Instruments and Caterpillar have recently moved to or expanded within Tucson, creating many new job opportunities. After taking a large hit during the 2008 recession, the area's housing market has bounced back stronger than ever. Sellers are hesitant to put their homes on the market as they feel there is still room for prices to grow. 4. Chattanooga, Tenn. Median home price: $189,000 Home price change: +3.6 percent Sales change: +2.0 percent Combined sales and price growth: +5.6 percent Set along the Tennessee River in the foothills of the Appalachian Mountains sits the lively city of Chattanooga with all its Southern charm. The area still prides itself on its small town roots, but also offers residents robust nightlife with a plethora of boutique bars and cozy restaurants. Tennessee has no state income tax, which draws many young professionals and businesses to the area. After Nashville's real estate market took off, investors began looking for other opportunities within Tennessee, and this led many to Chattanooga, which also ranked No. 4 on 2019's Top Markets list. 5. Columbia, S.C. Median home price: $178,000 Home price change: -0.2 percent Sales change: +5.5 percent Combined sales and price growth: +5.3 percent The historically rich city of Columbia is South Carolina's state capital, and holds tight to its small-town roots. Columbia offers residents a high quality of life while housing remains relatively affordable. The city is known for being famously hot, but the weather isn't the only thing heating up. New construction is booming in Columbia and buyers from all over the country are migrating to the area. Columbia is also home to the University of South Carolina, making it a great area for young professionals who enjoy the energy of a college campus. 6. Rochester, N.Y. Median home price: $149,000 Home price change: +0.4 percent Sales change: +4.7 percent Combined sales and price growth: +5.1 percent New York state's third-largest metro boasts a mix of history and innovation. The city is home to two major universities -- The University of Rochester and Rochester Institute of Technology -- that consistently produce top talent and entrepreneurs. It also boasts several medical facilities such as Rochester Regional Health and large employers such as Wegmans, Paychex and Xerox. Despite a healthy job market, the area still enjoys relatively low housing prices. Former home to pioneers and independent thinkers like Susan B. Anthony and Frederick Douglass, Rochester has worked hard to preserve and honor its landmarks. The city's downtown recently underwent a revitalization which is attracting a new group of younger residents who enjoy the area's breweries, art and jazz scene. 7. Colorado Springs, Colo. Median home price: $312,000 Home price change: +6.3 percent Sales change: -1.4 percent Combined sales and price growth: +4.9 percent Recently named the most desirable place to live in the country by U.S. News and World Report, Colorado Springs' residents enjoy an outstanding quality of life with low living costs and easy access to the Rocky Mountains. Colorado Springs has a strong job market and a highly educated workforce in aerospace, defense, cybersecurity and technology. Major employers include Lockheed Martin, Oracle, Hewlett Packard and Progressive Insurance. Residents enjoy the city's beautiful scenery and more than 70 art galleries. Colorado Springs has become a great alternative for those priced out of Denver. Given the close proximity, some choose to live in Colorado Springs and commute to Denver. 8. Winston-Salem, N.C. Median home price: $169,000 Home price change: +0.5 percent Sales change: +3.6 percent Combined sales and price growth: +4.1 percent The fifth largest city in North Carolina, Winston-Salem has become a cultural hub for fine arts and theater. The revitalization of its downtown has added a number of hotels, restaurants and apartment complexes that make it attractive to millennials and retirees alike. This led The New York Times and The Wall Street Journal to rank the city second in their respective lists of most livable downtowns in America. Wake Forest University and several small colleges attract a young crowd, but the city has also been named one of the best places to retire in the U.S. by CBS Moneywatch. Many of the area's residents refer to themselves as "half-backers" or people who moved from the Northeast to Florida, but decided to settle "half of the way" back to be closer to friends and family. 