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Redfin Ranks the Most Competitive Neighborhoods of 2019
Neighborhoods in Grand Rapids, MI; Tacoma, WA; Minneapolis and the Bay Area Rank Highest for the Year SEATTLE -- Bay Area neighborhood White Oaks is the most competitive neighborhood of the year for homebuyers, according to a new report from Redfin, the technology-powered real estate brokerage. Alger Heights in Grand Rapids, MI and East Arlington in Boston rounded out the top three competitive neighborhoods. "While neighborhoods in the Bay Area and Boston are still among the most competitive in the country, robust competition for homes in Grand Rapids, Minneapolis and Tacoma neighborhoods signals the desirability of more affordable areas," said Redfin chief economist Daryl Fairweather. "An influx of buyers from more expensive neighborhoods contributes to competition in these affordable neighborhoods, especially because they can make higher offers than local residents when they sell their previous homes." The report is based on 2019 rankings from Redfin's Compete Score, which uses a combination of proprietary Redfin data and data from local multiple listing services to determine how difficult it is for buyers to win a home in individual neighborhoods and cities. Below are the most competitive U.S. neighborhoods based on an average of monthly stats from January through November 2019. Of the 10 Bay Area neighborhoods among the most competitive in the country, half are in Oakland. Although the median sale price in Oakland is more than double the national median—$720,000 versus $312,000 for the typical home in the U.S. in November—it's still well below that of San Francisco ($1.4 million) and San Jose ($1.1 million). Oakland Redfin agent Katy Polvorosa said the area has been particularly hot this year, partly because it's more affordable than neighboring parts of the Bay Area. "I've heard a lot of people say the Bay Area housing market is cooling this year, but I'm seeing the opposite in Oakland," Polvorosa said. "I'm writing offers that are seeing aggressive competition. Homes that are move-in ready and priced right typically receive offers within 12 to 14 days. The Oakland market is so hot that sellers are still expecting and receiving offers that waive contingencies." Although the Bay Area is still home to plenty of competitive neighborhoods, homebuyers are gravitating toward more affordable inland metros as housing markets in coastal job centers have become more expensive. In the third quarter of 2019, 26% of Redfin.com home searchers looked to move to another metro area, with affordable places like Sacramento, Phoenix and Las Vegas as popular destinations. The appearance of two neighborhoods in Grand Rapids on this year's ranking of most competitive neighborhoods is an example of the trend of migration away from more expensive metros. "Affordability plus quality of life are big draws to the Grand Rapids area. I've worked with buyers from Chicago, California, Hawaii and other expensive parts of the country who are looking here because they can get so much more bang for their buck," said local Redfin agent Shellie Silva, who moved to Grand Rapids from San Diego three years ago. "Homes in neighborhoods with price points below $275,000, like Alger Heights and Creston, are prone to bidding wars and they tend to sell quickly because they're even more affordable that some other parts of Grand Rapids." In Alger Heights, nearly 67% of homes sold for above list price and the typical home was on the market for one week before going under contract so far this year. And in Creston, 59.3% of homes sold for above list price and the typical home went under contract in just six days. To read the full report, including methodology, please visit: https://www.redfin.com/blog/most-competitive-neighborhoods-2019. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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Waning Affordability Contributes to Slower Job Growth
WASHINGTON (January 15, 2020) -- Metro areas where affordability has worsened over the last five years have seen a decline in job growth during that same period. These findings come from a new National Association of Realtors® study, which examined the top 174 metro areas and ranked them based on affordability. NAR analyzed the shift in affordability ranking, considering the pace of non-farm payroll job growth in 2019 Q3 compared to average job growth from 2014 to 2018. The NAR report, "Home Affordability Index Ranking and Payroll Job Growth," found that affordability rankings declined in 81 metro areas, 34 of which saw non-farm job growth fall faster in 2019 Q3 than the national rate over the previous five years. Those 81 metro areas need more housing inventory to boost affordability, according to Lawrence Yun, NAR chief economist. "Job growth has slowed in these areas in part because limited supply is making homes less affordable," he said. "As inventory continues to decline and affordability worsens, workers, businesses and companies are less incentivized to do business in these areas." Boise, Idaho, experienced the largest drop in affordability ranking (108th in 2014 and 153rd in 2019 Q3). From 2014 to 2019 Q3, the median sales price of single-family homes in Boise increased 75% ($172,900 in 2014; $303,100 in 2019 Q3), four times the growth rate in median family income of 18% ($62,000 to $73,101). With a steep decline in affordability, non-farm payroll employment growth slowed roughly 0.8% in 2019 Q3 from average growth during 2014 to 2018 (3.2% from 3.9%). Tampa, Fla., has also seen a rapid decline in affordability (98th in 2014; 133rd in 2019 Q3). During this same period, median single-family home prices jumped 58%, three times the growth of median family income of 19%. As affordability declined, Tampa's job growth slowed by 0.8 percentage points (2.8% vs. 2.0%). Nashville, Tenn., experienced a similar drop in affordability ranking (105th in 2014; 126th in 2019 Q3). Median single-family sales prices increased 53%, nearly double the region's median family income growth (23%). As affordability worsened, the pace of job growth was cut in half (1.9% vs 3.7%). Metro areas in the relatively affordable Midwest region were also not immune to ranking declines. Grand Rapids, Mich. (37th in 2014 to 60th in 2019 Q3); Louisville, Ky. (51st to 62nd), Indianapolis, Ind. (46th to 64th); and Columbus, Ohio (57th to 80th) all experienced drops. San Jose-Sunnyvale-Sta. Clara, Calif., is the least affordable U.S. metro region, while Anaheim-Sta. Ana-Irvine, Calif. (173rd); Los-Angeles-Long Beach Glendale, Calif. (172nd), San Francisco-Oakland, Calif. (171st), and San Diego-Carlsbad, Calif. (170th) remain among the nation's most unaffordable markets. There was no notable shift for Seattle, Wash. (164th in 2014; 164th in 2019 Q3) and Denver, Colo. (159th, 158th). In Austin, Texas, affordability ranking improved, but because it is already relatively unaffordable, the pace of job creation has slowed as well (134th, 122nd, -1.8%). Yun says worsening affordability and inventory conditions could leave some of the nation's previously fast growing metro areas unable to sustain job and economic growth. "Even fast-growing markets could be hurt and unable to further expand because of weakening affordability conditions. We must improve affordability by building more homes in line with local job market growth." Metros in Order of Affordability Rank in 2019 Q3 The metro areas with strong job growth from 2014 to 2018 that had a significant shift in affordability ranking (five or more steps) and are now experiencing slower job creation (percentage point difference) are (ranked in order of 2019 Q3 affordability): Grand Rapids-Wyoming, Mich. (60th in 2019 Q3 from 37th in 2014 -1.7%) Louisville/Jefferson County, Ky.-Ind. (62nd from 51st, -0.9%) Indianapolis-Carmel-Anderson, Ind. (64th from 46th, -0.9%) Chattanooga, Ga. (70th from 58th, -0.3%) Columbus, Ohio (80th from 57th, -1.0%) Atlanta-Sandy Springs-Marietta, Ga. (91st from 73rd, -1.1%) Spartanburg, S.C. (96th from 83rd, -0.4%) Pensacola, Ferry Pass-Brent, Fla. (111th from 84th, -1.9%) Raleigh, N.C. (112th from 90th, -0.8%) Deltona-Daytona Beach-Ormond, Fla. (125th from 94th, -1.5%) Nashville-Davidson-Murfreesboro-Franklin, Tenn. (126th from 105th, -1.8%) Tampa-St. Petersburg-Clearwater, Fla. (133rd from 98th, -0.8%) Lakeland-Winter Haven, Fla. (134th from 89th, -1.0%) Durham-Chapel Hill, N.C. (137th from 111th, -1.3%) Jacksonville, Fla. (140th from 117th, -0.8%) Salt Lake City, Utah (151st from 146th, -0.4%) Boise City-Nampa, Idaho (153rd from 108th, -0.8%) Las Vegas-Henderson-Paradise, Nev. (159th from 143rd, -1.4%) Yakima, Wash. (160th from 145th, -0.6%) Eugene, Ore. (162nd from 155th, -1.9%) Salem, Ore. (163rd from 147th, -1.5%) The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an October in at Least 20 Years
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Realtors Announce Partnership with Census Bureau in Promotion of 2020 Census
WASHINGTON (January 13, 2020) -- The United States Census Bureau has designated the National Association of Realtors as a National Partner for the upcoming 2020 Census. With the Bureau seeking to enlist the support of various national organizations, NAR is asking the 1.4 million Realtors nationwide to help drive Census participation in their respective communities. "NAR is able to provide tremendous value to our members because of the research we produce examining trends in communities across this country. But the usefulness of that information relies on current, accurate data from the federal government," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco. "Full participation in the Census is in many ways the only way to ensure that data is correct." In addition to determining appropriate Congressional representation, roughly $1.5 trillion is allocated to states and localities annually based off of Census results – delivering funds for roads, hospitals, schools and countless other public services. More specifically, this year's results will influence the allocation of $93.5 billion to Federal Direct Student Loans, $19.3 billion to Section 8 Housing Choice Vouchers and $12 billion to the National School Lunch Program. With this partnership, the Bureau will provide Realtors® with promotional materials that emphasize the importance of responding to the 2020 Census, which NAR members and partners are being asked to share with clients and neighbors. Last week, the House Oversight and Government Reform Committee reviewed some of the challenges associated with accurately securing this information at its hearing, Reaching Hard-to-Count Communities in the 2020 Census. Notices about the 2020 Census will be mailed in mid-March, and the Census Bureau will offer a guide in roughly 60 different languages. This year will mark the first time the questionnaire can be completed online, while options to respond over the phone and through the mail will still be available. In addition, NAR is reminding its members and U.S. residents that the Bureau will never ask for bank account or social security numbers, donations or anything on behalf of a political party, and strict federal law protects the confidentiality of Census responses. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. For more information on NAR's efforts to promote Census participation please visit: https://www.nar.realtor/census.
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Buying a Home Is More Affordable than Renting in 53 Percent of U.S. Housing Markets
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Redfin Report: Bidding War Rate Fell to Another 10-Year Low in December
Fewer than 1 in 10 homebuying offers faced competition SEATTLE, Jan. 8, 2020 -- Just 9% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war nationwide in December, down from 12% a year earlier and setting another new 10-year low, according to a new report from Redfin. The rate is likely to begin rising again early this year as the real estate market heats up in the spring. "Bidding war rates likely hit their true bottom in December," said Redfin chief economist Daryl Fairweather. "Amid the current global economic uncertainty, mortgage rates will remain low in the coming months, which will boost demand for homes in 2020. That means more buyers competing against each other and bidding up prices." As in November, San Francisco was the only market even moderately competitive in December. The bidding war rate there in December was 26%, down from 35% a year earlier and down from 28% in November. "There aren't typically very many homes for sale in San Francisco in December," said Redfin San Francisco Market Manager Saleem Buqeileh. "Last month we saw more buyers than usual out looking for a 'steal' and bidding on homes, which led to multiple offer situations on some homes where all of the buyers came in below list price, rather than above." Competition was still rare everywhere else in the country in December, with no other market experiencing a bidding war rate higher than 17%. The bidding war rate fell to zero in Raleigh and Dallas, and hit its lowest point in at least five years in Los Angeles. Aside from the zero rates in Raleigh and Dallas, Atlanta had the third-lowest bidding war rate in December at 4%. To read the full report, please visit: https://www.redfin.com/blog/december-2019-real-estate-bidding-wars. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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Fourth Quarter Good Time to Buy and Sell Home, Realtor Survey Says
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200 Multiple Listing Services Approve Home ASAP LLC's IDX Service
Home ASAP LLC announces the recent addition of 10 new MLSs to its IDX Home Search JACKSONVILLE, Fla., Jan. 9, 2020 -- Home ASAP, the leading provider of real estate applications on Facebook, announces the addition of 10 new multiple listing service (MLS) approvals to their agent-centric IDX Home Search solution. This brings the total to 203 MLS approved markets nationwide. Home ASAP now reaches over 1.3 million agents serving up over 1.7 million unique and active listings. Home ASAP's coverage includes 94% of the nation's active homes available for sale. Notables among the 10 newest markets introduced to Home ASAP's IDX Home Search™ include: Georgia's First MLS, Real Estate Board of New York (REBNY), YES MLS (Northeastern Ohio), West Penn Multi-List, and Columbus Board of Realtors in Ohio. Home ASAP's IDX solution provides agents with a consumer-friendly display of active listings in their local market, launchable from the agent's Facebook business page or accessed on the agent's homeasap.com provided website. The service includes automatic posts to the agent's Facebook business page to assist with promoting the search to consumers, an easy ad-launching tool, and effective lead capture that instantly notifies the agent. Agents who are members of Home ASAP's Real Estate Agent Directory and have added the IDX service will have active listings automatically fed from their MLS and updated as quickly as every 5 minutes. IDX Home Search is exclusively branded to the agent. Home ASAP also recently launched the ability to display IDX data in more than one MLS. This feature is especially helpful in areas where several MLS's overlap geographic areas. Agents who do business across these areas and are members of more than one MLS can now seamlessly display all available homes for sale in those markets. "Homebuyers and sellers are increasingly turning to social media to search for homes, connect with agents and start the real estate conversation," said John Marshall, President and CEO of Home ASAP. "As a pioneer in this space, our goal is to provide 100% MLS coverage for consumers. While we currently serve the vast majority of the nation's largest markets, we continue to strive to add more and continue to work to add more MLS feeds." Learn more about IDX Home Search at https://about.homeasap.com About Home ASAP Home ASAP operates the premier social media platform on Facebook that connects home buyers, sellers with real estate professionals. Home ASAP's flagship service, the Real Estate Agent Directory™ has grown to 600,000 agents located in all 50 US States and Puerto Rico. In addition to the Directory, the company provides technology-enabled social media services for networking, advertising, marketing, content management, referrals, lead generation and brand building.
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David Doctorow Named CEO Of Move, Inc.
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CoreLogic Reports November Home Prices Increased by 3.7% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.7% from November 2018. On a month-over-month basis, prices increased by 0.5% in November 2019. (October 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will be 5.3% from November 2019 to November 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.2% from November 2019 to December 2019, which would mark a new peak in prices since the last U.S. recorded peak in April 2006. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer," said Dr. Frank Nothaft, chief economist at CoreLogic. "Growth in the U.S. index quickened in November and posted the largest 12-month gain since February. The decline in mortgage rates, down more than one percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 34% of metropolitan areas have an overvalued housing market as of November 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of November 2019, 27% of the top 100 metropolitan areas were undervalued, and 39% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in November 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The study showed that a significant number of older millennials (ages 30-38) are strongly considering moving within the next 12 months, with 64% of this cohort expecting to purchase a home, reinforcing this group's interest in the housing market. Meanwhile, 57% of younger millennials (ages 21-29) plan on renting their next home. Despite the purchase intent among older millennials, nearly half (43%) still view homeownership as unaffordable and out of reach. "We're continuing to see a split among older and younger millennials when it comes to their plans to purchase a home," said Frank Martell, president and CEO of CoreLogic. "While older millennials are looking forward to participating in the housing market in the future, their younger counterparts don't see themselves buying a home anytime soon. With home prices expected to rise just over 5% over the next 12 months, affordability remains a concern for most prospective buyers." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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2020 Begins With Lowest Housing Inventory in Two Years
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Home Purchase Sentiment Jumps
Fannie Mae's 2019 Home Purchase Sentiment Index (HPSI) increased in November to its highest level since March, 2018. And it's also likely that mortgage rates will remain low next year, according to experts. Also in 2020, Fannie Mae and Freddie Mac will let mortgage borrowers nationwide take out home loans over $500,000. This will be the fourth consecutive year that the conforming loan limit has increased. Whether or not this is good for the affordability crisis in many markets is discussed on realtor.com. Home Purchase Sentiment Index Here are some of the conclusions from the Fannie Mae report: "Looking ahead, we continue to expect a steady but modest pace of growth in home purchase activity," said Doug Duncan, Senior Vice President and Chief Economist, Fannie Mae. Findings Summary Good/Bad Time to Buy: The percentage of Americans who say it is a good time to buy increased this month from 57% to 61%, while the percentage who say it is a bad time to buy decreased from 36% to 29%. As a result, the net share of Americans who say it is a good time to buy increased 11 percentage points and is the highest it's been since March 2018. Good/Bad Time to Sell: The percentage of Americans who say it is a good time to sell decreased this month from 67% to 66%, while the percentage who say it's a bad time to sell remained flat at 26%. As a result, the net share of those who say it is a good time to sell fell 1 percentage point. Home Price Expectations: The percentage of Americans who say home prices will go up in the next 12 months increased this month from 41% to 44%, while the percentage who said home prices will go down decreased from 14% to 10%. The share who think home prices will stay the same increased from 39% to 40%. As a result, the net share of Americans who say home prices will go up increased 7 percentage points. Mortgage Rate Expectations: The percentage of Americans who say mortgage rates will go down in the next 12 months decreased this month from 12% to 11%, while the percentage who say mortgage rates will go up increased from 37% to 39%. The share who think mortgage rates will stay the same decreased from 44% to 42%. The net share of Americans who say mortgage rates will go down over the next 12 months fell 3 percentage points. Job Concerns: The percentage of Americans who say they are not concerned about losing their job in the next 12 months remained flat at 86%, while the percentage who say they are concerned also remained flat at 14%. As a result, the net share of Americans who say they are not concerned about losing their job did not change. Household Income: The percentage of Americans who say their household income is significantly higher than it was 12 months ago remained the same at 28%, while the percentage who say their household is significantly lower decreased from 12% to 10%. The percentage who say their household income is about the same increased from 59% to 60%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased 2 percentage points. To view the original post, visit the iHomeFinder blog.
