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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a February in Nearly Two Decades
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% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in February 2019, representing a 0.8 percentage point decline in the overall delinquency rate compared with February 2018, when it was 4.8%. This was the lowest for the month of February in at least 19 years. As of February 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.2 percentage points from February 2018. The February 2019 foreclosure inventory rate tied the November and December 2018 and January 2019 rates as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2% in February 2019, down from 2.1% in February 2018. The share of mortgages 60 to 89 days past due in February 2019 was 0.6%, down from 0.7% in February 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.4% in February 2019, down from 2.1% in February 2018. The serious delinquency rate of 1.4% this February was the lowest for that month since 2001 when it was also 1.4%. 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 1% in February 2019, unchanged from February 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "The persistently impressive economic expansion continues to drive down housing market distress, with delinquencies and foreclosures hitting near two-decade lows," said Dr. Ralph McLaughlin, deputy chief economist at CoreLogic. "Furthermore, with unemployment at a 50-year low, wage growth nearing double inflation and a positive demographic structure that will drive housing demand upwards, the future of U.S. housing and mortgage markets look bright even if short term indicators suggest cooling." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 14 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 February, 11 metropolitan areas experienced annual gains – mostly very small – in their serious delinquency rates. The largest gains were in four Southeast metros affected by natural disasters in 2018. "We are on track to test generational lows as delinquency rates hit their lowest point in almost two decades. Given the economic outlook, we are likely to see more declines over the balance of this year," said Frank Martell, president and CEO of CoreLogic. "Reflective of the drop in delinquency rates, no state experienced a year-over-year increase in its foreclosure inventory rate so far in 2019." The next CoreLogic Loan Performance Insights Report will be released on June 11, 2019, featuring data for March 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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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.
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Realtors Midyear Forecast: Home Sales Expected to be Stronger
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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.
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Metro Home Prices See 3.9% Increase in 2019's First Quarter
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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.
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Matterport Introduces Simplified Plans, Unlimited Archiving
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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.
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CoreLogic Reports March Home Prices Increased by 3.7% Year Over Year
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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.
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Text Marketing Arrives at IXACT Contact
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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.
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Homesnap Now Available to Over 1 Million Agents
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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.
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U.S. Home Prices Continue Upward Trajectory
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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).
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W+R Studios Announces New Cloud Streams Complete with Redesigned User Interface, New Activity Stream, and Improved User Experience
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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.
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Second Century Ventures Announces 2019 Accelerator Class
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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.
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Affordability in the Top 10 Most Popular Markets for Millennials, According to NAR
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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.
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REALTORS and Social Media: Latest RPR Survey Reveals Trends
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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.
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Updated Realtor.com Forecast Paints Rosier Picture for 2019 Homebuyers
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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.
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Realtors Report Value in Promoting Green Features in Both Residential and Commercial Listings
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[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.
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IXACT Contact Introduces Text Marketing
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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.
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West Coast Buyers are Now More Likely to Win the 1st Home They Bid On
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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.
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Spring Home Buyers Eye Homes in Need of Renovation
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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
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U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
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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.
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CVR MLS Launches New Technology to Help REALTORS Generate Leads Online
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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.
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Redfin and Rover Name the 20 Most Dog-Friendly Cities of 2019
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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).
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U.S. Median Home List Price Hits $300,000 for the First Time Ever
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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.
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CoreLogic Reports February Home Prices Increased by 4 Percent Year Over Year
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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.
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Gen Xers' Adult Children Influence Their Buying Decisions, Younger Millennials Become Buying Force According to Realtor Report
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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.
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Thursday is the Best Day to List Your Home, Says Redfin
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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.
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Realtor.com Launches New 'Price Perfect' Tool to Help Buyers Find Specific Homes that Match Their Needs
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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).
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Top Real Estate Agents of 2018 Announced by Rate-My-Agent.com
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Sellers Hope for a Spring Thaw as Sluggish February Real Estate Showing Activity Continues Seven-Month Decline Foretelling a Buyer's Market
March 26, 2019 – The traditionally busy spring home buying season can't come soon enough for home sellers across the country as February continued the trend of year-over-year declines in showing activity, according to data from the ShowingTime Showing Index®. Marking the seventh consecutive month of year-over-year decreases, February saw national showing activity drop 9.3 percent, with the West Region reporting the biggest decline at 16.8 percent. The West's 12-month average percentage change was -11.7 percent. The South Region saw an 11.3 percent year-over-year decline, followed by the Midwest Region (-10.5 percent) and Northeast Region (-5.5). "Showing activity remained slow in February, furthering the notion that the historically busy spring selling season may see less traffic than is typical," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "These conditions may prove to be beneficial for home buyers, however, as the greater available inventory signals a strong buyer's market." 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]
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Existing-Home Sales Surge 11.8 Percent in February
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Spring Home Shoppers No.1 Competitor: Their Budget
With nearly half of shoppers looking for a home under $200,000 this spring; many expect it will take a year or more to find and close on a home SANTA CLARA, Calif., March 21, 2019 -- This spring's home shoppers expect less competition overall as more inventory continues to hit the market nationwide, but will struggle with affordability as home prices continue to rise, according to new survey data released today by realtor.com®, the Home of Home Search. The survey also found, nearly half of shoppers this spring are looking for homes at or under $200,000, which despite less competition will prove difficult to find, as this one segment of housing has actually experienced the largest inventory decline year-over-year. Realtor.com® conducted the online survey earlier this month, consisting of 1,015 respondents planning to purchase a home in the next 12 months in conjunction with Toluna Research. "The 2019 spring home buying season will be characterized by rising home prices, a moderate pace of home sales, and an influx of inventory," said Danielle Hale, realtor.com®'s chief economist. "More homes on the market and lower mortgage rates will help offset some difficulties associated with price gains, but affordability will remain the primary challenge for shoppers, particularly in lower price segments." When survey respondents were asked whether falling mortgage rates or higher home prices had the greater impact on their search, 38 percent of respondents indicated the rising home prices, 26 percent said falling interest rates, and 35 percent said neither. The largest segment of shoppers heading into this spring have been searching for a home for seven months or more - this is nearly identical to last year. Slightly more than a quarter - 26 percent - have been in the market four to six months, and 34 percent have just entered the market in the last three months. This has flipped from last year when 34 percent had been searching for four to six months, and 26 percent had been searching three months or less. This could be an indication that fewer shoppers started looking in late 2018 due to the mortgage rate spike. But with more overall inventory available to buyers this year, competition is expected to be less intense. When asked how much competition shoppers expect to face this year, just over 60 percent indicated at least some competition, as compared to 70 percent last year. Only 17 percent of this year's shoppers plan to offer more than asking price this year to secure their purchase, down from 26 percent last year. Similarly, 33 percent of shoppers this year expected to put down more than 20 percent, which is significantly less than last year's 40 percent. Only 38 percent plan to check listings websites everyday, compared to 42 percent last year. "The spring homebuying season is an improvement over last year from an inventory perspective nationwide, but would-be buyers still face challenges. This year, shoppers are going to be grappling with their budgets, rather than competition from a horde of other buyers. Instead of worrying about which tactics will help them get ahead, potential buyers will have to decide what they are willing to give up in order to stick to their budget," Hale added. The shift in higher-end buyer mentality is likely attributed to the recent growth in inventory, which has increased six percent year-over-year, according to Hale, and will will give buyers more options to choose from this spring. For example, the number of homes priced at or above $750,000 rose by 11 percent in February. However, the number of homes priced at $200,000 or below dropped by seven percent year-over-year during the same time. The drop in homes under $200,000 is likely to create a difficult environment for entry level home buyers as nearly half of home shoppers this spring are looking for a home at or under $200,000. Alternatively, only six percent of spring shoppers are looking for a home at or above $750,000 -- the price range that saw the largest increase since last year. For more information, about the spring 2019 housing market, please visit: https://www.realtor.com/research/ 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.
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Vast Majority Think 2019 First Quarter is Good Time to Buy Home, says Realtor Survey
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zavvie Launches First National iBuyer Instant Offer Comparison Tool
Offer Optimizer Technology Helps Home Sellers Make More Money BOULDER, Colo., March 21, 2019 -- zavvie, real estate's hyperlocal leader, announced it has launched a new tool nationwide to help consumers make more money by obtaining multiple offers from iBuyers, a new breed of company that makes instant cash offers for homes. Today, zavvie is introducing Offer Optimizer, the first national instant offer comparison tool powered by advanced technology. Homeowners can click a button to compare instant offers online from leading iBuyers, including Offerpad, Opendoor, Zillow Offers and Redfin Now. Today's consumer wants convenience, speed and predictability. They are ready to Uber-ize every transaction, including selling their home. iBuyers are delivering on this desire for immediate gratification by making instant offers. "Instant offers are the biggest thing to happen to real estate since Zestimates," says Lane Hornung, zavvie co-founder and CEO. "zavvie puts instant offers on overdrive with Offer Optimizer, ensuring sellers squeeze every last dollar out of their home sale." While instant offers only represented 0.2 percent of all home sales in 2018 — or some 12,700 homes — it is growing exponentially. In Phoenix, for example, iBuyer market share has exploded: one in every 20 homes sold is bought for cash by an iBuyer company. The zavvie Offer Optimizer, currently available in all major metropolitan areas where instant offer activity is taking hold, uses hyperlocalized iBuyer data to simplify the comparison process, saving sellers time while helping them maximize their net sales proceeds. "Time is money. The question for most sellers is: How much money? Offer Optimizer helps consumers make the right decision," Hornung adds. The zavvie Offer Optimizer is the first online tool that allows a seller to compare all offers and all options by presenting three key insights: what it looks like to sell to a national iBuyer, a local iBuyer and on the open market. "zavvie designed Offer Optimizer to provide a near-instant, data-driven answer to the questions: What can I get for my house right now? What are my options?" explained Hornung. Home seller Brent Evans in Arlington, Texas, didn't think his home was a candidate for an instant offer. "zavvie took care of everything. They got me not just one, but two instant offers, gave me all the facts and let me decide what was best for me with no pressure. I decided to sell on the open market because it gave me more money, but having offers lined up gave me a good baseline," Evans said. zavvie Offer Optimizer provides a detailed breakdown of the various costs and fees — which vary among iBuyers — as well as the typical time frame for a sale to be completed. The technology behind zavvie Offer Optimizer features calculations based on actual transactional data specific to the local markets where iBuyer companies operate. For example, Offer Optimizer tells sellers in a given market what percentage of homes are eligible for an instant offer and the likelihood of closing if an instant offer is accepted. "It's all about transparency," explains Hornung. "The consumer thinks instant offers are all the same, but they are not. Sellers need an easy way to collect, compare and choose the best offer, and that's exactly what zavvie does." An example of how zavvie was able to help a homeowner make more money through comparing instant offers is Erica B. in Arvada, Colorado: "I wasn't even aware of what instant offers were until zavvie presented them to me. I was able to compare all my options: Opendoor's offer was significantly higher than the first iBuyer offer I received. I went with Opendoor. zavvie helped me make more money!" zavvie Introduces New Local Instant Offers To maximize the options available to a seller, zavvie has partnered with trusted local companies who also make instant offers, often in areas within major markets not covered by the national iBuyers. These local partners include Robert Slack in Orlando and Tampa, Florida; BRIX Real Estate in the Twin Cities, Minneapolis-Saint Paul; Path & Post Real Estate in Atlanta, Georgia; Better Homes and Gardens Real Estate Winans in Dallas-Fort Worth, Texas; Summa Realty in Portland, Oregon; and 8z Real Estate in the greater Denver area. "iBuyers will have a growing place in the market and clients are already asking our agents how they can participate," said Brad Nix, COO/owner of Path & Post Real Estate "Our agents can give Atlanta-area home sellers the confidence to compare instant offers in a market that's cluttered with confusion. We're excited because with zavvie, we're breaking new ground with iBuyer innovations," he added. zavvie Offer Optimizer is available today to sellers in 21 major metropolitan markets, including Atlanta, Austin, Birmingham, Charlotte, Dallas-Fort Worth, Denver, Houston, Jacksonville, Las Vegas, Los Angeles, Minneapolis-St. Paul, Nashville, Orlando, Phoenix, Portland, Raleigh-Durham, Riverside, Sacramento, San Antonio, Tampa and Tucson. Home sellers can use the zavvie Offer Optimizer at no charge and without registration at zavvie.com/offer-optimizer. About zavvie zavvie helps home sellers close quickly and pocket maximum cash. zavvie Offer Optimizer brings transparency to the iBuyer process, giving consumers a free, online side-by-side instant offers comparison, as well as access to its network of fully vetted real estate agents. zavvie's 100 percent merit-based HyperLocal Certified agent directory is available at zavvie.com and its new iBuyer zavvie Offer Optimizer is at zavvie.com/offer-optimizer.
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More Than 80 Percent of Realtors Say Staged Houses Help Buyers Visualize Them as Homes
WASHINGTON (March 14, 2019) – As the spring home buying season kicks off, a new survey from the National Association of Realtors® shows that 83 percent of buyers' agents say that staging makes it easier for buyers to visualize a property as their future home, according to NAR's 2019 Profile of Home Staging, www.nar.realtor/reports/profile-of-home-staging (link is external). "Buying a house is more than a financial decision; it is an emotional decision as well. Buyers aren't just making an investment in a property, they are purchasing a place to call home; to raise their children; to begin a new chapter; or to retire to a new season of life," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Realtors® understand the importance of making a residential property as welcoming and appealing as possible to potential buyers. While every Realtor® doesn't use staging in every situation, the potential value it brings is clear to both homebuyers and sellers." According to the report, more than half of sellers' agents said that staging a home decreases the amount of time a home spends on the market, with 25 percent saying that it greatly decreases the time and 28 percent saying it slightly decreases the time. The report contains a new section called "Buyer Expectations," which focuses on how home buying television shows are impacting Realtors®' businesses as well as homebuyers' views on the home buying process. Thirty-eight percent of respondents say that television shows that display the home buying process have had an impact on their business, while 32 percent say they witnessed no impact and 31 percent say they do not know if they have an impact. The report found that a median of 20 percent of buyers were disappointed by how homes look compared to homes they see on television shows. Thirty-nine percent of respondents stated that buyers found the home buying process to be more difficult than their expectations. A median of 10 percent of respondents cited that buyers felt homes should look the way they do when staged on TV shows. Among these respondents, 40 percent of buyer' agents said staging has an effect on most buyers, while 52 percent stated that staging has an effect on some buyers' opinion of a home. Only 6 percent said that it has no impact on buyers. Realtors® who represent buyers report that the living room is the most important room in a home to stage (47 percent). Buyers' agents say the next most important rooms are the master bedroom (42 percent) and then the kitchen (35 percent); sellers' agents agree with those rooms, but in reverse order. The guest bedroom is considered the least important room to stage. Forty-four percent of buyers' agents report that staging a home increased the financial offer on a home. Twenty-five percent say staging a home increases its dollar value by 1 to 5 percent and 12 percent said that it increases the dollar value 6 to 10 percent. Twenty-nine percent of buyers' agents stated it has no impact on dollar value. Only 1 percent of buyers' agents felt that staging has a negative impact on a home's dollar value. Sellers' agents report even more value added from staging: 22 percent reported an increase of 1 to 5 percent in dollar value offered by buyers, 17 percent reported an increase of 6 to 10 percent, 5 percent reported an increase of 11 to 15 percent and 2 percent reported an increase of 16 to 20 percent. In fact, no sellers' agents reported a negative impact from home staging. When deciding which homes to stage, 28 percent of sellers' agents say they stage all of their clients' homes before listing them. Forty-five percent of sellers' agents said they do not stage homes before listing them, but they recommend sellers declutter their homes and fix any faults within the property. Thirteen percent said they only stage homes that are difficult to sell, and 7 percent stage only homes in higher price brackets. "Realtors® have the expertise and local market knowledge to know which properties and specific rooms will benefit the most from staging, which is why working with a Realtor® is so vital for sellers in today's housing market," says Smaby. Who pays for the home staging? The seller pays before listing the home 18 percent of the time, sellers' agents in will personally provide funds to stage the home in 26 percent of cases, and in 17 percent of occasions, agents will offer home staging services. In addition to staging, agents recommended sellers take these important actions: Ninety-five percent recommend decluttering the home, 89 percent recommend an entire home cleaning and 83 percent recommend removing pets from the home during showings. Other pre-sale projects include carpet cleaning, depersonalizing the home and making minor repairs. In February 2019, NAR invited a random sample of 48,728 active Realtor® members to fill out an online survey. A total of 2,076 useable responses were received for an overall response rate of 4.2 percent. At the 95 percent confidence level, the margin of error is plus-or-minus 2.15 percent. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Attention Sellers: The First Week of April Is the Best Time to List a Home
Homes listed the first week of April see 14 percent more views, 5 percent less competition, sell 6 days faster SANTA CLARA, Calif., March 14, 2019 -- Realtor.com®, The Home of Home Search, today announced the first week of April is the best time to put a home on the market in 2019. By listing during the week of March 31 - April 6, sellers are able to take advantage of a sweet spot in the season that offers high buyer demand, less competition, quick home sales, and strong prices. "June is often considered the peak of home buying season, but our analysis found the first week of April is best for sellers looking to maximize list price, and also reduce the risk of price cuts and competition from other sellers," said Danielle Hale, chief economist for realtor.com®. "Given the time it takes from listing to close, putting a home on the market in early April positions sellers to attract buyers seeking to close and move before the beginning of school year." The analysis is based on trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years. Why the first week of April? The market is bustling with buyers, but the number of homes hasn't peaked yet, which means more demand for every listing. In fact, homes listed the first week of April see 14 percent more views, on average, and 5 percent less competition compared to the rest of the year's weekly average. As a result, homes are likely to sell 6 days, or nearly 9 percent, faster on average. The typical home on the market between March 31 and April 6 is priced nearly 6 percent higher than the beginning of the year. Based on early 2019 data, this could mean an extra $17,000 added to the list price for a typical listing priced just over $306,000 in early April. Although the typical June listing is 7 percent more expensive than the best week to list, waiting until June to list your home could mean a higher likelihood of a price reduction as buyers bow out toward end of summer. In addition to more views, homes listed at the beginning of April are approximately 1 percent less likely to take a price cut, on average compared to the rest of the year. On the flip side, homes listed in June are 1 percent more likely to have their price reduced and see nearly 2 percent fewer listing views than other times of the year, on average. Other factors that favor listing the first week of April Another factor that's likely to boost April buyer demand this year, is the surprising decline in mortgage rates that started in November 2018. Rates are now below 4.5 percent vs. nearly 5.0 percent in November 2018. These lower rates could entice demand earlier than usual and April sellers could see even more buyers trying to take advantage of this temporary window of affordability. See below for a full list of the best time to buy in the top 50 largest U.S. markets. Best Time to List for Top 50 Largest U.S. Metros 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.
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Redfin Determines the Value of a Swimming Pool in 20 Major U.S. Metros
Pools are worth the most in Los Angeles, where they add nearly $100,000 to a typical home's valueIn Boston, homes with pools sell for about $15,000 less than homes without them SEATTLE, March 12, 2019 -- In Los Angeles, homes with pools sell for $95,393 more than comparable homes without them, according to a report from Redfin, the technology-powered real estate brokerage. Swimming pools are worth more in Los Angeles than they are in any other major U.S. metro area, followed by Austin and Orange County, California, where a pool adds more than $50,000 to a typical home's value. For this analysis, Redfin calculated the value of a private pool as a premium to a home's per-square-foot sale price. For instance, a home with a pool in the Houston metro area can be expected to sell for $16.42 more per square foot than a home without a pool. The ranking is limited to metro areas with at least 5,000 homes sold in 2018 where at least 2 percent of homes sold had pools, and where the results were statistically significant. "A pool definitely adds value for Los Angeles homebuyers, especially in the Valley because it's hot outside most of the time," said Redfin agent Lindsay Katz. "People use their pools all year round; we have pool parties in the summer and go swimming on Christmas day. It's ingrained in our culture." "In some parts of Los Angeles, particularly in the San Fernando Valley, it's almost a given that a house will have a pool and the lack of a pool can make it harder to sell," Katz continued. "Nearly half of my listings have pools, and when they don't, potential buyers are constantly asking whether they can add a pool to the property. It's important to people." In Phoenix, the story is a bit different. A pool adds $11,591 to the value of the typical home in the metro area, the lowest on the list of places where a pool provides a premium. Redfin agent Katie Shook said there are some parts of the Phoenix area where a pool is highly valuable—but in other places, it could detract from the value of a home. "In affordable parts of the Phoenix area like South Glendale and Tolleson, homebuyers don't want to pay to maintain a pool. I often find that in homes that sell for less than $200,000, a pool is a negative because it adds so many extra costs for the homeowner," Shook said. "But the reverse is true in the luxury market," Shook continued. "In the $700,000 to $1 million price range, especially in remote areas with more yard space, homebuyers expect a pool and they'll pay a premium for it." Boston was the only metro that both met the criteria to be included in this analysis and has cold, snowy winters. It's also the only place where a pool meaningfully subtracts from the value of a home. A home in the Boston area with a pool is worth $15,484 less than a comparable home without a pool. The full report includes an analysis of the value of pools of homes currently for sale in various metros, which range in value from a $18,836 pool in Phoenix to a $285,806 pool in LA's Studio City. To read more and view photos, please click here. 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.
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National Association of Realtors Builds Marketing and Creative Capabilities
New vice presidents to lead the organization’s communications and marketing strategies WASHINGTON (March 5, 2019) – The National Association of Realtors® announced today two new additions to a newly integrated marketing communications team to increase member engagement and satisfaction and enhance NAR's relationship with consumers. Effective March 5, Mantill Williams will become NAR's vice president of PR and communication strategy, and Susan Welter will become NAR's vice president of creative and content strategy. Both will report to Victoria Gillespie, NAR chief marketing and communications officer. "Mantill and Susan bring more than 40 years' combined experience developing and executing major marketing and communications campaigns both within the real estate industry and for other professional associations," said Bob Goldberg, CEO of NAR. "They will elevate member communications and help us tell more creative and compelling stories about Realtors® and property owners." With more than 20 years of public and media relations outreach, speechwriting and advocacy communications experience, Williams will develop strategic communications campaigns for NAR. His public and media relations strategies have garnered extensive news coverage in top tier media. Prior to joining NAR, Williams served as director of advocacy communications for the American Public Transportation Association, leading the public transit industry's national advocacy program. He also previously led communications teams for the largest membership association, AAA. "I am thrilled to begin this new role at NAR using my previous association experience to enhance the ways in which we reach and connect with our current and prospective members," said Williams. "I look forward to promoting the value and services offered to our members and advancing NAR's position as the leading voice in the real estate industry." Welter joins NAR with the unique perspective of having worked alongside the REALTOR® Magazine, Expo, and REALTOR Benefits® Program teams as a partner for more than six years. Throughout her 25-year career in publishing and marketing, she has held prominent roles in every aspect of print, digital, video communications, and events. She has enjoyed over a decade of success working with more than 50 regional, national, and international associations helping them enhance their communications and grow non-dues revenue. Most recently, Welter consulted with associations to develop multimedia content strategies and implement cross-organizational programs designed to increase member acquisition, engagement and retention. "Having served the association market for most of my career, I'm excited to put that collective experience to use at NAR to better engage with our members and deepen our relationships with our industry partners, providing an exceptional experience for all," said Welter. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Redfin Unveils the Best U.S. Cities for Public Transit in 2019
New York; Union City, NJ; and San Francisco Claim Top Three Spots, According to Redfin's Latest Transit ScoreⓇ Update SEATTLE, March 11, 2019 -- New York; Union City, NJ; and San Francisco top the 2019 list of best cities for public transit, according to a new Transit Score® ranking from Redfin, the tech-powered real estate brokerage. Transit Score, a tool by Redfin company Walk Score®, rates locations based on how convenient they are to public transportation. Redfin's annual Transit Score report has typically examined large cities with a population of 300,000 or more. This year, Redfin is presenting the raw ranking, unfiltered for population, to show that transit is not reserved only for the largest places. "Housing affordability has become a nationwide concern, leading people to move away from big, expensive cities to smaller, affordable commuter towns and inland areas," said Redfin chief economist Daryl Fairweather. "Cities that offer the best of both worlds -- accessible public transit and relatively affordable homes for sale-- are destined for strong growth in the coming years." The three top spots each had a Transit Score of 80 or better, with New York and its New Jersey suburb of Union City surging above other cities, indicating the local public transit is both conveniently located and runs frequently. New Jersey suburbs popular with commuters also performed well, including top-ranked Union City, as well as Hoboken, West New York, and Jersey City all in the top ten. "The outstanding public transportation options in the greater New York City area make it possible to live a car-free lifestyle, while still benefiting from all the area has to offer," said New York-based Redfin market manager, Nick Boniakowski. "Whether it's taking the New York City subway around multiple boroughs, or hopping on the PATH train and ferry to commute across the Hudson River to and from New Jersey, residents have a multitude of options without the hassle and expense of driving. For many buyers, the home search starts with the commute, and these options allow residents to accomplish almost any task with a quick walk and a MetroCard." In Massachusetts, Cambridge outranked Boston with scores of 74 and 72, respectively. Boston suburbs Brookline and Somerville both earned top scores too, highlighting the ease of access to public transportation in the Boston metro area. The Washington, D.C., area demonstrated significant change since last year's ranking. The nation's capital ranked 8th place overall at 71, but rose three points, more than any other city in the top 25 – except for its suburb of Arlington. Arlington also gained three points to hit 62, an increase that could be related to Amazon HQ2's arrival in Crystal City, located in Arlington. Access to mass transit was listed as a core preference in criteria when Amazon opened up their nationwide search, and there are already plans in place for key transportation infrastructure improvements near the new office campus. More than half of the top 25 small and large cities remain unchanged from last year, while a few only dipped or increased by one. Those small changes are significant – Redfin found in 2017 that one Transit Score point can increase the price of an average home by more than $2,000. The results also show that cities in the Northeast and Mid-Atlantic tend to rank higher for public transit, with more than half of the top entries found in these regions. The West Coast was close behind with cities from California and Washington, while Chicago and nearby Oak Park were the sole cities ranked highly in the Midwest. To read the full report, including the full methodology and a list of rankings filtered by population, visit: click here. To see how your home, neighborhood or city stacks up, search WalkScore.com or Redfin.com. About Redfin Redfin is the tech-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 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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U.S. Home Flipping Returns Drop to Seven-Year Low in 2018
Top Major Market Flipping Rates in Memphis, Phoenix, Las Vegas, Tampa, Birmingham; Almost $20 Billion In Financed Flips in 2018, Up 8 Percent From 2017 to 11-Year High IRVINE, Calif. – February, 28 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q4 and Year-End 2018 U.S. Home Flipping Report, which shows that 207,957 U.S. single family homes and condos were flipped in 2018, down 4 percent from the 216,537 home flips in 2017. The 207,957 homes flipped in 2018 represented 5.6 percent of all single-family home and condo sales during the year, stagnant from 5.6 percent of all sales in 2017 but up from 5.1 percent of all sales back in 2008. A total of 146,020 entities (individuals and institutions) flipped homes in 2018, down .4 percent from the 146,623 entities that flipped in 2017 but up 63.1 percent from 89,539 entities that flipped 10-years ago. "With mortgage rates remaining strong and people staying in their homes longer, we have started to see a bit of a flipping rate slowdown," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, this isn't to say home flipping is going away. The market is still ripe with investors flipping and bargains still await, especially in the lowest-priced areas of the country, where levels of financial distress remain highest." Home flip lending volume up 8 percent to 11-year high The total dollar volume of financed home flip purchases was $19.9 billion for homes flipped in 2018, up 8 percent from $18.5 billion in 2017 to the highest level since 2007 — an 11-year high. 2018 Year-End Home Flipping Financing Trends Flipped homes originally purchased by the investor with financing represented 39.1 percent of homes flipped in 2018, down from 39.4 percent in 2017 and down from 41.0 percent in 2008. Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of 2018 completed flips purchased with financing were Denver, Colorado (53.7 percent); Providence, Rhode Island (51.8 percent); Seattle, Washington (51.8 percent); San Diego, California (51.6 percent); and San Francisco, California (50.8 percent). Share of flips sold to FHA buyers at an 11-year low Of the homes flipped in 2018, 13.8 percent were sold to FHA borrowers — likely first-time homebuyers — down from 17 percent in 2017 to an 11-year low. Among 53 metro areas analyzed in the report with at least 1 million people, those with the smallest share of completed flips sold to FHA buyers in 2018 were San Jose, California (1.3 percent); Raleigh, North Carolina (4.3 percent); San Francisco, California (6.0 percent); Memphis, Tennessee (6.5 percent); and San Diego, California (7.2 percent). Among the 53 metro areas analyzed in the report with at least 1 million people, those with the highest share of completed flips sold to all-cash buyers — often other real estate investors — in 2018 were Detroit, Michigan (48.8 percent); Birmingham, Alabama (42.4 percent); Jacksonville, Florida (39.8 percent); Miami, Florida (38.3 percent); and Buffalo, New York (38.0 percent). Average home flipping returns drop to a four-year low Completed home flips in 2018 yielded an average gross profit of $65,000 (difference between median purchase price and median flipped sale price), down 3 percent from an average gross flipping profit of $66,900 in 2017. 2018 Year-End Home Flipping Gross Profits and Returns The average gross flipping profit of $65,000 in 2018 represented an average 44.8 percent return on investment (percentage of original purchase price), down from 50.3 percent in 2017 and down from an all-time high average gross flipping ROI of 51.0 percent in 2016. Among 176 metro areas with a population of at least 200,000 and at least 100 home flips in 2018, those with the highest average gross flipping ROI were Pittsburgh, Pennsylvania (144.2 percent); Scranton, Pennsylvania (131.7 percent); Atlantic City, New Jersey (113.2 percent); Cleveland, Ohio (112.1 percent); and Erie, Pennsylvania (109.3 percent). Along with Pittsburgh and Cleveland, other major metro areas with at least 1 million people and gross flipping ROI of at least 80 percent were Philadelphia (109.0 percent); Baltimore (103.5 percent); Buffalo (96.2 percent); Memphis (86.5 percent); and Cincinnati (84.2 percent). Highest home flipping rates in Memphis, Phoenix, Las Vegas, Tampa, Birmingham Among 53 metro areas analyzed in the report with at least 1 million people, those with the highest home flipping rate in 2018 were Memphis, Tennessee (11.7 percent); Phoenix, Arizona (9.1 percent); Las Vegas, Nevada (8.7 percent); Tampa-St. Petersburg, Florida (8.2 percent); Birmingham, Alabama (7.6 percent). Other major markets in the top 10 for highest 2018 home flipping rate were Baltimore, Maryland; St. Louis, Missouri; Philadelphia, Pennsylvania; Orlando, Florida; and Nashville, Tennessee. Among 6,015 zip codes with at least 10 home flips completed in 2018 and a population greater than 5,000, the highest home flipping rate was in 38141 in Memphis where home flips represented 29.5 percent of all home sales for the year. Other zip codes in the top 20 for highest 2018 home flipping rate included zip codes in Donna, Texas; Miami, Florida; Washington, D.C.; Jamaica, New York; Baton Rouge, Louisiana; Compton, California; and Phoenix, Arizona. Biggest increase in home flipping rates in Boston, Tucson, Raleigh, Columbus, Hartford Among metro areas with at least 1 million people, those with the biggest annual increase in home flipping rate in 2018 were Boston, Massachusetts (up 33.3 percent); Tucson, Arizona (up 27.3 percent); Raleigh, North Carolina (up 24.5 percent); Columbus, Ohio (up 13.1 percent); and Hartford, Connecticut (up 12.8 percent). Other major markets in the top 10 for biggest increase in home flipping rate in 2018 were New York, New York; Charlotte, North Carolina; Grand Rapids, Michigan, Pittsburgh, Pennsylvania and Milwaukee, Wisconsin. While 20 out of the 53 metro areas with at least 1 million people saw an increase in the home flipping rate in 2018, those that saw a decrease, included Kansas City, Missouri (down 25.2 percent); Buffalo, New York (down 17.5 percent); Indianapolis, Indiana (down 16.3 percent); Seattle, Washington (down 15.9 percent) and Salt Lake City, Utah (down 14.0 percent). Average time to flip down slightly from 2017 Homes flipped in 2018 took an average of 180 days to complete the flip, down from 181 days in 2017 but up from 159 average days to flip 10-years ago. Among 176 metro areas with a population of at least 200,000 and at least 100 home flips in 2018, those with the longest average time to flip were Provo, Utah (219 days); Boise, Idaho (215 days); Erie, Pennsylvania (213 days); Gainesville, Florida (213 days); and Kalamazoo, Michigan (212 days). High-level takeaways from Q4 2018 dataset: The 47,071 home flips in Q4 2018 were completed by 37,379 investors, a ratio of 1.26 flips per investor. The share of homes flipped in Q4 2018 that were purchased by the flipper with financing represented 36.4 percent of all homes flipped in the quarter, down from 39.1 percent in the previous quarter and down from 39.5 percent in Q4 2017, to a two-year low. The average gross flipping profit of home flips in Q4 2018 was $62,000, which represented an average 41.9 percent return on investment (percentage of original purchase price), down from 42.9 percent last quarter and down from 49.6 percent in Q4 2017, to a seven-year low. The average square footage of homes flipped in Q4 2018 was 1,408, down from 1,412 in the previous quarter to the smallest average square footage on record for the report, going back to Q1 2005. Homes flips completed in Q4 2018 took an average of 175 days, down from 177 days in the previous quarter and down from 178 days in Q4 2017. About ATTOM Data Solutions ATTOM Data Solutions blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties multi-sourced from more than 3,000 U.S. counties. 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. With more than 29.6 billion rows of transactional-level data and more than 7,200 discrete data attributes, the 9TB ATTOM data warehouse powers real estate transparency for innovators, entrepreneurs, disrupters, developers, marketers, policymakers, and analysts through flexible delivery solutions, including bulk file licenses, APIs and customized reports.
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CoreLogic Reports January Home Prices Increased by 4.4 Percent Year Over Year
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Tech Glitch? Why It's Not the Time for DIY
Your computer crashes: it unexpectedly shuts down. Or your smartphone gets wet, and you immediately shut it off. But now you're not quite sure the best way to make sure it will power back up. Or your monitor has started to show an occasional flicker. You suspect it is caused by malware that installed itself from a single website visit. Do you search Google for a solution and try to fix these tech glitches yourself? Here at Tech Helpline, as real estate industry's No. 1 technical support team with more than 250 years of combined IT experience, we want you to know that you can often do more harm than good if you try to do it yourself when it comes to self-help tech support. We encourage you instead to reach out to us as early in the process as possible simply because it's the safer, smarter option Why you don't have to go it alone The number one reason people go online for advice and try to fix a technical glitch themselves is to save money. But because you have access from Tech Helpline, its free to you. That's because your local MLS, Association or your brokerage is making sure you can get the tech support you need as a member benefit. You can contact Tech Helpline at no additional cost for as much help as you need. Our team of friendly, U.S.-based experts is just a call, click or chat away. Most importantly, our analysts deeply understand what you, as a real estate broker or agent, need for your technology solutions. More importantly, we are incredibly familiar with the most common technical problems and challenges that brokers and agents encounter every day. Online shortcuts can be dangerous Another reason people are tempted to fix their tech glitches themselves is the wide availability of automated software repair tools and malware removal tools. The problem is the web features malicious sites that disguise themselves as reputable, and tout repair tools that do just the opposite. If you don't know which link the safest link is to click on or the right repair tool to install, you could be corrupting your computer instead of fixing it. Best bet: Just reach out to one of our Tech Helpline analysts and we can walk you through the process. One of our analysts can provide you with trusted software and the right links to help you remove malware that has caused your computer problems. Bad actors prey on folks with tech problems Have you ever entered a website and had a screen pop up and make it look like it was scanning your computer and then warn you that your computer was in bad shape? These were ads, of course. Your computer wasn't scanned, but the popup ad was a scare tactic was designed to get you to download their software to "fix" the fake problems. If you installed their software, you would most likely be causing your computer to have more problems than before you installed their software! The fact is bad actors – malicious firms – target people with computer issues. You are most susceptible to downloading and installing software when you are trying to attempt a do-it-yourself repair and these firms know it. That's precisely why we want to hear from you when you encounter a tech glitch – big or small. More ways Tech Helpline can help Our friendly team at Tech Helpline is eagerly waiting to help fix any of your technical glitches. But keep in mind that we also do more than help you solve your tech woes. You can get help on everything from setting up email to resolving Wi-Fi connection issues, just by contacting us and asking for help. Want to know all the different ways we can help? Here are two stories on more many of the different ways Tech Helpline helps agents and brokers every day: just click here or here. To view the original post, visit the Tech Helpline blog.
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How 3D Tours Help Sell Properties for Even More
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Showcase IDX Launches Lucrative Agent Affiliate Program
Showcase IDX is excited to be launch a new program to help our customers add another recurring revenue stream by recommending Showcase IDX to their peers. Last year was an exciting year for Showcase IDX. We closed a round of funding and brought on a new development team. Already this year, we've announced the addition of a marketing and innovation leader to fuel our rapid growth, and the product team has been working hard on advances you'll see in the coming months. The Showcase IDX Agent Affiliate Program will allow qualified agents to be part of the most generous and aggressive affiliate program in the real estate industry. Agents will have the opportunity to make real money, just by recommending Showcase IDX to the agents and peers... and we make it really easy for you. How Can Showcase IDX's Agent Affiliate Program Benefit You? Get 10% commission on all revenue from the agents you recruit for the first 12 months. If your direct affiliates recruit new customers as part of the affiliate program, you'll get 15% of that customer's revenue for the first 12 months. Yes, you get more for the people that your recruits recruit. Use this calculator to see how much you could earn in the first year. Summary of the Details We use a 60-day cookie window, which means if someone signs up within 60 days of using your special link, you get the credit. There is no obligation for you to provide support; we'll have that handled. Affiliate commissions are paid out within 3 weeks of the end of every month, and are based on recognized, booked revenue. Open to current Showcase IDX agent customers. You must be a Showcase IDX customer for a minimum of 6 months with an active account to participate and receive payouts. Click here to see the full details of the agent affiliate program and a list of common questions. How to Start Earning? A simple three-step process is all you need to follow to start your earnings. After we verify that you're an active Showcaser, you'll gain access to your personalized dashboard that contains your unique affiliate link, banners for your site if you need them, and a real-time dashboard that shows the status of any referrals to Showcase IDX. Final Thoughts Our Agent Affiliate Program is a collective effort where we work together so that you can share in our growth. Many of you have recommended Showcase to friends and other agents. This new program lets us reward you for what you're doing already. If you have any questions, please let us know via chat or email. We're really excited about our affiliate program for our agents. It's our sincere goal to help share the benefits of our incredible growth with our customers. Go to showcaseidx.com/affiliates to get started today. Next Steps Our team is here to help you get started and make the most out of this program and are there for you to ensure that this is a win for you, and a win for us too. Sign Up Now Calculate Your Potential Earnings To view the original post, visit the Showcase IDX blog.
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Pending Home Sales Jump 4.6 Percent in January
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Inventory Growth Points to Cooler Spring Market
SANTA CLARA, Calif., Feb. 27, 2019 -- Realtor.com's February housing report released today, shows 2019 may have one of the coolest spring homebuying seasons in recent years as growing inventories drive price cuts. This marks a significant reversal from a year ago when the housing market struggled with 41 straight months of inventory declines. In February, the median list price increased seven percent year-over-year, to $294,800. Approximately 73,000 additional listings are for-sale this year versus last year, increasing national inventory by 6 percent year-over-year. Much of this available inventory can be traced to the nation's 50 largest metros, where inventory increased by 11 percent year-over-year. The largest jumps have continued on the West Coast, led by San Jose, Calif., with a massive 125 percent increase. This was followed by an 85 percent increase in Seattle, 53 percent increase in San Francisco, 39 percent increase in San Diego, and 36 percent increase in Portland, Ore. "This is the fifth consecutive month that we've seen housing inventory increase, especially in large markets," said Danielle Hale, realtor.com®'s chief economist. "As is often the case in real estate, the important trends are going on at the local level. We see large markets continue to cool, but some markets still have some strength. Additionally, we still see fewer homes priced under $200,000 on the market, so entry-level buyers won't see the same availability of options as high-end buyers." A recent rise in the share of price cuts also hints towards a potential shift into a cooler market for spring. In February, 39 of the 50 largest markets saw an increase in share of price cuts. The greatest yearly increase was felt in Las Vegas, which jumped 19 percent. It was followed by San Jose, Calif., with a nine percent increase, Phoenix with a seven percent increase, San Francisco with a five percent increase, and Dallas with a four percent increase. In February, the number of U.S. homes priced at or above $750,000, more than double the national median, increased by 11 percent year-over-year. The surge in high end inventory is likely to favor buyers this spring, as they will have more options to choose from. But the same can't be said for the entry-level market where the national inventory of homes priced at $200,000 or below has decreased seven percent year-over-year, indicating that availability of affordable homes will remain an issue for many potential buyers. More inventory means more options for buyers, which has slowly pumped the brakes on a historically speedy market. On average in the 50 largest metros, homes are spending three days longer on the market than last year. For the first time since realtor.com® began tracking this data in 2013, the share of homes selling faster than 30 days decreased, from 28 percent last year to 27 percent this February. The West Coast, which saw the largest inventory increases in February, also saw the greatest increase in days on market. Homes in Seattle, which led the nation, spent an additional 20 days on market compared to last year. It was followed by Riverside-San Bernardino, Calif. with 15 days and Sacramento, Calif. with 13 days. New market level months supply data, which looks at the balance of available inventory against the current sales pace, confirms that while the market is generally cooling, it still remains a sellers' market in many areas. Markets with the Largest Inventory Increases 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.
