You are viewing our site as an Agent, switch your view below:

Agent | Broker     Reset Filters to Default
Matterport to Acquire AI-driven Production Platform Arraiy
SUNNYVALE, Calif., July 10, 2019 -- Matterport, the world leader in 3D capture technology and data, announced today that it intends to acquire Arraiy, the pioneer behind breakthrough machine learning and computer vision technology that allows visual creators to integrate real and virtual worlds. Matterport introduced the category of affordable 3D capture for business and has increased adoption of 3D capture and visualization technology across industries, including architecture, engineering and construction (AEC); insurance, restoration, and property claims; travel and hospitality; residential and commercial real estate; among others. Arraiy has developed a self-improving artificial intelligence (AI) software that leverages machine learning and computer vision to unlock new techniques for integrating real and virtual digital imagery. Upon completion, the acquisition will integrate Arraiy's core engineering team into Matterport in support of the company's mission to build the industry's leading computer vision data platform. Earlier this year, Matterport took a significant step toward achieving this aim with the launch of its proprietary cloud software, Matterport Cloud 3.0, and AI engine Cortex, leveraging AI-powered image-processing technology to transform panoramic and 360-degree images into fully immersive 3D models; understand objects, rooms and the detailed characteristics of a space and label specific rooms on a floor plan. "Arraiy has assembled some of the very best minds in the industry to solve really hard problems in machine learning and computer vision today," said RJ Pittman, CEO of Matterport. "By integrating Arraiy's groundbreaking technology and talented team, we will be able to accelerate the creation of new products and features that will make Matterport significantly more powerful and accessible to both new and existing users." "The Arraiy team is thrilled to join with Matterport to continue to innovate with computer vision and machine learning," said Ethan Rublee, CTO and founder of Arraiy. "I'm convinced that Matterport's platform will enable incredible opportunities to leverage AI in the places we live and work." The Arraiy acquisition will also bring Matterport into close collaboration with OpenCV, the AI industry's leading open source computer vision and machine learning software initiative, led by Arraiy co-founder Gary Bradski. "We look forward to working closely with our newest team members and the Arraiy CV tech stack, along with Gary Bradski and the OpenCV initiative to expand our role helping to shape the computer vision industry," said Dave Gausebeck, co-founder and CTO of Matterport. "Matterport's industry-leading 3D capture technology has harnessed the power of computer vision and deep learning to transform multiple industries throughout the built world," said Bradski. "We see fresh potential to further disrupt these markets by leveraging our combined advancements in the field of computer vision and machine learning." About Matterport Matterport is the world leader in immersive 3D technology, offering a platform for prosumers and professionals to easily capture, edit and share 3D models of physical spaces. These navigable virtual tours are presented in Matterport's proprietary photo-realistic digital media format. Experience places through Matterport's interactive 3D models online as if you are actually there: matterport.com/gallery
MORE >
RPR Delivers Members' Top-Requested Feature: Mailing Labels
CHICAGO (July 10, 2019) -- Realtors Property Resource (RPR), a nationwide data platform and a wholly owned subsidiary of the National Association of REALTORS, is pleased to introduce Mailing Labels as a new feature within its array of products and programs exclusively for REALTORS. RPR users can now create ready-to-print mailing labels for farming, prospecting or direct mail marketing within custom geographies. "Through a targeted outreach program, RPR met with MLS CEOs and user focus groups to solicit input to help RPR provide additional value to agents and brokers." said Emily Line, Vice President of Member Experience. "Mailing labels came up consistently in those conversations, coinciding with user feedback from other RPR channels and social media where the number-one requested feature has been the ability to create mailing labels. We've listened, and we're excited to deliver this new capability to our users." Armed with RPR's new Mailing Labels feature, REALTORS® will be able to create farming or prospecting lists and generate up to 2,000 pre-formatted labels per month for mailings to residential or commercial property owners based on any RPR search. The easy-to-create labels are available in popular formats and users can choose to export results into a standard CSV file. The data used to create the lists is licensed from Black Knight, RPR's public records provider. "As a member of the RPR User group for Mailing Labels, I was able to preview and share feedback about the feature while it was being developed," said Jennifer Archambeault, Broker/Owner of Urban Provision REALTORS® in Austin, TX. "RPR has been one of my core business tools for years. Now, with the addition of this new feature, RPR can now do more to help REALTORS® generate new opportunities with buyers and sellers." Additionally, REALTORS® who are interested in expanded capabilities or additional fields for their mailing labels can link directly from RPR into Black Knight's property analytics product, SiteXPro.com. This added benefit will help REALTORS® who are looking for advanced list generation features. The link, and a discount, will be available for RPR users beginning in August through a banner on the bottom of the Mailing Labels modal window. "REALTORS® know how important it is to keep their prospecting pipeline full and to have the right tools to create dynamic direct mail campaigns," said Leslie Rouda Smith, Broker with Dave Perry-Miller Real Estate in Dallas, TX. "The new Mailing Labels feature in RPR will give agents a simple way to market new listings, just sold properties, or promote their brand." About Realtors Property Resource® Realtors Property Resource, LLC®, a wholly owned subsidiary of the NATIONAL ASSOCIATION OF REALTORS®, is an exclusive online real estate database created to support the core competence of its members. The parcel-centric database, covering more than 160 million residential and commercial U.S. properties, provides REALTORS® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. Log in to RPR today: narrpr.com.
MORE >
Constellation Real Estate Group Acquires offrs.com
MORE >
Realtor.com Predicts Market Shift That Could Impact Buyers Well Into 2020
U.S. Inventory Declines Likely to Return by October SANTA CLARA, Calif., July 9, 2019 -- The housing market is posed for a shift that could affect buyers well into 2020 -- the resurgence of national inventory declines. According to realtor.com's July 2019 Monthly Housing Trend report released today, in just a few months* buyers may begin to see a drop in the number of homes for sale that could lead to the return of bidding wars, stronger price appreciation and quicker home sales. Continuing its unabated record growth, the U.S. median listing price in June reached its likely high point for the year at $316,000, earlier than its usual July peak due to the mismatch of what's available and what buyers want. Nationally, housing inventory grew 2.8 percent year-over-year, an addition of approximately 40,000 listings, down from May's 2.9 percent growth. The slowing of inventory gains first appeared in 2019 with a decline from 6.4 percent growth in January to 5.8 percent in February. It continued throughout the spring with 4.4 percent growth in both March and April, 2.9 percent in May and now 2.8 percent in June. If this trend continues, inventory growth will flatten over the next three months and could hit its first decline in October 2019. "It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we've ever seen. If the trend we're seeing continues, overall inventory could near record lows by early next year," said Danielle Hale, chief economist for realtor.com®. "So far there's been a lackluster response to low mortgage rates, but if they do spark fresh buyer interest later in the year, U.S. inventory could set new record lows." Part of this slowdown can be attributed to the fact that newly listed homes have either declined or reported meager growth in 2019, such as June's 2.3 percent yearly decrease. According to Hale, the reason why people aren't putting their homes on the market is more difficult to determine. "It's likely a combination of rate-lock, recently decreased consumer confidence and older generations choosing to age in place," she added. Only seven years ago, 30 year fixed mortgage rates reached their lowest point at 3.3 percent since Freddie Mac began tracking this data, which prompted many homeowners to refinance. Although rates are still low, they're currently 50 basis points higher than they were in December 2012 and higher than one third of the weekly rates recorded over the last seven years, which means a substantial number of homeowners have mortgages with rates well below today's levels. If homeowners want to trade up, they would not only have to pay more for a larger home, they would pay more to finance it. Additionally, consumer confidence fell 4.4 percent over the past year, which could reflect consumer concerns over a potential recession or future economic growth. The time properties spent on the market in June 2019 was 56 days, a two-day increase from last year. Additionally, the number of homes with price reductions increased by 8.7 percent compared to the previous year, which means one in five homes on the market this June had a price cut, compared to one in six last year. *Projections based on January-June 2019 inventory trend data and assume no disruption to current trajectory. For more information on realtor.com®'s June housing trend report, please visit: https://www.realtor.com/research/june-2019-data/ Editors note: Realtor.com® is upgrading its database to a new system that allows for more enhanced listings tracking. Market level trend data is being held until the conversion is complete. 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.
MORE >
Homesnap Named a Washington Post Top Workplace for Second Consecutive Year
MORE >
NAR's Strategic Investment Fund Opens Applications for iOi Pitch Battle
WASHINGTON (June 26, 2019) – Second Century Ventures, the National Association of Realtors®' strategic investment arm, is proud to present the opening of applications for the second annual Innovation, Opportunity and Investment Summit Pitch Battle. A select group of technology startups focused on real estate will compete with live presentations in front of the iOi Summit audience on Wednesday, August 21 in Seattle, Washington. "We are pleased to announce that Chris Smith, Co-Founder of Curaytor will once again emcee the event. The goal of the iOi Pitch Battle is to highlight how some of the most cutting edge and impactful startups are helping to define the future of real estate. All iOi Summit registrants are welcome to attend the live iOi Pitch Battle," said Glenn Shimkus, NAR VP of Strategy and Innovation. The Pitch Battle is a unique opportunity for tech startups focused on the real estate industry to provide a live demonstration in front of the iOi Summit 2019 audience. Selected startups will have the chance to have their product or service viewed by key influencers and venture investors, receive free press mentions, obtain an all-access pass to iOi Summit 2019, and the opportunity to receive personalized presentation coaching by Chris Smith of Curaytor. First place winner will also walk away with $15K cash and other valuable benefits. "If you consider yourself an innovator, entrepreneur, investor, or executive seeking to lead change, I encourage you to join the conversation. It's one you won't want to miss," said NAR CEO Bob Goldberg. Please visit https://www.nar.realtor/ioi/Pitch-Battle for more information. The National Association of Realtors® annual Innovation, Opportunity & Investment (iOi) Summit brings together the industry's top tech companies, investors and Realtors® to collaborate, network, and drive the industry forward. The two-day conference will take place in Seattle, Washington with a welcome reception beginning on Tuesday, August 20 at 5 p.m. and ending late afternoon on Thursday, August 22. The iOi Summit attracts attendees who are looking to embrace, leverage, and be part of the change that currently surrounds real estate. Hear the latest from entrepreneurs and global tech companies such as Amazon, Google, Facebook, Microsoft and others. Find out what products and services are poised to make a major impact on the industry. Learn how you can tap into these breakthroughs to better your business. The National Association of Realtors® is the world's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Supply of Homes for Sale Down 0.3% in June, First Annual Decline in 10 Months
MORE >
CoreLogic Reports May Home Prices Increased by 3.6% Year Over Year
Annual U.S. home-price growth accelerates for the first time in 14 months CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for May 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from May 2018. On a month-over-month basis, prices increased by 0.9% in May 2019. (April 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.) After several months of moderation earlier this year, the CoreLogic HPI Forecast indicates home prices will increase by 5.6% from May 2019 to May 2020. On a month-over-month basis, home prices are expected to increase by 0.8% from May 2019 to June 2019, bringing single-family home prices to an all-time high. 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. "Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May," said Dr. Frank Nothaft, chief economist at CoreLogic. "This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home-price growth accelerated for the first time since March 2018." 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, 38% of metropolitan areas have an overvalued housing market as of May 2019. The CoreLogic 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 May 2019, 24% 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, 42% were overvalued, 16% were undervalued and 42% were at value. The CoreLogic 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 first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. Given the significant increases in home prices in these markets, homeowners are questioning their ability to afford replacement homes, and 28% of homeowners reported they are concerned they won't be able to afford buying a new home in the future. Only half of the respondents are satisfied with the number of options available in their market, and 40% of homeowners who are considering selling said they would have to move outside of their current market to afford another home. "The recent and forecasted acceleration in home prices is a good and bad thing at the same time," said Frank Martell, president and CEO of CoreLogic. "Higher prices and a lack of affordable homes are two of the most challenging issues in housing today, and every buyer, seller and industry participant is being impacted. The long-term solution lies in expanding supply, which will require aggressive and effective collaboration between policy makers, state and local government entities and home builders." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 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.
MORE >
Median-Priced Homes Not Affordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
MORE >
Redfin Report: McAllen, Texas, Salt Lake City and Grand Rapids Have the Highest Homeownership Rates for Single Mothers
31% of single mothers are homeowners nationally, down from nearly 36% in 2010 SEATTLE, June 24, 2019 -- Just 31.1 percent of single mothers nationwide owned homes in 2017, on par with the 2016 rate and down from 35.5 percent in 2010, according to a new report from Redfin, the technology-powered real estate brokerage. At 63.9 percent, the overall homeownership rate for households across the country was more than double that of single mothers, though it was also down from nearly 70 percent in 2010. Over the same time period, the national median home price rose by more than 40 percent. The metros with the highest rates of homeownership among single moms tend to be relatively affordable. McAllen, Texas, where the typical home sells for $165,000, has the highest homeownership rate among metro areas with at least 20,000 single mothers in 2017, with 46.6 percent of single moms owning homes. That's followed by Salt Lake City (41.7%), Grand Rapids (41.5%) and Minneapolis (40.3%). All but two (El Paso and San Antonio) of the top 10 metros for single-mom homeownership have higher-than-national overall homeownership rates as well. The four metros with the lowest rates of single-mom homeownership are all in California: Fresno (20.5%), Los Angeles (20.7%), San Diego (22.4%) and Bakersfield (22.6%). The metros with the lowest rates of homeownership among single mothers all have overall homeownership rates below the national rate. "Although more single moms have entered the workforce since 2015, thanks in part to a growing economy, single mothers haven't yet been able to gain increased wealth through equity from homeownership. That's because in many expensive metros, single moms aren't able to access the benefits of homeownership due to a lack of affordable homes for sale," said Redfin chief economist Daryl Fairweather. "But in areas like Salt Lake City and Minneapolis, single moms are better able to afford a home without a dual income or financial support from a partner. Beyond being a primary source for building wealth, owning a home can provide some necessary stability for children because homeowners have predictable monthly mortgage payments and don't have to worry about a landlord raising rent or selling their home." To read the full report, with additional metro-level data and analysis, please visit: https://www.redfin.com/blog/single-mother-homeownership-rate-us. 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.
MORE >
Pending Home Sales Bounce Back 1.1% in May
MORE >
Gap Widens Between What Buyers Want and What's for Sale
Half of all buyers are looking for homes priced at least 9 percent below the nation's median list price of $315,000 SANTA CLARA, Calif., June 26, 2019 -- There is a wide gap between what buyers want and what's currently available for sale, according to new research released today from realtor.com, the Home of Home Search. According to the study, half of all home shoppers are currently looking for a home priced under $288,000, which is 9.1 percent below the median list price of homes currently on the market. "The price differences between what buyers are searching for, closing on, and what's available on the market demonstrates just how big the gap is for entry level home buyers," said Danielle Hale, chief economist for realtor.com®. "Buying a first home has always been a challenge, but with such a slim number of entry-level homes available, it's especially difficult now." According to realtor.com® home search data, half of all home shoppers are currently looking for a home under $288,000, which is 9.1 percent or $27,000 below today's median price of $315,000 for homes currently on the market. This is supported by the fact that the median sales price of homes purchased in April was $267,000 (NAR, Existing Home Sales data*), which is about 15 percent or $48,000 lower than the price of inventory on the market. Based on the analysis, currently, the only price range where supply is meeting demand for homes is between $340,000 and $350,000, with an imbalance below and above. The gap between what buyers are looking to purchase and current available inventory can be attributed to the 4 percent year-over-year decrease in the pace of home sales so far in 2019, according to Hale. In order to promote sales growth and satisfy the imbalance between what buyers want and what is available, realtor.com® estimates approximately 94,000 homes priced $100,000-$340,000 would need to be added to the market. That would mean a 15 percent increase in the number of listings currently available in the entry- to mid-price-tier, which is no small feat, especially considering inventory growth is currently flat in this category. By comparison, homes above $750,000 -- the tier where inventory is growing the most -- only saw an 11 percent yearly increase in April. "Entry-level homes continue to be difficult to come by as the inventory composition shifts more and more toward higher priced homes. This is causing smaller and more affordable homes to appreciate rapidly, resulting in a mismatch between what buyers are able to spend and what sellers expect to receive." This year, smaller homes (750-1,750 sqft.) have appreciated 12.1 percent, or 3.5 times faster than mid- to large-sized homes (3,000-6,000 sqft.), which have appreciated 3.4 percent year-over-year. Markets where buyers can find what they want As the gap between what buyers want and what is available continues to widen, buyers are beginning to search other parts of the market in an effort to close. The best U.S. markets where buyers can find what they want is topped by Buffalo, N.Y., with a median list price of $194,950. It is followed by Memphis, Tenn. ($219,950), Baltimore ($329,050), Pittsburgh ($189,950), and Philadelphia ($279,950). On average, buyers in the top 10 markets with the smallest imbalance search for homes that are 8.9 percent above the median listing price, demonstrating the average buyer can afford more than the median home for sale. Lower barriers to entry mean these markets have high home ownership rates on average of 66.6 percent and a relatively low median search price of $245,000, as well as a relatively small income percentage requirement of 25 percent of a buyer's salary. Markets with the largest discrepancy In contrast, the top 10 metros with the largest imbalance are associated with larger barriers to entry. The U.S. top markets where there is the largest discrepancy between what buyers want and what is available is topped by Cincinnati with a median list price of $275,045, followed by Houston ($324,950), Minneapolis ($370,050), Indianapolis ($284,950), and Atlanta ($339,050). On average, the top 10 metros with the largest discrepancies have typical home buyers who are searching 15.3 percent below the median asking price, demonstrating the vast discrepancy of what people are looking for and what's available for sale. Buyers in these markets also have a low average home ownership rate at just 64.6 percent, as well as a relatively high entry price point of $442,000. This price point has the largest income percentage requirement of 35 percent, which sits above the recommended 30 percent. * National Association of REALTORS® (NAR) Existing Home Sales Data for April. May data published by the NAR shows the median search price of existing homes rose to $277,700. Research Portal link: https://www.realtor.com/research/entry-level-demand-surplus-remains-sizable/ 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®.