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Home Buyer Interest Up Again in November Nationwide as Showing Traffic Increases for Fourth Consecutive Month
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U.S. Home-Flipping Activity Drops as Returns Remain at Near Seven-Year Low
Overall Home Flips Drop 12.9 Percent in Third Quarter of 2019 After Unusually Active Spring; Percent of Flips Purchased with All-Cash at Two-Year High IRVINE, Calif. - December 12, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2019 U.S. Home Flipping Report, which shows that 56,566 U.S. single family homes and condos were flipped in the third quarter of 2019, down 12.9 percent from the previous quarter and down 6.8 percent from a year ago. After an unusually lively flipping market in the spring of this year, the declines stood out as the largest quarterly and annual drops since the third quarter of 2014. The homes flipped in the third quarter represented 5.4 percent of all home sales during the quarter. That level was down from 6 percent of all home sales in the second quarter of 2019, but up slightly from 5.2 percent a year ago. Historical Home Flipping Trends Graph Homes flipped in the third quarter of 2019 typically generated a gross profit of $64,900 (the difference between the median sales price and median paid by investors), up 1.8 percent from the previous quarter and 3.5 percent from a year ago. However, the typical gross flipping profit of $64,900 translated into a 40.6 percent return on investment compared to the original acquisition price, down from a 41.1 percent gross flipping ROI in the second quarter of 2019 and down from a margin of 43.5 percent in the third quarter of 2018. The latest returns on home flips stood at the second-lowest point since 2011, barely above the 40 percent ROI from the first quarter of this year. Historical Home Flipping Profit Trends Graph "After a springtime selling binge earlier this year, the home-flipping business settled way down over the summer amid a continuing scenario of languishing profits," said Todd Teta, chief product officer at ATTOM Data Solutions. "The retreat back to more normal levels of sales comes amid broader market forces that are making it harder and harder for investors to complete the kinds of deals they were getting as recently as last year. Those forces are keeping profits way down from post-Recession highs and show no signs of easing." Maksim Stavinsky, co-founder and COO of Roc Capital noted that borrowers' declining profits on flips are leading to much greater interest in renting out renovated properties instead of flipping them. "We have been seeing a decline in projected and realized profits for borrowers on projects, despite the fact that borrower financing costs have been meaningfully coming down," said Stavinsky. "This has led to much greater interest and activity in our rental programs. We expect these trends to continue." Home flipping rates down in 78 percent of local markets Home flips as a portion of all home sales decreased during the third quarter of 2019 from the previous quarter in 115 of the 147 metropolitan statistical areas analyzed in the report (78 percent). The largest quarterly declines in the home flipping rate came in Manchester, NH (down 40 percent); Reno, NV (down 33 percent); Salem, OR (down 31 percent); Clarksville, TN (down 31 percent) and Vallejo, CA (down 31 percent). Metro areas qualified for the report if they had a population of at least 200,000 and at least 50 home flips in the third quarter. The biggest quarterly decreases in MSAs with at least a population of 1 million or more were in Rochester, NY (down 29 percent); Grand Rapids, MI (down 25 percent); Boston, MA (down 25 percent); Providence, RI (down 24 percent) and Milwaukee, WI (down 24 percent). Home flips purchased with financing continue dropping while those bought with cash climb Nationally, the percentage of flipped homes purchased with financing dipped in the third quarter of 2019 to 41.5 percent, from 43.7 percent in the prior quarter and 46 percent a year ago. Meanwhile, 58.5 percent of homes flipped in the third quarter of 2019 were bought with all-cash, up from 56.3 percent in the second quarter and 54 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with a population of 1 million or more, those with the highest percentage of flips purchased with financing in the third quarter included San Jose, CA (59.4 percent); Providence, RI (56.9 percent); Seattle, WA (56.0 percent); Boston, MA (54.9 percent) and San Diego, CA (53.4 percent). Home flippers are doubling their money in eight markets Despite decreases in profit margins nationally, eight MSAs analyzed in the report had third-quarter 2019 gross ROI flipping margins of at least 100 percent: led by Pittsburgh, PA (132.6 percent); Scranton, PA (122.5 percent); Flint, MI (111.2 percent); Cleveland, OH (109.8 percent) and Hickory-Lenoir-Morganton, NC (109.7 percent). Typical home flipping returns remained near post-Recession low points Homes flipped in the third quarter of 2019 were sold for a median price of $224,900, with a gross flipping profit of $64,900 above the median purchase price of $160,000. That profit figure was up from a gross flipping profit of $63,750 in the previous quarter and up $62,700 in the third quarter of 2018. But with prices rising on investor-purchased homes, the median 40.6 percent return on investment was down from the post-Recession peak of 52.1 percent in the second and third quarters of 2016. Among the 53 markets with at least a population of 1 million or more, those that saw the smallest gross flipping profits included Raleigh, NC ($25,000); Austin, TX ($27,549); Phoenix, AZ ($31,135); Las Vegas, NV ($33,150) and Kansas City, MO ($39,141). Average time to flip nationwide is 177 days Home flippers who sold homes in the third quarter of 2019 took an average of 177 days to complete the flips, down from an average of 184 days for homes flipped in the second quarter, but the same as the average for homes flipped a year earlier. Among the 147 metro areas analyzed in the report, those with the shortest average days to flip were Durham, NC (135 days); Raleigh, NC (138 days); Phoenix, AZ (138 days); Memphis, TN (142 days) and Birmingham, AL (146 days). Metro areas with the longest average days to flip were Provo, UT (226 days); Buffalo, NY (219 days); Asheville, NC (216 days); Gainesville, FL (216 days) and Boston, MA (215 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 56,566 U.S. homes flipped in the third quarter of 2019, 14.5 percent were sold by the flippers to buyers using a loan backed by the Federal Housing Administration (FHA), up from 14.4 percent in the previous quarter but down from 12.1 percent a year ago. Among the 147 metro areas in the report, those with the highest percentage of Q3 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Stockton, CA (37.3 percent); Visalia, CA (34.3 percent); Ogden, UT (34.0 percent); Lakeland, FL (29.9 percent) and Corpus Christi, TX (29.5 percent). Twelve counties had a home flipping rate of at least 12 percent Among 695 counties with at least 10 home flips in the third quarter of 2019, there were 12 counties where home flips accounted for at least 12 percent of all home sales. Here are the top five: Fayette County, PA, in the Pittsburgh metro area (17.9 percent); Cameron County, TX, in the Brownsville metro area (15.5 percent); Portsmouth City/County, VA, in the Virginia Beach metro area (13.5 percent); Kings County, CA, in the Hanford-Corcoran metro area (13.2 percent) and Rockingham County, VA, in the Harrisonburg metro area (13.1 percent). Ten zip codes had a home flipping rate of at least 25 percent Among 1,684 U.S. zip codes with at least 10 home flips in the third quarter of 2019, there were 10 zip codes where home flips accounted for at least 25 percent of all home sales. Here are the top five: 35005 in Jefferson County, AL (38.3 percent); 93212 in Kings County, CA (37.9 percent); 78537 in Hidalgo County, TX (31.3 percent); 33147 in Miami-Dade County, FL (28.1 percent) and 08046 in Burlington County, NJ (27.0 percent). Report methodology ATTOM Data Solutions analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Pending Home Sales Expand 1.2% in November
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a September in at Least 20 Years
For the 11th consecutive month, the U.S. foreclosure rate was the lowest in at least 20 years CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.8% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in September 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with September 2018, when it was 4.4%. As of September 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from September 2018. The September 2019 foreclosure inventory rate tied the prior 10 months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.9% in September 2019, down from 2.2% in September 2018. The share of mortgages 60 to 89 days past due in September 2019 was 0.6%, down from 0.7% in September 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in September 2019, down from 1.5% in September 2018. The serious delinquency rate has remained consistent since April 2019. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in September 2019, marking a 0.4% decline compared to September 2018 when the transition rate stood at 1.2%. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "The decline in delinquency rates in North and South Carolina compared with a year ago reflect the recovery from Hurricanes Florence and Michael, which hit in the autumn of 2018," said Dr. Frank Nothaft, chief economist at CoreLogic. "Shortly after a natural disaster, we tend to see a spike in delinquency rates. Depending on the extent of devastation, serious delinquency rates generally return to their pre-disaster levels within a year." No states posted a year-over-year increase in the overall delinquency rate in September 2019. The states that logged the largest annual decreases included: Mississippi (-1.1 percentage points), North Carolina (-1.1 percentage points), Louisiana (-1.0 percentage points), New Jersey (-1.0 percentage points) and South Carolina (-1.0 percentage points). In September 2019, four metropolitan areas in the Midwest and Southeast recorded small annual increases in overall delinquency rates. These metros include: Dubuque, Iowa (0.8 percentage points), Pine Bluff, Arkansas (0.6 percentage points), Dalton, Georgia (0.2 percentage points) and Eau Claire, Wisconsin (0.1 percentage points). While the nation's serious delinquency rate remains at a 14-year low, 14 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.7 percentage points), Dubuque, Iowa (0.2 percentage points) and Pittsfield, Massachusetts (0.2 percentage points). The remaining 11 metro areas each logged an annual increase of 0.1 percentage point. "The strong labor market in the United States along with continued prudent underwriting practices for mortgage origination have combined to power favorable loan performance over the past few years," said Frank Martell, president and CEO of CoreLogic. "Unemployment reached a 50-year low in September 2019, which helped push annual delinquency rates downward for the 21st consecutive month and we expect this trend to continue as we enter into the new year." The next CoreLogic Loan Performance Insights Report will be released on January 14, 2020, featuring data for October 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. Methodology The data in this report represents foreclosure and delinquency activity reported through September 2019. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85% coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Redfin Reveals the Housing Markets that Changed the Most This Decade
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RE Technology's Top 10 Articles of 2019
Over the past 10 days, we've been counting down our top 10 articles of the year. These articles are an exclusive breed--at RE Technology, we publish over 2,000 pieces of content each year. So which types of articles were among the 0.5 percent that made it into our top 10? Well, article #4 was the most read among many popular articles about agent headshots and real estate photography. Our readers were all business this year, with articles about Google Sheets (#2) and PDFs (#10) making our list. The lighter side of things peeked through, too, with a fun article about real estate memes charting at #5. However, anxiety about low commissions dominated the year, with an article about 1% and $1 commissions coming in at #1. So what else made it onto our list of the most read articles? Take a look at the full selection below: Listing Agents Offering 1% and $1 Commissions: Is This a New Trend? 7 Google Sheet Templates for Real Estate Businesses 5 Things an Agent Should Never Say to Leads and Past Clients Headshot Ideas from the Pros: Stand Out from the Crowd 19 Real Estate Memes and GIFs that Will Make You Smile Facebook Business Pages: 4 Hidden Features to Boost Visibility Friday Freebie: Downloadable Report for Home Buyers and Sellers 10 Real Estate Email Subject Lines and Why They Work 10 Real Estate Apps that Will Amplify Your Productivity The Top 6 Things Agents Need to Know about PDFs
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Median Home Prices Still Unaffordable for Average U.S. Wage Earners in Q4 2019
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Existing-Home Sales Descend 1.7% in November
WASHINGTON (December 19, 2019) -- Existing-home sales fell in November, taking a small step back after October's gains, according to the National Association of Realtors. The Northeast and Midwest both reported growth last month, while the South and West saw sales decline. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.7% from October to a seasonally-adjusted annual rate of 5.35 million in November. However, sales are up 2.7% from a year ago (5.21 million in November 2018).Lawrence Yun, NAR's chief economist, said the decline in sales for November is not a cause for worry. "Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year," said Yun. The median existing-home price for all housing types in October was $271,300, up 5.4% from November 2018 ($257,400), as prices rose in all regions. November's price increase marks 93 straight months of year-over-year gains. Total housing inventory at the end of November totaled 1.64 million units, down approximately 7.3% from October and 5.7% from one year ago (1.74 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, down from 3.9 months in October and from the 4.0-month figure recorded in November 2018. Unsold inventory totals have declined for five consecutive months, constraining home sales. Compared to one year ago, fewer homes were sold below $250,000; with a 16% decline for homes priced below $100,000 and a 4% reduction for homes priced from $100,000 to below $250,000. "The new home construction seems to be coming to the market, but we are still not seeing the amount of construction needed to solve the housing shortage," Yun said. "It is time for builders to be innovative and creative, possibly incorporating more factory-made modules to make houses affordable rather than building homes all on-site." Properties typically remained on the market for 38 days in November, seasonally up from 36 days in October, but down from the 42 days in November 2018. Forty-five percent of homes sold in November 2019 were on the market for less than a month. First-time buyers were responsible for 32% of sales in November, essentially hovering at the 31% seen in October and 33% in November 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 16% of homes in November 2019, up from both 14% in October and from 13% in November 2018. All-cash sales accounted for 20% of transactions in November, about even with 19% in October and 21% in November 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in November, unchanged from both October 2019 and November 2018. NAR recently compiled and released a list of 10 metro areas expected to outperform in terms of demand and price appreciation due to their strong job growth, in-migration and affordability. In alphabetical order, those metro areas are: Charleston S.C.; Charlotte, N.C.; Colorado Springs, Colo.; Columbus, Ohio; Dallas-Fort Worth, Texas; Fort Collins, Colo.; Las Vegas, Nev.; Ogden, Utah; Raleigh-Durham-Chapel Hill, N.C.; and Tampa-St. Petersburg, Fla. Yun cited last week's NAR Real Estate Forecast Summit, in which 14 leading housing and financial industry economists predicted that the U.S. will likely avoid a recession in 2020 while projecting the economy to grow 2% in the coming year. "The consensus was that mortgage rates may rise, but only incrementally," Yun said. "I expect to see home price affordability improvements, too. This year we witnessed housing costs grow faster than income, but the expectation is for prices to settle at a more reasonable level in the coming year in line with average hourly wage growth of 3% on a year-over-year basis." Additionally, the majority of the economists – 69% – did not anticipate an increase in the federal funds rate, while 31% expect the Federal Open Market Committee will lower the rate next year. The group predicted an average annual 30-year fixed mortgage rate of 3.8% and home prices (existing and new homes) to increase at a slower rate of 3.6%. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.70% in November, up from 3.69% in October. The average commitment rate across all of 2018 was 4.54%. "I would encourage would-be buyers to take advantage of historically-low mortgage rates, which make a home purchase more affordable, particularly when home prices are rising," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, California. By all accounts, low mortgage rates have propped up buyer interest. SentriLock Foot Traffic Index, a measure of home showings, was stable at 47.1 in November compared to October. The Realtors® Buyer Traffic Index compiled from a survey of Realtors® was essentially unchanged at 56 from 55 in October and is up from 44 one year ago. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.79 million in November, down from 4.85 million in October, but up 3.5% from a year ago. The median existing single-family home price was $274,000 in November 2019, up 5.4% from November 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 560,000 units in November, down 5.1% from October and 3.4% lower than a year ago. The median existing condo price was $248,200 in November, which is an increase of 4.5% from a year ago. Regional Breakdown Compared to last month, November sales increased in the Northeast and Midwest regions, while year-over-year sales are up in all regions except the Northeast. Median home prices in all regions increased from one year ago, with the West region showing the strongest price gain. November 2019 existing-home sales in the Northeast grew 1.4% to an annual rate of 700,000, down 1.4% from a year ago. The median price in the Northeast was $301,700, up 3.9% from November 2018. Existing-home sales increased at the strongest pace in the Midwest at 2.3% to an annual rate of 1.32 million, up 1.5% from a year ago. The median price in the Midwest was $209,700, a 5.9% jump from last November. Existing-home sales in the South dropped 3.9% to an annual rate of 2.24 million in October, but were up 3.7% from a year ago. The median price in the South was $234,400, a 4.8% increase from this time last year. Existing-home sales in the West declined 3.5% to an annual rate of 1.09 million in November, but are up 4.8% from a year ago. The median price in the West was $410,700, up 7.1% from November 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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'The Brian Buffini Show' Podcast Impacts Lives Worldwide, Celebrates 7 Million Downloads
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Give your clients the power to digitally measure anything within a 3D property tour
Imagine if prospective buyers or tenants could virtually measure anything in your listing to see if their belongings would fit? Announcing Measurement Mode from Matterport, a new capability that enables you to share measurements you've taken in a Matterport 3D tour with your clients. This allows them to measure walls, floors, windows, doors or furniture with a simple click or tap on a PC or mobile device - no account registration required. Try it for yourself.
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Could January be the New April for Home Shopping?
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Redfin Unveils the Most Bikeable U.S. Cities of 2020
SEATTLE, Dec. 4, 2019 -- Minneapolis, Portland and Chicago are the most bikeable cities in the U.S. for the second year in a row, according to a new ranking from Redfin, the technology-powered real estate brokerage. The ranking is based on data from Bike Score, a tool by Redfin company Walk Score that rates the bikeability of neighborhoods, cities and addresses. Scores are based on several factors including access to bike lanes and hilliness. Cities where daily errands can be accomplished by bike score 90 points and above, cities where biking is convenient for most trips score 70 to 89 points and cities with some bike infrastructure score 50-69 points. Below is the ranking of the top 10 U.S. cities (with populations of more than 300,000) for biking: In Minneapolis and Portland, local government has committed to creating new bike infrastructure for environmental, health, affordability and safety reasons. Minneapolis has hundreds of miles of both on-street and off-street bike lanes. The Portland bike plan, with a goal of full implementation by 2030, includes hundreds of miles of bikeways. "Fair-weather bikers like myself are out in full force during the summer months in Minneapolis, but you still see bike commuters with ski goggles year round," said local Redfin agent James Garry. "Homebuyers moving to Minneapolis from a different area are always pleasantly surprised by how easy it is to bike everywhere here. The streets have dedicated bike lanes, many of which connect to suburban trails, and a lot of companies provide locker and shower facilities for bike commuters. The city's bike culture is especially important to buyers looking at downtown condos, as they're often looking to get rid of at least one car." Portland Redfin agent Daniel Brooks said dedicated bike lanes throughout the city and the Tilikum Crossing Bridge, a car-free bridge for use by cyclists, pedestrians and public transit, contribute to the area's bike culture. "We live in a relatively small area that makes for a short bike commute to work," Brooks said. "I've worked with a lot of clients who buy homes on the east side of Portland and bike to work downtown over the Tilikum bridge. We're also seeing more newly built condos with limited parking, which encourages people to ditch their cars and rely on bikes." Top 5 Bike Score increases St. Louis experienced the biggest increase in its Bike Score from 2018, up nine points to 62. It's followed by Long Beach, CA, up eight points to 69. "Long Beach added several new bike lanes to its city streets in the last few years and divided the beach path so there are designated lanes for bikers and pedestrians. The path runs along a white sand beach, providing direct access to the Pacific Ocean and the city's popular Belmont Veterans Memorial Pier," said local Redfin agent Costanza Genoese Zerbi. "Although there has been some controversy around adding bike lanes to crowded city streets—some people believe they can cause congestion and safety issues—I count myself among Long Beach residents who take advantage of the sunny Southern California weather and the bike paths." After Long Beach come Corpus Christi, TX (up 8 points to 49); Pittsburgh (up 6 points to 57) and Memphis (up 6 points to 44). To read the full report, please visit: https://www.redfin.com/blog/most-bike-friendly-cities-usa-2020. For Redfin's ranking of the most bikeable Canadian cities of 2020, visit: https://www.redfin.com/blog/most-bike-friendly-cities-canada-2020. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Expect Continued Economic Growth, Slower Real Estate Price Gains and Small Chance for Recession in 2020, According to Group of Top Economists
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Elevate to launch free educational series: Monday Morning Mentor
Monday Morning Mentor will feature business, marketing and life tips, tricks and strategies from top agent and coach, Matt O'Neill. December 18, 2019 - Dallas, TX -- This week, Elm Street Technology, the creators of the Elevate productivity platform, announced the launch of a new educational series, Monday Morning Mentor, which will be offered on Elevate's Facebook channel beginning in January 2020. The series will be led by Matt O'Neill, whom the Wall Street Journal recognized as the #1 luxury real estate team leader in South Carolina. Each Monday morning, Matt O'Neill will offer a half hour Facebook live stream with business, marketing and lifestyle tips, tricks and strategies from his popular private coaching program, which focuses on seven key elements for "living your best life." "Many real estate agents lack either access or the funds to participate in a high-level coaching program," said Matt O'Neill. "Aligning with Elevate on the Monday Morning Mentor series will allow me to offer key aspects of my coaching program to a large community of agents, all for free." The Monday Morning Mentor series joins other Elevate educational offerings, which include "Casual Conversations," their popular weekly video interview series featuring professionals from the real estate industry and beyond; "24/seven," the monthly thought leadership series from 3sixtyfive.agency, Elevate's full-service digital and creative advertising agency; and the "Boot Camp" series which travels the US bringing high-energy, interactive educational training to MLSs, brokers and the agents they serve. "At Elevate, we strive to empower our real estate audience with more than just amazing software," said Prem Luthra, President and CEO at Elm Street Technology. "We are focused on building a stronger, better real estate experience for every facet of the process, and for everyone involved. Training and education are key components to helping brokers and agents succeed both personally and professionally, and offerings such as Monday Morning Mentor are designed to help create and support balanced, successful real estate professionals." Monday Morning Mentor launches Monday, January 6, 2020. To participate, interested persons should follow Elevate's Facebook channel - @tryelevatere - where they will receive alerts of the live stream, as well as have access to the recordings each week. About Elm Street Technology Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, an easy mobile app, and more. For more information, please visit tryelevate.com.
