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Infographic: Gen Z is Ready to Buy!
The first members of Generation Z are all grown up and buying their first homes, but there's not a lot of info about Gen Z's home buying plans and expectations. So, we conducted a survey of over 1000 Gen Z adults to find out when they expect to buy their first home, what qualities they want in their real estate agent, their neighborhood preferences, and more. Find out where the next generation will take the real estate market below!
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See RPR's New Opportunity Zones in Action
RPR now offers another great feature: Opportunity Zones. This powerful data layer will allow REALTORS to use RPR's map interface to analyze and search for properties within the 8,700 Opportunity Zones throughout the U.S., in both Residential and Commercial modes. Residential practitioners who use Opportunity Zones will notice increased marketability of homes within the OZ, while commercial practitioners are more likely to see less desirable properties turn into investment opportunities.
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5 Shocking Yet True Real Estate Statistics
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Home Flipping Report Paints iBuyer Story with a Different Brush
Opendoor, Zillow, and others have created a stir in the real estate industry by putting a new name on home flipping called 'iBuyer.' According to the Q1 report from ATTOM Data, 49,059 homes were flipped in Q1 of this year, estimating that iBuyers may only occupy less than 20% of the flipper market today. The volume of units represents a 62% unit increase over last year, but only a 35%-dollar volume increase. This leads me to believe that flipping is occurring at a higher frequency in the lower price points of metropolitan areas. Flipping absorbs about 7.5% of the total US real estate market, so it is hardly significant and puts iBuyers somewhere in the 2% range of trades. The report spells bad news for Zillow Group as they try to scale, and neutral news for Opendoor.
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What's Going On in Today's Real Estate Brokerages? [INFOGRAPHIC]
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Top Takeaways from U.S. Migration and Housing Analysis
A look at mover motivations and how to market properties accordingly Wouldn't it be nice to know exactly when and where homeowners were moving to and from? While the human race doesn't migrate the same way or with the same predictability as they used to (and for good reason), there are still tens of millions of Americans every year that pick up their lives and head for greener pastures.
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Customize RPR Report Cover Photos with These Simple Steps
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How Amazon's HQ2 Could Shape Housing Markets in VA and NY
Amazon's long-awaited HQ2 announcement arrived earlier this month: The tech giant will be splitting their new headquarters between Queens' Long Island City neighborhood in New York City and the Crystal City neighborhood in Arlington, Virginia — with about 25,000 employees expected in each location. So, what will an influx of these jobs mean for the real estate markets in Long Island City and Crystal City?
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iBuyer Property Analysis Update
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Top 5 Data Needs for Researching Commercial Properties
'Tis the season for list making and in this spirit of the holidays, we want to help you with your clients' top five must-have pieces of information when buying or listing a commercial property. 1. Property Details Definitely the number one category of information for your client, and it goes beyond "Is this property available?" Dig into information on square footage, zoning, owners, tenants, tax information, mortgage records, legal descriptions and much more. There are a multitude of resources that help you research a property from free sources such as public records to your paid listing and data service providers. RPR Commercial pulls data together for you in one place through aggregating public records nationwide and partnering with 26 contracted CIEs/CMLSs and 668 MLSs for on-market commercial listings. Currently there are more than 320 million on-market listings, over 35 million off-market properties and with the recent integration of SMR Research, an additional 7 million tenants occupying space available for your research exploration.
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An Economist's Tour from Wall Street to Main Street
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RPR Data Strengthens Smart Growth Initiative
Real estate professionals are investing in their communities well beyond helping consumers achieve the American dream of homeownership. They know that healthy neighborhoods, towns and cities prosper in ways that attract families, businesses and investors to the area. That is why REALTORS® across the country are becoming increasingly more interested in sustainable community development, also known as Smart Growth. REALTORS® are uniquely positioned to create added value within our communities," said Nate Johnson, President of Real Estate Solutions and Chair of NAR's Smart Growth Advisory Board. "They are responsible for making sure our neighborhoods are developing in ways that we want by working alongside elected officials, real estate developers, chambers of commerce, transportation and urban planning professionals, governors, and leaders in Washington, D.C., to improve everyday life for people across the country."
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How Deeper Market Insights Can Give You the Competitive Edge
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Can You Predict Housing Trends Better than NAR?