9. Charleston-North Charleston, S.C. Median home price: $270,000 Home price change: +1.9 percent Sales change: +1.2 percent Combined sales and price growth: +3.1 percent South Carolina's largest city is defined by cobblestone streets, horse-drawn carriages and pastel antebellum houses. The historic port city is consistently named one of the best small cities in the world by Conde Nast and the "World's Best City" by Travel + Leisure. Home to Charleston Air Force base and several universities, Charleston attracts a diverse group of residents who enjoy the state's low property tax rates. Major employers in the area include Boeing, Walmart, Bosch and Medical University of South Carolina. Residents and tourists alike enjoy the city's many restaurants and close proximity to the beach. 10. Memphis, Tenn. Median home price: $188,000 Home price change: +3.0 percent Sales change: +0.1 percent Combined sales and price growth: +3.1 percent Elvis's hometown is home to several major employers including FedEx, AutoZone, ServiceMaster, International Paper and First Horizon National, making it an attractive market for jobs and real estate. It's also a great place for millennials and good for singles looking to mingle, as more than half of the city's adult population is not married. Locals enjoy the short commute times, great music scene, culture and professional sports including the NBA's Grizzlies. The most populous city in Tennessee, Memphis is considered a hub for transportation with a bustling airport and easy access to four major freeways. The city also houses about two dozen college campuses along with tourism attractions like Beale Street, Graceland and the National Civil Rights Museum. For more information and methodology, click here. *Median home prices based on the January-August 2019 period. **Home price and sales change are year-over-year estimates through the end of 2020. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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iBuyers Rapidly Snap Up Market Share Across Southern Metros, Redfin Finds
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NAR Identifies 10 Markets Expected to Outperform Over the Next Three to Five Years
WASHINGTON (December 11, 2019) -- The National Association of Realtors identified 10 markets expected to outperform over the next three to five years. In alphabetical order, the markets are: Charleston, South Carolina Charlotte, North Carolina Colorado Springs, Colorado Columbus, Ohio Dallas-Fort Worth, Texas Fort Collins, Colorado Las Vegas, Nevada Ogden, Utah Raleigh-Durham-Chapel Hill, North Carolina Tampa-St. Petersburg, Florida "Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion," said NAR's Chief Economist Lawrence Yun. "Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply." NAR identified the top 10 metro areas based on a myriad of factors, including domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables. "Potential buyers in these 10 markets will find conditions especially favorable to purchase a home going into the next decade," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "The dream of owning a home appears even more attainable for those who move to or are currently living in these markets." Strong job growth is one factor driving up prices in these markets, with payroll employment rising about 2.5% annually in the last three years, higher than the national rate of 1.6%. In Ogden, Las Vegas, Dallas, and Raleigh, job growth rose nearly 3%. Movers flock to these markets at higher rates than the average of the 100 largest U.S. metro areas. In Colorado Springs, recent movers accounted for 21% of the total population, followed by Fort Collins at 17% and Las Vegas at 16%. These areas attract various age groups. For example, 11% of the people who moved to Tampa were 65 years and older, while 54% of recent movers in Durham were between the ages of 18 and 34. In most of these metro areas, about half of recent movers who are renting can afford to buy a home in those respective markets when compared to the nation's 100 largest metro areas. Homeownership rates in these markets are expected to increase due to the relative affordability. To view NAR's Top 10 Outperforming Markets report, visit https://www.nar.realtor/reports/top-ten-outperforming-metro-markets-report The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Brian Buffini Reveals 2020 Real Estate Market Outlook