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AerialSphere and iFoundAgent partner to provide "addictive" 360-degree, interactive, immersive mapping technology for websites
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Low Inventory Drives Home Buyers to Explore Big City Alternatives
Boise, Idaho, McAllen, Texas and Tucson, Ariz. top realtor.com's list of markets set to sizzle in 2020 SANTA CLARA, Calif., Dec. 12, 2019 -- While the U.S. housing market is expected to cool in 2020, certain markets will remain steadfast, fueled by strong local economies, job creation, and available inventory, especially at the entry-level price point. Topping next year's housing markets list are Boise, Idaho, McAllen, Texas, and Tucson, Ariz., according to realtor.com's analysis of the 100 largest metros released today. Based on realtor.com®'s analysis of projected home sales and price data, this year's list highlights the trend of people moving from expensive coastal cities to more affordable areas inland. In fact, nine out of 10 of 2020's hottest markets are not on the coast -- a significant change from last year when four out of 10 markets were on or near the water. This trend is particularly noticeable in Boise, which jumped from the No. 8 position last year to the top spot for 2020. Boise is seeing an influx of out-of-state buyers looking to enjoy the city's amenities at a lower price point compared with places such as California. In the top 10 markets, home sales are expected to increase by 2.4 percent and prices by 3.1 percent on average year-over-year. This is in contrast to a 1.8 percent decrease in home sales and a 0.8 percent increase in sales prices nationwide, according the realtor.com® 2020 housing forecast. Top 10 markets in 2020 Boise, Idaho McAllen-Edinburg-Mission, Texas Tucson, Ariz. Chattanooga, Tenn. Columbia, S.C. Rochester, N.Y. Colorado Springs, Colo. Winston-Salem, N.C. Charleston-North Charleston, S.C. Memphis, Tenn. "Many of the markets on this year's list are late bloomers in the current housing cycle, meaning they still have plenty of inventory and prices are within reach -- a rare combination in recent years," said George Ratiu, senior economist, realtor.com®. "Additionally, a number of the top markets in 2020 are welcoming an influx of buyers from nearby large cities that have become crowded, expensive and lack sufficient inventory." Buyers have more choice With inventory at historically low levels nationwide, home ownership has become challenging, especially for first-time buyers. In fact, this year's list represents the nation's only markets which retain sufficient inventory, especially at the entry level price point. The search for affordability has attracted a large number of buyers into these markets, with active listings decreasing 11 percent year-over-year. However, in many of the top 10 markets, constricted supply is a relatively new issue and the total stock of inventory remains plentiful and in a good position to absorb growth. Sister cities Many of the markets on this year's list are smaller cities that are handling overflow from nearby larger cities that have become crowded and unaffordable. For example, Colorado Springs is becoming a respite from Denver's pricey housing market and Memphis and Chattanooga are affordable options for people looking for Nashville alternatives. University towns Interestingly, the majority of top markets are home to a college or university. This is likely due to the fact that many schools are creating incubators to nurture entrepreneurs and start-ups, helping to fuel local job markets. Rochester, N.Y., for example, is home to two large universities and is benefiting from this trend. Retirement boom Cities like Tucson, Ariz., Winston-Salem, N.C., Columbia, S.C. and Charleston, S.C. have become popular retirement destinations. Many baby boomers are looking to spend their golden years in a warmer climate and escape the high property tax rates that are common in the Northeast. Arizona, North Carolina and South Carolina do not tax Social Security retirement benefits, making these states attractive to older buyers. "As a whole, millennials are driving the housing market, but what's interesting in this year's list is that not all of our cities fall into that category. In fact, only half of this year's top 10 are millennial markets and the other half are being driven by retirees and mid-lifers leaving more expensive coastal cities," added Ratiu. 1. Boise, Idaho Median home price: $295,000 Home price change: +8.1 percent Sales change: +0.3 percent Combined sales and price growth: +8.4 percent Idaho's capital city has seen a boom in population over recent years, having nearly doubled in size since 1990. Many of the city's newcomers are transplants from more expensive coastal cities. Boise is home to a mild four-season climate with a vibrant community that actively takes advantage of the area's easy access to mountains, rivers, lakes and parks. A strong school system, thriving job market and top-notch healthcare draw a diverse crowd to Idaho's capital. A favorable tax structure -- which includes relatively low sales and property tax and no state Social Security tax -- as well as relatively affordable housing has made this area popular for retirees as well as young professionals. Boise is no stranger to realtor.com®'s Top Markets List, it was No. 8 in 2019. 2. McAllen-Edinburg-Mission, Texas Median home price: $152,000 Home price change: +4.0 percent Sales change: +4.4 percent Combined sales and price growth: +8.4 percent Nestled along the Rio Grande and Mexico border in the southern tip of Texas sit the cities of McAllen, Edinburg and Mission. The area has a rich heritage which can be felt throughout and is home to the National Butterfly Center and annual Citrus Fiesta. Affordability is a main driver for many people moving to the area from other parts of Texas and the country -- in fact, McAllen is one of the most affordable markets in the country, with a median home price of just $152,000. Emerging job opportunities coupled with the fact that Texas does not have a state income tax is drawing many young professionals to the area. 3. Tucson, Ariz. Median home price: $230,000 Home price change: +3.3 percent Sales change: +3.4 percent Combined sales and price growth: +6.6 percent Many people are flocking to Tucson, which boasts warm temperatures and 286 days of sunshine each year. The sun-baked city is one of the most popular retirement destinations in the country, however, it is also drawing the younger generation, as the city is home to The University of Arizona. Additionally, large companies including Amazon, Texas Instruments and Caterpillar have recently moved to or expanded within Tucson, creating many new job opportunities. After taking a large hit during the 2008 recession, the area's housing market has bounced back stronger than ever. Sellers are hesitant to put their homes on the market as they feel there is still room for prices to grow. 4. Chattanooga, Tenn. Median home price: $189,000 Home price change: +3.6 percent Sales change: +2.0 percent Combined sales and price growth: +5.6 percent Set along the Tennessee River in the foothills of the Appalachian Mountains sits the lively city of Chattanooga with all its Southern charm. The area still prides itself on its small town roots, but also offers residents robust nightlife with a plethora of boutique bars and cozy restaurants. Tennessee has no state income tax, which draws many young professionals and businesses to the area. After Nashville's real estate market took off, investors began looking for other opportunities within Tennessee, and this led many to Chattanooga, which also ranked No. 4 on 2019's Top Markets list. 5. Columbia, S.C. Median home price: $178,000 Home price change: -0.2 percent Sales change: +5.5 percent Combined sales and price growth: +5.3 percent The historically rich city of Columbia is South Carolina's state capital, and holds tight to its small-town roots. Columbia offers residents a high quality of life while housing remains relatively affordable. The city is known for being famously hot, but the weather isn't the only thing heating up. New construction is booming in Columbia and buyers from all over the country are migrating to the area. Columbia is also home to the University of South Carolina, making it a great area for young professionals who enjoy the energy of a college campus. 6. Rochester, N.Y. Median home price: $149,000 Home price change: +0.4 percent Sales change: +4.7 percent Combined sales and price growth: +5.1 percent New York state's third-largest metro boasts a mix of history and innovation. The city is home to two major universities -- The University of Rochester and Rochester Institute of Technology -- that consistently produce top talent and entrepreneurs. It also boasts several medical facilities such as Rochester Regional Health and large employers such as Wegmans, Paychex and Xerox. Despite a healthy job market, the area still enjoys relatively low housing prices. Former home to pioneers and independent thinkers like Susan B. Anthony and Frederick Douglass, Rochester has worked hard to preserve and honor its landmarks. The city's downtown recently underwent a revitalization which is attracting a new group of younger residents who enjoy the area's breweries, art and jazz scene. 7. Colorado Springs, Colo. Median home price: $312,000 Home price change: +6.3 percent Sales change: -1.4 percent Combined sales and price growth: +4.9 percent Recently named the most desirable place to live in the country by U.S. News and World Report, Colorado Springs' residents enjoy an outstanding quality of life with low living costs and easy access to the Rocky Mountains. Colorado Springs has a strong job market and a highly educated workforce in aerospace, defense, cybersecurity and technology. Major employers include Lockheed Martin, Oracle, Hewlett Packard and Progressive Insurance. Residents enjoy the city's beautiful scenery and more than 70 art galleries. Colorado Springs has become a great alternative for those priced out of Denver. Given the close proximity, some choose to live in Colorado Springs and commute to Denver. 8. Winston-Salem, N.C. Median home price: $169,000 Home price change: +0.5 percent Sales change: +3.6 percent Combined sales and price growth: +4.1 percent The fifth largest city in North Carolina, Winston-Salem has become a cultural hub for fine arts and theater. The revitalization of its downtown has added a number of hotels, restaurants and apartment complexes that make it attractive to millennials and retirees alike. This led The New York Times and The Wall Street Journal to rank the city second in their respective lists of most livable downtowns in America. Wake Forest University and several small colleges attract a young crowd, but the city has also been named one of the best places to retire in the U.S. by CBS Moneywatch. Many of the area's residents refer to themselves as "half-backers" or people who moved from the Northeast to Florida, but decided to settle "half of the way" back to be closer to friends and family. 9. Charleston-North Charleston, S.C. Median home price: $270,000 Home price change: +1.9 percent Sales change: +1.2 percent Combined sales and price growth: +3.1 percent South Carolina's largest city is defined by cobblestone streets, horse-drawn carriages and pastel antebellum houses. The historic port city is consistently named one of the best small cities in the world by Conde Nast and the "World's Best City" by Travel + Leisure. Home to Charleston Air Force base and several universities, Charleston attracts a diverse group of residents who enjoy the state's low property tax rates. Major employers in the area include Boeing, Walmart, Bosch and Medical University of South Carolina. Residents and tourists alike enjoy the city's many restaurants and close proximity to the beach. 10. Memphis, Tenn. Median home price: $188,000 Home price change: +3.0 percent Sales change: +0.1 percent Combined sales and price growth: +3.1 percent Elvis's hometown is home to several major employers including FedEx, AutoZone, ServiceMaster, International Paper and First Horizon National, making it an attractive market for jobs and real estate. It's also a great place for millennials and good for singles looking to mingle, as more than half of the city's adult population is not married. Locals enjoy the short commute times, great music scene, culture and professional sports including the NBA's Grizzlies. The most populous city in Tennessee, Memphis is considered a hub for transportation with a bustling airport and easy access to four major freeways. The city also houses about two dozen college campuses along with tourism attractions like Beale Street, Graceland and the National Civil Rights Museum. For more information and methodology, click here. *Median home prices based on the January-August 2019 period. **Home price and sales change are year-over-year estimates through the end of 2020. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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iBuyers Rapidly Snap Up Market Share Across Southern Metros, Redfin Finds
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NAR Identifies 10 Markets Expected to Outperform Over the Next Three to Five Years
WASHINGTON (December 11, 2019) -- The National Association of Realtors identified 10 markets expected to outperform over the next three to five years. In alphabetical order, the markets are: Charleston, South Carolina Charlotte, North Carolina Colorado Springs, Colorado Columbus, Ohio Dallas-Fort Worth, Texas Fort Collins, Colorado Las Vegas, Nevada Ogden, Utah Raleigh-Durham-Chapel Hill, North Carolina Tampa-St. Petersburg, Florida "Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion," said NAR's Chief Economist Lawrence Yun. "Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply." NAR identified the top 10 metro areas based on a myriad of factors, including domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables. "Potential buyers in these 10 markets will find conditions especially favorable to purchase a home going into the next decade," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "The dream of owning a home appears even more attainable for those who move to or are currently living in these markets." Strong job growth is one factor driving up prices in these markets, with payroll employment rising about 2.5% annually in the last three years, higher than the national rate of 1.6%. In Ogden, Las Vegas, Dallas, and Raleigh, job growth rose nearly 3%. Movers flock to these markets at higher rates than the average of the 100 largest U.S. metro areas. In Colorado Springs, recent movers accounted for 21% of the total population, followed by Fort Collins at 17% and Las Vegas at 16%. These areas attract various age groups. For example, 11% of the people who moved to Tampa were 65 years and older, while 54% of recent movers in Durham were between the ages of 18 and 34. In most of these metro areas, about half of recent movers who are renting can afford to buy a home in those respective markets when compared to the nation's 100 largest metro areas. Homeownership rates in these markets are expected to increase due to the relative affordability. To view NAR's Top 10 Outperforming Markets report, visit https://www.nar.realtor/reports/top-ten-outperforming-metro-markets-report The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Brian Buffini Reveals 2020 Real Estate Market Outlook
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Matterport Enables Interactive 3D Measurements for Its Spatial Data Platform
New Measurement Mode further positions Matterport digital twins as the collaboration medium for the built world SUNNYVALE, Calif., Dec. 12, 2019 -- Matterport, the market leader for spatial data capture, today made Measurement Mode available in Showcase, the company's web-based client for exploring its 3D spaces. The new functionality gives users the ability to share measurements taken in a Matterport 3D digital twin with anyone, allowing them to accurately measure rooms, windows, doors, or furniture with a simple click or tap on a PC or mobile device. "Measurement Mode is an important step in our strategy to turn buildings into data and actionable insights," said RJ Pittman, CEO. "This new capability gives customers an invaluable tool for sharing vital information of spaces or objects within a Matterport digital twin. The potential for smarter space planning, utilization, and collaboration for the built world is enormous." Industries spanning real estate; architecture, engineering, and construction (AEC); retail; travel and hospitality; insurance and restoration will benefit from this important new capability. Experience Measurement Mode here. "Measurement Mode is a great example of meaningful innovation within the property insurance ecosystem," said Mark Whatley, Senior Vice President of Claims Operations, CORE Group. "This new capability allows contractors and claims professionals to quickly confirm the accuracy of the associated sketch, subsequently constraining the arguments and reducing cycle times. Matterport's technology continues to function as a credible and consistent dispute prevention tool, providing opportunities for contractors and claims professionals to transcend the traditional pitfalls that contribute to the outsized amounts of administrative waste that are currently bogging down our industry." AEC professionals can share Matterport digital twins with stakeholders so they can review property measurements from anywhere in the world. Or, they could make a bid for a project virtually, and dramatically reduce the number of change orders. "Matterport's Measurement Mode gives our users additional value," said Dan Cardona, Chief Operation Officer, Apex Imaging Systems. "Being able to quickly verify measurements in a digital twin, we increase the accuracy of bids. Plus, we save time and money by eliminating the need to send teams around the country to re-verify measurements." For real estate professionals, the new measurement tool provides another selling point for agents and/or sellers by allowing prospective buyers or tenants to virtually measure if a space can accommodate their furniture, artwork, rugs and other design elements. The company is taking Measurement Mode further in 2020, eliminating the need for customers to take manual measurements in Showcase. Cortex, Matterport's AI, will automatically identify and measure landmark features like doorways, windows and ceiling heights, saving customers a significant amount of time. Matterport is the only platform that creates true 3D digital twins of the built environment. It offers professional-grade capture devices, including the Matterport Pro2 3D scanner and Matterport-compatible Leica BLK360, as well as compatibility with 360-degree cameras, including the Ricoh Theta V, Ricoh Theta Z1 and Insta360 ONE X. Once a space is captured, Matterport's Cloud 3.0 software enables anyone to easily create a 3D digital twin. Subscriptions start with a free tier, a $9.99 "Starter" plan for budding 3D capture professionals, and a number of hosting options for SMB and enterprise professionals. About Matterport Matterport is the leading spatial data company digitizing and indexing the built world. Its unique 3D capture technology creates the spatial data layer on which the industry can interoperate, and the company's all-in-one 3D data platform makes it fast and easy to turn any physical space into an accurate and immersive digital twin. The Matterport platform helps customers realize the full potential of a space at every stage of its lifecycle including planning, construction, appraisal, marketing, and operations. Learn more at matterport.com.