MORE >
Nextdoor announces new real estate feature Your Home
MORE >
Generation Z Seeks Diverse Neighborhoods in Homebuying Decisions
Homes.com Survey Reveals Striking Demographic Shifts in Home Purchase Patterns AUSTIN, Texas, June 25, 2019 -- Generation Z, 18- to 24-year-olds who are entering the age bracket for first-time homebuying, is the first generation in American history with a preference for buying homes in culturally diverse neighborhoods, according to a recent Homes.com survey. Polling more than 1,000 young adults in the Gen Z age bracket, the survey is the first to examine how Generation Z and millennial habits differ across several facets of homebuying. The survey found that 58% of future Gen Z homebuyers prefer a diverse community compared to 12% who prefer a homogeneous neighborhood. Gen Z's commitment to diversity has important ramifications for national housing policy, cross-cultural enrichment, and the evolution of a post-racial definition of the American Dream. "Generation Z is more multicultural than ever before, with demographics that include the largest percentage of Hispanics and non-Hispanic blacks at 22% and 15%, respectively. Our survey suggests that their preferences will have a substantial impact on homebuying patterns," said David Mele, president of Homes.com. "That, in turn, may create a new dynamic where diverse communities thrive more than ever before." The Gen Z homeownership survey also found that: The vast majority of Gen Z-ers expect to buy a home. 86% of respondents reported they plan to become homeowners someday. Only 5% don't, and the remaining 9% are unsure. Since Gen Z is even larger than the millennial generation, strong home demand can be expected for many years to come. Most expect to buy their first homes before age 35. Specifically, 14% anticipate purchasing homes between ages 18-24, 48% from 25-29, and 25% between 30-34. If they succeed, they will follow the same schedule as Generation X and Baby Boomers. They will also achieve a much higher homeownership rate than millennials, who were stymied by high unemployment and low-income levels for young workers from 2008 to 2013. 'A place to call home' and investment value are among the top reasons to buy. The fact that half want to buy because they believe owning a home is a good investment reflects how far the wealth-building aspects of homeownership have rebounded since the housing crash of 2008 when less than 1% of first-time buyers said financial security was their primary purchase motivation. Having a good home for pets ranked as the #3 reason to buy, outstripping safety and a sense of community as key incentives. Proximity to work is Generation Z's top priority in selecting a place to live. When asked to rank the most important considerations in deciding where to live, proximity to work (71%) as well as to friends and family (52%) surpassed urban location (25%), proximity to shopping (24%) and access to nightlife (12%). That means that employers located in suburban and ex-urban areas will find it easier to attract Gen Z employees. Four in 10 are concerned they won't earn enough to qualify for a mortgage. Even though most are years away from buying a home, Generation Z is more worried about making enough income to afford a home in five or 10 years than about their ability to save for a down payment or pay off student loan debt. Gen Z-ers have misconceptions about down payments. Despite the availability of lower-cost down payments like those required with 3.5% FHA loans, many young homebuyers believe they will need to save for two or three years to meet down payment obligations unless they get financial help from friends and family. That scenario is unlikely unless they live in an expensive market or don't use a low down payment loan. "With Gen Z poised to become the next wave of homebuyers, it's important to look at how their attitudes and behaviors will affect the homebuying process," Mele noted. "The insights provided by this survey can help agents anticipate and prepare for the changes that will occur as this age group begins their home search." View the full results of the Homes.com survey at http://go.homes/gen-z. About Homes.com Homes.com offers today's demanding homebuyers, renters and those somewhere in between a simply smarter home search. With smart search features like Homes.com Snap & Search, home shoppers now have a more personalized and conversational way to search for their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online. For more information, visit Homes.com.
MORE >
CoreLogic Reports the Negative Equity Share Fell to 4.1% in the First Quarter of 2019
MORE >
Redfin Report: May Home Prices Up 3.6% in May, the Largest Year-over-Year Increase in 7 Months
Recent upticks in mortgage applications and home tours suggest that home price growth will strengthen this summer SEATTLE, June 20, 2019 -- U.S. home-sale prices edged up again in May, growing 3.6 percent from a year ago to a median of $315,700, according to a new report from Redfin, the technology-powered real estate brokerage. This was the biggest annual home price increase in seven months. Only six of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 6 percent drop in San Jose, a 2.5 percent dip in New York, and a 2.2 percent decline in Honolulu. All three of the other metros that saw price drops were in California: Orange County (-1.4%), Los Angeles (-0.8%) and Oakland (-0.7%). "As mortgage rates have fallen this month, Redfin has seen upticks in the number of people wanting to talk with our agents about buying homes and the number going on home tours," said Redfin chief economist Daryl Fairweather. "Recent surges in mortgage applications also reflect the impact low rates are having on homebuyer demand nationwide. We haven't yet seen a commensurate increase in U.S. home sales, and I don't expect sales to increase substantially in the long run. That's because there still aren't enough homes for sale for all of the people who want to buy homes. In May, inventory posted its smallest increase in eight months, and fewer new listings came on the market than last year. Low rates and rising prices will likely lure sellers onto the market this summer, but the lack of new construction will continue to hold back sales growth." Home sales were essentially flat in May, up 0.2 percent year over year. Forty-eight of the 85 metros tracked by Redfin saw an increase in sales from a year earlier. The number of homes for sale as of the end of May was up 2.5 percent from the same time last year. This was the smallest year-over-year increase in home supply in eight months. The number of homes newly listed for sale last month fell 0.7 percent from a year earlier. Nationwide, measures of competition are mixed, with some pointing toward a hotter market than a year ago and others indicating that the market has cooled. One indicator of a hotter market is the median number of days on market, which dropped to 36 days in May from 37 days a year earlier. This is the lowest days on market measured in any month of May since at least 2010 (as far back as Redfin has recorded this measure nationally). An indicator pointing to a cooler market is the share of homes for sale that had a price drop, which rose to 25.9 percent, the highest rate since September's record high, and up from 23.4 percent last year. The share of homes sold above list price is also falling, down to 24.4 percent in May from 28 percent last year. Still, last month's rate of homes selling above list price was the highest since last August. To read the full report, including charts and metro-level data breakdowns, please visit: https://www.redfin.com/blog/may-2019-housing-market-tracker. 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.
MORE >
Brevitas and RPR Partnership is Now Live
MORE >
May Residential Real Estate Traffic Down in 75% of Regions, but More Comparable to Prior Year
Northeast Region Posts First Year-over-Year Increase in Buyer Traffic Since April 2018, while U.S. as a Whole Reports Slightly Lower, but More Stable Showing Activity June 21, 2019 – In a welcome sign for the Northeast, which has experienced lower year-over-year buyer traffic since April 2018, the region saw showings increase 1.5 percent in May, according to the latest data from the ShowingTime Showing Index. The Northeast was the only region to report higher buyer traffic, however, as the U.S. as a whole was slower, albeit more in line with prior-year showing traffic. The U.S. declined 2.3 percent, the lowest such decline since August 2018 after 10 consecutive months of slower activity. The West Region continued its trend of slowing traffic, seeing a 10.6 percent drop year over year. The South and Midwest saw more modest declines in activity at 4.1 percent and 3.4 percent, respectively. "Year over year, the situation is stabilizing with May 2019 roughly in line with May 2018 and with the Northeast region crossing into positive territory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Activity in the Midwest and South are also in line with last year as we continue to see stronger traffic in the lower price quartiles of the market, with more expensive homes still seeing less traffic compared to the same time last year." 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. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Second Century Ventures REACH Accelerator Program Expands Worldwide
MORE >
Chime Technologies Unveils Dynamic Ads for Real Estate Designed for Facebook
Unique user mapping technology empowers brokers with targeted insight to more effectively generate and nurture leads PHOENIX, June 19, 2019 -- Chime Technologies, an operating system for the real estate industry, today unveiled DARE (Dynamic Ads for Real Estate) designed for Facebook. The new offering, fully integrated with Chime's AI-powered sales acceleration platform, optimizes and delivers ad creatives sourced from MLS to a targeted audience based on broker preferences. By customizing the ads and actively responding and adjusting to lead behaviors accordingly, DARE delivers high quality ads via Facebook to targeted leads for more effective results. Designed to help brokers and real estate teams automate online lead generation and fuel top of funnel advertising, Chime's DARE delivers more leads, ensures a better conversion rate and costs less per lead than traditional options. To learn more, visit www.chime.me. Historically, online lead generation solutions have not performed effectively or yielded successful results for most brokers. Meanwhile, the demands of the real estate market make managing this program unwieldly for busy agents. As a result, many brokers miss out on the opportunity to capture leads via influential online channels. By leveraging the power of Facebook, automating the process, and integrating lead data into Chime's comprehensive real estate platform, agents ensure their lead generation program exclusively delivers relevant, active and interested buyers and sellers. "The new dynamic ads solution from Chime is a valuable, cost effective lead generation tool that our industry desperately needs," said Mike Klemsrud, CEO, eHouse Realty, Inc. "Like many brokers, my team is strapped for time and always on the go. Chime helps us leverage the power of social media and get to a close faster without the burden of having to manually manage the system, and helps ensure we stay focused on our target market and motivated consumers. Chime has been a game changer for my brokerage and team." To get started, the Chime customer success team helps clients identify the ideal properties to feature and seamlessly connects each ad back to a page on the IDX site. By strategically mapping properties back to clients' business objectives and unique broker profile, Chimes' DARE helps to deliver the most relevant and targeted leads, shortening the window from contact to close. Once an interested lead clicks to learn more and a lead form is populated, the lead is entered into Chimes' CRM and is automatically analyzed by an intelligent scoring system. The AI-powered platform leverages unique user mapping technology to consistently review user behavior and adjust the lead score, in turn adjusting how to effectively nurture the lead over time. "Leads are the lifeblood of the real estate business but many agents and teams find managing the process of online lead generation daunting and unsuccessful. DARE helps alleviate this burden," said Mike McGowan, Vice President of Sales, Chime. "By automating the process and integrating leads into our end to end real estate platform, agents are freed to focus only on those intent focused buyers and sellers." About Chime Technologies Chime is an all-in-one Sales Acceleration Platform for the real estate industry headquartered in Phoenix, Arizona. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me.
MORE >
HOME Survey: More Say Now Is a Good Time to Sell a Home
MORE >
Redefy Launches RedefyDIY, the First 'Do It Yourself' Residential Real Estate Listing Platform
Proprietary Technology Makes it Faster, Easier and Less Expensive to List Residential Real Estate for Sale DENVER, June 17, 2019 -- Redefy Corporation, a technology and data-enabled company that seeks to disrupt the way people buy and sell residential real estate, today announced the launch of RedefyDIY, the First "Do It Yourself" residential real estate listing platform. Built with proprietary technology, RedefyDIY makes it faster, easier and less expensive for homeowners to list residential real estate for sale. RedefyDIY is initially available in Florida and Texas through RedefyDIY.com, with plans to expand nationally. Florida and Texas were selected as preliminary launch states due to their economic growth, real estate market dynamics and perceived market receptivity. "In an environment where customers are demanding easier and more cost-efficient ways to sell their home, we are excited to expand our service offerings to include a 'Do-It-Yourself' platform," said Chris Rediger, Chief Executive Officer of Redefy. "We believe the residential real estate industry is on the cusp of significant innovation that will make it faster, easier and less expensive for homeowners to sell real estate. It wasn't too long ago when consumers had to call their stockbroker to buy or sell securities. Today, they can accomplish the same task entirely online, in less time and at lower cost. We believe the innovation introduced through RedefyDIY will transform how homeowners sell their residential real estate." Homeowners visiting RedefyDIY.com start the listing process by typing in their property's address. In the background, Redefy automatically collects information from multiple data sources to help customers complete the listing process faster, easier and more accurately. The homeowner is provided with three flat-fee pricing and service options, including self-service, limited-service and virtual full-service, then enters custom information about the property, and uploads or schedules photography. After the homeowner makes their selection, Redefy's proprietary software coordinates the process of selling the home. RedefyDIY provides three pricing and service options, where applicable by law: Self-Service ($379) includes listing posted on the sellers local MLS, Zillow, Realtor.com and Trulia (as well as other sites), a yard sign, contracts, addendums and disclosures and up to 10 photos on MLS. This option does not include agent support and prospective buyers contact the customer directly. Limited Service ($499) includes all Self-Service benefits, plus email, text & live chat support, as well as an additional 15 photos on the MLS listing. Virtual Full Service ($2995) includes all Limited Service benefits, plus full, virtual-agent support (contract review, negotiation and closing services, as well as fielding all buyer inquiries) and a professional photographer. RedefyDIY is the first platform to use data from multiple sources to prepopulate home information once an address is entered, thereby saving home sellers time in completing the listing process. There are more than 600 Multiple Listing Services used by real estate agents to share information and each requires hundreds of fields of information about the features of a property. Since each field is determined by local real estate professionals and uses different terminology or data fields, we overcame a significant challenge to create the foundation for a national residential real estate listing platform. "We took the new Real Estate Standards Organization's (RESO) recommended standards for listing fields to create a solution that translates all of the database fields to the MLS of the property location," said Scott Petronis, Chief Product and Technology Officer for Redefy and Board Member of RESO. "This is the fastest, easiest and lowest cost process to get homes listed for sale." About Redefy Corporation Redefy is a technology and data-enabled company that seeks to disrupt the way people buy and sell residential real estate. The company's mission is to make it faster, easier and less expensive for customers to buy and sell residential real estate. We offer a broad range of real estate sales services for a flat fee, saving homeowners thousands of dollars in real estate commissions. We conduct business in key states and major metro markets across the U.S. Acknowledged for its innovation and growth by several leading sources Redefy was named one of "Inman's 2017 Most Innovative Brokerage" award finalists; was one of Inc. 500 List's 2016 "Fasting Growing Companies" (Final Rank #103), "2016 Top 5 Real Estate Companies", "2016 Top Denver Company" and "2016 Top Colorado Company"; Denver Business Journal's 2016 "Top 10 Best Places to Work (Medium Sized Company category); and was named a finalist for "Inman's 2015 Most Innovative Real Estate Company" award. For more information about our company, please visit: www.Redefy.com.
MORE >
RPR: The No-Cost NAR Member Benefit You Can't Put a Price On
MORE >
U.S. Completed Foreclosures Decrease 50 Percent from a Year Ago
Foreclosure Starts Continue Upward Trend in Florida; New Jersey, Maryland and Florida Rank Highest in Foreclosure Rate; Overall Foreclosure Activity Decreases 22 Percent from a Year Ago IRVINE, Calif. – June 13, 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 May 2019 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 56,152 U.S. properties in May 2019, up 1 percent from the previous month but down 22 percent from a year ago for the 11th consecutive month with an annual decline. "We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17 to 23 states rising annually, and again Florida is bucking the national trend with a continuous annual increase." May 2019 Foreclosure Starts by County Foreclosure completions decline annually in every state except Vermont Lenders completed foreclosures (REO) on 10,634 U.S. properties in May 2019, down 4 percent from the previous month and down 50 percent from a year ago – a 7th consecutive annual decline. States across the nation, except for Vermont all saw annual declines in completed foreclosures. Those that saw an annual decline of more than 50 percent in REOs included Michigan (down 84 percent); Massachusetts (down 74 percent); Indiana (down 67 percent); Kentucky (down 66 percent); and New Jersey (down 64 percent). In looking at those greater metropolitan areas with a population of 200,000 or more and those that had at least 100 completed foreclosures in May 2019, with double-digit decreases were Birmingham, Alabama (down 67 percent); New York, New York (down 59 percent); Washington, DC (down 58 percent); Philadelphia, Pennsylvania (down 57 percent); and Detroit, Michigan (down 54 percent). Florida foreclosure starts continuing double-digit annual increase Lenders started the foreclosure process on 30,554 U.S. properties in May 2019, while slightly up (less than 1 percent) from last month they are down 9 percent from May 2018 –fourth consecutive month with an annual decline. Counter to the national trend states that saw an increase in foreclosure starts in May 2019 were Wisconsin (up 99 percent); Kentucky (up 64 percent); Louisiana (up 53 percent); Missouri (up 34 percent); and Florida (up 23 percent). This is the 12th consecutive month that Florida has seen double-digit annual increases in foreclosure starts. "To put the numbers in perspective, I would use a full year, perhaps 2006 as a "normal" benchmark number. That would be the last year before the real estate world crashed," said Bruce Norris, president of The Norris Group. "The total foreclosure starts for Florida in 2006 was 102,875. In 2018, there were 33,031 foreclosure starts. Even at a 25% increase over 2018, 2019 will still be less than 50% of 2006. An increase of some 8,000 foreclosure starts is not a game changer at this point." States that posted annual decreases in foreclosure starts in May 2019, included Texas (down 39 percent); Pennsylvania (down 38 percent); Massachusetts (down 34 percent); Oklahoma (down 29 percent); and New York (down 25 percent). Those major metropolitan statistical areas with a population greater than 1,000,000 that saw an annual decrease in foreclosure starts included Indianapolis, Indiana (down 82 percent); Houston, Texas (down 65 percent); San Jose, California (down 58 percent); Austin, Texas (down 41 percent); and Philadelphia, Pennsylvania (down 34 percent). New Jersey, Maryland and Florida rank top 3 in worst foreclosure rate Nationwide one in every 2,411 housing units had a foreclosure filing in May 2019. States with the highest foreclosure rates were New Jersey (one in every 1,117 housing units with a foreclosure filing); Maryland (one in every 1,127 housing units); Florida (one in every 1,238 housing units); Delaware (one in every 1,279 housing units); and Illinois (one in every 1,363 housing units). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2019 were Atlantic City, New Jersey (one in every 680 housing units with a foreclosure filing); Jacksonville, Florida (one in every 764 housing units); Fayetteville, North Carolina (one in every 777 housing units); Columbia, South Carolina (one in every 936 housing units); and Rockford, Illinois (one in every 941 housing units). 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, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Realtor.com Reveals the 10 Secrets Every First-Time Home Buyer Must Know
MORE >
Redfin Determines the Value of a Garage Across Major U.S. Metros
Nationwide, homes with garages sell for $23,211, or 12%, more than homes withoutA garage is worth most in Chicago, adding nearly $47,000 to a typical home's value SEATTLE, June 7, 2019 -- Chicago homes with garages sell for an estimated 38% more than comparable homes without them, according to a new analysis from Redfin, a technology-powered real estate brokerage. This equates to an additional $46,745 on the sale price of a typical Chicago home, the biggest home price premium of any metro area in the U.S. that meets the criteria for the analysis. Nationwide, homes with garages sell for $23,211 more than homes without garages, which equates to a 12 percent premium. The five metros where garages are worth the most—Chicago, St. Louis, Columbus, Oklahoma City and Cleveland—are all located in the Midwest, where winters tend to be cold and snowy. Garages aren't as valuable in places with warmer year-round climates like Honolulu, Los Angeles and Austin. "In the winter, finding a place to park is even more difficult because more people drive to work when it's cold outside," said Lamar Austin, a Redfin agent in Chicago. "And when you finally do find a parking spot at the end of the day, you usually have to shovel the snow before you can park there. If you have a garage, you may have to shovel snow from the driveway, but at least your car won't get buried overnight." Table: Home Price Premiums Associated with Having a Garage In Austin, a sprawling metro area where snow is very rare, garages are associated with a much lower premium. Garages are also much more common in Chicago than Austin: nearly 95 percent of homes in the Chicago metro have garages, while less than half of them in the Austin metro do. "A lot of builders in the inner core of Austin skip garages in favor of adding more livable square space to the house," said local Redfin agent Andrew Vallejo. "Homebuyers don't necessarily expect to get a garage if they're buying a home inside the city, though many people do value them, particularly in the suburbs where a two-car garage is the norm." Redfin compared the sale prices of single-family homes that sold in 2018 with a garage to comparable homes without a garage. The results are reported by metro area in terms of the sale price premium, as a percentage and in dollars, attributed to the presence of a garage. The ranking is limited to metro areas with at least 1,500 homes that met the criteria for this analysis, with at least 500 homes with a garage and 500 homes without. To read the report, including a full methodology, please visit: https://www.redfin.com/blog/does-a-garage-add-value-to-a-home 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.