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Matterport Enables Interactive 3D Measurements for Its Spatial Data Platform
New Measurement Mode further positions Matterport digital twins as the collaboration medium for the built world SUNNYVALE, Calif., Dec. 12, 2019 -- Matterport, the market leader for spatial data capture, today made Measurement Mode available in Showcase, the company's web-based client for exploring its 3D spaces. The new functionality gives users the ability to share measurements taken in a Matterport 3D digital twin with anyone, allowing them to accurately measure rooms, windows, doors, or furniture with a simple click or tap on a PC or mobile device. "Measurement Mode is an important step in our strategy to turn buildings into data and actionable insights," said RJ Pittman, CEO. "This new capability gives customers an invaluable tool for sharing vital information of spaces or objects within a Matterport digital twin. The potential for smarter space planning, utilization, and collaboration for the built world is enormous." Industries spanning real estate; architecture, engineering, and construction (AEC); retail; travel and hospitality; insurance and restoration will benefit from this important new capability. Experience Measurement Mode here. "Measurement Mode is a great example of meaningful innovation within the property insurance ecosystem," said Mark Whatley, Senior Vice President of Claims Operations, CORE Group. "This new capability allows contractors and claims professionals to quickly confirm the accuracy of the associated sketch, subsequently constraining the arguments and reducing cycle times. Matterport's technology continues to function as a credible and consistent dispute prevention tool, providing opportunities for contractors and claims professionals to transcend the traditional pitfalls that contribute to the outsized amounts of administrative waste that are currently bogging down our industry." AEC professionals can share Matterport digital twins with stakeholders so they can review property measurements from anywhere in the world. Or, they could make a bid for a project virtually, and dramatically reduce the number of change orders. "Matterport's Measurement Mode gives our users additional value," said Dan Cardona, Chief Operation Officer, Apex Imaging Systems. "Being able to quickly verify measurements in a digital twin, we increase the accuracy of bids. Plus, we save time and money by eliminating the need to send teams around the country to re-verify measurements." For real estate professionals, the new measurement tool provides another selling point for agents and/or sellers by allowing prospective buyers or tenants to virtually measure if a space can accommodate their furniture, artwork, rugs and other design elements. The company is taking Measurement Mode further in 2020, eliminating the need for customers to take manual measurements in Showcase. Cortex, Matterport's AI, will automatically identify and measure landmark features like doorways, windows and ceiling heights, saving customers a significant amount of time. Matterport is the only platform that creates true 3D digital twins of the built environment. It offers professional-grade capture devices, including the Matterport Pro2 3D scanner and Matterport-compatible Leica BLK360, as well as compatibility with 360-degree cameras, including the Ricoh Theta V, Ricoh Theta Z1 and Insta360 ONE X. Once a space is captured, Matterport's Cloud 3.0 software enables anyone to easily create a 3D digital twin. Subscriptions start with a free tier, a $9.99 "Starter" plan for budding 3D capture professionals, and a number of hosting options for SMB and enterprise professionals. About Matterport Matterport is the leading spatial data company digitizing and indexing the built world. Its unique 3D capture technology creates the spatial data layer on which the industry can interoperate, and the company's all-in-one 3D data platform makes it fast and easy to turn any physical space into an accurate and immersive digital twin. The Matterport platform helps customers realize the full potential of a space at every stage of its lifecycle including planning, construction, appraisal, marketing, and operations. Learn more at matterport.com.
