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Buyers Carry Momentum Into 2021, Led By a Record Number of Home Tours In Austin, Boulder, Denver and Seattle Per Data from ShowingTime
Double-digit showings per listing in 16 of the top 20 cities tracked, including Columbus and Akron, Ohio, Portland, Ore., Omaha, Neb., and Springfield, Mass. CHICAGO - (February 23, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that home shoppers carried their end-of-year showing activity momentum into January, with home tours across the country up 55.1 percent year-over-year as more listings came on the market in some metro areas. "Austin, Boulder, Denver and Seattle all logged substantial month-over-month increases in showings," said ShowingTime President Michael Lane. "With a limited number of homes to see, showings per listing jumped to levels we’ve never seen before. Seattle recorded more than 26 showings per listing in January, Denver had 23 and Austin recorded 18 showings per listing. The nationwide average in the markets we track is eight showings per listing." Other cities – including Ocean City, N.J., Madison, Wis., Salt Lake City, Utah and Columbus, Ohio – all recorded at least 70 percent increases in showings versus December. "It's clear that buyers decided to come out in January instead of waiting until spring to shop for homes," Lane said. "While the winter storms that affected most of the country in February will have a downward impact and will be reflected in our next report, we expect to continue seeing big jumps in buyer activity once cities thaw out and more listings come on the market." For the third consecutive month, the West Region experienced the most significant year-over-year increase in showing activity, with a jump of 90 percent. The other regions also recorded year-over-year increases, though at a slower pace than in December. The Midwest was up 57.3 percent, the Northeast 52.2 percent, and the South increased 51 percent. "As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Home Price Increases in Opportunity Zone Redevelopment Areas Keeping Pace with Nationwide Gains
Median Prices Rise Annually in Fourth Quarter of 2020 in Three-Quarters of Opportunity Zones; Median Values Jump At Least 10 Percent in Almost Two-Thirds of Zones; Prices Go Up at Roughly the Same Pace as Increases Outside of Zones IRVINE, Calif. - Feb. 18, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its fourth-quarter 2020 special report analyzing qualified low-income Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017 (see full methodology below). In this report, ATTOM looked at 3,588 zones around the United States with sufficient sales data to analyze, meaning they had at least five home sales in the fourth quarter of 2020. The report found that median home prices increased from the fourth quarter of 2019 to the fourth quarter of 2020 in 77 percent of Opportunity Zones with sufficient data and rose by more than 10 percent in nearly two-thirds of them. Those percentages were roughly the same as in areas of the U.S. outside of Opportunity Zones. With prices remaining well below average in most Opportunity Zones, about 38 percent of the zones with enough data to analyze still had median prices of less than $150,000 in the fourth quarter of 2020. However, that was down from 46 percent a year earlier as prices inside some of the nation's poorest communities rolled ahead with broader market, defying troubles flowing from the 2020 Coronavirus pandemic that slowed or idled significant sectors of the U.S. economy. The pandemic's impact generally has hit hardest in lower-income communities that comprise most of the zones targeted for tax breaks designed to spur economic redevelopment. Housing markets inside Opportunity Zones continued to benefit from the nation's nine-year price boom. Opportunity Zones are defined in the Tax Act legislation as census tracts in or along side low-income neighborhoods that met various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas with 1,200 to 8,000 residents, with an average of about 4,000 people. "The country's long run of home-price increases continues to leave no part of the housing market untouched, boosting fortunes from the wealthiest to the poorest parts of the United States. The latest evidence is the fourth-quarter 2020 data showing prices going up in Opportunity Zone neighborhoods at around the same rate, and sometimes more, than in more well-off communities," said Todd Teta, chief product officer with ATTOM Data Solutions. "No doubt, prices remain substantially lower in Opportunity Zones, but the fact that they often rose by double-digit percentages in Q4 is significant. Not only does it show market strength, but it also suggests that many distressed communities are ripe for the redevelopment that the Opportunity Zone tax breaks are designed to promote." High-level findings from the report include: Median prices of single-family homes and condos rose from the fourth quarter of 2019 to the fourth quarter of 2020 in 77 percent of Opportunity Zones with sufficient data to analyze and increased in 58 percent of the zones from the third to the fourth quarters of 2020. By comparison, median prices rose annually in 79 percent of census tracts outside of Opportunity Zones and quarterly in 58 percent of them. (Of the 3,588 Opportunity Zones included in the report, 3,183 had enough data to generate usable median prices in the fourth quarters of both 2019 and 2020; 3,179 had enough data to make comparisons between the third and fourth quarters of 2020). Measured year over year, median home prices rose more than 10 percent in the fourth quarter of 2020 in 1,945 (61 percent) of Opportunity Zones with sufficient data to analyze. That price increase occurred in 56 percent of other census tracts throughout the country with sufficient data. A wider gap emerged when looking at areas where prices rose at least 25 percent from the fourth quarter of 2019 to the fourth quarter of 2020. Measured year over year, median home prices rose by that level in 1,098 (34 percent) of Opportunity Zones and 24 percent of census tracts elsewhere in the country. States with the largest percentage of zones with median prices that rose, year over year, during the fourth quarter of 2020 included Utah (median prices up, year over year, in 89 percent of zones), Oregon (86 percent), Washington (85 percent), Arizona (85 percent) and Connecticut (84 percent). Of all 3,588 zones in the report, 1,356 (38 percent) had a median price in the fourth quarter of 2020 that was less than $150,000 and 598 (17 percent) had medians ranging from $150,000 to $199,999. The total percentage of zones with typical values below $200,000 was down from 64 percent in the fourth quarter of 2019. Median values in the fourth quarter of 2020 ranged from $200,000 to $299,999 in 837 Opportunity Zones (23 percent) while they were at least $300,000 in 797 (22 percent). The Midwest continued to have the highest portion of Opportunity Zone tracts with a median home price of less than $150,000 (59 percent), followed by the South (49 percent), the Northeast (40 percent) and the West (6 percent). Median household incomes in 89 percent of Opportunity Zones were less than the medians in the counties where they were located. Median incomes were less than three-quarters of county level figures in 59 percent of zones and were less than half in 16 percent. Report methodology The ATTOM Data Solutions Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM Data Solutions compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the fourth quarter of 2020. Median household income data for tracts and counties comes from surveys taken by the U.S. Census Bureau (www.census.gov) from 2015 through 2019. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. 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 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, 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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Goodbye City Life: Rising Rents Match Homebuying Hotspots
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NAR's "That's Who We R" Advertising Campaign Highlights How Realtors Open Doors to Opportunity for Their Clients and the Communities They Serve
WASHINGTON (February 16, 2021) – The National Association of Realtors unveiled today the newest iteration of its successful "That's Who We R" national branding campaign. Created in partnership with Havas Chicago, the series of television spots emphasize the positive impact Realtors have on their clients and the communities they serve. The campaign advances NAR's advertising strategy to further distinguish Realtors – members of the National Association of Realtors and guided by the association's Code of Ethics – from non-member agents and listing apps. "Realtors® combine trusted expertise and professionalism with a commitment to service to make a difference in their communities," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "These ads highlight the value Realtors® bring to the transaction and beyond, and show the trusted partnership they have with their clients to make property ownership a reality." In the new spots, doors serve as a framework and catalyst for realistic stories of human partnership that help unlock future possibilities, rooted in property transactions. The new commercials use an exciting visual technique that provides consumers a peek into a future state where clients are seen living their dreams of buying a home or running a business. Consumers will relate to the human relationships between the Realtor® and their clients, and perhaps even recollect their own "a-ha moment" of when they viewed a property and envisioned a better life for themselves, their family or their business. Attention-grabbing visuals work together with breakthrough scripts to reinforce the value Realtors® bring, as well as the lifestyle benefits and emotions that property ownership can unlock. "Through this work, it was crucial to bring human, emotional storytelling to life through the journey that home buyers and small business owners have with their Realtor®," said John Norman, chief creative officer at Havas Chicago. "The insight is cleverly brought on screen through a time trick technique and distinct narratives that help visualize dreams of buying a home or starting a business. It really puts the buyer in the center of the story." The TV campaign will launch both 15- and 30-second versions, with creative extensions into various media touchpoints, including streaming and terrestrial audio, social media and branded content partnerships. In addition to paid media, NAR will once again launch a full suite of new campaign assets for its members and Realtor® associations to leverage locally. The five "That's Who We R" TV spots feature four storylines, including "Family," "Game Night," "Hair Salon" and "Food Bank": Family (30 seconds) Game Night (15 seconds) Hair Salon (15 seconds) Food Bank (30 seconds) Food Bank (15 seconds) Visit ThatsWhoWeR.realtor for more information on NAR's "That's Who We R" national advertising campaign. 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. About Havas Chicago Havas Chicago is committed to building meaningful American brands through craft and culture. The agency brings an unmatched understanding of emerging consumers' mindsets and behaviors, and a passion for embracing tomorrow's trends shaping business and pop culture. Part of Havas Group, a leading integrated marketing communications agency and the first to be named Global Agency of the Year by both Advertising Age and Campaign in the same year, Havas Chicago fuses an independent spirit with global scale to support the network's mission to be the world's best company at creating meaningful connections between people and brands through creativity, media and innovation. Learn more on the website. About Havas Media Group Havas Media Group (HMG) is the media experience agency. HMG delivers this brand promise through the Mx system, where meaningful media helps build more meaningful brands. HMG is part of the Havas Group, owned by Vivendi, one of the world's largest integrated content, media and communications groups. HMG also consists of two global media networks: Havas Media and Arena Media. The media experience agencies are home to more than 10,000 specialists across 150 countries worldwide, with 62 Villages. Global clients include Hyundai Kia, Puma, TripAdvisor, Michelin, Telefónica, Swarovski, Reckitt Benckiser, among many others.
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Rental Beast and eCommission Announce Partnership to Offer Flexible Payment Option
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Buyers on Notice: Act Quickly and Be Prepared to Pay Up, According to Realtor.com January Housing Report
2021 kicks off with record low inventory and rising home prices, foreshadowing a competitive home-buying season SANTA CLARA, Calif., Feb. 4, 2021 -- If January provides any insight into what to expect this spring, home shoppers are in for another fiercely competitive home-buying season with record low inventory pushing prices higher and homes selling more quickly, according to the realtor.com® Monthly Housing Trends Report released today, which shows buyers returning to the market in earnest at the start of the year. "Demand for housing was already strong coming into the year and we don't see that slowing down with millennials reaching prime home-buying age, and many remote workers still in the market for more space," said realtor.com® Chief Economist Danielle Hale. "At the same time, sellers failed to materialize in January, which has pushed the number of homes for sale to new lows and suggests that our new normal of rising prices and brisk sales is here to stay at least through the first half of the year. Those thinking of getting into the market this spring should brace themselves for a competitive season, especially in the market for existing homes." Strong buyer demand and a lack of sellers push inventory to new lows The number of homes for sale in the U.S. in January was down 42.6% year-over-year, a new low that translated into 443,000 fewer homes for sale compared to the same time a year ago. Active listings also fell below 600,000 for the first time since realtor.com® began tracking the metric in 2012. Despite an uptick in sellers toward the end of December, newly listed homes were down 23.2% nationally year-over-year in January. This is a marked contrast from single-family construction trends for new homes which have seen 20% or greater year-over-year increases in both starts and permits in each of the last four months. Housing inventory in the 50 largest U.S. metros overall declined by 41.8% over last year in January, up from December's 38.6% decline. New listings in the 50 largest U.S. metros were down 17.3% year-over-year with Cleveland, Jacksonville, Fla. and Memphis, Tenn. registering the largest drops at 37.1%, 36.9% and 32.6%, respectively. Of the 50 largest metros, two Northern California markets -- San Jose and San Francisco -- and Denver saw an increase in the number of newly listed homes at 24.8%,14.4%, and 1.8%, respectively. Homes sell fast with Virginia Beach, Va., Sacramento and Birmingham, Ala., leading the decline in days on market The typical U.S. home spent 76 days on the market in January, 10 days less than last year. The decline in days on market slowed compared to December 2020, when homes sold 13 days more quickly than the previous year. In the 50 largest U.S. metros, the typical home spent 60 days on the market -- 12 days less on average, compared to January 2020. Homes saw the greatest decline in time spent on the market in Virginia Beach (-27 days); Sacramento (-24 days), and Birmingham, Ala. (-22 days). Only two markets -- New York (+11 days) and Miami (+5 days) -- saw time on market increase compared to the previous year. Home listing prices continue to go up, up, up The median national home listing price grew by 15.4% over last year to $346,000 in January, higher than December's growth rate of 13.4%. The nation's median listing price per square foot was up 17.5% in January compared to last year. Listing prices in the nation's 50 largest metros grew by an average of 10.9% from a year ago with listing prices increasing the most -- 16.8% -- in the Northeast. Prices jumped 12.3% in the West, 10.4% in the Midwest and 8.0% in the South year-over-year. At the metro level, Austin, Texas, (+30.2%), Rochester, N.Y., (25.9%), and Los Angeles (+22.4%) posted the highest year-over-year median list price growth in January. Miami (-3.2%), and Minneapolis (-0.4%) were the only top 50 metros to see listing prices decline year-over-year in January. Metros With the Largest Decline in Active Listings *Some data for Pittsburgh, Seattle and San Diego has been excluded due to data quality. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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. Home Seller Profits Soar in 2020 as Prices Set New Records in Spite of Coronavirus Pandemic
Profits on Home Sales Increase in Nine of Every 10 Housing Markets in 2020; National Median Home Price Up 13 Percent From Last Year to $266,250; Homeowners Now Staying In Their Homes More Than Eight Years Before Selling IRVINE, Calif. -- Jan. 28, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2020 U.S. Home Sales Report, which shows that home sellers nationwide in 2020 realized a home-price gain of $68,843 on the typical sale, up from $53,700 in 2019 and $48,500 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2005. The $68,843 profit on median priced single-family homes and condos represented a 34.7 percent return on investment compared to the original purchase price, up from 29.4 percent last year and 27.2 percent in 2018, to the highest average home-seller return on investment since 2006. Both raw profits and ROI have improved nationwide for nine straight years. And last year's gain in ROI – up more than five percentage points – marked the largest annual increase since 2017. Profits shot up as the national median home price rose 12.8 percent in 2020 to $266,250 – a record high. The combination of rising profits and record prices came during a year when the national housing market fended off damage that afflicted wide swaths of the U.S. economy after the Coronavirus pandemic of 2020 began spreading across the country in February. Unemployment rose to levels not seen since the Great Depression as millions of businesses temporarily or permanently closed or cut back. But a housing market boom that began in 2012 continued into its ninth year as a spate of buyers relatively unaffected financially by the pandemic – including a cluster looking to escape virus-prone urban areas – chased a declining supply of houses and pushed prices ever higher. "Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation's economy but seemed to have the opposite effect on the housing market," said Todd Teta, chief product officer at ATTOM Data Solutions. "Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market. But they went after a narrowing supply of housing stock, so prices soared and so did seller profits. While it's unclear how long that will last, in the annals of history, there will be few years recorded as better for sellers and more challenging for buyers." Among 132 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The top 10 metro areas with the highest ROIs on typical home sales were all in the West, led by in San Jose, CA (87.3 percent return on investments); Seattle, WA (72.1 percent); Salem, OR (69.6 percent); Spokane, WA (69.2 percent) and San Francisco, CA (68.2 percent). Prices rise at least 10 percent in more than half the country as most markets hit new highs The U.S. median home price increased 12.8 percent in 2020, hitting an all-time annual high of $266,250. The annual home-price appreciation in 2020 outpaced the combined increases of 4.4 percent in 2019 and the 4.8 percent increase in 2018. The increase in 2020 topped all annual gains since at least 2006 in the United States. Since the U.S. housing market began recovering in 2012 from the Great Recession of the late 2000s, the national median home price has risen 72.3 percent. All 132 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data saw median prices increase in 2020, while 69 saw prices spike at least 10 percent. Those with the biggest year-over-year increases in median home prices were Bridgeport, CT (up 21.4 percent); Myrtle Beach, SC (up 20.5 percent); Crestview-Fort Walton Beach, FL (up 19.6 percent); Boise, ID (up 18.7 percent) and Hilton Head, SC (up 18.3 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2020 came in Milwaukee, WI (up 15.3 percent); Memphis, TN (up 15.1 percent); Phoenix, AZ (up 14.9 percent); Birmingham, AL (up 13.7 percent) and Seattle, WA (up 12.9 percent). Home prices in 2020 reached new peaks in 129 of the 132 metros (97 percent) analyzed, including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX and Houston, TX. The smallest gains among the 132 metro areas were in Worcester, MA (up 1.9 percent); Harrisburg, PA (up 2 percent); Pittsburgh, PA (up 3.3 percent); Boston, MA (up 3.5 percent) and Daphne-Fairhope, AL (up 4.1 percent). Profit margins increase in more than 90 percent of nation Profit margins on typical home sales rose in 121 of the 132 metro areas with sufficient data to analyze in 2020 (92 percent). The largest annual increases in investment returns came in Mobile, AL (margin up 181.1 percent); Augusta, GA (up 112.8 percent); Huntsville, AL (up 84.4 percent); Davenport, IA (up 75.6 percent) and New Haven, CT (up 73.4 percent). Among metro areas with a population of at least 1 million in 2020, the largest annual ROI increases were in Birmingham, AL (up 71.5 percent); Hartford, CT (up 56.9 percent); Cleveland, OH (up 52.2 percent); Rochester, NY (up 49.9 percent) and St. Louis, MO (up 45.7 percent). The biggest annual decreases in investment returns in 2020 came in Honolulu, HI (down 11.8 percent); Greeley, CO (down 8.9 percent); Miami, FL (down 7.7 percent); Cape Coral, FL (down 7.4 percent) and San Francisco, CA (down 5.7 percent). Aside from Miami and San Francisco, the only metro areas with a population of at least 1 million and declining profit margins in 2020 were Pittsburgh, PA (down 4.1 percent); Denver, CO (down 3.3 percent) and Dallas, TX (down 0.9 percent). Homeownership tenure hits another record nationwide Homeowners who sold in the fourth quarter of 2020 had owned their homes an average of 8.33 years, up from 7.98 years in the previous quarter and 7.96 years in the fourth quarter of 2019. The latest figure represented the longest average home-seller tenure since at least the first quarter of 2000, the earliest period of available data. Tenures were up, year over year, in 73, or 68 percent, of the 107 metro areas with a population of at least 200,000 and sufficient historical data. As in the third quarter of 2020, the top tenures for home sellers in the fourth quarter of 2020 were all in Connecticut: Bridgeport, CT (13.15 years); Norwich, CT (12.98 years); Torrington, CT (12.83 years); New Haven, CT (12.47 years) and Hartford, CT (12.23 years). Counter to the national trend, 34 of the 107 metro areas (32 percent) posted a year-over-year decrease in average home-seller tenure, led by Madera, CA (down 10 percent); Champaign, IL (down 9 percent); Salem, OR (down 9 percent); Boston, MA (down 8 percent) and Cincinnati, OH (down 8 percent. Cash sales at 13-year low in 2020 Nationwide, all-cash purchases accounted for 23.5 percent of single-family home and condo sales in 2020, the lowest level since 2007. The latest figure was down from 25.2 percent in 2019 and 27 percent in 2018, and was well off the 38.4 percent peaks in 2011 and 2012. Among 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 2020 were the same as in 2019: Macon, GA (48.7 percent of sales); Naples, FL (47.2 percent); Chico, CA (46 percent); Fort Smith, AR (43 percent) and Montgomery, AL (41.8 percent). U.S. distressed sales share at 15-year low Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales and short sales — accounted for 7.8 percent of all U.S. single-family home and condo sales in 2020, down from 11.1 percent in 2019 and 12.4 percent in 2018. The latest figure was less than one-quarter of the peak of 38.6 percent in 2011 and marked the lowest point since 2005. States where distressed sales comprised the largest portion of total sales in 2020 were Connecticut (15.3 percent of sales), Rhode Island (14.7 percent), Delaware (13.8 percent), Illinois (12.6 percent) and Maryland (12.6 percent). Those with the lowest were Utah (2.1 percent), Maine (2.2 percent), Idaho (2.6 percent), Montana (3.2 percent) and Mississippi (3.5 percent). Among 196 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 2020 were Chico, CA (18 percent of sales); Atlantic City, NJ (17.6 percent); Peoria, IL (16.8 percent); New Haven, CT (16.2 percent) and Norwich, CT (16.2 percent). Those with the smallest shares were Provo, UT (1.8 percent of sales); Salt Lake City, UT (1.9 percent); Ogden, UT (2.1 percent); Savannah, GA (2.3 percent) and San Jose, CA (2.9 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of distressed sales in 2020 were Hartford, CT (15.5 percent of sales); Providence, RI (14.9 percent); Baltimore, MD (13.9 percent); Cleveland, OH (13.5 percent) and Chicago, IL (12.2 percent). Aside from San Jose and Salt Lake City, metro areas with at least 1 million people that had the lowest shares were Austin, TX (3.1 percent of sales); San Francisco, CA (3.6 percent) and Seattle, WA (3.8 percent). Institutional investing at lowest level this century Institutional investors nationwide accounted for 2.2 percent of all single-family home and condo sales in 2020 – the lowest level since at least 2000. The latest figure was down from 3.2 percent in 2019 and 3 percent in 2018. Among 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 2020 were Memphis, TN (7 percent of sales); Atlanta, GA (6.8 percent); Laredo, TX (6.2 percent); Fort Wayne, IN (6.2 percent) and Montgomery, AL (6.1 percent). FHA sales remain low as portion of all transactions Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 11.9 percent of all single-family home and condo purchases in 2020, down from 12 percent in 2019 but up from 10.6 percent in 2018. Still, the 2020 percentage marked the second-lowest annual level since 2008. Among metropolitan statistical areas with a population of at least 200,000 and sufficient FHA-buyer data in 2020, those with the highest share of purchases made with FHA loans again were in Texas. They were led by McAllen, TX (31.5 percent of sales); El Paso, TX (26.6 percent); Beaumont, TX (26.6 percent); Amarillo, TX (24.9 percent); and Visalia, CA (24.7 percent). Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM 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 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, 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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RateMyAgent Announces 2021 Agent of the Year Award Winners
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Buyer Activity Continued Its Late-season Surge Across the U.S., Led by Denver, Colorado Springs and Three Utah Cities