MORE >
CoreLogic Reports Lowest U.S. Foreclosure Rate for a March in at Least 20 Years; Overall and Serious Delinquency Rates for a March at 13 Year Lows
MORE >
Redfin Ranks the Most Affordable Places to Get Married and Buy a Home in the Same Year
For Newlyweds, Cleveland, Detroit and Pittsburgh are the most affordable places to have a wedding and purchase their first home SEATTLE, June 11, 2019 -- Cleveland, Detroit and Pittsburgh are the most affordable places where couples can throw a wedding and also cover a down payment on their first home, according to a new report from Redfin, a technology-powered real estate brokerage. In all three Midwestern metro areas, the average combined cost of a wedding and a down payment is less than $65,000, compared with the national average of more than $109,000. San Francisco, where typical wedding and down payment costs add up to $325,000, is the most expensive place to get married and buy a home, followed by Los Angeles($168,000) and New York($158,000). To determine how much cash couples in different parts of the country would need on hand to throw a wedding and buy their first home, Redfin calculated down payment amounts in 25 metro areas, assuming a 20 percent down payment on the median list price as of April 2019. Redfin paired it with metro-level and national data on wedding costs from WeddingWire, which found the average cost of a wedding, including an engagement ring, ceremony and reception, and honeymoon to be $38,700 in 2018. Here is the full ranking of the most affordable cities to have a wedding and purchase a home, leading up to the most expensive: In expensive coastal metros including Seattle, Boston and San Diego, a down payment alone costs over $100,000, without factoring in a wedding. For couples in these places with visions of a dream wedding, it might be worth spending the money on the party, considering it is roughly half the cost of a down payment, which may be far less attainable. Even in relatively affordable housing markets like Phoenix, Minneapolis or Atlanta, a typical down payment is more than twice as much as an average wedding. If saving for a home is a priority of residents in these areas, skipping the big day and eloping to city hall might be a worthwhile strategy. To read the full report, including personal stories from Redfin employees currently navigating the wedding and home buying process, 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.
MORE >
IXACT Contact Releases Revised CRM Buyer's Checklist eBook
MORE >
U.S. Home Flipping Rate Reaches a Nine-Year High in Q1 2019
Total dollar volume of homes flipped with financing reaches 6.4 billion – a 12-year high Average flipping ROI continues to decline to an almost eight-year low, while gross flipping profits drop 12 percent from last year IRVINE, Calif. – June 6, 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 Q1 2019 U.S. Home Flipping Report, which shows that 49,059 U.S. single family homes and condos were flipped in the first quarter of 2019, down 2 percent from the previous quarter and down 8 percent from a year ago to a three-year low. The 49,059 homes flipped in the first quarter represented 7.2 percent of all home sales during the quarter, up from 5.9 percent in the previous quarter and up from 6.7 percent a year ago — the highest home flipping rate since Q1 2010. Homes flipped in Q1 2019 sold at an average gross profit of $60,000, down from an average gross flipping profit of $62,000 in the previous quarter and down from $68,000 in Q1 2018 to the lowest average gross flipping profit since Q1 2016. The average gross flipping profit of $60,000 in Q1 2019 translated into an average 38.7 percent return on investment compared to the original acquisition price, down from a 42.5 percent average gross flipping ROI in Q4 2018 and down from an average gross flipping ROI of 48.6 percent in Q1 2018 to the lowest level since Q3 2011 — a nearly eight-year low. "With interest rates dropping and home price increases starting to ease, investors may be getting out while the getting is good, before the market softens further," said Todd Teta, chief product officer at ATTOM Data Solutions. "While the home flipping rate is increasing, gross profits and ROI are starting to weaken and the number of investors that are flipping is down 11 percent from last year. Therefore, if investors are seeing profit margins drop, they may be acting now and selling before price increases drop even more." Home flipping rate up from year ago in 62 percent of local markets Eighty-five of 138 metropolitan statistical analyzed in the report (62 percent) posted a year-over-year increase in their home flipping rate in Q1 2019, including Columbus, Georgia (up 83 percent); Raleigh, North Carolina (up 73 percent); Charlotte, North Carolina (up 65 percent); McAllen-Edinburg, Texas (up 55 percent); and Milwaukee, Wisconsin (up 49 percent). Along with Raleigh, Charlotte, and Milwaukee, other metro areas with a population of at least 1 million and a home flipping rate increasing in the double digits were San Antonio, Texas (up 47 percent); Houston, Texas (up 41 percent); Atlanta, Georgia (up 38 percent); Pittsburgh, Pennsylvania (up 36 percent); and Minneapolis, Minnesota (up 33 percent). The number of homes flipped reached new peaks in Q1 2019 for Raleigh, North Carolina and San Antonio, Texas in the first quarter of 2019. Home flip lending volume up 35 percent to 12-year high The total dollar volume of financed home flip purchases was $6.4 billion for homes flipped in the first quarter of 2019, up 35 percent from $4.7 billion in Q1 2018 to the highest level since Q2 2007 — over a 12-year high. Flipped homes originally purchased by the investor with financing represented 37.5 percent of homes flipped in Q1 2019, down from 39.5 percent in the previous quarter and down from 41.2 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of Q1 2019 completed flips purchased with financing were San Diego, California (56.0 percent); Seattle, Washington (52.5 percent); San Francisco, California (51.7 percent); Denver, Colorado (51.6 percent); and Boston, Massachusetts (51.3 percent). 11 Markets where investors are doubling their ROI Among the 138 metropolitan statistical areas analyzed in the report with at least 50 home flips completed in Q1 2019, those with the highest average gross flipping ROI were Pittsburgh, Pennsylvania (131.2 percent); Flint, Michigan (127.6 percent); Shreveport, Louisiana (112.5 percent); Scranton, Pennsylvania (112.0 percent); and Knoxville, Tennessee (105.0 percent). Along with Pittsburgh, Pennsylvania metro areas with a population of at least 1 million and an average gross flipping ROI of at least 79 percent were Cleveland, Ohio (100.0 percent); Philadelphia, Pennsylvania (100.0 percent); Buffalo, New York (89.7 percent); and Memphis, Tennessee (79.2 percent). Average home flipping returns continue to slip Homes flipped in the first quarter of 2019 were sold for a median price of $215,000, a gross flipping profit of $60,000 above the median purchase price of $155,000, down from a gross flipping profit of $62,000 in the previous quarter and a gross flipping profit of $68,000 in Q1 2018 — to the lowest levels since Q1 2016. Of those 138 markets with at least 50 or more flips and a population greater than 200,000 in the first quarter of 2019, those that saw the lowest gross flipping profit were McAllen-Edinburg, Texas (profit of $8,752); Daphne, Alabama (profit of $15,761); Boise City, Idaho (profit of $18,332); Lexington, Kentucky (profit of $20,000); and San Antonio, Texas (profit of $23,596). Average time to flip nationwide at 180 days Homes flipped in Q1 2019 took an average of 180 days to complete the flip, up from an average 175 days for homes flipped in Q4 2018 but down from 182 days a year ago. Among the 138 metro areas analyzed in the report, those with the shortest average days to flip were McAllen-Edinburg, Texas (127 days); Memphis, Tennessee (136 days); Raleigh, North Carolina (142 days); Mobile, Alabama (144 days); and Phoenix, Arizona (151 days). Metro areas with the longest average days to flip were Naples, Florida (235 days); Bridgeport, Connecticut (230 days); New Haven, Connecticut (225 days); Provo, Utah (219 days); and Hartford, Connecticut (219 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 49,059 U.S. homes flipped in Q1 2019, 14.2 percent were sold by the flipper to a buyer using a loan backed by the Federal Housing Administration (FHA), up from 13.2 percent in the previous quarter but down from 15.2 percent a year ago. Among the 138 metro areas analyzed in the report, those with the highest percentage of Q1 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Worcester, Massachusetts (30.0 percent); Shreveport, Louisiana (29.0 percent); Modesto, California (27.3 percent); Hartford, Connecticut (27.2 percent); and Springfield, Massachusetts (27.0 percent). Eight zip codes with a home flipping rate of more than 30 percent Among 1,433 U.S. zip codes with at least 10 home flips in Q1 2019, there were eight zip codes where home flips accounted for more than 30 percent of all home sales, here are the top five: 93212 in Kings county, California (48.0 percent); 11433 in Queens county, New York (35.7 percent); 33147 Miami-Dade county, Florida (32.7 percent); 38115 in Shelby county, Tennessee (32.4 percent); and 92802 in Orange county, California (32.1 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, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Homes Becoming More Affordable Despite Rising Prices
MORE >
Realtors Release First Profile on LGB Buyers and Sellers
WASHINGTON (June 6, 2019) -- June is national LGBT Pride Month, and in recognition, the National Association of Realtors has released its first-ever Profile of Lesbian, Gay and Bisexual Buyers and Sellers. The report, which utilizes four years of data from NAR's Profile of Home Buyers and Sellers, analyses the differences between LGB and other buyers and sellers. The report found that all groups — those identifying LGB and heterosexual — were most likely to purchase real estate because of a desire to own their own home. "The American Dream of homeownership traverses across the spectrum of our society — including sexual orientation — and Realtors® always have and will continue to advocate so that anyone who wants to, and is capable of purchasing a home, is able to do so," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Realtors® have always embraced the significance of the protections secured by the Fair Housing Act, and have encouraged efforts to extend them by amending our Code of Ethics in 2009 to prohibit discriminations based on sexual orientation and gender identity." Home Buyer/Seller Characteristics Bisexual home buyers were the most likely to indicate they were first-time homebuyers (58%), followed by lesbian and gay buyers (36%) and heterosexuals (32%). Bisexuals were also the youngest buyers, a median age of 36 years old, and had the lowest median income of $62,400. In comparison, lesbian and gay buyers were the oldest buyers at 45 years old. Heterosexual buyers reported a median age of 44 and a median income of $91,200, similar to $92,900 for lesbian and gay buyers. In addition to being the most likely to identify as first-time home buyers, bisexual sellers were the most likely to identify as first-time home sellers at 50%. Lesbian/gay and heterosexual first-time sellers each registered at 36%. "The number of home buyers and sellers who identify as lesbian, gay or bisexual has remained steady at 4% since we first included the question in our HBS survey in 2015," said Dr. Lawrence Yun, NAR chief economist. "Given that Millennials now make up 37% of home buyers and attitudes regarding sexual orientation continue to shift even among Generation Z, we expect to see this percentage increase in future surveys as younger generations are more likely to self-identify as LGB." Bisexual home buyers were less likely to identify as white/Caucasian than lesbian/gay or heterosexual buyers (77%, compared to 88% and 85%, respectively), and were nearly twice as likely to identify as Hispanic than both groups (13% compared to 7%). Fourteen percent of bisexual buyers were born outside of the U.S., versus 7% of lesbian and gay buyers. Eight percent of bisexual buyers reported speaking a primary household language other than English, more than lesbian and gay buyers (4%) and heterosexual buyers (2%). More than one-third of bisexual buyers identified as single females (38%), while a quarter of lesbian and gay buyers identified as single men (25%). Lesbian and gay buyers were also the group most likely to identify as an unmarried couple at 22%, compared to 15% of bisexual buyers and 7% of heterosexual buyers. Heterosexual buyers were the most likely to identify as a married couple (66%), followed by lesbian and gay buyers (38%) and bisexual buyers (34%). While heterosexual buyers were the most likely to have children in their households (38%), bisexual buyers were nearly three times as likely to have children in their households compared to lesbian and gay buyers (29% to 11%). Characteristics of Homes Purchased Bisexual buyers purchased the smallest and oldest homes, with a median square footage of 1,840 square feet and median year built of 1966. Lesbian and gay buyers followed with a median square footage of 1,900 and a median year built of 1974, while heterosexual buyers purchased the largest and newest homes (2,060 median square feet, 1985 median year). Bisexual buyers were the most likely to purchase a detached single-family home (86%), while lesbian and gay buyers were the least likely (79%). Heterosexual buyers were the most likely to purchase a multi-generational home at 13%, compared to 10% of LGB buyers. Lesbian and gay buyers were most likely to purchase in an urban area or a city center (28%), while bisexual buyers were most likely to buy a home in a small town (22%). All sexual orientations were equally likely to purchase in a resort or recreation area, 2%. Bisexual buyers were most likely to have made at least one compromise in their home purchase, most likely on the price (28%), style of home (23%) or distance from their jobs (23%). Lesbian and gay buyers were the least likely to have compromised on convenience to schools (7%). The data used for the report is an aggregation of data from responses from the 2015 through 2018 NAR Profile of Home Buyer and Sellers, totaling 22,521 responses. Four percent of all respondents identified as lesbian, gay or bisexual (3% and 1%, respectively), making for a total sample size of 918 LGB buyers and sellers. 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.
MORE >
Ryan O'Hara to Depart Post at Move, Inc.
MORE >
CoreLogic Reports April Home Prices Increased by 3.6% 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 April 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from April 2018. On a month-over-month basis, prices increased by 1% in April 2019. (March 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.) Looking ahead, after several months of moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.7% from April 2019 to April 2020. On a month-over-month basis, home prices are expected to decrease by 0.3% from April 2019 to May 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. "The pickup in sales between March and April, has helped to counter the recent slowing in annual home-price growth," said Dr. Frank Nothaft, chief economist at CoreLogic. "Mortgage rates are 0.6 percentage points below what they were one year ago and incomes are up, which has improved affordability for buyers. However, price growth has remained the highest for lower-priced homes, constraining housing choices for first-time buyers." 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, 37% of metropolitan areas have an overvalued housing market as of April 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 April 2019, 26% of the top 100 metropolitan areas were undervalued, and 37% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% were at value. 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 first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. Eight in 10 residents in high-priced markets said home prices have continued to climb over the past three years and are still rising, although more moderately. The impact of continued price increases means new homeowners had to make compromises when purchasing. As many as 40% of respondents indicated they could not buy a home in their preferred area, and a third felt they had to purchase a smaller home than they desired. "According to our consumer research, buyers feel that high prices are forcing them to spend more than they'd expect on a home," said Frank Martell, president and CEO of CoreLogic. "As many as one-third of buyers admit they put down a higher down payment as well." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 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.