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Redfin Report: Bidding Wars Remain at 10-Year Low in November
Nationally, just 10% of Redfin homebuying offers faced competition SEATTLE, Dec. 9, 2019 -- Ten percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in November, down from 29% a year earlier and hovering at the 10-year low for the 5th consecutive month, according to a new report from Redfin. This rate is likely to remain low through the end of the year, and begin rising again in early 2020. San Francisco was the only market that remained somewhat competitive in November. The bidding war rate there was 30%, down from 53% a year earlier and down from 34% in October. The month-over-month decline of 3.7 points was slightly below the 2010-2018 average October-to-November decline of 4.6 points. "Almost every home for sale that is in a great location and priced competitively is still receiving multiple offers," said San Francisco Redfin agent Miriam Westberg. "One home we made an offer on last week had 25 other offers! However, homebuyers definitely feel like they can be more selective this year, so homes that don't check every single box may only get a single offer, and tend to take a longer time to sell." Competition was scarce everywhere else in the country, with no other market seeing a bidding war rate higher than 17%. The bidding war rate hit its lowest point in at least five years in November in Chicago, Houston, Portland, OR and Los Angeles. "Even though the number of homes for sale has been falling faster than we normally see this time of year, buyers just aren't feeling any sense of urgency right now," said Redfin chief economist Daryl Fairweather. "The supply and demand data still says that it's a seller's market, but homebuyers working with Redfin agents in places like Portland and Denver are feeling and acting like they're in control. Most of the homes that they are seeing are simply not worth getting into a bidding war over, so they're more than willing to wait until the new year in the hopes that more homes will hit the market." 2019 as a whole has been a welcome reprieve from the frenzied market of years prior, but with fewer new listings hitting the market and more homes selling quickly after being listed, 2020 may be shaping up to swing the pendulum back in the other direction. Houston was the least competitive market in November, with just 1.4% of offers facing a bidding war. Miami was barely above that at 1.7% and Raleigh was the third least competitive market with 2.6% of offers facing competition. Rate of Bidding Wars by Metro Area: November 2019 To read the full report, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Homesnap Introduces Integration with Facebook Marketplace
Homesnap has integrated with Facebook Marketplace to make it easier to promote single-family homes for rent, and to give prospective renters more search options. Facebook Marketplace is already known as an easy, convenient way to buy and sell locally. With more than 1 in 3 people on Facebook in the US using Marketplace each month, people can find what they're looking for with just a few clicks. Marketplace's extensive reach has given Homesnap the ability to tap into a targeted and relevant user base with superb lead generation potential. Every lead generated goes directly to the listing agent or broker via email, free of charge. By integrating with leading house and apartment rental sites, Marketplace has made it easier for agents and property managers to list rental inventory on Marketplace, and for renters to find their next great home. Marketplace charges no listing fees or commissions, and its mobile-optimized interface and personalized customer experience ensure that property owners, managers, and agents can create tailored, browseable listings with minimal effort and investment. Renters are able to easily search listings to find exactly what they're looking for using filters such as location, housing type, price, bedrooms, bathrooms, square footage, pet friendliness. With Messenger/chat integration built in, questions can be answered in real time and potential leads fielded and converted quickly. "Our integration with Facebook Marketplace has garnered a ton of interest from renters who typically spend their time searching for a new home among more traditional, multifamily properties," said Lou Mintzer, Homesnap's Chief Product Officer. "We're hearing regularly from our MLS partners that not only do these placements on Marketplace generate lots of new business for rental agents, but they are also encouraging agents to list rental properties with their MLS, whereas before they might have withheld rentals simply because they didn't think they would generate much interest." In the past three months alone, approximately 100,000 leads have been generated from their listings. Facebook Marketplace represents a unique opportunity for MLSs, brokers, and agents to reach renters who may not be working with an agent and/or have access to MLS data. Since launch, MLSs that have opted into Facebook Marketplace through Homesnap have seen, on average, a 9.8 times increase in free leads and 4.3 times increase in views for rentals. Homesnap's integration with Marketplace has been both seamless and scalable, and Marketplace's extensive reach has given Homesnap the ability to tap into a targeted and relevant user base with tremendous lead generation potential. MLSs, brokers, and agents interested in promoting their rental properties on Facebook Marketplace should send inquiries to [email protected] To view the original post, visit the Homesnap blog.