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Redfin Report: Bidding Wars Remain at 10-Year Low in November
Nationally, just 10% of Redfin homebuying offers faced competition SEATTLE, Dec. 9, 2019 -- Ten percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in November, down from 29% a year earlier and hovering at the 10-year low for the 5th consecutive month, according to a new report from Redfin. This rate is likely to remain low through the end of the year, and begin rising again in early 2020. San Francisco was the only market that remained somewhat competitive in November. The bidding war rate there was 30%, down from 53% a year earlier and down from 34% in October. The month-over-month decline of 3.7 points was slightly below the 2010-2018 average October-to-November decline of 4.6 points. "Almost every home for sale that is in a great location and priced competitively is still receiving multiple offers," said San Francisco Redfin agent Miriam Westberg. "One home we made an offer on last week had 25 other offers! However, homebuyers definitely feel like they can be more selective this year, so homes that don't check every single box may only get a single offer, and tend to take a longer time to sell." Competition was scarce everywhere else in the country, with no other market seeing a bidding war rate higher than 17%. The bidding war rate hit its lowest point in at least five years in November in Chicago, Houston, Portland, OR and Los Angeles. "Even though the number of homes for sale has been falling faster than we normally see this time of year, buyers just aren't feeling any sense of urgency right now," said Redfin chief economist Daryl Fairweather. "The supply and demand data still says that it's a seller's market, but homebuyers working with Redfin agents in places like Portland and Denver are feeling and acting like they're in control. Most of the homes that they are seeing are simply not worth getting into a bidding war over, so they're more than willing to wait until the new year in the hopes that more homes will hit the market." 2019 as a whole has been a welcome reprieve from the frenzied market of years prior, but with fewer new listings hitting the market and more homes selling quickly after being listed, 2020 may be shaping up to swing the pendulum back in the other direction. Houston was the least competitive market in November, with just 1.4% of offers facing a bidding war. Miami was barely above that at 1.7% and Raleigh was the third least competitive market with 2.6% of offers facing competition. Rate of Bidding Wars by Metro Area: November 2019 To read the full report, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Curious Case: A U.S. Housing Market No One Saw Coming
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Homesnap Introduces Integration with Facebook Marketplace
Homesnap has integrated with Facebook Marketplace to make it easier to promote single-family homes for rent, and to give prospective renters more search options. Facebook Marketplace is already known as an easy, convenient way to buy and sell locally. With more than 1 in 3 people on Facebook in the US using Marketplace each month, people can find what they're looking for with just a few clicks. Marketplace's extensive reach has given Homesnap the ability to tap into a targeted and relevant user base with superb lead generation potential. Every lead generated goes directly to the listing agent or broker via email, free of charge. By integrating with leading house and apartment rental sites, Marketplace has made it easier for agents and property managers to list rental inventory on Marketplace, and for renters to find their next great home. Marketplace charges no listing fees or commissions, and its mobile-optimized interface and personalized customer experience ensure that property owners, managers, and agents can create tailored, browseable listings with minimal effort and investment. Renters are able to easily search listings to find exactly what they're looking for using filters such as location, housing type, price, bedrooms, bathrooms, square footage, pet friendliness. With Messenger/chat integration built in, questions can be answered in real time and potential leads fielded and converted quickly. "Our integration with Facebook Marketplace has garnered a ton of interest from renters who typically spend their time searching for a new home among more traditional, multifamily properties," said Lou Mintzer, Homesnap's Chief Product Officer. "We're hearing regularly from our MLS partners that not only do these placements on Marketplace generate lots of new business for rental agents, but they are also encouraging agents to list rental properties with their MLS, whereas before they might have withheld rentals simply because they didn't think they would generate much interest." In the past three months alone, approximately 100,000 leads have been generated from their listings. Facebook Marketplace represents a unique opportunity for MLSs, brokers, and agents to reach renters who may not be working with an agent and/or have access to MLS data. Since launch, MLSs that have opted into Facebook Marketplace through Homesnap have seen, on average, a 9.8 times increase in free leads and 4.3 times increase in views for rentals. Homesnap's integration with Marketplace has been both seamless and scalable, and Marketplace's extensive reach has given Homesnap the ability to tap into a targeted and relevant user base with tremendous lead generation potential. MLSs, brokers, and agents interested in promoting their rental properties on Facebook Marketplace should send inquiries to [email protected] To view the original post, visit the Homesnap blog.
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Second Century Ventures Announces First REACH Australia Class
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CoreLogic Reports October Home Prices Increased by 3.5% Year Over Year
DECEMBER 03, 2019 - (IRVINE, CALIF.) -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for October 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.5% from October 2018. On a month-over-month basis, prices increased by 0.5% in October 2019. (September 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% from October 2019 to October 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.2% from October 2019 to November 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Local home-price growth can deviate widely from the change in our U.S. index," said Dr. Frank Nothaft, chief economist at CoreLogic. "While we saw prices up 3.5% nationally last year, home prices also declined in 22 metropolitan areas. Price softness occurred in some high-cost urban areas and in metros with weak employment growth during the past year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35% of metropolitan areas have an overvalued housing market as of October 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of October 2019, 27% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in October 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The survey showed that millennials are mostly unconcerned about qualifying for a mortgage. Three out of four millennials, or 75%, say they are confident they would qualify for a loan with their current financial situation. Still, despite this confidence, more than half of the cohort cites buying a home as a stressful experience, noting spending the majority of their savings as one of the leading stressors. "Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October," said Frank Martell, president and CEO of CoreLogic. "We expect home prices to rise at least another 5% over the next 12 months. Interestingly, this persistent increase in home prices isn't deterring older millennials. In fact, 25% of those surveyed anticipate purchasing a home over the next six to eight months." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Home Sellers Will Remain on the Sidelines in 2020
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Second Century Ventures Accepting Applications for the 2020 REACH and REACH Commercial Classes
CHICAGO (December 3, 2019) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors, is now accepting applications for its 2020 REACH and REACH Commercial accelerators. Applications for both 2020 REACH and REACH Commercial programs will be accepted through January 31, 2020 at nar-reach.com/apply/. Both programs will kick off in April and run through November 2020. REACH offers education, mentorship and exposure for technology companies aiming to launch into the real estate industry, accelerate their businesses and expand into adjacent markets such as insurance, mortgage and financial services. REACH provides a unique opportunity for technology companies to get sizeable exposure to an industry that represents more than $1 trillion in revenue, consists of more than 100,000 small- and medium-sized businesses and generates more than $12.5 billion in annual advertising spend in the U.S. alone. With recent program expansion, REACH will offer the most talented entrepreneurs access to a worldwide network of peers, mentors and investors. "2019 was a hallmark year for the NAR REACH program. Not only did we launch REACH Commercial, a track specifically for technology companies serving the commercial real estate marketplace, we also expanded globally with REACH Australia," said NAR CEO and SCV President Bob Goldberg. "This amplifies our ability to cultivate a thriving marketplace of new ideas in all sectors of real estate and further expands our network of industry professionals, strategic partners, investors and mentors around the world." REACH has attracted technology startups developing solutions for multiple aspects of the industry including marketing automation, pay at close renovation, Realtor® safety, leasing, lending, transaction management, tokenization and more. Participating companies show impressive results both during and after program completion. Specifically, REACH companies have in aggregate raised more than $300 million of follow-on financing, have increased revenue, customer and/or user growth rates between 50 to 2,000%, and have secured key partnerships with major companies including DocuSign, Google, Facebook, Coldwell Banker, RE/MAX and Berkshire Hathaway HomeServices. "As the top growth accelerator in real estate, we are passionate about helping the most promising new technology startups – and the innovative teams who lead them – navigate the complex and dynamic residential and commercial marketplaces," said NAR Senior Vice President of Strategic Business, Innovation & Technology Mark Birschbach. "We look forward to welcoming those selected for the 2020 REACH and REACH Commercial classes and driving their businesses forward through a rapidly expanding global network." Participants in the REACH accelerator receive numerous benefits, including: Mentorship from more than 350 real estate and technology thought leaders and executives from major real estate brokerages and brands, technology companies and venture capitalists. On average, accelerator participants meet with more than 50 of these advisors in one-on-one sessions throughout the program. Insight Panel, an exclusive group of more than 50,000 real estate professionals who provide feedback on user experience, product viability and pricing. This guidance has proven vital to many companies' success. Education on how to navigate the trillion-dollar real estate industry with the backing of the nation's largest trade association and a $5 billion brand. Exclusive Access to more than a dozen of the real estate industry's top conferences, tradeshows and networking events. A Global Network of highly talented, like-minded entrepreneurs including more than 80 REACH alumni companies and curated program sponsors. For more information about REACH or to submit an application, visit www.narreach.com. REACH is a unique real estate technology accelerator created by Second Century Ventures, a strategic technology investment fund backed by the National Association of Realtors®, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH Accelerator program helps technology companies launch into the real estate vertical and its adjacent markets. The program provides education, mentorship and market exposure to one of the world's largest industries. For more on REACH, visit www.narreach.com. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Pending Home Sales Decline 1.7% in October
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iGUIDE Continues to Increase the Functionality of Their Immersive 3D Virtual Tours with the Introduction of Advanced Measurements
Kitchener, Canada, November 28, 2019 -- iGUIDE, already known as the gold standard in immersive 3D tours with floor plan navigation, never stops innovating. iGUIDE now gains 3D measurement capability with their Advanced Measurements functionality. Users can measure distances between arbitrary points in 3D space, using only data from the iGUIDE camera and without a need to collect time-consuming 3D point clouds. The All-New Advanced Measurements feature changes the way a space can be understood. Remotely plan and manage space, whether it’s for personal use or to share with a contractor, Advanced Measurements can measure a space for many scenarios that span a broad range of applications: Residential Real Estate - Sizing and positioning furniture, decor items, or area rugs. Commercial Real Estate - Planning tenant installations and reviewing accommodations for existing fixtures. Property Management and Facility Maintenance - Document damages and estimate repairs and upgrades. Contractors, Builders, and Construction - Determine costs for renovations and prepare quotes. Insurance - Determine repair or replacement costs for flooring, pipes, ducts, and wiring. Engineers, Architects, Interior Designers - Measure windows to estimate the replacement cost for coverings, or for heat loss calculations. And many more. Advanced Measurements eliminate costly mistakes by having the information available at all times and the ability to measure and re-measure a space as many times as needed. iGUIDE users can now measure in one of three modes, each with their own advantages. Mode 1: Measurements on Floor Plan - Measure from point to point on the floor plan. Draw simple lines to measure anything represented two dimensionally. This is the Standard mode. Mode 2: Measurements in a Vertical Plane - Measure on a plane. Define a wall and then measure anything that is placed against it. This is the first of the new Advanced Modes. Measure Mode 2: Measuring on a vertical plane. Mode 3: Dual Panorama Triangulation - Measure using two points of view. Select features from two different angles to measure anything you can see in the visuals. This is the second of the new Advanced Modes. The introduction of Advanced Measurements is just one more example of iGUIDE’s mission of constant improvement in the user experience and functionality. But seeing is believing, so click here to see Advanced Measurements in action. Advanced Measurements feature is available immediately as part of every Premium iGUIDE and can also be added to any Standard iGUIDE as an option. Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for connecting people with essential property information. iGUIDE is the most efficient system for mapping interior spaces and features immersive 3D tours, laser-accurate floor plans, room dimensions, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments.
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Redfin Predicts Homebuyers Will Have Fewer Options, Bidding Wars Will Rebound in 2020
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Home Showings Increase Across U.S. for Third Consecutive Month Compared to 2018
Uptick in October Buyer Traffic Occurred in All Four Regions, Marking the First Time a Three-Month, Year-Over-Year Increase has Been Recorded Since November 2017 - January 2018 November 22, 2019 -- October home showing traffic was more active once again compared to 2018, as the nation saw its third straight month of higher year-over-year showing activity, according to the latest ShowingTime Showing Index report. The 5.5 percent increase in showings nationwide was the largest jump in activity during the now three-month streak of year-over-year increases vs. 2018. The South Region led the way, with a 10.8 percent uptick in showing traffic – its biggest year-over-year increase in almost three years. The West's 8.6 percent increase was close behind, followed by the Northeast, which saw its sixth consecutive month of year-over-year growth with a 3.8 percent increase in October. The Midwest rounded out the regions with a 1.5 percent year-over-year gain. "We are seeing expected seasonal slowdowns in October, although this fall continues to be more active than last year in terms of showing traffic," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The increase in showing activity in both the South and West regions is noteworthy given that both had previously reported nearly year-long drops in traffic prior to August." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in more than 250 MLSs representing nearly one million real estate professionals across the U.S. and Canada. In September, ShowingTime acquired Centralized Showing Service, Inc. (CSS) to better serve the needs of clients in the residential real estate industry. The two established companies bring together a combined 43 years of experience helping real estate professionals and their clients. For more information, contact us at [email protected]
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CFPB Releases New Report Exploring Differences between Large and Small Mortgage Servicers
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Existing-Home Sales Climb 1.9% in October
WASHINGTON (November 21, 2019) -- Existing-home sales rose in October, a slight recovery from the declines seen in September, according to the National Association of Realtors®. The four major U.S. regions were split last month, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018). Lawrence Yun, NAR's chief economist, said this sales increase is encouraging and he expects added growth in the coming months. "Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers," said Yun. "We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory." The median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October's price increase marks 92 straight months of year-over-year gains. Total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018. "The issuance of more housing permits is a very positive sign and a good step toward more inventory," said Yun, citing the latest data for housing starts. "In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market." Properties typically remained on the market for 36 days in October, up from 32 days in September and consistent with October 2018 numbers. Forty-six percent of homes sold in October 2019 were on the market for less than a month. First-time buyers were responsible for 31% of sales in October, down from 33% in September and identical to the 31% recorded in October 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in October 2019 unchanged from September but down from the 15% figure recorded in October 2018. All-cash sales accounted for 19% of transactions in October, up from 17% in August but down from 23% in October 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in October, unchanged from September but down from 3% in October 2018. "It is great to see home sales rise along with an increase in housing permits," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "Both home buyers and the home sellers are being rewarded by these developments, and we see that conditions remain extremely favorable for real estate investment in America." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in October were Fort Wayne, Ind.; Pueblo, Colo.; Columbus, Ohio; Rochester, N.Y.; and Colorado Springs, Colo. Active listings on Realtor.com increased by over 1% from one year ago in only a few of the largest metro areas: Minneapolis-St. Paul-Bloomington (16%), Las Vegas-Henderson-Paradise (14%), San Antonio-New Braunfels (9%), Detroit-Warren-Dearborn (5%), Atlanta-Sandy Springs (5%), Denver-Aurora-Lakewood (4%), Dallas-Fort Worth-Arlington (4%), and Myrtle-Beach-Conway (4%). Mortgage rates were trending downward since July through September, but slightly rose in October. According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.87 million in October, down from 4.77 million in September, but up 5.4% from a year ago. The median existing single-family home price was $273,600 in October 2019, up 6.2% from October 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in October, about even with the previous month and 1.7% lower than a year ago. The median existing condo price was $248,500 in October, which is an increase of 5.6% from a year ago. Regional Breakdown Compared to last month, October sales increased in the Midwest and South regions, but sales are up in all regions from a year ago. Median home prices in all regions increased from one year ago, with the West region showing the strongest price gain. October 2019 existing-home sales in the Northeast fell 1.4% to an annual rate of 690,000, with no change from a year ago. The median price in the Northeast was $296,700, up 5.7% from October 2018. In the Midwest, existing-home sales increased 1.6% to an annual rate of 1.29 million, up 2.4% from a year ago. The median price in the Midwest was $209,900, a 6.7% jump from a year ago. Existing-home sales in the South increased 4.4% to an annual rate of 2.35 million in October, up 7.8% from a year ago. The median price in the South was $234,900, a 6.0% increase from this time last year. Existing-home sales in the West declined 0.9% to an annual rate of 1.13 million in October, 3.7% above a year ago. The median price in the West was $410,700, up 7.8% from October 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Home Prices Rise Annually Across Most Opportunity-Zone Redevelopment Areas
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Millennials Still Want Single-Family Homes, Even if it Means a Long Commute