MORE >
RealtyTech Inc. to Debut New Social Agent Assistant Real Estate Software
MORE >
W+R Studios announces RESO Web API compatibility with all Cloud Agent Suite products
Company will no longer accept RETS feeds for new MLS integrations. Cloud CMA and all other products in the Cloud Agent Suite now live with RESO Web API integration in ABOR's MLS June 4, 2019 (HUNTINGTON BEACH, CA) - Real estate software company, W+R Studios, announced compatibility with its Cloud Agent Suite line of products and the RESO Web API. The Cloud Agent Suite is the complete line of W+R Studios' popular software products for real estate professionals including Cloud CMA, Cloud Streams, Cloud MLX, and Cloud Attract. W+R Studios is an industry leader developing software solutions that leverage MLS data to improve and streamline fundamental real estate functions such as creating CMA reports, sending listing alerts, and searching the MLS. "We want to help move the industry forward," stated W+R Studios co-founder and CEO Greg Robertson. "This six month initiative has now borne fruit. We now have compatibility with the three major interfaces for the Web API, CoreLogic's Trestle, Zillow's Bridge Interactive and FBS' Spark platform. We are now live in production using the RESO Web API with the Austin MLS" continued Mr. Robertson. This recent milestone was first presented last month at the Real Estate Standards Organization's Spring Technology Summit held in Boise, ID. "By committing to this new standard, the team at W+R Studios has shown a tremendous amount of leadership," stated Sam DeBord, CEO of RESO. "Serving brokers, agents, and consumers with the best possible tools and insights requires the industry to continually upgrade its technology. W+R Studios is investing in RESO standards and lighting the path for others to follow." "While implementing RESO's Web API is a no-brainer for new vendors, existing vendors who have spent time, money and resources on platforms designed for RETS are going to be slower to adopt." stated Jon Druse, Engineering Director at W+R Studios. "We think by being one of the first not to accept new RETS feeds, we can push all vendors forward and help usher in the future." As part of this initiative, W+R Studios has partnered with RESO to provide open source libraries that vendors can use to help ease their transition to Web API. W+R Studios created a Ruby library for connecting to RESO WEB API Servers which can be found at https://github.com/wrstudios/reso_web_api. More libraries can be accessed at https://github.com/RESOStandards. For more information on W+R Studios and its products please visit http://wrstudios.com. About W+R Studio Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 26 years of experience each developing and marketing real estate software solutions.
MORE >
Inventory Pile Up Creates Top Markets for Home Buyers
MORE >
Redfin: Millennials Could Buy Homes 3 Years Faster under Sen. Warren's Student Debt Cancellation Plan
2019 Morehouse College graduates can become homeowners 3.7 years sooner thanks to billionaire's debt payment gift SEATTLE, May 31, 2019 -- A typical aspiring first-time homebuyer could save a down payment three years faster under Senator Elizabeth Warren's plan to cancel up to $50,000 of student loan debt per person, according to a new analysis of student loan and home price data from Redfin, the tech-powered real estate brokerage. The Redfin analysis looked at a typical potential first-time homebuyer earning the national average salary of $65,879 for the Census Bureau's 24-44 year old age bracket, with an average of $17,938 in student debt, based on data from Lending Tree. If said potential homebuyer spent 10 percent of her income ($549 per month) on debt repayment at the average 5.8 percent interest rate, it would take 3 years to pay off the student debt. If after paying off her student debt she started saving that 10 percent of her income toward a 20 percent down payment on the national median-priced home ($308,000), it would take a total of 12.3 years to both pay off her student loans and save enough money for the full 20 percent down payment ($61,600), assuming home price and income did not change. Under Sen. Warren's plan to cancel up to $50,000 in student loan debt, the time it would take to save for a down payment would shrink to 9.4 years. Nearly 400 graduating seniors at Morehouse College in Atlanta recently had their student loans eliminated as part of a massive graduation gift from billionaire Robert F. Smith. This gift of debt forgiveness could get them into their own home 3.7 years faster than if they'd retained that debt. Based on estimates of $31,833 in average debt per Morehouse graduate and Atlanta's median income of $66,357 for 24-44 year olds, the graduates could save for a down payment on a median-priced Atlanta home in just 7.3 years, compared to 12.9 years if they had to pay off their student loans on their own before saving for a downpayment. "The idea of taking on a mortgage when you're still paying off tens of thousands of dollars in student loans is a non-starter for many people," said Redfin chief economist Daryl Fairweather. "If student debt were eliminated, college grads would be able to start building wealth through homeownership, laying down roots and contributing to their communities years earlier in their lives. An influx of young, educated homeowners could have positive impacts on neighborhoods and society at large. " Under Warren's student debt forgiveness plan, the median 24 to 44-year-old homebuyer in Detroit, where the typical home costs $130,000, could save for a down payment in just 4.2 years—the shortest time in the nation—down from 7.4 years currently. Metro areas with the highest ratios of student debt to income could see the biggest decrease in the time it takes to save for a down payment, with metros in the South like Memphis (4.3 years quicker), Birmingham (4.0 years quicker), and New Orleans (3.9 years quicker) among those where student-debt laden homebuyers stand to benefit the most. To read the full report, complete with market-level data and methodology, 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.
MORE >
Pending Home Sales Trail Off 1.5% in April
MORE >
April showings sluggish as market sees ninth straight month of diminished YOY activity
Upper End Hit Hardest as Luxury Buyers Stay Home Key Points: April saw a 6.5 percent year-over-year decrease in showing activity across the U.S. despite a drop in mortgage rates; the West Region, down 11.1 percent, again recorded the largest year-over-year decline of all four regions For the seventh consecutive month, showing activity also fell in the South (-8.1 percent), the Midwest (-7.1 percent) and the Northeast (-3.8 percent) May 29, 2019 – Real estate agents throughout the U.S. may have to brace for a more sluggish market than anticipated based on last month's decline in home showing activity, the ninth consecutive month of a nationwide year-over-year decrease according to the ShowingTime Showing Index®. Buyer traffic was down 6.5 percent across the U.S. compared to the same time last year. The diminished showing activity was felt in every region throughout the country, most notably in the West, where for the 13th consecutive month showings declined on a year over year basis. "Showing activity stabilized and is holding steady, but it is still slightly off from the higher levels registered in 2018," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The slowdown in showing traffic continues to be concentrated in the upper price quartiles across the U.S., with less expensive homes registering the same or slightly higher levels of showing traffic than at the same time last year." 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/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. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
MORE >
Newly Listed Homes Get 3.4 Times More Online Views Than Those with a Price Drop
MORE >
OJO Labs: Five Months, Eight Major Awards
AI Tech firm, OJO Labs, among leading companies drawing world-class talent to Austin AUSTIN, Texas, May 28, 2019 – OJO Labs, a leading-edge technology company on a mission to empower consumer decision-making through its conversational AI assistant, OJO, won the highly coveted 2019 A-List Award among mid-sized companies from the Austin Chamber of Commerce in partnership with SXSW. This brings OJO Labs' major award count so far this year to eight, dominating national and local "Best Places to Work" lists, including Inc. Magazine's "Best Workplaces 2019," Fortune Magazine's 2019 list of "Best Places to Work," Austin Business Journal's "Best Places to Work in 2019," and Built in Austin's "Best Places to Work in 2019." The Austin-based company was also a winner of the "Artificial Intelligence Excellence Award" from Business Intelligence Group, named the "Best Digital Property Search Platform" by Corporate Vision Magazine, received HousingWire's biggest honor, its TECH100 list, and honored with the prestigious "2019 Red Herring Top 100 North America Award." Winning the Red Herring award, which is judged by industry experts, insiders and journalists on a wide variety of criteria including financial performance, innovation, business strategy, and market penetration, is a significant achievement with previous winning alumni including Alibaba, Google, Kakao, Skype, Spotify, Twitter and YouTube. "These awards are a reflection of the incredibly talented and passionate people we have working at our company," said John Berkowitz, CEO of OJO Labs, "our vision and dedication to developing technology, products and exceptional customer experiences is a part of the fabric of our culture. Inherent in these awards is the character of an intelligent team collaborating to solve some of the biggest challenges and executing on our goals. As we continue to hire across all departments and office locations, we are accelerating our scale to serve millions more consumers." Angela Dunham, COO of OJO Labs, notes that the "Best Places to Work" awards were based on independent surveys of its team members. "When you win an award recognizing the company, it's a special honor. But when you win an award that is rooted in how the people you hire feel about working at their company, it's priceless," she said. OJO, the machine-powered assistant, helps consumers with answers to any questions and access to all kinds of real estate information through vast databases of online and offline sources. Accessing listing details, home features, neighborhood selection, budget or financing guidance, and education surrounding one of their largest purchases, is in their hand all the time. Consumers have the control and ability to source information without pressure, or get connected to a professional when they are ready. OJO works in partnership with leading REALTORS® and matches them with highly qualified agents who can best serve their needs based on their customized profile. By providing both parties with a foundation of information through a warm hand-off, OJO helps to establish trust between the agent and the consumer from the start. Now in its ninth year, the 2019 A-List Award from the Austin Chamber of Commerce and SXSW honors breakthrough local, homegrown companies. Some 165 firms were nominated and considered for the award. A panel of independent judges evaluated businesses in three investment stage categories: start-up, mid-size and scaling. OJO Labs' A-List Award was for a Mid-Size firm receiving more than $10 million in funding. "Austin was recognized as the number one city to live by U.S. News this year, and it is a growing hub of incredible talent," noted Berkowitz, "Our founding headquarters was launched in Austin to bring together generations of talent, build an exceptional company and have an impact on the community of such a vibrant, expanding city." Recently, OJO Labs raised $45 million in Series C funding to accelerate its development and expansion. The company has increased its market-leading position as it continues to hire and build world-class data science, engineering, product and design teams. OJO Labs is rapidly expanding in each of its three offices — Austin, where OJO Labs' headquarters is based; Minneapolis-St. Paul, where last fall, OJO Labs combined with leading real estate data services provider, WolfNet; and St. Lucia, where the company operates its AI training and customer service teams. A list of current career opportunities with OJO Labs is available at https://corporate.ojo.me/careers. 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 as a Best Places to Work in Austin by the Austin Business Journal, an Austin A-List and 50 On Fire winner, recognized in Comparably's 2018 Best Company Culture Awards, named a Built In Austin 2019 Best Company to Work For, and a 2019 Artificial Intelligence Excellence Awards recipient. The OJO team has decades of combined success scaling businesses and deep experience in data science, engineering, product marketing and operations.
MORE >
U.S. Foreclosure Activity Decreases 13 Percent in April 2019
MORE >
Redfin Survey: Less than Half of Homebuyers Said Tax Reform Has Affected their Search
14% of Homebuyers Surveyed Lowered their Price Range as a Result of Tax Reform, While 13% Moved to a Nearby City with Lower Taxes SEATTLE, May 17, 2019 -- More than a year after the historic tax code overhaul, less than half of homebuyers (47%) say that tax reform has had an effect on their home search, according to a March survey commissioned by Redfin, the technology-powered real estate brokerage. That's down from 56 percent last year, when tax reform's effects were still mostly speculative and not yet realized in people's paychecks. The tax reform law lowered the caps on the tax deductions allowed for mortgage interest payments and state and local taxes. The Redfin-commissioned survey included more than 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. More than 1,800 homebuyers responded to the question: "How has the recent tax reform law affected your plans to buy a home?" Results from this survey were compared to over 1,300 responses to the same question in a similar survey commissioned in March 2018. The most common tax-reform effect reported by homebuyers this year was that they lowered their price range because of decreased benefits on high-priced homes (14%, down from 16% last year). Another way tax reform has been affecting the housing market is in the form of migration to places with lower taxes, a trend we've noted in reports on Redfin.com user search patterns. This March, 13 percent of buyers said they shifted their search to nearby cities with lower taxes, and 9 percent said they shifted their search to states with lower taxes, down from 16 percent and 12 percent, respectively, last year. This year, 8 percent of respondents said they are searching for higher-priced homes because the new tax law gives them additional income, down from 17 percent last year. Eleven percent of buyers this March said they decided to buy a home because the new tax law gives them additional income, down from 19 percent in the March 2018 survey. "Last year more homebuyers were worried that tax reform would hurt their homebuying budgets, but it turns out tax reform wasn't all bad or all good for homebuyers," said Redfin chief economist Daryl Fairweather. "Some homebuyers, especially in low-tax states, are now paying less in taxes overall, which has left them with more cash for a more expensive home. For others, not being able to deduct as much of their property taxes or mortgage interest from their taxable income was the other shoe that needed to drop to make them pick up and move to a more affordable area. In the long run, we will see demand for luxury homes in high-tax states suffer the most because those homes have been hit the hardest by this tax reform, and there's actually early evidence of that already happening." How Were Households with Different Incomes Affected by Tax Reform? High-income homebuyers were the most likely to report in this year's survey that tax reform has had some sort of effect on their home search. Of those homebuyers earning $150,000 or more, 61 percent said that the new tax law had an effect on their home search, which was true for less than half of households earning under $150,000. The largest reported effect on high-income homebuyers was that 18 percent said they have now decided to buy a home thanks to their extra take-home income, but 16 percent said they are now lowering their price range due to decreased tax benefits on high-priced homes. Which States Were Most and Least Affected by Tax Reform? New York had the largest share of homebuyers who said that tax reform had affected their home search—61 percent. Homebuyers in New York were most likely to have lowered their price range (17%) or shifted their home search to cities with lower taxes (17%). California had the next-highest share of homebuyers impacted by tax reform at 55 percent. The largest effect there was homebuyers shifting their search to cities with lower taxes (18%). Thirteen percent of both New York- and California-based respondents said they were moving to a state with lower taxes. On the other end of the spectrum, Kansas and Indiana had the smallest share of homebuyers whose search was affected by tax reform, each at 24 percent. Washington, D.C., was just behind with 25 percent of homebuyers saying tax reform had some effect on their search. To read the full report, complete with market-level survey data and detailed 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
After Amazon HQ2: New York and D.C. Offer a Tale of Two Housing Markets
MORE >
NAR Signs 100th Bilateral Partner; Increases Global Network
WASHINGTON (May 23, 2019) – The National Association of Realtors is pleased to announce a new bilateral agreement with the Syndicat National des Professionnels Immobiliers (SNPI) (Real Estate Professionals Trade Union), a French institution with over 8,000 members, expanding its network of business partnerships around the world This signing is particularly important, marking a milestone for NAR Global and its partners as the 100th bilateral partnership in 85 countries. Bilateral agreements provide for the reciprocal exchange of education and training and a commitment to high standards of ethics and best practices. "It is important for NAR to expand outreach across the world and continue to render the global real estate markets accessible, profitable and ethical for Realtors® everywhere. The announcement of the 100 th bilateral partnership symbolizes the success of NAR's global programs and showcases how these alliances help Realtors® establish worldwide business partnerships and referral opportunities," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. NAR has maintained formal bilateral partnerships since the 1930s, with Canada, Mexico, Cuba and the Philippines as its original partners. Between 1970 and 2015, NAR established 78 new partnerships throughout Europe, Latin America, Asia, the Middle East and Africa, creating the largest professional real estate network on earth. An additional 22 partnerships have been signed since 2015, thus maintaining the largest network for global bilateral partners and international Realtor® members. Foreign investment in the U.S. continues to remain high, with $250B in assets accounting for close to 10% of the total U.S. market, helping NAR's members become more successful in the lucrative global real estate markets. Providing educational opportunities and best practices to NAR's bilateral partners through individual membership opportunities raises the level of professionalism in the real estate field throughout the world. Helping implement leading practices and strategies into global markets, including basic advocacy, licensing standardization, MLS and property platforms, among other initiatives, enables real estate markets around the world become stronger and create more transparency for consumers. 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.
MORE >
Existing-Home Sales Inch Back 0.4% in April
MORE >
PlanOmatic Expands Tech Capabilities and 3D Services with Walkthrough Acquisition
PlanOmatic, a national real estate photography and floor plan provider, has acquired Walkthrough, a Colorado-based real estate marketing service provider, the company has announced. The acquisition couples best-in-class service from both companies, including PlanOmatic's national presence and Walkthrough's low-effort process, which handles orders from live scheduling to media delivery, entirely online. DENVER (MAY 19, 2019) -- Headquartered in Denver, Colo., PlanOmatic provides the real estate industry with marketing services, including photography, interactive floor plans, virtual staging, aerial photography and digital marketing in 35 states across the US. Prior to the acquisition the company did not offer services in Colorado. The combined talent-base will position PlanOmatic as a leading photography, floor plan and 3D tour provider. The transaction promotes PlanOmatic's strategy to invest in technology-driven acquisition opportunities that build on the company's high standards for both visual marketing products and their supporting tech platforms. "The technology Walkthrough has built, combined with PlanOmatic's amazing operations team, will provide one of the best services and experiences in the industry," said Pascal Wagner, Founder and CEO of Walkthrough, "not only in Colorado but across the US. I'm excited for what's to come next." PlanOmatic will acquire Walkthrough's operations, including its products, services and technology. The newly founded subsidiary will continue to function independently under PlanOmatic as their original brand. Walkthrough clients will still enjoy the same existing prices, services and photographers under the new ownership. Kellie Smith, Head of Operations, will remain a member of the Walkthrough team and will continue supporting client and photographer needs. "We've always admired the efficient processes Walkthrough has built, and the quality and support standards they have set." Kori Covrigaru, PlanOmatic CEO stated, "The acquisition puts the most talented photographers in the state and incredibly powerful technology under the same roof, which will ultimately benefit our clients across the country." PlanOmatic was advised on the deal by King & Spalding LLP. Learn more about PlanOmatic at planomatic.com Learn more about Walkthrough at getawalkthrough.com About PlanOmatic PlanOmatic provides the real estate industry with marketing services, including photography, interactive floor plans, virtual staging, aerial photography, and digital marketing. With a network of over 200 photographers in 35 states and an automated ordering process, PlanOmatic is positioned to be every broker's marketing solution for every listing. Founded in 2005 and headquartered in Denver, PlanOmatic serviced more than 73,000 properties nationwide in the past year alone. The company has been named the last four consecutive years as one of Inc. 5000s "America's fastest growing companies." For additional information about PlanOmatic call 720.414.2778 or email [email protected]
MORE >
Leadership Change Signals Further Growth and Innovation for Planitar Inc., the Makers of iGUIDE
MORE >
Redfin: Vacant Homes Fetch Less Money and Take Longer to Sell
SEATTLE, May 20, 2019 -- Nationwide, vacant homes sell for $11,306 less and spend six more days on the market than comparable occupied homes, according to an analysis from Redfin, the technology-powered real estate brokerage. The analysis looked at homes that were listed and sold in 2018, comparing the sale prices and time spent on the market for home listings that were marked 'vacant' at the time they were sold with those that were not flagged as vacant. "Although vacant homes are easy for buyers to tour at their convenience, the fact that the sellers have already moved on is often a signal that buyers can take their time making an offer," said Redfin chief economist Daryl Fairweather. "It's also likely that sellers who are in a comfortable enough financial situation to own a property that's sitting empty aren't as motivated to get the highest possible price for their home as sellers who need the cash from their first home in order to buy the next one." Though vacant homes sell for less money in every metro area included in the analysis, the amount varies by location. Vacant homes come with the biggest discount compared with occupied homes in relatively affordable inland areas. Vacant homes still sell for less than occupied homes in expensive West Coast metros, but the price differential is smaller. In both Omaha, Nebraska and Greenville, South Carolina, where vacant homes are associated with the biggest discount, vacant homes sell for 7.2 percent, or about $15,000, less on average than occupied homes. In San Jose, buyers get the smallest discount on vacant homes, which sell for just 0.9 percent less than homes that aren't vacant, followed by Las Vegas (-1.5%) and Orange County (-2.3%). Vacant homes take longer to go under contract in every metro except San Jose, where they spend an average of one and a half fewer days on the market than occupied homes. "Whether occupied homes sell faster and for more money depends on a lot of factors, as everyone's tastes and preferences are different," said Billie Jean Hemerson, a Redfin agent in Orange County. "If a home is occupied and the furniture is modern, up to date and fits the space, it has a positive impact on a potential buyer's perception of the home and they may pay more than if the home were vacant. But if a seller's furnishings are dated, dark or too large for the space, buyers may offer less." Staging Vacant Homes Redfin agents suggest that although vacant homes tend to sell for less money and spend more time on the market before going under contract, staging or virtual staging can help vacant homes make a better impression with buyers. Staging involves hiring a company to bring and arrange furniture in your home to showcase its potential to buyers. Staging can be particularly impactful for homes with open spaces or unusual layouts, where buyers most often need help to see how the furniture could be arranged. Professional staging can cost several thousand dollars, depending on the number of rooms staged and the length of time. "Staging a property can have a profound effect on both the sale price and days on the market, but the main challenge of physical staging is that it's cumbersome, costly and offers no flexibility to showcase various aesthetic stylings," said Pieter Aarts, CEO and co-founder of roOomy, a leading virtual staging, CGI and 3D modeling platform. Aarts added: "Virtual staging is a cost-efficient option that gives homebuyers an ultra-realistic view of what the vacant home will look like at its full potential. It caters to today's homebuyers who are increasingly demanding immersive services and mobile augmented and virtual reality tools that allow them to evaluate a property, often times without needing to physically set foot in the home." To read the full report, complete with market-level analysis, methodology and virtual staging photos, 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.