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Second Century Ventures Announces First REACH Australia Class
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CoreLogic Reports October Home Prices Increased by 3.5% Year Over Year
DECEMBER 03, 2019 - (IRVINE, CALIF.) -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for October 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.5% from October 2018. On a month-over-month basis, prices increased by 0.5% in October 2019. (September 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% from October 2019 to October 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.2% from October 2019 to November 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Local home-price growth can deviate widely from the change in our U.S. index," said Dr. Frank Nothaft, chief economist at CoreLogic. "While we saw prices up 3.5% nationally last year, home prices also declined in 22 metropolitan areas. Price softness occurred in some high-cost urban areas and in metros with weak employment growth during the past year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35% of metropolitan areas have an overvalued housing market as of October 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of October 2019, 27% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in October 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The survey showed that millennials are mostly unconcerned about qualifying for a mortgage. Three out of four millennials, or 75%, say they are confident they would qualify for a loan with their current financial situation. Still, despite this confidence, more than half of the cohort cites buying a home as a stressful experience, noting spending the majority of their savings as one of the leading stressors. "Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October," said Frank Martell, president and CEO of CoreLogic. "We expect home prices to rise at least another 5% over the next 12 months. Interestingly, this persistent increase in home prices isn't deterring older millennials. In fact, 25% of those surveyed anticipate purchasing a home over the next six to eight months." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic, the 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, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Home Sellers Will Remain on the Sidelines in 2020
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Second Century Ventures Accepting Applications for the 2020 REACH and REACH Commercial Classes
CHICAGO (December 3, 2019) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors, is now accepting applications for its 2020 REACH and REACH Commercial accelerators. Applications for both 2020 REACH and REACH Commercial programs will be accepted through January 31, 2020 at nar-reach.com/apply/. Both programs will kick off in April and run through November 2020. REACH offers education, mentorship and exposure for technology companies aiming to launch into the real estate industry, accelerate their businesses and expand into adjacent markets such as insurance, mortgage and financial services. REACH provides a unique opportunity for technology companies to get sizeable exposure to an industry that represents more than $1 trillion in revenue, consists of more than 100,000 small- and medium-sized businesses and generates more than $12.5 billion in annual advertising spend in the U.S. alone. With recent program expansion, REACH will offer the most talented entrepreneurs access to a worldwide network of peers, mentors and investors. "2019 was a hallmark year for the NAR REACH program. Not only did we launch REACH Commercial, a track specifically for technology companies serving the commercial real estate marketplace, we also expanded globally with REACH Australia," said NAR CEO and SCV President Bob Goldberg. "This amplifies our ability to cultivate a thriving marketplace of new ideas in all sectors of real estate and further expands our network of industry professionals, strategic partners, investors and mentors around the world." REACH has attracted technology startups developing solutions for multiple aspects of the industry including marketing automation, pay at close renovation, Realtor® safety, leasing, lending, transaction management, tokenization and more. Participating companies show impressive results both during and after program completion. Specifically, REACH companies have in aggregate raised more than $300 million of follow-on financing, have increased revenue, customer and/or user growth rates between 50 to 2,000%, and have secured key partnerships with major companies including DocuSign, Google, Facebook, Coldwell Banker, RE/MAX and Berkshire Hathaway HomeServices. "As the top growth accelerator in real estate, we are passionate about helping the most promising new technology startups – and the innovative teams who lead them – navigate the complex and dynamic residential and commercial marketplaces," said NAR Senior Vice President of Strategic Business, Innovation & Technology Mark Birschbach. "We look forward to welcoming those selected for the 2020 REACH and REACH Commercial classes and driving their businesses forward through a rapidly expanding global network." Participants in the REACH accelerator receive numerous benefits, including: Mentorship from more than 350 real estate and technology thought leaders and executives from major real estate brokerages and brands, technology companies and venture capitalists. On average, accelerator participants meet with more than 50 of these advisors in one-on-one sessions throughout the program. Insight Panel, an exclusive group of more than 50,000 real estate professionals who provide feedback on user experience, product viability and pricing. This guidance has proven vital to many companies' success. Education on how to navigate the trillion-dollar real estate industry with the backing of the nation's largest trade association and a $5 billion brand. Exclusive Access to more than a dozen of the real estate industry's top conferences, tradeshows and networking events. A Global Network of highly talented, like-minded entrepreneurs including more than 80 REACH alumni companies and curated program sponsors. For more information about REACH or to submit an application, visit www.narreach.com. REACH is a unique real estate technology accelerator created by Second Century Ventures, a strategic technology investment fund backed by the National Association of Realtors®, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH Accelerator program helps technology companies launch into the real estate vertical and its adjacent markets. The program provides education, mentorship and market exposure to one of the world's largest industries. For more on REACH, visit www.narreach.com. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Pending Home Sales Decline 1.7% in October
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iGUIDE Continues to Increase the Functionality of Their Immersive 3D Virtual Tours with the Introduction of Advanced Measurements
Kitchener, Canada, November 28, 2019 -- iGUIDE, already known as the gold standard in immersive 3D tours with floor plan navigation, never stops innovating. iGUIDE now gains 3D measurement capability with their Advanced Measurements functionality. Users can measure distances between arbitrary points in 3D space, using only data from the iGUIDE camera and without a need to collect time-consuming 3D point clouds. The All-New Advanced Measurements feature changes the way a space can be understood. Remotely plan and manage space, whether it’s for personal use or to share with a contractor, Advanced Measurements can measure a space for many scenarios that span a broad range of applications: Residential Real Estate - Sizing and positioning furniture, decor items, or area rugs. Commercial Real Estate - Planning tenant installations and reviewing accommodations for existing fixtures. Property Management and Facility Maintenance - Document damages and estimate repairs and upgrades. Contractors, Builders, and Construction - Determine costs for renovations and prepare quotes. Insurance - Determine repair or replacement costs for flooring, pipes, ducts, and wiring. Engineers, Architects, Interior Designers - Measure windows to estimate the replacement cost for coverings, or for heat loss calculations. And many more. Advanced Measurements eliminate costly mistakes by having the information available at all times and the ability to measure and re-measure a space as many times as needed. iGUIDE users can now measure in one of three modes, each with their own advantages. Mode 1: Measurements on Floor Plan - Measure from point to point on the floor plan. Draw simple lines to measure anything represented two dimensionally. This is the Standard mode. Mode 2: Measurements in a Vertical Plane - Measure on a plane. Define a wall and then measure anything that is placed against it. This is the first of the new Advanced Modes. Measure Mode 2: Measuring on a vertical plane. Mode 3: Dual Panorama Triangulation - Measure using two points of view. Select features from two different angles to measure anything you can see in the visuals. This is the second of the new Advanced Modes. The introduction of Advanced Measurements is just one more example of iGUIDE’s mission of constant improvement in the user experience and functionality. But seeing is believing, so click here to see Advanced Measurements in action. Advanced Measurements feature is available immediately as part of every Premium iGUIDE and can also be added to any Standard iGUIDE as an option. Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for connecting people with essential property information. iGUIDE is the most efficient system for mapping interior spaces and features immersive 3D tours, laser-accurate floor plans, room dimensions, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments.
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Redfin Predicts Homebuyers Will Have Fewer Options, Bidding Wars Will Rebound in 2020
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Home Showings Increase Across U.S. for Third Consecutive Month Compared to 2018
Uptick in October Buyer Traffic Occurred in All Four Regions, Marking the First Time a Three-Month, Year-Over-Year Increase has Been Recorded Since November 2017 - January 2018 November 22, 2019 -- October home showing traffic was more active once again compared to 2018, as the nation saw its third straight month of higher year-over-year showing activity, according to the latest ShowingTime Showing Index report. The 5.5 percent increase in showings nationwide was the largest jump in activity during the now three-month streak of year-over-year increases vs. 2018. The South Region led the way, with a 10.8 percent uptick in showing traffic – its biggest year-over-year increase in almost three years. The West's 8.6 percent increase was close behind, followed by the Northeast, which saw its sixth consecutive month of year-over-year growth with a 3.8 percent increase in October. The Midwest rounded out the regions with a 1.5 percent year-over-year gain. "We are seeing expected seasonal slowdowns in October, although this fall continues to be more active than last year in terms of showing traffic," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The increase in showing activity in both the South and West regions is noteworthy given that both had previously reported nearly year-long drops in traffic prior to August." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in more than 250 MLSs representing nearly one million real estate professionals across the U.S. and Canada. In September, ShowingTime acquired Centralized Showing Service, Inc. (CSS) to better serve the needs of clients in the residential real estate industry. The two established companies bring together a combined 43 years of experience helping real estate professionals and their clients. For more information, contact us at [email protected]
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CFPB Releases New Report Exploring Differences between Large and Small Mortgage Servicers
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Existing-Home Sales Climb 1.9% in October
WASHINGTON (November 21, 2019) -- Existing-home sales rose in October, a slight recovery from the declines seen in September, according to the National Association of Realtors®. The four major U.S. regions were split last month, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018). Lawrence Yun, NAR's chief economist, said this sales increase is encouraging and he expects added growth in the coming months. "Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers," said Yun. "We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory." The median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October's price increase marks 92 straight months of year-over-year gains. Total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018. "The issuance of more housing permits is a very positive sign and a good step toward more inventory," said Yun, citing the latest data for housing starts. "In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market." Properties typically remained on the market for 36 days in October, up from 32 days in September and consistent with October 2018 numbers. Forty-six percent of homes sold in October 2019 were on the market for less than a month. First-time buyers were responsible for 31% of sales in October, down from 33% in September and identical to the 31% recorded in October 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in October 2019 unchanged from September but down from the 15% figure recorded in October 2018. All-cash sales accounted for 19% of transactions in October, up from 17% in August but down from 23% in October 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in October, unchanged from September but down from 3% in October 2018. "It is great to see home sales rise along with an increase in housing permits," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "Both home buyers and the home sellers are being rewarded by these developments, and we see that conditions remain extremely favorable for real estate investment in America." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in October were Fort Wayne, Ind.; Pueblo, Colo.; Columbus, Ohio; Rochester, N.Y.; and Colorado Springs, Colo. Active listings on Realtor.com increased by over 1% from one year ago in only a few of the largest metro areas: Minneapolis-St. Paul-Bloomington (16%), Las Vegas-Henderson-Paradise (14%), San Antonio-New Braunfels (9%), Detroit-Warren-Dearborn (5%), Atlanta-Sandy Springs (5%), Denver-Aurora-Lakewood (4%), Dallas-Fort Worth-Arlington (4%), and Myrtle-Beach-Conway (4%). Mortgage rates were trending downward since July through September, but slightly rose in October. According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.87 million in October, down from 4.77 million in September, but up 5.4% from a year ago. The median existing single-family home price was $273,600 in October 2019, up 6.2% from October 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in October, about even with the previous month and 1.7% lower than a year ago. The median existing condo price was $248,500 in October, which is an increase of 5.6% from a year ago. Regional Breakdown Compared to last month, October sales increased in the Midwest and South regions, but sales are up in all regions from a year ago. Median home prices in all regions increased from one year ago, with the West region showing the strongest price gain. October 2019 existing-home sales in the Northeast fell 1.4% to an annual rate of 690,000, with no change from a year ago. The median price in the Northeast was $296,700, up 5.7% from October 2018. In the Midwest, existing-home sales increased 1.6% to an annual rate of 1.29 million, up 2.4% from a year ago. The median price in the Midwest was $209,900, a 6.7% jump from a year ago. Existing-home sales in the South increased 4.4% to an annual rate of 2.35 million in October, up 7.8% from a year ago. The median price in the South was $234,900, a 6.0% increase from this time last year. Existing-home sales in the West declined 0.9% to an annual rate of 1.13 million in October, 3.7% above a year ago. The median price in the West was $410,700, up 7.8% from October 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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