Data from ShowingTime revealed double-digit showings per listing in multiple cities in the West including Ogden, Provo and Salt Lake City, Utah, while similar increases were recorded in Washington, D.C., Arlington & Alexandria, Va., and Worcester, Mass. CHICAGO - (January 27, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that December's usual seasonal slowdown was reversed in 2020, with showing traffic across the country surging 63.5 percent year-over-year as buyers had more on their minds than just shopping for gifts. "Of the 20 cities recording the heaviest showing traffic, all but three also had month-over-month increases. This is not what anyone expected, but 2020 was anything but normal," said ShowingTime President Michael Lane. "In December, Ogden and Provo were up 122 percent and 123 percent, respectively, compared to 2019. Denver had more than twice the average number of showings per listing, as did Colorado Springs. "While the year was a challenge for everyone, we've seen consumers in many markets make up for lost time shopping for homes. The industry adapted quickly, with the data suggesting the positive momentum will continue, so we're excited to help clients respond to the sustained demand." For the second consecutive month the West Region saw the most significant year-over-year increase in showing activity, with a jump of 82.1 percent. The South followed with a 69.7 percent increase, with the Midwest's 61.1 percent uptick and Northeast's 60.4 percent climb rounding out the gains. "2020 proved to be a tumultuous year, yet so far across the U.S. we continue to see increased levels of demand concentrated on a dwindling set of available listings," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Year-over-year increases are at historically high levels, especially on the West Coast, and although December's stats are more likely to be distorted by weather and other factors, the trajectory we've seen in 2020 points to continued upward pressure on prices in the next few months." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Realtor.com Adds Knock's Home Swap to Seller's Marketplace
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Realtor.com December Rental Report: Rents in Major Cities Continue to Decline Double Digits
Rent prices for one- and two-bedroom apartments were up compared to this time last year SANTA CLARA, Calif., Jan. 21, 2021 -- Major urban markets, such as San Francisco and Manhattan, continue to see double-digit declines compared to last year, but rent increases in less dense areas have kept nationwide rents growing for one- and two-bedroom units, according to the realtor.com December rental report released today. Nationally, the median rent for studio apartments was down 0.7% year-over-year, rent for one-bedrooms was up 0.8%, and rent for two-bedrooms was up 2.6% year-over-year. "Right now is a great time for renters in major cities to lock in a low price for 2021," said realtor.com® Chief Economist, Danielle Hale. "But renters in some other areas are seeing a very different trend. With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets. As vaccines are being rolled out nationwide, the question is, how much longer will these trends continue? What's clear, is that the mantra of real estate being local very much applies to rents, not just home prices." San Francisco led the nation in declines with average monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively. Rents for studios and one-bedrooms in nearby Santa Clara, Calif. and San Mateo, Calif. counties also saw double-digit decreases in December. Outside of the Bay Area, Manhattan, Boston, Seattle, and Washington, D.C. were among the metros seeing the largest year-over-year declines. These markets also represent some of the most expensive cities in the country, giving rents the most room to fall. In December, the median studio rent in Manhattan was $2,288, down 21.0% year-over-year. Median one-bedroom rent in Manhattan was $3,100, down 18.4% compared to last year. Median two-bedroom rent in Manhattan was $5,200 in December, down 16.1% compared to last year. When it comes to rent increases, Sacramento, Calif. is leading the nation with average monthly rent increasing 20.3%, 12.4%, and 9.1% for studio, one-bedroom and two-bedrooms year-over-year, respectively. It was followed by New Haven County, Conn.; Essex County, N.J.; and Monroe County, N.Y., which saw average gains of 13.3%, 11.9%, and 11.9%, respectively. To see the full report, including which metros had the greatest increase in rent prices, see here. Top 10 Markets for Studio Rent Decreases - December 2020 Top 10 Markets for 1-Bed Rent Decreases - December 2020 Top 10 Markets for 2-Bed Rent Decreases - December 2020 About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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East Coast Housing Market Continues to Dominate Areas Most Vulnerable to Coronavirus Impact
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RealtyFeed and Generation Z Are the Future of Real Estate
We live in an era in which intuitive technology has overrun traditional and acquired systems. For decades, users have been forced to go through multiple pages of manuals and hours of training in order to be able to effectively use a new app or tool. The real estate industry has been one of the slowest industries to catch up. However, this is going to change. With Generation Z stepping into the market, new technologies are poised to make the necessary adaptations. All of this brings us to RealtyFeed, a groundbreaking technology developed by Realtyna. RealtyFeed is developed to build a future for the real estate industry, inspired by Generation Z. What Is RealtyFeed? After years of working with real estate agents, brokers, developers, and influencers, Realtyna came to the conclusion that there is a lack of appreciation for user experience in real estate apps and tools. That and numerous discussions with the new generation of real estate professionals inspired the team to develop an all-on-one platform to: Gamify real estate user experience; Provide a social platform for Realtors and their clients, B2B2C; Simplify real estate transactions; And much more. How Does It Gamify Real Estate Transactions? Log in to your MLS website or open your CRM. In most cases, it looks like what software used to look like in the 1990s, or it doesn't work very well. The main issue is that most apps and tools require hours of practice or training until you can get some results out of them. RealtyFeed has been designed with the aim to provide an intuitive experience for users. Now, users of RealtyFeed can improve their business by passing levels and reaching certain targets—just like you learned how to work with Instagram or TikTok. How Does It Simplify Real Estate Transactions? Simplifying real estate transactions goes way beyond gamification in RealtyFeed. If you go back to your daily transactions, the first thing you see is the number of tools you have to use to get things done: CRMs, websites, social media, and MLS systems, to name a few. RealtyFeed makes this simple by bringing everything under one roof. It is an all-in-one platform developed to bring Realtors and their clients together. What Can I Do? The future belongs to those who build it now. Realtyna is offering a limited opportunity to those who want to co-invest in revolutionizing real estate technology with RealtyFeed. This offer is going to be valid for a short time, so if you need more information or wish to take action, head out to our Republic.co page to learn more. To view the original post, visit the Realtyna blog.
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NAR Announces May Legislative Meetings Will Be Held Virtually in 2021
Last year's REALTOR Legislative Conference and Trade Expo tripled event's average participation numbers CHICAGO (January 15, 2021) -- The National Association of Realtors announced today that its REALTORS Legislative Meetings and Trade Expo will be held virtually for the second straight year from May 3-14, 2021. Registration for the event will open on February 24. While approximately 9,000 Realtors typically descend on Washington, D.C. for the conference every May, over 28,000 NAR members and real estate professionals participated in the first-ever virtual REALTORS Legislative Meetings in 2020. "After careful consideration, the REALTORS® Legislative Meetings & Trade Expo will be held virtually again this year," NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty, said in a video to NAR members on Friday afternoon. "Although this was a difficult decision – and one that we did not take lightly or without soliciting feedback from numerous members – our choice, in the end, was clear." Following the announcement in March 2020 to hold last year's conference virtually, NAR acknowledged that the pandemic was likely to alter the way Americans live, work and travel in the years ahead, and pledged to pursue virtual or hybrid components to all major events moving forward. While NAR and staff leadership had hoped to again convene in person by May 2021, persistent spikes in COVID-19 cases led the association to conclude that it was not yet safe to conduct an event of this magnitude from one central location. "One of NAR's core values is to put members first, and with that the health and safety of America's 1.4 million Realtors® remains our top priority," Oppler continued. "NAR leadership and staff had hoped we could gather in person for our 2021 Legislative Meetings, but after the success and record registration we witnessed last May, we are confident that more Realtors® will be better served by holding this year's conference virtually." In forming its final decision, NAR leadership concluded that lingering COVID-19 restrictions in Washington, D.C., would have made executing the in-person event safely nearly impossible. As cases continue to increase in the region and across much of the country, District Mayor Muriel Bowser recently reinstituted prohibitions on indoor gatherings of more than 10 people, while D.C. restaurants are still restricted from serving customers indoors. Perhaps most importantly, with the U.S. Capitol closed to visitors indefinitely because of COVID-19 concerns, NAR members would be unable to meet in person with their elected officials after traveling into Washington from all corners of the country. 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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63% of 2020 Homebuyers Made an Offer Sight Unseen, Shattering Previous Record
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Second Century Ventures Joins the Oxford Future of Real Estate Initiative
CHICAGO (January 12, 2021) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global fund in real estate, has joined the Oxford Saïd Business School's Future of Real Estate Initiative. Through this initiative, SCV will collaborate with FORE's industry partners and academics to address key questions on the future of global real estate. "The future of the industry will be influenced as never before by technology and innovation, and relevant real estate research requires significant industry collaboration from across the globe," said Oxford's Professor of Practice and Director of FORE Andrew Baum. "We're delighted to welcome SCV to FORE and look forward to working with them on key questions around the future of real estate." The new partnership will enable SCV and FORE to continue exploring the impact of technology, housing challenges, emerging sectors and models for real estate ownership and operation. Through partnerships with several industry leaders, including Arcadis UK, CBRE, EY, and Redevco, the FORE Initiative aims to predict many of the changes and challenges real estate can expect to face over the next decade. We are thrilled to join FORE and work closely with esteemed industry partners to discuss and collaborate on pivotal research for the property sector," said Dave Garland, managing partner, Second Century Ventures. "Joining this initiative truly amplifies our ongoing efforts to advance real estate through technology and innovation on a worldwide scale." In joining the program, SCV looks to provide resources and support to the University of Oxford's Research team's efforts akin to that of the recently published PropTech 2020." Learn more information about the SAID Business School FORE Initiative. Learn more about Second Century Ventures. About Saïd Business School Saïd Business School at the University of Oxford blends the best of new and old. We are a vibrant and innovative business school, but yet deeply embedded in an 800-year-old world-class university. We create programmes and ideas that have global impact. We educate people for successful business careers, and as a community seek to tackle world-scale problems. We deliver cutting-edge programmes and ground-breaking research that transform individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a world-class university, tackling world-scale problems. About Second Century Ventures Second Century Ventures is the most active global real estate technology 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. SCV helps scale its portfolio companies across the world's largest industries including real estate, financial services, banking, home services and insurance. SCV operates the award-winning global REACH technology scale-up program.
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Chime Successfully Executes Strategic Partner Program to Bolster Real Estate Sales Acceleration Platform
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Realtor.com December Housing Report: Number of Homes for Sale Hits an All-Time Low
Buyers and sellers remained active throughout holiday season, draining inventory while driving price growth and quick sales SANTA CLARA, Calif., Jan. 7, 2021 -- The number of homes for sale in the U.S. reached an all-time low in December, dipping below 700,000 for the first time as buyers remained active throughout the holiday season, according to realtor.com's Monthly Housing Trends Report released today. Due to unusually strong demand, home prices were up double digits compared to last year, however, the median listing price came down to $340,000 from a summer high of $350,000. "The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history," said realtor.com® Chief Economist, Danielle Hale. "Looking forward, we could see new lows in the next couple of months as buyers remain relatively active, but a surge of new COVID cases may slow the number of sellers entering the market. Newly listed properties have shown mixed trends. While December's data points to possible relief on the horizon, this figure has been impacted the most in areas with large COVID surges, and consistent improvement will be key in order to get out of this extreme shortage. We eventually expect to see improvements in the supply of homes for sale, especially in the second half of the year. Until then, finding a home will continue to be a top challenge for buyers across all price ranges." The number of homes for sale reached a historic low as buyer demand remained strong Nationally, the number of homes for sale was down 39.6%, amounting to 449,000 fewer homes for sale than last December. Newly listed homes were only down 0.8% compared to last year, a substantial improvement from November when new listings were down 8.7%. Western (+30.8%) and Northeastern larger markets (+15.0%) are seeing the strongest improvements with more new listings hitting the market, while the Midwest (+0.2%) and South (-4.0%) lagged behind. The West's surge in newly listed homes is primarily attributed to San Jose, Calif. (+123.8%) and San Francisco (+98.9%), which saw far more new listings this December compared to 2019. The metros with the largest declines in new listings compared to last year included: Nashville, Tenn. (-19.9%); Memphis, Tenn. (-18.5%); and Charlotte, N.C. (-16.0%). Home prices continued to grow at double-digits The median listing price grew 13.4% year-over-year, to $340,000 in December. This is a slight step back from its peak of $350,000. While prices increased nationwide, the largest gains were seen in the Northeast (+12.2%), followed by the West (+10.4%), Midwest (+8.6%) and South (+6.7%). Within the nation's 50 largest metros, prices increased by 8.8%, nearly the same as last month. The metros which had the largest gains in prices included: Austin, Texas (+20.0%), Riverside-San Bernardino, Calif (+17.2%), and New Orleans (+16.8%). Minneapolis (-1.6%) was the only metro to see price declines. Homes continued to sell rapidly during holiday season Homes sold in 66 days on average in December, which is 13 days faster than last year. Within the nation's 50 largest metros, homes sold even faster, spending only 56 days on average on market. The metros where homes sold the fastest compared to last year included: Virginia Beach, Va. (-28 days); Hartford, Conn. (-23 days); and Louisville, Ky. (-23 days). The four metros where homes sold more slowly compared to last included: San Diego (+6 days); Miami (+5 days); Buffalo, N.Y. (+3 days); and New York (+2 days). Metros With the Largest Increase in New Listings   *Some data for Pittsburgh has been excluded due to data quality. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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Homeownership Slips Into Unaffordable Territory Across Majority of U.S. in Fourth Quarter of 2020
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More than a Third of Young Americans are More Interested in Smart Home Technology Due to the Pandemic
Technology for safety and security, energy efficiency, and entertainment and relaxation top consumers' stay-at-home wish lists SANTA CLARA, Calif. -- A new survey from realtor.com found that interest in smart home technology has increased since the pandemic began. A quarter (25%) of Americans said they are more interested in smart home technology now that they're spending more time at home and 41% of smart home technology owners have bought at least one device or feature since the pandemic began. These numbers were even higher for 18-34 year-olds, with 37% showing increased interest and 48% of current owners having purchased at least one device or feature since the start of the pandemic. Realtor.com® and YouGov surveyed more than 2,000 Americans between Dec. 3-7 about their thoughts on smart home technology. More than half (57%) of all Americans and 61% of younger Americans (18-34 year-olds) already own some smart home technology. The most commonly owned products were: smart TVs (36%), smart home speakers (22%), smart doorbells (12%), robot vacuums (10%) and connected climate control systems/smart thermostats (10%). "The survey results show that many Americans, and especially younger people, are leveraging smart home technologies to enhance their quality of life, even more so now that most of us re-shaped our homes into live, work, learn and play spaces," said realtor.com®. Senior Economist, George Ratiu. "In a year defined by a global pandemic, and fraught with civil unrest and economic volatility, it's not surprising that people are prioritizing the safety and security of their home, their finances, and having a comfortable place to relax and unwind." Safety and security are top priorities Survey respondents were particularly interested in technology that enhances the safety and security of their home. Specifically: When asked to select just one smart home feature to add to their home, a high-tech security system ranked first (21%) When choosing a smart home feature that would make a new home most desirable, two of the most popular responses were a smart doorbell with camera (36%) and a high-tech security system (34%) A larger share of respondents were willing to pay more for a home with a high-tech security system (21%) and a smart doorbell with a camera (21%) When asked to describe a futuristic home, 22% selected a 'fortress of safety' that can protect against climate-related challenges Energy efficiency and environmentally-friendly features rank high When describing a futuristic home with smart features, the most popular selection by far (35%) was a green, energy-efficient home. Further: When asked which feature would make a new home more desirable, solar roof tiles (37%), a home battery pack to store solar energy (32%), and standalone solar panels (24%) were among the top responses Many consumers would be willing to pay more for these green features that could have a return on investment (24%, 20%, and 17%, respectively) When asked to pick just one smart home feature that would improve their current living space, a connected climate control system/smart thermostat (17%) was the second most popular choice At-home entertainment and relaxation are more important than ever 2020 was a year with many outside stressors, which led respondents to think about their home as a place for relaxation and entertainment. As such: When asked which features would make a new home more desirable, 26% said a high-tech home theater, and 18% want TVs that pop up out of dressers or drop down from the ceiling Eighteen percent signaled that a sleep sanctuary with ambient sound, soothing music and a bed that automatically adjusts for the perfect night's sleep would be among the features which could most improve their current living space Fifteen percent selected a high-tech massage chair, and Six percent of respondents were interested in an automatic cocktail maker Methodology: Realtor.com® commissioned YouGov America to conduct the survey. All figures, unless otherwise stated, are from YouGov America. The total sample size was 2,284 adults. Fieldwork was undertaken Dec. 3-7, 2020. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+). About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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CoStar Group Announces Acquisition of Houses.com URL
WASHINGTON -- CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced its acquisition of Houses.com, setting the stage for its entry into residential real estate marketplaces. On December 16, 2020, the Federal Trade Commission cleared CoStar Group's acquisition of Homesnap, Inc., which provides real estate brokers with a mobile platform and other technology for managing and analyzing their listings and the housing market. CoStar Group has been successful for many years running marketplace verticals in the commercial real estate space with Loopnet.com, Cityfeet.com and Showcase.com; the multifamily space with Apartments.com, ForRent.com, ApartmentFinder.com, ApartmentHomeLiving.com and Apartamentos.com; the land space with Land.com, LandsofAmerica.com, LandWatch.com and LandandFarm.com; and the businesses for sale space with BizBuySell.com and BizQuest.com. With the acquisition of the Houses.com domain name, CoStar Group plans to develop a vibrant national marketplace for agents and owners to successfully sell homes without disenfranchising or disintermediating valuable real estate agents in the process. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 million monthly unique visitors. Realla is the UK's most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group's websites attracted an average of approximately 69 million unique monthly visitors in aggregate in the third quarter of 2020. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.
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The Green Building Registry Partners with RESNET to Provide HERS Data
PORTLAND, Ore., Dec. 15, 2020 -- Earth Advantage, Inc. and RESNET announced today a partnership to help deliver green and energy-efficient home data through the Green Building Registry (GBR). Historically, important information on a home such as energy ratings, third-party building certifications or renewable power production estimates (solar panels) has not made it into for-sale listings. Thousands of dollars of value could be lost because trustworthy data was not available for a listing agent and potential buyers to react to at the time of sale. That lack of data has also prevented appraisers and lending institutions from accounting for those market reactions. Since 2017, GBR has provided green home data to the public and real estate multiple listing services. The DaaS (Data as a Service) platform provides verified data directly from sources such as U.S. Department of Energy, Home Energy Scores, LEED® for Homes, National Green Building Services (NGBS), solar data, and other regional third-party verification programs throughout the country. Nationwide values for the HERS Index, a scoring system for home energy performance administered by RESNET, will now be included in GBR for the entire United States. Steve Baden, executive director of RESNET, stated, "A RESNET HERS Rating provides an invaluable tool for builders, consumers, real estate agents and appraisers in unlocking the value of energy-efficient homes. RESNET has been working with MLS systems across the nation to incorporate HERS Index Scores into their listings. Our collaboration with Earth Advantage will boost this effort by providing the GBR with the largest dataset of energy-efficient homes in the country." David Heslam, executive director at Earth Advantage, stated, "Data drives the modern economy. That's especially true for the real estate industry which provides the data for millions of home sales and mortgages every year. The HERS Index is in use across the country, especially on efficient new homes. Adding more than one million HER Index scores to the Green Building Registry will make that data easily available to MLS systems, agents, appraisers, and lenders." About GBR The Green Building Registry (GBR) was built and is maintained by the 501(c)(3) nonprofit Earth Advantage, Inc. GBR is a single-source solution for the public and real estate industry to facilitate auto population of verified green data into listings throughout the United States. Earth Advantage's mission is to accelerate the adoption of high-performance and sustainable, residential building practices. We focus on two key pathways for success: maintaining well-above-code standards for our own certifications and providing information to the public in the form of third-party data and professional training. Visit the GBR public website at us.greenbuildingregistry.com to learn more. For more information on Earth Advantage, visit earthadvantage.org. About RESNET The Residential Energy Services Network (RESNET) is the independent, national nonprofit organization that homeowners trust to improve home energy efficiency and realize substantial savings on their utility bills. RESNET's industry-leading standards are recognized by the housing industry, federal, state and local government agencies, among others. To date, over three million homes have been energy-rated and issued HERS Index Scores in the U.S. For more information, visit www.resnet.us. For more information, contact Meg Garabrant at 503.310.9138 x62 or email [email protected]
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Realtor.com Acquires Avail
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2021 Marketing Strategy Guide (FREE DOWNLOAD)
Planning your goals, budget and overarching marketing strategy can feel like daunting work, but it's a crucial part of running a successful business. This FREE guide from the experts at Elevate is designed to help you focus on what's important, and to encourage you to expand your marketing for the start of the new year. Download your FREE copy now!