The price premium for single-family homes over condos is increasing in affordable inland areas and declining in expensive areas SEATTLE, Nov. 21, 2019 -- More than 90% of millennial homebuyers would choose a single-family home over an equal-priced unit in a triplex with a shorter commute, according to a new report from Redfin, the tech-powered real estate brokerage. "Even as we've seen a revival in many urban neighborhoods, the American ideal of a detached home with a white picket fence and a private lawn doesn't appear to be changing—at least for the time being," said Redfin chief economist, Daryl Fairweather. "While some cities and states like Minneapolis and Oregon are aiming to create more affordable multi-family housing options by eliminating single-family zoning, as long as Americans are willing to pay a premium for detached homes, developers are likely to continue building them." The August 2019 survey asked more than 1,400 U.S. residents who are thinking of buying or selling a home in the next year to choose a home based on the following hypothetical situation: "You find a single-family home with a backyard for the same price as a unit in a triplex (a building with three attached homes). The triplex is smaller, but meets your space needs, and has a shared backyard and significantly shorter commute. Assume the school quality and safety ratings are identical." The report breaks down the results both by age and geography. 89% of homebuyers would prefer a single-family home with a backyard over a unit in a triplex with a shorter commute. Among millennials, 93% would choose a single-family home, as would the vast majority of all other age groups over 25. Broken down by region, we found that regardless of where people live within the U.S., more than 85% of homebuyers and sellers prefer single-family homes over a unit in a triplex with a shorter commute. The price premium for single-family homes over condos is declining in expensive areas and increasing in affordable inland areas. Nationwide, the price premium for single-family homes over comparable condos—those with similar square footage, number of bedrooms and bathrooms and location—was 16% in 2019, barely changed from 15% in 2013. While the nationwide premium has remained flat, the price premium for single-family homes over condos has generally declined since 2013 in expensive metros like San Jose (single-family homes sell for 25% more than comparable condos, down from 31% in 2013) and Los Angeles (19% premium, down from 27%). At the same time, price premiums have risen in more affordable areas like Las Vegas (17% premium, up from 10%) and Birmingham (29%, up from 15%). "Homebuyers are more willing to settle for a condo or another unit with shared walls if the home itself isn't the defining feature of why they're choosing a city," said Fairweather. "In a sprawling place with an emphasis on private homes like Houston or Las Vegas, people may actually be moving there because there are plenty of affordable, large single-family homes where they can raise a family." Redfin.com users' home search behavior shows more openness to single-family alternatives now compared to 2012. When searching for homes on Redfin.com, 33% of users limited their searches to single-family homes (meaning the searcher excluded condos and townhomes) in the third quarter of 2019, down from 41% in the first quarter of 2012. That decline could reflect the pressure high home prices have been putting on buyers in the last few years. As homebuyers contend with high home prices, they may be more willing to compromise and buy a home with shared walls. Homebuyers want single-family homes, but not necessarily large ones. Although our research indicates that most homebuyers prefer single-family homes, the size of those homes has recently started trending downward after years of going up. The median home size in the U.S. in 1975 was 1,535 square feet. It peaked at 2,467 square feet for the typical home in 2015 and has dropped since then to 2,386 square feet in 2018. To read the full report, complete with metro level data, charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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NAR's HouseLogic Website Wins Two Folio: Eddie and Ozzie Awards for Design and Content
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Unacast Expands The Real World Graph to Include Neighborhood Activity and Travel Patterns
Unacast's Neighborhood Data Package Measures and Tracks Statistics Around Local Catchment Areas New York, NY - Nov. 20 - Unacast, an industry leading location data and strategic insights company, is pleased to announce the release of its Neighborhood Data Package as part of The Real World Graph, an interconnected system of data sets that understands human mobility in the physical world. The Neighborhood Data Package joins the Venue Data Package as part of The Real World Graph, with additional new Data Packages to be released going forward. The Neighborhood Data Package, which helps real estate developers and retailers to make the right investment decisions to better understand the activity of a neighborhood and how it changes over time when it comes to people travelling, working, and living in the neighborhood, includes: Site Selection and Performance - Evaluate and prioritize new or additional locations, or simply measure the performance of one or more locations Neighborhood Profiling and Activity - Get context for existing or potential locations, or uncover the relevant characteristics of a neighborhood Competitive Intelligence - Gather insights on your competitors and analyze data points such as dwell time, area foot traffic, capture rate, local catchment area, and cross visitation Emerging Concepts, a real estate solutions firm, was an early adopter of Unacast's Neighborhood Data Package. "The Neighborhood Data Package helps us learn how areas change over time. Being able to see which areas are populated at various times on different dates has helped us make better data driven decisions," says Matthew Focht, President and CEO of Emerging Concepts. "What separates Unacast from other location data providers is their consultative approach and the insights specific to our business." "Massive investments in real estate and retail are being done, but very limited data is being used to ensure they were the right decisions,'' says Thomas Walle, Co-Founder and CEO of Unacast. "The Neighborhood Data Package provides unique insights into the activity of a neighborhood, which is crucial to know when opening a new store or investing in a new property." The Neighborhood Data Package is available as a Data Feed, via customized reports, or through Unacast's API. In addition to The Real World Graph®, Unacast has also offered Pure Feeds and Activity Feeds to strategic partners that want to be closer to the data to make their own analysis or incorporate it with other data sets. Unacast also offers international data across Europe, Asia, South America, and Australia. About the Real World Graph® The Real World Graph® is an interconnected system of data sets that understands human mobility in the physical world using a combination of map data, location data, and strategic insights. The Real World Graph® allows real estate developers, retailers, city planners and many other companies explore trends and insights in visitation, demographics, capture rate & area traffic, local trade area, and cross visitation behavior as well as benchmarking to brands, other venues, and competitors. About Unacast Unacast is an industry leading human mobility data company that harnesses device location data, map data, and strategic intelligence to tackle business challenges for the retail, real estate, tourism, and marketing industries. With its flagship product "The Real World Graph®", it provides innovative solutions and insights to operational challenges in a variety of industry verticals. Unacast was founded in 2014 and is headquartered in Norway with a commercial office in New York City. In 2019, Unacast was awarded the #1 small company to work for by Built In NYC. For more information: https://www.unacast.com
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Realtor.com Hack-it-Forward Event Supports 14 Local Charities Across U.S. and Canada
SANTA CLARA, Calif., Nov. 19, 2019 -- Realtor.com, the Home of Home Search, recently held Hack-it-Forward, a three-day event in which employees across its seven offices in the U.S. and Canada tackled 26 tech hack projects to benefit 14 employee-nominated nonprofits. "Realtor.com®'s hackathons always bring out the best in innovation and teamwork, and this year, we chose to tap our employees' experience and expertise to solve challenges for deserving nonprofits. During this year's hackathon, we helped organizations make real progress in battling homelessness, enabling education for disadvantaged youth, placing pets in homes, supporting veterans, empowering individuals with special needs, and bringing joy to critically ill children," said Tracey Fellows, acting CEO, realtor.com®. "I am inspired by the contributions that our team made to their communities and proud of the truly innovative technology hacks that were developed." Nonprofit organizations often operate with limited staff and budgets leaving few resources to tackle technology and operational challenges. This year, realtor.com® decided to donate time and resources to help deserving nonprofits. To ensure that all employees could help give back, realtor.com® also teamed with Project Linus to make 1,100 blankets for children in need, and built 200 education kits for Resource Area For Teachers. Examples of the projects undertaken include: An image recognition technology powered by machine learning to automatically determine the condition of bikes being donated to Good Karma Bikes. A batch photo upload solution to streamline the pet adoption process for The Silicon Valley Pet Project. A data management system to merge and scrub donor lists for LifeMoves. A website to automatically request spay and neuter vouchers saving time and eliminating manual labor for M-SNAP. Donation platform optimization to streamline the donor process for White Heart Foundation. The full list of nonprofits supported include: The Silicon Valley Pet Project, Friendship Place, M-SNAP, PACE Enterprises, Minds Matter, Pawsitive Friendships, LifeMoves, Covenant House Vancouver, Homestart, Richmond Food Bank, My Brother Rocks the Spectrum, White Heart Foundation, Project Linus and Resource Area For Teachers. Click here to see the highlights and here to learn more about realtor.com®'s Hack-it-Forward event. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Redfin Report: National Bidding War Rate on Homes Hit a 10-Year Low in October
Competition in the Bay Area saw unseasonal uptick despite a smaller than anticipated impact from recent tech IPOs SEATTLE, Nov. 13, 2019 -- Nationally, just 10 percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in October, down from 39 percent a year earlier and now at a 10-year-low, according to a new report from Redfin. However, low mortgage rates and a lack of homes for sale point to a likely return of bidding wars next year. Of the top five markets where bidding wars were most common in October, four were in California—San Francisco (34.8%), San Jose (20.5%), San Diego (15.6%) and Los Angeles (13.7%). On the East Coast, in Philadelphia, 13.8 percent of offers faced bidding wars. The rate of bidding wars in San Francisco and San Jose hit new highs for the year in October, a month when competition typically cools. That said, both markets' bidding war rates were still well below last year's levels of 58.1 percent and 64.9 percent, respectively. If 2019's big tech stock IPOs like Uber, Lyft, and Slack had been as hot as many expected earlier in the year, it's likely the market in the Bay Area would be a lot more competitive right now. "There was a lot of hype earlier this year in the Bay Area around some big IPOs," said Palo Alto Redfin agent Kalena Mashing. "But we haven't seen that hype translate into a hot market, regardless of how well the IPOs did. Really, it's not the IPO money making the market hot, it's the perception that the IPO money could make the market hot that has really driven the local housing market this year." This unseasonal uptick in competition in the Bay Area may be a sign of things to come elsewhere, according to Redfin chief economist Daryl Fairweather. "Right now, there are fewer homes for sale than we usually see this time of year, and sales are picking up thanks in part to low mortgage interest rates. All of the pieces are in place for bidding wars to become more common and for the housing market to shift back toward the seller's favor next year," said Fairweather. "Now may be the last chance in the foreseeable future for buyers to win a home without facing a bidding war." Seattle had a bidding war rate of just 8.8 percent, below the national level and barely above the 10-year low set in July. This is despite the fact that a year ago it used to be among the most competitive markets, along with San Francisco and San Jose. "Homebuyers in Seattle know that in the current market, they don't necessarily have to go through the emotional heartburn that comes with bidding wars," said Seattle Redfin agent Jessie Boucher. "Even though there aren't a ton of homes for sale right now, buyers are able to preserve their contingencies and maybe even get a great deal." Rate of Bidding Wars by Metro Area: October 2019 To read the full report, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an August in at Least 20 Years but Five States Post Annual Gains
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.7% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in August 2019, representing a 0.2 percentage point decline in the overall delinquency rate compared with August 2018, when it was 3.9%. As of August 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from August 2018. The August 2019 foreclosure inventory rate tied the prior nine months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.8% in August 2019, unchanged from August 2018. The share of mortgages 60 to 89 days past due in August 2019 was 0.6%, unchanged from August 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in August 2019, down from 1.5% in August 2018. This August's serious delinquency rate of 1.3% was the lowest for the month of August since 2005 when it was also 1.3%. The serious delinquency rate has remained consistent since April 2019. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in August 2019, unchanged from August 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "Job loss can trigger a loan delinquency, especially for families with limited savings," said Dr. Frank Nothaft, chief economist at CoreLogic. "The rise in overall delinquency in Iowa, Minnesota, Nebraska and Wisconsin coincided with a rise in state unemployment rates between August 2018 and August 2019." The nation's overall delinquency remains near the lowest level since at least 1999. However, five states posted small annual increases in overall delinquency rates in August: Iowa (0.2 percentage points), Minnesota (0.1 percentage points), Nebraska (0.1 percentage points), Wisconsin (0.1 percentage points) and Rhode Island (0.1 percentage points). In August 2019, 47 metropolitan areas recorded small annual increases in overall delinquency rates. Some of the highest gains were in the Midwest and Southeast. Metros with the largest increases were Dubuque, Iowa (2.2 percentage points), Pine Bluff, Arkansas (1.1 percentage points), Goldsboro, North Carolina (0.6 percentage points) and Panama City, Florida (0.5 percentage points). While the nation's serious delinquency rate remains near a record low, 19 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.9 percentage points), Jacksonville, North Carolina (0.2 percentage points), Wilmington, North Carolina (0.2 percentage points) and Goldsboro, North Carolina (0.2 percentage points). The remaining 15 metro areas logged annual increases of 0.1 percentage point. "Delinquency rates are at 14-year lows, reflecting a decade of tight underwriting standards, the benefits of prolonged low interest rates and the improved balance sheets of many households across the country," said Frank Martell, president and CEO of CoreLogic. "Despite this month's near record-low serious delinquency rate, several metros in hurricane-ravaged areas of the Southeast have experienced higher delinquency rates of late. We expect to see these metros to return to pre-disaster delinquency rates over the next several months." The next CoreLogic Loan Performance Insights Report will be released on December 10, 2019, featuring data for September 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Realtor.com Study Finds Amazon Delivers High Home Prices
Dramatic inventory shortages, blistering pace of sales and soaring home prices continue one year after Amazon HQ2 announcement SANTA CLARA, Calif., Nov. 13, 2019 -- One year after Amazon selected Arlington, Va., as the site of its new HQ2, the impact on the housing market has been pronounced. Massive inventory shortages, sky-high price spikes and a blistering pace of sales are now the norm in the metro surrounding Amazon's second headquarters, propelling it to one of the nation's hottest housing markets, according to research by realtor.com. In contrast, New York City, which was initially chosen as one of the two markets for Amazon's headquarters, is now sitting at a 15 percent decline in home sales, year-over-year. At the time of the announcement, Manhattan saw a massive leap in home sales of 50 percent. Sales in Manhattan maintained strong double-digit growth until February, when Amazon decided to pull out of New York. At that point, sales growth immediately decelerated and then started declining. The median sale price in Manhattan currently sits at $1.04 million, down 15 percent year-over-year. "The 'Amazon effect' has branched out of its home base of Seattle and it has clearly stamped its fingerprint on the Northern Virginia housing market. The impact of the company's expansion in the suburbs of Washington, D.C. diverges along homeownership lines, with homeowners experiencing noticeable equity gains and buyers feeling the sting of higher prices," according to George Ratiu, senior economist at realtor.com®. "Following Amazon's initial announcement that it was scouting cities for a second headquarters, we knew the winner would see a considerable jump in demand for housing, especially from investors and speculators looking to cash in on increased demand. Looking back a year after the announcement, we can see how dramatic the move has been in the market." Immediately following last year's announcement, home sales in Arlington jumped 21 percent year-over-year as investors swarmed in on the area. Initially, the area saw a substantial 17 percent increase in median listing price, but it has only gone up from there. The median listing price in Arlington County reached $863,000 in October 2019, up 33 percent year-over-year. In part, the massive price appreciation is due to the lack of inventory and swelling demand for housing in the area. As of October 2019, active listings in Arlington County were down 49 percent year-over-year. Without inventory available to meet current demand, buyers are extending their home search farther out. In Northern Virginia, which is made up of 14 counties, active listings are down 26 percent year-over-year. The lack of available homes has all but assured that any home hitting the market is bought almost instantly. Half of all homes in Arlington are selling in under 28 days -- nine days faster than a year ago and 38 days faster than the national median days on market. The market conditions which have catapulted Northern Virginia into one of the nation's most competitive housing markets can be traced back to two story lines, according to Ratiu. "First, the nationwide competition drew so much attention, it caused a massive shortage of homes as investors descended on the area, buying homes as quickly as they could. Second, homeowners and investors have been holding out on selling, anticipating that prices will only continue to increase further, which has compounded the area's inventory shortage, and further increased home prices, testing the area's limits for what buyers are willing to pay," he said. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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U.S. Homeowners Found Far More Likely to Be Equity Rich than Seriously Underwater in Q3 2019
Equity-rich Properties Represent 26.7 Percent of All Mortgaged Properties; Highest Equity Levels in San Jose, San Francisco, Los Angeles IRVINE, Calif. - Nov. 7, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2019 U.S. Home Equity & Underwater Report, which shows that 14.4 million residential properties in the United States were considered equity rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity rich properties in the third quarter of 2019 represented 26.7 percent, or about one in four, of the 54 million mortgaged homes in the U.S. The report also shows that just 3.5 million, or one in 15, mortgaged homes in the third quarter of 2019 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property's estimated market value. That figure represented 6.5 percent of all U.S. properties with a mortgage. "The latest numbers reveal another profound impact of the extended housing boom, as far more homeowners find themselves on the right side of the balance sheet instead of the wrong side. This is a complete turnabout from what was happening when the housing market crashed during the Great Recession," said Todd Teta, chief product officer with ATTOM Data Solutions. "There are notable equity gaps between regions and market segments. But as home values keep climbing, homeowners are seeing their equity building more and more, while those with properties still worth a lot less than their mortgages represent just a small segment of the market." Highest equity rich shares all in the Northeast and West The top 10 states with the highest share of equity rich properties in the third quarter were all in the Northeast and West regions, led by California (40.8 percent); Hawaii (39.2 percent); Vermont (39.0 percent); New York (35.7 percent); and Washington (35.6 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest shares of equity rich properties were San Jose, CA (62.7 percent); San Francisco, CA (51.1 percent); Los Angeles, CA (46.6 percent); Santa Rosa, CA (46.5 percent); and Honolulu, HI (39.4 percent). The leader in the Northeast region was Boston, MA (35.4 percent) while Dallas, TX led the South (38.2 percent) and Grand Rapids, MI led in the Midwest (27.8 percent). Top equity-rich counties concentrated in California Among the 1,467 counties with at least 2,500 properties with mortgages in the third quarter, 10 of the top 25 equity-rich locations were in California. Counties with the highest share of equity rich properties were San Francisco, CA (70.5 percent); San Mateo, CA (68.6 percent); Santa Clara, CA (63.6 percent); San Juan, WA (60.0 percent); and Kings County (Brooklyn), NY (55.6 percent). More than half of all properties were equity rich in 415 zip codes Among 8,213 U.S. zip codes with at least 2,000 properties with mortgages, there were 415 zip codes where at least half of all properties with a mortgage were equity rich. Forty-six of the top 50 were in California, with most in the San Francisco Bay area. They were led by zip codes: 94116 in San Francisco (82.6 percent equity rich); 94122 in San Francisco (81.1 percent equity rich); 11220 in Brooklyn, NY (78.3 percent equity rich); 94306 in Palo Alto, CA (77.9 percent equity rich); and 94112 in San Francisco (77.9 percent equity rich). Highest seriously underwater shares in the South and Midwest The top 10 states with the highest shares of mortgages that were seriously underwater in the third quarter were all in the South and Midwest, led by Louisiana (16.5 percent seriously underwater); Mississippi (15.8 percent); West Virginia (14.2 percent); Iowa (14.0 percent); and Arkansas (13.1 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest share of mortgages that were seriously underwater included Youngstown, OH (16.8 percent); Baton Rouge, LA (15.7 percent); Scranton, PA (14.3 percent); Cleveland, OH (14.0 percent); and Toledo, OH (13.8 percent). More than 25 percent of all properties were seriously underwater in 160 zip codes Among 8,213 U.S. zip codes with at least 2,000 properties with mortgages, there were 160 zip codes where more than a quarter of all properties with a mortgage were seriously underwater. The largest number of those zip codes were in the Cleveland, St. Louis, Philadelphia, Chicago and Milwaukee metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 71446 in Leesville, LA (65.1 percent seriously underwater); 44110 in Cleveland, OH (61.9 percent); 08611 in Trenton, NJ (61.8 percent); 53206 in Milwaukee, WI (60.3 percent); and 63115 in St. Louis, MO (59 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Luxury Housing Market Stabilized in the Third Quarter After a Weak First Half
Sales of homes priced at or above $1.5 million increased 3.2% annually, a sign that the high-end market is moderating after recession fears marred the first two quarters SEATTLE, Nov. 7, 2019 -- The average sale price for luxury homes nationwide rose 0.3 percent year over year to $1.6 million in the third quarter of 2019, according to a new report from Redfin. Even though that's essentially flat, it marks the first time luxury prices did not drop after three straight quarters of declines. For this analysis, Redfin tracked home sales in more than 1,000 cities across the U.S. (not including New York City) and defines a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, home prices increased 3.6 percent annually to an average of $319,000 in the third quarter. Sales of homes priced at or above $1.5 million rose 3.2 percent in the third quarter. The increase comes after three straight quarters of dipping sales in the luxury sector, including a 12 percent annual drop in the first quarter of 2019. Sales of homes priced below $1.5 million experienced a similar annual increase, with a 2.9 percent rise. Supply of homes priced at or above $1.5 million rose 9.3 percent year over year in the third quarter, the sixth consecutive quarter of growth, albeit the smallest annual increase in a year. The big increase in luxury supply was largely driven by a boost in the number of high-priced homes hitting the market. New listings priced at or above $1.5 million rose 6 percent year over year in the third quarter, while new listings of homes priced below $1.5 million dropped 4 percent. "Because recession fears peaked over the summer, I expected luxury home prices and sales to dip. But it appears that nerves alone weren't enough to scare off wealthy homebuyers," said Redfin chief economist Daryl Fairweather. "The U.S. economy grew faster than expected in the third quarter, partly as a result of healthy consumer spending. Those results, along with flat luxury home prices and rising sales, go to show that Americans are basing their spending habits on their own personal financial situation rather than concerns about global economic tensions. For many, that means strong incomes and good employment prospects." Luxury housing market summary Biggest luxury price gains Luxury prices increased in more than two-thirds of the markets tracked by Redfin. West Palm Beach tops the list, with a 128.3 percent year-over-year increase to an average price of more than $3.7 million. It's followed by two other cities in Florida: Clearwater (up 49.3% to $1.6 million) and Delray Beach (up 47.3% to $2.6 million). West Palm Beach Redfin agent Elena Glatko said one driving force in the particularly large year-over-year price increase in West Palm Beach in the third quarter was dozens of sales in a new luxury condo building. Sale prices for individual units spanned from roughly $4 million to more than $12 million. Glatko also noted a few other factors that contribute to the area's strong luxury market. "Homebuyers can get a lot more for their money in West Palm Beach than in more expensive places like Miami and Palm Beach Island," Glatko said. "And I've noticed that both luxury buyers and sellers feel that real estate is one of the assets least susceptible to economic changes. They believe that over time, luxury real estate is a better investment than the stock market." Biggest luxury price declines Luxury home prices in Charleston, South Carolina declined 17.6 percent to an average of $1.6 million in the third quarter, a bigger drop than any other city. Next come Virginia Beach (down 7.6% to $1 million) and Reno (down 6.9% to about $1.5 million). Luxury prices also declined in San Diego (down 4% to about $2.6 million), Miami (down 3.8% to about $2 million), San Jose (down 3.2% to about $2.3 million) and Scottsdale (down 1.5% to about $2 million). "There's been less activity in the luxury market in Miami over the last few years, and now it's definitely shifting toward buyer's favor," said local Redfin agent Jessica Johnson. "Sellers in the area can't get away with overpricing their home because buyers are less willing to overpay when they know luxury prices aren't increasing in Miami—if they can't get a good deal on one particular luxury home, they can probably go down the street or to another neighborhood and find a seller who is willing to negotiate with them." To read the full luxury report, including the methodology, please visit: https://redfin.com/blog/q3-2019-luxury-housing-report. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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Pending Home Sales Rise 1.5% in September
WASHINGTON (October 29, 2019) – Pending home sales grew in September, marking two consecutive months of increases, according to the National Association of Realtors. The four major regions were split last month, as the Midwest and South recorded gains but the Northeast and West reported declines in month-over-month contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.5% to 108.7 in September. Year-over-year contract signings jumped 3.9%. An index of 100 is equal to the level of contract activity in 2001. Historically low mortgage rates played a significant role in the two straight months of gains, according to Lawrence Yun, NAR's chief economist. "Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates," he said. "Furthermore, we've seen increased foot traffic as more buyers are evidently eager searching to become homeowners." Pointing to data from active listings at realtor.com®, Yun says the upper end of the market is faring well. Fort Wayne, Ind., Rochester, N.Y., Pueblo, Colo., Columbus, Ohio, and Topeka, Kan., saw the largest increase in active listings in September compared to a year ago. Although contract signings are on the upswing, Yun says the numbers would be even greater if more housing were available. "Going forward, interest rates will surely not decline in a sizable way, so the changes in the median price will be the key to housing affordability," he said. "But home prices are rising too fast because of insufficient inventory," he said. "In addition to boosting traditional home building, we should explore a greater utilization of modular factory constructed homes, converting old shopping malls or vacant office space into condominiums, permitting more accessory dwelling units, and other supply-increasing actions, in order to meet the rising demand for new housing," Yun said. September Pending Home Sales Regional Breakdown Regional indices in September were mixed, with the Northeast experiencing the smallest change of the four regions. The PHSI in the Northeast fell 0.4% to 93.9 in September, but is still 1.3% higher than a year ago. In the Midwest, the index increased 3.1% to 104.4 in September, 2.7% higher than September 2018. Pending home sales in the South increased 2.6% to an index of 127.5 in September, a 5.7% jump from last September. The index in the West declined 1.3% in September 2019 to 95.1, which is an increase of 3.4% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Technology Companies Adwerx and ActivePipe Create Innovative Integration for Realtors
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NAR Partners with Missouri's Columbia College to Expand Educational Opportunities for Realtors
WASHINGTON (November 6, 2019) – The National Association of Realtors today announced a new exclusive partnership with Columbia College in Columbia, Missouri, to offer expanded access to academic programs to association members. With the agreement, Columbia College will become the exclusive higher-education partner for more than 1.3 million NAR members, providing opportunities for them to complete a variety of associate, bachelor's and master's degrees, including real estate-specific offerings anticipated in late spring 2020. Columbia College also plans to develop and offer a Master of Business Administration degree with an emphasis in real estate, based on the award-winning Master of Real Estate degree curriculum developed by the association for its members through REALTOR® University. NAR Members that enroll in the NAR Academy at Columbia College can receive $100 per eligible course in financial support from the Center for Specialized REALTOR® Education (CSRE). The CSRE is a NAR wholly owned subsidiary that creates and facilitates educational programs in real estate, working to elevate professional standards through designations, certifications and degrees in real estate. "We are committed to continuing to add value by providing substantial educational opportunities that help our members grow personally and professionally. As a member's knowledge base grows, it leads to enhancing and broadening their business, which can increase their profitability and efficiency," said NAR CEO Bob Goldberg. "We're extremely proud to partner with Columbia College as it represents an important new phase in this bold vision." REALTOR® University was conceived and launched in 2012 to provide members a new opportunity to grow through academic achievement. This agreement represents a sustainable expansion of that vision. In addition to an MBA with an emphasis in Real Estate, Columbia College will develop degree completion programs for NAR members, bachelor's and associate's degree programs and college-level real estate certificate programs in 2020. The NAR Academy at Columbia College marks the successful realization of the Realtor University vision. With the graduation of all active Masters in Real Estate program students, and with the sharing of the curriculum with Columbia College, Realtor University will officially discontinue its master's program, and provide the opportunity for interested members to enroll in Columbia College as a member benefit. Founded in 1851 in Columbia, Missouri, Columbia College is a private, nonprofit, liberal arts and sciences institution. Accredited by the Higher Learning Commission, the college has more than 30 locations nationwide and offers day, evening and online classes to thousands of students each year. The college opened a new 60,000 square foot facility in September, housing its Robert W. Plaster School of Business. "We believe this new partnership between NAR and Columbia College will truly be a game-changer, not only for our institution but for the association's members around the country," said Columbia College President Dr. Scott Dalrymple. "As far as we know, this is the largest exclusive educational partnership in the United States." REALTOR® University alumni will become members of the Columbia College Alumni Association; with all of its privileges and benefits. These alumni will also become the founding members of an NAR scholar's society. "This is what we aspire to do as volunteer leaders – innovate, lead and create," says Ron Phipps, Chairman of the REALTOR® University Board of Regents. "Now we have ensured the groundbreaking work we have done for our members continues to provide true and recognized benefits for years to come." Columbia College was deemed the ideal institution to serve NAR with its legacy of academic excellence, global reach and robust online programs. For more information about the NAR Academy at Columbia College, visit nar.ccis.edu. For more information on the member benefit details see nar.realtor/nar-academy. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Homeowners are Staying in Their Homes Five Years Longer Than in 2010
Increased home tenure leaves first-time homebuyers with fewer options SEATTLE, Nov. 4, 2019 -- The typical American homeowner has spent 13 years in their home, up from eight years in 2010, according to a new report from Redfin, the technology-powered real estate brokerage. Median home tenure increased in all of the 55 metros Redfin analyzed, leading to decreased inventory available for first-time homebuyers in many places. Homeowners have been in their homes the longest in Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas, with homeowners in those metros staying in their homes for more than 20 years on average. "In Dallas, there are many neighborhoods that were built in the 1950s and 1960s where most of today's residents are still the original homeowners," said Dallas Redfin agent Christopher Dillard. "Because prices have been going up, and folks are gaining more and more equity, it's hard to justify selling when there aren't many if any affordable options." Many local governments have put policies in place that reduce property tax burdens for senior citizens, which have made it more affordable for older people to stay in their homes longer. In Texas, where homeowners tend to stay put the longest, homeowners over the age of 65 have the option to defer property taxes until the home is sold. Aging in place has reduced the number of homes for sale Homeowners age 67 to 85 are remaining homeowners longer, causing a shortage of 1.6 million homes, according to a report by Freddie Mac. In San Francisco, the median homeowner has been in their home for 14 years, compared to only 10 years in 2010. At the same time, there are about half as many homes for sale in San Francisco than there were in 2010, and the homes that are for sale are more expensive. The median home price has more than doubled in San Francisco since 2010. That's in part because older San Franciscans who own affordable homes are the ones staying put. In San Francisco, the median Redfin Estimate for homes where the resident hasn't changed in over 20 years is about $122,000 lower than the median Redfin Estimate for homes where the resident has changed in the last five years. That means there are fewer affordable homes for sale for first-time homebuyers, making a market more competitive. In Salt Lake City, where the median home tenure is the highest, the number of homes for sale has declined 59 percent from 2010 to 2019. That has led to a situation where current homeowners are further locked in place because they find it too difficult to sell and buy a home at the same time. "I have a client right now in West Valley who wants to move into the city in a more walkable, higher priced neighborhood," said Salt Lake City Redfin agent Daniel Lopez. "They would need to sell to buy, but are worried about making a competitive offer when they still need to sell their current home. I rarely see offers with home sale contingencies accepted in Salt Lake City because the market is competitive." Homeowners who already live with walkable access to amenities like schools, parks and shops are more likely to stay put in homes. And when homeowners stay put that means fewer homes are for sale. In zip codes with above-average Walk ScoreⓇ ratings for their metro, the median home tenure is 11 months longer and there is more competition for the homes that are listed with homes staying on the market eight fewer days compared to zip codes with below-average Walk Score ratings. That means first-time homebuyers who are still looking to own a home and start a family are relegated to neighborhoods in less walkable exurbs on the outskirts of town. Below is the median home tenure data for each metro included in Redfin's analysis. To read the full report, please visit: click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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Second Century Ventures Makes Investment in Home Captain
CHICAGO (October 29, 2019) — The National Association of Realtors®' venture capital fund, Second Century Ventures, has made an investment in Home Captain, a veteran-owned, technology-enabled real estate platform that guides consumers through the home buying process. Home Captain was a member of Second Century Ventures' 2016 REACH Accelerator class, a unique technology growth program that provides companies with education, mentorship, an insight panel and industry exposure to facilitate their launch into the marketplace. "This financing provides Home Captain with additional working capital to accelerate our commercialization efforts and refinement of our AI toolset that builds a more qualified pipeline for Realtors® and lenders," said Grant Moon, Founder and CEO at Home Captain. "It also deepens the strategic relationship between a proven market leader and the National Association of Realtors®' unparalleled network within the real estate sector." NAR's Senior Vice President of Strategic Business, Innovation & Technology Mark Birschbach also expressed his support for Tuesday's announcement. "We are delighted to make this investment in Home Captain to further accelerate its current growth path. Its platform greatly improves the home buying experience by matching buyers who have been pre-qualified for a mortgage loan to a curated network of real estate agents." About Home Captain Home Captain is a veteran-owned, Conversion Optimization System that helps guide prospective clients through the home buying process. Home Captain's concierge team leverages an algorithmic matching process to pair pre-qualified homebuyers with a highly qualified professional in the company's curated network of over 95,000 participating real estate agents. The concierge team, comprised mainly of military spouses, acts as the liaison between the loan officer, homebuyer and real estate agent. Combined with their AI-powered chatbot and lender portfolio retention services, Home Captain increases lender conversion rates and borrower satisfaction. For more information, visit homecaptain.com. About Second Century Ventures Second Century Ventures is an early-stage technology fund, backed by NAR, which leverages the association's more than 1.3 million members and an unparalleled network of executives within real estate and adjacent industries. SCV systematically launches its portfolio companies into the world's largest industries, including real estate, financial services, banking, home services and insurance. SCV seeks to define and deliver the future of the world's largest industries by acting as a catalyst for new technologies, new opportunities and new talent. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Florida Realtors Tech Helpline Now Available to Support Tech Firms
Real Estate's No. 1 Tech Support Service Announces Expansion ORLANDO, Fla., October 30, 2019 - "How is your tech support?" is one of the most challenging questions nearly every tech startup must address successfully to land new clients. Now, technology firms have the opportunity to answer the question with confidence by engaging real estate's number one technology support service, Tech Helpline, to provide customer support. Tech Helpline, dubbed "the Genius Bar" for real estate, today offers tech support by phone, chat or email to nearly half of the REALTORS® in the U.S. and Canada. More than 600,000 real estate professionals have access to Tech Helpline, a service created and owned by Florida Realtors. With a U.S.-based staff of tech analysts that have some 300 years of combined IT experience, Tech Helpline offers technical support services in both English and Spanish. Agents and brokers receive a wide range of expert technical assistance, covering both software and hardware issues, including smartphones, laptops, tablets, desktops, printers, computer and smartphone crashes, email setup problems, virus infections, recovery of lost files, wireless connections issues and more. "Tech Helpline has long proven to be one of the most popular member benefits for associations and MLSs," says Margy Grant, Florida Realtors CEO. "Now we're offering the talents of our incredibly skilled team to technology startups and established tech firms. Tech Helpline can give a tech firm the ability to offer exceptional and personalized tech support services to retain clients and keep them happy." According to dozens of surveys that the firm has conducted for more than a decade, Tech Helpline is often the highest-rated member benefit offered by Realtor Associations, Multiple Listing Services (MLSs), and real estate brokerage firms. "There's an extra benefit for real estate technology firms," Grant added. "Because Tech Helpline analysts work with Realtors every day, they uniquely understand what an agent does. This allows them to provide a higher level of customer service support that is often frictionless. Most importantly, Tech Helpline analysts are known as the friendliest tech support group around. As a result, agents and brokers aren't afraid to call and ask any tech question." ​Tech Helpline's successful track record for software support began with providing tech help for the Florida Realtors' Form Simplicity transaction management software. Tech Helpline services have grown from a single state, supporting Florida Realtors members, the industry's second-largest state association, to coverage nationwide and throughout Canada. Tech Helpline continues to be the exclusive technical support service for Form Simplicity. "We want to leverage the proven success of Tech Helpline by offering it to other tech firms. We believe there is an enormous void in the marketplace for high-quality, personalized, and friendly tech support. Our Orlando tech experts are ready to fill that gap," Grant added. Tech Helpline from the Florida Realtors will be at Booth 1234 during the 2018 REALTOR® Conference and Expo in San Francisco, as part of its Expo set for Nov. 8-10. More information about Tech Helpline also is available online at www.techhelpline.com. About Tech Helpline Tech Helpline began nearly 20 years ago as a service for members of Florida Realtors. Known for its no-nonsense technical advice and warm, friendly customer service, Tech Helpline rapidly grew by offering its service to other REALTOR® Associations, Multiple Listing Services (MLSs), and real estate brokerage firms. Tech Helpline is the real estate industry's No. 1 tech support service, available to nearly half the Realtors in North America – more than 600,000 in the U.S. and Canada. Tech Helpline's office and staff of professional tech analysts, with almost 300 years of combined IT experience, are located in Orlando, Florida, and are available to provide technical support by phone, chat or email. More information is available online at www.techhelpline.com. Florida Realtors serves as the voice for real estate in Florida. The state's largest professional trade association provides programs, services, continuing education, research and legislative representation to some 187,000 members in 52 local and regional Realtor associations or boards in Florida.
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Goodbye, Endless Scrolling! Announcing Realtor.com's Photo First Feature
Deep learning technology automatically categorizes and displays photos to simplify home search SANTA CLARA, Calif., Oct. 29, 2019 -- Realtor.com, the Home of Home Search, today announced the release of its Photo First feature, to help home buyers find their must-have rooms and finishes without the headache of scrolling through dozens of listing photos. The first-of-its-kind feature is designed to deliver the best browsing experience by making photos more personal and relevant than ever before. Powered by deep learning, the Photo First feature can automatically recognize characteristics of a room and organize photos into categories with more than 97 percent accuracy. For consumers, photos are an essential element of a home search. Realtor.com® has reimagined the listing photo experience to make it simpler and more useful than ever before. Now, with the Photo First feature, buyers can quickly hone in on the photos that are most important to them by simply selecting a feature category: exterior, kitchen, bathroom, bedroom, living room or dining room. And thanks to the feature's deep learning-based algorithm, there is no additional work required for the seller or listing agent to optimize photos. "Imagine a home search that's completely customizable. One where you can choose all the features that are important to you, and not only find those homes quickly, but view those photos first," said Chung Meng Cheong, chief product officer, realtor.com®. "The Photo First feature uses deep learning to optimize and categorize listing photos for each home to simplify the home journey. So, if you're particular about features in your kitchen or bathroom, you can view those photos right away." Developed by realtor.com®'s mobile and data science teams, the Photo First feature is powered by a proprietary deep learning model for image classification, which enables it to recognize different aspects and automatically associate each photo with the coinciding room. The result is a simple and streamlined interface that users love. In fact, 100 percent of test users preferred the Photo First interface and more than 60 percent engaged with photo categories during testing. The new functionality led to more consumers viewing the home's details and taking the next step to connect with an agent and learn more. Realtor.com® continues to invest in developing the best-in-class user experience for home shoppers. Today's announcement is the first of several planned AI-powered photo feature updates designed to help make buying and selling a home simpler and more enjoyable than ever. Photo First is now available on Android and iOS, and will be coming soon to web and mobile web. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Trick or Treat: Nearly 60 Percent of People Who Have Lived in a Haunted House Said They Found Out after Moving In
Thirty-seven percent knew it was haunted before and moved in anyway SANTA CLARA, Calif., Oct. 23, 2019 -- Nearly 60 percent of people who have lived in a haunted house didn't know it was haunted before they moved in, according to the realtor.com fourth annual Haunted Real Estate Report, which was released today. The findings, which might cause a fright, begs the question: would you consider living in a haunted home? The survey of 1,000 people across the United States was conducted earlier this month by Toluna Research through online interviews. Here are some of the spooky findings: Forty-three percent of respondents may have had a ghost as a roommate According to the survey, 58 percent of respondents said they have never lived in a haunted home, 23 percent of respondents said they have lived in one, while 20 percent think they may have lived in a haunted home. Of those who felt certain that they lived in a haunted house, 58 percent had no idea it was haunted before moving in and 37 percent knew it was and decided to go for it anyway. Five percent said maybe. Strange noises and shadows are the most common spooky happenings So what made them think it was haunted? Sixty-five percent of those surveyed said strange noises in the house made them think it was haunted. Fifty-two percent said strange shadows in the house, followed by 48 percent who said items moved on their own, 47 percent said certain rooms felt haunted, 46 percent said they would feel touched, and 44 percent said their home had hot and cold spots. "Moving into a new home is a really exciting time, but finding out that your new abode has an unwanted guest can definitely put a damper on the celebration," according to Nate Johnson, chief marketing officer at realtor.com®. "We conduct this survey annually and it's always interesting to see the results. This year, we were surprised by how many people had unknowingly moved into a haunted house at some point in their lives, and even more so by how many people knew and decided to move in regardless." Majority of people prefer to live ghost free When asked if they would ever consider moving into a haunted house, 54 percent of respondents said there was no way. Twenty-one percent were prepared to dust off the ole' Ghostbusters costume and brave whatever spooky happenings might be plaguing the house, while 21 percent were on the fence and responded with "maybe." Interestingly, survey responses were not that different even if the home buyer didn't actually buy the home. When asked what they would do if they inherited a haunted home, 51 percent of respondents said they would take the money and run by selling it immediately. Just under a quarter -- 23 percent -- would try to flush the ghosts out with a new kitchen or floors by renovating the home. Twenty percent of these brave souls are willing to take the risk and would simply move into their new abode, while 6 percent aren't taking any risks for themselves or others -- they'd tear the place down. But respondents don't mind a neighborhood ghoul While the majority of respondents were against the prospect of choosing to live in a haunted house, the survey found they were much more amenable to living next to one, rather than in one. Nearly 43 percent of respondents were willing to live next to a house they believed was haunted, compared to the 21 percent that would actually be willing to live in one. Still, 31 percent have seen the movies and they just aren't willing to take the risk of living next to a house they believed was haunted. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Existing-Home Sales Decrease 2.2% in September
WASHINGTON (October 22, 2019) – Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September. Despite the decline, overall sales are up 3.9% from a year ago (5.18 million in September 2018). Lawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.” The median existing-home price for all housing types in September was $272,100, up 5.9% from September 2018 ($256,900), as prices rose in all regions. September’s price increase marks 91 straight months of year-over-year gains. Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018. Properties typically remained on the market for 32 days in September, up from 31 days in August and even with September 2018. Forty-nine percent of homes sold in September 2019 were on the market for less than a month. First-time buyers were responsible for 33% of sales in September, up from 31% in August and 32% recorded in September 2018. NAR’s 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in September 2019, unchanged from August but down from 16% recorded last September. All-cash sales accounted for 17% of transactions in September, down from 19% in August and 21% in September 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in September, unchanged from August but down from 3% in September 2018. “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.” According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.61% in September, down from 3.62% in August. The average commitment rate across all of 2018 was 4.54%. “Mortgage rates under 4% are amazingly attractive for homebuyers,” said Yun. “The rise in foot traffic as evidenced by the open rates of SentriLock key boxes shows growing buyer interest.” Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.78 million in September, down from 4.91 million in August, but up 3.9% from a year ago. The median existing single-family home price was $275,100 in September 2019, up 6.1% from September 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 600,000 units in September, 1.7% above the previous month and 3.4% higher than a year ago. The median existing condo price was $248,600 in September, which is an increase of 4.5% from a year ago. Regional Breakdown As noted, existing-home sales in September dropped in every region compared to the month prior. Compared to last year, September sales increased in three of the four major regions, while neither growing nor declining in the Midwest. Median home prices in every region increased from one year ago. September existing-home sales in the Northeast fell 2.8% to an annual rate of 690,000, a 1.5% rise from a year ago. The median price in the Northeast was $301,100, up 5.2% from September 2018. In the Midwest, existing-home sales dropped 3.1% to an annual rate of 1.27 million, which is nearly equal to August 2018. The median price in the Midwest was $213,500, a 7.2% jump from a year ago. Existing-home sales in the South decreased 2.1% to an annual rate of 2.28 million in September, up 6.0% from a year ago. The median price in the South was $237,300, up 6.3% from one year ago. Existing-home sales in the West declined 0.9% to an annual rate of 1.14 million in September, 5.6% above a year ago. The median price in the West was $403,600, up 4.5% from September 2018. Realtor.com®’s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in September were Fort Wayne, Ind.; Rochester, N.Y.; Pueblo, Colo.; Columbus, Ohio; and Topeka, Kan. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Showing Index Reflects Surprising Strength in Buyer Demand with Back-to-Back Months of Increased Nationwide Activity
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Realtor.com and Veterans United Home Loans Launch New Home for the Holidays $100K Veteran Homebuyer Giveaway
One lucky winner will receive $100,000 toward the purchase of a dream home SANTA CLARA, Calif., Oct. 22, 2019 -- Realtor.com, The Home of Home Search, and Veterans United Home Loans announced today the New Home for the Holidays $100K Veteran Homebuyer Giveaway. The sweepstakes is the fifth collaboration between realtor.com and Veterans United to give back to Veterans and members of the U.S. military. "At Veterans United we are dedicated to helping the men and women who have bravely served our country achieve the American dream of homeownership," said Kris Farmer, chief marketing officer at Veterans United Home Loans. "We acknowledge the commitment and sacrifices our Veterans and service members have made so that we can enjoy the freedoms we have. For us and our partners at realtor.com®, we are privileged to be in a position to give back to our military community." "We are proud to partner with Veterans United for our fifth giveaway in a row with our New Home for the Holidays Giveaway," said Tricia Smith, senior vice president for realtor.com®. "Veterans and their families sacrifice so much for our country every day. Helping one Veteran afford their dream home is just one small way that we can honor their sacrifices." The giveaway is open to qualifying U.S. military service members and U.S. military Veterans, subject to the Official Rules. Entries to the giveaway will be accepted until 11:59 a.m. ET, Dec. 20, 2019, at https://www.realtor.com/100k-veteran-home-sweepstakes The winner will receive $100,000 (may be subject to tax withholding) at the closing of a home purchase transaction, subject to the Official Rules for the sweepstakes. Full prize details, conditions and sweepstakes rules are available at: https://www.realtor.com/100k-veteran-home-sweepstakes/rules About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com. About Veterans United Home Loans Based in Columbia, Missouri, the full-service national lender financed more than $12.8 billion in loans in FY2019. Its mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. Earlier this year, Veterans United was named No. 23 of the Fortune 100 Best Companies to Work For, according to Great Place to Work® and Fortune Magazine. The company's employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United and its employees have donated more than $51 million to the Foundation since its founding in November 2011. Learn more at EnhanceLives.com. Veterans United is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC. NMLS ID #1907
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FBS Introduces Spring All-in-One Websites for Agents, Powered by the Revolutionary Spark API
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Migration Trends Reach Record High as 26% of Home Searchers Look to Change Metros
Boston tops list of U.S. migration destinations ahead of more affordable inland metros SEATTLE, Oct. 18, 2019 -- Twenty-six percent of home searchers looked to move to another metro area in the third quarter of 2019, up from 25 percent the year before, according to a new report from Redfin, the technology-powered real estate brokerage. This is a new all-time high for the national share of home-searchers looking to relocate, likely driven by those leaving expensive metros in search of more affordable homes. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from July through September. Moving In — Metros with the Highest Net Inflow of Redfin Users After two quarters at the top of our list of metro areas with the highest net inflow of Redfin users, Phoenix fell to number three in the rankings in the third quarter, passed by Boston at number one and Sacramento at number two. A net inflow means more people are looking to move in than leave, while a net outflow means there are more people looking to leave than people looking to move in. Seventeen percent of homebuyers searching in the Boston metro area were looking from other metro areas in the third quarter, up from both a year earlier (12.0%) and the second quarter (14.1%). New York continues to be the top origin city for people looking to move to Boston, and Boston is the top destination for people looking to leave New York. "There is a sense here in New York that the sky has been falling for our housing market all year," said Redfin New York market manager Nick Boniakowski. "People fleeing NYC aren't looking for a rural life, they are fleeing the high costs. Boston presents a slightly more accessible cost of living, while still providing urban quality of life that many desire today. Boston is appealing because it's close and there are similar employment opportunities." Boston's rise to the top of the migration list is unusual, since most of the top destinations in recent years have been more affordable metro areas. However, relative to New York City, Boston's lower sales taxes, income taxes, and property taxes are likely a big factor driving people to make the move between the two cities. Six of the top ten migration destinations have median prices below the national median, and only San Diego has a higher median price than Boston. The second quarter was the first time since Redfin began tracking migration data that Boston has been in the top 10 migration destinations. It debuted in the second quarter at number nine on the list before shooting all the way up to number one in the third quarter. Most of the interest in Boston continues to come from New York. Boston's lower sales, income, and property taxes are likely a big factor driving people to move there from New York. Moving Out — Metros with the Highest Net Outflow of Redfin Users The list of metros people most-often looked to leave was once again topped by New York, San Francisco, Los Angeles and Washington, D.C. in the third quarter. Net outflow is defined as the number of people looking to leave the metro minus the number of people looking to move to the metro. "Homebuyers are leaving expensive metros for affordable metros and as a result there are fewer and fewer homes for sale in more affordable parts of the country," said Redfin chief economist Daryl Fairweather. "In San Francisco, for example, inventory has been rising because there aren't many San Franciscans who can afford the high prices. San Franciscans are moving to Sacramento where homes are much more affordable, and that, combined with a lack of new listings, has caused inventory to decline in Sacramento." To read the full report, including additional data and an interactive migration map, please visit: https://www.redfin.com/blog/q3-2019-housing-migration-report. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Q3 2019 Foreclosure Activity Down 19 Percent from Year Ago to Lowest Level Since Q2 2005
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CoreLogic Releases Most Recent HPI Forecast Validation Report
Analysis shows 16 metros had forecasts with less than a 1% difference from actual values CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest CoreLogic HPI Forecast Validation Report that compares its 12-month CoreLogic Home Price Index (HPI) Forecast to the actual CoreLogic Home Price Index. The report compares the changes in national and key metro-level forecasts made in June 2018 to the actual HPI index, which includes data through June 2019. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. National values are derived from state-level forecasts by weighing indices according to the number of housing units for each state. Published every six months, the Forecast Validation Report is designed to provide transparency into CoreLogic forecasting abilities. The report showed: Sixteen large metros had forecasts with less than a 1% difference from actual values, including the Phoenix, Houston and Milwaukee metros all coming in within 0.3%. The top 10 major metros all had forecasts within 0.5% of actual values. The national forecast prediction of a 5.7% increase was within 2.4% of the 3.3% increase of the HPI for the 12-month period ending in June 2019. Long-term affordability concerns, coupled with consumer sentiment about the general economic climate along with other economic factors caused actual home prices to increase at a slower rate. The most accurate metro-level forecast was for the Phoenix-Mesa-Scottsdale, AZ area, which at 5.9% came on target of the actual HPI increase of 5.9%. The widest metro gap was in the San Jose, California metro areas, with a 13% over-estimation of actual increase. CoreLogic noted that the variance in this under-valued metro was mainly due to a concern over long-term affordability. Severe inventory shortages and rising interest rates impacted the forecasts of several metros - including the Chicago and San Francisco areas - reflecting the overall market volatility of the past 12 months. Slowing home price appreciation across many markets over the last 12 months caused much more volatility in housing markets than has been observed over the last three years. "The latest HPI Forecast Validation report continues to demonstrate why CoreLogic is the gold standard when it comes to home price forecasting," said Ann Regan, executive, product management for CoreLogic. "While our national forecast results reflect the difficulties of forecasting in an extremely volatile market, our forecasts were still able to provide accurate, region-specific forecasts for major metro areas, providing HPI clients with the reliability they need in the current market." About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Kleard and Adwerx announce integration, bringing next-level automation to real estate agents
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Austin Board of REALTORS adopts Remine for its 15,000 MLS subscribers
Partnership marks 50th MLS, 1,000,000-agent milestone for rapidly growing technology and data company FAIRFAX, Va., Oct. 3, 2019 -- Remine today announced that the Austin Board of REALTORS (ABoR) will provide complete access to the Remine Agent Pro product to its 15,000 Multiple Listing Service (MLS) subscribers. This includes easy, intuitive access to Remine's best-in-class data, as well as full and unlimited use of its CRM, CMA, and Client Portal tools. "This is a significant milestone for us and a huge benefit for Austin REALTORS®, who will now have powerful, modern software and incomparable data at their fingertips," said Leo Pareja, Remine President. "We could not be happier to have ABoR as our 50th MLS partner." Rollout of Remine Agent Pro will begin in late October 2019. "We needed a solution for Austin REALTORS® that was fast, flexible, and continuously enhanced so our members are equipped to succeed in a real estate industry defined by rapid change," said ABoR CEO Emily Chenevert. "Remine is the only partner that can give us that." "All of us believe deeply in the MLS and have committed the full resources of our company to ensure its future," said Mark Schacknies, Remine CEO. "We have a singular vision of creating a better real estate experience for everyone, one that frees MLSs and their subscribers from the constraints of tired software and legacy systems. We are all inspired by and working towards a future without limits." About Remine Remine is a data and technology platform that enables a digital real estate experience without limits. The privately-held company is headquartered in Northern Virginia, with offices in Chicago, Toronto, and Irvine. Remine is live in 50 markets and available to more than 1,000,000 agents and their clients.
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Laurie Weston Davis Joins RateMyAgent
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I Owe U: Student Debt Total Reaches $1.5 Trillion, Nearly Doubles U.S. Housing Market
The average student loan borrower owes more than the typical down payment for a home; Millennial debt totals $498 billion SANTA CLARA, Calif., Oct. 15, 2019 -- Realtor.com, The Home of Home Search, today released new data that found total student debt could buy every U.S. house on the market 1.9 times over. With the rising costs of education, students are borrowing more and more money, which has led to delayed homeownership as the average student loan borrower owes $34,500 -- $8,500 more than the typical down payment off $26,000. "Student debt has ballooned to an all-time high as the price of education continues to outpace wage growth, and this is holding back many potential buyers from being able to purchase a home," according to realtor.com®'s Senior Economist, George Ratiu. "Student debt is already impacting borrowers' ability to buy a home and education debt is expected to hamper consumers' financial decisions for many years down the road." Students are taking on more debt to cover their expenses than ever before, according to the Department of Education. This is in part due to the fact that wage growth has been stagnant in comparison to the rapid growth in cost of higher education. The typical tuition at a public university has grown at four times the rate of the average wage since 1986, and private university tuition has grown at seven times the rate of the average wage over the same time. Nationally, the median sale price of a U.S. home is $260,000, according to realtor.com®. With a typical down payment of 10 percent that would come out to $26,000, which is $8,500 less than the average student debt of $34,500. Additionally, the total value of U.S. homes on the market is $780 billion. That is 1.9 times less than the total outstanding student debt of $1.5 trillion shouldered by 42.8 million borrowers. At 15.1 million strong, millennials make up 34 percent of all student borrowers. The generation's total debt has accumulated to $498 billion -- over half the value of all U.S. homes for sale. Millennials have an average balance of $33,000 per borrower, which is $7,000 more than the typical down payment on the median U.S. home. In comparison, the median down payment for millennials is $11,400, according to realtor.com. "The important implication of rising debt is that young generations are delaying major life decisions," added Ratiu. On the real estate front, the affordability crisis in major cities is driving young families to more affordable Midwestern and Southern markets, where savings for a down payment stretch much further and can turn owning a home from a future dream into today's reality." According to a recent NAR report, 26 percent of millennials cite student loans as the primary barrier to saving up for a down payment. Additionally, 61 percent of those millennials say their student loans have delayed their home purchase. On a state level, the state with the greatest outstanding loan balance is California, with $116 billion in student debt. Meanwhile, Washington, D.C. has the largest average balance per borrower at $52,581. Ohio has the most affordable down payment, compared with educational debt load, where the average down payment on a median priced home in Ohio is 53 percent of the average student loan balance. Ohio is followed by Alabama, Michigan, Arkansas, and Oklahoma. In the short term, a high down payment to student debt ratio will delay many buyers' ability to enter the market, while reducing access to available inventory. National Breakdown - Down Payment vs. Debt State Breakdown - Down Payment vs. Debt Methodology Federal student loan debt data taken from U.S. Department of Education, Q2 2019. Home sale prices taken from realtor.com home sales database, July 2019. Total market value derived from realtor.com residential listings database, September 2019. Millennial median down payment is based on a realtor.com analysis of a sample of residential mortgage loan originations from Optimal Blue. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Locations Close to Public Transit Boost Residential, Commercial Real Estate Values
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How to Get More Leads from Homes.com
You can never have too many lead generation sources, and your Homes.com account comes with a variety of ways you can generate and convert extra leads. Check out this list of 8 free, quick, and easy ways you can leverage your Homes.com account to generate more leads for your business. Homes.com Profile As one of the top listing portals in the United States, Homes.com's agent directory is a crucial marketing tool for real estate agents. Simply login to access your existing account. From there, add your photo and update your profile to help buyers and sellers get to know you and feel confident reaching out to you with their business. You can update your contact info, bio, social links, coverage areas, and office info through your dashboard's profile. Coverage Areas In your profile section, you can expand your business's reach by choosing up to five coverage areas. These are the cities you do business in (or would like to expand into) and will determine which agent directories you will show up in on Homes.com. While free coverage areas are limited to a max of five cities, you can purchase Local Connect and City Sponsor ads wherever you hope to attract business. Leads & Contacts The Leads & Contacts section of your dashboard is packed with tools to help you convert your contacts into clients. Get started with this free CRM by importing your leads via csv file or setup automatic lead imports from other lead services. Once you've consolidated your leads, make use of the free Buyer Profile tool to jot down important notes and facts about your contacts and their housing needs, transaction timeline and more. This will ensure you'll know who you're talking to and what they need when leads who are further down the funnel or who you worked with years ago come get ready for a new real estate transaction with you. Listings Showcasing your current listings is an important part of finding new buyers and sellers. Make sure your listings are importing over to Homes.com in the Listing Manager of your dashboard. To add or remove an MLS from your listing sources, click the Listing Source Setup in your listing manager. If you would like to learn how to get preferred listing status on your listings, click here. Email Marketing One of the best parts of having a Homes.com account is the email marketing center. Here you'll find dozens of pre-made, editable drip email campaigns you can enroll your leads and contacts into. The Email Marketing center also includes a free monthly newsletter you can send out, bulk email tools you can use to contact many contacts at once, and an email library you can draw from for individual marketing messages to clients. Looking for more ways to build your business through Homes.com? Check out our full range of products and advertising services here. We also sponsor the Secrets of Top Selling Agents brand which offers a free monthly webinar with one of real estate's top trainers, coaches, or agents. Be sure to register for the next webinar for the latest marketing and sales strategies! To view the original post, visit the Homes.com blog.
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Redfin and LinkedIn Reveal the 5 Best Emerging Tech Hubs for Software Engineers to Buy a Home
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Rising Financial Wealth Boosts Demand for Vacation Homes
WASHINGTON (October 10, 2019) – Increased financial wealth and low mortgage rates boosted the demand for and price of vacation homes, according to the National Association of Realtors® 2019 U.S. Vacation Home Counties Report. Between 2013 to 2018, the median sales price in vacation home counties increased at a slightly higher pace of 36% compared to the pace of increase of all existing and new homes sold, at 31%. Median price increases occurred across both expensive and inexpensive areas. The counties with the highest price increases during this five-year span were in three states: Pennsylvania, which includes Pike and Monroe counties; Wisconsin, which contains Price and Washburn counties; and Massachusetts, which includes Nantucket. Lawrence Yun, NAR's chief economist, says the present figures are telling, especially when compared to data from 10 years prior. "As of 2018, household net worth reached an all-time high of $100.3 trillion – that's nearly double from a decade ago when wealth declined during the recession. Some of this tremendous growth in wealth, although concentrated, increased demand for vacation homes." Although most homebuyers purchase their residence with an intent to use the property as a primary home, that is not the case for all buyers. In fact, a portion of homeowners purchase a second home expecting to use it as a general family vacation spot, as a tenant rental, a means to gain equity, or – upon retirement – a future primary residence. The NAR report uses the U.S. Census Bureau's American Community Survey data to examine "vacation home counties." These areas are counties where the vacant housing for seasonal, recreational or occasional use, made up 20% or more of the county's total housing stock. Of 3,141 counties, 206 counties (6.6%) were identified as vacation home counties. Additionally, NAR identified the most and least expensive and affordable vacation home counties, and exactly who is able to afford to purchase a second home. Top Vacation Home Counties According to the NAR report, the top 26 vacation home counties – the counties with the largest percentages of vacant seasonal, recreational, or occasional use housing units – include those with nationally-known sites, as well as local destinations. Though less populated, this group includes a large number of counties along northern Michigan, Wisconsin, and Minnesota. Leading the list are counties in Massachusetts (Nantucket and Dukes, 56%; Barnstable, 41%), New Jersey (Cape May, 51%), Colorado (Grand, Summit Eagle, Jackson and Pitkin, 51%), Wisconsin (Vilas, Lincoln, Langlade, Forest and Oneida, 43%), and Michigan (Roscommon, Ogemaw, Gladwin, Iosco and Arenac, 42%). "Some people may visualize the common popular vacation destinations in the U.S. when considering a vacation home, such as counties in Florida or California," says Yun. "And although those locations have their share of vacation properties, we see that some homeowners prefer some of the other counties, including those in Massachusetts and New Jersey. These areas are often known for harsh weather conditions, but are popular nonetheless." Some other notable vacation home counties are found in Maine, Pennsylvania, New York, New Hampshire, Maryland, Delaware, North Carolina, Vermont, Florida, California, Georgia, South Carolina, Arizona, Idaho and Oregon. Most Expensive Vacation Home Counties The areas identified as the top 25 most expensive vacation home counties included many well-known summer and winter getaways. Using Black Knight property records data, Nantucket, Mass. emerged as the most expensive vacation home county in 2018, with the median sales price at $1 million. Following were other counties in Massachusetts, including Dukes, a portion of which includes Martha's Vineyard. Other places of note were Colorado, which contains counties like Pitkin, Eagle, Summit and Grand that are popular Rocky Mountain summer and winter destinations; Florida, which includes Monroe and Collier, known respectively for the Florida Keys and Naples; California, which contains the counties of Mono, Alpine and Inyo, among others, all of which are near Yosemite National Park; and Arizona, which includes Coconino county, home of part of the Grand Canyon. Taking into account the 2018 median sales price and the income of a typical family in the top 25 most expensive areas, the typical family – that is, a family earning the median income only – would be unable to afford to purchase a home in these counties. Least Expensive Vacation Home Counties Data from Black Knight property records showed that the median price for a vacation home was usually less than $100,000. The most inexpensive vacation home counties were found in Maine (Aroostook, Piscataquis, Somerset, Franklin, Oxford, Washington and Waldo), New York (Chenango and Franklin), Pennsylvania (McKean, Venango, Clarion, Elk, Potter, Clearfield and Jefferson), Missouri (Miller), and Michigan (Gogebic, Lake, Arenac, Iosco and Cheboygan). The expected annual mortgage on a 30-year mortgage with a 20% down payment for a home purchased at the median sales price is less than $5,000. Under such a scenario, the mortgage payment would account for less than 10% of the income of a typical family that purchased a vacation home in one of the top least expensive vacation destination locations. Owning a second home is more affordable for families living in these particular areas. Other Significant Findings Buyers purchasing a vacation home usually pay all-cash or opt to obtain a mortgage, and typically make a 20% down payment. Recent low mortgage rates made it more affordable to borrow to purchase a second home. Cape May, New Jersey, topped the list of vacation home counties where second home mortgages accounted for the largest share of home purchase loans. Also on that list, among other areas, was California, which has Alpine and Mono counties; New York, which has Hamilton and Delaware counties; and, among others, Colorado, which is the location of Grand and Summit counties. Most of the borrowers who obtained mortgages for second homes earned around $100,000 or more. Among borrowers for second homes, the estimated mortgage payment to income ratio ranged from 4% to 12% in the vacation home counties. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a July in at Least 20 Years, but Four States Post Annual Gains
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Housing Trends Foreshadow Housing Shortage Ahead
Low mortgage rates shrink entry-level and mid-tier inventory levels in September 2019 SANTA CLARA, Calif., Oct. 8, 2019 -- Nearly two years after U.S. housing inventory hit its lowest levels in recorded history, the market is showing signs it may be headed for another shortage, according to realtor.com's September 2019 housing trend report released today. Data show increased demand from lower mortgage rates prompted a 10 percent year-over-year decrease in available homes under $200,000 and halted 18 months of inventory gains in the mid-market last month. National inventory of homes for sale continued to decline in September, posting a 2.5 percent decrease over this time last year, and a faster rate of decline compared to August's 1.8 percent decrease. Driven by strong demand and short supply, entry-level homes priced below $200,000 have been steadily decreasing since May of 2014, which continued in September with a yearly decline of 9.8 percent. After 18 months of solid inventory growth, mid-market homes priced between $200,000 and $750,000 -- which make up the largest segment of inventory -- flatlined in September with 0 percent growth and are poised for their first decline next month. "Buyers looking for their next home have faced the headwinds of tight inventory and a competitive market this year. While lower mortgage rates and the arrival of fall promised a reprieve, conditions continue to tighten as demand remains strong. September inventory trends, especially in the mid-market, may be the canary in the coal mine that we could be headed for even lower levels of inventory in early 2020," according to George Ratiu, senior economist for realtor.com®. Finding an affordable home has been a challenge for buyers in recent years, but mid-market inventory in particular has seen some relief in the last 18 months. This month's data shows that recovery has halted, which should translate into increased competition for move-up buyers, not just first-time buyers. "The mid-tier of housing represents nearly 60 percent of homes for sale on the market, making it a solid indicator of how tight inventory levels are in the U.S. After more than a year and a half of solid growth in this segment, we're seeing inventory levels stall out and flat-line. If, or better yet, when inventory in this segment begins to take a downturn, the vast majority of homebuyers are going to feel its effects as their options rapidly dwindle," said Ratiu. Homes listed over $750,000 continued to grow by 4.7 percent year-over-year. However, if strong homebuying demand, fueled by lower interest rates, continues to persist into the fall, the inventory of homes in this upper-tier price range could also see declines by February of the coming year. Price gains continued to moderate this month. The median U.S. home list price was $305,000 in September, 4.3 percent higher than this time a year ago. However, price growth is slower than last September, when the median list price grew by 7.3 percent. The pace of sales also remained at near record highs.The median age of properties on realtor.com® in September reached 65 days. The typical property spent one more day on the market compared to last September and two more than last month, in keeping with the seasonal trend of buying activity slowing in the fall. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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'Wow' Moments and Relationships: An RPR Story
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Altus Group Partners with CREA and its Member Boards and Associations to Expand the MLS Home Price Index Nationally
Advanced AVM technology from Altus Group combined with extensive data from real estate boards and associations delivers first national Canadian index making it one of largest and most comprehensive in the world TORONTO, Oct. 02, 2019 -- Altus Group Limited, a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, together with The Canadian Real Estate Association ("CREA") and the Founding Boards, including the Greater Vancouver Real Estate Board, the Fraser Valley Real Estate Board, the Calgary Real Estate Board, the Toronto Regional Real Estate Board, and the Quebec Professional Association of Real Estate Brokers, announced the broadening of their partnership to expand CREA's Multiple Listing Service® ("MLS®") Home Price Index nationally. The MLS® Home Price Index is the most advanced and accurate tool relied on by the industry to gauge a neighbourhood's home price levels and trends. The MLS® Home Price Index was pioneered by CREA and the Founding Boards and leverages Altus Group's proprietary technology and sophisticated statistical models. Altus Group developed the technology that powers the MLS® Home Price Index in 2009 which analyzes all of the sales data from a board or association's MLS® system, applies a value to a "typical" home for various types of dwellings for each submarket, and tracks the relative change in value over time. Through the timely access to data inputs directly from the real estate boards and associations, real estate transactions across the country are captured on a real-time basis to ensure the index values capture market trends and activity to allow for faster insights for realtors and their clients. Leveraging its machine learning expertise along with its proprietary knowledge of automated valuation models ("AVM") and data cleansing, Altus Group has continued to improve the technology that powers the MLS® Home Price Index and supports its expansion to markets across Canada. "We're excited to announce that for the first-time there is an agreement in place for all Canadian real estate boards and associations to join the MLS® Home Price Index and create a truly national housing price index that encompasses all of the housing market activity. Providing all of our members with this level of analysis and visibility into the market trends is invaluable," said Michael Bourque, CEO of CREA. "We're pleased to continue and further expand our strategic partnership with Altus Group to deliver greater value to REALTORS® and the Canadian real estate market by providing consistent and reliable insights on a local and national level." This new agreement provides a framework to expand the MLS® Home Price Index from the current 18 real estate boards to all of CREA's 90 real estate boards and associations across Canada, representing more than 130,000 REALTOR® members. The expansion enables CREA and all real estate boards and associations to jointly provide a truly national MLS® Home Price Index for Canada. "This is a reflection of the success we've achieved in our partnership to date, and the combination of machine learning and AVM technology delivers a powerful tool at a scale that brings greater value to everyone across the industry," said Richard Simon, Managing Director of Data Solutions at Altus Group. "This expanded agreement with Altus Group enables us to support REALTORS® with the first truly national Housing Price Index. Having greater access and visibility to data is critical in today's competitive market and a national MLS® Home Price Index will better equip REALTORS® to address the needs of consumers across all markets," said Gregory Klump, Chief Economist at CREA. "This is great news for REALTORS® and their clients," said Bill Stirling, CEO of the Newfoundland and Labrador Association of REALTORS®. "The MLS® Home Price Index provides the best way to understand how local housing price trends are evolving, and we're proud to be a part of this." About Altus Group Limited Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world's largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF. For more information on Altus Group, please visit: www.altusgroup.com. About The Canadian Real Estate Association The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations. CREA works on behalf of more than 130,000 REALTORS® who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers and sellers.
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Home Improvement Projects Are Worth Cost and Time, Says Realtor Survey
WASHINGTON (October 3, 2019) – Homeowners who decide to undergo a home improvement project, whether it be interior or exterior modifications, often find that the task was worth the investment and time, according to a new report from the National Association of Realtors®, with insights from the National Association of the Remodeling Industry. The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors®, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry. The report examines a variety of remodeling projects, using responses to rank the appeal of a given project, rank the value of the project in terms of resale and determine its overall functionality. The findings also reveal the reasons for remodeling, the success of taking on the various projects and the increased happiness reported in the home upon completion of the job. After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience increased enjoyment, and 77% feel a major sense of accomplishment, according to the survey. Additionally, 58% report a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction. "Realtors® and homeowners alike recognize the value of taking on a major home remodeling project," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher home values." NAR calculated what it refers to as a "Joy Score" for each project. The score is based on the happiness homeowners reported with their renovations; the more pleased with a given project, the better the Joy Score, with the highest possible score being 10. Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows and new roofing. "The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel, too, with the desire to make a home their own," said Lawrence Yun, NAR chief economist. Kitchen Renovation A complete kitchen renovation received a top Joy Score of 10. Ninety-three percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95% said they have an increased sense of enjoyment when at home. "The kitchen is a space homeowners frequent regularly throughout the course of the day," Yun noted. "So when that area is remodeled to owners' exact preferences – as they enter and exit the room – they continually experience the satisfaction of a job well done." The most important result of a kitchen renovation is improved functionality and livability, according to 46% of those polled. As to the reasons why they decided to take on the project, 24% say they wanted to upgrade worn-out surfaces and materials. Another 20% report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes. "Kitchens serve as the "heart of the home" for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account," said NARI 2019-2020 President of the Board, Robert Kirsic, (CKBR) certified kitchen and bath remodeler. "No matter the size of the kitchen, a certified professional can guide the design and build process in a way that will yield joy and happiness for the homeowner." Closet Renovation Upgrading home closets was another task that received a 10 Joy Score. This is due in part to the inconvenience of a disorganized closet, which is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate. Thusly, 68% of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters, 72%, report having a greater desire to be at home since finishing the job. With a closet redesign, 56% say the most important result is better functionality and livability. Fifty-four percent say the top reason for doing the job was the need to improve organization and storage. Fifteen percent answered that it was time for a change. Full Interior Paint Job Completing a full interior paint job in the home scored a 9.8 Joy Score. A finished paint job is usually visible in every room in a home, which speaks to how important a task this is to respondents. A vast majority, 88%, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project. New Fiberglass Front Door As mentioned, the installation of fiberglass front doors is a highly rated exterior project, receiving a Joy Score of 9.7. Seventy-nine percent of polled homeowners say they have had a greater desire to be at home upon completion of the job. Sixty-seven percent say they have an increased sense of enjoyment when they are at home, and another 69% state that they feel a major sense of accomplishment when they think of the completed project. New Vinyl Windows New vinyl windows also received a very high Joy Score, 9.6, while 42% of those surveyed say the most important result is improved functionality and livability. As for the top reasons for doing the job, 47% say they had a desire to improve their home's energy efficiency and 23% say they wanted to upgrade worn-out surfaces, finishes and materials. Cost Recovered Remodelers often take on projects with resale in mind, rather than their own home preferences. The report found the top projects for recovering cost are new roofing, hardwood floor refinishing, and new hardwood floor installation. NARI Remodelers estimate that new roofing costs $7,500, and Realtors® estimate that new roofing helps sellers recover $8,000, on average. That equates to 107% of value recovered from the project. Lastly, NARI Remodelers estimate that new wood flooring costs $4,700, with Realtors® estimating the project helps sellers recover $5,000, or a 106% value recovery. NARI Remodelers estimate that hardwood floor refinishing costs $2,600, and Realtors® estimate that the hardwood floor refinishing would help sellers recover $2,600. "Using a trusted, professional remodeler paves the way for a successful project outcome," said NARI CEO, David R. Pekel, MCR, UDCP, CAPS. "NARI members adhere to our code of ethics, and work to design the best solution for homeowners to deliver satisfaction." About NAR's Survey In June and July of 2019, homeownership site HouseLogic.com surveyed consumers regarding the last remodeling project they undertook. A total of 2,193 respondents took the online survey. The Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project. In March and June 2019, NARI emailed a cost survey to its 4,400 members. A total of 378 responses were received. The survey had an adjusted response rate of 11.6%. Respondents were asked to consider certain parameters. In July 2019, NAR emailed an interior remodeling project survey to a random sample of 52,491 members. A total of 2,485 responses were received. The survey had an adjusted response rate of 4.7%, (see report for full methodology). The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports August Home Prices Increased by 3.6% Year Over Year
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OJO Labs Expands Its Suite of Leading Technology Products with Acquisition of Real Estate Software Platform RealSavvy
The acquisition speeds up the company's execution to deliver exceptional experiences for consumers and the real estate agents that serve them AUSTIN, Texas, October 2, 2019 – OJO Labs, which empowers consumers to make better decisions through its conversational AI (artificial intelligence) platform, "OJO," acquired Austin-based RealSavvy, a powerful real estate software platform for REALTORS®, brokers, and teams that combines its collaborative IDX with customizable websites, branded mobile apps, and a fully-integrated predictive CRM. OJO Labs has been forward-thinking in its approach to create a full stack of product offerings and solutions that will solve real consumer issues and advance the real estate industry that serves them. Now, with its WolfNet and RealSavvy divisions, the company is in a position to bring an unprecedented combination of the best data, proprietary AI and technology platforms to further its mission and offer a truly differentiated, comprehensive home buying and selling experience, and help agents engage at optimal times during the process. RealSavvy's competitive edge comes from the way its platform keeps agents and their clients connected throughout the home transaction cycle. The home search is uniquely collaborative through a social, Pinterest-like and highly communicative experience. Among all homebuyers, the top two sources for information and property search are online websites (93%) and real estate agents (86%) as published by the National Association of REALTORS® research division. RealSavvy's products bring these sources together in a consumer-centric, shared space with superior CRM functionality, rich client search analytics and notifications, as well as its real-time chat functionality, ensuring agents build and retain momentum from search to close. "RealSavvy's game-changing products and features were built to solve hard and entrenched problems that agents and brokers have wrestled with for years," shares John Berkowitz, CEO of OJO Labs. "Even more significant than the products and underlying technology, is our alignment on vision and values. Our teams invested in similar visions, not to build products or a company for a quick sale, but to create products that truly impact people's lives in a positive way, for both consumers and the agents that serve them." With RealSavvy joining OJO Labs in its new Austin headquarters on South Congress Ave., the company has assembled an outstanding team of engineering, data science, product and marketing professionals on its trajectory toward transforming real estate experiences for consumers. The culture, passion and focus enable the organization to solve complex problems while blazing new trails in ways no other company has done before. The synergy will allow partnered brokerages the ability to scale distinct products into the hands of consumers and agents. "Our visions are aligned to effect transformative changes in the behaviors of agents and consumers working together," Rick Orr, CEO of RealSavvy commented. "Bringing our platforms together, with a team of exceptional talent solving hard technical problems, adds fuel to our vision and helps agents have less dependency on portals, or aging technology, giving the industry a momentus advantage." OJO Labs is not disclosing details of the acquisition, however, RealSavvy will be immediately integrated into the company, leveraging its resources, market access, and team to further RealSavvy offerings and vision. About OJO Labs Inc. OJO Labs is on a mission to empower people to make better decisions through the fusion of machine and human intelligence. The company's unique, patented AI technology products can conduct text conversations with consumers at scale. By combining natural language understanding with data and personalization, the products allow consumers to deeply engage in a purchase process before interacting with a salesperson. OJO Labs is backed by the two most active VC firms in Texas, leaders in real estate and financing industries, as well as key industry executives. OJO Labs has been recognized with seventeen major industry and workplace awards in 2019, including CV Magazine's Best Digital Property Search Platform award, an AI Breakthrough Awards Best AI-Based Solution for Real Estate winner, an Austin Chamber of Commerce 2019 Austin A-List winner, and listed in FORTUNE Magazine's Best Workplaces in Texas 2019. The OJO team has decades of combined success scaling businesses and deep experience in data science, engineering, product marketing, and operations. About RealSavvy Founded in 2014 in Austin, TX, RealSavvy is an all-in-1 platform for real estate agents, teams and brokerages dedicated to innovating how homebuyers engage with their agents through a "Pinterest-style," collaborative home search. Winners of the 2015 SXSW Accelerator for Innovative Technology, the RealSavvy team is setting the bar high for IDX websites, CRM, and mobile apps.
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