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
MORE >
Adwerx Receives Inc. Magazine's Best Workplaces 2019 Award
Adwerx once again nationally recognized for company culture, employee development and engagement DURHAM, N.C., May 16, 2019 -- Adwerx has been named one of Inc. magazine's "Best Workplaces" for the second year in a row. This is the fourth annual ranking in the fast-growing private company sector. The list is a measurement of private American companies that have created exceptional workplaces through vibrant cultures, deep employee engagement, and stellar benefits. Collecting data on nearly 2,000 submissions, Inc. singled out 346 finalists. Each nominated company took part in an employee survey, conducted by Omaha's Quantum Workplace, on topics including trust, management effectiveness, perks, and confidence in the future. Inc. gathered, analyzed, and audited the data. Employers were then ranked using a composite score of survey results. The strongest scores came from companies that prioritize the most human elements of work. According to the Adwerx's survey results, 92% of Adwerx employees feel strongly engaged with their work. This is driven by feeling valued by senior leadership and the organization as a whole. The leading descriptors of the work environment were "collaborative" and "fun". "With today's tight labor market, building a great corporate culture is more important than ever," says Inc. magazine editor in chief James Ledbetter. "The companies on Inc.'s Best Workplaces list are setting an example that the whole country can learn from." Adwerx added 67 brokerages to its client roster in 2018 and recently launched a new advertising program with Berkshire Hathaway HomeServices. These initiatives along with other planned launches scheduled for later this year have led Adwerx to consistently hire more talented employees and expand its headquarters at the American Tobacco campus in Durham, North Carolina. "At Adwerx, we've seen rapid growth in recent years and that's due to our fantastic employees who are dedicated to supporting our clients. Our mission is to provide them with great training and opportunities, as well as giving them an exciting place to work," said Jed Carlson, CEO of Adwerx. "From catching a Durham Bulls baseball game to challenging each other in company-wide contests, we are a team that stays engaged and connected." About Adwerx Adwerx provides Brilliantly Simple Digital Advertising™ for real estate, mortgage, insurance, financial services, and other businesses. Ads powered by Adwerx have received billions of impressions on social media, mobile platforms, and the most widely read news sites. Adwerx has served over 150,000 customers across the U.S., Canada, and Australia and has been named to the Inc. 5000 list of America's Fastest Growing Private Companies for two years in a row. To see current openings at Adwerx please visit www.about.adwerx.com/careers. About Inc. Media Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today's innovative company builders. For more information, visit Inc.com. About Quantum Workplace Quantum Workplace is an HR technology company that serves organizations through employee engagement surveys, action-planning tools, exit surveys, peer-to-peer recognition, performance evaluations, goal tracking, and leadership assessment. For more information, visit QuantumWorkplace.com.
MORE >
Realtors Midyear Forecast: Home Sales Expected to be Stronger
MORE >
RatePlug Integrates with Optimal Blue's Scenario Pricing API to Improve Purchase Loan Transparency
Integration Modernizes MLS Property Specific Listings with Accurate, Compliant Pricing PLANO, Texas--Optimal Blue, the leading provider of secondary marketing automation and services in the mortgage industry, announced today the integration certification of RatePlug. Through direct integration with Optimal Blue's real-time product eligibility and pricing API, RatePlug's proprietary mortgage marketing platform now seamlessly delivers compliant scenario pricing and connects today's real estate agents, lenders, and homebuyers via participating Multiple Listing Services (MLS). Optimal Blue's advanced RESTful API endpoints enable RatePlug to provide property specific affordability calculations with over 70 MLS partnerships. This comprehensive pairing of technology brings mortgage transparency to the homebuying process and creates a unique, fully compliant flow of mortgage data between the MLS platforms that active agents, their lender partners, and homebuyers rely on daily to transact home purchases. "We are excited to afford our audience of +800,000 real estate agents the ability to share real-time mortgage payment options directly to homebuyers that are actively searching for a home," explained Brad Springer, President of RatePlug. "Any lender focused on purchase originations will recognize that this is an incredible opportunity to not only build deeper agent relationships, but to encourage more digital pre-approvals and write more loan applications." The RatePlug MLS footprint, coupled with Optimal Blue's industry-leading product eligibility and pricing, sets the gold standard for MLS listing promotions and broadens the scope of opportunity for those shopping for affordable mortgage payments. The integration also creates additional marketing opportunities for lenders, such as ‘total monthly cost to own' flyers and search results for special financing programs. "Our partnership with RatePlug is unique in that it ties an MLS property listing to a borrower's personalized profile," said Chazz Huston, Manager of Strategic Alliances at Optimal Blue. "This integration exhibits another great example of leveraging Optimal Blue's API technology to create a high-impact experience for lenders and their realtor partners alike, as well as today's homebuyer." About Optimal Blue Optimal Blue, a financial technology company, operates the nation's largest Digital Mortgage Marketplace, connecting a network of originators and investors and facilitating a broad set of secondary market interactions. The company's technology solutions include product eligibility and pricing, lock desk automation, risk management, loan trading, and data and analytics. More than $750 billion of transactions are processed each year across the Optimal Blue platform. For more information, visit www.optimalblue.com. About RatePlug RatePlug is the nation's leading mortgage technology that is integrated directly into Multiple Listing Service platforms. Providing over 800,000 Agents and their homebuyers with real time mortgage information, including a digital pre-approval process, specific to every property they view. Realtors benefit from this technology as it has been shown to accelerate the speed of the transaction by upwards of 15%. Lenders benefit by having their information compliantly shared by their Agent's with each and every homebuyer they work with, which increases capture rate and ultimately generates more purchase volumes. The RatePlug Program also includes an automated flyer system, and transactional alerts. To learn more about us, visit our site at www.rateplug.com.
MORE >
Metro Home Prices See 3.9% Increase in 2019's First Quarter
MORE >
NAR Partners with CREXi, Industry Leading Commercial Real Estate Listing Marketplace
WASHINGTON (May 13, 2019) -- In an effort to provide an enhanced commercial real estate information service for Realtors, members of the National Association of Realtors, NAR has partnered with Commercial Real Estate Exchange, Inc., the industry leading public marketing platform for commercial real estate listings. CREXi is a commercial real estate community, marketplace and technology company that simplifies transactions and accelerates business for brokers, buyers, agents and tenants. CREXi offers a suite of tools allowing brokers to more quickly and easily manage their for-sale and for-lease offerings while also connecting customer supply with the widest pool of buyer demand. "In the evolving world of real estate technology, it is crucial that NAR aligns with an innovative, public facing commercial listing portal that aggregates data from multiple sources, displays commercial properties and creates national exposure for our members' listings. CREXi is an industry-leading, Realtor®-friendly technology tool that will help advance our members-first mission for years to come," said NAR CEO Bob Goldberg. "CREXi is thrilled to be partnering with the National Association of Realtors® in bringing the commercial real estate industry's fastest growing listing platform to commercial Realtors® nationwide. Our exclusive discount for Realtor® members will ensure that those members using our platform will grow their business using the industry's most advanced and comprehensive marketplace and transaction management solution," said Eli Randel, Vice President of Operations and Strategy at CREXi. CREXi will integrate its data with Realtors Property Resource® (RPR®) so that Realtors® can gain a more comprehensive overall research experience. Together, CREXi and RPR enable NAR's commercial members to streamline, manage and grow their business. About CREXi Founded in 2015, CREXi is a venture-backed commercial real estate ("CRE") marketplace that simplifies transactions for brokers and buyers with a suite of easy-to-use tools which digitize the sourcing and managing of CRE sale and lease transactions. Bringing the traditional CRE sales process online, CREXi leverages the latest advances in technology to make transactions faster and more efficient while powering the leading brokers' workflow and business. CREXi is CRE Made Easy. The National Association of Realtors® is America's largest trade association, representing over 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Matterport Introduces Simplified Plans, Unlimited Archiving
MORE >
Redfin Report: Birmingham, Little Rock and Charleston are the Most Affordable Places to Have a Baby
Southern metros top Redfin's ranking of places where childcare, healthcare, and upgrading to a home with an additional bedroom cost the least in an infant's first yearA baby's first year costs the most in Washington, D.C., Boston and Worcester, due to higher childcare costs SEATTLE, May 9, 2019 -- Birmingham, Alabama is the most affordable place in the country to raise an infant, costing an average of $16,383 in the first year, according to a new analysis from Redfin, the tech-powered real estate brokerage. The analysis calculated the cost of moving up from a two-bedroom single-family home to a comparable three-bedroom single-family home, or from a one-bedroom to a comparable two-bedroom condo, in 79 U.S. metro areas. Redfin added the difference in annual mortgage payments to average yearly childcare costs for the state in which the metro is located, plus uniform healthcare and baby item expenses, to come up with the total cost. Southern metros dominated the ranking of the most affordable places for a baby's first year, with Little Rock, Arkansas ranking second at $16,585 and Charleston, South Carolina coming in third at $16,566. Washington, D.C., where parents spend an average of $35,017 during a baby's first year, is the most expensive metro in the country to raise an infant, followed by Boston($31,307) and Worcester, Massachusetts($30,610). Ben Price, a Redfin agent in Birmingham, moved to the area from Chicago partly because it's a more affordable place to raise children. "With three active kids in the Chicago suburbs, my wife and I found that we were always behind, both in time and finances. The cost of living with three children was too much to handle," Price said. "At first, my wife was reluctant to consider moving to a more affordable area—but then I showed her homes for sale in Birmingham on Redfin.com. When she saw how much more house we could afford there without sacrificing in terms of school ratings, she was in. Now we own a five-bedroom, five-bathroom home in Birmingham, more than we could afford in expensive parts of the country." In Birmingham, just $1,378, or 8.4 percent, of the total cost of a baby's first year represents the annual difference in mortgage payments between a typical two-bedroom home and a three-bedroom home, while $5,858 is the cost of childcare. And in D.C., the upgrade from two to three bedrooms accounts for just $2,204, or 9.3 percent, of the total, with childcare coming in at an average of $23,666 per year. Even in expensive metros like San Jose, the $3,745 cost of upgrading from a two- to three-bedroom home is significantly lower than the $16,542 annual cost of childcare. "The most costly part of adding to your family is the time put into taking care of a new baby, whether it's you or your childcare provider," said Redfin chief economist Daryl Fairweather. "If you decide to stay at home to take care of your baby, you may have to forego income and pause your career progression. If you hire a nanny, you will need to pay them a competitive wage. And if you happen to find an affordable daycare provider, you may have to sit on a waitlist until a spot opens up for your child. That extra room for a nursery is a relatively small monthly expense compared to childcare, no matter where you live." Because childcare makes up such a significant portion of the cost of a baby's first year, the places with the most expensive childcare are the ones where it costs the most to raise a baby. For instance, Washington, D.C., where a baby's first year is most expensive, is the most costly metro in the country for childcare, and Birmingham is the least expensive for both. However, that pattern doesn't hold true in every area. Childcare in Dayton, Ohio costs about $1,000 less per year on average than it does in Grand Rapids, Michigan. But upgrading from a two-bedroom to a three-bedroom home will cost about $1,200 more per year in Dayton, which makes it a more expensive place to have a baby. "In the D.C. area, finding a home for a family in the city is becoming increasingly unaffordable, particularly in the neighborhoods with highly rated schools," said local Redfin agent David Ehrenberg. "But one thing to keep in mind is that while paying for infant childcare is costly, the city of D.C. may be less expensive than its surrounding suburbs once the child is a bit older. D.C. public schools offer free pre-K for three and four-year-olds, while local Maryland and Virginia counties do not." To read the report, including the full ranking 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
CoreLogic Reports March Home Prices Increased by 3.7% Year Over Year
MORE >
Realtors Survey Shows Median Income Jumped 5%, More Women Joining Industry
WASHINGTON (May 9, 2019) – Realtor median net income increased 5% from 2017 to 2018, and 67% of all Realtors were female, an increase from 63% last year, according to key findings in the 2019 National Association of Realtors Member Profile. While overall membership grew from 1.23 million in 2016 to 1.36 in 2018, membership remained steady at 1.32 million as of April 2019, according to the report. The median tenure in real estate decreased from 10 to eight years and the median time spent at a real estate firm was recorded at four years, the same as 2018. "As the real estate industry continues to feel the impact of limited inventory, the typical number of transactions Realtors® make in a year remained at 11 in 2018, the same as in the previous report. In addition, because of rising home prices across the country, the median brokerage sales volume increased to $1.9 million in 2018 from $1.8 million in 2017," Lawrence Yun, NAR chief economist, stated. The survey's results are representative of the nation's 1.3 million Realtors®; members of NAR account for about half of all active real estate licensees in the U.S. Realtors® go beyond state licensing requirements by subscribing to NAR's Code of Ethics and standards of practice while committing to continuing education. Demographic Characteristics of Realtors® The report identified the typical Realtor® as a 54-year-old white female who attended college and was a homeowner. Sixteen percent of Realtors® had a previous career in management, business, or finance, and 15% worked in sales or retail. Realtors® continue to see an overall growth in diversity of membership while a growing number of women are entering the profession. Since 2001, there has been a 20% increase in females and a 120% increase in minorities. Only 4% of Realtors® reported real estate was their first career. Seventy-two percent of Realtors® said that real estate was their only occupation, and that number increased to 82% among members with 16 or more years of experience. Business Activity of Realtors® "Limited inventory continues to cause headaches in markets across the country and is preventing potential homebuyers from finding a home. For the sixth year in a row, Realtors® cited the difficulty in finding the right property surpassed the difficulty of obtaining a mortgage. "However, rental business has been strong with more members involved in property management," said Yun. The typical property manager supervised 47 properties in 2018, up from 35 properties in 2017. The typical Realtor® earned 13% of their business from repeat clients and customers and 17% through referrals from past clients and customers. Business Characteristics of Realtors® Sixty-eight percent of Realtors® were licensed sales agents, 20% held broker licenses and 14% held broker associate licenses. Fourteen percent of members had at least one personal assistant. Fifty-one percent of Realtors® reported having a website for at least five years, 9% reported having a real estate blog, 73% of members were on Facebook and 58% are active on LinkedIn for professional use. The most common information found on Realtor® websites was the member's own listings and home buying and selling information. Income of Realtors® The median gross income of Realtors® was $41,800 in 2018, an increase from $39,800 in 2017. Realtors® with 16 years or more experience had a median gross income of $71,000-down from $78,800 in 2017. In comparison, Realtors® with two years or less experience had a median gross income of $9,300, a slight increase from $8,330. Median business expenses were reported at $4,600 in 2018, similar to the $4,580 recorded last year. In 2018, 36% of Realtors® were compensated under a fixed commission split (under 100%), followed by 23% with a graduated commission split (increases with productivity). Office and Firm Affiliation of Realtors® The survey looked at office and firm affiliation for members and found that over half of Realtors® were affiliated with an independent company. Nearly nine in ten 10 members were independent contractors at their firms. The median tenure for Realtors® with their current firm was four years again in 2019. Nine percent of Realtors® worked for a firm that was bought or merged in the past two years. 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. Survey Methodology In March 2019, NAR e-mailed a 92-question survey to a random sample of 174,242 Realtors®. Using this method, a total of 12,700 responses were received. The survey had an adjusted response rate of 7.2%. The confidence interval at a 95% level of confidence is +/- 0.87% based on a population of 1.3 million members. Information about compensation, earnings, sales volume and number of transactions is characteristic of calendar year 2018, while all other data are representative of member characteristics in early 2019.