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BoomTown Announces Direct Integration with Sisu Accountability Solution
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Realtor.com Top Housing Markets: Tech Hubs and State Capitals Will Dominate 2021
Sacramento, Calif., San Jose, Calif. and Charlotte, N.C. are forecasted to see the highest home price appreciation and sales growth in 2021 SANTA CLARA, Calif., Dec. 7, 2020 -- Millennial homebuyers, relative affordability, and strong local economies will drive realtor.com's Top Markets of 2021 to lead the nation in a year when real estate is expected to be strong coast to coast. This year's list in rank order includes: Sacramento, Calif., San Jose, Calif., Charlotte, N.C., Boise, Idaho, Seattle, Phoenix, Harrisburg, Pa., Oxnard, Calif., Denver, and Riverside, Calif. (see below for full 100 market ranking). Based on realtor.com®'s local market forecast, the areas on this list are expected to see the strongest home price and sales growth in the U.S. in 2021. In fact, home prices across the top 10 markets are forecasted to increase by 6.9% and sales by 13.1% year-over-year, which is significantly higher than the national projection of 5.7% price appreciation and 7.0% sales growth. "This past year, we've all become more reliant on technology to work, learn, and maintain personal connections. The technology hubs that make this possible are thriving, as are their housing markets," said realtor.com®'s Chief Economist, Danielle Hale. "Additionally, the relative stability of government jobs in the past year has driven home prices and sales in several state capitals to the top. Home buyers, particularly younger first-time buyers, looking in one of these markets should expect rising prices and heavy competition. Meanwhile, sellers will remain in a position of power, but will find themselves on the other side of the bargaining table when buying their next home." Tech Titans A common driver of this year's top markets is the prevalence of high paying tech jobs. Tech salaries in Sacramento, San Jose, Boise, Denver, and Seattle have driven home prices through the roof over the last several years and this trend is expected to continue in 2021. Additionally, areas such as Charlotte and Phoenix are quickly establishing themselves as rising tech hubs with a plethora of jobs in technology, as well as education, government and healthcare. In fact, the projected unemployment rate for 2021's top markets is 7.9% compared to the national average of 8.2%. Tech-related jobs make up an average of 8.7% of the workforce in this year's top markets list compared to 6.4% of the U.S. as a whole. Relative Affordability Home prices in eight of the top 10 markets are more expensive than the average of the top 100 markets. But many are relatively affordable when compared to their nearby counterparts or offer significantly more square footage for a similar price. For example, buyers priced out of New York ($216 per sq.ft.) can find increased space and affordability in Harrisburg ($122 per sq.ft.), while buyers in Sacramento ($284 per sq.ft.) can get more bang for their buck than nearby San Francisco ($679 per sq.ft.). This is also true when comparing Oxnard ($413 per sq.ft.) and Riverside ($247 per sq.ft.) with Los Angeles ($556 per sq.ft.). Millennial Magnets On average, the top 10 markets have a larger share of millennials (14.1%) than the U.S. as a whole (13.5%). A market's ability to lure millennials is a good indicator of the livability of the area including: job opportunities, dining, and entertainment. However, when it comes to millennials purchasing homes in the top 10, two trends are emerging. In half of this year's top markets, including: Charlotte, Boise, Phoenix, Harrisburg and Riverside, millennials are already homeowners and expected to make the majority of the home purchases that drive home price growth and sales. In the other group of markets, such as San Jose, Seattle, and Denver, the high cost of living has made homeownership a difficult accomplishment, not only for millennials but for all generations. The high number of millennials in the market shows how popular these markets have become, but older, more financially established generations will be the ones purchasing the majority of the homes next year. State Capitals Half of the top markets are state capitals, including: Sacramento, Boise, Phoenix, Harrisburg and Denver. The strong government presence in these areas offers stability for their local economy and jobs markets. This is especially important after a year when a global pandemic has significantly disrupted local economies across the nation. On top of the government jobs, these areas also have strong job diversity in both the public and private sectors, including education, healthcare, technology, manufacturing and military, which is positioning them for solid growth in the future. The average GDP growth rate for the top markets is forecasted to be 5.34% in 2021, versus 4.85% for the top 100 metros. 2021 Top Markets 1. Sacramento Median home price: $554,050 Home price change: +7.4 percent Sales change: +17.2 percent Combined sales and price growth: +24.6 percent Sacramento takes first place on this year's top markets list. Due to the increased freedom to work remotely, buyers from the San Francisco Bay Area are flocking to California's state capital for the increased affordability, without having to completely uproot their lives in Northern California. The area draws a diverse crowd ranging from first time homebuyers to empty nesters looking to downsize. Many young families are also drawn to Sacramento for the area's strong school system, including West Campus high school which has a 99% graduation rate and received a 10/10 on greatschools.org. When residents want a change of scenery, it's a short trip to Lake Tahoe, wine country or San Francisco. 2. San Jose Median home price: $1,199,050 Home price change: +10.8 percent Sales change: +10.8 percent Combined sales and price growth: +21.6 percent Also located in Northern California, San Jose is the largest city in Silicon Valley. Apple, Google, Facebook, Linkedin and even realtor.com® are all within commuting distance of San Jose. Unsurprisingly, the area's strong economy and top notch school system, including Lynbrook High School (10/10 greatschools.org), lure top tech talent from all over the country. Those looking for a change of scenery can easily drive to San Francisco or the nearby mountains. Without a ton of room for new construction, inventory in the area is tight, so serious buyers should expect to pay above asking price. 3. Charlotte Median home price: $368,819 Home price change: +5.2 percent Sales change: +13.8 percent Combined sales and price growth: +19.0 percent Rounding out the top three on this year's top markets list is Charlotte. The area's high quality of life, great weather, strong school system including Providence High (10/10 greatschools.org) and rich history draw a diverse mix of both young and old buyers. Millennials are beginning to transition from the downtown city center toward the suburbs as they raise families and take advantage of the increased affordability and extra space. With access to both the beach and mountains, Charlotte has something for everyone, including kayaking along the Catawba River and hiking the Carolina Thread Trail. Housing supply has been tight, but new construction is booming as builders try to meet current demand. Charlotte was No. 7 on 2018's top markets list. 4. Boise Median home price: $445,000 Home price change: +9.1 percent Sales change: +9.8 percent Combined sales and price growth: +18.9 percent Idaho's capital city is firmly establishing itself as a rising tech hub in the U.S. The area's high quality of life and strong economy draw people from all over the country, with the biggest influx coming from Washington, Oregon and California. This trend has accelerated as the ability to work remotely has drawn many young workers looking for a slower pace of life, increased affordability, and access to the area's many outdoor amenities. Boise offers residents a mild four season climate, a vibrant revitalized downtown with plenty of entertainment, as well as a plethora of restaurants and boutique shopping. Outdoor enthusiasts are drawn to the area's adrenaline pumping outdoor activities such as white water rafting and four different ski resorts. New construction has been booming in Boise over the past few years as builders scramble to keep up with rising demand. Boise is no stranger to realtor.com®'s Top Markets list, it was No. 1 in 2020 and No. 8 in 2019. 5. Seattle Median home price: $629,050 Home price change: +9.7 percent Sales change: +8.9 percent Combined sales and price growth: +18.6 percent Coming in fifth is Seattle, which is home to some of America's largest and most well known companies including: Amazon, Starbucks, Costco, Microsoft and Nordstrom. The area's booming tech scene, high quality of life, and access to both the water and mountains draws a crowd from all over the country. New and growing families will find a strong school system, including Greenwood Elementary School which scored a perfect 10/10 on greatschools.org, as well as four other schools which received scores of 9/10. Driven by high home prices and the desire for more space, buyers are beginning to search for homes further from the downtown center. This is especially true for first time homebuyers. 6. Phoenix Median home price: $412,260 Home price change: +7.0 percent Sales change: +11.4 percent Combined sales and price growth: +18.4 percent Arizona's state capital has become a magnet for both younger buyers looking to take advantage of the affordable cost of living, as well as retirees who want to soak up the sun. Recently, the area has seen a large influx of people from pricey West Coast markets -- San Francisco, Seattle and Portland. While builders have struggled to meet the rising demand for housing, Phoenix set a record for new home permits in March, April and May, so new inventory is on the way. Phoenix offers residents all the big city amenities of shopping, dining and entertainment, without the traffic of larger metropolitan cities. Additionally, those who want to get out and hit the golf course have over 400 courses to choose from. Phoenix is a business friendly city and has a diverse list of large employers in both the public and private sectors from education, government and healthcare to technology, manufacturing and military. Phoenix was No. 5 on 2019's top markets list. 7. Harrisburg Median home price: $262,000 Home price change: +3.8 percent Sales change: +14.4 percent Combined sales and price growth: +18.2 percent The state capital of Pennsylvania has become a hot spot for buyers looking for the quiet suburban lifestyle, more space, and increased affordability. Harrisburg is centrally located near New York, Baltimore, Washington D.C., Pittsburgh and Philadelphia. Millennials in particular have been drawn to the area as both first time homebuyers and move-up buyers looking for more space for their growing families. Harrisburg boasts a strong job market not only for government employees working at the state capital, but those in healthcare and shipping industries as well. One of the biggest draws to the area is the ability to go from downtown, to the suburbs, to more rural areas, in under 15 minutes. 8. Oxnard Median home price: $824,000 Home price change: +5.5 percent Sales change: +12.5 percent Combined sales and price growth: +18.0 percent Located north of Los Angeles on the Pacific Coast is Oxnard, Calif. The area is a mix of farmland and Pacific Coast beaches, such as Hollywood Beach -- a second home market for wealthy Angelanos looking for a break from the hustle and bustle of city life. Farmers in the area grow strawberries and lima beans and the annual Strawberry Festival is a big draw for Southern California locals. Thanks to its affordability, the area has seen a boost in demand from buyers seeking relief from Los Angeles and Orange County home prices. Beach homes in the area are significantly more affordable than those in Malibu or Santa Monica, making this a popular alternative for buyers hoping to get more bang for their buck. 9. Denver Median home price: $520,000 Home price change: +5.4 percent Sales change: +12.5 percent Combined sales and price growth: +17.9 percent Colorado's state capitol is located just outside of the Rocky Mountains. The area's housing market has been red-hot for the last several years and builders have struggled to keep up with the high demand for housing. Though the city is rapidly expanding, it still holds much of its Old West charm, and its cost of living remains relatively affordable compared to other Western markets. Many of Denver's residents are outdoor enthusiasts who love to take advantage of the area's easy access to mountains, rivers and lakes. No matter the season, there is an outdoor activity closeby. Denver's high quality of life is a major draw for many residents, as well as all the amenities of downtown. With boutique shopping, dining, and endless entertainment, the area has been supremely popular with millennials. Due to the area's spike in demand, home prices have grown rapidly, causing many first time home buyers to search further out from the downtown center. 10. Riverside Median home price: $475,050 Home price change: +5.5 percent Sales change: +12.4 percent Combined sales and price growth: +17.9 percent Located in the Inland Empire, Riverside, Calif., is named for its location along the Santa Ana River. Riverside draws many people who want to take advantage of Southern California's temperate weather, but don't want to pay Los Angeles or Orange County home prices. Riverside is centrally located, just 30 minutes to the beach, mountains or desert, making it a great location for anyone that loves to be outdoors. Additionally, it's in close proximity to Southern California's attractions of Disneyland in Anaheim, skiing in the San Bernardino Mountains, wine tasting in Temecula or the endless entertainment in Los Angeles. Due to Southern California's high cost of living, Riverside's relative affordability and strong school system including Riverside Stem Academy (9/10 greatschools.org), have made it a popular destination for first time homebuyers, growing families, and retirees. 2021 Top Housing Markets Ranked 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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Pending Sales Return to Typical Seasonal Trend, Still Up 28% From 2019
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Gaining Momentum: Annual U.S. Home Prices Appreciated 7.3% in October, CoreLogic Reports
U.S. Home Price Index experienced the fastest annual acceleration since April 2014 IRVINE, CALIF. - DECEMBER 01, 2020 -- 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 2020. Nationally, home prices increased 7.3% in October 2020, compared with October 2019, marking the fastest annual appreciation since April 2014. On a month-over-month basis, home prices increased by 1.1% compared to September 2020. Home prices climbed in recent months due to heightened demand and ongoing home supply constraints. The supply shortage could further intensify as COVID-19 cases continue to rise and would-be sellers remain hesitant about putting their homes on the market. However, to keep up with the rising demand, new home construction surged in October and builder confidence reached a new high for the third consecutive month. The decreased pressure on supply could moderate home price growth over the next year. This is reflected in the CoreLogic HPI Forecast, which shows home prices slowing to 1.9% by October 2021. However, should the economic recovery from the pandemic be more robust, then we would expect projections for home price performance to improve. "Home buyers have been spurred by record-low mortgage rates and an urgency to buy or upgrade to more space, especially as much of the American workforce continues to work from home," said Frank Martell, president and CEO of CoreLogic. "First-time buyers in particular should remain a big part of next year’s home purchases, as the largest wave of millennials is heading into prime home-buying years." Despite the rapid acceleration of national home price growth, local markets continue to vary. For instance, in Phoenix, where there is a severe shortage of for-sale homes, prices increased 12.1% in October. Meanwhile, the New York-Jersey City-White Plains metro recorded only a small annual increase of 2.1%, as residents continue to seek out more space in less densely populated areas. At the state level, Maine, Idaho and Arizona experienced the strongest price growth in October, up 14.9%, 13.1% and 12%, respectively. "The pandemic has shifted home buyer interest toward detached rather than attached homes," said Dr. Frank Nothaft, chief economist at CoreLogic. "Detached homes offer more living space and are typically located in less densely populated neighborhoods. And while prices of single-family detached homes posted an annual increase of 7.9% in October, the price of attached homes rose only 4.5% year over year." The HPI Forecast also reveals the disparity in expected home price growth across metros. In markets like Las Vegas, where the local tourism economy and job market continue to struggle, home prices are expected to decline 1.8% by October 2021. Conversely, in San Diego, home prices are forecasted to increase 7.9% over the next 12 months as low inventory continues to push prices up. The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that metros such as Lake Charles, Louisiana, and Prescott, Arizona, are at the greatest risk (above 70%) of a decline in home prices over the next 12 months, while Miami, Las Vegas and Gulfport-Biloxi-Pascagoula, Mississippi, are at moderate risk (50%-70%) of a decrease. 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, buy and protect their homes. For more information, please visit www.corelogic.com.
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Realtor.com 2021 Housing Forecast: Sellers Will Get Top Dollar as Buyers Struggle with Affordability
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Rental Beast November 2020 Market Report: Rental Concessions Gone Wild!
Data Indicates City Living Loses Some Appeal November 24, 2020 -- A combination of surging Coronavirus cases, new lockdowns, expiring government stimulus, and colder weather has set off a Rental Concessions bonanza in U.S. markets, as property managers, owners, agents, and tenants struggle to navigate continued volatility when securing housing plans before year's end. While we have seen Rental Concessions gain momentum as the pandemic continues, the velocity, size, and scope of some of Rental Concessions being offered in some markets have set off desperation alarm bells. Additionally, Rental Inquiries in most cities featured in this report show continued year-over-year (YOY) declines, as renters seek out alternatives away from urban centers, including rentals with more space, to combat the prolonged impact of the pandemic. Atlanta, Boston, Dallas, and Miami continued their months' long trend of lower YOY Rental Inquiry rates, while Chicago and Philadelphia remain volatile but managed to report higher numbers. In our seventh edition of the Rental Beast Market Report, we are pleased to include data and insights on the Dallas/Fort Worth metropolitan area, the fourth-largest urban center in the United States. Rental Concessions Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. Rental Beast aggregates single family and multifamily Rental Concessions information from our 22 active markets. Our findings are summarized below. Atlanta For the majority of 2020, Rental Concessions in Atlanta have been significantly higher than last year, and October was no exception, with the city registering a 50% YOY increase. We spoke with a local rental marketing specialist who described Atlanta's Rental Concession environment as "desperate." Having a hard time filling units, her firm is trying anything and everything as the pandemic and its impact on peoples' health and jobs drive both higher vacancy rates and depreciated demand. Rental Concessions from large, multifamily operators like hers have become more aggressive, including bundling multiple concession offers to attract tenants. In many cases tenants claim as many as three concessions packaged into a single, special offer. These 3-for-1 specials can include one month's worth of free rent, a $500 gift card, and a 50% reduction in pet deposits and fees. In November, the same company offered a Veteran's Day special, waiving all application and rental fees, or charging a flat $11 administrative fee for servicemembers. Need an air fryer? The same company is giving them away to tenants signing a lease within 48 hours of viewing a property, along with a month's worth of free rent. Given these observations and the increase in concessions seen in the greater market, the Atlanta market has clearly taken a negative turn over the past 60 days. Our marketing executive interviewee expects heavy concessions to continue for at least the next six months. Boston October represented the 10th consecutive month Boston logged negative Rental Inquiry rates and higher YOY Rental Concession numbers. In October, Boston's Rental Inquiry levels dropped 44% YOY, while Rental Concessions increased by 95%. Savanna Rivas from Princeton Properties describes the Boston rental market as "desperate." "With so many Bostonians working from home, why would anyone pay a premium to live in the city, especially if you can't take advantage of all that a Boston has to offer?" says Rivas. Prior to the pandemic's onset, Princeton Properties did not offer short-term leases. Continued market volatility and decreased demand has forced the firm to reevaluate business practices and become more flexible. They now entertain five-month leases, rather than a typical, minimum twelve-month term. Additionally, Savanna indicated that while it has become common to offer one-two months' worth of free rent, the firm is wary of creating difficult situations where aggressive concessions at the start of a lease lead to challenges for tenants when rates are normalized upon renewal when tenants are forced to move because they can no longer afford their unit. In addition to offering a free month's worth of rent, some tenants are securing a full year of free internet access. Savanna describes this as unprecedented. "I've fielded many calls from current residents who are looking to re-negotiate their leases, hoping to get in on the discount frenzy—but a lease is a lease and terms must be honored." Chicago Like so many U.S. cities, COVID-19 has wreaked havoc on the Windy City. Racial protests, political unrest, and the end of the rental season brought on by cooler weather has created an environment ripe for peak Rental Concessions. For October, Rental Concessions were up 98% YOY, as landlords and property managers work to secure tenant leases before the holidays and start of winter. In October, Chicagoans remained concerned about their long-term living options while struggling to maintain employment. Rental Inquiries for Chicago were up a whopping 214% YOY in the month. We spoke with Alex Fenton, Property Administrator at Tandem, who describes the Rental Concessions environment in Chicago as being "huge". "People are aggressively shopping for concessions, which typically include two or even three months' worth of free rent, and waived administrative fees." Fenton indicated that in exchange for aggressive concessions his firm is pushing for 18-24 month leases, in hopes of securing longer-term occupancy rates. Even current tenants are looking to get in on the concession rage. "Under certain circumstances we'll re-negotiate leases and offer specials to current tenants, but again try for longer lease terms, as well as try to have the leases end during the summer months, when it is usually easier to rent." For those signing two-year leases on penthouse units, Tandem will provide creative "move-in gifts," such as furniture items, including trendy standing desks. Alex indicated they've also introduced an incentive that includes a $750 rent credit for referrals who ultimately sign leases. Dallas/Fort Worth We are thrilled to include the Dallas/Fort Worth market in this edition of the Rental Beast Market Report. Similar to the trends seen in other urban centers, Rental Inquiries for Dallas declined 40% YOY, while Rental Concessions jumped 128%. Brandi Sakayam, District Manager at BH Management in Dallas, oversees a portfolio of primarily Class A properties; and she tells us Rental Concessions are on the rise across the entire Dallas Fort-Worth area. She indicated that one month's worth of free rent is standard for Dallas, but in some cases, landlords are waiving some or all application and administrative fees. With continued new construction in the DFW area, lease-ups will often offer four to eight weeks' worth of free rent. Sakayam said she sees a continuation of new tenants relocating from other parts of Texas, but is also seeing an increased number of families moving from California and the Northeast. While her firm is hopeful that they can pull back on Rental Concessions in 2021, they don't expect to return to anything close to normal until the second or third quarter of next year, as their occupancy rates have dipped from 95% to 93%. Olivia Taylor, General Manager of The National Residences, described Dallas as a "concessions driven market." While it's typical for properties to offer one month's worth of free rent, she's observed movement to six-eight weeks' free rent. "There is so much new construction in Dallas you can see construction cranes everywhere. Buildings are competing for tenants. I'm aware of look-and-lease deals where tenants can secure a $1,000 Visa gift card for committing to a one-year lease within 48 hours of viewing a unit." Like Brandi, Olivia is also seeing families moving to Dallas from California and Chicago, as companies like Uber, McKesson Corp., and Charles Schwab open large local offices. While Olivia is currently seeing slower traffic at her properties, she attributes that both to increasing Coronavirus cases and the onset of typical holiday-related seasonality. Los Angeles Rental Beast recently entered the Los Angeles market, and, as part of the ramping up process, we spoke with Danny Levin, Co-Founder of TDI Properties. While many urban rental markets across the country are struggling to find qualified renters, Danny said that L.A. has long suffered from a significant residential rental supply shortage. "If you have a unit that is clean and well-priced it will get rented," said Levin. While the Los Angeles rental market typically slows in November and December, Levin indicates that seasonality isn't impacting the market, and he's not seeing a barrage of Rental Concessions observed in other cities. Instead, he said that class A & B properties continue to offer one month's worth of free rent to entice tenants. Says Levin, "The pandemic has slowed the pace in which Class A & B properties in LA are rented, but they are getting rented." Miami Like Boston, Miami registered ten consecutive months of lower YOY Rental Inquiries, and during the same time period Rental Concessions have consistently overpowered 2019 rates. For October, Rental Inquiries in Miami were down 30% YOY, while Rental Concessions jumped 115%. According to the Federal Reserve Bank of St. Louis, Miami started the fourth quarter of 2020 with a 13% unemployment rate, with COVID-19 continuing to impact the service, travel, hotel and tourism industries. While many people in Miami are experiencing Covid-19 fatigue, the dramatic increase in the number of Coronavirus infections and deaths has driven South Floridians to continue to explore living options outside of Miami, as they yearn for more space to accommodate work from home situations and remote school learning. Philadelphia As we have seen for most of the year, Rental Inquiries for Philadelphia remain strong. The city logged a 86% YOY increase, while Rental Concessions declined 71%. New York City has more than 16,000 vacant apartments, and many New Yorkers leaving the Big Apple are contemplating calling Philadelphia home. While anecdotal indications paint Philly's Rental Concessions environment similarly to Atlanta and Boston, our rental data indicates a 71% YOY decline. We will continue to monitor this change to determine if this is a temporary movement or a prolonged trend. Rental Beast recently spoke with a Marketing Manager from a prominent, Philadelphia-based property management firm. This Manager described the current Rental Concessions environment as "vicious," as she believes Philadelphia has hit a peak in Rental Concession issuance. She notes two to three months' worth of free rent being consistently offered, as landlords continue to cope with the fallout from the pandemic. The same contact indicates that in a normal year "meds and eds" (medical and undergraduate and graduate students) drive high occupancy rates in Philadelphia, but this year is far from normal. She explains, "Students are studying virtually at home, and many international students are not allowed to travel and therefore do not require rental housing. While most buildings would be well leased up at this point in the year, property managers and owners are starting to panic as we head into the 'dead season' a.k.a winter months." In addition to offering two to three months' worth of free rent, our contact indicates that her firm is also offering waived amenity fees, application fees, and are offering gift card incentives to potential tenants. Waived or reduced security deposits are also available in some cases. Rental Inquiries Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace, and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of nearly nine million off-MLS rental properties. With active listings in 22 markets across the United States, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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NAR Launches 'First-Time Buyer' Streaming Video Series on ROKU
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CoStar Group Agrees to Acquire Homesnap, a Digital Residential Real Estate Solutions Provider Used by 300,000 Agents Responsible for More Than Half of All US Residential Real Estate Sales
WASHINGTON--CoStar Group, Inc., the leading provider of commercial real estate information, analytics and online marketplaces, announced today that it has reached an agreement to acquire Homesnap, Inc. for $250 million in cash. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Over 300,000 agents nationwide use the application an average of 30 times each month. Those 300,000 agents are also the nation's most productive, selling the majority of homes in the US. The platform enjoys high growth and engagement as the number of active monthly users has grown at a compounded annual growth rate of over 40% since 2016, while marketing product sales have risen over 75% per year over that same period. Supported by a consortium of hundreds of the country's largest multiple listing services (MLSs), over 1.1 million real estate agents have access to Homesnap Pro. These agents represent over 90% of the residential real estate agents and listings in the United States. With the support of this impressive consortium, Homesnap's public residential real estate portal showcases 1.3 million active property listings. Tens of millions of home shoppers use the Homesnap website and app to look for a home. "The acquisition of Homesnap will enable us to enter a new space and expand the total addressable markets in which we can compete," said CoStar Group founder and CEO, Andy Florance. "The estimated value of commercial real estate assets in the U.S. is $16 trillion. With the new addition of clients and information covering 90% of the estimated $27 trillion dollar U.S. residential real estate market we are almost tripling the size of our addressable markets. Over the past thirty years, CoStar has become the leading real estate technology platform by working in partnership with commercial real estate brokers to serve their needs for data, analytics and advertising exposure for their property listings. Similarly, Homesnap works in very close partnership with residential agents to serve their needs for data, analytics and advertising exposure for their property listings. We will continue to differentiate our residential real estate portal and solutions by working solely to help agents market their listings and their brands, which is in sharp contrast to other portals that increasingly advertise on top of agent listings and offer brokerage services directly." The addition of Homesnap's complementary offerings will quadruple the number of professional, paying brokers and active agent users on the CoStar Group U.S. platforms from approximately 100,000 today to over 400,000. The number of U.S. property listings available across CoStar's brands will double from approximately 1.35 million today to over 2.6 million. "Homesnap has great relationships, data, software, and tools for residential real estate professionals that are complementary to our existing offerings," continued Florance. "The tools and functionality developed by Homesnap for residential property agents, such as lead generation, client collaboration, and digital advertising, have direct applicability to commercial brokers. Our goal is to make these enhanced capabilities available to all of our audiences. Combining forces with Homesnap is also expected to enable us to expand and deepen our collaboration with MLSs nationwide. A very large percentage of CoStar's clients such as investors, banks, government agencies, appraisers, suppliers, and brokerage firms are active in both commercial and residential real estate, so we believe that they would welcome a more comprehensive solution for their needs across all real estate segments." "Homesnap has spent years building tools that reinforce the agent-client relationship and arm both home buyers and agents with the data and software they need to find homes and do their jobs," said John Mazur, CEO of Homesnap. "In addition, residential property agents spend an estimated $10 billion every year on software and marketing, while influencing a further $21 billion of spending in adjacent markets, such as lending, insurance and relocation services. We are excited to join CoStar Group and leverage their 30 years of knowledge and experience in property data, software and marketing to take advantage of this significant growth opportunity." Homesnap is also headquartered in the Washington, D.C. area, employs approximately 150 people and is projected to achieve approximately $40 million of revenue for the full year 2020, representing revenue growth of approximately 45% compared to the full year 2019. The transaction is expected to close in 2020, subject to customary closing conditions and regulatory review. The preceding forward-looking statements reflect CoStar Group's expectations as of November 22, 2020. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, the exact timing of the closing of the acquisition, or the exact amounts or timing of any investments related to the acquisition will occur. Given the risk factors, uncertainties and assumptions discussed above, actual results may differ materially. Other than in publicly available statements, CoStar Group does not intend to update its forward-looking statements until its next quarterly results announcement. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 million monthly unique visitors. Realla is the UK's most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group's websites attracted an average of approximately 69 million unique monthly visitors in aggregate in the third quarter of 2020. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com. About Homesnap Based in Bethesda, MD, Homesnap was founded in 2012 to provide residential real estate agents and consumers with an intuitive technology that facilities buying and selling homes. Homesnap's flagship product, Homesnap Pro, is a free software application for real estate agents to view and manage property listings, communicate with clients, receive market alerts and schedule showings on their mobile devices. Homesnap collects data from over 500 data sources and has subscription service agreements with approximately 240 MLSs who provide data and subscription revenue to Homesnap in exchange for free agent access to Homesnap Pro. Homesnap also provides marketing products through its mobile application that agents can use to promote their listings, as well as a premium product called Homesnap Pro+, which provides agents with enhanced functionality and business intelligence through individual subscription agreements. The Homesnap platform contains approximately 1.3 million active property listings, including residential, commercial, land and other property types, covering approximately 90% of active listings. The company also aggregates information on property taxes, mortgages, individual property parcels, neighborhood schools and other property data elements.
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15% of U.S. Consumers Experienced Housing Discrimination: Homes.com Survey
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NAR Announces Innovative Simulation Training to Tackle Discrimination in Real Estate
New interactive training simulation helps agents identify, confront discrimination in homebuying CHICAGO (November 19, 2020) -- The National Association of Realtors today announced the release of a new interactive training platform designed to help combat discrimination in America's real estate market – made available at no cost to real estate professionals throughout the country. Fairhaven is an immersive simulation where agents work against the clock to close four deals, confronting various scenarios where discrimination enters into the transaction. The training, which also provides customized feedback to help real estate professionals incorporate fair housing principles in their daily interactions, will be offered directly to NAR members and to brokerage firms and Realtor® associations. It was produced in partnership with global professional services firm Ernst and Young. "We are excited to announce the release of Fairhaven today, a new approach to fair housing training that is unlike anything currently available in the real estate industry," said Charlie Oppler, the CEO of Prominent Properties Sotheby's International Realty who was installed as NAR's 2021 president this week. "Fairhaven uses the immersive power of storytelling to deliver powerful lessons that will help promote equity in our nation's housing market. NAR will continue our work to create innovative anti-discrimination training and to champion efforts that encourage diversity, fight racial bias and build more inclusive communities." In the fictional town of Fairhaven, agents must choose how to respond to various scenarios involving discrimination in real estate. They advance through the simulation based on their answers and receive feedback on their performance. In an innovative approach, the course also places agents in the role of a client experiencing discrimination. The client point-of-view scenarios are paired with powerful testimonials illustrating the impact of housing discrimination in real people's lives. Fairhaven.realtor comes as part of NAR's ACT! Initiative, the association's fair housing action plan that emphasizes Accountability, Culture Change and Training to promote equal opportunity in real estate. In addition to training, the ACT! plan introduces self-testing and other mechanisms for holding real estate professionals accountable for discrimination. As industry leaders in support of fair housing initiatives, NAR will make the resource available to all NAR members, industry partners and other real estate professionals directly via an online portal, found at Fairhaven.realtor. NAR will also offer Fairhaven as a software package for brokerage and association learning management systems. 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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BoomTown Announces Give Back Awards, Nominations Open
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Buffini & Company, NAR Announce Partnership on New '100 Days to Greatness' Educational Course
Newest REALTOR Benefits Program offering, 14-week program is designed for new and emerging agents CHICAGO (November 16, 2020) -- A new educational resource for real estate agents developed by North America's largest training and coaching firm, Buffini & Company, was unveiled at the kickoff event of the 2020 REALTORS Conference & Expo on Monday. Standing alongside National Association of Realtors CEO Bob Goldberg, Buffini & Company's Founder and Chairman Brian Buffini introduced the 14-week program, 100 Days to Greatness®, designed primarily to help new and incoming agents build long-term success and for existing agents looking to jumpstart their businesses. "I've long admired Brian's ability to motivate and inspire our industry, and I know we have a shared passion for creating a strong path of success for Realtors®, especially those who are new to the field," Goldberg told thousands of Realtors® tuned in virtually to Monday's event. "At NAR, our job is to provide members with the resources and support they need to make their businesses thrive, and this partnership is part of that commitment to their success." Registration will be offered to NAR members at a discount through the association's REALTOR Benefits® Program. In addition, brokers can offer 100 Days to Greatness® as a mentor/facilitator to support their agents as the work to complete the course. This course features 21 modules of video training and embeds other important NAR resources that new members should be aware of as they begin to build their businesses. The program focuses on helping agents develop skills in specific areas, including building a database, hosting open houses, listing presentations and handling price reductions. As part of their enrollment, agents receive a training workbook, professionally-designed marketing materials and access the Online Resource Center offering interactive role plays, support videos and other helpful resources. While holding agents accountable for each week's action steps, the program also generates a steady stream of quality leads for agents while helping them build a unique, individualized database. It also highlights strategies for money management and financial planning, an area of focus NAR has worked to address through its Center for Financial Wellness. "We're proud to partner with the National Association of Realtors® to help agents launch their careers," said Buffini. "100 Days to Greatness® is the most comprehensive training program for real estate agents on the market today. With this program, agents will set the foundation for a professional career that will withstand the test of time and get them quickly on the road to building a successful real estate business." Buffini & Company has trained and coached more than three million agents from 37 countries since its inception in 1996. In the U.S., Buffini & Company-coached agents earn roughly ten times the average agent's annual income. On Monday, Goldberg told the group that he knew NAR needed to step in after hearing from countless broker owners about new agents who enter the field with excitement but quickly fizzle out due to the difficulties of managing their day-to-day business operations. "For broker owners, supporting this program means helping to put a stop to the churn of new agents in whom you are investing by ensuring they are trained well from the very beginning with the help of a well-respected leader like Brian Buffini," Goldberg concluded. Buffini & Company is the largest training and coaching 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. To learn more about Buffini & Company, visit buffiniandcompany.com. The REALTOR Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries. The National Association of Realtors® is America's largest trade association, representing 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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U.S. Properties with Foreclosure Filings on the Rise as Pandemic Remains a Threat to Economy
11,673 U.S. Properties Received a Foreclosure Filing in October 2020, Up 20 Percent from Last Month; Foreclosure Rates Highest in South Carolina, Nebraska and Alabama; Foreclosure Starts Uptick Monthly in North Carolina, Ohio and Illinois IRVINE, Calif. - November 10, 2020 -- ATTOM Data Solutions, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, a foreclosure listings portal, today released its October 2020 U.S. Foreclosure Market Report, which shows there were a total of 11,673 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in October 2020, up 20 percent from a month ago but down 79 percent from a year ago. "It's a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company. "It's likely that many of these properties were already in the early stages of default prior to the pandemic, or are vacant and abandoned, which makes them candidates for expedited foreclosure actions." South Carolina, Nebraska and Alabama post highest state foreclosure rates Nationwide one in every 11,683 housing units had a foreclosure filing in October 2020. States with the highest foreclosure rates were South Carolina (one in every 6,133 housing units with a foreclosure filing); Nebraska (one in every 6,246 housing units); Alabama (one in every 6,660 housing units); Louisiana (one in every 7,078 housing units); and Florida (one in every 7,208 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2020 were Peoria, IL (one in every 1,543 housing units with a foreclosure filing); Champaign, IL (one in every 1,674 housing units); Beaumont, TX (one in every 1,880 housing units); Birmingham, AL (one in every 1,993 housing units); and Houma, LA (one in every 2,964 housing units). Those metropolitan areas with a population greater than 1 million that posted the worst foreclosure rates in October 2020, including Birmingham, AL, were Cleveland, OH (one in every 4,511 housing units); Jacksonville, FL (one in every 5,119 housing units); New Orleans, LA (one in every 6,397 housing units); and Miami, FL (one in every 6,794 housing units). Foreclosure starts increase monthly nationwide A total of 6,042 U.S. properties started the foreclosure process in October 2020, up 21 percent from last month but down 79 percent from a year ago. While foreclosure starts are down annually in many states across the nation, a few states did see annual increases in foreclosure starts in October 2020, including Idaho (up 109 percent) and Nebraska (up 56 percent). Those states that posted the greatest monthly increases and that had 200 or more foreclosure starts in October 2020, included North Carolina (up 294 percent); Ohio (up 74 percent); Illinois (up 30 percent); New York (up 24 percent); and South Carolina (up 18 percent). Among metropolitan areas with a population greater than 1 million, those with the greatest number of foreclosure starts in October 2020 were New York, NY (485 foreclosure starts); Chicago, IL (240 foreclosure starts); Los Angeles, CA (196 foreclosure starts); Miami, FL (151 foreclosure starts); and Houston, TX (143 foreclosure starts). "It's probably not a surprise that almost all of the metro areas where foreclosure activity increased on a month-over-month basis are also places where unemployment rates are higher than the national average, and in many cases have been hotspots of COVID-19 infections," Sharga noted. "Still, it's important to keep the numbers in context – even with these increases, overall foreclosure actions are still below last year's levels by about 80%." Bank repossessions see a 28 percent increase from last month Lenders foreclosed (REO) on a total of 2,577 U.S. properties in October 2020, up 28 percent from last month but down 81 percent from a year ago. States that posted the greatest number of completed foreclosures (REOs) in October 2020, included Alabama (268 REOs filed); Florida (261 REOs filed); California (194 REOs filed); Texas (186 REOs filed); and Pennsylvania (145 REOs filed). Among the metropolitan areas with a population greater than 1 million, those with the greatest number of REOs filed in October 2020, included Birmingham, AL (233 REOs filed); Philadelphia, PA (98 REOs filed); New York, NY (97 REOs filed); Chicago, IL (62 REOs filed); and Miami, FL (52 REOs filed). About ATTOM Data Solutions ATTOM Data Solutions provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, 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. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the premier foreclosure listing and search portal for investors and consumers looking to gain a competitive edge in the distressed market. Realtytrac.com grants access to insight that is typically only available to real estate professionals.