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January's 9% Drop in Real Estate Showing Activity Marks 6th Consecutive Month of Year-Over-Year Declines
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Introducing Secrets to Success Using Market Analytics
Market Analytics Success Guide Check out our new FREE Success Guide. Learn step-by-step tricks and tools using market analytics to win BIG in 2019! What you will learn: Marketing Effectiveness with Market Analytics Positioning Yourself as THE Neighborhood Expert Choosing the Right Marketing Analytics Tools for You The five products that will help you communicate market insights to consumers: BrokerMetrics® Recruit. Retain. Know Your Business. PRODUCT OVERVIEW BrokerMetrics® is a software toolkit that helps brokers and their teams become industry insiders and dominate their local markets. ListTrac You list it, we track it - analytics and reporting for your listing’s online performance PRODUCT OVERVIEW ListTrac provides unbiased, actionable marketing intelligence in one place for you to guide your online listing campaigns. RPR We specialize in helping MLS and Real Estate publishers monetize their websites without damaging their brand or user experience. PRODUCT OVERVIEW Realtors Property Resource® (RPR®) is an innovative website and app that brings together all available public records and MLS data and provides colorful, easy to share reports for every corner of real estate. MLS Tax Suite Comprehensive and Accurate Property Data at Your Fingertips PRODUCT OVERVIEW Since 1989, CRS Data has provided innovative data services that puts the power of clear and accurate property information in the hands of leading professionals. Market Snapshot® Stay top-of-mind & be the neighborhood expert with a follow-up system that gives your clients real-time, real estate market data & insights. PRODUCT OVERVIEW Stay relevant, keep contacts engaged and stake your claim as the market pro by empowering your contacts with accurate, real-time MLS market reports tailored to their needs.
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Marketing and Innovation Executive Joins Showcase IDX as Chief Marketing Officer
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Existing-Home Sales Drop 1.2 Percent in January
WASHINGTON (February 21, 2019) – Existing-home sales experienced a minor drop for the third consecutive month in January, according to the National Association of Realtors®. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.2 percent from December to a seasonally adjusted annual rate of 4.94 million in January. Sales are now down 8.5 percent from a year ago (5.40 million in January 2018). Lawrence Yun, NAR's chief economist, says last month's home sales of 4.94 million were the lowest since November 2015, but that he does not expect the numbers to decline further going forward. "Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months." The median existing-home price for all housing types in January was $247,500, up 2.8 percent from January 2018 ($240,800). January's price increase marks the 83rd straight month of year-over-year gains. Yun notes that this median home price growth is the slowest since February 2012, and is cautions that the figures do not yet tell the full story for the month of January. "Lower mortgage rates from December 2018 had little impact on January sales, however, the lower rates will inevitably lead to more home sales." Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million existing homes available for sale in December, and represents an increase from 1.52 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.7 months in December and from 3.4 months in January 2018. Properties remained on the market for an average of 49 days in January, up from 46 days in December and 42 days a year ago. Thirty-eight percent of homes sold in January were on the market for less than a month. While total inventory grew (on a year-over-year basis) for the sixth straight month, Yun says the market is still suffering from an inventory shortage. "In particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed," says Yun. "Taking steps to lower construction costs would be a tremendous help. Local zoning ordinances should also be reformed, while the housing permitting process must be expedited; these simple acts would immediately increase homeownership opportunities and boost local economies." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in January were Midland, Texas; Chico, California; San Francisco-Oakland-Hayward, California; Fort Wayne, Indiana; and Colorado Springs, Colorado. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.46 percent in January from 4.64 percent in December. The average commitment rate for all of 2018 was 4.54 percent. "Decelerated sales and the increases in inventory will work in favor of potential homebuyers, putting them in a better negotiating position heading into the spring months," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "On top of that, low-interest rates will bring an additional $80 per month savings compared to the rates of just a few months ago." First-time buyers were responsible for 29 percent of sales in January, down from last month (32 percent), but the same as a year ago. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. All-cash sales accounted for 23 percent of transactions in January, up from December and a year ago (22 percent in both cases). Individual investors, who account for many cash sales, purchased 16 percent of homes in January, up from 15 percent in December, but down from a year ago (17 percent). Distressed sales – foreclosures and short sales – represented 4 percent of sales in January, up from 2 percent last month and down from 5 percent a year ago. One percent of January sales were short sales. Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.37 million in January, down from 4.45 million in December and 8.4 percent below the 4.77 million sales pace from a year ago. The median existing single-family home price was $249,400 in January, up 3.1 percent from January 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in January, up 3.6 percent from last month and down 9.5 percent from a year ago. The median existing condo price was $233,000 in January, which is up 0.1 percent from a year ago. Regional Breakdown January existing-home sales in the Northeast increased 2.9 percent to an annual rate of 700,000, 1.4 percent below a year ago. The median price in the Northeast was $270,000, which is up 0.4 percent from January 2018. the Midwest, existing-home sales fell 2.5 percent from last month to an annual rate of 1.16 million in January, down 7.9 percent overall from a year ago. The median price in the Midwest was $189,700, which is up 1.4 percent from last year. Existing-home sales in the South dropped 1.0 percent to an annual rate of 2.08 million in January, down 8.4 percent from last year. The median price in the South was $214,800, up 2.5 percent from a year ago. Existing-home sales in the West dipped 2.9 percent to an annual rate of 1.00 million in January, 13.8 percent below a year ago. The median price in the West was $374,600, up 2.9 percent from January 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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National Association of Realtors Unveils "That's Who We R," a Campaign to Distinguish Realtors from Other Real Estate Agents
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VHT Studios Introduces Industry-Changing Professional Photography Suite to Provide More Flexibility for Realtors
Three-tiered series delivers ultimate convenience with On-Demand Review & Delivery System ROSEMONT, Ill., Feb. 4, 2019 -- VHT Studios®, the nation's leading provider of professional photography and visual marketing services to the real estate industry and a variety of commercial businesses, today introduced the VHT Studios Photography Suite, a flexible tiered array of services designed to help professionals better serve their clients with a more effective and better matched offering for every property. Following its initial rollout in the state of Florida last year, the new tiered suite of services is now available to real estate and commercial businesses nationwide. VHT Studios' recent innovations are a dramatic reversal to the photography industry practice of offering a set number of photographs chosen by a randomly selected photographer assigned to the shoot. VHT Studios' new approach provides the ultimate in flexibility, convenience and control, providing the perfect match of photographer according to the level of the project, and the ability for clients to choose their final images from a selection of fully-edited professional photographs. "In our 20-plus years' history, we've learned that 'one size does not fit all' and every home and all properties deserve to have their stories told with the photography and visual marketing that best presents its unique features," said Brian Balduf, CEO and Co-Founder, VHT Studios. "Realtors® and businesses across the U.S. require the flexibility to choose the photography offering that works specifically for each unique listing and every property's needs. Our tools have helped homes and properties go-to-market, sell and rent faster at the best price. We are confident that our new Photography Suite will redefine the property photography industry." This new, simplified offering gives real estate and commercial property marketing professionals the perfect solution to market the widest variety of properties and listings, from starter homes to luxurious and grand estates, office complexes, senior living facilities, vacation rentals and REO properties. The Photography Suite offers three series – Platinum, Gold and Silver -- to help clients customize which VHT Studios' services are most appropriate for each property they are marketing. VHT Studios' national network of local photographers earn their certification through the company's team of master real estate photographers using a detailed evaluation process that surpasses industry standards. Photographers are certified and skilled in advanced techniques and special standards, many with years of experience shooting mansions, estates, celebrity homes, multi-family developments and other fine properties. When a photographer is assigned, VHT Studios' groundbreaking approach now empowers clients to match the right photographer with the specific property they are marketing and listing. "To say that quality photographs are important is an understatement," says Toni Lee, Broker-Associate, The Corcoran Group. "VHT Studios has earned the 'Blue Ribbon' in my book as my go-to photography provider. To have a photographer who viscerally 'grabs' the photo story and who can see beyond my own untrained eye is paramount in successfully marketing a property. VHT Studios' commitment to service and outstanding customer experience sets them apart." On-Demand Review & Delivery is another way that VHT Studios now provides real estate and commercial business professionals more flexibility and greater control. This new and unique, proprietary system allows VHT Studios' clients to preview and select from all their fully pre-edited, marketable photographs in real time, as soon as Studio Image Specialists have completed all image edits and enhancements. Their final choices are instantly available for download and distribution by VHT Studios to clients' media partners, and as print-ready images. Until now, the average time from photography session to clients' photography receipt was, on average, two to three days. Today, images are edited and ready for use the very next business day, just as soon as clients have reviewed and made their selections. VHT Studios also stores the additional images in its database, in case clients want access to them at a future date. "VHT Studios' On-Demand Review & Delivery platform allows me to do more than just purchase a rigid set number of photographs," said Lee. "I can choose the photographs I need from a robust selection provided by my VHT Studios' photographer, and also have the ability to re-arrange, position, delete and enhance the photographs for my unique business uses, which has made my job as a real estate agent so much easier." "Selling, marketing or renting any property can be a challenge, but with this new offering VHT Studios changes the game and provides the appropriate levels of flexibility, selection and support to our clients to make the process easier and more convenient than ever before," Balduf said. VHT Studios marries the latest visual marketing tools with the best-in-class architectural and real estate photography in the following three series in the Photography Suite: Platinum Series Ideal for luxury listings and all fine properties with architectural details that require advanced photographic techniques and a more discerning approach to presentation; Leading, elite photographers selected for their years of experience capturing unique, custom and high-end properties for premier professionals and sellers; Customized image optimization and enhancements included; Creates the best possible presentation by including every feature and optional studio upgrade available. Gold Series Ideal to perfectly showcase vivid and fine details in every room, beautiful views and eye-catching indoor and outdoor spaces; Blue Sky and Virtual Tour Video included; VHT Studios Clearshot™ system boosts every photograph's brilliance, sharpness and clarity; Image specialists review and work with each image; Top creative photographers selected. Silver Series Ideal for basic office spaces, starter homes, apartments, studios, condos and townhomes; Single-frame photographs captured by skilled professional photographers using natural light to produce balanced imagery; Convenient, quick and economical; VHT Studios photographers and professionals save valuable time for clients by enhancing images so they are ready to go. VHT Studios invites real estate and commercial property marketing professionals to view galleries of stunning photography. Click here for a gallery of high-resolution, downloadable real estate and aerial drone photography and videos. Click here for VHT Studios' Virtual Staging Suite, including Virtual Twilight, Virtual Furnish and Stage, Virtual Redecorate, Virtual Paint, and Virtual Declutter. About VHT Studios VHT Studios, the industry founder, in 2018 celebrated twenty years of serving real estate and business professionals. Since 1998, VHT Studios has delivered excellence in professional photography, virtual tour videos, virtual staging, interactive and standard floor plans, drone photography and video, 3D tours, and image management services to top professionals looking to become even more successful. VHT Studios' services ensure properties get seen more, sell and rent faster and at a greater price, which also helps attract new clients. A full-service partner to leading real estate agents, brokerages and commercial businesses, the VHT Studios team delivers the most powerful marketing and selling tools – starting with high-quality photography -- through creation and final display. With an unrivaled nationwide network of the top professional photographers and image specialists, VHT Studios' partnership programs are an affordable, valuable investment for commercial business marketing professionals and real estate brokerages and agents, who expect their properties, businesses and listings to be seen whenever and wherever buyers and leasees search, and for brokers looking to recruit and retain top agents. Based in Rosemont, Illinois, VHT Studios has photographed more than 10 million rooms and helped more than 200,000 real estate and business professionals sell and rent more than $200 billion in properties since the company's founding. For more information, visit http://www.vht.com.
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National Association of Realtors Announces New Technology Team Leader
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Millennials Now Taking on More Mortgages than Any Other Generation
Millennials now represent 42 percent of all new home loans, and are buying outside major metro areas, study shows SANTA CLARA, Calif., Feb. 20, 2019 -- Realtor.com®, the Home of Home Search, today released new survey data revealing members of the millennial generation have increased their home buying purchase power and now boast the largest share of new home loans by dollar volume, larger than both Generation X and the baby boomer generation. These insights, based on a realtor.com® analysis of residential mortgage loan originations from Optimal Blue, show that while the median home buying price millennials take on is still lower than that of Generation X or baby boomers, millennials are showing interest in more affordable markets. Additionally, millennials are making lower down payments and taking on larger mortgages when compared to Gen Xers and baby boomers.   "Millennials are getting older, with better jobs and deeper pockets, allowing them to expand their collective purchase power, and hence, their footprint in the market," said Javier Vivas, director of economic research at realtor.com®. "The stereotype that millennials primarily choose to buy homes and live in large metro areas isn't the reality. Results show millennials' expansion is more heavily conditioned by affordability than in prior years, so their eyes are set on less traditional secondary markets where homes and jobs are now available and plentiful." Affordability is such a key factor for millennial home buyers that this generation is moving to places previous generations have not, like Buffalo, N.Y., the top affordable market for millennials, according to this study. Millennials Now Have More Buying Power Millennials are still primarily in the life stage that requires starter homes. Despite a lower median purchase price ($238,000) than the two generations before them, (with baby boomers and Gen Xers spending an average of $264,000 and $289,000, respectively), millennials are increasing their purchase price at a faster rate than previous generations, indicative of this generation starting to move beyond starter homes. Since early 2017, millennials have been the largest mortgage purchasers by the number of loans originated, surpassing Generation X as the leader in January 2017. As 2018 came to a close, millennials took on nearly half (45 percent) of all new mortgages, compared to 36 percent for Generation X, and 17 percent for baby boomers. In November 2018, millennials finally overtook Generation X as having the largest share of new loans by dollar volume, with a share of 42 percent in December, compared to a share of 40 percent for Generation X and 17 percent for baby boomers. This indicates millennials are willing to take on larger mortgages than any other generation to fulfill their dreams of homeownership. Millennial Home Buying is Driven by Affordability In addition to increasing their buying power and taking on larger mortgages, the data shows millennials have consistently made lower down payments than other generations since 2015. While other generations have increased their down payments in response to rising prices, millennials have not been able to increase their down payments as much as older generations. Millennial down payments averaged 8.8 percent in December 2018, compared to 11.9 percent for Generation X and 17.7 percent for the more equity-rich baby boomers. Given that the majority of millennial home buyers are searching for their first homes and do not bring equity from a previous home, it's no surprise they are putting down smaller down payments. This is likely a driver of their activity in more affordable markets, where their money goes further. Top U.S. Markets for Home Buyers Varies by Generation Within the last year, millennials have moved to affordable areas with strong job markets where they have more buying power. At the end of 2018, the median price of a mortgaged home purchased by millennials was $238,000, $26,000 less than the median price of a home mortgaged by baby boomers ($264,000) and $51,000 than Generation X ($289,000). The top five markets where millennials now generate more than 50 percent of the mortgages and their share grew by more than four percent are: Buffalo, N.Y. Pittsburgh Milwaukee Cincinnati Columbus, Ohio As members of Generation X are in their prime income-earning years, they purchased homes in strong job markets and secondary home markets, with five of the 10 markets on the list having unemployment rates higher than the national rate of 3.7 percent. The top five markets where Gen X purchased a large and/or growing share of homes are: Los Angeles Providence, R.I. Bridgeport, Conn. Jacksonville, Fla. Atlanta Many boomers are retired or rapidly approaching retirement, and therefore, showed a strong preference for buying homes in markets within primarily low-tax states or markets that are lower-cost than nearby metros, presumably to maintain wealth earned during their working years throughout their senior years. The top five markets where boomers made up a large and/or growing share of mortgaged purchases are: Knoxville, Tenn. Sacramento, Calif. Memphis, Tenn. Oklahoma City Riverside, Calif. 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®.
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Second Century Ventures Launches REach Commercial Accelerator
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Redfin Report: Home Price Growth Edged Up Nationally in January While the West Coast Began Seeing Red
Homebuyers are in the strongest position in years as the supply of homes for sale grows at fastest rate since May 2015 SEATTLE, Feb. 19, 2019 -- The housing market started off 2019 with buyers in a much better position than they were a year earlier, according to a report from Redfin, the next-generation real estate brokerage. U.S. home-sale prices increased 2.9 percent in January compared to a year ago, to a median of $285,900 across the metros Redfin tracks. Albeit slight, last month's price jump represents a rebound from December's 1.5 percent increase, the smallest year-over-year price increase recorded since March 2012. "Things are looking good for buyers in 2019. The supply of homes for sale is increasing faster than it has in nearly four years," said Redfin chief economist Daryl Fairweather. "December was a rough month for home sales, but homeowners appear to be undeterred in the new year as more are listing their homes for sale. We predicted price growth would slow down and that prices would drop in coastal cities like San Francisco and Seattle, but we didn't know how sellers would react to a cooler market. It's encouraging to see that listings are up--it means that sellers aren't taking the ball and going home." Home prices fell year over year in 10 of the 81 largest metro areas Redfin tracks, including San Francisco (-5.0%) and Portland, Oregon (-1.3%). This is a major shift for two markets that consistently posted strong price growth throughout most of 2018 and where prices haven't declined significantly since 2012. In Seattle, prices were still growing last month, but barely, up just 0.6 percent year over year, and seem to be following a similar trajectory as their West Coast counterparts. Completed home sales nationally fell for the sixth consecutive month in January, down 7.6 percent from a year earlier. Home sales declined in 57 of the 81 largest metro areas that Redfin tracks. The number of homes newly listed for sale in January rose from a year earlier (+4.4%), helping to push the total number of homes for sale up 6.3 percent, the biggest supply increase since May of 2015. "We expect the supply of homes for sale to increase, giving buyers more homes to buy, but not so many that prices drop broadly," said CEO Glenn Kelman during Redfin's earnings call last week. To read the full report, complete with graphs, charts and market-level data, please click here. About Redfin Redfin is the next-generation 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.
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Realtor.com Selects Huge as New Advertising Agency of Record
New agency will develop creative to help build on four years of audience growth SANTA CLARA, Calif., Feb. 12, 2019 -- Realtor.com®, The Home of Home Search, today announced that it has selected advertising agency Huge to serve as its creative agency of record, effective immediately. As one of the most respected and valuable brands in home search, realtor.com® will leverage Huge's creative expertise to help continue to build the realtor.com® brand through comprehensive advertising and marketing programs. "Huge demonstrated exceptional creativity and big ideas, combined with a digital-first approach, which made a compelling case for moving forward and officially establishing this new relationship," said Andrew Strickman, head of brand and chief creative for realtor.com®. "We are on growth trajectory and, to capitalize on and extend that momentum, we wanted a fresh take on our brand. As our new creative agency of record, we're confident that Huge will bring world-class strategic expertise and creative thinking to telling the realtor.com® story while communicating the value of our products and services to homebuyers." Michael Koziol, global chief executive officer, Huge, said, "It is a big opportunity for our team at Huge to partner with realtor.com®. As the brand that defined the category of home search, they've done a great job providing highly accurate for-sale data and we are excited to help them extend their brand reputation in the category. This is the challenge that Huge was built to take on: making best-in-class marketing and user experience work together with smart ambitious marketers." In the last four years, realtor.com® has seen record growth, doubling both traffic and revenue. The business will be led out of Huge Brooklyn. Realtor.com® retained the services of Joanne Davis Consulting, Inc., New York, NY, to assist in the agency review process. 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 1,400 employees working across 12 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.
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Are Lowest for November Since at Least 2000
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Homes.com Study: Romantic Breakups Tie with Joblessness in Triggering 'Boomerang' Behavior
NORFOLK, VA (Feb. 04, 2019) – While you're preparing this year's passionate, you're-the-best-thing-that-ever-happened-to-me Valentine's Day tribute for your significant other, here's a sobering thought: One in five adults who return home to live with their parents do so because of a broken heart. According to a Homes.com survey of nearly 1,100 members of the so-called "Boomerang Generation" and their parents, those that return to the nest due to a divorce or partner breakup is roughly the same percentage as those who return because they're out of work. In fact, the collapse of romantic relationships is the #1 move-back-home catalyst for Boomerang-ers ages 26-40 and the #2 incentive overall. More specifically, the survey revealed that: Love gone wrong is the primary reason for cohabiting with Mom and Dad for 33% of 26-30-year-old, 37% of 31-35-year-old and 24% of 36-40-year-old Boomerang-ers, outstripping all other considerations by as many as 14 points. Saving money for a home purchase or other major investment is the #1 motivation cited by Boomerang-ers in the 20-25 year-old cohort, while the need to care for aging parents tops the list for those 41 and older. Joblessness and debt rank just #3 and #4 overall as reasons to rejoin parents, even among 20-25-year-olds. Just 18% of Boomerang-ers in that age group return home because they lost or can't find a job, and 11% because of student loan or other debt. The survey also provides intriguing insights into Boomerang-ers' ages, living quarters, sources of conflict, financial arrangements, and overall rapport with their parental roommates. Among the findings: 16% of Boomerang-ers are 31 and older, with roughly half of this group returning home after living elsewhere for 11 years or more. 45% live in their childhood bedrooms, with the rest having been displaced either by choice or space limitations. 26% live in a guest bedroom, 12% in the basement, 5% in a guest house, 4% in the living room and 2% in the garage. Privacy and noise issues cause the most friction, followed by space constraints, clashes over money, and political disagreements. General tension is also common, with more than one-third reporting "good days and bad days," constant conflict, or difficult relationships dating back to childhood. 25% pay rent to their parents when they move back home, as reported by both parents and children. This is roughly the same across all age groups. The two sides disagree about other aspects of the financial arrangement, suggesting that either parents exaggerate their support or children minimize it. For example, 12% of parents claim they cover all of their child's expenses, but only 5% of Boomerang-ers themselves say their parents foot the entire bill. Similarly, 35% of parents say that each side pays its own bills, but 45% of children make that claim. Parents are generally supportive. Only 13% discourage adult children from returning home to live, and 77% place no time limit on the arrangement. The majority also report a relatively smooth relationship, with 58% of parents and 68% of children saying they get along well or "hardly know they're there." More information about the survey, including charts and graphs detailing key results, can be found at www.blog.homes.com. About Homes.com Homes.com offers today's demanding homebuyers, renters and those somewhere in between a simply smarter home search. With features like Homes.com Match, HomeShare and Snap & Search, homeshoppers 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.
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Metro Home Prices Jump 4 Percent in 2018's Fourth Quarter
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Homesnap Launches 'Flashback Photos' Feature for Pro+ Members
We're excited to announce the latest Homesnap Pro+ feature: Flashback Photos! With Flashback Photos, you can unlock unseen listing photos to get better context for a property's history — valuable for buyer and listing agents alike. Curious about a current listing's recent renovations, strengths and weaknesses? Want to get important insights for a listing presentation based on what a property looked like last time it listed? Uncover all of the above — and impress buyers and sellers — with the click of a button with Flashback Photos via Homesnap Pro+. Here's how it works: 1. Navigate to a property or listing. 2. Click the "Flashback Photos" icon toward the top of the page. 3. If you're a Homesnap Pro+ member, you'll be able to unlock unseen Flashback Photos from previous times when a listing has been on the market. 4. If you're not a Homesnap Pro+ member, you can click "unlock now" to purchase a Homesnap Pro+ subscription and begin accessing unseen photos. As a Homesnap Pro+ member, you'll have other perks, too. Members get verification and management of their Google business profile, which we optimize so you appear more in Google search results and Google Maps. Not a Homesnap Pro+ member and ready to upgrade? Click here! Already a Homesnap Pro+ member and ready to explore Flashback Photos? Just look into any Homesnap property to start using this new feature! To view the original post, visit the Homesnap blog.
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EliteAgent by zipLogix, the Ultimate Suite of Transaction Software, Will Bring Real Estate Professionals Next-Level Success
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Sales of $2 Million-Plus Homes Decline for First Time in 2 Years as Prices Tick Up
Volatility on Wall Street and global economic uncertainty may have contributed to a decline in high-priced home sales SEATTLE, Feb. 6, 2019 -- The average sale price for luxury homes nationwide rose 4.7 percent annually to an average of $1,772,000 in the fourth quarter of 2018, according to a report released by Redfin, the next-generation real estate brokerage. That's on par with the annual growth seen in the second quarter of last year and up from a 3.2 percent growth rate in the third quarter. For this analysis, Redfin tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, prices grew 4.3 percent to an average of $341,000 in the fourth quarter. The typical luxury home that sold in the fourth quarter went under contract in 74 days, down from 78 days during the same period in 2017. Compare that with non-luxury homes: Homes that sold in the final quarter of 2018 took 56 days to go under contract, down from 63 days in the fourth quarter the year before. Sales and Supply of $2 Million-plus Homes Decline Sales of homes priced at or above $2 million dropped 3.9 percent annually in the fourth quarter. That's the first time in more than two years sales of luxury homes have fallen on a year-over-year basis. The fact that sales of high-priced homes declined as their prices grew at a relatively strong rate can be explained in part by the basics of supply and demand. Compared with a year earlier, there were 6.5 percent fewer $2 million-plus homes on the market last quarter, the seventh quarter in a row inventory of luxury homes has dropped annually. Supply of homes priced under $2 million, meanwhile, has been on a steady upward trend since the beginning of 2018. While domestic and global economic uncertainty may have put a bit of a damper on demand for luxury homes, the decreased supply was enough to continue to push prices up at a strong but sustainable rate just below 5 percent annually. "In the fourth quarter of 2018 there was a lot of economic uncertainty—mortgage interest rates peaked in November, and the stock market was all over the place. This may have encouraged luxury sellers to hold on to their real estate assets and also caused luxury buyers to be reluctant to make major home purchases," said Redfin chief economist Daryl Fairweather. "There's also economic uncertainty abroad. For example, China's economy slowed down at the end of 2018, which may be affecting a segment of U.S. luxury sellers and buyers whose wealth is invested overseas." Fairweather continued, "Finally, it's worth noting that when we're examining the most expensive segment of the housing market nationwide, a disproportionate amount of the movement seen in prices and sales is driven by activity--or lack thereof-- in major expensive coastal markets like San Francisco and San Jose, where sales fell by double digits while price growth slowed or reversed at the end of the year." Biggest Price Gains Cities in Florida experienced some of the biggest increases in luxury home prices. In West Palm Beach, the average sale price for the top 5 percent of homes sold in the fourth quarter was $1,628,000, up 35 percent from the year before, and in St. Petersburg luxury prices shot up 30.7 percent to $1,427,000. "When I moved to St. Petersburg in 2006, it had a quiet downtown with one block of shops and restaurants and a very short list of luxury condo buildings—most of which were built before 1980," said Redfin agent Brian Walsh. "As the town has grown, it has become known for its walkability, an exploding restaurant and nightlife scene and a beautiful waterfront, all of which makes it uniquely positioned to become the jewel of the Gulf Coast." "Now that the secret's out, folks who have money to burn are flocking to St. Petersburg," Walsh continued. "A few new luxury buildings have recently gone up, and spec builders are tearing down older, smaller homes and building large, modern properties that fit in beautifully with the aesthetic of the city." Biggest Price Declines Florida cities also dominate the list of places where luxury home prices have dropped the most. Sarasota clocks in at number one with an average luxury price of $1,760,000, down 30.7 percent annually. That's followed by Fort Lauderdale, where the average luxury home went for $2,689,000, down 26 percent from the year before. To read the full report, complete with additional data and charts, as well as a list of the 10 highest-priced home sales in Redfin markets in the fourth quarter, click here. About Redfin Redfin is the next-generation 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 #1 brokerage website in the United States 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.
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New E-Book: How to Start a Blog for Your Real Estate Business (Part One)
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Equity Rich U.S. Properties Increase to New High in 2018
Equity Rich Properties Represent 25.6 Percent of U.S. Properties; Share of Seriously Underwater Properties Drops to 8.8 Percent; Report Includes Home Equity Breakdown by Zip Code IRVINE, Calif. — Feb. 7, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Home Equity & Underwater Report, which shows that in the fourth quarter of 2018, over 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property's estimated market value — up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q4 2018 represented 25.6 percent of all properties with a mortgage, down slightly from 25.7 percent in the previous quarter but up from 25.4 percent in Q4 2017. The report also shows more than 5 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated market value, representing 8.8 percent of all U.S. properties with a mortgage. That 8.8 percent share of seriously underwater homes remained unchanged from the previous quarter and down from 9.3 percent in Q4 2017. "With homeowners staying put longer, homeownership equity will most likely continue to strengthen. Those that are seriously underwater may find themselves coming up for air as they continue to pay off excessive legacy mortgages or sell," said Todd Teta, chief product officer with ATTOM Data Solutions. "This report helps to showcase a story of the West coast markets having the highest share of equity rich homeowners versus the South and Midwest markets, who continue to have stubbornly high rates of seriously underwater homeowners." Historical U.S. Underwater & Equity Rich Trends Highest seriously underwater share in Louisiana, Mississippi, Arkansas, Illinois, Iowa States with the highest share of mortgages that were seriously underwater included; Louisiana (20.8 percent); Mississippi (16.9 percent); Arkansas (15.9 percent); Illinois (15.6 percent); and Iowa (15.2 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of mortgages that were seriously underwater included; Baton Rouge, Louisiana (20.7 percent); Youngstown, Ohio (19.0 percent); New Orleans, Louisiana (19.0 percent); Toledo, Ohio (18.0 percent); and Scranton, Pennsylvania (17.7 percent). 27 zip codes where more than half of all properties are seriously underwater Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 27 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Chicago, Cleveland, Saint Louis, Atlantic City, Detroit and Virginia Beach metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (70.3 percent seriously underwater); 63137 in Saint Louis, Missouri (64.8 percent); 60426 in Harvey, Illinois (62.3 percent); 38106 in Memphis, Tennessee (60.5 percent); and 61104 in Rockford, Illinois (59.6 percent). Q4 2018 Underwater Properties Heat Map by ZIP Highest equity rich share in California, Hawaii, New York, Washington, Oregon States with the highest share of equity rich properties were California (43.6 percent); Hawaii (39.3 percent); New York (34.2 percent); Washington (34.2 percent); and Oregon (32.9 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (72.0 percent); San Francisco, California (60.7 percent); Los Angeles, California (48.5 percent); Honolulu, Hawaii (40.2 percent); and Oxnard, California (39.2 percent). 7 Out of the top 10 equity rich counties resided in California Among the 1,479 counties with at least 2,500 properties with mortgages, those top 10 counties with the highest percent of equity rich properties resided mainly in California counties. The top five counties with the highest share of equity rich properties were San Mateo, California (75.9 percent); Santa Clara, California (73.0 percent); San Francisco, California (71.4 percent); Pasquotank, North Carolina (65.7 percent); and Alameda, California (62.7 percent). 427 zip codes where more than half of all properties are equity rich Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 427 zip codes where more than half of all properties with a mortgage were equity rich. The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94116 in San Francisco (85.0 percent); 94087 in Sunnyvale (84.6 percent equity rich); 94040 in Mountain View (83.5 percent equity rich); 94043 in Mountain View (83.0 percent equity rich); and 95051 in Santa Clara (82.7 percent equity rich). Q4 2018 Equity Rich Properties Heat Map by ZIP 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 more.
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SOLD.com Launches First-Ever Educational Resource and Comparison Engine to Empower Home Sellers
Company is founded by real estate and technology veterans behind Auction.com, Ten-X, Money360 and more IRVINE, Calif. -- A group of serial real estate technology entrepreneurs, including founders or current and former directors of companies including Ten-X, Auction.com, LendingTree, Realtor.com, Fizber and Money360 today announced the launch of SOLD.com, a first-of-its-kind educational resource and proprietary recommendation engine for homeowners researching and evaluating the many ways to sell a home. In a housing market that offers sellers a rapidly expanding array of innovative options, matching the right option with the needs of a unique seller in a particular market requires education. SOLD.com will revolutionize the home selling experience by allowing consumers to compare dozens of home selling options so they can decide which approach and resources enable them to sell for the highest price in the shortest amount of time, while minimizing fees. SOLD.com is completely free for the consumer. Click here to see how it works. SOLD.com's recommendation engine is powered by machine learning that considers thousands of data points for individual properties, local markets and individual seller preferences. Users are asked a few simple questions about their home and their top objectives during the sales process. SOLD.com's proprietary technology then evaluates the top local real estate agents, institutional buyers, discount agent models and more to match the seller with the option that will best help them achieve their goals. SOLD.com also provides a personal concierge to assist the homeowner through their selling experience. "Selling a home is one of the biggest financial – and often, most emotional – decisions people make, and because it may only happen once or twice during a lifetime, it's not something that becomes second nature over time," said Matt Woods, President of SOLD.com. "SOLD.com is committed to helping home owners understand all of the options available to them for selling their homes while protecting their valuable equity, and will serve as a trusted, unbiased resource throughout the home selling process." SOLD.com's board members include Jeff Frieden, co-founder and Chairman of Auction.com and Ten-X; Evan Gentry, founder and CEO of Money360, Inc. and Fizber; and Steve Ozonian, lead director for LendingTree and former CEO of Realtor.com, who provide the company with a wealth of expertise spanning technology, finance and marketing in the real estate arena. SOLD.com's partnerships include emerging brands like Purplebricks, Home Bay, Homie, Redefy, Roofstock, REX, RedfinNow, Reali, Properly, as well as thousands of the top traditional real estate agents across the United States. "Because there are countless new models available in the home selling space in addition to the traditional real estate broker model, there is a critical need for a service that makes sense of all the available options," continued Woods. "SOLD.com solves for this knowledge gap by bringing both traditional and emerging methods for selling a home all under one roof and providing free and unbiased guidance that is personalized for each home owner." About SOLD.com SOLD.com is the first-of-its-kind free, unbiased, educational resource and comparison engine for home owners researching the best method to sell their homes. The SOLD.com platform aggregates disruptive real estate services and top local brokers in one place to inform and educate users about the many options available to them. SOLD.com then uses its proprietary technology and personal concierge services to analyze objective and subjective factors – including local market characteristics, customer service rankings and personal preferences – to provide users with a free and unbiased recommendation for the most efficient, cost-effective route to selling a home. For more information, please visit https://www.SOLD.com/.
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Pending Home Sales Dip 2.2 Percent in December
WASHINGTON (January 30, 2019) – Pending home sales declined as a whole in December, but for the second straight month the Western region experienced a slight increase, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.2 percent to 99.0 in December, down from 101.2 in November. Additionally, year-over-year contract signings fell 9.8 percent, making this the twelfth straight month of annual decreases. Lawrence Yun, NAR chief economist, cited several reasons for the decline in pending sales. "The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for consumers signing contracts in December," he said. All four major regions experienced a decline compared to one year ago, with the South sustaining the largest decrease. Yun says so far, the partial government shutdown has not caused any obvious damage to home sales. "Seventy-five percent of Realtors® reported that they haven't yet felt the impact of the government closure. However, if another government shutdown takes place, it will lead to fewer homes sold," he said. According to Yun, as the government reopens, more mortgage options will come available for consumers. "Some home transactions were delayed, but we now expect those sales to go forward," he said. Still, there is growth in certain pockets. Yun cited year-over-year increases in active listings from data at realtor.com® to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., San Diego-Carlsbad, Calif., and Portland-Vancouver-Hillsboro, Ore.-Wash. saw the largest increase in active listings in December compared to a year ago. Yun says despite the low home sales in December, he is confident that the housing market will see improvement in 2019. "The longer-term growth potential is high. The Federal Reserve announced a change in its stance on monetary policy. Rather than four rate hikes, there will likely be only one increase or even no increase at all. This has already spurred a noticeable fall in the 30-year, fixed-rate for mortgages. As a result, the forecast for home transactions has greatly improved, "Yun said. December Pending Home Sales Regional Breakdown The PHSI in the Northeast rose 2.0 percent to 93.2 in December, and is now 2.5 percent below a year ago. In the Midwest, the index fell 0.6 percent to 97.5 in December, 7.2 percent lower than December 2017. Pending home sales in the South fell 5 percent to an index of 109.7 in December, which is 13.5 percent lower than a year ago. The index in the West increased 1.7 percent in December to 88.4 and fell 10.8 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.
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Migration Trend Reaches a Record High as 1 in 4 People Searching for a Home Looks to Change Metros
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Generation Z Needs to Start Saving $304 a Month Now to Buy a Home By Age 30
Location will be deciding factor in Generation Z's homeownership success; Midwest and South offer more affordable options SANTA CLARA, Calif., Jan. 31, 2019 -- Nearly 80 percent of Generation Z wants to own a home before age 30, and a new analysis released today by realtor.com®, The Home of Home Search℠, shows they will need to save $304 every month for the next 12 years to buy with a 10 percent down payment plus closing costs on a median priced home. According to the analysis, the median priced home in the U.S. is projected to cost $386,310 in 2031, when today's 18-year-old members of Generation Z turn 30. The analysis, which includes a 13-year forecast for median home prices in top 100 metros and different down payment savings plans, projects Generation Z will need to save the most to purchase a home in San Jose, Calif. where they will need to save $1,962 per month. The next most expensive locale is San Francisco ($1,439/mo.) followed by Los Angeles ($979/mo.), Honolulu ($946/mo.), and Oxnard, Calif. ($877/mo.). According to realtor.com®'s analysis of Optimal Blue mortgage data, in 2018 the typical under-30 home buyer used a seven percent down payment to successfully complete their home purchase. On average, in the top 10 most expensive metros, members of Generation Z will need to save an average of $948 a month, starting on their 18th birthday, to afford a 10 percent down payment and typical closing costs by the time they turn 30 years old. The median priced home in 2019 is expected to cost $265,000, but over the course of the next 12 years, the price is expected to increase nearly 50 percent, specifically another 46 percent to $386,310. This assumes prices grow at a very modest 3.2 percent per year over the next 12 years. "Choosing to live in one of the U.S.'s larger and more expensive metros, especially on the West Coast, is going to make homeownership a difficult task, but that doesn't mean that Gen Z should give up on their dreams," said Danielle Hale, realtor.com®'s chief economist. "The most important thing they can do is start saving as much as possible early on and let compound interest do the heavy lifting for them. They may also want to consider more affordable areas or different down payment amounts. Some widely available programs allow down payments as low as 3 percent, but a lower down payment can mean higher ongoing monthly costs. As with most decisions, there are pros and cons and a buyer needs to think these through to determine what's best for them." Midwest and South offer opportunities for an easier savings plan While the analysis reveals potentially daunting West Coast future home prices and monthly savings amounts, Generation Z can look to the Midwest and South for more affordable housing options. Youngstown, Ohio, topped the list of the most affordable metros, where Generation Z would only have to save $108 per month. It was followed by McAllen, Texas ($111/mo.), Toledo, Ohio ($141/mo.), Wichita, Kan. ($154/mo.), and Little Rock, Ark. ($156/mo.). With an average median home price of $191,381 in 2031 for the top 10 most affordable metros, an 18-year-old member of Generation Z will need to save an average of $150 a month, starting on their 18th birthday, to afford a 10 percent down payment by the time they turn 30. That comes out to saving $798 a month less than the average monthly saving required for the top 10 most expensive metros. 20 percent down payments paint a different picture While 10 percent down or less is far more common among first-time and younger home buyers, some members of Generation Z may want to use a 20 percent down payment to qualify for a lower mortgage rate and have a much lower monthly payment, but that might not be feasible in the nation's most expensive metros. On average, for the 10 most expensive metros in the U.S., Generation Z will need to save $1,645 a month for a 20 percent down payment and closing costs. That is $697 more every month than if they are aiming to put 10 percent down. While 20 percent has historically been the benchmark, this isn't true for first time homebuyers, and Generation Z should consider varying levels of down payments when planning to purchase a home, especially in higher cost metros in the U.S. Methodology: This analysis assumed an 18-year-old member of Generation Z started saving on his or her birthday, contributing the exact amount every month into a savings account with a fixed three percent annual return, compounded monthly. They will make their home purchase in 2031 on their 30th birthday, after making exactly 144 deposits over exactly 12 years. The calculated savings amount required includes money for a downpayment and typical closing costs of about 3.6 percent for first-time home buyers. Forecast median home price data comes from Moody's Analytics (economy.com). 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®.
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