MORE >
Text Marketing Arrives at IXACT Contact
MORE >
Pending Home Sales Climb 3.8% in March
WASHINGTON (April 30, 2019) – Pending home sales rose in March, reversing course from a month prior, according to the National Association of Realtors®. Three of the four major regions saw growth last month, as the Northeast reported a minor slip in contract activity. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.8% to 105.8 in March, up from 101.9 in February. Year-over-year contract signings declined 1.2%, making this the 15th straight month of annual decreases. Lawrence Yun, NAR chief economist, noted that pending home sales data has been exceptionally fluid over the past several months but predicted that numbers will begin to climb more consistently. "We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable." Yun noted that sales activity in the West had increased at a relatively stable rate for five consecutive months before the region saw a significant spike in activity in March. "Despite some affordability issues in the West, the numbers indicate that there is a reason for optimism. Inventory has increased, too. These are great conditions for the region." Pointing to active listings from data at realtor.com®, Yun says the year-over-year increases indicate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in March compared to a year ago. Although pending contracts appear to be on an overall upswing, Yun says current sales activity is underperforming. "In the year 2000, we had 5 million home sales. Today, we are close to that same number, but there are 50 million more people in the country," he said. "There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years." March Pending Home Sales Regional Breakdown The PHSI in the Northeast declined 1.7% to 90.5 in March and is now 0.4% below a year ago. In the Midwest, the index grew 2.3% to 95.3 in March, 5.0% lower than March 2018. Pending home sales in the South jumped up 4.4% to an index of 127.2 in March, which is 0.7% higher than last March. The index in the West ascended 8.7% in March to 95.1 and fell only 1.6% below 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.
MORE >
Homesnap Now Available to Over 1 Million Agents
MORE >
Redfin Migration Report: Phoenix is Top Destination for People Looking to Leave Expensive, High-Tax Metros
More than one third of people searching Redfin.com for Phoenix homes last quarter were from out of town SEATTLE, May 6, 2019 -- Twenty-five percent of Redfin.com home searchers looked to move to another metro area in the first quarter of 2019, up from 23 percent last year, according to a new report from Redfin, the tech-powered real estate brokerage. The national share of home-searchers looking to relocate currently sits at its highest level on record, tied with the fourth quarter of 2018. 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 January through March. "People are feeling more confident about the economy and now feel financially secure enough to make a cross-country move to a metro where their money will go further," said Redfin chief economist Daryl Fairweather. "Homeownership may be out of reach for current residents of San Francisco or New York, but there are plenty of affordable homes and lower taxes in places like Phoenix, Atlanta and Austin. As more workers move to these places, there is a chicken and egg phenomenon where more companies open offices, which attracts even more workers." Moving In: Metros with the Highest Net Inflow of Redfin Users Phoenix re-took the top spot on the list of metro areas, outranking Sacramento with the highest net inflow of Redfin users in the first quarter. 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. The net inflow for Phoenix hit 7,949, the highest level on record not only for Phoenix, but for any metro area to date since Redfin began reporting net migration data in early 2017. The share of homebuyers searching in the Phoenix metro area from other metro areas also hit a new high of 34.5 percent in the first quarter, surpassing the previous peak of 34.0 percent in the second quarter of 2018. "It is pretty rare for me to meet a home-buying client who was born or raised in Phoenix or even elsewhere in Arizona," said Phoenix area Redfin agent Heather Corley. "So many people are coming here from expensive cities like Los Angeles, San Francisco and Seattle for our low cost of living and great weather. The trend is really increasing lately thanks to strong job growth and companies such as Allstate, Intel, Boeing, Microsoft and Facebook moving to the area." The uptick in migration is beginning to drive more competition for homes in the Phoenix area. "The rise in out-of-state buyers is definitely driving prices up," explained Corley. "We're seeing a lot more homes for sale that receive multiple offers, and many times we're competing with all-cash buyers." "Many of the buyers I work with are moving away from expensive places in California to escape high taxes, traffic, and natural disasters," said Phoenix area Redfin agent Van Welborn. Vincent Shook, another Phoenix Redfin agent added: "When a California resident visits Phoenix and sees how much more home they can afford here, it really gives them something to think about. Plus, Phoenix property taxes are just so much lower." Moving Out – Metros with the Highest Net Outflow of Redfin Users Perennial sources of out-migration New York, San Francisco, Los Angeles and Washington, D.C., topped the list of metros people looked to leave, posting the highest net outflows in the first quarter. In each of the six metros with the largest outflows—New York, San Francisco, Los Angeles, Washington, D.C., Chicago and Denver—the total net outflow of users was up from the same period a year earlier. To read the full migration report, including methodology and an interactive map of migration destinations and origins, visit: https://www.redfin.com/blog/q1-2019-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.
MORE >
U.S. Home Prices Continue Upward Trajectory
MORE >
Best Days of the Year to Sell a Home
Home sellers realize the greatest seller premium in the Summer months; Analysis also looks at best months and days to sell a home IRVINE, Calif. — May 2, 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 an analysis of the best days of the year to sell a home, which shows that nine days of the year offer seller premiums of 10 percent or more – eight of which occur in the Summer months, while one occurs the day after Valentine's day. According to the analysis, sellers who want to wait for the weather to heat up, will receive the hottest seller premiums as well. This analysis of more than 28 million single family home and condo sales over the past eight years is evidence that Summer is when people are looking to buy, therefore if you're looking to sell your home soon, now is the time to start. "Since Summer is a time for vacations and outings, it's no surprise that it's also a time when people are most likely to move," said Todd Teta, chief product officer with ATTOM Data Solutions. "Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations." Best Months to Sell The analysis also took a more high-level look and showcased how seller premiums faired throughout the year and broke it out by month. The months realizing the greatest seller premiums were as follows: June (9.2 percent); May (7.4 percent); July (7.3 percent); April (6.4 percent); March (6.1 percent); August (5.8 percent); February (5.6 percent); September (4.7 percent); November (4.0 percent); January (3.7 percent); October (3.3 percent); and December (3.3 percent). Methodology For this analysis ATTOM Data Solutions looked at any calendar days in the last eight years (2011 to 2018) with at least 10,000 single family home and condo sales. There were 362 days that matched this criteria, with the four exceptions being Jan. 1, July 4, Nov. 11 and Dec. 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale. 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, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
W+R Studios Announces New Cloud Streams Complete with Redesigned User Interface, New Activity Stream, and Improved User Experience
MORE >
Realtor.com Publishes "The Essential First-Time Home Buyer's Book" to Simplify the Home-Buying Journey
The step-by-step insider's guide from the editors of realtor.com, gives home seekers confidence to navigate today's marketplace SANTA CLARA, Calif., May 1, 2019 -- Realtor.com the Home of Home Search, today announced the release of its first book, "The Essential First-Time Home Buyer's Book," an extensive guide that gives home shoppers the tips and advice they need throughout every stage of the home-buying process. Written by the seasoned editorial team at realtor.com, "The Essential First-Time Home Buyer's Book" covers everything from the questions to ask to determine whether you are ready to buy a home to how to save for a down payment, the varying architectural styles and the six worst homes for first-time buyers. The book also walks home shoppers through the process of what to expect when they've made a decision to take the home ownership plunge, dispels common myths, and offers a glossary of common terms. "Buying a home is not an impulse purchase, and in fact, is a life-changing decision," said Judy Dutton, realtor.com® editor. "In this book, we don't overwhelm readers with obscure terms or a slew of statistics. Instead, we offer actionable advice and realistic solutions that break down the complex process of first-time home buying to help the homebuyer feel confident, ask the right questions and ultimately choose the right home for them." Geared toward serious home buyers, realtor.com® provides an approachable and eye-catching experience by including pop-up boxes with fun facts, charts, checklists, quizzes and more to provide an education yet entertaining reading experience. In addition, readers will get advice on: 5 things you should never say when buying a home 5 necessary questions to ask a real estate agent What to do if your appraisal came in low Rundown of a home inspection checklist 5 things never to say at the closing table The book draws from articles written by the company's editorial team, sourcing information from a network of experts, which publishes more than a dozen real estate-related articles every day. It is available for pre-sale on Amazon and eBook (Kindle $9.99) on May 1, 2019 and will be released in paperback on June 1, 2019 for $14.99. Here's what the experts are saying about realtor.com®'s "The Essential First-Time Home Buyer's Book": "If you only read one book about buying your first home, realtor.com's 'Essential First-Time Home Buyer's Book' is definitely worth your time. Informative and thorough, the book not only demystifies the entire buying process but helps you avoid the costly mistakes many buyers make simply because they neglect to ask the right questions. After reading this, my only regret is that I didn't write it myself. It's that good." — Dolly Lenz, New York City-based real estate broker at Dolly Lenz Real Estate LLC "Insightful, easy to understand, and filled with practical knowledge, 'The Essential First-Time Home Buyer's Book' should be in the hands of anyone even considering buying a home. It's a straight-talking guide through the entire real estate process, from dreaming about owning a home, to moving your furniture into it. I've been buying and selling properties for nearly 25 years, and found the savvy tips on avoiding pitfalls and navigating through negotiations to be invaluable. It's a comprehensive guide that makes the daunting experience of purchasing real estate completely manageable and attainable; how I wish I had this book when I was buying my first house!" — Jennifer Farrell, television host and real estate expert "This book is a must-read for any home buyer. 'The Essential First-Time Home Buyer's Book' walks readers through the whole home-buying process, explaining the things that pop up along the way. Things like 'contingencies' and 'title insurance', or even what to expect in 'escrow.' They don't teach this stuff in school! That is one of the main points I drive home in my real estate books and when I do a TV appearances. The most important thing a home buyer can do is learn about the process before they start. With this book, an educated home buyer can house hunt with confidence, and will save themselves thousands of dollars in the process." — Michael Corbett, real estate expert, host/producer "Extra!" and "Extra!'s Mansions and Millionaires," author of "Find It, Fix It, Flip It" About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
Second Century Ventures Announces 2019 Accelerator Class
MORE >
Showcase IDX Deepens Integration with LionDesk to Help Real Estate Agents Grow Their Businesses
Showcase IDX just announced a new, deeper integration with LionDesk that will help real estate agents grow their businesses and close more transactions this year. LionDesk has been one of our premium integration partners for years. Agents using our IDX solution and consumer engagement tools have been able to see their leads generated through Showcase IDX appear in their LionDesk accounts. We're excited to announce that we have updated Showcase IDX to Liondesk's new v2 API and in doing so have added more functionality and useful information for agents. These enhancements include upgrades to digital privacy and security, new lead activity events, and significantly more useful listing information. "Providing an exceptional experience for customers from website to sale is crucial for an agents' success," said David Anderson, Founder and CEO of LionDesk. "Giving LionDesk users the ability to integrate with Showcase IDX is another step towards supporting their success at every level." "Today, we're excited to announce new features and a better experience for agents and brokers that are using both LionDesk and Showcase IDX to grow their businesses and relationships with clients", said Scott Lockhart, CEO @ Showcase IDX. New OAuth 2.0 Account Authentication that Makes Set-up Easy and Secure With its new API, LionDesk has implemented the new open standard for secure authentication and authorizing connections between applications. As opposed to other forms of authentication, OAuth 2.0 uses access tokens over secure HTTPS connections, instead of credentials like API Keys. You're probably familiar with the process, as it's what Facebook and Google use when you want to sign into a website or application with your Facebook or Google login. What this means for Showcase IDX and LionDesk users is a more robust, secure connection between our two applications. This is a good thing. When setting up the premium integration, all you'll do is click the connect button and a LionDesk window will appear where you can login (if you're not already logged in LionDesk) and then simply click the button to approve the connection to Showcase IDX. LionDesk Updates within a Second This isn't new, but since we've been testing the integration we've seen this first hand, we're just excited about how quick it works. All the activity on your website that's tied to a contact is updated within a second in LionDesk from the action being performed on your website. Lightning fast! New Lead Activity Events We have added more events and features to the integration to give you more insight within LionDesk to the contact's activity on your Showcase IDX-powered website. Property Viewed Your client views a property on your site. We are now adding additional listing information to each property viewed, including the main photo, bedrooms, bathrooms, days online, year built, listing agent name, company, phone number and email; and more. This will let you see more details on their home search and engagement on your site from within the LionDesk dashboard. Favorite Property Removed – NEW! Know when a contact removes a property from their list of favorites on your site. Saved Search Added As your client's home searches progress, their interests and requirements do as well. Now, you can know when they create a new search query by seeing the information added to the contact within LionDesk. Favorite Property Added Know when a new property catches your client's eye. We'll alert you when a property is added to contact's favorites Saved Search Removed – NEW! Know when a client removes a saved search query. User Login – NEW! Your clients should be using the IDX and home search tools on your site. Showcase IDX has always tracked when they visit your site from new listings or to refine a search. Now, you'll be able to see that a contact logged in to the IDX on your website from within LionDesk. Showing Request – NEW! In addition to your alerts from Showcase IDX about a request for a showing on a property, you'll now see this showing request within LionDesk too. More Listing Information in LionDesk Activity Stream Your LionDesk Activity Timeline has never had so much useful information on the home search and listing information for your clients! We've been able to add all the information you'd want about a listing as they view and save listings and made it easy for you to find it within LionDesk. Connect Showcase IDX to LionDesk in Less than 2 Minutes Here is how to connect your Showcase IDX account and LionDesk to take advantage of the new features. Important: This will require Showcase IDX customers with an existing LionDesk Premium Integration to add the new LionDesk v2 Premium Integration and remove the previous version. It is not an automated upgrade! It should take less than 2 minutes. Installation video below. Get Started with MLS Home Search on Your Site and LionDesk If you're already a Showcase IDX and LionDesk customer, __________________ To add Showcase IDX to your site, it's easy to get started. There is no setup fee and we offer a free trial to get started. Click here to claim your free trial. Additional Resources 17 Common Real Estate Website Mistakes (and How to Fix Them) 49 Uplifting Real Estate Quotes That Will Inspire You to Be Great To view the original post, visit the Showcase IDX blog.
MORE >
Affordability in the Top 10 Most Popular Markets for Millennials, According to NAR
MORE >
Realtor.com Launches "Public Reality Announcement" Ad Spots as Part of Its New "Homes for the Real of Us" Brand Campaign
New spots call out the difference between reality TV shows and the realities of home buying SANTA CLARA, Calif., April 22, 2019 -- Realtor.com®, The Home of Home Search, today introduced its new "Public Reality Announcement" spots that intercept people watching real estate, reality, and food TV shows to help them understand there's a big difference between the homes they're seeing on screen and the reality of home buying. The seven spots are part of realtor.com®'s new brand campaign, "Homes for the Real of Us," which is built around the simple idea that real people need real places to live, rather than the fantasy frequently implied in a majority of real estate advertising. When it comes to searching for a home, consumers want real; they don't want to see luxurious homes they can't afford, they want a realistic picture of a home search, according to research conducted by realtor.com®. The brand's new "Homes for the Real of Us" campaign, which launched earlier this month, focuses on the discrepancy between the advertising-fueled myths of home buying and the sometimes hard, always exhilarating, and eventually satisfying reality of finding the right home. By acknowledging the silliness of the stereotypes and embracing the "real" of the process, realtor.com® is able to inspire confidence in homebuying to provide what consumers really need. It marks the first work from the brand's new relationship with agency of record, Huge. "By poking fun at these misconceptions, our campaign reinforces that people want and need real information and expertise during their home search," said Andrew Strickman, head of brand and chief creative for realtor.com.® "Real is in our name. It's in our DNA. That information and expertise is exactly what realtor.com® offers." "Public Reality Announcement" is a collection of ad spots, within the broader "Homes of the Real of Us" campaign, that are tailored to viewers watching real estate, lifestyle reality, or food television. After satirizing the show's unreal content, each :15 and :30-second concludes with a reminder that when a viewer is ready for a real home search, realtor.com® can help. These ads will appear on channels such as HGTV, MTV and The Food Network, as well as a variety of digital placements across Instagram, Facebook and Twitter. Strickman added, "Although the drama-filled lavish lifestyles of reality TV and luxury amenities of real estate shows can be really entertaining, they also create unrealistic expectations about the buying process," said Andrew Strickman, head of brand and chief creative for realtor.com®. Jason Musante, Global Chief Creative Officer of Huge, said, "Real. It's in short supply these days but needed now more than ever — especially as it relates to the home buying experience. It took a brave client working collaboratively with the creative team to strike the perfect balance between funny and informative to bring that message to life." "Homes for the Real of UsSM" is the next chapter in the brand evolution of The Home of Home Search, which debuted during the NCAA Final Four, and across broadcast and cable networks earlier this month, and will appear in cinemas preceding "Avengers: Endgame" later in April. Over the next year, the campaign will appear across the primetime television, major cable networks, and digital media. To view the Public Reality Announcement ad spots, please see below: Unreal Real Estate :30 Unreal Reality :30 Unreal Process :30 About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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 Huge Huge is a global experience agency providing marketing services and digital transformation to the world's largest businesses and best-known brands. Headquartered in Brooklyn, NY, Huge has more than 1,500 employees working across 15 offices throughout North America, Europe, Asia, and Latin America. The agency is part of the Interpublic Group of Companies. For more information, visit hugeinc.com.