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The Residential Real Estate Council Launches New Education Subscription Option for Residential Real Estate Agents
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Buffini & Company Launches Second Installment of their Industry-Changing Real Estate Agent Training Program, The Pathway to Mastery--Advanced
The Pathway to Mastery--Advanced program lays out a complete career path for real estate agents to create a highly successful business over the course of this eight-week program. CARLSBAD, Calif., Nov. 03, 2020 -- Buffini & Company, the largest training and coaching company in North America, has released The Pathway to Mastery--Advanced, the second course in the three-part Buffini & Company real estate training series developed by industry legend Brian Buffini. The Advanced course lays out a complete real estate career path for agents, an industry first! Packed with real-life role plays, dialogues and proven strategies, The Pathway to Mastery—Advanced prepares agents to join the best-of-the-best agents in the world. Over the course of eight weeks, real estate agents will experience unique training modules packed with content that explores the next level of working by referral. The program includes video modules that teach agents how to handle the top five buyer and top five seller objections like a pro, a step-by-step guide on how to list a property and how to help buyers find their perfect home. Additionally, the course outlines next-level content like building a personal brand, offering world-class customer service and how to become a financial wizard. The Advanced course is ideal for experienced agents looking to take their career to the next level. "With methods and dialogues to handle objections, pricing presentations and showings, agents will build on a working by referral foundation to make the most out of their database, turning clients into loyal advocates," says Brian Buffini, founder and chairman of Buffini & Company. The Pathway to Mastery—Advanced is offered both on-demand or with a Buffini Certified Mentor or Facilitator in a classroom setting (virtual or in-person). The student course kit includes a workbook, professionally-designed marketing materials, access to a robust Student Online Resource Center and to Buffini & Company's award-winning Referral Maker® CRM, a productivity tool for managing real estate marketing and lead generation. Real estate brokers, owners and managers who want to increase their agents' income, productivity and retention rates can become Buffini Certified to lead their office in this state-of-the-art training program. Classes begin December 1. To register or lead The Pathway to Mastery—Advanced. please visit: buffiniandcompany.com/advanced
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Realtors Prepare to "Reset, Refocus, and Get Reinvigorated" During First-Ever Virtual Realtors Conference & Expo
WASHINGTON (October 30, 2020) -- The National Association of Realtors opens its first-ever virtual annual conference on Monday, November 2, when Realtors® from around the globe will experience the marquee event for the world's largest trade association. "Reset, Refocus, Get Reinvigorated and Find Your 'R'!" serves as the theme for this year's conference, which will welcome participants from all 50 states, several U.S. territories and more than 60 countries. Realtors® and their partners from across the industry will be able to interact with 75 exhibitors and choose from more than 50 educational sessions covering a wide array of topics, including how emerging technology like 5G and artificial intelligence will impact the real estate market, the state of global real estate in a post-COVID world, commercial real estate valuations, among many others. "In a year of significant and wide-ranging changes, Realtors® and real estate professionals from around the world will have the opportunity to connect with industry colleagues, experts and thought leaders to discuss the challenges and opportunities in real estate's 'now' normal," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. "Our first-ever virtual annual conference offers a comprehensive lineup of impactful and engaging programming, networking, community service and more." NAR Chief Economist Lawrence Yun will review the impact of recent developments within the U.S. economy on the residential housing market and share his expectations for 2021. NAR CEO Bob Goldberg and AARP CEO Jo Ann Jenkins will discuss a new collaboration between the two organizations and the importance of enhancing consumer knowledge in age-friendly decisions for home-related purchases and actions. Long-time political strategists and high-profile couple James Carville and Mary Matalin will enlighten and entertain participants with their examination of today's most important political issues during the "All's Fair: Love, War and Politics" forum. Brian Buffini, founder of the largest training and coaching company in North America and real estate industry titan, will kick off Conference and Expo activities with an overview of his success strategies and tips for 2021. Conference-goers can participate or cheer on their friends for a good cause in the REALTORS® Relief Virtual 5K. Using a virtual 5K app, participants and their registered guests can complete and post their run or walk times to benefit the REALTORS® Relief Foundation. All proceeds will provide housing-related assistance to the victims of natural disasters across the U.S. New York Times best-selling author Glennon Doyle will close the conference with messages designed to inspire and empower. NAR installs its 2021 officers on Friday, November 13, during the association's Board of Directors meeting. NAR governance meetings will take place from November 2-13 and the Conference and Expo will occur from November 16-18. Visit www.conference.realtor to track all conference happenings and events. Follow NAR on Facebook, Twitter and Instagram @nardotrealtor and #NARAnnual. 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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Realtor.com Survey Finds Ghosts and Goblins Don't Have Homeowners Hanging a For Sale Sign
Most who believe their house is haunted are perfectly fine with a few bumps in the night SANTA CLARA, Calif., Oct. 14, 2020 -- Haunted houses are popular attractions this time of year, but most Americans say they wouldn't consider living in one. However, a majority of those who believe they currently live in a home that is haunted say the spooky happenings they've experienced are not reason enough to move, according to realtor.com®'s annual Halloween survey released today. Survey results from more than 2,000 Americans reveal that 13% believe they currently live in a home that is haunted, and a majority of them -- 54% -- knew or suspected the house was haunted before moving in. Although nearly two-thirds (62%) of respondents indicated they'd be unlikely to consider living in a house that was rumored to be haunted, a majority (56%) of Americans who believe their home is haunted have not considered moving. "Haunted houses typically draw big crowds this time of year, but we wanted to see how many people actually believe they live in one," said Lexie Holbert, realtor.com® housing and lifestyle expert. "Although only a small percentage of respondents indicated they believe their home is haunted, it was surprising to see how many are perfectly comfortable sharing their space with spirits from the world beyond." Just where are these haunted houses? The West led the nation with the most respondents who believe they live in a home that is haunted at 18%, followed by 13% in the Northeast, 11% in the Midwest and 10% in the South. Of those who suspected their house was haunted prior to moving in, Northeasterners were most comfortable living with spirits at 76%, followed by those in the West at 57%, the South at 51% and 35% in the Midwest. What is it about a house that makes it haunted? Asked to select all the spooky happenings that made them think their home was haunted, strange noises topped the list at 44%. This was followed by: Shadows -- 38% Hot and cold spots -- 37% The feel of certain rooms -- 34% Odd pet behavior -- 30% Items moving and the feel of being touched -- 29% (tie) Levitating objects -- 17% Interestingly, the survey found the denizens of the netherworld don't necessarily make their presence known in the same manner throughout the country. Regionally, here's what topped the list of ghoulish sensory exploits: Northeast: Feel of the room (41%), shadows (34%), strange noises (33%) Midwest: Strange noises (57%), shadows (37%), items moving and hot and cold spots (36%) (tie) South: Strange noises (58%), shadows (48%), the feel of a certain room (44%) West: Hot and cold spots (38%), strange noises and shadows (33%) (tie), the feeling of being touched (28%) Who's more apt to buy a haunted house and at what price? For most respondents, buying a haunted house is not something they see themselves doing. Fifty-four percent of men said they were unlikely to ever consider living in a house that was rumored to be haunted, compared to 70% of women. By age, those aged 55 and over were most unlikely to consider living in a haunted house (64%), followed closely by those aged 18-34 at 62% and 35-54-year-olds at 59%. Regionally, 66% of respondents in the Northeast said they were unlikely to consider living in a haunted home, while 65% of those living in the Midwest and South and 52% in the West said they were unlikely to. When asked at what level of discount they would need to purchase a haunted house, 39% of those between the ages of 18-34, 33% aged 35-54 and 24% aged 55 and over said the discount would need to be greater than 10%. However, 37% of those 55+, 28% aged 35-54 and 23% aged 18-34 said no discount would be enough to live in a haunted house. 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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Northeastern Housing Markets Remain Most at Risk of Economic Impact from Coronavirus Pandemic
Most Vulnerable Counties in Third Quarter of 2020 Concentrated in States Running from Connecticut through Maryland; New York City, Baltimore, Washington, D.C. and Now Philadelphia Among Areas with Clusters of High-Risk Counties; Midwest Joins the West as Regions Less at Risk of Housing-Market Problems IRVINE, Calif. -- Oct. 8, 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 third-quarter 2020 Special Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic. The report shows that pockets of the Northeast and Mid-Atlantic regions were most at risk in the third quarter – with clusters in the New York City, Baltimore, Philadelphia and Washington, D.C. areas – while the West and now Midwest are less vulnerable. The report reveals that Connecticut, New York, New Jersey, Pennsylvania, Maryland and Delaware had 32 of the 50 counties most vulnerable to the economic impact of the pandemic in the third quarter. They included five suburban counties in the New York City metropolitan area, four around Washington, D.C., four around Philadelphia, PA, four around Baltimore, MD, and seven of Connecticut's eight counties. The only four western counties among the top 50 were in northern California and Hawaii, while Illinois had the only six in the Midwest. Another eight were loosely scattered across five southern states – Florida, Louisiana, North Carolina, Texas and Virginia. Third quarter trends generally continued from those found in the first and second quarters of 2020, but with different concentrations around several major metropolitan areas. The number of counties among the top 50 most at-risk was down from 11 to five in the New York City area, and from eight to three in the Chicago, IL, area, but up from two to four in the Baltimore region. Markets are considered more or less at risk based on the percentage of homes currently facing possible foreclosure, the portion of homes with mortgage balances that exceed the estimated property value, and the percentage of local wages required to pay for major home ownership expenses. The conclusions are drawn from an analysis of the most recent home affordability index, equity and foreclosure reports prepared by ATTOM. Rankings are based on a combination of those three categories in 487 counties around the United States with sufficient data to analyze. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. The findings come as the national housing market has largely staved off the effect of the virus pandemic. While home values have dipped in some areas of the nation, counties generally have seen prices rise 7 percent to 15 percent since the third quarter of 2019. But the market remains exposed due to high unemployment and other damage that has spread through the United States economy as the virus has surged throughout the country this year. "The U.S. housing market continues to show remarkable resilience during a time of widespread economic trouble and high unemployment stemming from the virus pandemic. But amid continued price gains, pockets around the country face greater risk of a fall, especially in and around the Northeast," said Todd Teta, chief product officer with ATTOM Data Solutions. "There is much uncertainty ahead, especially if another virus wave hits. We will continue to closely monitor home prices and sale patterns to see if, how and where the pandemic starts rattling local markets." Most vulnerable counties clustered around New York City, Baltimore, Philadelphia, Washington, D.C, and Chicago. Twenty of the 50 U.S. counties most at-risk in the third quarter of 2020 from housing-market troubles connected to the pandemic (among the 487 counties with sufficient data) were in the metropolitan statistical areas around New York, NY; Philadelphia, PA; Baltimore, MD; Washington, D.C., and Chicago, IL. They included five in the New York City suburbs (Bergen, Essex, Passaic and Sussex counties in New Jersey, along with Orange County, NY) and four around Philadelphia (Burlington, Camden and Gloucester counties in New Jersey, plus Bucks County, PA). Another four counties found most at risk are in the Baltimore metro area: Anne Arundel, Baltimore, Carroll and Howard counties. The three around Chicago are Lake, McHenry and Will counties. Seven of Connecticut's eight counties also are in the top 50, including Fairfield, Litchfield, Middlesex, New Haven, New London, Tolland and Windham counties. The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the third quarter of 2020 were Humboldt County (Eureka), CA; Butte County (Chico), CA; Shasta County (Redding), CA, and Hawaii County, HI. Florida also had three counties in the top 50: Charlotte County (outside Fort Myers), Flagler County (outside Daytona Beach) and Highlands County (Sebring). Higher levels of unaffordable housing, underwater mortgages and foreclosure activity in most-at-risk counties Major home ownership costs (mortgage, property taxes and insurance) consumed more than 30 percent of average local wages in 35 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the third quarter of 2020. The highest percentages were in Bergen County, NJ (outside New York City) (51 percent of the average local wage required for major ownership costs); Passaic County, NJ (outside New York City) (50 percent); Comal County, TX (outside San Antonio) (48 percent); Carroll County, MD (outside Baltimore) (46 percent); and Hawaii County, HI (46 percent). Among all counties in the report, major expenses on the median-priced home typically consumed 32 percent of the average local wage. At least 15 percent of mortgages were underwater in the second quarter of 2020 (the latest data available on owners owing more than their properties are worth) in 37 of the 50 most at-risk counties. Nationwide, 13 percent of mortgages fell into that category. Those with the highest underwater rates were Cumberland County (Vineland), NJ (34 percent); Saint Clair County, IL (outside St. Louis, MO) (33 percent); Lackawanna County (Scranton), PA (31 percent); Monroe County, PA (outside Wilkes-Barre) (30 percent) and Madison County, IL (outside St. Louis, MO) (29 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2020 (the latest available data) in 36 of the 50 most at-risk counties. Nationwide, about one in 4,449 homes were in that position. (Foreclosure actions have dropped about 80 percent this year amid a foreclosure moratorium on banks taking back properties from homeowners behind on their mortgages.) Those with the highest rates were in Saint Tammany Parish, LA (outside New Orleans) (one in 755 properties facing possible foreclosure); Tazewell County, IL (outside Peoria) (one in 816); Madison County, IL (outside St. Louis, MO) (one in 875); Saint Clair County, IL (outside St. Louis, MO) (one in 1,007) and Kent County (Dover), DE (one in 1,069). "While it's unlikely that we'll see a return to the historically high levels of foreclosure activity we saw during the Great Recession, it's a near-certainty that the number of defaults will increase once the foreclosure moratoria have been lifted, and the CARES Act forbearance program expires," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company. "It's also likely that foreclosures will be concentrated in markets where there's a dual-trigger – for example, stubbornly high unemployment rates, and homeowners who are underwater on their loans." Counties least at-risk concentrated in Colorado, Indiana, Missouri, Texas and Wisconsin Twenty-five of the 50 least-vulnerable counties from among the 487 included in the third-quarter report were in Colorado, Indiana, Missouri, Texas and Wisconsin. The largest populated counties included Tarrant County (Fort Worth), TX; Travis County (Austin), TX; Marion County (Indianapolis), IN; Denver County, CO, and Arapahoe County, CO (outside Denver). Others among the 50 least at-risk counties with a population of at least 500,000 included Middlesex County, MA (outside Boston); Hennepin County (Minneapolis), MN; Fairfax County, VA (outside Washington, DC); Mecklenburg County (Charlotte), NC, and Wake County (Raleigh), NC. Lower levels of unaffordable housing, underwater mortgages and foreclosure activity in less-vulnerable counties Major home ownership costs (mortgage, property taxes and insurance) consumed less than 30 percent of average local wages in 28 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the third quarter of 2020. The lowest percentages were in Winnebago County (Oshkosh), WI (20 percent of the average local wage required for major ownership costs); Marion County (Indianapolis), IN (20 percent); Macomb County, MI (outside Detroit) (21 percent); Saint Clair County, MI (outside Detroit) (21 percent) and Benton County (Rogers), AR (21 percent). At least 15 percent of mortgages were underwater in the second quarter of 2020 (with owners owing more than their properties are worth) in only one of the 50 least at-risk counties. Those with the lowest rates were Chittenden County (Burlington), VT (3 percent); Washington County, WI (outside Milwaukee) (4 percent); Travis County (Austin), TX (5 percent); Multnomah County (Portland), OR (5 percent) and Boulder County, CO (5 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2020 in none of the 50 least at-risk counties. Those with low foreclosure rates included Davidson County (Nashville), TN (one in 50,975 properties facing possible foreclosure); Sheboygan County, WI (one in 50,939); Potter County (Amarillo), TX (one in 49,656); Suffolk County (Boston), MA (one in 47,605) and Washoe County (Reno), NV (one in 38,791). Report methodology The ATTOM Data Solutions Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2020 residential foreclosure and underwater property reports and third-quarter 2020 home affordability report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of *properties with a foreclosure filing during the second quarter of 2020, the percentage of properties with outstanding mortgage balances that exceeded estimated market values in the second quarter of 2020 and the percentage of average local wages need to afford the major expenses of owning a median-priced home in the third quarter of 2020. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. 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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Realtor.com Red Versus Blue Report: Blue State Americans Are Searching For Homes In Swing States; What Does That Mean For The Presidential Election?
Americans are migrating from Democratic urban areas to more affordable suburbs and rural areas that lean Republican. But will they turn any red states blue? SANTA CLARA, Calif., Oct. 6, 2020 -- The ongoing trend of Americans migrating from densely populated typically Democratic urban areas to more affordable suburbs and rural areas that historically lean more Republican could potentially have an impact on the outcome of the upcoming presidential election, according to a new analysis released today by realtor.com®. The report reveals that the majority of out of town searches for homes in the battleground states of Florida, Michigan, Pennsylvania and Wisconsin come from states and counties that lean blue. The analysis examines the searches of home shoppers on realtor.com® looking outside their local market over the last three years. For the purpose of this study, the analysis assumes the political affiliation of the home searchers is proportional to the distribution of their county of origin during the 2016 presidential election. It does not account for changes in political affiliation, other factors that may cause someone to shift their allegiances, or the migration of renters, who tend to move more frequently. "For years homebuyers have looked from urban areas to more suburban and rural areas to find the affordability that makes buying a home possible. The additional time at home and flexibility to work remotely as a result of the pandemic have further fueled this trend," said realtor.com® Chief Economist Danielle Hale. "Although many factors will ultimately influence voting decisions, what we may learn in just a little over a month is whether these shoppers ended up changing the results in the states they moved into, or not. We know a number of blue staters' interest in swing state moves; but we just don't know how many of them actually did move, and whether they themselves vote Democratic or Republican." According to the analysis, which examined all 50 states and the District of Columbia, the majority of out of town searches for homes in Florida, Michigan, Pennsylvania and Wisconsin -- four of the 13 identified by a Politico analysis as battleground states -- are coming from states and counties that lean blue. These search patterns also indicate that, with the exception of Georgia, the 30 states that went red in 2016 may be impacted one way or another by blue staters moving in. At the same time, eight blue states and the District of Columbia are seeing an influx of people from states that are red. "A critical question - as blue staters move to swing or red states, are they Democratic voters seeking out a more suburban or rural lifestyle, or are they Republican voters wanting to move out of a more Democratic neighborhood or do their political opinions shift as they move to areas that have traditionally supported Republican candidates? We may know how to better answer these questions, once the votes are counted," said Hale. Out of state searches in the four potential swing states Florida (Red in 2016 and considered a toss up state in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Florida are coming from Georgia (a red state in 2016) followed by New York, New Jersey, Illinois and California, all blue states in 2016. At the county level, the highest share of non-local searches in the state come from all blue counties -- Dekalb County, Ga., Cook County, Ill., Fulton County, Ga., New York County, N.Y. and Essex County, N.Y. Michigan (Red in 2016 and considered to be leaning blue in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Michigan are coming from Ohio, Illinois, California, Georgia and Florida. Although only two of the top viewing states are blue, the highest share of non-local searches are from blue counties -- Cook County, Ill., Summit County, Ohio, Dekalb County, Ga., Cuyahoga County, Ohio and Franklin County, Ohio. Pennsylvania (Red in 2016 and considered to be leaning slightly blue in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Pennsylvania are coming from New York, New Jersey, Maryland, Ohio and Virginia. Of these five states, only Ohio was red in 2016. At the county level, the highest share of non-local searches in the state come from all blue counties, Washington, D.C., New York County, N.Y., Essex County, N.J., Kings County, N.Y. and Montgomery County, Md. Wisconsin (Red in 2016 and considered to be a toss up in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Wisconsin are coming from Illinois, Minnesota, Pennsylvania, Iowa and California, three of which (Illinois, Minnesota and California are blue states). At the county level, four of the five highest share of non-local searches in the state come from blue counties -- Cook County, Ill., Lake County, Ill., Hennepin County, Minn. and Bucks County, Pa. The exception is McHenry County, Ill. Editor's note: This analysis is not a prediction of the outcome of the election. Whether these home searches benefit either political party depends on factors that cannot be accurately measured: first, realtor.com® does not have data on how many of these searches actually resulted in a move to a new market, though these searches have historically correlated well with migration patterns; and second, there is no way to determine the political leanings or party affiliation of those who do cross-market searches and/or ultimately move. 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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ShowingTime's Data Finds Home Showings Continue at a Torrid Pace, Jumping Nationwide for Fourth Consecutive Month
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RateMyAgent Launches an Industry-Wide Agent of the Year Awards Program
Client service is celebrated as the real estate industry undergoes transition from being transactional to service-driven SAN DIEGO, Sept. 30, 2020 -- RateMyAgent, an agent review and digital marketing platform for real estate professionals to generate, aggregate, and syndicate client reviews, today announced the launch of the real estate industry-wide customer service awards program called the Agent of the Year Awards. This national awards program is based on verified client review data instead of focusing solely on traditional awards criteria like sales volumes and commission dollars. RateMyAgent understands what a review actually embodies--a real estate professional's hard work, long hours, heart, and soul, all for the sake of creating remarkable consumer experiences. The RateMyAgent proprietary algorithm will calculate both verified and unverified reviews captured from coast to coast and will surface the top agents based on client feedback. There will be a winner from each state, along with the seven U.S. geographic regions: New England, Mid-Atlantic, Midwest, Southeast, Southwest, Mountain, and West. One of the regional winners will be named the national winner, who can claim the official title, U.S. Agent of the Year. "We launched the Agent of the Year Awards program six years ago in Australia," said Mark Armstrong, co-founder and chief strategy officer of RateMyAgent. "We wanted to reward hard work and honor the consumer experience. Now is the perfect moment to do the same for the U.S. real estate industry." The process is simple. Deliver excellence. Focus on the client experience. Raise the quality of customer service. An agent's effort, captured in a RateMyAgent verified review, which is tied directly to the transaction for authenticity, is the entry ticket. No fees, no lengthy application process, no nominations. Winners will be announced at Inman Connect in early 2021. All reviews for consideration need to be received by 11:59 PM PST, Sunday, January 3, 2021, for property transactions throughout 2020. Three Easy Steps to Enter the Agent of the Year Awards: Activate free RateMyAgent Profile which is available to every real estate professional Collect verified RateMyAgent reviews, linked directly to the transaction Focus on delivering an excellent client experience RateMyAgent is endorsed by the 2019 REACH program by the National Association of Realtors® About RateMyAgent RateMyAgent is an Australia-based review platform now expanding rapidly in the United States. In Australia, RateMyAgent is used by agents who sell 80% of property across Australia and get reviews for 1 in 3 homes sold nationally. RateMyAgent launched in the United States in 2018 and has partnerships with MLS's from Florida to California, including CRMLS, the country's largest MLS. They are the first review platform to be included in NAR's REACH Accelerator Program. RateMyAgent is listed on the Australian stock exchange. More information about RateMyAgent can be found at www.ratemyagent.com
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Realtor.com Weekly Housing Report: Nearly 400,000 Fewer Homes Have Been Listed Since the Start of the Pandemic
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Rental Beast September Market Report: Conversation with Brian Horrigan, Chief Economist at Loomis Sayles