We're embarking on an experiment--and we need your help. As you may know, the National Association of Realtors publishes an economic report on the 10th of every month. We're interested in finding out if RE Technology readers can predict the data in the housing report. After all, agents and brokers are the ones in the real estate trenches and we have a hunch that your predictions will be pretty close to NAR's. To test our hypothesis, we've created a brief (and painless, we promise) poll that asks questions about pricing, closings, and market conditions in your local area. Please take just five minutes to fill it out and submit it. We will publish the results of the poll next week to see if we can predict the numbers of the NAR report--before the NAR report comes out. Then, following the release of NAR's data, we'll compare your answers to the official report. Let's see if RE Technology readers really have their finger on the pulse of what's happening! Take the housing trends poll now!
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Keep Your Leads Coming Back to Your Website
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Redfin study shows top school zones are pulling big premiums
While you would probably assume top school districts correlate with higher prices, would you have guessed people are paying an average of $50 per square foot more? A new Redfin study showcasing data from Onboard Informatics, Maponics, and GreatSchools dives into how housing prices are affected by the quality of the local school zones. The study evaluated school districts nationwide based on its test scores and proved that, in school districts with good test scores, homes were more expensive. Although this isn't shocking news, the magnitude of the pricing inequalities across school districts is. What Redfin found is that, even if the only attribute separating homes of equal sizes and accommodations is one school boundary zone and less than a mile of distance, price differences can still be as drastic as $130,000. Even if a school's test score percentile is diminished from a 90 to an 80, housing prices in that district can plummet by over $60,000.
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The Importance of Educating Your Readers on the Latest Housing Market Trends
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Delivering a Simple but Compelling Message that Will Boost Your Lead Engagement
This post comes to us from Delta Media Group: The KCM Blog drew a significant amount of attention this week with the most simplistic of messages. It used the chart below to demonstrate how much extra money it might cost a consumer who decides to buy a house today as opposed to one year ago. Difference in house payment in 2012 vs. 2013 based on typical price and interest rate increases. Source: KCM Blog. The concepts illustrated here are based on a bit of assumption and a bit of fact. The assumption being the same house would still be on the market, and would have increased in price by 10 percent (house prices have increased by double digits in markets across the nation, so a 10 percent price increase in a comparable house is not a stretch). The fact being that interest rates have increased by a full percent over the past year, which they have. That increase alone means a higher monthly cost to home purchasers, and a much higher total price at the end of a 30-year mortgage, if paid out over all 360 months.
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Quantifying The Value of Walkability and Public Transit
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What Do We Know About Home Buyers?
Guest contributor Properties Online says: 2012 was the year of the buyer...AGAIN. Low prices and low mortgage rates favored buyers who were able to use good credit and sizeable down payments to achieve home ownership. But what else do we know about home buyers? According to the 2012 Home Buyer Survey, conducted by the California Association of REALTORS®, we know that: Home buyers are getting younger. The average age declined from 44 in 2006 to 35 in 2012. Most have a college degree and an annual household income over $75,000. Buyers spend an average of three months considering a home purchased before contacting a real estate agent. Nearly all buyers used an agent and most of those who did found their agent online. The average buyer interviewed at least two agents before selecting the one with whom they would work. When it comes to service from their agents, buyers want the most responsive and most aggressive agent representing them. An agent's reputation and experience are highly valued qualities to home buyers in selecting their agent. Communication is a key element of the agent and client relationship. The majority of buyers prefers communicating with their agents by email and text message and expects a fast response time.
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Know What Your Customers Are Looking For
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Real Estate News: Tightening SFR Rental Market Presents Broker Opportunities
A number of factors are contributing to heat up the Single-Family Rental Market. A perception that in many markets pricing has bottomed out and is beginning to increase has brought more investors into the market. At the same time, the aggregate number of ex-homeowners forced to rent after a foreclosure event is at an all time high. Nationwide, rental leasing volumes have been up every month during the last two years. Year-to-date, leasing volume is up 12 percent year-over-year. Listing time is steady at six weeks. Smart brokers will find a way to insert themselves into a market where demand is up and supply is down. Read the latest MarketPulse Report for more detail and city/state specific statistics.
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Swing State Housing Scorecard: Who Wins the Presidential Election with Real Estate Voters?