MORE >
REALTORS and Social Media: Latest RPR Survey Reveals Trends
MORE >
Leading Real Estate Photography Firms Form Association
Atlanta, GA – April 24, 2019 — Leading real estate photography companies have joined together to form the nation's first trade group for real estate photographers. The Association of Real Estate Photographers (AREP) has applied for status as a 501(c)(6) non-profit trade association with the Internal Revenue Service and has begun to accept new association membership for real estate photographers, real estate photography companies, and affiliates. "Real Estate photographers are important partners providing many marketing services that increases a property's total sale price and decreases the number of Days on Market," said Paul Rodman, Executive Director and founding Board member of AREP. "Their creative work is remarkably valuable and should be protected. Working together, we can continue to help home buyers get a complete view of properties and avoid driving all over town while sellers get better informed shoppers who are more likely to buy." Founding members of the Association of Real Estate Photographer include many of the leading real estate photography companies including VHT, Planomatic, FloorPlans Online, Vizzi Media, Collabora (TourFactory), Virtuance, IMOTO Photo, and HouseLens. The founding members represent a group of about 2,000 professional photographers who are either employees of the company or licensed sub-contractors. Joining the founding members are a group of supporting Charter Members which include Twist Tours, Future Home Photo, Virtual Access Tours, South Florida Virtual Tour, Motion City Media, Southeastern Shutter, Top Notch 360 Real Estate Photography, A Beautiful Dominion, East Coast Virtual Tours, Picture Perfect Properties, and Boise Real Estate Photography. Charter members represent another 500 professional photographers. One of the first initiatives of AREP is to develop a set of photography service agreements for use by members that clearly outline the license for the permitted use of photos and other media. "Companies like Twist Tours have invested in the development of agreements that protect our photographers, and our customers," says Allison Cartwright, Twist Tours CEO. "Twist Tour's goal in joining the Association is to collaborate with other firms in our industry to raise professionalism and operate cooperatively with others to develop mutually beneficial standards that support the role of photography in real estate marketing without jeopardizing the assets of the photographers." AREP other initiatives will include developing professional standards, recommending best practices, offering education to members and creating certification. AREP also is in the process of planning its first annual conference. The conference lineup will include orientation for new members, educational sessions on copyright protections, best practices for operating a photography services business, and provide a review of industry advocacy efforts. Executive Director Paul Rodman recently spoke at the Real Estate Standards Organization (RESO) fall conference to share thoughts image data standards being added to the RESO Data Dictionary with the multiple listing organizations on how they can collaborate to better manage the rights of digital asset owners. AREP intends to work with the legal workgroup of the Council of MLS and the National Association of REALTORS to develop a healthy ecosystem for digital rights management of property media. Membership in the Association of Real Estate Photographers is available at AREphotographers.org. Individual memberships start at $185 per year. Membership is scaled based on the number of photographers working for the company. About the Association of Real Estate Photographers (AREP) The Association of Real Estate Photographers is a non-profit trade association representing 2,500 professionals and growing rapidly. The mission of AREP is to protect and preserve media of all kinds while promoting the value of real estate media to the public and clients. AREP elevates media by creative professionals by emphasizing quality, developing professional standards, recommending best practices, offering ongoing education to members. Learn more or join AREP at AREphotographers.org.
MORE >
Updated Realtor.com Forecast Paints Rosier Picture for 2019 Homebuyers
MORE >
Homes with Close Proximity to Electric Vehicle Charging Stations List for 1.5 Times More
Realtor.com® analysis finds that you'll pay a premium to live in a metro that accommodates electric vehicles SANTA CLARA, Calif., April 22, 2019 -- A new analysis by realtor.com, the Home of Home Search, released today found that home prices in the nation's top 20 neighborhoods that are most accommodating to electric vehicles are listed 1.5 times higher than their surrounding metro area on average, and 2.6 times higher than the rest of the country. Nine of the top 20 ZIP codes are in California. In honor of Earth Day, realtor.comⓇ used data from OpenChargeMap to track 19,743 charging stations mapped across 6,980 ZIP codes, and then analyzed the housing markets of the top 20 areas with the most electric vehicle charging stations. According to the analysis, the combined median listing price for the top 20 ZIP codes is $782,000, 1.5 times higher than their surrounding metro area on average, and 2.6 times higher than the rest of the country. Half of homes in these ZIP codes sell in 75 days, 15 days slower than their surrounding metro area on average, and 10 days slower than the rest of the country, consistent with sales trends in pricer areas. "Our data shows there's definitely a link between the prevalence of electric vehicle charging stations and higher home prices," says Danielle Hale, chief economist, realtor.com®. "But there's a difference between correlation and causation. The trend we're seeing in the data is most likely a result of the fact that wealthier homeowners are more likely to purchase expensive electric vehicles. But regardless of the cause, if you're shopping for a home in a ZIP with an abundance of electric vehicle charging stations, you'll likely pay a premium." The top 20 markets represented in the data all fall within nine states, with a large majority of the ZIP codes in California. ZIP code 92618 in Irvine, Calif. has the most charging stations, while the top 20 ZIP codes have an average of 30.1 charging stations each. It stands to reason that California leads the nation in charging stations, given electric car sales make up 10 percent of all new cars sold in the state, outpacing all other states in the nation. Beyond Tesla's manufacturing presence in California, there are several contributing factors that have led to increased awareness of EVs in the state, including the state's Zero-Emission Vehicle Program, California's EV rebate, coastal political leanings (ie pro-cleantech, pro-innovation), higher than average wages. Research has shown a connection between the fact that California highways allow EVs to drive in HOV lanes and EV adoption, but this benefit to EV owners is not exclusive to California. Outside of California, the most EV-friendly housing markets can be found in Florida, Georgia, Hawaii, Nevada, New York, Ohio, South Carolina, and Texas. Although significantly more affordable than the majority of the EV-accommodating ZIPS, the analysis found that homes in close proximity to EV charging stations still sell at a premium, with non-California ZIPS seeing median listing prices that are still 1.5 times higher than their surrounding metro median, and 2.0 times higher than the U.S. median listing price, on average. Top 20 ZIP Codes For Electric Vehicles Rank based on Number of EV Charging Stations Per ZIP Code Methodology: Zip codes were ranked by number of EV charging stations located within the zip code. Housing trends such as median listing price come from the realtor.com® residential listings database for listings actively for sale during March 2019. Each zip code reported here represents the top ranked zip code in its respective metropolitan area. Reported averages for the top 20 were weighted by each market's number of active listings during March 2019. EV charging station data from OpenChargeMap was accessed on April 1, 2019 which at the time contained records for nearly 20,000 (19,743) charging stations mapped across the United States in 6,980 ZIP codes. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
Realtors Report Value in Promoting Green Features in Both Residential and Commercial Listings
MORE >
[Free eBook] The Homeowner's Guide to Staging
Staged listings typically sell faster and for a higher price than comparable, unstaged homes, so it makes sense to put some effort into making your listings look, smell, and feel their best. In this new eBook, we share tips and techniques from staging basics such as decluttering and cleaning, to seasonal touches that will make your listings standout any time of year. Complete the form here to download the free eBook. Then, just and add your contact information so you can share it with your leads and clients via email, social media, or just print it and share it. To view the original post, visit the Homes.com blog.
MORE >
IXACT Contact Introduces Text Marketing
MORE >
Open House Connector Helps You Avoid Missing Another Lead
Collect and Convert More Leads with Open House Connector Delta Media Group is proud to announce the launch of our latest new release to the DeltaNet platform: Open House Connector. Open House Connector is an app designed for IOS* (downloadable through the iTunes app store) designed to run on your iPad and presented at your open house. Open house guests can sign in and answer questions collecting valuable information and gathering contact information to follow up. It allows guests to quickly give you feedback and streamline the process of getting these leads into your CRM system. You'll love Open House Connector™ connector because: You'll impress buyers (and sellers) with customizable registration forms asking spot-on questions to close the sale. Visitor open house registration information is easily gathered and entered into your CRM system for automated follow-up. Open house reports are generated sending status reports to your clients. You differentiate yourself from your competitors by being the real estate pro with the "know-how" to get the job done. Check out our user's guide to find out more about Open House Connector™. The app runs on your mobile device, but our team will first need to set it up in the DeltaNet™. Give us a call at 866-233-9833 or email us. *Android users we haven't forgotten about you! An app designed specifically for Android users is coming soon. To view the original article, visit the Delta Media Group blog.
MORE >
West Coast Buyers are Now More Likely to Win the 1st Home They Bid On
MORE >
RPR Unveils New Learning Menu
RPR, an exclusive REALTOR® benefit and the nation's largest property database, just got stronger and easier to use. A new Learning Menu, which resides within the navigation, went live in early April. RPR users will now be able to access learning videos, articles, FAQs and more, while they're accessing deep real estate data, running property reports, and prepping to "wow" their clients. Although RPR is quite intuitive and user-friendly, the new Learning Menu will really come in handy when users need a little hint or nudge to help them complete a task on the website. This self-directed knowledge source is offered via a pull-down menu, described below. Click of the Cap Here's how the new RPR Learning Menu works: from the top of each home page, there is an icon that looks like a graduation cap. Clicking on the cap icon will unveil content that directly relates to where the user is navigating. Although there are many learning resources within every area of the site, not necessarily every page will have learning content. When learning content is available, the graduation cap will be white. If there is no learning content on a particular page, the graduation cap will be greyed out. Grabbing Your Attention The screenshot below shows the Learning Menu expanded on the Property Details page. From the example, you can see that the user has clicked the graduation cap icon to reveal the Learning Menu for this section. From here, watch a video tutorial on pricing a property, read relevant articles, and click directly to additional training and learning aids, such as how-to's and webinars. Additional content, along with varied learning levels (basic to advanced) will be added over time. As a reminder, you can also visit the Training section of our blog to view our on-demand video tutorials, e-books, and recorded webinars. Next time you're on the RPR website, be sure to check out the new Learning Menu and all the content that is available to you. It can save you time, elevate your knowledge of the platform, and make your RPR user experience even more productive. To view the original article, visit the RPR blog.
MORE >
Spring Home Buyers Eye Homes in Need of Renovation
MORE >
zipLogix Announces Addition of OfferPlace Solution to EliteAgent by zipLogix Premium Technology Suite
New Feature Allows Top Agents to Manage Multiple Offers Right within zipForm FRASER, Mich., April 15, 2019 -- zipLogix, the industry leader in transaction management software and creators of zipForm®, today announced the release of its exciting new offer management solution, available exclusively as part of EliteAgent by zipLogix, the premier technology suite for top real estate agents. OfferPlace™ provides a convenient and secure environment for agents to send and receive offers right within their zipForm® Plus transaction platform. As part of the EliteAgent by zipLogix™ technology suite, OfferPlace™ provides added value for current and future subscribers. Listing agents can compare multiple offers and keep track of transaction statuses in one central location, streamlining the workflow process. Selling agents can share offer links via social media, websites, and email to increase interest and drive offers. Additionally, agents can save time by auto-populating data from transactions into offers. All offer activities are automatically recorded within the transactions, supporting legal compliance. Combined, these benefits enable users to enjoy an uninterrupted workflow to keep their deals moving in real time. In addition to OfferPlace™, EliteAgent by zipLogix™ features technology that empowers agents to increase their speed to sale with zipForm Record-Connect™, instantly broadcast just-signed listings with ListFlash®, make signing convenient and reliable with zipLogix Digital Ink®, keep their clients' data secure with CyberSafe, stay connected anywhere business calls with zipForm® Mobile and adds a special zipForm® seat license for a transaction coordinator or assistant that will boost productivity. EliteAgent by zipLogix™ also includes superior services to help elite agents go the extra mile for their clients. EliteAgent Customer Care by zipLogix™ provides priority support with a dedicated VIP call line, and EliteAgent Onboarding by zipLogix™ gets top producers up to speed quickly with high-velocity training, helpful tools, tips and reminders. "We are really excited to add OfferPlace™ as a feature to the EliteAgent by zipLogix™ suite after months of market research," said zipLogix™ Chief Executive Officer Scott Strong. "This innovative technology will help top agents get offers accepted and closed faster, giving them a true competitive advantage." To discuss this empowering new product in more detail or to purchase EliteAgent by zipLogix™, please contact the zipLogix™ team at 866-429-2503. For more information visit ziplogix.com/eliteagent/. Fraser, Mich.-based zipLogix™, creators of zipForm®, is a technology company created by, owned by and working for REALTORS® to improve productivity and efficiency industry wide. Its transaction management software, which includes zipForm® Plus, zipTMS® and zipVault®, automates and simplifies the repetitive and complex steps of real estate transactions, and is available as a National Association of REALTORS® (NAR) Transaction Management Benefit to more than 1.3 million REALTORS® nationwide. Plus
MORE >
U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
MORE >
Detroit, Indianapolis and Buffalo Among the Least Disaster-Prone and Most Affordable Places to Live
Redfin Analysis Uses "Natural Disaster Hazard Score" to Rate the 50 Biggest U.S. Metro Areas by Frequency of Earthquakes, Fires, Floods, Tornadoes and Hurricanes SEATTLE, April 11, 2019 -- Providence, Rhode Island, Detroit, Michigan and Hartford, Connecticut are the least disaster-prone metro areas in the country, according to Redfin, the technology-powered real estate brokerage. In a new report, Redfin rated the 50 biggest metro areas according to their relative frequency of five major types of natural disasters—earthquakes, fires, floods, tornadoes, and hurricanes—using a new metric called the "Natural Disaster Hazard Score." Each of the five components is measured on a scale of one to 100, where 100 is the most hazardous metro area for the category and one is the least hazardous. The overall Natural Disaster Hazard Score is an average of the five components' frequencies. Metros with low Natural Disaster Hazard Score ratings tend to have relatively affordable housing markets. Nine of the 10 least hazardous metro areas have median home prices below the $287,400 national median. Salt Lake City is the exception, ranking as the eighth-least hazard-prone metro area with a Natural Disaster Hazard Score of 16 and a median home price of $320,000. Many of the most disaster-prone metros, including Washington, D.C. (52), Los Angeles (52) and New York (41), have home prices well above the national median. These three areas also tend to be near the top of Redfin's list of origins common among online home-searchers looking to relocate to more affordable, inland housing markets, like Las Vegas, which ranks fourth among the safest-rated metros. "When you buy a home you are paying for more than just the house," said Redfin chief economist Daryl Fairweather. "There could be hidden costs associated with natural disasters. If a natural disaster strikes, you may have to pay for damage to your home or for the cost of evacuating your family. And even during times of calm, you may still need to pay for insurance against floods, fire, or earthquakes. Some homes in more hazardous areas might seem more affordable if you are just looking at the sticker price, but they may end up costing more when risks related to natural disasters are factored in." In addition to high home prices in cities like Washington, D.C., Los Angeles and New York, the likelihood of natural disasters may be another factor driving homebuyers away from the coasts. When hurricanes, fires, earthquakes and floods are factored into the equation, the affordable inland metros are even more attractive destinations. Below is a ranking of the 50 largest metro areas from least-to-most hazard-prone, according to Redfin's Natural Disaster Hazard Score: To view the full report, complete with methodology and an interactive map, please visit: https://www.redfin.com/blog/natural-disaster-hazard-score-by-metro-area. 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.