September 23, 2020 -- In conjunction with our regular monthly Market Report, Rental Beast interviewed Brian Horrigan, Chief Economist at Loomis Sayles, a Boston-based investment management firm with more than $310 billion in assets under management, to discuss economic trends and COVID-driven real estate developments. Rental Beast spoke with Horrigan on the 19th anniversary of the September 11th attacks, and Horrigan draws enlightening parallels between the economic conditions following 9/11, and today's COVID pandemic. Horrigan explains that 9/11 permanently changed the way airport security is handled. Similarly, he expects the pandemic to have long-term effects on where we work and where we live. Although COVID-19 restrictions will eventually ease, Horrigan expects many companies will adopt a permanent hybrid work from home model. "Extended lockdowns forced millions of employees to experience working from home for the first time, and many workers found that a work from home model resulted in both more productive working hours, and the ability to spend more time with family and pursuing other interests," says Horrigan. "Even after restrictions are eased, many employees may not want to return to pre-pandemic routines and will make future real estate decisions without considering proximity to the office." Since mid-March, Rental Beast's Rental Inquiry data has shown renters moving away from urban centers to the suburbs. Horrigan emphasizes that, for millennials in their prime family formation years, the pandemic has highlighted the risks of urban living. Horrigan comments on the rise in millennial-driven suburban living, saying, "Even before the onset of the COVID-19 pandemic, many millennials left cities in search of suburban affordability and space. And, with the spike in urban violence, fear of COVID-19 contagion, and concern of future outbreaks, the number of millennials interested in non-urban living options will continue to rise." However, Horrigan is careful to point out, "This is not all bad news for urban centers. Cities will need to re-define themselves, and we may see more commercial projects pivot towards residential activity in order to address major pre-pandemic issues, including poor housing availability and affordability." But, as developers look ahead to new projects, a lack of available land near city centers will push development further away from major metro areas. If Horrigan's theory plays out, a combination of more work from home opportunities and millennial-driven suburban development may result in more affordable housing options in urban centers. While much of the resale and rental market is, in Horrigan's words, "Go, go, go," homeownership and rentals in city cores have been compromised. He emphasizes that it took most cities decades to develop the levels of safety and vibrancy needed to attract and keep residents. "COVID is dramatically changing these dynamics. Major cities will need years to repair the damage done." Rental Beast's August 2020 data reflects slowing interest in the urban rental market. In this report, we evaluate exclusive data from five major U.S. cities: Atlanta, Boston, Chicago, Miami, and Philadelphia. We track year-over-year (YOY) changes in Rental Inquiries and Rental Concessions in each city to gain a picture of market conditions. Rental Inquiries Rental Inquiry Volume Continues to Fall in Most Markets Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. August was yet another month of high anxiety for renters. Americans continued to process powerful economic and social factors, including the expiration of the CARES Act, ongoing confusion about school re-opening plans, numerous social reform protests, amped up messaging ahead of the U.S. presidential election, and, of course, the continued effects of COVID-19. In August, Rental Inquiries were down YOY in three out of five markets surveyed. Boston, Miami and Atlanta all recorded significant YOY declines, while Chicago and Philadelphia registered YOY increases: Chicago and Philadelphia registered positive YOY Rental Inquiry results, with gains of 144% and 32%, respectively. Despite health, economic, and social challenges, August represented the 4th consecutive month of positive YOY Rental Inquiry results in Chicago. Rental Beast had the opportunity to discuss the state of the Chicagoland rental market with Chicago real estate leader and CEO of Exit Strategy Realty, Nick Libert. Libert, who has a successful track record of working with both homebuyers and renters, explains that due to historically low interest rates more Chicagoans are considering homeownership, many for the 1st time. This desire for homeownership has driven his 2020 business to record levels. However, a key factor in the growth of the for-sale market is job security. Conversely, some clients must adjust their housing plans due to layoffs. Libert shares that some clients who were in the market to buy a home decided to rent due to recent furloughs. Other potential homebuyers choose to continue renting in pursuit of better deals on home prices—Libert adds that many of his clients who may be financially positioned to purchase a home are choosing to rent, waiting for lower home prices while the economic fallout from COVID-19 persists. For three of the past four months, Philadelphia recorded positive YOY Rental Inquiries as the city of Brotherly Love continues to benefit from renters moving out of NYC in pursuit of more space and lower costs. August represents the eighth consecutive month that both Boston and Miami reported negative YOY Rental Inquiry rates—down 65% and 62%, respectively. Atlanta also reported a 53% decline, continuing the city's nearly year-long trend of negative YOY Rental Inquiries. Like most major metros, many of Boston's large office complexes sit empty as companies re-think their real estate needs. While the shift to virtual models by Boston's universities and large corporate employers has dampened rental demand, Horrigan is optimistic that Boston will recover more quickly. "Unlike many other cities across the US, Boston crime-rates have remained relatively low, suggesting a smoother road to recovery." Like Boston, Miami recorded negative YOY Rental Inquiry rates, as tourism continues to suffer under COVID-19 restrictions. Rental Concessions Rental Concessions Settle in Some Markets While Remaining Prevalent in Others Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. For August, Rental Concessions dropped in Philadelphia, Chicago, and Atlanta, while Boston and Miami registered YOY increases: Throughout August, anxious landlords and tenants hoped for guidance from Congress about new rent relief measures. Absent further guidance, landlords continued to slow the pace of Rental Concessions with the following YOY declines: Philadelphia (-99%), Chicago (-54%), and Atlanta (-14%). "Lawmakers in Congress and the Administration need to come back to the table and work together on comprehensive legislation that protects and supports tens of millions of American renters by extending unemployment benefits and providing desperately needed rental assistance," said Doug Bibby, National Multifamily Housing Council President. Boston & Miami landlords continue to offer Rental Concessions to prospective tenants. Boston Rental Concessions were up 99% YOY for August, while Miami posted a 82% YOY increase. Pre-COVID, Boston landlords rarely offered Rental Concessions. However, landlords have quickly adjusted to reduced demand by offering high concessions. Ishay Grinberg, Rental Beast's founder and CEO, comments, "As a landlord, I want to make sound financial decisions while still attracting the best residents. I don't want to lower rents, because it will be very difficult to raise them to market value later. Offering Rental Concessions strikes the right balance—they help landlords fill vacancies, and tenants benefit from some financial relief." About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of over eight million off-MLS rental properties. With active listings in 19 markets across the United States, and 5 additional markets opening within the next 30 days, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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MoveEasy Launches Mobile App
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Why Homesnap Pro+ Has Been Dubbed the Amazon Prime of Real Estate
Comparing Amazon Prime to Homesnap Pro+ may seem pretty lofty. But allow us to explain why it's an apt analogy: Amazon Prime offers a collection of benefits that, together, satisfy every need or want a member could have. Subscribers can order groceries for delivery in under two hours. Cook dinner with the kitchen utensils they bought at a discount on Prime Day. Settle in after their meal and watch original programming on Amazon Prime's streaming service. And then, before bed, read a New York Times' bestseller on their Kindle Paperwhite. Virtually everything and anything members could ever need on a day-to-day basis is readily accessible at little more than a click of a button. Homesnap Pro+ is built upon that same principle of ease-of-use, consistency and convenience. For one annual subscription fee, agents get access to a bundle of products and services that aid them in taking a holistic approach to their digital marketing. They'll be empowered to build a consistent, wide-reaching, and credible presence across the web—from social media to search engines, home-search portals and business websites—on one platform. What's included in Homesnap Pro+ and how each feature works to improve your digital marketing Google Business Profile Verification, Optimization and Management As an established Google Premier Partner, Homesnap Pro+ can instantly verify, manage, and optimize your Google Business Profile for you. We'll take all the guesswork, technical know-how, and general head-scratchers out of managing a Google Profile. We'll help you claim your profile and load it with your photos, listings, contact information and regularly optimize your profile's performance, so you can boost your appearance search results—by as much as 5,000%. Then, we'll send you regular performance reports so you track your progress toward becoming a top, sought-after agent in your area every step of the way. Why does this matter? Today's consumers don't search for specific agents, but for more broad terms like "best real estate agent" or "top-rated agents near me." Because of this, Google has to decide what results to display—it has to determine which businesses most accurately reflect the users' search parameters and are therefore most likely to satisfy the query. The more information Google has about a business, the more likely it is to recommend it (i.e., rank it higher in search results) to its users. In years past, this could have been accomplished by SEO (content on blogs, websites, social media, etc.). Now, though, Google has changed the game. Google wants businesses to provide the information it needs to make a decision directly to Google. Put simply: Google wants you to use a Google product (the Google business profile) to rank high on Google search. Homesnap recently ran a study that traced the growth of our customers using Homesnap Pro+ to verify, manage, and optimize their Google business profiles and found the following results: After three months, customers increased their appearance in searches 380% After six months, customers increased their appearance in searches 1,037% After one year, customers increased their appearance in searches 3,087% After a year and a half, customers increased their appearance in searches 5,037% Real Estate Websites Homesnap Pro+ Real Estate Websites are professionally developed, personally branded, and powered by Homesnap Search. They enable you to establish a credible, lead-generating online presence in minutes, not weeks—and are ready to go live with little more than a click of a button—at a fraction of the cost of traditional website builds. These professionally designed websites include: A simplified, elegant layout that prominently features your preferred web address name and brand across all pages A built-in search portal powered by Homesnap, featuring the most accurate, real-time data in the industry Powerful, lead-generating real estate tools built-right in that consumers love. A built-in search portal powered by Homesnap, featuring the most accurate, real-time data in the industry Why does this matter? Real estate agent websites are important for obvious reasons, but Homesnap Pro+ Real Estate Websites offer agents a modern, fully customizable solution. You'll never have to worry about upkeep, maintenance, or outages because Homesnap will handle all of the backend management for you. And because a Homesnap Pro+ Real Estate Website comes as part of your membership, you'll save hundreds of dollars each year on third-party hosting and management fees—meaning your Homesnap Pro+ subscription practically pays for itself. We'll even migrate your existing website and domain name at no additional cost. One-Click Review Tool The One-Click Review Tool is designed to make it easier than ever for agents to invite clients, colleagues, and personal connections to leave reviews on Google. No more calling or texting asking for a positive review on Google. No more awkward conversations. Simply add the person's email address or click on a Homesnap contact, and we'll instantly send an email on your behalf asking them to leave a positive review. With the One-Click Review Tool, agents receive a positive review for every 2.6 review requests they send, which is 3X more often than the industry average. And agents who've used the One-Click Review Tool regularly (five or more times) had an average lifetime review rating of 4.95. Those who didn't? Their rating averaged out to just 1.5. Why does this matter? You know reviews are important for your reputation, but clients aren't particularly motivated to leave positive reviews without a nudge. Not only does the One-Click Review Tool help you get those positive reviews you need to win more business, but it will also boost your overall search rankings. According to our data scientists: Agents with an average review rating of 4.0 or better on Google appear in 350% more Google searches than agents with an average review rating of 0-3. Agents with a 4.0 average review rating on Google received 300% more actions (calls, texts, website views, and direction requests) than those with a review rating of 0-3. The more reviews an agent has, the better they perform in search, views, and actions. The only problem? The impact of positive reviews tends to diminish over time: Without at least one review every 90 days, the above benefits decrease by about 50%. So, you need to make sure your reviews are constantly up to date. Advanced Off-Market Search Filters Are you familiar with our heatmaps and off-market search filters, like Likelihood to List, that are available to agents right now as part of their Homesnap Pro membership (which is included as part of your MLS subscription)? Homesnap Pro+ unlocks additional advanced features, so you can dig even deeper on the status of off-market properties. These include: Distressed Information, Ownership Type, Home Equity, Loan Balance, and Consumer Demographics (which includes age, gender, marital status, income, and number of children, as well as social media information.) Why does this matter? As prospecting gets harder and harder and in-person canvassing takes a backseat in a pandemic world, being able to zero in on properties likely to hit the market before they do can be a huge boon for agents. In short, if you're looking for a more strategic way to discover listings before your competition, Homesnap's Off-Market Search Filters are some of the best tools available to do it. Enhanced Agent Profiles With a Homesnap Pro+ membership, you'll have an enhanced version of our agent profile page. We'll populate new sections to your profile such as your Google reviews, content posts, business details, and more. We'll include a blue checkmark badge on your profile photo that highlights you're a verified, credible agent. Why does this matter? Trust, as you know, is integral to agent-client relationships. An enhanced agent profile lets the 1,000,000+ users of the Homesnap Search Portal know you're a credible, professional, and recommended agent. Who's Viewed My Listings & Profile Homesnap Pro+ includes Who's Viewed My Listings & Profile. Who's Viewed allows you to see how many consumers have viewed your listings in the last 90 days, as well as which how many agents have viewed your profile and listings in the last 90 days. Why does this matter? By using the Who's Viewed feature, you can connect with interested buyers, report back to sellers how many agents and clients have viewed their listing, and monitor your growing business and understand how your digital presence is changing over time. Custom Lead Pages With Homesnap Pro+'s Custom Lead Pages, you'll get instant access to an optimized lead-gen tool. When you have a listing, we'll generate a custom lead page that you can use for all your marketing needs, from listing pages to social media and other marketing materials. Why does this matter? Not only will these professionally designed pages impress your sellers, they'll also help you save time while ensuring you're optimizing lead generation. They're branded to you and purpose-built to encourage prospects to provide personal information you can use to get in touch. NEW Sell Speed Like Amazon Prime, we're constantly adding new features, and Sell Speed is the latest edition to the Homesnap Pro+ bundle. Currently in beta, Sell Speed is a proprietary artificial intelligence algorithm, composed of hundreds of up-to-the-minute real estate market data points, that predicts how quickly a home will sell at various price points. Homesnap Pro agents can use Sell Speed on their listings or any off-market property, and Homesnap Pro+ agents can also add Sell Speed to any available active listing*. Why does this matter? Sell Speed takes the guesswork out of determining an asking price or making an offer for a property on behalf of a client. Use Sell Speed to help clients set realistic goals and expectations or arm yourself in buyer negotiations and get a fair market offer for your clients. Bottom Line Homesnap Pro+, like Prime, provides members access to a collection of benefits that seamlessly work together to make agents' lives easier. No more piecemeal tactics. No more disparate platforms or lack of a cohesive strategy. Just everything an agent could ever need to bolster awareness, enhance credibility, and generate more leads—all in one place. Is Homesnap Pro+ Right For You? Learn More. To view the original post, visit the Homesnap blog.
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W+R Studios Co-founder Greg Robertson Releases Debut Title, 'The Art of the CMA'
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Homebuyers on a $2,500 Monthly Budget Can Afford $33,000 More with Low Mortgage Rates, But Higher Home Prices Cancel Out Increase
Historically low rates are motivating homebuyers even though prices were up 8.2% year over year in July, effectively cancelling out the 6.9% increase in purchasing power SEATTLE, Sept. 3, 2020 -- A homebuyer with a $2,500 monthly housing budget can afford a home priced $33,250 higher than a year ago, thanks to historically low mortgage rates, according to a new report from Redfin, the technology-powered real estate brokerage. At a 3% mortgage interest rate—roughly the average 30-year fixed rate for July and August 2020—a homebuyer can afford a $516,500 home on $2,500 per month, up from the $483,250 they could afford on the same budget when the average was 3.77% in July 2019. The $33,250 rise in purchasing power from last year (from $483,250 to $516,500) is a 6.9% increase. The 8.2% year-over-year home-price increase in July, the largest rise in more than two years, was higher. Historically low mortgage rates are responsible for both: They push up homebuyer demand, which leads to an uptick in home prices. Those are the intended results, as the Fed is using low interest rates to stimulate the economy during the pandemic-driven recession. "Low mortgage rates are motivating many people to purchase a home, particularly those who want more space to work from home," said Redfin chief economist Daryl Fairweather. "But because there hasn't been an increase in the number of homes for sale since rates started dropping with the onset of the pandemic, many buyers end up competing for the same homes, driving up prices. Those competing forces make the current market a wash for many buyers looking for single-family homes in competitive areas. Buyers searching for condos can find a better deal, both on overall price and mortgage payments, because most condos are less competitive than single-family homes as people move out of densely populated urban areas." The continuing housing supply shortage means there are fewer affordable homes for sale for someone with a $2,500 monthly budget than last year. In July 2020, 70.6% of homes nationwide were affordable on that budget, down slightly from 71.9% in July 2019. Despite bigger budgets, buyers have fewer options in many metros There were fewer homes for sale on a $2,500 monthly budget than last year in the majority of metros Redfin analyzed. Salt Lake City (-5.2 percentage points), Kansas City (-3.7), Austin (-3.2) and Boston (-3) saw the biggest declines in the share of affordable homes for sale. Miami (+2.1), Jacksonville (+2), Columbus (+2) and Milwaukee (+2) experienced the biggest increases. In Providence, Rhode Island, where the share of affordable homes has declined 1.5 percentage points since last year, Redfin agent Lisa Bernardeau says low rates are the primary motivation for buyers right now. "Back in June, homebuyers thought they could take advantage of low rates and get a good deal because of the pandemic. Now they're seeing that's not the case because inventory is so tight and there's so much competition, but most buyers are still powering through. Regardless of high prices, a lot of buyers have been watching the market and they don't want to miss out on historically low rates or risk prices going even higher. Low interest rates are the number one driver right now." To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.
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NAR Announces New International Language Assets Available on NAR+Photofy App
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Real estate agent survey reveals how home builders can increase sales
Dallas area agents want the same access to new homes they have for existing homes DALLAS, TX - September 2, 2020 -- A new study shows real estate agents would sell more new homes if they were as easy to show as other homes listed for sale. HomesUSA.com, America's number one brokerage for new home sales, polled more than 4,000 agents who sold both new and resale homes in the Dallas-Ft. Worth area. A vast majority (86 percent) of agents responding said they would sell more new homes if they could show them outside of regular builder hours. The survey also found that two digital real estate tools widely used to expedite showings by agents of existing homes are needed to increase agent sales of new homes. Three-in-four agents (74 percent) said if builders provided electronic key boxes and an online scheduling service, they would sell more new homes. HomesUSA.com CEO Ben Caballero is a current Guinness World Record title holder who set a new record for home sales in Dallas-Ft. Worth last year. He says builders are missing a massive opportunity by not offering agents easier access. "Real estate agents are nearly unanimous in what builder can do to help them sell new more homes. Agents need more flexibility scheduling and showing new homes," said Caballero. Agents pay additional fees to use these digital products, as these showing technologies enable them to be more productive. However, builders do not use these digital services with their new home offerings. This puts an unnecessary obstacle that discourages agents from showing new homes, the survey found. "The first rule of selling is to make buying easy," Caballero, who has sold more new homes than any other real estate agent in history, said. "Every impediment an agent encounters in showing a home reduces the foot traffic in that home. Unfortunately, some builders tell me that they would rather lose a sale than lose control of access to their homes." Caballero notes that it wasn't too long ago when as buyer's agent had to call the listing agent to schedule showings and then pick up a key from them. Today, these outdated practices have been replaced by technology that is used universally in real estate, except for home builders. Online showing services can allow agents to schedule showings before or after builder hours and at times builders typically make homes available to buyers. HomesUSA.com's Caballero, says that based on his experience working with 60+ builder clients throughout Texas, most builders choose the wrong agent incentives. "Builders spend a tremendous amount of money on bonuses, trips, and other perks to encourage agents to sell their homes," Caballero said. "Most overlook a simple, easy, and inexpensive way to motivate agents to sell their homes. Builders can save a lot of money by allowing agents the same flexibility they have when selling existing homes." The survey found that 91 percent of agents agreed that "a scheduling service is the best way to schedule showings." Nearly nine out of ten (89 percent) agreed that "electronic boxes are the most convenient way to access homes." "It's common for builders to offer a financial incentive – a bonus – to a real estate agent for selling a new home. But the survey shows that access to a new home is far more important to an agent than a bonus," Caballero added. Over half of agents surveyed say they are not strongly influenced by a bonus to show a home. "Bonuses are expensive. It's much less expensive for a builder to allow agent to use keyboxes and online scheduling services that agents are accustomed to using," he added. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Play. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Historic Jump in Showing Activity Seen Nationwide as July Home Buyer Traffic Surges 60.7 Percent
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Realtor.com Helps Home Shoppers Understand a Property's Flood Risk
For-sale and off-market properties across the contiguous U.S. now include Flood Factor from First Street Foundation and FEMA flood data SANTA CLARA, Calif., Aug. 26, 2020 -- To help consumers better understand flood risk and take necessary precautions, realtor.com now includes flood risk information on for-sale and off-market properties. Properties now display a Flood Factor from First Street Foundation, a nonprofit research and technology group, which is a score between one and 10 that represents its cumulative risk of flooding over a 30-year mortgage. Properties also display their FEMA Flood Zone, providing realtor.com users with a comprehensive understanding of their flood risk. This first-of-its-kind data integration on realtor.com® will give home shoppers and homeowners easy access to previously hard-to-find information about flood risk. Users can also drill down for additional details on past, present and future risk, and explore the interactive flood map. "Historically, determining a property's flood risk was an onerous process -- in some cases, potential buyers would have no idea a property was in a flood zone until it was flagged by the mortgage company prior to closing, or in some cases not at all," said Leslie Jordan, senior vice president of product, realtor.com® . "By surfacing this information upfront, consumers can avoid surprises and have all the information they need to make informed decisions and feel confident about the home buying process." First Street Foundation has developed the industry's most comprehensive, climate adjusted flood risk model, assessing flood risk at the individual property level today and in the future throughout the continental U.S. The model incorporates local adaptation, includes areas not currently mapped by FEMA, and assesses risk from four types of flooding events, including riverine, rainfall, storm surge, and tidal sources. The model addresses the reality that these sources have been, and continue to be, impacted in different ways by a changing environment. The First Street Foundation Flood Model was produced in partnership with more than 80 of the world's leading hydrologists, researchers and data scientists and has been reviewed by some of the world's leading research institutions. FEMA Flood Maps are the official public source for flood hazard information produced in support of the National Flood Insurance Program. A property that is in a Special Flood Hazard Area is identified as having flood, mudflow or flood-related erosion hazards and requires mandatory purchase of flood insurance. In order to make the most informed decisions, home shoppers should consider multiple sources of data and have a discussion with their real estate agent. "Integrating Flood Factor on realtor.com® provides millions of current and future homeowners with a comprehensive, accessible understanding of a property's flood risk due to a changing environment over the life of a 30-year mortgage," said Matthew Eby, executive director of First Street Foundation. "By democratizing access to this information, First Street Foundation is helping homeowners protect what is likely their largest, most valuable asset: their home." Realtor.com® aims to provide consumers with as much information as possible so they can feel confident in their real estate decisions. By better understanding a property's risk of flood, homeowners can protect their home with flood insurance and other precautionary measures. Realtor.com®'s new flood data can help reduce flood-related surprises at the closing table. Agents and brokers can use this valuable information to provide additional context, guidance and insights to the buyers and sellers they work with. Professionals can use both the FEMA and Flood Factor™ data on realtor.com® to help reduce the number of clients who buy high-risk properties by surprise or list properties before mitigating the risk by helping their buyer and seller clients perform due diligence and increase confidence in real estate markets, particularly where FEMA does not currently map. Flood risk data is now available on realtor.com® web, mobile web, iOS and Android apps. For more information on Flood Factor and a free online flood data visualization, visit floodfactor.com. 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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West Coast, Best Coast, No More?
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Real Estate Agents, Teams Get Access to Delta Media's Best CRM Platform for the First Time
CANTON, Ohio, Aug. 19, 2020 -- Delta Media Group Inc., one of America's most established and largest broker technology solutions providers, announces its most advanced website and digital marketing platform with built-in CRM - DeltaNET 6 - will be available directly to individual real estate agents and teams, as well as small brokerages for the first time. Until now, the DeltaNET platform has been aimed at larger real estate brokerages and franchises. Beginning Aug. 24, the entire DeltaNET 6 CRM platform with all features unlocked will be available to agents and teams as a 30-day no commitment trial offer. A free webinar that details the new program is set for Tuesday, August 25, at 3:00 pm Eastern Time, with details here. "The best CRM is the one an agent will use," says Michael Minard, CEO, and owner of Delta Media. "Delta Media is offering agents and teams a CRM solution that's instantly adopted because it's fully integrated into the automated tools they'll use every day both for their websites and all their digital and traditional marketing." Minard explains individual agents and teams can leverage an array of automation using DeltaNET 6, from set-and-forget drip prospecting campaigns and My Customer for Life auto email engagement offerings to Facebook and LinkedIn connectors, and its unparalleled eCards and flyers platform. "One system to capture, cultivate, and connect to clients," says Minard. In addition to the built-in CRM, one of Delta's platform's most significant advantages is website and digital marketing customization, ensuring differentiation between brands that compete in any market. "Agents and teams thrive on differentiation," he adds. Minard notes artificial intelligence improvements will enrich its DeltaNET 6 CRM capabilities. New AI features will power agent and team websites by offering consumer suggestions and automated marketing engagements - all tracked automatically inside its built-in CRM. Consumer search, for example, will monitor consumer behavior to anticipate the next steps. For agents and teams, artificial intelligence will help them review their sales funnel and make suggestions on which customers need to be contacted. At the end of the 30-day trial, real estate professionals can keep the full-featured DeltaNET 6 platform for $99 a month, select from a starter program at $25 a month, or pay $49 a month for a more advanced program. Full details on these new program options will be available in September. About Delta Media Group Delta Media Group, located in Canton, Ohio, is a leading and trusted technology partner for many of real estate's top brands. Creator of the DeltaNET 6, real estate's most advanced all-in-one digital marketing, back office, and website platform, Delta Media Group is the largest family-owned and operated technology innovator with no outside investors or VC funding. Delta Media Group is renowned for saving clients money while reducing the frustration of managing multiple online technologies. Established in 1994, Delta Media Group remains a top real estate technology innovator. Discover more at deltamediagroup.com.
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Urban Rental Markets Show Signs of Cooling
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People Are Searching in the Suburbs More Than Ever Before
Remote work, desire for more space is driving home shoppers to less dense, relatively nearby metros SANTA CLARA, Calif., Aug. 10, 2020 -- America is looking to move again, and the COVID-19 pandemic is influencing the U.S. housing market both in terms of where people are searching and what they are searching for, according to realtor.com®'s quarterly Cross Market Demand Report, which measures search data to provide insight into where shoppers are looking for their next home. After an initial shift in search habits at the onset of the coronavirus in the U.S., home shoppers looking outside their current metro area for homes have surpassed pre-COVID levels, and more are increasingly setting their sights on the suburbs. During the second quarter of 2020, 51% of views from urban residents of the U.S.' 100 largest metros went to suburban properties in their metros, an all-time high since realtor.com® began tracking metro level search data in 2017. "We see lingering effects of the coronavirus on shopping behavior and preferences. In the Northeast, especially, people are now as likely as before the pandemic to be looking for a home in a market that's not where they currently live. However, those looking elsewhere are much more likely to be looking in smaller, nearby markets," said realtor.com® Chief Economist Danielle Hale. "With remote work more common and accepted, it seems that people are looking to locate further from the office either to enjoy more space at a better price, or get closer to nature in the mountains or at the beach. At this point, they are not venturing too far away." The search data analysis reinforces the findings of a recent realtor.com® Harris X consumer survey of 2,000 active home shoppers, which indicated that home purchase decisions are being influenced by consumers' ability to work remotely, desire for more space and their willingness to commute longer to get what they want in a home. Northeastern markets heat up as search activity is shifting to smaller, less dense areas Following a decline in searchers looking outside their local market during the second quarter, Northeastern markets saw an uptick in interest in July. This activity was primarily driven by residents of the region's larger metros looking in smaller, nearby bedroom communities or vacation home markets such as East Stroudsburg, Penn, Bridgeport-Stamford-Norwalk, Conn. and Atlantic City and Ocean City, N.J. The same trend was evident in the New York metro area, where demand grew in outer-lying counties, such as Nassau and Suffolk County, N.Y., and Monmouth and Ocean County, N.J., but decreased slightly in Manhattan and the Bronx. Remote work policies could influence the West With many tech companies extending their work from home policies and employees anticipating that their employers will afford more flexibility for remote working, the potential exists for home shoppers to search farther from home as the year progresses. During the second quarter, people looking for homes in Seattle, Portland, Los Angeles and San Diego from outside markets cooled, while Riverside-San Bernardino, San Francisco, and Sacramento saw an improvement in out-of-market home-buying interest. Demand in Riverside was heavily driven by Los Angeles residents, while the market also saw demand from San Diego searchers. Sacramento homes were primarily viewed by home shoppers from San Francisco, San Jose and Los Angeles, which could be prompted by remote workers seeking affordability and more space. San Francisco's out-of-market demand, however, counters these broader trends. Interest in San Francisco was primarily driven by San Jose, perhaps as nearby shoppers see an opportunity to get into the pricey, exclusive market. South and Midwest cool as COVID cases heat up While the Southeast, especially South Florida and the states of Texas, Mississippi, Alabama, Georgia and South Carolina saw an increased interest from searchers in other markets during the second quarter, out of market searches slowed in July as the region battled a spike in COVID-19 cases. At the same time, some of the region's largest metros, including Atlanta, Dallas, Houston, Miami and Tampa, saw inbound searches decrease in July compared to the second quarter. The Midwest saw increasing out of market shopping interest before the pandemic hit, but has failed to recapture that strength since. Midwestern metropolitan areas saw the rate at which home shoppers searched outside their home metros almost consistently decrease since February, other than a small improvement in May. This signals that Midwestern metros are likely still struggling to return to normal, and is consistent with concern for emerging COVID hot-spots in the region and pre-pandemic job market weakness. For more information, read the full report 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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ActivePipe Unveils Real Estate Content
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AerialSphere Launches Next-Gen Mapping Technology to Change How Consumers Experience Real Estate
XP360 Enables Real Estate Brokerages and Agents to Enhance Their Property Searches and Improve Engagement PHOENIX, Ariz. - August 11, 2020 -- AerialSphere, the industry leader in delivering immersive aerial experiences, today announced the launch of XP360 web application and API, which creates an online home search experience that is transforming the residential real estate market -- enabling agents to better attract and engage clients with the latest in mapping technology. XP360 features a simple, user-friendly interface that empowers brokers and agents to add a new level of interactivity in home searches that goes way beyond traditional aerial views of homes. XP360 gives prospective home buyers the ability to see homes, neighborhoods, schools and other points of interest in a new and engaging way from perspectives never seen before. According to AerialSphere Co-Founder and Chief Innovation Officer DJ Vegh, "AerialSphere powered maps, unlike Google Maps, provide an immersive experience that allows consumers to see maps with dimension, giving them a better perspective of the world we live in, which in turn, helps them make more informed purchase decisions." AerialSphere 360-degree immersive and interactive maps have quickly become a crucial sales tool for over 200 agents in the Phoenix metro area. Agents have leveraged this technology throughout their interactions with clients and potential clients with much success, generating close to a half-million map views in the last year. "Real estate companies, mapmakers, travel and tourism firms can all use XP360 to enhance their applications," said WAV Group Founding Partner Marilyn Wilson. "This is something new," she said, admitting she got "a chill" when she first saw it. "It was like when I saw the first iPhone, I knew it was going to change everything," she added. Vegh also added AerialSphere's mapping technology appeals not just to residential real estate. "It has significant applications for commercial real estate, travel, Insurance, universities, and local government agencies, all who can leverage the amazing benefits of interactive mapping and Immersive Reality from AerialSphere," he says. AerialSphere has seen significant growth over the last year. Leasing real estate firms including CBRE, Cushman & Wakefield and Colliers International have chosen AerialSphere to provide immersive mapping experiences to attract and engage their clients. About AerialSphere AerialSphere is re-inventing the way people interact with maps through its unprecedented 360-degree immersive experience to help companies engage, drive revenue, inform and entertain. AerialSphere's patented platform and open API integrates with virtually any application environment and device to deliver experiences that are more exciting, engaging and effective than traditional digital mapping solutions. AerialSphere is used by organizations in Real Estate, Retail, Travel, Insurance, Government, Entertainment/Events, Education and Technology. Share more than maps. Share experiences. Discover more about AerialSphere at: aerialsphere.com
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Rental Beast and Liberty Mutual Insurance Partner to Increase Access to Affordable Renter's Insurance
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iGUIDE Partners with Floorplanner to Make Virtual Space Planning Easier and More Efficient
Kitchener, Canada, August 07, 2020 -- Planitar Inc., makers of the iGUIDE camera and software platform for capturing and delivering immersive 3D virtual tours and extensive property data, today announced their partnership with Floorplanner -- a fully browser-based 2D and 3D space planning tool. With this new partnership in the growing virtual real estate space, iGUIDE users will now be able to export floor plans directly to Floorplanner, to make use of the company's space planning tools without having to input the floor plan manually. "iGUIDE is known for quickly creating detailed and accurate floor plans that are used for planning or marketing a property. This newly added Floorplanner integration takes the utility of iGUIDE to the next level and opens up even more possibilities," said Alexander Likholyot, CEO of Planitar Inc. "We are very excited about offering this value-add to our customers and partners, who will now be able to use their iGUIDE to leap from present into the future by planning and customizing their space and visualizing the results as 3D renders before any physical changes are made." Residential Real estate needs are changing due to social distancing, and understanding or planning a space remotely through virtual tools will now be made possible by iGUIDE's enhanced solution, using Floorplanner. This means home buyers can virtually plan their new home before they move in. Commercial and business property owners with an iGUIDE can also benefit by replanning existing spaces to accommodate the "new norm" more easily. This includes updated seating plans and office furniture layouts to achieve proper physical distancing. Gert-Jan van der Wel, co-founder of Floorplanner.com mentioned, "Floorplanner was created to offer easy 2D and 3D space planning without the hassle of using complex 3D CAD software, to render interactive floor plans that could be virtually staged. With partners like iGUIDE joining our mission, the opportunities it presents are limitless." He further added, "Floorplanner will allow iGUIDE users to plan the placement of furniture, decorations, cabinets, and appliances, as well as, experiment with area rugs, flooring, and wall colors. Easy virtual staging with a wide variety of 3D customizations to present a dream space, would now only be a few clicks away." The new feature has already been tested and is now available for use by all iGUIDE service providers to offer to Real Estate Professionals and will bring more value to the home buying process. About iGUIDE 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 that features immersive 3D tours, accurate floor plans, room dimensions, and reliable property square footage calculations. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments. About Floorplanner Floorplanner was founded in 2007 by 3 architects and a civil engineer who strongly felt that 3D CAD software could be simpler, lighter and more accessible. So, with a small team we created our first version. Floorplanner was the first fully browser-based 2D & 3D planner, and since then over 20 million users worldwide have joined the floorplanner community for work, school, or personal portfolios. Floorplanner is based in Rotterdam (The Netherlands) where we work with a talented team of around 25 people. We are self-funded, profitable, and our revenue has been growing for the last 10 consecutive years. This allows us to continue making deep investments in our platform according to our long-term vision, improving the experience for every Floorplanner user.
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Urban Land Institute Launches New Online Offering to Make Real Estate Careers More Accessible
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ReferralExchange Selected to Join NAR's REALTOR Benefits Program
1.4M NAR members can now access special benefits on the ReferralExchange LIVE lead concierge program SAN FRANCISCO -- ReferralExchange, the real estate industry's leading referral network, has been selected as the newest partner in the REALTOR Benefits Program, the official partnership program of the National Association of Realtors (NAR), America's largest trade association. The REALTOR Benefits Program connects members with savings and unique offers from more than 30 strategic partners, recognized as leaders in their respective industries. Participation in the Program provides an unmatched opportunity for NAR's strategic partners to connect with the $5 billion REALTOR® brand and deliver value to 1.4 million REALTORS nationwide. "Today, real estate agents obtain leads from more places than ever before, but market inefficiencies too often lead our members in the wrong direction – costing valuable time and resources," said NAR CEO Bob Goldberg. "We are excited to announce a partnership with ReferralExchange, which will allow agents to focus more time serving clients and building the relationships necessary to drive their businesses while ensuring they are maximizing lead verification investments." LIVE by ReferralExchange consists of three simple steps that allow agents to turn leads into actionable transactions. Lead verification: ReferralExchange uses proprietary technology to quickly figure out which of an agent's raw leads are real and which are not. Lead readiness: ReferralExchange's licensed customer service team calls the agent's leads and uses a proven system that verifies data and determines the potential client's readiness to transact. A live transfer sends the lead directly back to the agent via phone. Lead transaction: Once a lead has been verified as real and ready to transact, the agent may decide whether or not to complete the deal themselves "From the time our company was founded in 2006, we've valued the role that NAR has played in making our industry better for both real estate agents and consumers," said Scott Olsen, CEO of ReferralExchange. "Since the majority of the 140,000 real estate agents in our broader agent network are already REALTORS®, we're excited to officially offer our LIVE service through NAR's REALTOR Benefits® Program." More specifically, LIVE is currently in use by over 16,000 real estate agents across the country for referral and lead concierge services. "ReferralExchange scrubs the leads and makes sure the person is ready to talk, which is huge," said Kathie Fitzpatrick, a broker with Keller Williams Yakima Valley in Yakima, Washington. "The LIVE service also makes me look more professional in the eyes of the consumer due to the simple fact that someone is calling prior to me reaching out in order to qualify them and determine their readiness to transact." About ReferralExchange ReferralExchange, the nation's top agent-to-agent real estate referral company, is dedicated to creating great real estate experiences between real estate professionals and customers. Founded in 2005, ReferralExchange has built an invite-only, nationwide network of over 140,000 top-performing real estate agents in the US and Canada. In 2018, the network helped generate over $4 billion in sales. Building on the success of its referral network, the LIVE product was introduced to help real estate agents provide the best possible service to their clients. To learn more, visit www.referralexchange.com. About NAR 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. The Realtor Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries. www.nar.realtor
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COVID-19 Impacts Homebuyer Preferences But Not Budgets: Homes.com Survey
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Remote Work to Drive Home Purchase Decisions in the Next Six Months
More than half of those currently working from home are doing so because of COVID SANTA CLARA, Calif., July 29, 2020 -- Many families quickly adjusted their current living space to accommodate working from home, but those who expect the change to be permanent are likely to pull the trigger on a new home purchase in the next six months, according to a realtor.com® HarrisX survey of active home shoppers released today. Of the 2,000 home shoppers surveyed in June who plan to purchase a home in the next year, 63 percent of those currently working from home indicated their decision to buy a new house was a result of their ability to work remotely. Nearly 40 percent of those who said remote work was fueling their search expected to purchase a home within four to six months, and 13 percent said changes related to COVID prompted their desire to purchase a new home. Having a home office is very important for people who work remotely, but not at the exclusion of more conventional features. Over 20 percent of respondents who are buying because of remote work say that having a home office is important to them and a home office was the most chosen new home feature. Similar to overall home buyers, the five next most popular features were a garage, a quiet location, an updated kitchen, a large backyard, and an open floor plan. "The ability to work remotely is expanding home shoppers' geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short term," said realtor.com® Senior Economist George Ratiu. "Although it's too early to tell what long-term impact the COVID-era of remote work will have on housing, it's clear that the pandemic is shaping how people live and work under the same roof." Today's remote work snapshot According to the data, nearly 40 percent of currently employed respondents are currently working from home as a result of COVID. Thirty-five percent of respondents were remote employees before COVID happened and 28 percent are still going into their place of employment. When given the choice of working remotely or in an office setting 52 percent of remote workers indicated they prefer to work from home. Interestingly, 39 percent prefer to work in an office setting and 9 percent said it makes no difference to them. Accommodating remote work at home With entire families at home, finding a quiet place for work or school has been challenging for many. Fifty percent of respondents do the majority of their work in a home office. Fifteen percent work in their bedroom, 13 percent in the living room, 12 percent at the kitchen table and 7 percent move from room to room depending on where their family is. In order to accommodate work from home, 45 percent of respondents converted a room in their home to an office. Thirty-six percent created a home office space and 28 percent updated their existing office space with a new monitor, chair, etc. Only 7 percent have not made any accommodations or already had a good office set up at home. Majority of respondents anticipate some aspect of remote work in the future With many companies and schools pushing back return dates, especially as new COVID outbreaks continue to increase across certain regions of the country, 53 percent anticipated that they will be working in an office full-time. Approximately one in five, 22 percent, of those surveyed expect a mix of in-office and remote work, while 14 percent responded they don't anticipate ever returning to the office. Flexibility also seemed an option among survey respondents, with 63 percent indicating that their employer will be open to remote work in some capacity. Of these respondents, 40 percent stated that their employer permitted a mix of office and remote work and 16 percent said their employer permitted remote work entirely. Only 37 percent indicated they are required to be in the office full time. Of those stating that they will resume going into the office either full or part time, 40 percent anticipated it would be within the next three months, while 46 percent thought it would be within the next three to six months. Thirteen percent thought they would return in 2021 and 2 percent said never. For more information about realtor.com's remote work survey, please click 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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W+R Studios announces results of inaugural '2020 Survey of Best Practices for CMAs and Listing Presentations'
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Nationwide Surge in June Home Buyer Activity Continues Historic Turnaround, with Agents Seeing a 50 Percent Increase in Showings per Listing
Buyer Demand Jumps in all Regions for the Second Consecutive Month July 27, 2020 - Home buyers were out in droves nationwide in June resulting in the second consecutive month of surging home showing activity, with agents seeing 50 percent more showings per listing according to data from the ShowingTime Showing Index. June's 50.1 percent year-over-year jump in nationwide buyer traffic resembled that typically seen in the spring, as agents and buyers made up for pandemic-induced lost time by continuing to leverage historically low mortgage rates and newly available virtual showing technology. Since May, ShowingTime has facilitated more than 52,000 home showings hosted virtually, a number expected to grow throughout the summer. "In June, we saw the full effect of the rebound in the intensity of buyer traffic in the US," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “The Showing Index tracks the average number of showings per listing, and while the absolute number of showings increased between 13 percent and 15 percent, a substantial increase, the number of showable listings decreased by 23 percent. Thus, the average listing is receiving 50 percent more appointments, concentrated in the first two weeks of the listing's market time. This unprecedented surge is amplified by the increasing shift of soft interactions between market participants to technology tools, leading to greater efficiency, shorter turnaround times and a larger number of appointments scheduled." The Northeast saw the largest jump in year over year showing activity, with a 66.9 percent increase in June. The West Region's 48 percent boost came next, followed by an increase in the Midwest of 40.2 percent and in the South of 39.6 percent. In June, ShowingTime LIVE Video, which enables agents and their buyers to use the ShowingTime mobile app to take part in live, interactive video showings, continued to expand into markets across North America. Since it was first made available in select markets in May, ShowingTime LIVE Video has become a popular option for agents to conduct virtual showings for buyers, who participate from the comfort of their own homes. "We're pleased to continue helping agents meet pent-up client demand with innovations designed to keep showings going, safely and efficiently," said ShowingTime President Michael Lane. "The feedback we've received so far for ShowingTime LIVE Video has been very positive. We're looking forward to expanding its availability in markets throughout North America in the weeks and months to come." 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, agents and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Realtor.com Now Gives You Options to Sell Your Home, Your Way
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Homebuying 2020: Buyers Intent on Finding a Three-Bedroom, Two-Bath House with a Garage and Remodeled Kitchen
Post COVID they are willing to pay more and commute longer distances to get it, survey finds SANTA CLARA, Calif., July 22, 2020 -- At a time when things seem to be changing more rapidly than ever before, a realtor.com® HarrisX survey of active home shoppers released today shows that homebuyers are largely looking for the same characteristics in a new home, before and after COVID. However, after months of quarantine and economic uncertainty, many are shifting the ways they approach the buying process. To identify what's changed and what hasn't, realtor.com® compared the results of its most recent survey conducted in June to a similar survey of prospective buyers in March. Both surveys polled 2,000 people looking to purchase a home within the next 12 months. "The COVID pandemic has disrupted nearly every aspect of American life. How we live and work has changed dramatically, unemployment went from record lows to historic highs in weeks and the U.S. economy is in a recession following the longest expansion in history," said realtor.com® Senior Economist, George Ratiu. "While the health and economic impact has been significant, the U.S. housing market has remained surprisingly resilient, and consumers continue to view home ownership as the foundation of the American Dream. Home buyers remain steadfast in the main attributes they seek--three bedrooms, two bathrooms and a garage. However, the quarantine has made people rethink where and why they want a new home." Post-COVID Findings The global pandemic has sent shockwaves through the U.S. economy, but housing has shown resilience and that can be seen in the survey results. According to the data, over one-third of homebuyers are more optimistic about buying a home after COVID. Additionally, despite record high unemployment levels COVID has offered a few silver linings for homebuyers -- nearly two-thirds believe shelter-in-place orders have helped them save money. Additionally, as the Federal Reserve continues to move with caution on historically low interest rates, and bond investors remain concerned about the recovery outlook, many home buyers are seeing lower mortgage rates. Among them, three-quarters say it is impacting their home search, most often helping them look for larger homes, in nicer neighborhoods. Equal shares are using lower mortgage rates to stretch their budget to get into a more expensive home, or pocket the savings by decreasing their monthly mortgage budget. In addition, home shoppers are willing to live farther away from their workplaces to find the right house, with 9 percent of respondents to the summer survey indicating they would be willing to commute over an hour, compared with the 3 percent who chose the same response in the spring. Spring vs. summer -- three bedrooms, two baths, up-to-date kitchen and garage reign supreme Price range, number of bedrooms and bathrooms, as well as most desirable home features haven't changed in buyers' minds. In fact, both surveys found that the vast majority of buyers -- 65 percent -- are shopping for homes priced under $350,000. The national median priced home in the U.S. was $342,000 in June. Additionally, garages continued to reign supreme as the most important feature for buyers in both the early spring and summer surveys. A renovated kitchen and large backyard space ranked in the top five features people want in both surveys. Interestingly, despite the stay at home orders, a large backyard ranked fairly consistent in both surveys, only gaining a 1 percent increase from 20 percent in the spring survey to 21 percent in the summer survey. Post-COVID shoppers are willing to pay more, commute longer and want move-in ready But the buying process has been impacted by the pandemic, especially buyer timelines, desired condition of the property, as well as how far buyers are willing to go financially. According to the June 2020 survey, 41 percent of buyers said they are looking to buy sooner because of COVID, 44 percent said it had no impact, and 15 percent said they have slowed their purchase timeline. Additionally, 84 percent of summer buyers are looking for a move-in-ready home, up 10 percent from 74 percent in March. At the same time, the current economic uncertainty is translating into a lower intention to compete financially among home buyers compared to this spring. After COVID, 6 percent fewer home shoppers report planning to put down a larger earnest money deposit, 6 percent fewer plan to offer above asking price, 6 percent fewer plan to offer all cash, 7 percent fewer will forgo a financing contingency, and 3 percent fewer home shoppers plan to put down more than a 20 percent down payment Additionally, while 38 percent of shoppers have increased their target price range since starting their home search, 25 percent of shoppers are looking for a lower priced home because they want to have more savings just in case (47 percent), are worried about financial security (37 percent), are concerned over general economic conditions (37 percent) or their income has decreased (26 percent). For more information about the realtor.com® home buying surveys, please visit 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. About HarrisX HarrisX is a leading opinion research company that specializes in online polling, mixed-mode polling, and data analytics. The company has a thirteen-year history assessing public opinion and behavior in the telecom, media, and technology industries through syndicated and custom research services. HarrisX runs the Mobile Insights and Total Communication Surveys, the largest syndicated consumer insights trackers in the United States for the TMT space, which include over 60,000 monthly respondents; the Telephia (beta) metering application, which captures behavioral data; and HarrisX Overnight Poll, which delivers results of general population and voter surveys within 24 hours, looking at Americans' opinions on society, politics, technology, and the economy. For more information, visit: www.harrisx.com.
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Cherre and Rental Beast Announce Partnership to Integrate National Rental Listings into Real Estate Data Platform
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NAR, NAHB Partner to Educate Consumers, Members on Home Performance, Sustainability
CHICAGO (July 14, 2020) -- The National Association of Realtors and the National Association of Home Builders launched a new joint initiative, Home Performance Counts, designed to help consumers better understand the rapidly growing high-performance home marketplace – homes that prioritize comfort, durability, wellness and affordability. Demand for such housing has expanded over recent years, with the number of homes certified to the National Green Building Standard increasing by more than 57% since 2017. "With today's homebuyers looking for healthier, more efficient homes, America's 1.4 million Realtors® are proud to join forces with the National Association of Home Builders to build rapport and highlight the benefits of home performance to U.S. consumers," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "Clients come to our members looking for the very best homes they can afford, and with green building practices often leading to homes that are more durable and require less maintenance, NAR is excited to strengthen our partnership with NAHB to help more Americans find the high performing, efficient home of their dreams." Through their joint Home Performance Counts initiative, NAR and NAHB have come together to offer a comprehensive resource that educates consumers on the qualities and benefits of high-performance homes and facilitates communication on home performance between buyers, builders and real estate agents. As these practices continue to evolve, NAR and NAHB will provide regular updates and new resources that examine the most recent market trends and sustainability research. "Home Performance Counts provides a common ground for our two organizations to work together to raise awareness of the benefits of green homes and the key role home builders and real estate agents can play in the home-buying process to ensure buyers get the high performance home of their dreams," said NAHB Chairman Chuck Fowke, a custom home builder from Tampa, Fla. "Builders and Realtors® will also benefit from using a common language and having access to the latest trend data and information." Home Performance Counts is an educational initiative developed jointly by NAR and NAHB to position their respective members for success in the expanding marketplace for high performance homes. For more information, visit HomePerformanceCounts.info. The National Association of Home Builders is a Washington-based trade association representing more than 140,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 700 state and local home builders associations around the country. NAHB's builder members will construct about 80% of the new housing units projected for this year. 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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DocuSign Continues Agreement Cloud Expansion with Liveoak Technologies Acquisition
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Planitar Adds Free Feature to Help Agents Conduct Virtual Showings
Kitchener, Canada, July 8, 2020 -- Planitar, the Canadian real estate tech company behind the iGUIDE, announced today that it released a free feature to help those buying and selling homes stay safe in light of the COVID-19 pandemic. The company's iGUIDE technology already creates 3D tours of homes that buyers can tour virtually, without the risk of spreading germs. This new update will allow agents to guide home buyers through the tour together as if they were conducting an in-person tour. This screen-sharing technology showcases the virtual tour smoothly, so there's no interruptions or confusion over which feature participants are discussing. Home buyers will no longer have to choose between having the expert guidance of their agent and following safety protocols. Planitar's VP of Sales and Marketing, Michael Vervena, says that, "For a Realtor, showing a property means communicating the best and most relevant information about that property to prospective buyers. iGUIDE Virtual Showing empowers Realtors to do that online. It connects people with the information they are looking for while maintaining the role and value of the Realtor to give guidance and advice." Real estate agents can host the tour and invite their clients through text, email, or social media. They can then guide the tour and talk to their client through a compatible voice client such as Zoom, Facebook, Gotomeeting or Google Meet. Planitar says that while the technology has obvious application for the COVID-19 pandemic, it has other uses as well. With this guided virtual tour, those who can't easily visit the homes they intend to purchase in-person can experience the home as if they are in it, with their real estate agent, before they make their final decision. About Planitar Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for capturing and delivering immersive 3D virtual tours and extensive property data. iGUIDE is the most efficient system to map interior spaces and features accurate floor plans, measurements, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to navigate and explore built environments digitally.
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Realtor.com Weekly Recovery Report: Record Breaking Traffic Signals Summer Buying Season is Here
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ATTOM Data Solutions Acquires Home Junction, Continuing the Company's Data and Application Expansion
Acquired Data Elements Include Proprietary School Attendance Area Boundaries, Neighborhood Boundaries and Additional Datasets; Acquisition Further Solidifies ATTOM's Position as The One-Stop Shop for Comprehensive Property Data IRVINE, Calif. - July 8, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database, today announced it has acquired Home Junction Inc., a real estate data technology company that specializes in building high quality geographic boundary datasets for neighborhoods, school attendance zones, subdivisions and more. "ATTOM's mission is to increase real estate transparency in America, and expanding our geospatial capabilities and datasets is core to that mission," said Rob Barber, CEO at ATTOM Data Solutions. "This acquisition extends ATTOM's data footprint and will enhance our value proposition for our customers, while integrating a talented team from Home Junction to an already talented team at ATTOM. While data elements are important, people elements are even more important. This is an important acquisition because it is an investment in both data and people." The strategic acquisition of Home Junction will expand ATTOM's already robust data warehouse by adding proprietary school and neighborhood boundary data, crime, points of interest and demographics. ATTOM will continue Home Junction's commitment of servicing real estate agents, teams and brokers with a suite of products that include custom websites and data widgets. Click here to view ATTOM's Table of Data Elements "Our focus at Home Junction has always been creating and unifying geospatial property datasets," said John Perkins, CEO and Founder of Home Junction. "By joining forces and having common goals, we are confident that ATTOM will continue to increase efficiencies in the marketplace and continue to be a custom solutions provider for businesses ranging from startup to seasoned enterprise." Founded over 10 years ago, Home Junction's goal is to provide brokers, agents, teams, lenders, insurers and others with the ability to integrate vast amounts of property data into their internal and external web applications. The synergy of the two companies will strengthen ATTOM's competitive positioning in the enterprise data licensing marketplace and the consumer & investor real estate search market. 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). About Home Junction Inc. Based in San Diego, CA, Home Junction is a data technology company that specializes in real estate data and boundary licensing, custom websites created with WordPress real estate themes, WordPress real estate plugins and additional services. The company provides an extensive number of data layers on home sales, neighborhoods, schools, school attendance zones, demographics, home value estimates, geospatial boundaries, and other information. The founders have more than 50 years' experience combined in data aggregation and real estate website development.
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Chime Technologies and Dippidi Partner to Help Real Estate Teams Attract and Convert Leads
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Delta Media Group Launches SMS Texting in DeltaNET 6
CANTON, Ohio -- Michael Minard, CEO and Owner of Delta Media Group, announced today his company's recent launch of SMS Texting in DeltaNET 6. "We're thrilled to introduce SMS texting found in DeltaNET 6 to the forefront of the real estate industry," says Minard. "Our Tech Team outdid itself with the deep integration of texting capabilities throughout the entire DeltaNET 6 platform." DeltaNET 6 allows real estate professionals to use direct text messaging SMS blast messaging, and SMS message with email campaigns to share their expertise with clients and build long-lasting relationships. Franklin Stoffer, Senior Key Accounts Consultant and Sales Manager for Delta Media Group, comments, "Research has shown that emails have a 6% open rate on average. Text messages, on the other hand, have a reported 98% open rate. The data shows that more than 90% of all text messages are read within three minutes of receiving the message." Stoffer continues, "Our clients will now have a reliable and direct channel to communicate to their clients with relevant content, new listing information, and more. Picture this scenario, you are running a virtual open house through Facebook on a Saturday afternoon. You go to your CRM and create a bulk text message to send to all of your active buyers with a link directly to your virtual open house. Within minutes you could have dozens of active clients watching you tour a house through Facebook. There are so many unique ways to take advantage of these tools." To find out more about incorporating SMS texting into your marketing plans, contact Franklin Stoffer. 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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IXACT Contact Announces New Set of Leading-Edge Agent Website Designs
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Amidst Health, Safety Concerns, NAR's 2020 REALTORS Conference and Expo Goes Virtual
Online format dramatically expands member participation opportunities for November conference CHICAGO (June 24, 2020) -- The National Association of Realtors announced Wednesday that the 2020 REALTORS® Conference & Expo, previously scheduled from November 13-16 in New Orleans, will be transitioned to a fully virtual format in light of ongoing health and safety concerns stemming from the COVID-19 pandemic. NAR completed the first-ever virtual iteration of its Legislative Meetings from May 12-14, where 28,000 participating Realtors® nearly tripled the annual conference's average attendance. "Uncertainty has in many ways defined 2020. While positive indicators begin to show our economy is rebounding and treatment options for COVID-19 are proving more effective, so much remains unknown about this virus and the circumstances we will face as a nation come this fall," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "In order to prioritize the health and safety of our members, staff and sponsors, NAR looks forward to hosting a fully virtual REALTORS® Conference & Expo this November. "Coming off the success and record-breaking participation of our Legislative Meetings, we're confident that this format will ensure the widest reach possible, providing more accessible and affordable participation opportunities for all of our 1.4 million Realtor® members." Late last month NAR's research group conducted multiple surveys to gauge member and association staff's willingness to attend an in-person conference this November. More than two thirds, or 67%, of members emerged as "net detractors" when asked about their willingness to travel to New Orleans. In the survey, which was sent via email to 55,223 NAR members and generated 4,135 unique responses, these detractors noted lingering safety concerns when traveling, their expectation to still be avoiding crowds in November, and the unlikelihood of a vaccine being available by that time. "While maintaining our primary focus on the safety and wellbeing of our members, NAR has used the circumstances surrounding this pandemic to consider how we can evolve and better prepare for the markets of the future," said NAR CEO Bob Goldberg. "Decades of investments in technology and a commitment to organizational growth allowed NAR to execute an overwhelmingly effective and fully virtual legislative conference in May, and we're excited to build on that experience to provide an even more productive and engaging virtual Conference & Expo this November." NAR will announce more details, including registration information, in the coming weeks. The virtual format will allow NAR's full organizational governance processes to proceed as normal during the conference, which will also include relevant speakers, energizing live-streamed content, networking opportunities and an industry expo. 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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Homesnap Launches Access, a New Payment Service Powered by eCommission
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High Volume Render Editor Disrupting the Property Development Market
MAROOCHYDORE, QLD, Australia (June 22, 2020) -- Australian-based proptech company BoxBrownie.com are turning their globally successful real estate photo editing business model to the property development industry, in an attempt to turn the traditional render industry on its head. They believe the provision of renders with a high volume, low cost, high quality, and quick turnaround combination has been missing in the market. "When 3D renders first appeared on the developer scene, they were applauded as the ultimate way to showcase a property and sell off the plan," explained BoxBrownie.com cofounder Mel Myers. "For a long time, they've been lauded as a specialist output. Each render costs a lot of money, with long production times, but they do look like works of art." BoxBrownie.com has revolutionised residential and commercial real estate marketing with over 75,000 customers in 82 countries, offering photo editing services from $1.60 and Virtual Staging and Virtual Renovations from $24. The company uses a global team of editing experts, dedicated quality control teams, and 24/7 customer service to ensure 100% satisfaction on images. The no subscription pay-as-you-go format has also been popular with customers. "We have made photo editing accessible, affordable, easy and quick for real estate professionals. We've beaten the triple constraint and we are about to do the same for property development," stated Myers. "We thought why can't the render industry too have the iron triangle of Good, Cheap, and Fast. "After working closely with our international team of 3D experts, we can produce A-grade internal and external renders from US$280, slashing costs of the existing average $400-$1000 price for this product. The quality will impress any development marketing executive, or more importantly, the most fastidious of potential buyers. And of course, the company's accountant is going to be very happy." As recent times have indicated, buyers being able to view a property from home, or anywhere, has become incredibly important. 360° Render Virtual Tours are an interactive property marketing tool to showcase development to buyers prior to construction. BoxBrownie.com have realised this and have a strong focus on 360° Virtual Tour production within the company's offering for both existing residential properties and rendered displays. They can produce 360° renders for US$400 and offer free 360° Virtual Tour creation and link hosting. Examples of BoxBrownie.com renders and 360° Virtual Tours can be found on their website.
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Kristi Kennelly Joins RateMyAgent
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Live Open Houses Are Now Available on Homesnap for iOS and Android
Agents can now promote live virtual open houses on the Homesnap platform on iOS and Android. Why is this important? Even as states rescind stay-at-home guidelines and the real estate market eases back to normalcy, plenty of would-be homebuyers are still reluctant to visit a property in person. Open houses have yet to see the same level of attendance they have in years past, and, by most industry expert predictions, won't for some time. Agents who neglect to cater to these prospective buyers risk missing out on potential clients and revenue. How Homesnap Live Open Houses work Using the Homesnap platform, you can create video tours of a property and schedule and host open houses virtually, much in the same way you would an in-person one. The only difference? You'll enter a URL in the "Open House Live Stream URL" field within the Open House menu of your listing. Once complete, scheduled virtual open houses will appear as a purple-colored pin within Homesnap's map view, and property card banners, as shown on the right side of the below photo, will display the date and time of the virtual open house (again, in purple). When a virtual open house goes live, the purple pin will animate and the property card banner will display a "Live Now" message, inviting prospective homebuyers currently searching the Homesnap platform to join your presentation. Pretty easy, right? A final note Virtual open houses and in-person open houses should not be viewed as mutually exclusive. Many prospective homebuyers are ready to visit a property in-person. Others are not. So, to attract the widest possible prospect pool, you should strive to host both versions. Fortunately, with Homesnap, that's easier than ever. To view the original post, visit the Homesnap blog.
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Live Video Showings: The Next Best Thing to Being There
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Realtor.com Launches Weekly Housing Recovery Index
Data shows housing recovery remains strong despite social unrest SANTA CLARA, Calif., June 11, 2020 -- COVID-19 and economic headwinds have led to unprecedented disruptions in the U.S. real estate market. In order to track the impact of these events, realtor.com today announced the launch of its Housing Recovery Index, which shows that despite continued COVID cases and the large scale protests that took place the week ending June 6 -- the U.S. housing market continues to recover even in cities experiencing civil unrest. The proprietary index leverages a weighted average of realtor.com® search traffic, median list prices, new listings, and median time on market and compares it to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa. For the week ending June 6, the realtor.com® Housing Market Recovery Index was 88.8 nationwide, 11.2 points below the January baseline and up 1.0 point over the prior week. The slight increase in this week's overall index represents a 5.7 point increase over the 83.1 low point in the index, which occurred during week ending May 2. "By combining online search activity along with price and supply dynamics, the index functions as a robust leading indicator of housing activity, and a symptom gauge as we move toward healthier market conditions," Javier Vivas, director of economic research for realtor.com®. This week's index reading also reveals the recovery trend was not impacted in the 11 markets that saw the largest number of protests the week ending June 6. On average, these markets saw their recovery index increase 0.7 points over the prior week, ending May 30. When compared to other similar sized markets with reportedly less civil unrest, there was no evidence that the protests had an impact on housing recovery. Of the 11 markets, 6 areas saw slight increases in their weekly recovery index: Atlanta (+1.5 points) Chicago (+4.7 points) Cleveland (+3.3 points) Los Angeles (+0.2 points) Minneapolis (+0.3 points) New York (+4.9 points) Five saw a slight decrease in their weekly recovery index: Dallas (-2.0 points) Louisville, Ky (-2.1 points) Raleigh (-0.7 points) St. Louis (-0.9 points) Washington, D.C. (-1.1 points). Key Housing Metrics for the Week Ending June 6:   "The general sentiment from consumer surveys is that now is not a good time to sell a home because of COVID, economic uncertainty, and social unrest, but the data is saying the opposite," said Danielle Hale, chief economist for realtor.com. "Home prices are back to their pre-COVID pace and we're seeing listings spend slightly less time on the market than last week. But the housing market still needs more sellers in order to meet the surge in demand. Looking forward, if we don't get the inventory we need, we'll see prices rise even more and homes sell faster later this summer." New listings: Nationwide, the size of declines held mostly steady this week, dropping 21 percent over last year, which is a slight improvement over last week and a significant improvement when compared to early May's 30 percent declines year-over-year. This week's index shows new listings are 12.7 points below their January recovery baseline. Sellers have started June on the right foot, and the following weeks will indicate whether there will be enough supply to boost home sales this summer, nationwide and in all large markets. The continued declines in newly listed properties mean the full wave of spring sellers has yet to return to the market. However, recovery could be on the horizon as more than half (56 of 99) of large metros continue to see smaller declines this week, including New York, Boston and San Francisco. Asking prices: Price gains fully caught up to pre-COVID pace increasing 4.3 percent in the week ending June 6, compared to 4.4 percent the first two weeks of March. This week's index shows home prices are 0.7 points above the January recovery baseline. The mix of homes for-sale has reverted back toward pricier properties, and demand for entry-level properties has been reignited. Price gains have accelerated rapidly in recent weeks with inventory on the decline and buyer interest on the rise. Locally, 89 of 100 metros saw asking prices increase over last year. Total Active Listings: Sellers are still playing catch up during what's normally the busiest part of the season, and the availability of homes for sale remains well below seasonal levels. Total active listings declined 25 percent compared to a year ago as the lack of sellers is currently outweighing the extra time homes spend on the market. Signs, such as improved home purchase sentiment over last month, are pointing to rising home buyer interest and seller confidence, setting up a pick-up in sales activity in the summer months. Time on market: While homes are still sitting more than two weeks longer on the market than this time last year, this week's data shows the trend may be reverting back toward recovery. The week ending June 6 saw the first weekly decline in time on market since mid-March, with days on market one day faster than last week. It could still take a few more weeks for time on market to reach pre-COVID levels, since the pace of sales component of the recovery index remains 30.1 points below the January recovery baseline, but this week's data shows the first, important step toward recovery. For more information about the index report, please visit: https://www.realtor.com/research/housing-market-recovery-index/ For the latest weekly housing trends and index data, please visit: Index Housing trends 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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Homesnap Launches Homesnap Concierge
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Homes.com Launches New Agent Profile Page
Homes.com is excited to announce the launch of a new Agent Profile page that will help improve the user experience and provide agents with the opportunity to share additional information about themselves and their business. Agent profile pages are available through the "Find an Agent" search or from any agent link. The contact form on the new profile is a sticky contact form, ensuring it is always in view, which should increase agent lead conversions. Below are some key updates that have been made. Agent Skills Section The expanded skills section on your Homes.com profile is your place to stand out from the competition and highlight the talents you bring to the table. Are you bilingual? Have you earned a prestigious award? Or maybe you are really great at negotiations. Whatever the talent or accomplishment, the agent skills section is the place to showcase your value proposition to buyers and sellers in your area. Endorsements Client testimonials are the very essence of your online reputation. The endorsement tool allows you to invite past clients to leave a review and keeps you in control of the process by requiring your approval before it displays on Homes.com. Improved Lead Capture Form Once a buyer decides to contact an agent, it is vital that a lead capture form and call to action are readily available. Your profile's contact form is always on screen and has an updated call to action to make it easy for buyers and sellers to get in touch with you. We have also added or moved additional information: Agent "Headline" Sticky Contact Form Agent Bio Prominent Social Media links Endorsements Endorsements will import our former "Testimonials" and the newer "Endorsements" and consolidate them into one field. Endorsements will continue to be submitted through Homes.com Connect, and future enhancements may allow Homes.com portal submissions. Now, more than ever, it is important for agents to build their online brand presence and increase their exposure on Homes.com. With these Agent Profile enhancements, agents will be able to really sell themselves and tell the 82% of buyers on Homes.com who are not working with a real estate professional, why they should work with them. These changes are just the beginning. Now is your chance to be one of the early adopters and benefit from the increased traffic and engagement with an agent profile on Homes.com. Contact [email protected] if you are interested in setting up a training webinar to help your membership learn about these new features, as well as tips on how to utilize the new virtual tour and virtual open house options which you can add to your listings on Homes.com for free. To view the original post, visit the Homes.com blog.
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Key Housing Indicators Begin to Turn Around in May
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Homes.com Traffic Trends Point to Emerging Recovery
A mere five months after the world was introduced to COVID-19, the impact has already left a permanent mark on each of us. Historical viewpoints describing this unusual period will be formed based on the stories currently being recorded and archived for future generations. While the historical impact will be measured over years, the economic impact is being felt in real time. Unprecedented business shutdowns and historic job losses have interrupted economic activity across nearly every industry. Some will recover more quickly than others. Fortunately we are already seeing signs of housing demand being unleashed and an early recovery emerging. The three traffic metrics we monitor most closely at Homes.com are site visits, engagement, and requests for information. The first variable, site visits, is the equivalent of customers walking through our door, while engagement measures their activity on the site, including page views. Strong metrics in these first two categories typically result in increased requests for information, driving business to our broker and agent advertising partners. During the peak of stay-at-home orders, weekly visits to Homes.com declined by as much as 35%, measured against the weeks leading up to the outbreak. This is a significant decline, especially during the time of year when housing demand typically picks up for the spring and summer. Thankfully, the bounce back seems to have occurred as quickly as the decline. Accurately measuring pent up demand is an inexact science, but it appears to be accelerating an emerging recovery. The following analysis shows the decline and recovery of Homes.com traffic measured against the "Pre-Pandemic Phase" from February 3rd through March 8th, the 5-week period leading up to widespread stay-at-home orders. Interestingly, while the number of customers walking through our doors at Homes.com declined by nearly a quarter during the Outbreak Phase, site engagement remained fairly high, dropping by only 4%, as requests for information, a measure of intent to buy in the near term, fell by 13%. This early trend of steady site engagement proved to be a strong indicator of pent up demand. As traffic returned during the Recovery Phase, and is now flat with the Pre-Pandemic level, engagement has soared by 15%, and intent to buy in the near term is back to slightly above Pre-Pandemic levels. Also encouraging, first time mortgage applications are up 9% year over year, after being down 35% just six weeks ago. During conventional economic cycles, pent up demand builds during a recession alongside high savings rates. Once confidence returns and a recovery starts, pent up demand is released and consumers spend more. While this is certainly not a conventional cycle, these Homes.com metrics are a strong indication that pent up demand is driving a recovery of housing activity: a positive sign we are heading towards a promising summer season for the real estate industry. To view the original post, visit the Homes.com blog.
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