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Shadow Inventory Declines
Seriously delinquent, foreclosed and REO properties dropped to 2.3 million units in July. This represents a six month supply. 'Shadow inventory' is not included in the housing inventory reported by NAR and tends to hold down prices until cleared in any given market. Of the 2.3 million properties currently in the shadow inventory, 1 million units are seriously delinquent (2.9 months' supply), 900,000 are in some stage of foreclosure (2.5-months' supply) and 345,000 are already in REO (1.0-months' supply). The dollar volume of shadow inventory was $382 billion as of July 2012, down from $397 billion a year ago and $385 billion last month. Here's a link to the full Shadow Inventory report for July. Highlights: The current residential shadow inventory as of July 2012 fell to 2.3 million units, representing a supply of six months. This was a 10.2 percent drop from July 2011, when shadow inventory stood at 2.6 million unity, which is approximately the same level the country was experiencing in March 2009. Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been roughly offset by the equal volume of distressed (short and real estate owned) sales.
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Real Estate Marketing: Spread the News! July Price Increases Best Since 2006
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Real Estate Statistics Determine Top 10 Sellers Markets: 5 Markets Located in California
This post comes to us from the Showing Suite blog: With home prices being at record lows in most of the country, it is refreshing to see more real estate markets beginning to progress back in favor of home sellers. In these markets, home sellers are more likely to sell their home for close to the asking price and spend less time on the market. Zillow recently released a market report based on May 2012 real estate statistics which analyzed several sets of data to determine whether buyers or sellers had the advantage in a given real estate market. The report revealed that five out of the ten markets where sellers have the upper-hand are located in California. Surprisingly, only one out of the ten markets are located on the east coast. Take a look at the top ten real estate sellers markets: 1. San Jose, California 2. San Francisco, California 3. Las Vegas, Nevada 4. Sacramento, California
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Real Estate Technology: Throw Away That Wide Net
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Value Added is 'The New Black'
In 1986, Ferris Bueller told us, "Life moves pretty fast, if you don't stop to look around once in a while, you could miss it." In the case of technology, that statement couldn't be more true. Technology has moved so swiftly and made such incredible advancements in the past 10 years that where you were then with your real estate business and where you are now are not only not in the same ballpark, they are on entirely different planets. With this hyper speed growth of technology, we've seen a couple of fundamental shifts in methodology. Today, I'm going to address the two biggest shifts, and how offering your clients and prospects "Value Added" services will ensure you are one step ahead of the curve, and always at the forefront. Shift #1: Technology & Free Information Means Realtors® No Longer Hold All The Cards. Enter "Value Added." Not all that long ago, REALTORS® held all the cards. If a homeowner was interested in a home for sale and wanted information about it, they either had to call their REALTOR®, call the agent that listed the home, or call their local Real Estate office and talk to the floor agent to learn about the property. In doing this, would be buyers would have to give up information to the REALTORS® to get this information (e.g. their name, phone number and email address for example). Today, the tide has shifted. Information is widely available online, in many cases completely free and able to be accessed anonymously, without hassle or obligation. This means that a prospective buyer or seller does not necessarily need to contact a REALTOR®, or even go to their website for that matter. Companies like Zillow, Trulia and REALTOR.com, as well as websites from mega-brokerages like Coldwell Banker and Century 21 have massive websites, giving away all the content a would-be buyer or seller could possibly want.
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Real Estate Marketing Analysis: Where’s the Bottom of the Market?
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A Video Every Broker Must See – Today’s Lifecycle of a Homebuyer
This article comes to us from the RESnapshot blog on VHT.com. Due to the popularity of our recent White Paper series, we have decided to adapt these into a short video series. Today we have released the first in the series, "The Lifecycle of Today's Home Buyer." This particular video gives some great insight into how consumer behavior has shifted over the past 10-15 years in the real estate industry. This is invaluable information for the modern brokerage, and something that every brokerage CEO must learn to survive! Click through to the next page to view the video.
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HomeFinder.com 2012 Consumer Survey Results
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Real Estate Feedback Reports Show that Housing is More Affordable Than Ever
Guest contributor Showing Suite says: According to real estate feedback reports conducted by the National Association of Realtors® (NAR), housing affordability conditions have achieved a 42-year record high. January 2012’s Housing Affordability Index indicated the new high is at 206.1, which is the first time since records began in 1970 that the index has hit or passed 200. The housing affordability index aims to measure whether or not a typical family could qualify for a mortgage loan on an average-priced home. The point where a median-income household has enough income to be eligible for the purchase of an average-priced home is defined as 100 according to the index. This means that according to the NAR’s real estate feedback reports, the typical family has doubled the income required to purchase an average priced home. The NAR’s real estate feedback reports also project the 2012 affordability index will be at a record annual high, with little fluctuation in mortgage interest rates or home prices.
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As Predicted, Case-Shiller October 10- and 20-City Composites Show Annual Depreciation
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A Closer Look: U.S. Homes Expected to Lose Nearly $700 Billion in Value This Year
Further insights from the Zillow Research blog . . . Homes in the United States are expected to lose more than $681 billion in value during 2011, which is 35 percent less than the $1.1 trillion lost in 2010, according to recent analysis of the Zillow Real Estate Market Reports. The bulk of the total value lost during 2011 was in the first half of the year. From January to June, the housing market lost $454 billion.  From June to December, Zillow projects that residential home value losses will be $227 billion. Only 7 percent (9 markets) of the 128 markets tracked by Zillow showed gains in total home values during 2011.  Among those were the New Orleans metropolitan statistical area (MSA), which gained $3.5 billion in value, and the Pittsburgh MSA, which gained $2.7 billion. Nationally, the total market value peaks in Q2 of 2006 which is different from the peak of Zillow Home Value Index (ZHVI) in Q2 of 2007.  This is caused by the different measurements namely average vs. median.  While the median of Zestimates is the core component of the ZHVI, the average of Zestimates is the core component of the total market value. A breakdown of the results by metropolitan statistical area can be viewed here.
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Actions on Housing Policy Will Make or Break Recovery
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Historical Mortgage Rate Chart: 30 Year Fixed Interest Loan
For whatever reason, people always seem to find these mortgage rate trend charts fascinating. Here is the historical mortgage rate trend chart for 30 year fixed loans from April 1971 through November 2011.
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U.S. Home Values Continued Fall in October; Rate of Decline Stabilizes
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Turn 2012's Market Forecast to Your Advantage
It’s the almost-common consensus among real estate agents that we’re about halfway through a 10-year adjustment period for the real estate market. Veterans in the field have enough time and experience in the business to wait out such a period, and agents who opened up shop 8 to 10 years ago probably don’t want to quit just yet, but real estate rookies might hesitate to launch a career in real estate for a few more years. But they shouldn’t: Because of the advantages of social media marketing, now is a great time to begin buying and selling real estate and making a name for yourself. This week, findings from Jones Lang LaSalle’s outlook were presented in its annual media webcast event. Here’s what they found: Despite the slow improvement in underlying demand for most segments of the commercial real estate market, total investment volume will continue trending upward.
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Broker Marketing: CoreLogic Short Sale Study Signals Investor Buying Spree
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Real Estate Market Analysis: Negative Equity - Insights into the Future
There are many opinions on where the market is going in real estate. With so many moving parts, there is no opinion that is so solid that you’d bet your business. However, there are facts, and CoreLogic recently published some data points that are important. CoreLogic announced that 23.1% of mortgages are in negative equity. That means that according to our data, 23.1% of mortgage loan balances are greater than the associated property values. According to the release, 23.1% of mortgages equates to 11.1 million residential properties. This data moves every month, and does not include commercial properties. An additional 2.4 million homes are within 5% of the equity balance.  
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Consumer Mindset: Home Owning is Better Than Renting
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Who is Buying Real Estate in Florida?
Who is buying real estate in Florida? Single, first-time, women buyers who are searching on the Internet, are the ones buying Florida real estate. With the real estate market becoming increasingly more complex, it is important to look at the different home buyers out there. The National Association of Realtors compiled a profile for Florida Realtors to help them see who their potential clients are.
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Zillow Launches City Real Estate Reports
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Home Price Stabilization Seen in Most Metro Areas
Home sales rebounded in 49 states during the fourth quarter. Over half of the available metropolitan areas experienced price gains from a year ago, while most of the rest saw prices weaken, according to the National Association of REALTORS®. Total state existing-home sales, including single-family and condo, jumped 15.4% to a seasonally adjusted annual rate of 4.80 million in the fourth quarter from 4.16 million in the third quarter. The sales were 19.5% below a surge to an unsustainable cyclical peak of 5.97 million in the fourth quarter of 2009, which was driven by the initial deadline for the first-time buyer tax credit.
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