MORE >
CVR MLS Launches New Technology to Help REALTORS Generate Leads Online
MORE >
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January 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, nationally, 4 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in January 2019, representing a 0.9 percentage point decline in the overall delinquency rate compared with January 2018, when it was 4.9 percent. This was the lowest for the month of January in at least 20 years. As of January 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from January 2018. The January 2019 foreclosure inventory rate tied the November and December 2018 rates as the lowest for any month during the 2000s. 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 percent in January 2019, down from 2 percent in January 2018. The share of mortgages 60 to 89 days past due in January 2019 was 0.7 percent, down from 0.8 percent in January 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4 percent in January 2019, down from 2.1 percent in January 2018. The serious delinquency rate of 1.4 percent this January was the lowest for that month since 2001 when it was also 1.4 percent and was the lowest for any month since September 2006 when it was also 1.4 percent. 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 percent in January 2019, unchanged from January 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Income growth, home appreciation and sound underwriting combined have pushed delinquency rates to their lowest level in 20 years," said Dr. Frank Nothaft, chief economist for CoreLogic. "The low delinquency rates on home mortgages are a contrast to the rising delinquency rates on consumer credit. While home mortgage delinquency rates are at, or are near, their lowest levels in two decades, delinquency rates for auto and student loans are higher now than they were during the early and mid-2000s." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 13 consecutive months. Fewer delinquencies attribute to the strength of loan vintages in the years since the residential lending market has recovered following the housing crisis. In January, 13 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in five Southeast metros affected by natural disasters in 2018. "As the economic expansion continues to create jobs and low mortgage rates support home buying this spring, delinquency rates are likely to trend lower during the coming year," said Frank Martell, president and CEO of CoreLogic. "The decline in delinquency rates has occurred in nearly all parts of the nation." The next CoreLogic Loan Performance Insights Report will be released on May 14, 2019, featuring data for February 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Redfin and Rover Name the 20 Most Dog-Friendly Cities of 2019
MORE >
U.S. Property Taxes Levied on Single Family Homes in 2018 Increased 4 Percent to More than $304 Billion
Average Property Tax Was $3,498, Up 3 Percent and Effective Tax Rate of 1.16 Percent; Highest Effective Tax Rates in New Jersey, Illinois, Texas, Vermont, Connecticut IRVINE, Calif. – April 4, 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 2018 property tax analysis for more than 87 million U.S. single family homes, which shows that property taxes levied on single family homes in 2018 totaled $304.6 billion, up 4 percent from $293.4 billion in 2017 and an average of $3,498 per home — an effective tax rate of 1.16 percent. The average property taxes of $3,498 for a single-family home in 2018 was up 3 percent from the average property tax of $3,399 in 2017, and the effective property tax rate of 1.16 percent in 2018 was down from the effective property tax rate of 1.17 percent in 2017. View 2018 Property Taxes by County Heat Map The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. "Property taxes levied on homeowners rose again in 2018 across most of the country," said Todd Teta, chief product officer for ATTOM Data Solutions. "While many states across the country have imposed caps on how much taxes can go up, which probably contributed to a slower increase in 2018 versus 2017. There are still many factors at play that can contribute to local property tax hikes, and without major changes in the way a community runs public services, tax rates must rise to pay for them." New Jersey, Illinois, Texas, Vermont, Connecticut post highest property tax rates States with the highest effective property tax rates were New Jersey (2.25 percent), Illinois (2.22 percent), Texas (2.18 percent), Vermont (2.16 percent), and Connecticut (2.02 percent). Other states in the top 10 for highest effective property tax rates were New Hampshire (1.99 percent), New York (1.86 percent), Pennsylvania (1.79 percent), Ohio (1.69 percent), and Wisconsin (1.58 percent). Among 219 metropolitan statistical areas analyzed in the report with a population of at least 200,000, those with the highest effective property tax rates were Binghamton, New York (3.19 percent); Syracuse, New York (2.89 percent); Rochester, New York (2.88 percent); Rockford, Illinois (2.83 percent); and Atlantic City, New Jersey (2.74 percent). Property taxes increase faster than national average in 58 percent of markets Out of the 219 metropolitan statistical areas analyzed in the report, 120 (55 percent) posted an increase in average property taxes above the national average of 3 percent, including Los Angeles (5 percent increase), Dallas-Fort Worth (8 percent increase), Washington D.C. (4 percent increase), Atlanta (7 percent increase), and San Francisco (7 percent increase). Other major markets posting an increase in average property taxes that was above the national average were Riverside-San Bernardino (up 5 percent), Seattle (up 14 percent), Minneapolis (up 6 percent), San Diego (up 5 percent), and Tampa (up 4 percent). Hawaii, Alabama, Colorado, Nevada, Utah post lowest property tax rates States with the lowest effective property tax rates were Hawaii (0.37 percent), Alabama (0.48 percent), Colorado (0.51 percent), Nevada (0.57 percent), and Utah (0.57 percent). Other states in the top 10 for lowest effective property tax rates were West Virginia (0.58 percent), Delaware (0.61 percent), Arizona (0.64 percent), Tennessee (0.65 percent), and Wyoming (0.66 percent). Among the 219 metro areas analyzed for the report, those with the lowest effective property tax rates were Laredo, Texas (0.35 percent); Honolulu (0.36 percent); Montgomery, Alabama (0.37 percent); Tuscaloosa, Alabama (0.39 percent); and Colorado Springs, Colorado (0.42 percent). 9 counties with average annual property taxes of more than $10,000 Among 1,408 U.S. counties with at least 10,000 single family homes, those with the highest average property taxes on single-family homes were largely located in the greater New York metro area, led by Westchester County, New York ($17,392); Rockland County, New York ($12,925); Marin County, California ($12,242); Essex County, New Jersey ($12,161); and Bergen County, New Jersey ($11,771). 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, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
U.S. Median Home List Price Hits $300,000 for the First Time Ever
MORE >
Pending Home Sales Dip 1.0 Percent in February
WASHINGTON (March 28, 2019) – Pending home sales endured a minor drop in February, according to the National Association of Realtors®. The four major regions were split last month, as the South and West saw a bump in contract activity and the Northeast and Midwest reported slight declines. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.0 percent to 101.9 in February, down from 102.9 in January. Year-over-year contract signings declined 4.9 percent, making this the fourteenth straight month of annual decreases. Lawrence Yun, NAR chief economist, said February's pending home sales decline is coming off a solid gain in the prior month. "In January, pending contracts were up close to 5 percent, so this month's 1 percent drop is not a significant concern," he said. "As a whole, these numbers indicate that a cyclical low in sales is in the past but activity is not matching the frenzied pace of last spring." Yun said despite the growth in the West, the region's current sales are well below the sales activity from 2018. "There is a lack of inventory in the West and prices have risen too fast. Job creation in the West is solid, but there is still a desperate need for more home construction." Yun pointed to year-over-year increases in active listings from data at realtor.com® to illustrate the potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in February compared to a year ago. Yun added that he does not anticipate any interest rate increases from the Federal Reserve in 2019. "If there is a change at all, I would say the Fed will lower interest rates in 2019 or 2020. That would stimulate the economy and the housing market," he said. "But the expectation is no change at all in the current monetary policy, which will help mortgage rates stay at attractive levels." February Pending Home Sales Regional Breakdown Yun expects existing-home sales this year to decrease 0.7 percent to 5.30 million, and the national median existing-home price to increase around 2.7 percent. Looking ahead to 2020, existing sales are forecast to increase 3 percent and home prices also around 3 percent. The PHSI in the Northeast declined 0.8 percent to 92.1 in February, and is now 2.6 percent below a year ago. In the Midwest, the index fell 7.2 percent to 93.2 in February, 6.1 percent lower than February 2018. Pending home sales in the South inched up 1.7 percent to an index of 121.8 in February, which is 2.9 percent lower than this time last year. The index in the West increased 0.5 percent in February to 87.5 and fell 9.6 percent below 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.
MORE >
CoreLogic Reports February Home Prices Increased by 4 Percent Year Over Year
MORE >
Average 2019 Homebuyer Spends 3 Fewer Days Searching, Tours 1 Less Home Than Last Year
In Philadelphia, buyers this winter found homes 4 weeks faster than 2018, 2 weeks faster in Washington, D.C.Buyers in Atlanta toured 7 fewer homes than a year ago; in Phoenix they saw 4 fewer homes SEATTLE, April 1, 2019 -- It took the typical homebuyer this winter 73 days to find and close on their new home after their first home tour, down from 76 days last year and from a peak of 84 days in winter 2016, according to a report by Redfin, the technology-powered real estate brokerage. Redfin's analysis took into account home touring and offer activity among thousands of people who bought homes with Redfin agents nationwide in the three-month period ending in February over each of the past five years. "This year, there are more homes for sale relative to the number of buyers, so a buyer is more likely to have their first offer accepted, while sellers are having to wait longer for their home to sell," said Redfin chief economist Daryl Fairweather. "It's like a 1950s-era school dance with more boys than girls -- the girls can quickly find a dancing partner, but more boys are waiting around with no one to dance with." Philadelphia (28 days faster), Houston (17 days) and Washington, D.C., (14 days) saw the biggest year-over-year drops in the number of days buyers spent on the market looking for a home. At the other end of the spectrum, Miami (17 days longer) and New York (13 days) saw the biggest jumps in days buyers spent looking for homes. Most of the metro areas where buyers spent more time on the market this year than last year were on the East Coast, while buyers in cooling West Coast markets were able to find homes more quickly. Buyers' Time on Market, Median for 3-Month Period Ending in February Buyers this year are also having to see fewer homes in person and write fewer offers before successfully landing a home. Nationally, buyers toured an average of about 10 homes this winter before closing on a home, and made an average of 1.6 offers, compared to touring about 11 homes and making 1.8 offers a year ago. "The housing market isn't as daunting for first-time homebuyers," added Fairweather. "If you put in a fair offer, there is a good chance that offer will be accepted. Also, because mortgage interest rates are lower than they've been in over a year, homebuying is more affordable, especially in expensive places like San Francisco and San Jose where home prices have fallen." Homebuyers in Atlanta saw the biggest decrease in the number of homes toured before closing on their home. Buyers there toured an average of 12.2 homes in winter before finding a home, down from 18.8 homes a year earlier. Buyers in Phoenix also saw a big reduction, touring an average of 12.4 homes this winter compared to 16.3 last winter. Tours and Offers, Average for 3-Month Period Ending in February To view the full report, complete with additional charts and insights please visit: https://www.redfin.com/blog/homebuyers-finding-homes-faster-2019/. About Redfin Redfin is the 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. The company has closed more than $60 billion in home sales.
MORE >
Gen Xers' Adult Children Influence Their Buying Decisions, Younger Millennials Become Buying Force According to Realtor Report
MORE >
Home Shoppers Remain Optimistic but Believe a Recession is on the Horizon
Survey finds home shoppers expect a recession in the next three years, but 41 percent remain optimistic that housing will fare better than 2008 SANTA CLARA, Calif., March 29, 2019 -- Nearly 70 percent of home shoppers this spring think the U.S. will enter a recession in the next three years, but that hasn't stopped them from trying to close on a home, according to new survey data released today from realtor.com®. Despite the fact that they foresee an economic downturn, they generally expressed confidence that a future recession will be better than 2008 for the housing market. Overall, nearly 30 percent of the 1,015 consumers who are active home shoppers* surveyed expect the next recession to begin sometime in 2020. Twelve percent expect the recession to begin sometime in 2019, 16 percent expect sometime in 2021, and 12 percent expect 2022. Nearly 10 percent expect a recession in 2024 or later, and 21 percent reported that they didn't know. The online survey was conducted earlier this month with Toluna Research. According to the survey, even though 63 percent of shoppers report that home prices are increasing compared to last year, 56 percent of shoppers believe home prices have hit their peak. The feeling that home prices have topped out could be a reflection of shopper beliefs that a recession is in the not too distant future. In fact, those expecting the recession sooner were more likely to report that home prices had peaked, Hale noted. "The U.S. economy has been on a hot streak for the last seven years, producing steady economic growth and low unemployment rates. Historically, this type of growth hasn't continued indefinitely, and U.S. home shoppers think it will come to an end sooner rather than later," said Danielle Hale, realtor.com® 's chief economist. When asked if the U.S. housing market would fare better or worse than the 2008 economic recession, 41 percent responded with better. Thirty six percent expect it would be worse, while 23 percent expect it to be the same. Hale noted, the fact that some home shoppers expect the next recession to be harder on the housing market than the last recession suggests that they are buying homes with eyes wide-open and very sober, if not slightly pessimistic, views of the housing market. This is a stark contrast to the years leading up to the last recession when 'irrational exuberance' was more common and yet another reason to expect that the next downturn will be very different for the housing market than the last. "When the U.S. enters its next recession, it is unlikely that the housing market will see a sharp nationwide downturn. The same record low inventory levels that have made buying a home so difficult recently, will likely protect home prices in the next recession," Hale added. According to the survey, 45 percent of home shoppers feel at least slightly more optimistic about homeownership after the 2008 recession. Less than a quarter - 22 percent - feel at least slightly more pessimistic about homeownership, while 33 percent reported no impact on their feelings about homeownership. The duration of the recovery from the last recession could explain the optimism reported by some buyers. Since 2010, home prices across the U.S. have grown by 49 percent, the U.S. economy has grown by $3 trillion and 18.7 million more jobs have been created. This persistent optimism toward homeownership is likely a key reason that home shoppers are confident and looking to buy, even as they expect a recession is approaching. *Active home shoppers are those consumers who responded that they plan to purchase their next home in 1 year or less. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the 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.
MORE >
Thursday is the Best Day to List Your Home, Says Redfin
MORE >
Realtors Offer Perspectives on Data Privacy to Senate Commerce Committee
WASHINGTON (March 26, 2019) – The National Association of Realtors' 2019 Vice Chair of Federal Technology Policy testified before the Senate on Tuesday as Congress continues its push to craft data privacy legislation. Nina Dosanjh offered NAR's perspective on how federal efforts to protect consumer information can be beneficial for America's small businesses, including real estate brokerages, and their customers. "As Realtors®, we have no higher priority than the relationships with our clients and the protection of their private information," Dosanjh said during her testimony to the Senate Commerce, Science and Transportation Committee. "Central to this relationship is an assurance of the protection of our clients' sensitive personal information. NAR's members are emphasizing this point as it becomes more relevant in today's world, while the Realtor® Code of Ethics explicitly acknowledges the obligation to preserve the confidentiality of our clients' data." Dosanjh is a Realtor® and the Director of Strategic Alliances and Technology with Vanguard Properties in San Francisco, California. Her role analyzing the firm's technological and operational systems affords a unique perspective into the potential impact of federal privacy legislation on small Realtor® entities across the country. "As technology drives evolution in the real estate industry, our approach to data privacy must evolve as well," Dosanjh told the committee. "Congress has a tremendous opportunity to strengthen protections for consumers, but any legislation that emerges from these efforts must also reflect small business realities. These are considered in NAR's six key principles for a nationwide, consumer-centered data privacy law." Specifically, Realtors® believe effective data privacy legislation must establish uniform standards for businesses and equal protection for consumers; include direct statutory obligations for all service providers handling consumer data; focus on transparency and customer choice; emphasize accountability for each business's respective actions; establish uniform nationwide standards and enforcement for data privacy; and, finally, include reasonable FTC enforcement authority. While the timing for palatable federal legislation is unclear, NAR has worked to provide members with extensive resources and training opportunities regarding data privacy and security, emphasizing best practices for protecting the sensitive information Realtors® encounter daily. "America's Realtors®, like many main street businesses, depend on reliable data to drive and sustain our day-to-day operations," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota. "Going forward, maintaining the trust of our clients by safeguarding personal information will be critical to the success of each of NAR's 1.3 million members. As Congress continues data privacy discussions, Realtors® are focused on ways to proactively and effectively secure our clients' data while they pursue the American Dream of homeownership." 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.
MORE >
Realtor.com Launches New 'Price Perfect' Tool to Help Buyers Find Specific Homes that Match Their Needs
MORE >
Median-Priced Homes Not Affordable for Average Wage Earners in 71 Percent of U.S. Housing Markets
Home Prices Less Affordable Than Historic Average in 49 Percent of Local Markets; 65 Percent of Markets Less Affordable Than a Year Ago IRVINE, Calif. – March 28, 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 Q1 2019 U.S. Home Affordability Report, which shows that median home prices in the first quarter of 2019 were not affordable for average wage earners in 335 of 473 U.S. counties analyzed in the report (71 percent). The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). The 335 counties where a median-priced home in the first quarter was not affordable for average wage earners included Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. The 138 counties (29 percent of the 473 counties analyzed in the report) where a median-priced home in the first quarter was still affordable for average wage earners included Cook County (Chicago), Illinois; Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio. View Q1 2019 U.S. Home Affordability Heat Map by County "We are seeing a housing market in flux across the United States, with a mix of tailwinds and headwinds that are pricing many people out of the housing market, but also are creating potentially better conditions for buyers," said Todd Teta, chief product officer with ATTOM Data Solutions. "Continually rising home prices in many areas do remain a financial stretch – or simply unaffordable – for a majority of households. However, quarterly wage gains have been outpacing prices increases for more than a year and mortgage rates are falling, which have helped make homes a bit more affordable now, than they've been in a year. Affordability may improve because of the simple fact that homes are out of reach for so many home seekers, suggesting that prices need to moderate up in order to attract buyers. Of course, a few quarters do not a long-term trend make. The economy could slow. The impact of last year's tax cuts could fade, and interest rates could go back up, but the signs point to the possibility of an impending buyers' market." 49 percent of markets less affordable than historic averages Among the 473 counties analyzed in the report, 232 (49 percent) were less affordable than their historic affordability averages in the first quarter of 2019, down from 76 percent of counties in the previous quarter but up from 42 percent of counties in the first quarter of 2018. Counties that were less affordable than their historic affordability averages included Los Angeles County, California; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. Most affordable counties in Atlantic City, Baltimore, Philadelphia, Cleveland Among the 473 counties analyzed in the report, 241 (51 percent) were more affordable than their historic affordability averages in the first quarter of 2019, including Cook County (Chicago), Illinois; Miami-Dade County, Florida; Santa Clara (San Jose), California; Middlesex (Boston), Massachusetts; and Suffolk County (New York), New York. Counties with the highest affordability index were Warren County (Allentown), New Jersey (151); Mercer County (Trenton), New Jersey (147); Cumberland (Vineland), New Jersey (144); Onslow (Jacksonville), North Carolina (142); and Litchfield (Torrington), Connecticut (139). 65 percent of markets post worsening affordability compared to year ago A total of 308 of the 473 counties analyzed in the report (65 percent) posted a year-over-year decrease in their affordability index, meaning that home prices were less affordable than a year ago, including Los Angeles County, California; Harris County, Texas; Maricopa County, Arizona; San Diego County, California; and Riverside County, California. A total of 165 of the 473 counties analyzed in the report (35 percent) posted a year-over-year increase in the affordability index, meaning that home prices were more affordable than a year ago, including Cook County (Chicago), Illinois; Orange County, California; Miami-Dade County, Florida; Kings County (Brooklyn), New York; and Dallas County (Dallas-Fort Worth), Texas. Highest share of income needed to buy in Brooklyn, Manhattan, San Francisco, Maui Nationwide an average wage earner would need to spend 32.7 percent of his or her income to buy a median-priced home in the first quarter of 2019, on par with the historic average of 32.7 percent of income. Counties where an average wage earner would need to spend the highest share of income to buy a median-priced home in Q1 2019 were Kings County (Brooklyn), New York (115.9 percent); New York County (Manhattan), New York (115.0 percent); Santa Cruz County, California (114.1 percent); Marin County, California in the San Francisco metro area (103.1 percent); and Maui County, Hawaii (100.7 percent). Counties where an average wage earner would need to spend the lowest share of income to buy a median-priced home were Bibb County (Macon), Georgia (11.1 percent); Baltimore City, Maryland (12.4 percent); Wayne County (Detroit), Michigan (13.2 percent); Rock Island County (Quad Cities), Illinois (13.5 percent); and Montgomery County, Alabama (13.9 percent). Home price appreciation outpacing wage growth in 49 percent of markets Home price appreciation outpaced average weekly wage growth in 232 of the 473 counties analyzed in the report (49 percent), including Maricopa County (Phoenix), Arizona; Queens County, New York; San Bernardino County (Riverside), California; Clark County (Las Vegas), Nevada; and Tarrant County (Dallas-Fort Worth), Texas. Average weekly wage growth outpaced home price appreciation in 241 of the 473 counties analyzed in the report (51 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; San Diego County, California; and Orange County, California. 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, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >