fbpx

You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default
Asian and Pacific Islander-headed households face higher housing payment burdens than any other race
SEATTLE, May 26, 2023 -- A new Zillow® study finds Asian and Pacific Islander (API) families, despite relatively high income levels, bear the highest housing payment burdens among all races, highlighting the unique financial strains many within the communities encounter. Many Asian and Pacific Islander (API) homeowners are heavily concentrated in expensive markets nationwide, so the homes they purchase are typically priced higher than homes overall. In 2022, the typical value of a home purchased by Asian mortgage buyers was $575,000, while Pacific Islander mortgage buyers purchased homes valued at a median of $465,000, surpassing the overall median of $405,000 for all U.S. mortgage buyers. Primarily for this reason, API homeowners stretch their budgets to achieve homeownership more than other races. "Many API-led households live in pricier coastal metros like New York, San Francisco, San Jose, and Los Angeles, which possibly helps drive up demand and thus the price home buyers can expect to pay," said Nicole Bachaud, senior economist at Zillow. "Residents of these communities tend to prioritize living in these areas because they offer a strong sense of community, access to cultural amenities and proximity to ethnic enclaves where they can find familiar cultural and social networks that often help facilitate area jobs." Over the past decade (from 2011 to 2021), Asian homeownership surged by 5.1 percentage points, reaching a record high of 63.1%, outpacing all other racial and ethnic groups. Pacific Islanders followed closely with a 4.6 percentage points increase. However, despite these gains, both communities allocate a substantial portion of their household income to mortgage and rent payments. Nationally, when comparing across similar income levels, Asian-headed households allocate a higher percentage of their income towards housing payments than all other races except for Pacific Islanders. Although Asian mortgage applicants have the lowest mortgage denial rate among all races, they are disproportionately burdened by a high debt-to-income (DTI) ratio. According to preliminary 2022 Home Mortgage Disclosure Act (HMDA) data, 41% of Asian applicants and 39.2% of Pacific Islander applicants who were denied a mortgage had their denial attributed to a too high DTI ratio, surpassing the 33.6% of denials for all races being based on DTI. They also face a higher proportion of denials due to insufficient funds to cover closing costs and lack of collateral compared to other racial groups. While some signs point to housing gains, it's important to note that the API community is a diverse landscape of several different nationalities. Significant disparities in homeownership, household income, and mortgage denials exist among different Asian and Pacific Islander populations, with these gaps widening over time. Each subgroup presents unique challenges that need to be addressed. "High incomes and homeownership gains may overshadow the significant housing affordability challenges still faced by many API households," said Bachaud. "Expanding housing inventory and implementing policies and solutions to enhance affordability are crucial for promoting homeownership and advancing housing equity in the United States." Share of Income Spent on Housing Payments Across the U.S. U.S. Homeownership Rates About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.
MORE >
Zillow's top markets for college grads offer a balance of opportunity and affordability
Colorado Springs and Spokane named best areas for recent college graduates in new Zillow study analyzing rent-to-income ratio and job prospects SEATTLE, May 24, 2023 -- Colorado Springs, Colorado, has been named Zillow's top market for college grads in 2023, highlighting how, this year, markets with a smaller population, relatively affordable rents and lots of career prospects contribute to a high quality of life for individuals beginning a new phase in their lives. Trailing behind Colorado Springs are Spokane, Washington, and Des Moines, Iowa — two relatively small markets with plenty of job opportunities and lower rents than the national median. To determine the ranking, Zillow created an index combining1 each metropolitan area's rent-to-income ratio, average salary for recent college graduates, job openings and the share of the population in their 20s. The analysis identifies cities that not only provide promising career prospects but also ensure a manageable rent burden for fresh graduates embarking on their next exciting chapter. "Graduating from college and moving to a new city to start your career is a major milestone. For many, it's a reality check when they realize how much of their hard-earned paycheck goes straight to rent," said Anushna Prakash, an economic data analyst at Zillow. "Zillow's top markets for college grads are buzzing with abundant job opportunities, a chance to connect with fellow 20-somethings, and rent prices that allow more freedom to spend on nights out or even start saving for a down payment. They're great places to kick-start life's exciting next chapter." Second-largest markets offer college grads a quality life Both Colorado Springs and Spokane hold the distinction of being the second-largest markets by population in their respective states. These vibrant regions offer abundant job opportunities along with rents that are more affordable than their larger metro counterparts Denver and Seattle. In Colorado Springs, the typical rent is $1,824, compared to $2,031 in Denver. In Spokane, the typical rent is $1,563, compared to $2,223 in Seattle. College graduates flock to these areas, seeking an excellent quality of life, outdoor recreation and economic prospects at a reasonable cost. The two are also college towns, anchored by UC-Colorado Springs and Gonzaga University, respectively, giving them a head start at attracting 20-somethings when many recent graduates stick around to start their careers. Phoenix and Portland are the largest markets on the list Among the top metros, Phoenix and Portland stand out as the largest markets by population size. While their typical rents rank highest on our top-10 list, Portland's generous average salary for recent college grads offsets the higher living costs, ensuring a relatively manageable rent-to-income ratio. Phoenix, on the other hand, takes the crown for its abundance of job opportunities, surpassing all other analyzed metro areas. When combined with factors such as the vibrant population of 20-somethings and favorable rent-to-income ratios, both Phoenix and Portland emerge as exceptional choices for recent graduates seeking a flourishing start to their professional journeys. Peak rental season is in full swing, and new college grads looking to sign a lease only add to the competition for rentals. The rental market can be expensive and competitive, but there are steps first-time renters can take to make the process easier: Search smarter, not harder To save time on in-person tours, renters can take advantage of virtual 3D Home tours and interactive property maps on many apartment listings from the comfort of their own couch and avoid wasting time touring rentals that are not a good fit. Once they decide they want to see something in person, renters can automatically schedule tours in the same way they book restaurant reservations — no need to wait for a response from the property manager. Create a budget and explore options Once they land a job and know their salary, college grads should also do research on their market to better understand what they can expect to pay and if they should negotiate. Zillow has a rental market trends tool showing typical rents, number of available units and market temperature down to the ZIP code. Know a renter's rights Zillow's local legal protections tool provides information about local laws that protect LBGTQ renters from housing discrimination. It also includes information on local laws that prevent housing discrimination based on the source of income used to pay the rent, such as housing vouchers. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.
MORE >
Auction.io Acquires Home-Buying Platform Doorsey
MORE >
Adwerx Secures $3 Million in Funding to Fuel Platform Expansion and Accelerate Growth
Adwerx, the leading provider of digital advertising solutions for real estate and mortgage companies and their top producers, announces the successful completion of its latest funding round, raising $3 million. The round was led by Savano Capital Partners and Observatory Capital, with participation from existing investors Grotech Ventures, Bull City Venture Partners, and Alerion Ventures. Notably, Second Century Ventures, the National Association of REALTORS®' strategic venture arm, also participated. The newly secured funds will support Adwerx's strategic initiatives, including the expansion of its automated advertising platform and the fortification of its balance sheet to prepare for accelerated growth in the coming months. "We're thrilled to have the support of the investors who know the company and the industry best," said CEO Michael Collins. "Their backing reaffirms our position as an innovator in the digital advertising space and reflects their confidence in our path forward." The involvement of Second Century Ventures, the National Association of REALTORS®' strategic venture arm, adds significant credibility to Adwerx's vision and strategic direction. Adwerx's previous participation in the REACH technology growth program and continued support from SCV will enable Adwerx to leverage the association's industry expertise and vast network of professionals to further amplify its impact in the real estate sector. "Adwerx has built significant momentum in recent months despite the softness in the real estate and mortgage industries," said Jonathan Perl, General Partner at Observatory Capital. "With the additional capital, new management team and plans for product innovation, we are optimistic about the company's potential." About Adwerx Adwerx is an industry-leading digital advertising automation platform that provides personalized, hyper-targeted, and fully-automated digital advertising solutions for real estate and mortgage companies. Scalable for businesses of any size, Adwerx executes advertising with the power needed for large enterprises and the simplicity expected for an individual agent. As a trusted partner to thousands of real estate and mortgage firms and their top producers, Adwerx enables its customers to stay ahead of the competition by reaching new audiences and nurturing existing relationships. For more information about Adwerx and its suite of digital advertising solutions, visit www.adwerx.com.
MORE >
Sisu Launches Client Portal 2.0 with Vendor Integration for Streamlined Real Estate Workflows
MORE >
Curbio Adds Pay-When-You-Sell Home Staging Services to Help Realtors Reduce Number of Partners Needed to Get Homes Ready for Market
The leading fix-now, pay-when-you-sell home improvement solution makes it easy to repair, update and stage homes without having to pay out of pocket POTOMAC, Md., May 17, 2023 -- Curbio, Inc., the leading pay-at-closing home improvement solution for the real estate industry, today announces the launch of its new home staging service. Real estate agents can leverage Curbio's latest offering to help stage their clients' homes seamlessly with no upfront costs, saving sellers time and helping them make more money. Staging is shown to decrease days on market and increase the price a home sells for. According to the National Association of Realtors, 23% of buyers' agents said that staging a home boosts offers as much as 5% compared to similar homes that weren't staged. Curbio's physical home staging services includes a team of design experts who strategically lay out furniture and decor to highlight and accentuate a home's most appealing assets. Home staging is just one of Curbio's services for agents to leverage. The company offers updates and renovations that get sellers a high ROI for their home – everything from cleaning, painting and organizing to full kitchen remodels and whole-home makeovers. Curbio also recently launched its new inspection repair tool, streamlining the estimate and repair processes for agents following home inspection reports, getting homes to the closing stage faster. Sellers do not pay for Curbio's services until closing – with zero fees or interest. "We are no longer in a hot seller's market, which means buyers are choosier and less willing to pay more for a home that is not move-in ready," said Olivia Mariani, CMO at Curbio. "At Curbio, we are leveraging technology to make it as convenient as possible for agents and their sellers to take the steps that will get them the maximum value for their house – whether that's through home staging, simple updates, major renovations or inspection report repairs." As the licensed and insured general contractor, real estate agents can hand off any pre-listing home improvement projects to Curbio, so that they can sell their listings for top dollar without spending hours on the phone lining up contractors. Pitching Curbio's fix first, pay-when-you-sell service to win listings is also a popular use-case for agents in a tight inventory market. Curbio's recently launched mobile app allows real estate agents to get instant estimates for staging services, pre-listing projects and necessary inspection repairs for current and prospective clients. At the touch of a button, real estate agents can generate an immediate price and ROI estimate for repairs, updates and renovations. Curbio's full-service staging solution is currently available in Washington D.C., Baltimore, Richmond and Philadelphia/South New Jersey markets, with additional market expansions to come. Other markets can work with any stager they choose and use Curbio to pay at closing. For a full list of Curbio's markets, click here. Real estate agents can download Curbio's mobile app through Google Play and the App Store for a free estimate or visit Curbio here. To learn more about Curbio, visit www.curbio.com. About Curbio Curbio is on a mission to help real estate agents fix and update homes before they go on the market, so they sell quickly and for the best price, with zero payment due until closing. Founded in 2017, Curbio has quickly become the largest national home improvement company dedicated to pre-listing repairs, updates, and renovations. Curbio has modernized home improvement with an easy-to-use app that accelerates project timelines by 50%, while removing the delays, uncertainties and other frustrations that have plagued home improvement for decades. Their rapid time to listing, coupled with a turn-key approach and project ROI expertise, has made Curbio the most trusted fix first, pay-at-closing home improvement partner to thousands of realtors and brokerages nationwide, including eXp realty, RE/MAX, HomeServices of America, Long & Foster, @properties and many more.
MORE >
Plunk and Milestones Join Forces to Unlock Trillions of Dollars in Untapped Property Value through AI-Powered Remodel Insights
MORE >
iGUIDE Enhances Architectural and Design Workflows with New DWG Floor Plan Add-on
WATERLOO, ONTARIO, MAY 9, 2023 – Today, iGUIDE, the leading camera and software platform for capturing and delivering immersive 3D walkthroughs and extensive property data, announces iGUIDE DWG Floor Plans, a DWG file add-on feature that is created from an already processed iGUIDE. A DWG (short for "drawing") file is a proprietary Autodesk format for storing 2D or 3D design data and metadata supported by AutoCAD, Revit, and other drafting software. iGUIDE DWG Floor Plans are intended to provide a head start on architectural, engineering and construction floor plans and as-built and design drawings and enable faster workflows. "As a company committed to providing innovative solutions for the architecture, engineering, construction and facility management industries, we are thrilled to introduce iGUIDE DWG Floor Plans as our latest offering," said Jarrad Morden, COO of Planitar Inc., the makers of iGUIDE. "By leveraging an industry-standard DWG file format, we give our partners a head start in creating their architectural and construction floor plans, and as-built and design drawings. We aim to empower our customers with the tools they need to excel in their business by saving time and cost while receiving improved accuracy over other floor plan workflows. The iGUIDE DWG Floor Plan add-on is another example of the value we're bringing to our target markets." Key features of the DWG Floor Plan: AIA (American Institute of Architects) standard layers Annotations include labels, area totals, objects, dimensions, etc. (Premium only) LOD 200 (level of development) iGUIDE 3D walkthrough: experience the facility virtually "iGUIDE has launched the DWG Floor Plan add-on as part of our continuous efforts to enrich outputs provided by our technology," said Jarrad Morden. "This update follows the release of other offerings like Real Time Tagging and iGUIDE Preview, which uses computer vision and deep learning AI models to deliver virtual tours and interactive floor plans within minutes of completing a property scan. This latest update is intended to improve the workflow of our partners by shortening their design time with the DWG file output." Key takeaways: Take thousands of lidar measurements instantly for improved accuracy A faster rate of capture: Measure properties in minutes, not hours Enhanced speed of delivery: Less than 48 hours instead of 5-10 days Less than half the cost of traditional methods More info here: https://goiguide.com/dwg About iGUIDE Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for capturing and delivering immersive Digital Twins and extensive property data. iGUIDE is the most efficient system to map interior spaces and features accurate floor plans, measurements, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments. To learn more about iGUIDE and its services, visit goiguide.com.
MORE >
The Optimal Time of the Year to Sell a Home Proves to Be Spring and Summer
MORE >
planetRE Launches Aelo.Ai, First AI-Driven Virtual Home Staging Platform
Fully Automated Mobile First platform targeted for MLSs, Agents and Builders offers stunning image transformations at lightning speed. SAN JOSE, Calif., May 2, 2023 -- planetRE today announced Aelo.Ai, a fully automated AI driven virtual staging platform empowering agents, builders to allow buyers and prelisted sellers reimagine a variety of home interior or exterior space transformations, all in a matter of seconds using uploaded or live photos. Current market solutions are expensive, slow and low tech; often resorting to sending pictures abroad, using low-cost offshore manual labor. It takes days for each iteration with gross errors. Typically, it can cost agents between $150 to $200 per home for offshore services, with weeks of agonizing wait and reruns. Aelo.ai new technology changes all of that, generating images instantly in seconds and costing cents. The tool has been developed using the most sophisticated computer vision and image processing algorithms to produce stunning results including image changes using natural language. Pictures for most common living spaces, e.g., living, dining, kitchen, bedroom and even outdoor areas like backyard, patio can be used. The target styles offer diverse choices like modern, tropical, vintage etc. Tool can even display cross transforms, e.g., how a large unused dining area, or a spare bedroom inside a home be converted to a usable furnished office space. Transformed pictures are generated in 256, 512 or higher resolutions with minimum 1 to max 12 possible images per click - all in matter of seconds on a mobile phone. Each click generates more stunning and differentiated styles endlessly. Dashboard saves all the work. iOS and Android Apps are planned to be released soon. Aelo.ai can be used standalone or with previously announced AI platform chocolatechips.ai offering first real estate ChatGPT. "This is a killer app for real estate agents," said Subrao Shenoy, CEO of planetRE. "Aelo.ai puts the ultimate AI mobile power and client control in hands of agents during open house or otherwise to reimagine homes with endless new possibilities instantly and close deals faster." About planetRE planetRE is privately held enterprise software company in Silicon Valley, CA. More information about planetRE, chocolatechips.ai and Aelo.ai can be found on www.planetre.com, www.chocolatechips.ai and www.aelo.ai, respectively. planetRE, chocolatechips.ai, Aelo.ai are trademarks. All other registered trademarks are the property of their respective holders.
MORE >
Zillow builds ChatGPT plugin for real estate searches
MORE >
CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing
Proposed rule would guard against unscrupulous practices and prevent unnecessary mortgage foreclosures WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower's home, are often promoted as a way to finance clean energy improvements such as solar panels. The proposed rule would require lenders to assess a borrower's ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. The CFPB also published a report on residential PACE loans, which found that the loans cause an increase in borrowers falling behind on their mortgage payments, along with other negative credit outcomes. "When unscrupulous companies bait homeowners into unaffordable loans with exaggerated promises of energy bill savings, this can lead to serious financial distress," said CFPB Director Rohit Chopra. "We are proposing new rules that would require sensible safeguards on these clean energy loans." Residential PACE loans finance home improvements for borrowers, who pay back the loans through increased property tax payments over time. Eligible upgrades can include energy and water efficiency projects, or projects to prepare homes for natural disasters. From 2014-2020, a majority of PACE loans were for home improvements for natural disaster preparedness. The obligation of paying the loan back through higher property tax payments remains with the property even if the borrower sells the property. Although PACE lending is authorized by local governments, private companies typically administer the programs, which can include marketing of the loans, managing originations, and making the lending decisions. In October 2022, the FTC and State of California sued one of these private PACE administrators, Ygrene Energy Fund Inc., to force it to stop deceptive, coercive, and fraudulent sales practices. Today's proposed rule comes five years after President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, which directed the CFPB to prescribe ability-to-repay rules for PACE financing and to apply the civil liability provisions of the Truth in Lending Act for violations. If finalized, the proposed rule would require PACE creditors and PACE companies to consider a consumer's ability to repay when issuing a new PACE loan, and it would amend Regulation Z to address how the Truth in Lending Act applies to PACE transactions. Among other amendments, the proposed rule would adjust disclosure requirements to better fit PACE loans and to help consumers understand the loans' impact on their property tax payments. Public comments on the proposal are due by July 26, 2023, or 30 days after publication in the Federal Register, whichever is later. Read the proposed rule. PACE Financing Report The new CFPB report on the PACE loans highlights the impact these loans have on borrowers' credit outcomes. The report focused on California and Florida as these are the two states where almost all PACE loan activity has occurred to date. Some of the risks to consumers identified in the report include: Higher property taxes: PACE loans increased a homeowner's property taxes by about $2,700 per year on average – an increase of about 88%. Higher interest rates: The average PACE loan had a 7.6% interest rate, which is much higher than average interest rates for home purchase or home equity loans. Increased mortgage delinquencies: In the two years following PACE loan origination, the mortgage delinquency rate for PACE loan borrowers with a pre-existing mortgage increased by 2.5 percentage points. Increased credit card balances: Consumers without a pre-existing mortgage increased their credit card balances in response to acquiring a PACE loan, perhaps accumulating credit card debt in order to make the PACE loan payments. PACE borrowers were more likely to reside in census tracts with higher percentages of Black and Hispanic residents relative to the average for their states. Reforms and regulation of PACE loans in California appear to have substantially reduced the volume of delinquencies compared to the trend in Florida over the same period. Read today's report, Property Assessed Clean Energy (PACE) Financing and Consumer Financial Outcomes Implementing Rules Mandated by Congress The CFPB is taking action to implement statutes and activate authorities enacted by Congress. Recent actions include: The CFPB recently met a court deadline to finalize rules implementing a required small business lending data collection provision under Section 1071 of the Consumer Financial Protection Act. The CFPB has also started a rulemaking process on personal financial data rights, using a dormant authority under Section 1033 of the Consumer Financial Protection Act that will accelerate the shift to "open banking" in the United States. In June 2022, the CFPB finalized a rule implementing the Debt Bondage Repair Act to mitigate financial consequences for survivors of human trafficking. In February 2022, the CFPB published its outline of a proposal to implement a 2010 law to prevent algorithmic bias in home valuations, and is working closely with other agencies to issue the proposed rule. Consumers can submit complaints about financial products and services by visiting the CFPB's website or by calling (855) 411-CFPB (2372). The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.
MORE >
Own a Place in Space: Realtor.com Teams Up with Marvel Studios' 'Guardians of the Galaxy Vol. 3' So Fans Can Claim Their Corner of the Cosmos
MORE >
The Wall Street Journal and Realtor.com Release Spring 2023 Emerging Housing Markets Index Report
Lafayette-West Lafayette, Ind., remains the No. 1 emerging market in America NEW YORK and SANTA CLARA, Calif., April 26, 2023 -- The Wall Street Journal and Realtor.com® today released the WSJ/Realtor.com® Spring 2023 Emerging Housing Markets Index, which revealed Lafayette-West Lafayette, Ind. remains the No. 1 emerging market in America. The index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. The Top 20 Emerging Markets for Spring 2023 are: Lafayette-West Lafayette, Ind. Bloomington, Ill. Elkhart-Goshen, Ind. Lebanon, Penn. Fort Wayne, Ind. Topeka, Kan. Sioux City, Iowa-Neb.-S.D. Omaha-Council Bluffs, Neb.-Iowa Springfield, Ill. Manchester-Nashua, N.H. Janesville-Beloit, Wisc. Columbus, Ohio La Crosse-Onalaska, Wisc.-Minn. Johnson City, Tenn. Springfield, Ohio Hickory-Lenoir-Morganton, N.C. Burlington, N.C. Columbia, Mo. Waterloo-Cedar Falls, Ind. Knoxville, Tenn. Key Trends Among the Spring 2023 Top 20 Emerging Housing Markets: Emerging Markets Offer Relief from High Costs With home prices still elevated and inflation easing but still well above the target level, this quarter's emerging markets lean further into affordability relative to previous quarters. Home list prices in all but two of the top 20 markets are lower than the median-priced U.S. home for sale, which was $424,000 in March. The lowest priced locale on the list, Springfield, Ill., offered 66% savings on the median priced home relative to the national level in March. Demand for Affordability Drives High Price Growth The median price of the typical home for sale is still higher on a year-over-year basis nationwide and this is even truer among the top markets. The average increase in listing price was 29% among the top 20 markets compared to 12% nationally for the 12 months ending in March 2023. All of the top markets saw price growth exceed the national rate. Each market saw double-digit price growth except Springfield, Ohio. Although 17 of the top 20 emerging markets saw an increase in time on market, homes sold on average 12 days faster than the average across the 300 markets ranked for the index (36 vs. 40 days). Additionally, all 20 markets outperformed this national average. Much Smaller Markets with Healthy Economies and Easy Commutes Only one of the top 20 markets has more than a million residents: Columbus, Ohio, although Omaha-Council Bluffs, Neb.-Iowa, comes close and Knoxville, Tenn., isn't too far behind. Just two of the top 20 markets had an unemployment rate above the 300-market average (3.6%) and on average unemployment in the top 20 emerging markets was just 3.0%. Even though these areas have few out-of-work job seekers, commutes are relatively easy, clocking in at just over 21 minutes compared to nearly 24 minutes on average across all markets reviewed in the index. Typical wages lagged behind the U.S. with an average weekly wage of $1,106 among the top markets compared to $1,174 among the broader market average. But this roughly 6% gap in wages is made up for in the cost of living differential. Prices in the top emerging markets on average are less than 92% of the national price level, and only one market has prices that are slightly higher than the national average. A Lower, but Growing Share of Out of Market Shopping Interest While some markets like Manchester-Nashua, N.H., and fall 2022 No. 1 market Johnson City, Tenn., attract an outsized share of shoppers from elsewhere, others including Columbus, Ohio, and Omaha-Council Bluffs, Neb.-Iowa, rely more on local housing demand. Reflecting the broad trend of willingness to relocate among home shoppers, both the top emerging markets and broader index markets have seen the share of out-of-market shoppers grow more than seven percentage points compared to one year ago with the top emerging markets seeing a somewhat greater increase in out of market shopping share. City Spotlight: Bloomington, Ill. This list's highest-ranked emerging market is Lafayette-West Lafayette, Ind., the same as last quarter in our winter 2023 index. Located just a couple hours west is the No. 2 market of Bloomington, Ill. Home to the corporate headquarters of State Farm Insurance Co., other major Bloomington-Normal employers include Illinois State University and Rivian, a maker of electric trucks that has been ramping up employment in its production facility in the area. The typical home for sale in Bloomington was listed for $339,000, a 20% discount compared to the national median for March. More than half of views to properties in Bloomington come from outside of the metro, with particularly sizable out-of-metro attention from the Chicago area. Returning Markets There are many familiar places on the list of the top 20 emerging markets: 13 members of the winter 2022 list, most notably No. 1, Lafayette-West Lafayette, Ind. This is the second quarter that this market has held the top spot. Among the markets that have remained on our list are the ever-popular southern locales Burlington, N.C., Johnson City, Tenn., and Knoxville, Tenn., as well as the midwestern hotspot of Columbus, Ohio, and various small- to mid-sized midwestern cities that offer affordable housing and low costs of living. Markets Falling Out of the Top 20 Of the seven markets that did not remain on the list from the winter into the spring, five tumbled a bit but remained in the top 50. The two biggest movers, Savannah, Ga., and South Bend, Ind., which fell 61 spots and 102 spots, respectively, remained in the top half of areas studied, ranking 69th and 117th this quarter. The markets that departed the top 20 in our index included two Southern markets of Savannah, Ga., and Kingsport-Bristol, Tenn., as well as Portland-South Portland, Maine, and the midwestern markets of Springfield, Mo., Rapid City, S.D., Milwaukee, Wisc., and South Bend, Ind. As economic conditions have changed since earlier in the year, with mortgage rates rising sharply, these largely affordable markets fell out of favor in exchange for even lower-priced areas. Methodology The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average pageviews per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita “everyday splurge” stores in an area; commute (6.25%); and estimated effective real estate taxes (6.25%). About the Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. The Wall Street Journal engages readers across print, digital, mobile, social, podcast and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism. The Wall Street Journal is published by Dow Jones, a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV). About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >
U.S. Home-Sellers Experience Further Decline in Profits in Q1 2023
MORE >
SentriLock and Plunk Partnership Give REALTORS Access to AI-Powered Market Insights
Agents gain instant access to key real estate data and neighborhood metrics through SentriLock mobile app BELLEVUE, Wash., April 25, 2023 -- Plunk, the first real-time analytics platform for residential real estate, announces its new partnership with SentriLock, a leading provider of electronic lockbox solutions for the real estate industry. The partnership provides REALTORS® with AI-powered home valuation and market insights at a critical time when both REALTORS® and their clients work to navigate rapid and unpredictable market shifts. By incorporating Plunk's market data and analytics, REALTORS® will have access to real-time information on real estate trends, property values, and other key market indicators—saving hours of preparation prior to each showing while always having the ability to provide clients with the most accurate and timely information about buying and selling property. "With SentriLock, we reach the nearly half million REALTORS® they serve across North America," said David Bluhm, President and Co-Founder of Plunk. "Plunk empowers REALTORS® to better serve their clients with real-time insights that allow their clients to make more fully informed, confident decisions. By making Plunk's market insights available through SentriLock's mobile app, we're delivering a powerful combination of two fundamental agent tools." "Our partnership with Plunk brings valuable and live market information to our customers," said SentriLock CEO, Scott Fisher. "The integration of Plunk's market data and analytics with our electronic lockbox solutions will provide REALTORS® with the tools they need to better serve their clients and stay competitive and essential in the transaction. As we continue to expand our business into new markets, we want to continually reward our REALTORS® who choose us as their provider by increasing their access to useful business tools within our system." Plunk is available as an upgrade feature to all new and existing customers of SentriLock. About SentriLock SentriLock is the leading provider of electronic lockbox solutions for the real estate industry. The company's products and services are designed to help REALTORS® securely access and manage properties, while providing valuable data and analytics to help them make informed decisions. About Plunk Plunk is the first AI-powered and real-time home analytics platform leveraging next-generation applications of Artificial Intelligence, machine learning and image analysis to revolutionize the way homeowners, real estate professionals, and investors value and invest in residential real estate.
MORE >
RESAAS Partners with National Association of Realtors
MORE >
NAR Partners with the CCIM Institute on C5 + CCIM Global Summit in September
Commercial real estate practitioners worldwide will gather in Atlanta Sept. 28–30, Basketball Hall of Famer and two-time Olympic gold medalist David Robinson to deliver keynote address WASHINGTON (April 19, 2023) – The National Association of Realtors® and the CCIM Institute have joined forces to present the C5 + CCIM Global Summit, the nation's premier commercial real estate and economic development event. Practitioners within the entire commercial ecosystem – including brokerage, financing, development, asset and property management, and sales – will convene at the Omni Atlanta Hotel at CNN Center Sept. 28–30, 2023. "We're excited to partner with the CCIM Institute on the C5 + CCIM Global Summit and look forward to bringing together the best and brightest in commercial real estate to Atlanta this fall," said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. "By leveraging CCIM's commercial expertise, attendees will have access to expanded educational and training offerings, a wider range of the industry's top speakers, and greater networking opportunities with professionals who are looking to do business domestically and abroad." Naismith Memorial Basketball Hall of Famer David Robinson will deliver the keynote address. The two-time Olympic gold medal winner, NBA champion and philanthropist co-founded the Admiral Capital Group in 2008, a real estate and private equity investment management firm that recently rebranded as Vero Capital. He currently works on the boards for Brown Advisory and Affinius Capital. Additional featured sessions include: Capital Market Updates: Keeping You Informed on the Latest CRE Financing and Investment Trends ChatGPT & AIE in CRE: The Future Is Here, Let's Embrace It Together Big Data: Unleashing the Potential of Commercial Real Estate Adaptive RE-Use: Transforming Properties for the Next Generation Office/Retail/Industrial/Multifamily: Discovering the Unique Opportunities in Each Sector "The C5 + CCIM Global Summit will bring together some of the most influential commercial real estate leaders. It is a place not just to increase your knowledge and skills, but to actually do deals," said David Schnitzer, 2023 Global President of the CCIM Institute and commercial real estate broker from Dallas, Texas. "This is a must-attend event for anyone who wants to enhance their business in the commercial real estate arena." Attendees will include commercial investors and influential industry leaders, including commercial brokers and developers, state and local Realtor® associations, economic development corporations, government officials, REITs, and domestic and international investors. NAR's C5 – Commercial. Connect. Commerce. Capital. Community. – originally launched in 2021 in New York City. This year, the newly reimagined C5 + CCIM Global Summit moves to Atlanta, a world-class city with a thriving commercial market across all sectors and a top destination for corporate relocation and expansion. Registration is now open for the C5 + CCIM Global Summit. Interested parties can register and learn more about the event by visiting c5summit.realestate/. Members of the media can register by contacting Troy Green at [email protected] About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About the CCIM Institute Founded in 1967, the CCIM Institute is a professional association advancing all disciplines of commercial real estate. The CCIM Institute provides education, technology, and a global network for its 13,500 members and 59 chapters worldwide. For more information, please visit www.ccim.com.
MORE >
Create Your Dream Home with AI -- and Find Out if It Really Exists on Realtor.com
MORE >
More than half of Gen Zers and millennials believe they'd need to win the lottery to afford a home
New Zillow survey finds younger generations still believe owning a home is part of the American dream, but they don't know how they'll achieve it SEATTLE, April 19, 2023 -- The American dream of homeownership is not dead, even for Gen Zers and millennials, but they believe their path to get there will be challenging and may even require some luck given the affordability challenges facing many buyers today. New research from Zillow® finds that 52% of Gen Zers and 57% of millennials who don't currently own a home believe they'd need to win the lottery to afford one. Outside of winning the lottery, large shares of both generations (95% of Gen Zers and 94% of millennials) say they would have to make some life changes in order to make their dream of homeownership a reality. About 40% of millennials say they would need to get a second or third job, and 28% of Gen Zers say they'd have to make a career change in order to afford a home right now. The housing affordability crisis is the worst it's been in at least 15 years. Home values are up 3% over the past year, but during the peak of the pandemic, home values were rising in the double-digits. Record-fast home value growth has already been squeezing budgets, and now rising mortgage rates are compounding the affordability challenges many buyers are facing. "These findings highlight the gap between Gen Z and millennials' dream of owning a home and their ability to actually make it happen," said Zillow's home trends expert Amanda Pendleton. "Mortgage rates have been on the rise since last year, sending monthly housing costs through the roof — the typical monthly mortgage payment is now $431 higher than a year ago. Combine rising rates with record-breaking home value appreciation and it's easy to understand why younger generations are wondering how they'll ever be able to afford a home." When it comes to a down payment — a major barrier to homeownership — 36% of Gen Zers say they'd give up their beloved social media if it meant magically having enough cash to put down on a starter home. To put the down payment challenge in perspective, 20% down on the typical U.S. home ($334,944) means coming up with nearly $67,000. In pricier markets, a down payment can easily exceed six figures. Many buyers don't realize a 20% down payment isn't usually required. Shoppers can use Zillow's down payment assistance tool to see what local resources may be available to them to help make homeownership a reality. Still, these two generations are optimistic about the future. About two-thirds of the Gen Zers and millennials surveyed say it's realistic to think they can buy a home within the next five years. For first-time buyers looking to get in the game this spring, here are a few tips that could help make the dream of homeownership a reality: Understand what you can afford. Buyers should start with a mortgage calculator and affordability tools to understand what goes into a mortgage payment and what they can realistically afford on a monthly basis. Then they can use Zillow's new app filter to shop for homes they are confident are within their range of all-in monthly costs instead of looking at list prices, clarifying a key source of confusion for buyers. Find an agent you trust. Zillow's agent finder tool helps buyers find the best agent to fit their specific needs. Buyers can read reviews of top-rated real estate agents in their area and reach out to them directly. Get pre-approved for a mortgage — not just prequalified. Though it's a more extensive financial check, pre-approval will give the buyer — and the seller — more confidence in the buyer's ability to finance the home. A Zillow survey finds 86% of sellers prefer a buyer who has been pre-approved, as opposed to pre-qualified, for a mortgage. Buyers can start the pre-approval process online with Zillow Home Loans. Survey Methodology This survey was conducted online within the United States by The Harris Poll on behalf of Zillow March 16–20, 2023. Among the 2,066 U.S. adults ages 18 and older surveyed, 306 were Gen Z adults ages 18–26 and 585 were millennials ages 27–42. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates, brands and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+ ℠, which houses ShowingTime®, Bridge Interactive®, dotloop®, and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
82% of Those Looking to Buy and Sell a Home Feel 'Locked In' by Low Mortgage Rate
MORE >
NAR to Plant 215,000 Trees in Idaho National Forests, Capturing CO2 Emissions Equivalent to More Than 12 Million Gallons of Gasoline Consumed
BOISE, ID (April 14, 2023) – The National Association of Realtors®, in partnership with the National Forest Foundation, will plant 215,000 trees in national forests throughout Idaho this year. This action will capture 107,500 metric tons of carbon dioxide emissions over their lifetime – the equivalent to the CO2 emissions released from: Nearly 21,000 homes' electricity use for one year (20,917), More than 23,000 gasoline-powered passenger vehicles driven for one year (23,163), Nearly 12.1 million gallons of gasoline consumed (12,096,320), More than 13 billion smartphones charged (13,076,584,477) or More than 266 million miles driven by an average gasoline-powered passenger vehicle (266,837,098).(Source: The U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator) "We are proud of our work at the intersection of the built and natural environments," said Tracy Kasper 2023 National Association of Realtors® President-elect and a Realtor® from Nampa, Idaho. "Sustainability is directly relevant to what agents and Realtors® do, and we aim to lead by example – determining how to enjoy resources today and ensure that future generations have the same advantages." NAR will make this announcement during its sustainability symposium – "NAR Community and Stewardship: Boise, Idaho" – in Boise on Friday afternoon. The planted trees will support reforestation efforts in the Boise and Nez Perce-Clearwater National Forests to bolster recovery from the 2016 Pioneer Fire and the 2021 Johnson Creek Fire. This planting is part of NAR's partnership with NFF on a 1.575 million tree-planting initiative. "The National Forest Foundation is proud to partner with the NAR on their sustainability initiatives." said Mary Mitsos, President & CEO, National Forest Foundation. "Tree planting after wildfires is more important than ever. These 215,000 trees are a crucial step to not only restoring our public lands, but to providing cleaner air and beautiful outdoor spaces for future generations to enjoy. With NAR's support, and our joint commitment to sustainability and growth, we look forward to a brighter, greener future." The symposium will include two panel discussions. "Sustainability and the State of Idaho" will explore sustainability issues that impact Idaho and how they are being addressed. "Residential Resilience and Community Stewardship" will explore how local initiatives, policies and programs directly impact the development, purchase and sale of property. Attendees will hear from business and community leaders and real estate professionals regarding initiatives being developed in Idaho that will promote residential resilience and environmental stewardship. "The outdoor opportunities in Idaho are such a large draw to current residents and those moving to our area, including our miles of Boise River Greenbelt, our foothills and other natural resources," said Boise Regional REALTORS® 2023 President Debbi Myers. "Initiatives like NAR's will provide additional support for those spaces so our residents can continue to enjoy the great outdoors for generations to come." Idaho Governor Brad Little issued a proclamation for the tree planting, which will be presented at Friday's event. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
MORE >
Total Property Taxes on Single-Family Homes Up 4% Across U.S. in 2022, to $340 Billion
MORE >
Zillow's new search tool helps buyers find homes they can afford
Volatile mortgage rates are changing what some potential home buyers can afford from week to week, requiring a smarter way to shop SEATTLE, April 10, 2023 -- Zillow has a new way to shop that helps buyers navigate a rapidly changing market and find homes that fit their monthly budget. The new filter shows homes within a range of all-in monthly costs, instead of list prices. This monthly cost includes principal and interest, as well as estimates for insurance costs, taxes and HOA fees, clarifying a chief source of confusion for buyers. Shoppers can use the monthly payment filter now on the Zillow app. Last year's drastic rise in mortgage rates sent monthly costs for home buyers skyrocketing — nearly $700 more than the year before in recent months — and are now $431 higher than in March 20221. High rates combined with record-breaking home appreciation have nearly doubled monthly mortgage costs since 2020. Rates are also extraordinarily volatile. Home prices nationwide started falling in June and flatlined this year, but shifting mortgage rates often swung costs by more than $100 month to month. "Shoppers looking at list prices struggle to figure out what they can really afford, because the mortgage rate is what makes or breaks a monthly payment. Adding in costs like taxes, insurance and HOA fees can quickly bust a shopper's budget," said Amanda Pendleton, consumer finance expert at Zillow Home Loans. "This new search tool does the math, so shoppers can confidently jump into finding a home they love and can afford." Shoppers can start with Zillow's linked affordability calculator, entering their down payment amount, income and debts to estimate the monthly mortgage cost they can afford. Then they enter their monthly budget range into the filter to start shopping. Updated mortgage rates feed into the filter, showing homes and hiding others to keep shoppers on budget as rates and price cuts change the monthly payment math. A new survey from Zillow Home Loans finds that the most difficult financing activity among prospective home buyers is understanding all costs associated with a mortgage payment, followed by figuring out how much home they can afford, and researching mortgages and rates. "Fast-rising mortgage rates last year pushed monthly costs up with unprecedented speed, dragging affordability to its lowest point in more than 20 years," said Orphe Divounguy, senior macroeconomist at Zillow Home Loans. "Beyond the high costs, volatile mortgage rates have made it extremely difficult to plan and budget to buy a house." The new filter — coming soon to Zillow.com — is the latest Zillow technology helping buyers navigate a challenging affordability landscape. Down payment assistance that's built into listings — letting shoppers see what's available for them where they are looking — as well as mortgage and affordability calculators, can all help buyers make sense of the fast-moving market. Although typical home values peaked in June before tapering off, mortgage rates that reached 20-year highs later in the year caused monthly mortgage payments to peak in October, Zillow data shows. 1 The monthly mortgage cost for a home priced at the Zillow Home Value Index for the United States, with a 5% down payment, at the average mortgage rate for that month and not including insurance and taxes. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
Paying the Price: Realtor.com finds LGBTQ+ and BIPOC Buyers Spend More of Their Income to Own a Home
MORE >
RentSpree Launches PRO, a New Plan Designed to Support Agents in a Challenging Market
The Premium Subscription Service Offers Rental Transaction and Marketing Tools for the Modern Real Estate Professional LOS ANGELES, April 4, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, today announced the release of its brand new subscription service, RentSpree PRO. PRO bundles transaction and marketing tools for agents that help streamline the entire rental process. With existing home sales continuing to fall in a rising interest rate environment, the focus has shifted to the rental market and these new tools support its steep increase in competition. PRO combines existing transactional capabilities in RentSpree's offering, such as RentSpree's award-winning online rental application and tenant screening, with brand new tools to ensure RentSpree is a one stop shop for agents and their rental clients alike. "We are constantly pushing ourselves to develop better solutions within the rental process to cut down on wasted time and other pain points," said Michael Lucarelli, CEO of RentSpree. "We've been diligently working on PRO to up our ability to specifically support agents as they advance their rental process." He added, "PRO will exponentially increase agent efficiency in dealing with rentals, with the ultimate goal of increasing each agent's return on investment." New tools on PRO will give agents the opportunity to exponentially level-up their business. These tools include: Document Upload: This feature seamlessly collects necessary documents from rental applicants within one singular platform, eliminating the need to move between multiple solutions to complete a rental transaction. It ensures that transactions are closed faster with less friction. Reference Checks: Automated reference checks help streamline outreach to potential references. It speeds up the process and assists agents in finding the right applicant for a rental. E-Sign Documents: The rental/lease agreement stage is one of the most important, tedious and drawn-out procedures of the rental transaction process. PRO alleviates the need for agents and landlords to perform manual tasks like sending lease agreements via print, scan, email, or other tools outside of their current solution. It helps execute and securely store lease agreements smoothly. Agent Reviews: A high volume of positive reviews from past clients can be displayed and easily shared with an agent's network. Agents will be able to prompt their clients to leave a review, which can be seen by anybody that visits the profile page. The reviews an agent collects can be shared via social media to promote their service and profile on RentSpree. Custom Link for your Agent Profile Page: Agent Profiles can help generate an online presence and create professional branding opportunities that can increase the likelihood of attracting more business. This feature offers another opportunity for agents to further build on their professional brand with the ability to modify the slug in their Agent Profile Page's URL, offering increased link trust and discoverability of their services. Since these pages are indexable, Google can surface if someone were to be researching a particular agent. "RentSpree PRO helps me keep all my listings, applications, and supporting documents in one place," said Juan Caba with Velez Realty Corp. "It saves me time vetting the best tenants for my clients and helps me build relationships with future buyers. It's my virtual office." The RentSpree PRO subscription is $19.99/month. To learn more about RentSpree and its tools, please visit rentspree.com/rentspree-pro. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit www.rentspree.com for more information.
MORE >
Homeownership Slightly More Affordable in U.S. During First Quarter of 2023 as Housing Market Remains Stalled
MORE >
Redfin Reports Cross-Country Movers Largely Undeterred by High Mortgage Rates
Redfin.com user search data shows that 14% fewer homebuyers looked to move within their own metro area in February than a year earlier, compared with a 4% drop for out-of-town movers SEATTLE — The number of Redfin.com home searchers looking to relocate to a new metro fell 3.6% year over year in February, according to a new report from Redfin, the technology-powered real estate brokerage. That compares with a 14.4% drop in Redfin.com home searchers looking to relocate within their current metro. Those are both the biggest declines in Redfin's records, which go back through 2018. The rise in mortgage rates over the last year has made purchasing a home more expensive almost across the board, but elevated rates often aren't as big of a deterrent for relocating homebuyers because they're typically moving to more affordable areas. Someone moving from Los Angeles to Las Vegas, for instance, could buy a home comparable to the one they're selling in Los Angeles for half the price. High rates don't impact that buyer as much because they're getting a cheaper house and may be using proceeds from a home sale in a more expensive area. People moving from one part of the country to another may also be doing so for a higher-paying job, which would help offset high mortgage rates. Additionally, homebuyers relocating to a different part of the country may have a non-negotiable reason for their move: Maybe they are moving for that higher-paying job, or to be closer to family. High rates are less likely to deter those homebuyers than ones simply considering a different house within the same town. Share of Buyers Looking to Move to a New Metro Is at a Record High One-quarter (25.1%) of house hunters nationwide looked to relocate to a new metro in February, a record high. That's up from 22.9% a year earlier and roughly 18% before the pandemic. Relocators made up a bigger portion of homebuyers than ever because elevated mortgage rates, still-high home prices, inflation and economic uncertainty are motivating the few people who are still buying homes to move to more affordable areas. Remote work has also made it more feasible for Americans to relocate. Florida, other Sun Belt destinations are most popular with relocating buyers Miami, Phoenix, Las Vegas, Sacramento, CA and Tampa, FL were the most popular destinations for house hunters looking to move to a different metro in February. Other parts of Florida and a couple Texas metros round out the top 10: Orlando, Cape Coral, Dallas, North Port-Sarasota and Houston. Popularity is determined by net inflow, a measure of how many more Redfin.com users looked to move into an area than leave. Relatively affordable Sun Belt metros perennially top the list of places people are looking to move, due mainly to their comparatively cheap housing and warm weather. While homes in these places cost considerably more than pre-pandemic, they remain comparatively affordable. The typical home in most of the popular destinations is less expensive than the typical home in the top origins. The typical Miami home sold for $485,000 in February, compared with $640,000 in New York, the most common origin for homebuyers looking to move in. And the typical Phoenix home sold for $425,000, compared with $710,000 Seattle, the most common origin. "For buyers coming from the Bay Area or another expensive place, homes in Phoenix seem cheap. That's why out-of-towners are still buying homes even though rates are high," said Phoenix Redfin agent Heather Mahmood-Corley. "Desirable, well-priced homes are selling quickly, sometimes with a bidding war–largely because there are still so many buyers moving in from out of town." House hunters are leaving expensive job centers Homebuyers looked to leave San Francisco, New York and Los Angeles more than any other metro in February, followed by Washington, D.C. and Chicago. This ranking is determined by net outflow, a measure of how many more Redfin.com users looked to leave a metro than move in. While San Francisco tops the list of places people are looking to leave, fewer homebuyers are leaving than a year ago. That may be partly because Bay Area home prices are falling. Expensive coastal job centers typically top the list of places people are leaving. That trend became more pronounced in recent years as remote work allowed homebuyers to relocate to more affordable areas. View the full report, including charts and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
Realtor.com March Housing Report: Spring Thaw Lures Buyers Back into the Housing Market
MORE >
Gender gap widens: Growth trend reverses for young single women homeowners
Women have returned to the workforce in near pre-pandemic numbers, but homeownership remains elusive for those who are single SEATTLE, March 24, 2023 -- Single men have long been more likely than single women to own a home, but that gap narrowed sharply in recent years, nearly closing in 2021. However, a new Zillow® analysis shows that it widened again last year, shining light on the homebuying challenges single women face, including lower salaries and a more volatile workforce experience. In 2016, 19.4% of young single women owned a home, compared with 29.6% of young single men — a gap of 10.1 percentage points. The gap shrunk throughout the next five years as more and more women entered the workforce — leading to record-high numbers in 2020 — and women's incomes began to rise. By 2021, that gap was a mere 1.8 percentage points. But that progress was wiped out in 2022. The first year of the pandemic saw an outsize share of women leave their jobs to take on caregiving responsibilities, as child-care and eldercare options were in flux. Women also continue to earn significantly less than men on average, receiving approximately 82 cents to every dollar earned by men. As a result, young single women have fewer options when it comes to affordable home listings than young single men. "Single women had made great strides in narrowing the homeownership gap, but the pandemic reminded us that progress is not always linear," said Skylar Olsen, chief economist at Zillow. "Despite women showing remarkable resilience in returning to the workforce, single women's homeownership rate took a heavy hit in 2022. With rising and volatile mortgage rates furthering affordability challenges, the road to affordable homeownership remains an uphill battle, and it may take creative solutions or even doubling up in a home to achieve that dream." After growing to 28.6% by 2021, the homeownership rate for single women dropped to 24.5% last year, wiping out almost half the gains made since 2016, when single women's homeownership was at an all-time low of 19.4%. At the same time, the homeownership rate for single men increased 2.7 percentage points in 2022 to 33.1%. Single women looking to buy a home in Pittsburgh, St. Louis or Detroit — which are among the nation's 50 largest metro areas — will find the highest share of affordable listings. Single women in Atlanta, Baltimore, Washington, D.C., and Raleigh are most able to compete with single men in the for-sale market; single women in those metros, on average, can afford at least 2% of all active listings and at least 90% of the listings single men can afford. On the other hand, Cincinnati, Kansas City, Oklahoma City, Minneapolis, Jacksonville and New Orleans see the largest gender-based disparity in housing affordability, with single women able to afford fewer than 70% of the homes that single men can afford. Sources and Methodology Labor force participation rates for working age adults (ages 16–64 years) are produced by the Bureau of Labor Statistics and pulled from the FRED API. Annual homeownership rates of households headed by 25- to 35-year-olds (annually from 1980 to 2022) and broken out by employment, marital status and living arrangement were estimated by Zillow Economic Research using individual records from the Current Population Survey provided by IPUMS CPS, at the University of Minnesota, www.ipums.org. Information regarding gender pay equity was obtained from the Pew Research Center, www.pewresearch.org. The number and share of active listings on Zillow that are affordable for single women and single men (limited here to employed singles between ages 18 and 44) were estimated using all listings ever active on Zillow during February 2023 and median individual incomes by gender, estimated by Zillow Research using individual responses to the American Community Survey, also provided by IPUMS at the University of Minnesota. A home is considered "affordable," in this case, if the estimated mortgage payment on the listing takes up no more than 30% of income. We set the mortgage rate for this analysis at the average weekly mortgage rate, reported by Freddie Mac, for February. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
ATTOM Launches Property Navigator, a User Friendly On-Demand Data Solution
MORE >
Second Century Ventures Announces Early Acceptances to 2023 REACH U.S. Programs
CHICAGO (March 23, 2023) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, announced today the early acceptance of two companies as part of the 2023 REACH U.S. programs. REACH is a scale-up program that helps propel technology companies throughout the real estate, finance, banking, home services and insurance industries. "The early selection of these companies demonstrates the speed at which Second Century Ventures and REACH operate to equip real estate professionals, across all sectors, with top tools to accelerate their businesses," said Dave Garland, managing partner, Second Century Ventures. "We are tremendously impressed by Real Grader and APM Help, for both their solutions and their teams' passion for advancing innovation. They will join a portfolio of more than 200 companies that have demonstrated immense value for the real estate ecosystem worldwide." The companies chosen for early acceptance to the 2023 REACH and REACH Commercial programs are: Real Grader measures, manages and maximizes digital presence for real estate professionals. Its most recent product launch, the Instacard® – a digital business card – has already been adopted by tens of thousands of agents, brokers and MLS organizations worldwide; and APM Help assists property managers with audit, accounting, finance, and technology to run their businesses better. Clients can manage their entire back office while accessing a curated marketplace of partner solutions with preferred pricing and seamless integrations. The 2023 REACH and REACH Commercial programs mark the 11th and 4th years of operation, respectively. This year's rosters of companies will leverage the longstanding success of the REACH program – which saw its 2022 U.S. portfolio raise more than $240 million and secure numerous strategic partnerships across the corporate landscape while incorporating feedback from Realtors® in the development of various new products and services. Real Grader was featured at the 2022 Miami Realtors® Rock the Market event as part of the REACH Labs initiative. "It has always been a vision to team up with the people at REACH," said Alex Montalenti, CEO, Real Grader. "We look forward to leveraging their knowledge, mentorship and partners to advance our adoption nationwide and worldwide. We are confident that this will accelerate our growth and expansion in the industry." APM Help founder and CEO Taylor Hou also shared his excitement to join the 2023 program. "We built APM Help to assist commercial brokers and it was a natural fit to work with REACH to help accelerate our vision to be the ‘easy button' for brokers to manage properties," Hou said. "We are excited to work with Second Century Ventures and REACH to help brokers diversify their businesses while managing their rentals with our AI-powered property management solutions." REACH will announce the remaining participants for the highly-competitive 2023 program in mid-April. The program will offer its incoming cohort a robust curriculum comprised of education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. To learn more about REACH and how you can get involved, visit www.narreach.com. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com.
MORE >
Revive Wins Two ADDY Awards for Its Innovative Real Estate Mobile App and Website
MORE >
Buyers are in the game, but interest rates are keeping sellers on the bench
Relatively high rates are keeping new listings low, frustrating willing buyers SEATTLE, March 21, 2023 -- Mortgage rates — both their high levels and their wild swings — are making life difficult for both buyers and sellers, according to Zillow's® latest market report1. Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been short-lived. "We know there are a lot of motivated buyers looking for homes. When we see mortgage rates fall, sales pick up," said Skylar Olsen, Zillow chief economist. "But buyers are disappointed in their options. Homeowners aren't giving up their current house and low monthly payments to join a tight, expensive market. Meanwhile, volatility in the economy makes planning extremely difficult." The flow of new listings in February is at a record low for this time of year, nearly a third lower than before the pandemic and 22% lower than last year. Mortgage rates are likely driving the decline — those who bought or refinanced in 2020 or 2021, when rates were well below 3.5%, are unwilling to trade in their current mortgage for a new one with double the interest, Olsen said. The largest annual declines in new listings are in West Coast markets: San Jose (-47%), Portland (-46%), Seattle (-45%) and Sacramento (-44%). The trickle of new listings is contributing to extremely low levels of total inventory, now 17% higher than what was the absolute bottom in February 2022, but still about 43% below pre-pandemic norms. Instead of inventory growing through the first two months of the year, like it did in 2018 and 2019, the number of choices shrank. "This market is not as frenzied as it was during the last two years, but home buyers might start to feel some déjà vu at the dearth of options," said Jeff Tucker, Zillow senior economist. "Home sellers seem to be sitting out the early spring selling season in surprising numbers." Mortgage rates have been incredibly volatile over the past six months, and buyers are responding to the chance to lock in a cheaper monthly payment when the opportunity arises. Sales activity is picking up, just not accelerating like it usually does at this time of year. After being reinvigorated by lower rates in late January, sales slowed over the course of February as rates hiked back up. All in all, February saw 19% fewer newly pending sales than last year and 5% fewer sales than the most recent pre-pandemic reading in 2020. Ultralow inventory means that when attractive, well-priced houses do come on the market, they are readily finding buyers. Homes that went under contract in February did so after a median span of 17 days. That's more time than in 2022 and 2021, when time on market was seven and nine days, respectively, but significantly less than before the pandemic. Home values flatlined from January to February, leaving the typical home value at $328,604, or 4% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4% higher than one year earlier — a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured last April. The overall lack of inventory, along with the resurgence of buyers when costs fall, should prevent significant price declines. Rates are likely to remain volatile through the spring selling season. Working with a mortgage professional early in the process can help buyers demystify what's affordable, prepare their credit and get pre-approved to strengthen their offer. *Table ordered by market size 1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
ATTOM Ranks Best Counties for Buying Single-Family Rentals in 2023
MORE >
Get Ready: The Best Time to Sell is April 16-22, according to Realtor.com
Homeowners who list that week will experience the best combination of market conditions and could get $48,000 more for their home than the start of the year SANTA CLARA, Calif., March 15, 2023 -- While it's nearly impossible to time the real estate market, there is one week that is most likely to get home sellers the best possible outcome, according to Realtor.com®. Nationally, homeowners who list the week of April 16-22, 2023 will hit the sweet spot in terms of the best combination of higher prices, fewer homes to compete against, faster sales time and strong buyer demand. A recent survey from Realtor.com® and HarrisX found that 60% of home sellers took up to 3 months to get their home ready to list, so for homeowners who have been making preparations, listing during that crucial April week could get $48,000 more for their home than they would have at the start of the year. "Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch," said Realtor.com® Chief Economist Danielle Hale. "For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price." Why is April 16-22 the best time to sell? While mortgage rates are expected to remain elevated through 2023, for-sale inventory is still well below pre-pandemic levels, so sellers can still expect well-priced homes to be in high demand. Those looking to take advantage of seasonal market trends should consider getting ready to list April 16-22, which is anticipated to have the best mix of market conditions for sellers, including: Higher prices – Homes listed during this week have historically had prices 2.1% higher than the average week throughout the year, and are typically 12.1% higher than the start of the year. If 2023 follows the typical seasonal trend, the national median listing price could reach $8,400 higher than the average week, and $48,000 more than the start of the year. Strong buyer demand – The more buyers looking at a home, the better, as the home is likely to get more offers and sell quickly. Historically, this week garnered 16.4% more views per listing than the typical week, but in 2022 this week got 32.5% more views per listing than the average week, as buyer demand dropped in the latter part of the year. Fast-selling homes – Thanks to above-average demand, homes tend to sell more quickly during this week. Historically, homes actively for sale during this week sold 18.0% faster than the average week. In the fast-moving 2022 market, this week saw homes typically on the market for 32 days, 13 days faster than the year's average, and 37 days faster than was typical in 2019. The 2023 market is not expected to move as quickly as in 2022, but the best week is still expected to see faster sales than the year's typical pace. Less competition from other sellers – Typically, there would be 9.3% fewer sellers on the market during this week compared to the average week throughout the year. Last year saw significant inventory gains as buyer demand cooled, but sellers responded by pulling back on listings by the end of the year. Active inventory was 65.5% higher at the start of 2023 versus 2022, but still 43.2% lower than pre-pandemic levels. This gap means there continues to be opportunities for sellers who enter the market this spring. Tips on prepping a home for sale According to Realtor.com®'s survey, it took most recent sellers (80%) between 2 weeks and 6 months to prepare their home for sale, with the sweet spot being between 1-3 months (32%). For most (56%) it took more time than expected to list their home, while 23% said it was faster than expected and 22% said it took about as long as they expected. For those considering a home sale this year, it's best to start preparing now in case it takes longer than anticipated. For the best chance at a quick sale and high price, homeowners should make sure that their home looks its best, has been well cared for and is up-to-date with routine maintenance. To get ready to list, about a third of recent sellers (35%) made repairs/updates to the home, did some cleaning and decluttering (33%) and found an agent to help them (31%). In order to best market their home, owners and their agents had listing photos taken (34%); created marketing materials such as flyers (27%); created a 3D/virtual tour (20%) and staged the home (11%). Making minor repairs can go a long way during a showing. Potentially, a buyer who sees leaky faucets and closet doors that don't close might become concerned about larger potential problems with the home. The most common repairs made by survey respondents were: Minor cosmetic updates such as replacing light fixtures or faucets (16%) Carpet/floor replacement or refinishing (14%) Landscaping such as mulch, vegetation, etc. (13%) Full painting of exterior (12%) Touch-up paint (12%) Full painting of interior (12%) Replacing appliances such as kitchen or laundry (11%) Replacing the roof (9%) Replacing major systems such as HVAC, hot water (8%) Caulking (6%) Replacing grout (6%) "In today's market, it's really important to price your home well and make sure that it looks its best in order to get top dollar and find a buyer quickly," said Hannah Jones, economic research analyst Realtor.com®. "There are still buyers in the market, but due to high prices and interest rates, they're being a bit more picky than they were the past several years." Homeowners who are looking to sell their home can visit Realtor.com® to find a trusted agent in their area and check out Realtor.com®'s Complete Guide for Selling Your Home. Report Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021-2022 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Survey Methodology The survey was conducted online from Feb. 3-10, 2023, among 2,286 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 2.1 percentage points and larger for subgroups. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
MORE >
Room with a view? Renters can now use interactive property maps to choose their apartment on Zillow
MORE >
RentSpree and SkySlope Partner to Enhance Tech Capabilities for Rental Agents
LOS ANGELES, March 14, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, announced its latest partnership with SkySlope, a full-service transaction management solution recently named one of the top 20 proptech companies of 2022. Integrating RentSpree's online standard rental application and screening platform with SkySlope's transaction management capabilities will help agents save time and streamline the rental process even further. "We are always looking for strategic collaboration opportunities with other industry leaders to help provide best-in-class technology solutions for real estate professionals," said Michael Lucarelli, CEO and Co-Founder of RentSpree. "SkySlope is a key player in their space, and combining forces enables us to support rental agents in the most effective way possible." SkySlope, which provides time-saving solutions for real estate transactions from contract to close, was founded in 2011 and now serves more than 650,000 real estate professionals throughout the U.S. and Canada. "At SkySlope, we are always mindful of how we can serve the changing needs of real estate professionals," said SkySlope CEO Tyler Smith. "Therefore, combining forces with RentSpree is another sensible step in achieving that mission." RentSpree offers an all-in-one suite of tools, including background and credit checks, rent estimates, renters' insurance and rent payments. Its Agent Tools feature supports holistic rental management for agents, from advertising and nurturing leads to seamlessly diversifying their client portfolio, as well as supporting their rental clients' transition to homeownership in due time. "We are very deliberate in the partnerships we seek across different segments of the real estate sector," said Caroline Mulvey, Senior Client Success Manager at RentSpree. "Collaborations with top-notch proptech firms such as SkySlope are key as technology will continue to play an increasingly important part in making the daily lives of agents and brokers easier and more efficient." About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit www.rentspree.com for more information. About SkySlope Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 650,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly 3 million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform. For more information, visit www.SkySlope.com.
MORE >
Happy Grasshopper Announces New Integration with Chime
MORE >
Housing Markets in California, Illinois and East Coast Still Top List of Areas Around U.S. More Vulnerable to Declines
Chicago and New York City Areas Remain More At Risk Based on Key Market Measures from Fourth Quarter of 2022; East Coast and Swaths of Interior California Also More Vulnerable to Downturns; South Region and Sections of Midwest are Less Vulnerable IRVINE, Calif. — Mar. 9, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, foreclosures and other measures in the fourth quarter of 2022. The report shows that inland California, Illinois, New Jersey, and Delaware continued to have some of the highest concentrations of the most-at-risk markets in the country, with the biggest clusters in the New York City and Chicago metropolitan areas. Southern and midwestern states remained less exposed. The fourth-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment – revealed that New Jersey, Illinois, and California had 31 of the 50 counties most vulnerable to potential declines around the U.S. That was roughly the same as the 28 more-at-risk markets that were in those states in the third quarter of last year. During a time when the broader U.S. housing market boom stalled, those concentrations dwarfed other parts of the country. The 50 most at-risk included seven in the Chicago metropolitan area, five in and around New York City, three in or near Cleveland, OH, and 13 spread through northern, central, and southern California. The rest were clustered mainly in other parts of the East Coast, including two of the three counties in Delaware. At the other end of the risk spectrum, the South, Midwest, and western areas outside California continued to have the biggest concentration of markets considered least vulnerable to falling housing markets. "With the U.S. housing market cooling off considerably since the middle of last year, some areas of the country continue to show signs of being more at risk of a larger downturn than others. That's based on several key factors that can either boost or damage local housing markets, including unusually high home ownership costs, foreclosures, and relatively weak homeowner equity," said Rob Barber, chief executive officer at ATTOM. "It remains important to note that we are not identifying markets headed for an imminent fall, just those that look to be more exposed to market troubles. Heading into the peak buying season of 2023, we will keep monitoring those areas closely to see if anything changes." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and condos, and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 581 counties around the United States with sufficient data to analyze in the fourth quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The ongoing wide disparities in risks throughout the country remained in place during a time when the overall U.S. housing market had one of its worst second-half performances in more than a decade. Key measures showed the national median home value decreasing 8 percent (down 4 percent specifically in the fourth quarter), while home-seller profits dipped lower, homeowner equity stopped growing, foreclosures continued to increase and mortgage lending plummeted to its lowest level in almost nine years. That happened as 30-year mortgages rates climbed close to 7 percent, inflation remained at a 40-year high and the stock market fell. Each of those forces cut into what home buyers could afford. Most-vulnerable counties again clustered in the Chicago, New York City and Cleveland areas, along with sections of California and Delaware Thirty of the 50 U.S. counties considered most vulnerable in the fourth quarter of 2022 to housing market troubles (from among 581 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL, New York, NY, and Cleveland, OH, as well as in Delaware and California. California markets on the list remained mostly inland, away from the coast. The 50 most at-risk counties included seven in the Chicago area (Cook, De Kalb, Kane, Kendall, Lake, McHenry, and Will counties, all in Illinois), two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island) and three in the New York City suburbs (Essex, Passaic and Sussex counties in New Jersey). The three in the Cleveland metro area that were among the top 50 in the fourth quarter were Cuyahoga, Lake, and Lorain counties. Elsewhere, California had 13 counties in the top 50 list: Butte County (outside Sacramento), Humboldt County (Eureka), San Joaquin (Stockton), Solano County (outside Sacramento) and Shasta County (Redding) in the northern part of the state; Fresno County, Madera County (outside Fresno), Merced County (outside Modesto), Stanislaus County (Modesto) and Tulare County (outside Fresno) in central California, and Kern County (Bakersfield), Riverside County and San Bernardino County in the southern part of the state. Counties most at-risk of downfalls seeing elevated levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes and condos consumed more than one-third of average local wages in 34 of the 50 counties that were most vulnerable to market problems in the fourth quarter of 2022. The highest percentages in those markets were in Kings County (Brooklyn), NY (114.6. percent of average local wages needed for major ownership costs); Richmond County (Staten Island), NY (70.1 percent); Riverside County, CA (70 percent); San Joaquin County (Stockton), CA (63.6 percent) and Passaic County, NJ (outside New York City) (59.6 percent). Nationwide, major expenses on typical homes sold in the fourth quarter required 32.3 percent of average local wages. At least 7 percent of residential mortgages were underwater in the fourth quarter of 2022 in 25 of the 50 most at-risk counties. Nationwide, 5.9 percent of mortgages fell into that category, with homeowners owing more on their mortgages than the estimated value of their properties. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (18.5 percent underwater); Tangipahoa Parish, LA (outside New Orleans) (16.3 percent); Rock Island County (Moline), IL (16.1 percent); Saint Clair County, IL (outside St. Louis, MO) (15.5 percent) and Kankakee County, IL (outside Chicago) (14.6 percent). More than one of every 1,000 residential properties faced a foreclosure action in the fourth quarter of 2022 in 44 of the 50 most at-risk counties. Nationwide, one in 1,549 homes were in that position. The highest foreclosure rates in the top 50 counties were in Saint Clair County, IL (outside St. Louis, MO) (one in 126 residential properties facing possible foreclosure); Cumberland County, NJ (outside Philadelphia, PA) (one in 376); Sussex County, NJ (outside New York City) (one in 435); Madison County, IL (outside St. Louis, MO) (one in 469) and Will County, IL (outside Chicago) (one in 523). The November 2022 unemployment rate was higher than the national 3.7 percent level in 41 of the 50 most at-risk counties. The highest levels among the top 50 counties were in Tulare County, CA (outside Fresno) (8.6 percent); Merced County, CA (outside Modesto) (7.3 percent); Kern County (Bakersfield), CA (6.8 percent); Fresno County, CA (6.6 percent) and Madera County, CA (outside Fresno) (6.3 percent). Midwest and South continue to have larger concentrations of less at-risk markets Seventeen of the 50 counties least vulnerable to housing-market problems from among the 581 included in the fourth-quarter report were in the Midwest, while another 15 were in the South. Just nine were in the West and nine were in the Northeast. Wisconsin had six of the 50 least at-risk counties in the fourth quarter of 2022. Spread throughout the state, they were Brown County (Green Bay), Dane County (Madison), Eau Claire County, La Crosse County, Washington County (outside Milwaukee) and Winnebago County (Oshkosh). Three others among the 50 least-exposed counties were in the Nashville, TN, metro area (Davidson, Rutherford and Williamson). Counties with a population of at least 1 million that were among the 50 least at-risk included Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin) TX; Hennepin County (Minneapolis), MN, and Salt Lake County (Salt Lake City), UT. Smaller underwater mortgages rates, less foreclosure activity and lower unemployment benefitting least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the fourth quarter of 2022 (with owners owing more than their properties were worth) in 31 of the 50 least-at-risk counties. Those with the lowest rates among those counties were Chittenden County (Burlington), VT (1.1 percent of mortgages were underwater); Martin County (Palm City), FL (1.6 percent); San Mateo, CA (1.9 percent); Santa Clara County (San Jose), CA (2 percent) and Gallatin County (Bozeman), MT (2.3 percent). More than one in 1,000 residential properties faced a foreclosure action during the fourth quarter of 2022 in none of the 50 least at-risk counties. Those with the lowest rates were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Dane County (Madison), WI (one in 24,880); La Crosse County, WI (one in 17,591); Johnson County (Overland Park), KS (one in 12,584) and Lebanon County, PA (one in 11,817). The November 2022 unemployment rate was less than 3 percent in every one of the 50 least-at-risk counties. The lowest rates among those counties were in Cass County (Fargo), ND (1.5 percent); Olmsted County (Rochester), MN (1.6 percent); Shelby County, AL (outside Birmingham) (1.7 percent); Gallatin County (Bozeman), MT (1.7 percent); and Yellowstone County (Billings), MT (1.8 percent). Among the least-vulnerable counties, those where home ownership consumed the smallest portion of average local wages were Morgan County, AL (outside Huntsville) (22.6 percent of average local wages needed for major ownership costs); Winnebago County, WI (Oshkosh) (24.8 percent); Limestone County, AL (outside Huntsville) (25.5 percent); Tippecanoe County (Lafayette), IN (27.2 percent) and Olmsted County (Rochester), MN (27.9 percent). Report methodology The ATTOM Special Housing Risk Report is based on ATTOM's fourth-quarter 2022 residential foreclosure, home affordability and underwater property reports, plus November 2022 unemployment figures from the U.S. Bureau of Labor Statistics. (Press releases for affordability, foreclosure and underwater-property reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the fourth-quarter percentage of residential properties with a foreclosure filing, the percentage of average local wages needed to afford the major expenses of owning a median-priced single-family home and condo and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values, along with November 2022 County unemployment rates. Ranks then were added up to develop a composite ranking across all four categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM 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 real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
More Americans Own Their Homes, but Black-White Homeownership Rate Gap is Biggest in a Decade, NAR Report Finds
MORE >
RentSpree Starts Women-Focused Initiative RENEW (Real Estate Network of Empowered Women)
RENEW kicks off with podcast series, in-person + virtual events and monthly newsletter LOS ANGELES, March 1, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, is proud to announce the launch of its RENEW — Real Estate Network of Empowered Women — initiative to support, connect, and empower women in the real estate sector. RENEW has seen tremendous growth since its inception, with over 100 members now involved in the initiative. As a result, the group is looking to further expand its reach and impact by launching a new podcast series. The first episode, featuring Chief Executive Officer, Teresa King Kinney, and Chief of MLS & Innovation, Liz Sturrock, of the MIAMI Association of REALTORS®, highlights the importance of empowering women in real estate and across all industries. "Technology [for example] has always been a male-heavy area," said MIAMI's Sturrock. "Has it gotten better? Absolutely. But there's still room to even the playing field. I say that as a woman who worked in pure technology before real estate. In real estate tech alone, I would often be the only woman in the room." When asked about keys to success, King Kinney advocated for women to "Continue to say yes. Public speaking is one of the top things that I recommend for anyone who wants to further their career and create new opportunities for themselves. When you speak effectively, it creates new opportunities for you and it elevates who you are and what you do." Last November, RENEW kicked off with a breakfast at the National Association of REALTORS® (NAR) conference, during which RENEW Founder, Lauren Martin, introduced the initiative and how the concept came about. "We are thrilled to be making such a positive impact in the real estate industry," said RENEW's Martin. "The response to our initiative has been overwhelmingly positive, and we look forward to continuing to support and empower women in this field." At the beginning of this year, the group also hosted a private guided tour at the Metropolitan Museum of Art in New York on the sidelines of Inman Connect. The tour provided women with the opportunity to network and connect with one another while enjoying the beauty of art. To listen to the RENEW podcast episode, please click here. About RENEW RENEW is dedicated to fostering a community that looks to elevate female voices, to promote knowledge-sharing on how to navigate industry challenges and to showcase the remarkable achievements of women in real estate. The initiative provides its members with opportunities for growth, support, and connection through events, networking opportunities, and a podcast series. RENEW membership is open to all women within the real estate industry, with certain women leaders eligible to take on an "Ambassador." Visit RENEW for more information. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit RentSpree.com for more information.
MORE >
Curbio Launches First-of-its-Kind Mobile App, Enabling Sellers to Maximize the Value of their Home Though ROI-Driven Improvements
MORE >
Homes owned by Black families appreciated the fastest during the pandemic
Black Americans' housing wealth has made strides, but remains well below that of the typical U.S. household SEATTLE, Feb. 27, 2023 -- Homes owned by Black families appreciated more than any others since the start of the pandemic, with the typical Black homeowner gaining nearly $84,000 in equity. Black Americans also made slight gains in homeownership rates, despite disproportionate job and income loss. The gap between the typical Black-owned home's value and the value of the typical U.S. home is now the smallest it's been in more than two decades, according to a new analysis of data from Zillow and the Home Mortgage Disclosure Act. "These gains are extremely important in terms of increasing wealth among the Black community, as homeowners of color are more likely to have the bulk of their household wealth tied up in their homes," said Nicole Bachaud, senior economist at Zillow. "Due to years of redlining and other forms of systemic discrimination, housing disparities between Black and white families persist. Policies and interventions like expanding access to credit, building more affordable homes and finding new approaches to mitigate appraisal bias are keys to achieving housing equity." From February 2020 to January 2023,1 Black homeowners saw their home values increase 42.5%, compared to 38.2% for U.S. home values overall, and 37.8% for white-owned home values. Hispanic- and Asian-owned home values increased by 38.3% and 37%, respectively. Home value appreciation among Black homeowners has outpaced all other races since 2014, and that trend accelerated at the start of the pandemic, further shrinking the home value gap. In February 2020, the typical Black-owned home was worth 17.3% less than the typical home overall. By January 2023, that gap closed to 14.8%, which is the closest Black-owned home values have been to overall values since at least the year 2000. Among the 50 largest metros in the country, that home value gap has shrunk the most in Detroit — by 9 percentage points — since February 2020. Kansas City, Chicago, Cleveland, Milwaukee and Louisville, among other markets, also saw large improvements, with the gap closing by more than 5 percentage points in that time. Homeownership In 2021, the latest available data from the U.S. Census Bureau, 44% of Black households owned their homes, compared with 73.3% of white households — a gap of more than 29 points. According to the most recent U.S Census Bureau data, Black homeownership increased 2 percentage points from 2019 to 2021, compared to 1.3% for the nation at large. Black women ages 45–54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth. Black men ages 35–44 saw a 2.5 percentage-point jump in homeownership rate over that period, the second-largest increase in the group. Still, for many Black Americans, barriers to accessing homeownership abound. Many markets with the highest appreciation in Black home values also have the highest mortgage denial rates for Black applicants, meaning the markets where Black homeowners have the best chance of improving their household wealth and gaining equity with homeowners overall are markets where it's most difficult for Black mortgage applicants to actually become homeowners. Pandemic-era Changes in Black Americans' Housing Wealth *Ranked by largest reduction in home value gap between Black-owned homes and the overall typical home in the region About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
January Rental Report: Only One Major Market Remains Below $1,000 Threshold
MORE >
Chime's AI Assistant Delivers Nearly 95% Conversational Accuracy
Quality of AI-Human interactions consistently improved through built-in machine learning algorithms and dedicated training team PHOENIX, Feb. 20, 2023 -- Chime Technologies, an award-winning real estate tech innovator, today announced the overwhelming year over year success of its intuitive chatbot AI Assistant in helping increase agent productivity and boost conversion rates. Unlike simple AI solutions with limited capabilities, AI Assistant - launched in 2019 - is consistently improving from both machine learning algorithms and a professional training team, dedicated to reviewing thousands of real conversations and coaching the AI. Boasting more than 93% conversational accuracy, the chatbot's ability to deliver high quality interactions is the result of Chime's proven approach to consistently humanizing the AI and four years of strategic product development. Learn more about AI Assistant HERE. As competition increases and market conditions evolve, agents are under intense pressure to attract, nurture, and convert leads more efficiently. Increasingly, agents understand the role of technology and specifically AI, to help them do so. In fact, according to a 2022 Technology Survey from the National Association of REALTORS®, more than 15% of agents believe that artificial intelligence tools will be very impactful in their business within the next 24 months. In 2022, Chime reported a more than 46% increase in chatbot adoption among customers. According to long time Chime customer Adam Frank of eXp Realty, "[Chime's AI Assistant] is an unprecedented tool. There are other chatbots, but nothing else runs and works like AI Assistant does." In the past year, AI Assistant increased daily messages by more than 322% and daily lead responses by more than 108%. This significant momentum was driven by Chime's consistent coaching and humanizing of the chatbot. Unlike anything else on the market, AI Assistant is innately powered by machine learning and natural language processing technologies and consistently enhanced by a dedicated training team who regularly reviews the chatbot's performance to train the AI and deliver the operational intelligence agents need to close deals. Year over year, Chime continues to enhance the capabilities of AI Assistant to best serve the needs of agents and more tightly integrate into Chime's robust sales acceleration platform. By automating and streamlining key processes right from the chatbot, agents are freed to focus on servicing their clients and delivering the essential human elements necessary for success in real estate. New features support the following: Showings - Directly schedule a showing based on lead's availability, empowering the chatbot to serve as a true assistant to agents Listing Ads - Responds directly to listing ad questions in real-time to expedite sales process Smart Plans - Seamless integration with Smart Plans based on real conversations with leads to avoid lag time Cold-Lead Nurturing - Automated long-term cold-lead nurturing to ensure agents stay focused on only those sales-ready leads "Four years ago, our forward-thinking product development team recognized the potential for AI to significantly impact the real estate industry and delivered a powerful and intuitive chatbot designed to help agents work smarter and not harder," said Dave Carter, vice president, marketing, Chime. "Today, we are proud of the value AI Assistant offers our customers nationwide in attracting and converting leads for increased business. We will continue to prioritize humanizing our AI to deliver high quality interactions for the benefit of agents and consumers alike." To learn more, visit HERE. About Chime Technologies Chime is an all-in-one Sales Acceleration Platform for the real estate industry headquartered in Phoenix, Arizona. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me.
MORE >
NAR Calls for Applications to Its 2023 Volunteering Works Grant and Mentoring
MORE >
Selling made easier: Zillow customers can now choose between a cash offer from Opendoor or selling with an agent
Zillow and Opendoor's partnership allows homeowners on Zillow to now compare multiple selling options up front — including a cash offer from Opendoor and an estimate to sell on the open market with a Zillow Premier Agent partner. SEATTLE and SAN FRANCISCO, Feb. 15, 2023 -- Zillow, Inc. and Opendoor Technologies Inc. announced today homeowners in Atlanta and Raleigh have a new way to explore multiple home-selling options on Zillow. Customers who start their selling journey with Zillow can now simultaneously request both a cash offer from Opendoor and an estimate of what their home could sell for on the open market with a local Zillow Premier Agent partner. "A recent Zillow survey found nearly a third of Americans were surprised by the emotional toll of selling their home," said Matt Daimler, Zillow senior vice president of product. "We want to simplify the process by providing sellers all their home-selling options in one place. Customers can now easily get both a cash offer from Opendoor and a market-price estimate to sell on the open market with a local Zillow Premier Agent partner on Zillow– and then make the decision that works best for their situation." Customers visiting Zillow can explore selling options themselves, or they can work with one of Zillow's licensed advisors to guide them through their options so they can confidently sell their current home and move into their next one. Once a seller explores each option and decides which is best for them - whether to receive a cash offer from Opendoor or sell on the open market with a Zillow Premier Agent partner - they can use the service as a standalone offering or in tandem with other Zillow home shopping services, such as financing through Zillow Home Loans, working with a Zillow Premier Agent partner to buy their next home, or, when it's available, closing with Zillow Closing Services. This new product experience will launch in additional markets nationwide in the coming months. "Selling a home can be stressful and full of unknowns for many people, but selling to Opendoor is simple, certain, and on the homeowner's timeline," said Brian Tolkin, Opendoor vice president of product. "An Opendoor sale means no home showings, no home prep or making repairs and none of the hassle that can come with a traditional listing. With this new Opendoor experience on Zillow, consumers can explore their selling options and choose one that meets their needs." In August 2022, Zillow and Opendoor announced a multi-year partnership, bringing together two category leaders to transform how people initiate their move. This new solution is one more of the buying and selling services available on Zillow's platform, including on-demand touring, financial and mortgage resources, as well as high-resolution listing photos, an interactive floor plan with embedded virtual tour, downloadable floor plans, and aerial photos from ShowingTime+ to make any listing stand out. It also expands the reach of Opendoor's e-commerce experience to millions of people who visit Zillow each month. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Opendoor Opendoor's mission is to power life's progress, one move at a time. Since 2014, Opendoor has provided people across the U.S. with a simple way to buy and sell a home. Opendoor currently operates in a growing number of markets nationwide. For more information, please visit www.opendoor.com.
MORE >
Matterport Launches Digital Pro to Reinvent Real Estate Marketing with New All-in-One Solution
MORE >
Renters pay a 'singles tax' of nearly $7,000 for living alone
Roses are red, violets are blue, if you're single and rent, more money is due SEATTLE, Feb. 13, 2023 -- This Valentine's Day, Zillow has uncovered a heartbreaking truth for apartment-hunting singles: Renters living in a one-bedroom on their own face a yearly "singles tax"1 of nearly $7,000, according to an analysis by Zillow. While singles across the country pay a high price for a solo living arrangement, the size of that "tax" varies widely depending on where they live. The price of living alone in a one-bedroom apartment is the highest in New York City, where StreetEasy data finds that singles pay $19,500 more a year than someone living with a partner in the same place. This rises to nearly $24,000 in Manhattan, the priciest borough. San Francisco isn't too far behind with a $14,000 "singles tax" for a one-bedroom apartment. Of the 50 largest U.S. cities (by population), Detroit and Cleveland have the lowest "singles tax" at $4,483 and $4,387 respectively. It is, of course, worth mentioning that singles can avoid this "tax" by taking in roommates — an extremely popular choice for saving on rent. "Living alone has its perks — you never have to share a bathroom, you have a claim to the TV at all times, and dirty dishes can stack up as long as you want, judgment free. But all that freedom comes with a cost," says Amanda Pendleton, Zillow home trends expert. "Even though rent prices are starting to cool, they are still significantly higher than they were a year ago. Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it." Zillow's analysis also found that cohabitating renters in the U.S. save a collective $14,000 annually, compared to renters living alone. Couples in more expensive cities can save even more, with the discount reaching up to $39,000 in New York City. That's a sizable amount of money that can be used toward paying off student loans, a wedding or even a down payment on a home. In the end, moving in together or deciding to live roommate-free are extremely personal decisions. This data highlights the importance of finding a rental that's the right fit for each individual and household. Zillow has a variety of resources available (and more are coming soon) to help renting couples, roommates and independent renters make the best financial decisions and find the perfect apartment to call home: Rent affordability calculator: For renters living alone or with a roommate or partner, setting a realistic budget is an important place to start. Solo renters can use this Zillow tool to determine if the "singles tax" is something they're able to afford. Move-in date filter: Aligning lease start and end dates is a hassle for one person, let alone a couple potentially living in two different apartments with two different leases. Zillow's move-in date filter ensures all renters are seeing apartments that are available when they need them to avoid paying double rent. Renter Hub: Organization is key for renters during their search. Within Renter Hub, renters can see the status and next step for every apartment they've saved, shared or contacted. They can also update their renter profile to share basic information with property managers, and keep up with conversations with potential landlords — all within the Zillow app. Automated tour scheduling: This is ideal for both busy couples and single renters seeking apartment tours. With this new integration for participating properties, renters can instantly book an apartment tour online without needing to wait for a response — making a cumbersome process as simple as booking a restaurant reservation. Room for Rent (coming soon to Zillow): With the "singles tax" being so high, many renters don't have the option of living in a one-bedroom apartment alone. This new feature, which is coming soon to Zillow, will allow renters to search and rent single bedrooms within rental units, opening up more affordable options for those looking for their place. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which houses ShowingTime®, Bridge Interactive®, and dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
For Love or Money? Realtor.com Survey Finds that Housing Costs Impact Romantic Decisions
MORE >
Moderne Ventures Announces First Passport Class of 2023
Moderne Ventures launches its newest Passport Class addressing the biggest challenges facing real estate, finance, insurance, ESG, and home services CHICAGO, Feb. 7, 2023 -- Moderne Ventures, a strategic venture fund focused on technologies innovating around the real estate, finance, insurance, ESG, and home services industries, announced its first Passport Class of 2023. The Passport Program is an intensive six-month program providing its participants education, exposure, insight, and relationships to drive customer growth. "Unlike a traditional accelerator, Moderne Passport is a comprehensive industry immersion program that helps companies of all stages – seed through pre-IPO – hone their go-to-market strategies in the real estate sector, build relationships with industry leaders and execute pilot programs and customer relationships with some of the largest companies in the world," said Carolyn Kwon, Moderne Passport Director. Moderne Ventures is currently accepting Passport applications for its second class of the year launching in early March. The first cohort of 2023 Passport Companies is helping Moderne's multi-trillion dollar industries innovate and grow across a diverse set of sectors and themes, including affordability, decarbonization and return-to-office. This class has raised over $50M in funding with collective valuations north of $300M. The companies are: IncentiFind (Incentifind.com) – Houston, TX: IncentiFind empowers developers, property teams, and occupants to search, verify, and capture incentive dollars for their commercial real estate and home improvement projects Kairos (Kairoswater.io) – Atlanta, GA: Kairos protects the physical and economic life of properties through patented leak detection and water metering technology Tailos (Tailos.com) – Austin, TX: Tailos' commercial vacuum robots utilize AI technology to autonomously operate in complex indoor environments to improve operational efficiencies and cleanliness TestFit (Testfit.io) – Dallas, TX: TestFit is the leading real estate feasibility platform for developers, architects and contractors to maximize site potential and get the right deals done faster Wayleadr (Wayleadr.com) – New York, NY: Wayleadr optimizes underutilized parking assets to increase NOI, while improving space and operational efficiency with the world's #1 ranked software WYL (Wyl.co) – New York, NY: WYL's digital platform improves communication, trust, and retention rates by giving owners and operators actionable insights about their residents' experiences "Moderne most often looks outside its industries to find technologies that can be applicable within them. This latest Passport cohort was curated to include innovative solutions that are highly applicable to some of our industry's most pressing challenges. We look forward to helping these companies optimize their products and services and connect with partners in the Moderne Network who can benefit most from them," said Constance Freedman, Founder and Managing Partner at Moderne Ventures. About Moderne Ventures Moderne Ventures is a strategic venture capital firm approaching $450 AUM. Moderne invests in technology companies in and around the multi-trillion-dollar industries of real estate, finance, insurance, ESG, and home services. It has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and new emerging technology companies. Moderne has built an extraordinary network of more than 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Moderne most often looks outside its industries to find technologies that can be applicable within them, and it has invested in over 135 companies across its funds. Moderne has built a stellar track record investing in companies like DocuSign, Porch, Hippo, Homesnap , Caribou, Xeal and ICON.
MORE >
RESAAS Partners with ChatGPT to Revolutionize Real Estate Descriptions Using Artificial Intelligence
MORE >
NAR Calls on Realtors Who Give Back to Apply for the 2023 Good Neighbor Awards
CHICAGO (February 2, 2023) – The National Association of Realtors® announced today that it is accepting applications for the 2023 Good Neighbor Awards. The program recognizes Realtors® who have made an extraordinary impact in their communities through volunteer service. Five winners will each receive a $10,000 grant for their nonprofit organization and be recognized in November during NAR NXT, The REALTOR® Experience, in Anaheim, California. Five honorable mentions will also each receive a $2,500 grant. "The Good Neighbor Awards program is a testament to the unwavering commitment of our members who give back to their communities," said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. "We are proud to recognize and support these outstanding individuals as they work tirelessly to improve the lives of those around them." A recent NAR report found that roughly two out of three Realtors® – 66% – volunteered monthly, spending an average of eight hours volunteering each month. Since 2000, the Good Neighbor Awards program has donated $1.4 million to Realtor®-led nonprofits around the country. The awards program is supported by primary sponsor, Realtor.com®, and receives additional support from the Center for REALTOR® Development. "As a sponsor of the Good Neighbor Awards and Fair Housing Champions program, Realtor.com® shares a commitment with NAR to give back to the communities we serve," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "At Realtor.com®, 'to each their home' isn't just a tagline; it's a core value that informs our experience and extends to issues like equal access to housing and community building. We are inspired by all the Realtors® who give their time and energy to improve the lives of others." Good Neighbor Award entries must be received by April 19, 2023. To be eligible, nominees must be an NAR member in good standing and should have made a significant impact as a volunteer for a 501(c)3 nonprofit organization. Nominees are chosen for the award based on their community impact through volunteer work. For additional details, judging criteria and to apply, visit nar.realtor/gna or call 800-874-6500. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About The Center for REALTOR® Development The Center for REALTOR® Development (CRD) is NAR's home for exceptional education. With 10 designations and certifications, 11 learning pathways, over 100 microcourses, and an award-winning podcast, there is a learning experience for every real estate professional. Sharpen your skills and boost your business by investing in yourself. Get started at https://crd.realtor/.
MORE >
Planitar Inc., the Makers of iGUIDE, Introduces Instant 3D Virtual Tour Product and AI Automated Floor Plan Drafting Technology
MORE >
U.S. Home Seller Profits Top 50 Percent in 2022 Despite Market Slowdown
Profits on Typical Sales Nationwide Rise from 45 percent to 51 Percent; National Median Home Price for Full Year Up 10 Percent to $330,000 Even as Values Drop in Second Half; Home Sellers Continue Staying in Their Homes Less Than Six Years IRVINE, Calif. – Jan. 26, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Year-End 2022 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $112,000 on the typical sale in 2022, up 21 percent from $92,500 in 2021 and up 78 percent from $63,000 two years ago. Despite a market slowdown in the second half of last year, profits rose from 2021 to 2022 in 98 percent of housing markets with enough data to analyze. The latest nationwide profit figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008. The $112,000 profit on median-priced home sales in 2022 represented a 51.4 percent return on investment compared to the original purchase price, up from 44.6 percent last year and from 32.8 percent in 2020. The latest profit margin also represented a high point since at least 2008. "It seems pretty likely that home seller profits peaked for this cycle in 2022," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Median prices have declined on a monthly basis since mortgage rates doubled between January and October and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers." Both raw profits and ROI have improved nationwide for 11 straight years, shooting up again in 2022 as the national median home price increased 10 percent to $330,000 – yet another annual record. At the same time, though, profits increased at a slower pace than in 2021, reflecting a year when the nation's decade-long housing boom stalled. The national median home value dipped 8 percent over the second half of last year as home-mortgage rates doubled, consumer price inflation soared to a 40-year high and the stock market slumped. Those forces cut into the amounts potential home buyers could afford, generating multiple headwinds that threaten to further erode the housing market, cutting demand and potentially pushing seller profits down. Total sales last year declined after rising in eight of the previous 10 years. Among 157 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western and southern states reaped the highest returns on investment in 2022. The West and South regions had 14 of the 15 metro areas with the highest ROIs on typical home sales last year, led by Hilo, HI (100 percent return on investment); Lake Havasu City-Kingman, AZ (88.4 percent); Spokane, WA (86.2 percent); Fort Myers, FL (85.4 percent) and Port St. Lucie, FL (84.8 percent). Prices up at least 10 percent in more than half the country as most markets again hit new highs The U.S. median home price increased 10 percent in 2022, hitting another all-time annual high of $330,000. The full-year median home-price appreciation in 2022 fell below the 17.6 percent nationwide gain in 2021. Still, the latest increase in the national median value remained among the best over the past decade. Since 2012, when the U.S. housing market was just starting to recover from the Great Recession of the late 2000s, the national median price has grown 120 percent. Median prices rose from 2021 to 2022 in all but two of the 157 metropolitan statistical areas around the U.S. with a population of 200,000 or more and sufficient home price data in 2022. Values shot up at least 10 percent in 85 of those metros (54 percent). Those with the biggest year-over-year increases were in Florida, led by Naples, FL (median up 26.9 percent); Fort Myers, FL (up 26.7 percent); Lakeland, FL (up 25.7 percent); Port St. Lucie, FL (up 24.6 percent) and Ocala, FL (up 23.8 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2022 came in Tampa, FL (up 21.9 percent); Raleigh, NC (up 17.9 percent); Austin, TX (up 17.9 percent); Orlando, FL (up 17.7 percent) and Tucson, AZ (up 17.2 percent). Typical home prices in 2022 reached new peaks in 153 of the 157 metros analyzed (97 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX. Metro areas where median prices dropped in 2022, or rose by the smallest amounts, were Davenport, IA (down 2 percent); Shreveport, LA (down 1.7 percent); Baltimore, MD (up 2.7 percent); Pittsburgh, PA (up 2.7 percent) and Toledo, OH (up 2.8 percent). Profit margins increase in 90 percent of nation Profit margins on typical home sales improved from 2021 to 2022 in 141 of the 157 metro areas with sufficient data to analyze (90 percent). That happened as the 10 percent jump in sale prices nationwide in 2022 surpassed the 5 percent increases recent sellers had been paying when they originally bought their homes. Nine of the 10 largest increases in investment returns were in Florida, led by Fort Myers, FL (ROI up from 51 percent in 2021 to 85.4 percent in 2022); Ocala, FL (up from 49.7 percent to 82.4 percent); Naples, FL (up from 44.7 percent to 74.4 percent); Port St. Lucie, FL (up from 62.8 percent to 84.8 percent) and Miami, FL (up from 42.9 percent of 64.1 percent). Aside from Miami, the largest ROI gains from 2021 to 2022 in metro areas with a population of at least 1 million were in Orlando, FL (ROI up from 42.2 percent to 62.2 percent); Tampa, FL (up from 53.8 percent to 73.8 percent); Jacksonville, FL (up from 43.7 percent to 58.4 percent) and Las Vegas, NV (up from 48.8 percent to 59.8 percent). The biggest decreases in investment returns from 2021 to 2022 came in Salem, OR (ROI down from 82.7 percent to 43.1 percent); Atlanta, GA (down from 43.9 percent to 36 percent); Boise, ID (down from 75.9 percent to 68.9 percent); Prescott, AZ, (down from 82.7 percent to 75.9 percent) and Sacramento, CA (down from 61 percent to 54.7 percent). Aside from Atlanta and Sacramento, metro areas with a population of at least 1 million and declining profit margins in 2022 included Minneapolis, MN (down from 43.8 percent to 40 percent); Los Angeles, CA (down from 48.2 percent to 45.2 percent) and San Francisco, CA (down from 75.2 percent to 72.8 percent). Raw profits top $100,000 in half the country, with largest clustered on West Coast Raw profits on median-priced home sales in 2022 topped $100,000 in 79, or 50 percent, of the 157 metro areas with sufficient data to analyze. The West region had 17 of the top 20 raw profits in 2022, led by San Jose, CA ($621,000); San Francisco, CA ($473,000); Seattle, WA ($304,063); San Diego, CA ($295,500) and Los Angeles, CA ($272,500). The smallest raw profits in 2022 were mainly in the South and Midwest, reflecting lower homes prices in those areas than elsewhere. Those regions had 19 of the 20 lowest profits on typical sales, led by Columbus, GA ($19,000); Shreveport, LA ($20,000); Beaumont, TX ($22,991); Rockford, IL ($34,500) and Davenport, IA ($38,500). Home seller tenure remains near 10-year low Home sellers in the U.S. who sold in the fourth quarter of 2022 had owned their homes an average of 5.85 years, down from 5.96 years in the previous quarter and from 6.05 years in the fourth quarter of 2021. The latest figure represented the third-shortest average home-seller tenure since 2012. Average seller tenures were down, year over year, in 77, or 72 percent, of the 107 metro areas with a population of at least 200,000 and sufficient data. The biggest declines in average seller tenure from the fourth quarter of 2021 to the fourth quarter of 2022 were in Rockford, IL (down 23 percent); Atlantic City, NJ (down 22 percent); Dayton, OH (down 20 percent); Knoxville, TN (down 19 percent) and Salem, OR (down 18 percent). The longest tenures for home sellers in the fourth quarter of 2022 were in Bellingham, WA (9.87 years); Manchester, NH (8.58 years); Honolulu, HI (8.38 years); Bridgeport, CT (7.78 years) and New Haven, CT (7.57 years). Cash sales at nine-year high Nationwide, all-cash purchases accounted for 36.1 percent, or one of every three single-family home and condo sales in 2022. The latest percentage – the highest since 2013 – was up from 34.4 percent in 2021 and from 22.7 percent in 2020, although still off the 38.5 percent peaks in 2011 and 2012. "Cash buyers – many, but not all of whom are investors – are in a position of competitive advantage in today's higher interest rate environment, and will continue to account for a higher-than-usual share of market at least until mortgage rates dip back down a bit," Sharga noted. "With affordability a problem for many buyers – especially first-time buyers – it wouldn't be a surprise to see the percentage of cash purchases actually increase in 2023." Among those metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2022 were Augusta, GA (72.1 percent of sales); Columbus, GA (69 percent); Athens, GA (60.6 percent); Flint, MI (59.5 percent) and Gainesville, GA (58.9 percent). Lender-owned foreclosure purchases in U.S. at lowest level in at least 17 years Foreclosure sales to lenders accounted for just 1.2 percent, or one of every 87 single-family home sales in 2022 – the lowest level since at least 2005. The 2022 figure was down from 1.5 percent of sales, or one in 68, in 2021 and 3.6 percent, or one in 28, in 2020. States where lender-purchased (REO) foreclosure sales comprised the largest portion of total sales in 2022 were Michigan (3.2 percent of sales), Illinois (3 percent), Connecticut (2.2 percent), New York (1.9 percent) and Arkansas (1.9 percent). Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient data, those where lender-purchased foreclosure sales represented the largest portion of all sales in 2022 were Flint, MI (8.3 percent of sales); Binghamton, NY (4.9 percent); Kalamazoo, MI (4.6 percent); Lansing, MI (4.5 percent) and Huntington, WV (3.7 percent). Among 55 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of lender-purchased foreclosures in 2022 were Chicago, IL (2.8 percent of sales); St. Louis, MO (2.4 percent); Detroit, MI (2.1 percent); Grand Rapids, MI (2 percent) and Baltimore, MD (2 percent). Those with the smallest shares were Raleigh, NC (0.2 percent of sales); Denver, CO (0.2 percent); Tucson, AZ (0.3 percent); San Francisco, CA (0.3 percent) and Colorado Springs, CO (0.3 percent). Aside from Raleigh, Denver, Tucson and San Francisco, metro areas with at least 1 million people where lender-purchased foreclosures represented the smallest share of total sales also included Phoenix, AZ (0.3 percent). Institutional investing down in 2022 Institutional investors nationwide accounted for 6.5 percent, or one of every 15 single-family home and condo sales in 2022 in the U.S. The latest figure was down from 8.1 percent in 2021, but was still more than twice the 2.9 percent level in 2020. Among those metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest portions of institutional-investor transactions in 2022 were Atlanta, GA (19 percent of sales); Memphis, TN (18.4 percent); Jacksonville, FL (17.9 percent); Charlotte, NC (16.8 percent) and Tucson, AZ (16.6 percent). FHA sales at lowest point in 15 years Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 7.5 percent, or one of every 13 single-family home and condo purchases in 2022. That was down from 8.3 percent in 2021 and from 11.8 percent in 2020, to the lowest point since 2007. Among those metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data in 2022, those with the highest share of purchases made with FHA loans were Bakersfield, CA (18.9 percent of sales); Visalia, CA (18.3 percent); Merced, CA (17.7 percent); Hagerstown, MD (15.8 percent) and Modesto, CA (15.6 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM 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 real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
Renting Costs Nearly $800 Less Per Month than Buying
MORE >
Second Century Ventures Announces 8 Companies Selected to 2023 REACH Australia Technology Growth Program
SUNSHINE COAST, QUEENSLAND, AUSTRALIA (January 30, 2023) – Second Century Ventures, the strategic investment arm of the National Association of Realtors® and the most active global real estate technology fund, announced today the acceptance of eight companies to the 2023 REACH Australia program. Now entering its fourth year in Australia, the REACH growth program is designed to help technology companies scale their growth and make a lasting impact across real estate communities worldwide. "We are delighted to be welcoming these new innovators to the property community," said Peter Schravemade, managing partner, REACH Australia. "This portfolio has demonstrated tremendous relevance and innovation to the global real estate industry, and we are excited about the growth 2023 will bring." The companies selected for the 2023 Australia program were handpicked for their groundbreaking technologies and potential to impact the industry, from automating listing descriptions to bringing transparency to the offer management process. They are set to kick off on March 12 in Brisbane with a unique conference hosted by REACH Australia. The companies accepted to the REACH Australia 2023 program are as follows: Sensor Global: The patent owners of a home/facility sensor that automatically checks itself backed by monitoring software. Liz: An app designed to assist tenants with fiscal responsibility and shared payment scenarios. QuantPS: An optimization engine that helps banks and their customers sell distressed residential property for more, faster. Tapi: The property care platform for residential property managers to better report, track and plan maintenance and repairs. ListAssist.ai: Artificial intelligence automating the writing of listing descriptions for the sale and lease of residential properties. MarketBuy.com.au: Bringing transparency and communication to the offer management process in residential real estate. Realtime Conveyancer: A breakthrough end-to-end software as a service (SaaS) solution built by practitioners to empower conveyancers and lawyers to execute faster, safer and smoother property settlements for the benefit of all parties. Properti.ai: An online platform that automates real estate social media marketing by creating, posting and promoting brand video and image creatives. To learn more about REACH Australia and how you can get involved, visit www.narreach.com. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
MORE >
Zillow's new AI-powered natural-language search is a first in real estate
MORE >
Renting More Affordable than Homeownership Across Most of the Nation in 2023
Rents Rising Faster Than Home Prices in Almost Half the U.S.; Both Renting and Owning Unaffordable for Average Workers Throughout the Country; Renting Still More Manageable in Vast Majority of Markets IRVINE, Calif. – Jan. 19, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2023 Rental Affordability Report, which shows that the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 210, or 95 percent, of the 222 U.S. counties analyzed for the report. Both renting and owning a three-bedroom home are significant financial burdens for households around the U.S., consuming more than one-third of average wages in most major housing markets. But average rents still require a significantly smaller portion of wages than major home-ownership expenses on three-bedroom properties. That gap has emerged even as rents have risen faster than home prices over the past year in roughly half the nation. The analysis for this report incorporated 2023 rental prices and 2022 home prices, collected from ATTOM's nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM (see full methodology below). Those two data sources were combined with average wage figures from the Bureau of Labor Statistics (see full methodology below). "What a difference a year makes," said Rick Sharga, executive vice president of market intelligence for ATTOM. "Last year our study concluded that it was more affordable to own than to rent in 60 percent of the markets analyzed. But with mortgage rates doubling, monthly payments for new homeowners rose by 45-50 percent compared to a year ago, even though home price appreciation has slowed down dramatically. This has made renter more affordable in the majority of markets, despite rental rates continuing to rise over the past year." The report shows that renting is more affordable in most of the country following a year of mixed market patterns around the country, flowing from a rapidly changing housing market. Average three-bedroom rents climbed more than median sales prices on single-family homes in 46 percent of the markets analyzed. That happened at a time when a decade-long run of price spikes slowed considerably across the U.S., amid rising mortgage rates, high inflation, a declining stock market and other factors that cut into what potential buyers could afford. Still, rents didn't go up fast enough to keep them from being the more financially viable option for workers earning average local wages in most markets. Average rents commonly consume a smaller portion of average wages than major home ownership by anywhere from 5 to 30 percentage points. The patterns hold throughout the country, but are most pronounced in the most populous urban markets. Rents rising faster than home prices in half the nation Average rents for three-bedroom homes are increasing more than median prices for single-family homes in 103 of the 222 counties analyzed in this report (46 percent). Counties were included in the report if they had a population of 100,000 or more, at least 100 sales from January through November of 2022, and sufficient data. The most populous counties where three-bedroom rents are rising faster than median sales prices for single-family homes are Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles); Kings County (Brooklyn), NY, and Miami-Dade County, FL. The largest 119 counties where sales for single-family homes are rising faster than rents are Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Dallas County, TX, and Clark County (Las Vegas), NV. Widest affordability gaps between renting and owning in most populous counties Renting the average three-bedroom home is more affordable compared to owning a single-family home in the nation's largest counties, with populations of at least 1 million. Among 46 counties with a population of at least 1 million included in the report, the biggest gaps are in Honolulu, HI (average three-bedroom rents consume 66 percent of average local wages while single-family home ownership expenses consumes 140 percent); Alameda County (Oakland), CA (47 percent for renting versus 110 percent for owning); Santa Clara County (San Jose), CA (28 percent versus 83 percent); Orange County, CA (outside Los Angeles) (73 percent versus 125 percent) and Contra Costa County, CA (outside San Francisco) (49 percent versus 90 percent). The only county with a population of more than 1 million where it is more affordable to buy than rent is Cook County (Chicago), IL (average rents consume 40 percent of average local wages while home ownership consumes 38 percent). The biggest gaps among counties in the report with populations of less than 1 million are in San Mateo County, CA (outside San Francisco) (average three-bedroom rents consume 39 percent of average local wages while single-family home ownership expenses consumes 103 percent); Alexandria City/County, VA (outside Washington, DC) (46 percent versus 101 percent); Loudoun County, VA (outside Washington, DC) (44 percent versus 97 percent); San Francisco County (41 percent versus 92 percent) and Utah County (Provo), UT (37 percent versus 84 percent). Renting three-bedroom homes difficult for average wage earners, but most affordable in South and Midwest The report shows that renting the typical three-bedroom property requires more than one-third of average local wages in 174 of the 222 counties analyzed for the report (78 percent). Among the 48 markets where average three-bedroom rents require less than one-third of average local wages, 44 are in the Midwest and South. The most affordable counties for renting a 3-bedroom property are Jefferson County (Birmingham), AL (20 percent of average local wages needed to rent); Pulaski County (Little Rock), AR (23 percent); Cuyahoga County (Cleveland), OH (23 percent); Wayne County (Detroit), MI (24 percent) and Summit County (Akron), OH (25 percent). Aside from Cuyahoga and Wayne counties, the most affordable counties for renting, among those with a population of at least 1 million, are St. Louis County, MO (25 percent of average local wages needed to rent); Allegheny County (Pittsburgh), PA (26 percent) and Philadelphia County, PA (26 percent). The least affordable counties for renting are spread through the South, Northeast and West, including Kings County (Brooklyn), NY (126 percent of average local wages needed to rent); Indian River County (Vero Beach), FL (100 percent); Charlotte County, FL (outside Fort Myers) (84 percent); Monterey County, CA (outside San Francisco) (82 percent) and Riverside County CA (outside Los Angeles) (77 percent). Aside from Kings and Riverside counties, the least affordable for renting among counties with a population of at least 1 million are Orange County, CA (outside Los Angeles) (73 percent of average local wages needed to rent); Palm Beach County (West Palm Beach), FL (71 percent) and Westchester County, NY (outside New York City) (69 percent). South and Midwest also have most-affordable home ownership markets; least affordable are in West and Northeast The report shows that major expenses on a median-priced single-family home requires more than one-third of average local wages (assuming a 20 percent down payment) in 206 of the 222 counties analyzed for the report (93 percent). The most affordable markets for owning are Wayne County (Detroit), MI (24.1 percent of average local wages needed to own); Montgomery County, AL (27.6 percent); Cuyahoga County (Cleveland), OH (27.7 percent); Richmond County (Augusta), GA (28.7 percent) and Allegheny County (Pittsburgh), PA (29.2 percent). Aside from Wayne, Cuyahoga and Allegheny counties, the most affordable for owning among counties with a population of at least 1 million are St. Louis County, MO (32.9 percent of average local wages needed to own) and Cook County (Chicago), IL (38.3 percent). The least affordable markets for owning among those analyzed are Honolulu County, HI (139.8 percent of average local wages needed to own); Kings County (Brooklyn), NY (125.9 percent); Orange County, CA (outside Los Angeles) (124.7 percent); Monterey County, CA (outside San Francisco) (117.3 percent) and Alameda County (Oakland), CA (110.1 percent). Aside from Honolulu, Kings, Orange and Alameda counties, the least affordable county among others with a population of at least 1 million is Queens County, NY (102.6 percent of average local wages needed to own). Rents growing faster that wages in almost three-quarters markets Average fair-market rents are increasing more than average local wages in 156 of the 222 counties analyzed in the report (70 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average local wages are growing faster than average rents in 66 of the 222 counties in the report (30 percent), including Maricopa County (Phoenix), AZ; Dallas County, TX; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX, and Hillsborough County (Tampa), FL. Home prices rising faster than wages in more than 90 percent of nation Median single-family home prices are rising faster than average weekly wages in 207 of the 222 counties analyzed in the report (93 percent), including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average weekly wages are rising faster than median home prices in just 15 of the 222 counties in the report (7 percent), including Cook County (Chicago), IL; Cuyahoga County (Cleveland), OH; Westchester County, NY (outside New York City); Washington, D.C., and Jefferson County (Birmingham), AL. Methodology For this report, ATTOM looked at January-November (YTD) 2022 single-family home price data from ATTOM's publicly recorded sales deed data, as well as 3-bedroom average rental data for 2023, collected and licensed by ATTOM. This data was then analyzed for U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data. The analysis also incorporated second-quarter 2022 average weekly wage data from the Bureau of Labor Statistics (most recent available). Rental affordability represents the average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home-buying affordability represents the monthly house payment for a single-family median-priced home (including mortgage, based on a 20 percent down payment, plus property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM ATTOM 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 real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
Texas home builders see record sales but Days on Market jumps
MORE >
Renters Can Now Instantly Book Apartment Tours on Zillow
Zillow is improving the challenging tour-scheduling process by enabling renters to automatically schedule tours in the same way they book restaurant reservations SEATTLE, Jan. 23, 2023 -- Zillow today announced a convenient feature which enables renters to book an apartment tour online, making the once-cumbersome process as simple as booking a restaurant reservation. More than two-thirds (71%) of recent renters reported taking up to four in-person tours, according to Zillow's 2022 Consumer Housing Trends Report. In 2021, 58% of recent renters said they preferred to schedule in-person tours online. Zillow is now allowing apartment shoppers to do just that – scheduling tours instantly, online, without the hassle and delay of having to get in touch with someone directly. With automated tour scheduling, renters are assured that they will see the apartment they're interested in at a time that works in their busy schedule, without needing to wait for a response from a property manager. Renters also receive automated email and text reminders for their appointment time. "Touring is a major milestone in the journey of finding a rental, and it's due for innovation," says Michael Sherman, vice president of Zillow Rentals. "Allowing renters to instantly book a tour removes barriers and delivers a more seamless and convenient experience for renters and property managers. Freeing up the time it takes to coordinate schedules allows renters to focus on finding their perfect place without worrying about when they'll get a chance to see it, and gives property managers valuable time back for other important tasks." Renters can now directly book tours for listings at more than 2,600 apartment buildings on Zillow, and more properties are continually adopting the technology. This functionality is made possible through Zillow's integrations with Knock® CRM and Funnel Leasing®, two leading leasing and customer relationship management platforms used by multifamily properties across the country. And soon, renters will be able to specify the type of tour they want to take (in-person, self-guided or a live virtual tour) when booking. Along with the ability to instantly book apartment tours on Zillow Rentals, the No. 1 most-visited rental network[1], renters can take advantage of other free features available now to help streamline the process. By creating a Zillow Renter Profile, renters can more quickly put their best foot forward and potentially expedite the screening process. And even before they schedule the in-person tour, renters can take an immersive virtual tour of a property using Zillow 3D Home tours to help them make a decision about which properties are worth touring in-person, and get them into their next home faster and more confidently. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Knock Knock®, a RealPage Company, offers an integrated suite of front office technology that provides multifamily owners and operators with the levers they need to more profitably acquire and retain high-value, long-term residents. Knock CRM empowers leasing teams with tools to accelerate successful leasing and renewal outcomes, provides marketers the data to optimize spend, and ensures executives have the business intelligence and insights needed to outperform their competitors. Learn more at www.knockcrm.com. About Funnel Funnel exists so multifamily operators don't have to pick between antiquated monopolies or single solution challengers. After decades of the status quo, operators are no more efficient, and renters still dread the process of leasing an apartment. We fixed that with an independently-owned platform that turns the entire business model on its head. Renter Management Software is a new category of connected tools built around the renter. The software delivers a consistent, connected experience from the initial inquiry through years of renewals. All this while simultaneously saving operators quantifiable money through the smaller, and happier teams that only a renter-centric platform can enable.
MORE >
Realtor.com Forecasts the 10 Best Markets for First-Time Homebuyers in 2023
MORE >
New service from ShowingTime+ enables agents to deliver beautiful, dynamic listings with less hassle
Listing Media Services brings together photography services and high-quality, immersive listing media, giving agents everything they need to create interactive, save-worthy listings SEATTLE, Jan. 18, 2023 -- Zillow Group brand ShowingTime+ has launched Listing Media Services in select markets. It is the first of two next-generation listing marketing products from the software suite that will transform the way real estate agents prepare and market their for-sale listings. Listing Media Services is currently available in Milwaukee, Atlanta, Dallas and Los Angeles, with Tampa and Orlando coming online in a few days, and other markets having access to the service soon. Listing Media Services is a technology-enabled real estate photography service that offers agents comprehensive media packages to make their listings stand out in any market. With just a few clicks, agents can schedule a professional photographer with on-demand booking to capture all the media they need to build a compelling listing. This includes high-resolution listing photos, an interactive floor plan with embedded virtual tour and listing photos, downloadable floor plans, aerial photos and more — delivered on time, neatly packaged and easily shared. The interactive floor plan is automatically syndicated to Zillow®, Redfin® and select multiple listing services. The listing then receives specialized exposure and unique filters in search results on Zillow and Trulia® and is featured in dedicated emails to shoppers. Listing Media Services' easy scheduling, consistent availability and reliable service take the guesswork out of ordering listing media for agents. Agents simply select their media package, schedule a photographer and enter a few details about the property. From there, ShowingTime+'s experienced professionals deliver beautiful, engaging media for every listing, when the agent needs it. "We want to help agents effortlessly deliver standout listings that wow their sellers and help win over potential buyers," said Cynthia Taylor, vice president of product for ShowingTime+. "Listing Media Services cuts down on the time agents spend preparing a listing so they can focus on the high-touch, high-value work they do as a trusted adviser for their clients." Spotlighting a seller's home is more important than ever as listings linger on the market and home prices continue to decline. Higher mortgage rates and the subsequent pullback in home-buyer demand mean sellers and their agents are facing more days on market for their properties and less negotiating power than during the frenzied pandemic market. A key to unlocking listing engagement with potential buyers is to give them the immersive, digital home shopping experience they want. Homes on Zillow with a 3D Home tour and/or interactive floor plan were saved by users 78% more often than homes without a virtual tour. For home sellers, interactive listing media is no longer optional. In fact, most sellers (70%) say they are more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services. First-time home sellers now see their agent's use of rich listing media as essential to bringing in a higher sale price. Nearly 2 in 5 (39%) recent first-time sellers think they could have gotten a higher sale price with better listing photos, and 1 in 4 (25%) say a virtual home tour would have helped boost their bottom line. Listing Media Services makes it easy for agents to deliver the interactive listing media that home sellers want and home shoppers expect. Listing Media Services forms the foundation for ShowingTime+'s premium listing marketing product, Listing Showcase, launching in select markets later this year. Building on Listing Media Services' beautiful, easy-to-book media packages, Listing Showcase will enable agents to create a premium, customizable listing that stands out on Zillow and puts their personal brand front and center. Listing Media Services joins the ShowingTime+ suite of technology and tools that help agents highlight their brand, streamline processes and increase productivity. Interested agents can sign up to hear from ShowingTime+ about when Listing Media Services and Listing Showcase will be available in their market. About ShowingTime+ ShowingTime+ is modernizing real estate for the benefit of all agents, brokers and multiple listing services (MLSs). A brand of Zillow Group, Inc., ShowingTime+ provides products and services to help real estate professionals streamline their businesses and deliver elevated experiences to their customers. The ShowingTime+ technology suite includes ShowingTime®, dotloop®, Bridge Interactive®, Listing Media Services, and soon, Listing Showcase. ShowingTime+ products are used by hundreds of MLSs representing more than 1 million real estate professionals across the U.S. and Canada. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
FundingShield Announces Partnership with Milestones to Deliver Homebuyers with Protection from Wire Fraud
MORE >
Revive and SOLD.com team up to deliver market-ready listings to agents
IRVINE, Calif. — Jan. 17, 2023 — Revive, the most complete presale home renovation solution for sellers, and SOLD.com, the leading online real estate marketplace and educational resource provider, are teaming up to empower the 45,000+ agents in the SOLD.com network to unlock inventory and create move-in-ready homes with $0 due from sellers until closing. "Home buyers are starting to call the shots in today's real estate market," said Michael Alladawi, Revive CEO and founder. "What buyers want now more than anything else is a market-ready home," he added. "SOLD.com agents can offer homeowners Revive's unique, end-to-end solution for home renovations, helping agents win more listings and sellers secure a much higher price," added Matt Woods, SOLD.com CEO. Revive, with products available in all 50 states, offers presale renovation services for homeowners to help maximize their profits from their home sales. Renovations start within seven days; the average completion time is four to six weeks. As a result, when homeowners renovate their homes before selling, they boost their return on their most significant asset — their home. Once the renovated home is listed, it sells faster. "SOLD.com helps save time, reduces stress and improves sales outcomes for home sellers," explained Woods. "We educate and guide sellers to make their best decisions and ensure a better home selling experience. Teaming with Revive by offering its modern solution to get homes market-ready helps us deliver just that," he added. "By teaming up with SOLD.com, Revive is getting closer to solving a $300 billion-plus problem." said Dalip Jaggi, Revive co-founder. "Research shows when home sellers don't list their homes in move-in-ready condition, they can leave as much as 15 to 20 percent of potential profits from the home sale." When this occurs, hundreds of billions of dollars in additional profits are left on the table. However, Revive sellers average $186,000 more than the renovation costs and substantially more in higher-cost markets. As a result, agents that work with Revive typically see an increase in their commissions by 22% and win 40% more listings. Move-in-ready homes are what most Millennials home buyers want, according to research by the National Association of Realtors. The NAR also notes that Millennials represent 43 percent of home buyers, the highest share of any generation. Other research shows not only do Millennials want to avoid buying a home that needs improvements, but also that 70 percent of Millennial home buyers will also choose a smaller home, giving up more space, to buy a move-in ready home. Revive has products in all 50 states, offering presale renovation services for homeowners to help maximize their home sale profits. Since its inception in 2020, Revive has helped hundreds of homeowners create $60 million in profits. SOLD.com has matched over 75,000 home sellers and buyers with agents using data versus emotion or personal obligation to help find the best neighborhood professional to accomplish their goals. By providing unbiased, data-driven educational services, SOLD.com helps home buyers and sellers learn about all options available. Learn more about Revive and SOLD.com at www.revive.realestate and SOLD.com. About SOLD.com SOLD.com is an online marketplace, educating and connecting homeowners with the best method to buy or sell their homes. SOLD.com 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 free and unbiased recommendations for the most efficient, cost-effective route to making their move. About Revive Revive Real Estate's mission is to help every homeowner maximize their home equity through renovations. By providing access to Revive's supported network of contractors and without the upfront cost, homeowners and home sellers are able to maximize their wealth from their biggest asset– their home. Home sellers gain an average of $186,000 in additional profit when selling their home with Revive. Revive is the 2022 iOi Summit Pitch Battle winner. Learn more at www.revive.realestate.
MORE >
Inventory Ends the Year Up 55% but Remains Below Historic Levels
MORE >
Zillow names Charlotte as 2023's hottest housing market
Zillow's 10 hottest markets are based on factors such as expected home value growth and buyer demand SEATTLE, Jan. 12, 2023 -- Charlotte will be this year's hottest housing market, according to a Zillow® analysis. Cleveland, Pittsburgh, Dallas and Nashville join Charlotte in the top five of the Zillow 2023 hottest markets list. "This year's hottest markets will feel much chillier than they did a year ago," said Anushna Prakash, economic data analyst at Zillow. "The desire to move hasn't changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work. The good news for buyers is that monthly housing costs have stopped climbing. Home shoppers who can overcome affordability hurdles will find a more comfortable market this year, with more time to consider options and less chance of a bidding war, even if they're shopping in one of the hottest markets." Zillow's 10 hottest housing markets of 2023: Charlotte Cleveland Pittsburgh Dallas Nashville Jacksonville Kansas City Miami Atlanta Philadelphia Unlike in recent years, fast-growing home values are not a requirement for making this year's list of hottest markets. Higher mortgage rates and severe affordability challenges have chilled demand and brought home values down from last summer's peak. Home value growth in Charlotte is expected to be much slower this year than its 11.8% pace of 2022, as is the case in all of Zillow's 2023 hottest markets and the U.S. as a whole. Charlotte ranks second among large markets in projections for both home value growth and growth in owner-occupied households, which helped shoot it to the top of this year's hottest markets list. Both Cleveland and Pittsburgh ranked high in projections for time on market and new jobs per new home built. There are only four holdovers from last year's top 10, an indicator of how much the housing market has changed in just one year. Last year's hottest market, Tampa, just missed the cut this year, coming in at 11. Austin, 2021's hottest market, has fallen all the way to 29th on the list, in large part because it now ranks among the country's most expensive large markets. San Jose, Sacramento, Minneapolis–St. Paul, Denver and San Francisco make up the five coolest large markets in Zillow's 2023 projections. While affordability remains a major hurdle, the good news for home buyers is that the cost of a typical mortgage fell in November, thanks to lower mortgage rates. Zillow economists expect affordability to stabilize in 2023, if not improve, making it easier for households to budget and plan for their housing decisions. For those able to buy now, less competition from other buyers means homes are staying on the market longer, many sellers are cutting their list price, and there is less chance of being caught in a bidding war. Methodology Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest, or most competitive, housing markets of 2023. Seven metro areas were excluded due to missing data. The analysis incorporates expected home value appreciation from December 2022 through November 2023, the anticipated change in home value appreciation from 2022, new jobs per new housing unit permitted, an estimate of the net new number of home-owning households based on current demographic trends and the speed at which homes are being sold. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
planetRE Announces AI Intellectual Assistant within Socialite CRM
MORE >
Pending Home Sales Slid 4.0% in November
WASHINGTON (December 28, 2022) – Pending home sales slid for the sixth consecutive month in November, according to the National Association of REALTORS®. All four U.S. regions recorded month-over-month decreases, and all four regions saw year-over-year declines in transactions. "Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home," said NAR Chief Economist Lawrence Yun. "Falling home sales and construction have hurt broader economic activity." The Pending Home Sales Index (PHSI) — a forward-looking indicator of home sales based on contract signings — fell 4.0% to 73.9 in November. Year-over-year, pending transactions dropped by 37.8%. An index of 100 is equal to the level of contract activity in 2001. "The residential investment component of GDP has fallen for six straight quarters," Yun added. "There are approximately two months of lag time between mortgage rates and home sales. With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth." Pending Home Sales Regional Breakdown The Northeast PHSI slipped 7.9% from last month to 63.3, a drop of 34.9% from November 2021. The Midwest index decreased 6.6% to 77.8 in November, a fall of 31.6% from one year ago. The South PHSI retracted 2.3% to 88.5 in November, fading 38.5% from the prior year. The West index dropped by 0.9% in November to 55.1, retreating 45.7% from November 2021. "The Midwest region — with relatively affordable home prices — has held up better, while the unaffordable West region suffered the largest decline in activity," Yun said. The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
MORE >
CoreLogic's Major US Housing Market Trends of 2022
MORE >
Updates to conforming loan limits mean 2 million U.S. homes no longer require a jumbo loan
This could open up more home options for buyers shopping at higher price points and hoping to avoid the additional fees of a jumbo loan SEATTLE, Jan. 4, 2023 -- More than 2 million homes across the country no longer require a jumbo loan, according to a new analysis by Zillow Home Loans. This means customers will have additional available inventory that is covered by a more accessible financing option. The change is due to the Federal Housing Finance Agency's (FHFA) recent increase of conforming loan limits to $1,089,300 in some high-cost markets. The news may be welcome for buyers looking to purchase a home this coming shopping season, as jumbo loans often come with additional fees and more stringent qualification standards, making them less affordable for most buyers. The FHFA increased the limits on the home price that qualifies for a conforming loan, which is the largest amount a mortgage company can lend to a borrower and still sell the loans conventionally to Fannie Mae and Freddie Mac. Compared to conforming loans, jumbo loans typically require a higher credit score — 700 is the minimum score that many lenders accept for a jumbo loan, versus the score of 620 that many require for a conforming loan. Bigger down payments are also the norm with a jumbo loan: Jumbo loans often require 20% down, although some call for even higher down payments. Some jumbo loans also will require proof of larger cash reserves than conventional loans (up to 12 months worth). For the majority of the country, the conforming loan requirement increased by $79,000 — going from $647,200 in 2022 to a baseline of $726,200 in 2023. In the most expensive parts of the county (103 counties), the conforming loan limit was raised to $1,089,300, topping the $1 million mark for the first time. These counties are largely concentrated in the nation's most expensive metro areas, along the coasts and in the Mountain West. These updates to loan limits come within a changing housing market. While home price appreciation has slowed, home prices are still significantly higher than a year ago. Affordability challenges weighed heavily on home sales in the second half of 2022 — the number of listings that went pending in November fell by 16.5% from October and are down 38% compared to last November. "The addition of 2 million homes that now qualify for conforming loan options across the county is welcome news for home buyers entering a shopping season with fewer homes on the market," said Nicole Bachaud, Zillow Home Loans senior economist. "Home price appreciation has slowed significantly, and this means that homes nearing jumbo loan territory will stay eligible for conforming loans longer than we have seen in the last few years." A recent survey from Zillow Home Loans shows that prospective buyers spend nearly as much time researching their next TV purchase as they do their mortgage lender. Home buyers looking to purchase in the next year can take steps now to research and prepare for their mortgage as they get started on their home-financing journey, including: Understanding their credit profile: Credit scores are key to getting approved for a mortgage, but for many home buyers, understanding credit is complex. Improving their credit score: Once buyers familiarize themselves with what's in their credit report, they can take steps to pay down existing debts, pay bills on time, and review their credit report and dispute possible errors. Avoiding closing accounts: Don't close an account to remove it from your report. Those accounts aren't automatically removed and will continue to show up on your report. Holding off on large purchases that need to be financed: Wait to make purchases that need to be financed, such as a car, until after you close on a home. This type of purchase will impact your debt-to-income ratio, which will negatively impact the amount of home loan you qualify for. Determining what affordability looks like: Once buyers have a good understanding of their credit report and are satisfied with their credit score, it's time to understand how much home they can afford. Use Zillow's mortgage affordability calculator to customize payment details. "Buyers should educate themselves about loan limits in their area and speak with qualified loan officers so they are making informed choices about their home purchase and the best loan option for their personal financial situation," said Bachaud. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) and (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org)
MORE >
'First-Time Buyer' Season 3 Now Streaming on Hulu
MORE >
Home Affordability Worsens Across U.S. During Fourth Quarter of 2022 Despite Declining Home Prices
Major Home-Ownership Costs Consume 32 Percent of Average National Wage, Hitting 15-Year High; Portion of Wages Needed to Own Shoots Up as Rising Interest Rates Outweigh Falling Prices IRVINE, Calif. – Dec. 22, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos are less affordable in the fourth quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze – far above the 68 percent of counties that were less affordable in the fourth quarter of 2021. The report further shows that the portion of average wages nationwide required for typical major home-ownership expenses has risen to 32.3 percent this quarter. That figure – considered unaffordable by traditional lending standards – is up from 29.6 percent in the third quarter of this year and from 23.8 percent a year ago. It now stands at its highest point since 2007. Affordability has worsened due to rising home-mortgage rates in the U.S., which offset the benefits of rising wages and a recent decline in home values. Higher loan rates in 2022 have pushed up major ownership expenses on median-priced homes by 10 percent this quarter even as the median price of single-family homes and condos nationwide dipped 3 percent this quarter, following a 4 percent drop over the Summer. But lower prices and a 1 percent gain in average wages have been too little to make up for the impact of these increased mortgage payments. "Prospective homebuyers – especially first-time buyers – can't seem to catch a break," said Rick Sharga, executive vice president of market intelligence at ATTOM. "For the past two years home prices have appreciated in double digits – 15 to 20 percent a year in some markets. Now that home prices have plateaued and even declined in some markets, buyers are faced with mortgage rates that have doubled, making home purchases even less affordable." The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 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). Compared to historical levels, median home prices in 577 of the 581 counties analyzed in the fourth quarter of 2022 are less affordable than in the past. The latest number is up slightly from 572 of the same group of counties in the third quarter of 2022. But it is well up from 393 in the fourth quarter of 2021 and just 181, or less than a third, two years ago. Meanwhile, major home-ownership expenses on typical homes are unaffordable to average local wage earners during the fourth quarter of 2022 in 427, or about three-quarters, of the 581 counties in the report, based on the 28-percent lending guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. The most populous of the 181 counties where major expenses on median-priced homes remain affordable for average local workers in the fourth quarter of 2022 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA, and Cuyahoga County (Cleveland), OH. Interest rates have more than doubled this year to almost 7 percent, inflation remains near 40-year highs and the stock market has declined. All those forces have helped drive down prices after a decade of gains. At this point, prices haven't declined enough to make up for rising mortgage costs. But affordability could shift back in favor of home seekers if mortgage rate hikes ease or if prices drop further. "There is a scenario where affordability improves as we move through 2023," Sharga added. "Wage growth continues to be strong; home prices appear to have stabilized and are even going down slightly; and mortgage rates may have peaked for this cycle, and could go down gradually next year. If those conditions remain in place, the affordability picture is much brighter for a lot of potential buyers." Home prices remain up at least 5 percent annually in two-thirds of U.S. but dip quarterly in most Despite the recent decline in the U.S. housing market, median single-family home and condo prices in the fourth quarter of 2022 remain up by at least 5 percent over the fourth quarter of 2021 in 361, or 63 percent, of the 581 counties included in the report. However, typical values have dropped from the third to the fourth quarter in 463, or 80 percent, of those counties. That has contributed to a nationwide 3 percent decrease in the median home price, from $335,000 in the third quarter of 2022 to $325,000 in the fourth quarter. The median is now down 6.9 percent from the peak of $349,000 in the second quarter of this year. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2022. Among the 48 counties in the report with a population of at least 1 million, the biggest year-over-year gains in median sales prices during the fourth quarter of 2022 are in Collin County (Plano), TX (up 34 percent); Hillsborough County (Tampa), FL (up 18 percent); Miami-Dade County, FL (up 17 percent); St. Louis County, MO (up 16 percent) and Palm Beach County (West Palm Beach), FL (up 16 percent). Counties with a population of at least 1 million where median prices have dropped most, year-over-year, during the fourth quarter of 2022 are Philadelphia County, PA (down 13 percent); New York County (Manhattan), NY (down 4 percent); Honolulu County, HI (down 4 percent); Bronx County, NY (down 1 percent) and Santa Clara County (San Jose), CA (down 1 percent). Annual price gains still outpacing wage growth in majority of markets Annual home-price appreciation has surpassed weekly annualized wage growth in the fourth quarter of 2022 in 327 of the 581 counties analyzed in the report (56 percent). But that was down from 84 percent of counties analyzed in the third quarter of this year. The latest group where price gains are outpacing wage gains includes Kings County (Brooklyn), NY; Miami-Dade County, FL; Dallas County, TX; Queens County, NY, and Clark County (Las Vegas), NV. Average annualized wage growth has surpassed year-over-year home-price appreciation in the fourth quarter of 2022 in 254 of the counties in the report (44 percent). That was up from 16 percent of counties analyzed in the third quarter of this year. The latest group where wages are going up faster than prices include Los Angeles County, CA; Cook County, (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Portion of wages needed for home ownership increases throughout the U.S., with 28-percent benchmark exceeded in three-quarters of the nation With mortgage rates rising close to 7 percent, the portion of average local wages consumed by major expenses on median-priced, single-family homes and condos has increased from the third to the fourth quarter of 2022 in 97 percent of the 581 counties analyzed, helping to drive up the expense-to-wage ratio nationwide. The amount needed now tops the 28-percent lending guideline in 427, or about three-quarters of those counties, assuming a 20 percent down payment. That is up from 388, or two-thirds, of the same group of counties in the third quarter of 2022, and from 246, or less than half, in the fourth quarter of last year. Counties with the largest quarterly increase in the portion of average local wages needed for major ownership expenses are Santa Cruz County, CA (up from 105.3 percent in the third quarter of 2022 to 124.7 percent in the fourth quarter of 2022); Maui County, HI (up from 89.5 percent to 104.3 percent); Beaufort County (Hilton Head), SC (up from 54.2 percent to 68 9 percent); Gallatin County (Bozeman), MT (up from 54.5 percent to 67.3 percent) and Alexandria City County, VA (outside Washington, DC) (up from 42.8 percent to 55.2 percent). Those that require the largest percentage of wages are Santa Cruz County, CA (124.7 percent of annualized weekly wages needed to buy a single-family home); Kings County (Brooklyn), NY (114.6 percent); Marin County, CA (outside San Francisco) (109.6 percent); Maui County, HI (104.3 percent) and San Luis Obispo, CA (outside Bakersfield) (94.2 percent). Aside from Kings County, NY, counties with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the fourth quarter of 2022 include Queens County, NY (82.7 percent); Orange County, CA (outside Los Angeles) (82 percent); Alameda County (Oakland), CA (74.8 percent) and Nassau County (Long Island), NY (72 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the fourth quarter of this year are Macon County (Decatur), IL (12 percent of annualized weekly wages needed to buy a home); Schuylkill County, PA (outside Allentown) (12.8 percent); Peoria County, IL (13.5 percent); St. Lawrence County, NY (north of Syracuse) (13.6 percent) and Cambria County, PA (east of Pittsburgh (14.1 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the fourth quarter of 2022 include Wayne County, (Detroit), MI (16.9 percent); Philadelphia County, PA (18.2 percent); Cuyahoga County (Cleveland), OH (19.7 percent); Allegheny County (Pittsburgh), PA (20.7 percent) and St. Louis County, MO (24.1 percent). Annual wages of more than $75,000 needed to afford typical home in half of markets With affordability declining, annual wages of more than $75,000 are needed to pay for major costs on the median-priced home purchased during the fourth quarter of 2022 in 291, or 50 percent, of the 581 markets in the report. The top 25 highest annual wages required to afford typical homes again are on the east or west coast, led by San Mateo County (outside San Francisco), CA ($367,563); New York County (Manhattan), NY ($364,861); Marin County (outside San Francisco), CA ($349,140); San Francisco County, CA ($327,634) and Santa Clara County (San Jose), CA ($322,775). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2022 are in Cambria County, PA (east of Pittsburgh) ($22,502); Schuylkill County, PA (outside Allentown) ($22,974); St. Lawrence County, NY (north of Syracuse) ($26,714); Macon County (Decatur), IL ($26,788) and Bibb County (Macon), GA ($27,332). Historic affordability continues downward, dropping in nearly all counties Among the 581 counties analyzed, 99 percent are less affordable in the fourth quarter of 2022 than their historic affordability averages. That is virtually the same as the 98 percent level in the third quarter of 2022, but is up from 68 percent of the same counties a year ago. Historic indexes worsened in 97 percent of those counties, helping to drive the nationwide index down to its lowest point since the second quarter of 2007, just before an economic contraction known as the Great Recession hit. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Collin County (Plano), TX (index of 50); Hillsborough County (Tampa), FL (55); Wayne County (Detroit), MI (55); Mecklenburg County (Charlotte), NC (56) and Maricopa County (Phoenix), AZ (56). Counties with the worst affordability indexes in the fourth quarter of 2022 are Rankin County (outside Jackson), MS (index of 44); Clayton County, GA (outside Atlanta) (45); Jackson County, MS (outside Mobile, AL) (48); Benton County (Kennewick), WA (48) and Newton County, GA (outside Atlanta) (49). Among counties with a population of at least 1 million, those where the affordability indexes have declined most from the third quarter of 2022 to the fourth quarter of 2022 are Collin County (Plano), TX (index down 20 percent); St. Louis County, MO (down 13 percent); Miami-Dade County, FL (down 12 percent); Alameda County (Oakland), CA (down 12 percent) and Fulton County (Atlanta), GA (down 11 percent). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 581 U.S. counties with a combined population of 257.8 million during the fourth quarter of 2022. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $325,000 in the fourth quarter of 2022 requires an annual wage of $80,142. That is based on a $65,000 down payment, a $260,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $69,381 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM 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 real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
Prairie Village, Kansas, was Zillow's most popular city in 2022
MORE >
BoomTown Announces Winners of 3rd Annual Give Back Awards
CHARLESTON, S.C., December 21, 2022 — BoomTown, the leading cloud-based end-to-end sales, marketing, and back-office platform for real estate professionals, is excited to announce the winners of their second annual BoomTown Give Back Awards, highlighting members of the real estate community who have gone above and beyond to serve others in 2022. The winners each received a $1,000 prize, $100 was given to the charity of each finalist's choice, and BoomTown's pledge to donate ten dollars per nomination to The Florida Realtors® Disaster Relief Fund, generated an additional $1,830 donation. "Celebrating the accomplishments of those bettering their communities is a privilege I look forward to each year, and this year's recipients truly went above and beyond," said Grier Allen, CEO and President of BoomTown. "It's inspiring to see this initiative grow, to be able to fund more future endeavors, and to honor the kindness and goodwill that can be created in the face of adversity, hardship, and even natural disasters." 2022 BoomTown Give Back Award Recipients: The Helping Hand: Alicia Stukes, Associate Broker, eXp Realty in Maryland The Walk the Talk: Chip Collins, Owner/Broker-in-charge at Collins Group Realty The Creative Changemaker: Tristan Kong, Sales Representative for The Read Estate Team at Keller Williams Real Estate Associates Hurricane Hero: Joey Giordano, Gaff's Realty The Helping Hand award celebrates jumping in to aid friends, family, employees, another business or the community, The Walk the Talk award showcases those making charitable giving an integral part of their business, and The Creative Changemaker highlights using creativity to put an innovative spin on giving back. The Hurricane Hero, a special award this year, celebrates heroic rescue efforts made during hurricane Ian in Florida. Award recipients were selected by a panel of judges from BoomTownLOVE, the company's service and outreach organization, and nominations for 2023 will open in November. To learn more about the winners, visit https://go.boomtownroi.com/boomtown-give-back-awards About BoomTown BoomTown exists to make real estate agents successful. 100,000+ of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. BoomTown's full suite of capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, a mobile app for agents on the go, transaction management, commissions, and accounting. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Carlsbad and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint, real estate's leading back-office and transaction management software, and MyAgentFinder. For more about BoomTown visit boomtownroi.com.
MORE >
U.S. Foreclosure Completions Increase Annually by 64% in November 2022
MORE >
Zillow names the 10 best metros for first-time home buyers in 2023
These places offer the best mix of affordability and selection, and are seeing a higher share of price cuts SEATTLE, Dec. 7, 2022 -- As the share of buyers purchasing a home for the first time rebounds to pre-pandemic levels amid a changing market, a new Zillow analysis rates Wichita, Kansas, as the top area in America for potential first-time home buyers. Zillow ranked U.S. metros based on factors that included mortgage and rent affordability for first-time home buyers, available homes for sale and the share of listings with a price cut. "Although housing affordability is extremely challenging these days, some markets will be more hospitable than others for first-time home buyers," said Zillow senior economist Orphe Divounguy. "These metros are potential hotbeds for those looking to buy their first home. Not only will shoppers find more affordable monthly mortgage costs and have an easier time qualifying for a smaller loan, but rent also is more affordable than elsewhere in the country, shortening the time it takes to save for a down payment." Top 10 best metros for first-time home buyers Wichita, KS Toledo, OH Syracuse, NY Akron, OH Cleveland, OH Tulsa, OK Detroit, MI Pittsburgh, PA St. Louis, MO Little Rock, AR Wichita, the largest metro in Kansas, landed the top spot largely because of its relative affordability — it's among the top metros where people spend the smallest share of their income on rent and mortgage costs. And it has a higher share of for-sale listings relative to active shoppers, which means more options and bargaining power for potential home buyers. Wichita home shoppers can also find a number of deals popping up, with 22% of listings seeing a price cut in October. Three Ohio metros — Toledo, Akron and Cleveland — are also among the top 10. Detroit is the largest metro in the top 10, ranking as the nation's 12th largest. St. Louis (18th) and Pittsburgh (22nd) also are on the list and are among the nation's 30 largest metros. Wichita rose to the top for similar reasons earlier this year when Zillow analyzed the best metros for single renters. Areas with more affordable housing, such as in the Midwest and Great Lakes regions, should see relatively healthier markets and stronger sales in 2023 when compared to other U.S. markets. "Affordability remains the No. 1 challenge for first-time home buyers," said Amanda Pendleton, Zillow's home trends expert. "If they can overcome that significant hurdle, aspiring buyers have a better chance of landing a home than they've had in several years. They have more options, more time to decide and more negotiating power, meaning they may be able to land their dream home at a discount." As the market continues to change amid a high-interest-rate environment, Zillow has gathered tools on one easy-to-navigate web page that can help aspiring first-time buyers make the leap to homeownership. Zillow's top 10 best metros for first-time home buyers Methodology The Zillow Best Markets for First-Time Home Buyers index captures the extent to which housing market conditions are supportive of home-buying activity, particularly for first-time home buyers. The index employs four variables: mortgage affordability; rent affordability; the inventory-to-buyer ratio, which indicates available supply; and the share of listings with a price cut. Since affordability is the biggest challenge facing the housing market today, the index weighs the affordability metrics more heavily than the other two components. Lower rent shortens the time it takes to save for a down payment. A larger share of listings with a price cut and a higher number of active for-sale listings relative to the number of active shoppers mean more options and greater bargaining power for potential home buyers in those markets. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
NAR's Volunteering Works Program Announces 2022 Mentoring Recipients
MORE >
RE Technology's Top 10 Articles of 2022
Over the past 10 days, we've been counting down our top 10 articles of the year. These articles are an exclusive breed—at RE Technology, we publish over 1,000 articles each year. So which articles were among the 1 percent that made it into our top 10? Despite the uncertainty hitting the real estate market this year, only one (unlike last year) economics-focused article made the list in 2022. Granted, that article came in at #1, so it's safe to say the market was still top-of-mind. In 2022, the articles that got the most attention focused on client management (#3, #5, and #7) and troubleshooting tech (#4). What else made it into this year's hall of fame? Check out the full list of our most-read articles below: Is a Recession About to Rock the Housing Market? What Type of Car Should Realtors Drive? Termination of Real Estate Contract by Buyer: A Guide for Agents and Buyers Is Cold Calling Still Effective in Real Estate? Friday Freebie: 8 Homebuyer and Seller Checklists The 1 Thing You Must Do After Every Transaction 22 Ideas for Showing Clients Your Appreciation Tips for Growing the Listing Side of Your Real Estate Business Smartphone Running Slower? Here Are 4 Helpful Tips How Much Data Is Hidden in Your Listing Photos?
MORE >
2023 Housing Outlook: A Post-Pandemic Sales Slump Will Push Home Prices Down for the First Time in a Decade
MORE >
NAR Forecasts 4.78 Million Existing-Home Sales, Stable Prices in 2023
Atlanta named top real estate market to watch next year WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association's forecast today during NAR's fourth annual year-end Real Estate Forecast Summit. Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500). "Half of the country may experience small price gains, while the other half may see slight price declines," Yun said. "However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10–15%." Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages. Yun forecasts U.S. GDP will grow by 1.3%, roughly half the typical historical pace of 2.5%. After eclipsing 7% in late 2022, he expects the 30-year fixed mortgage rate to settle at 5.7% as the Fed slows the pace of rate hikes to control inflation. Yun noted this is lower than the pre-pandemic historical rate of 8%. Top 10 Real Estate Markets to Watch in 2023 and into the Future NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. In order, the markets are as follows: Atlanta-Sandy Springs-Marietta, Georgia Raleigh, North Carolina Dallas-Fort Worth-Arlington, Texas Fayetteville-Springdale-Rogers, Arkansas-Missouri Greenville-Anderson-Mauldin, South Carolina Charleston-North Charleston, South Carolina Huntsville, Alabama Jacksonville, Florida San Antonio-New Braunfels, Texas Knoxville, Tennessee "The demand for housing continues to outpace supply," Yun said. "The economic conditions in place in the top 10 U.S. markets, all of which are located in the South, provide the support for home prices to climb by at least 5% in 2023." NAR selected the top 10 real estate markets to watch in 2023 based on how they compared to the national average on the following economic indicators: 1) better housing affordability; 2) greater numbers of renters who can afford to buy a median-priced home; 3) stronger job growth; 4) faster growth of information industry jobs; 5) higher shares of the information industry in the respective local GDPs; 6) migration gains; 7) shares of workers teleworking; 8) faster population growth; 9) faster growth of active housing inventory; and 10) smaller housing shortages. To view NAR's On the Horizon: Markets to Watch in 2023 and Beyond report, visit this page. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Take a peek inside Santa's $1.15M North Pole home on Zillow
MORE >
Most Home Buying Pet Parents Would Pass on Their Dream Home if It Doesn't Work for Fido, According to Realtor.com Survey
More than two-thirds of prospective buyers with pets say they'd buy a home specifically because of features that cater toward their pet SANTA CLARA, Calif., Dec. 12, 2022 -- From adding "catios" to foregoing a home that's not pet-friendly, many homeowners and buyers are prioritizing their furry friends when making pivotal real estate decisions. According to a new survey conducted by Realtor.com® and HarrisX among 3,001 U.S. adults, 82% of Americans with pets who are planning to buy a home within the next year consider their pets' needs just as important, if not more so, than their own needs or those of their family. More than three-quarters (77%) of U.S. homeowners have a pet at home, and 79% of pet owners say they factored their pet in when choosing which home or apartment to live in. Pet owners looking to buy a house this year are prioritizing their pets even more, with 91% saying they'll be a factor in their decision. "People love their pets. And they're prioritizing the needs of these furry members of their families when choosing a home to rent or buy," said Clare Trapasso, executive editor at Realtor.com®. "Having an animal-accessible home is more important to many pet owners than extra square footage or a shorter commute to work." Buyers are saying, "No Pet, No Deal." Many prospective homebuyers have decided to abandon their buying process completely if they do not find a home to accommodate their pets. Almost three-quarters (72%) of prospective buyers with pets admit that they would forgo buying their dream home if it didn't accommodate their pets, while 62% of current homeowners with pets say they would. Sixty-six percent of prospective buyers with pets have declined to live in an otherwise perfect home because it couldn't accommodate their pets; and 44% of homeowners with pets say they would decline to live in an otherwise perfect home if it didn't accommodate their pets. Pets take priority over extra space, a short commute, and more. Some homebuyers are willing to adjust their search – and give up sought-after amenities – in order to prioritize their pets. About one third of pet owners planning to buy would give up a bonus room (37%) or extra bedroom (33%) – to be able to afford more/better space for their pet. Nearly one quarter would even give up a shorter commute (23%), an extra bathroom (22%) or an office (21%). Two-thirds (67%) of prospective buyers with pets say they'd buy a home specifically because of features that cater toward their pet, while almost half (49%) of current homeowners with pets would do so. Eighty-seven percent of those with pets looking to buy a house within the next year say they are factoring their pet in when choosing which neighborhood to live in, and more than two-thirds (70%) of current homeowners say they would factor in their pet when choosing a new neighborhood. Homeowners making "purr-fect" spaces with catios, dog doors and fenced-in yards. In some cases, homeowners have decided to take measures into their own hands by adding pet-friendly features, such as patios, dog doors and fenced-in yards, to their space. More than two thirds (69%) of pet owners looking to buy a home within a year say they would build or install special pet features in their home, and half (51%) of current homeowners with pets have built these features. The #1 feature in both groups: a dog door. Of the homeowners who have built special pet features in their home, about two in five (39%) fenced in their yard, 32% built a horse barn/facility, or installed a climbing post (32%); 28% installed a dog shower/bath station, 22% added a dog run in their yard, and 21% built a "catio." Anyone looking for a pet-friendly rental can check out the "pets" filter on realtor.com/rentals which can help you search for homes that will accept furry family members. Methodology: This survey was conducted online within the U.S. from Aug. 9-12, 2022 among 3,001 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >
Homebuying Costs Aren't Coming Down in 2023
MORE >
Redfin Reports Homebuying Demand Ticks Up Slightly After Recent Rate Drop
SEATTLE -- Mortgage-purchase applications and Redfin's Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up--posting a record annual increase--as pending sales fell the most on record. This is according to a new report from Redfin, the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% from a year earlier. Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending November 19 were down about 38% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other homebuying services from Redfin agents— was up 1.6% from a month earlier but down 33% from a year earlier during the four weeks ending November 20. Touring activity as of November 20 was down 35% from the start of the year, compared to a 3% year-over-year decrease at the same time last year, according to home tour technology company ShowingTime. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending November 20. Redfin's weekly housing market data goes back through 2015. The median home sale price was $356,149, up 2.1% year over year, the smallest increase since the start of the pandemic. Among the 50 most populous U.S. metros, home-sale prices fell from a year earlier in five of them. Prices declined 9.5% year over year in San Francisco, 2.1% in Sacramento, 1.7% in Detroit and less than 1% in San Jose, CA and San Diego. Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-64%), Austin (-58.2%), Phoenix (-57%), Jacksonville, FL (-57%) and Sacramento (-54%). The median asking price of newly listed homes was $363,600, up 4.6% year over year, the slowest growth rate since the beginning of the pandemic. The monthly mortgage payment on the median-asking-price home was $2,384 at the current 6.58% mortgage rate. That's down slightly from a week earlier and down 6% from two weeks earlier, when mortgage rates were at 7.08%. That's equal to $140 in monthly mortgage savings from two weeks ago for the typical buyer. Still, monthly mortgage payments are up 41% from a year ago. Pending home sales were down 35.2% year over year, the largest decline since at least January 2015, as far back as this data goes. New listings of homes for sale were down 20% from a year earlier, one of the largest declines since the beginning of the pandemic. Active listings (the number of homes listed for sale at any point during the period) were up 11.6% from a year earlier, the biggest annual increase since at least 2015. Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.5 months, the highest level since June 2020. 32% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier. Homes that sold were on the market for a median of 36 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June. 27% of homes sold above their final list price, down from 42% a year earlier and the lowest level since July 2020. On average, 7.3% of homes for sale each week had a price drop, up from 3.4% a year earlier but down slightly from the previous two weeks. The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.5% from 100.4% a year earlier. That's the lowest level since June 2020. View the full report, including charts, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
Analysis from ATTOM Reveals How Grocery Store Locations Impact the U.S. Housing Market
MORE >
MooveGuru Launches HomeKeepr to Its User Network of 370,000 Agents, Loan Officers and Title Reps
Atlanta, November 8, 2022 -- HomeKeepr's network of 370,000 agents, loan officers and title reps as well as their consumer contacts, are now using an enhanced suite of HomeKeepr's products and services. "It's actually a relaunch," says Rob Morelli, President of HomeKeepr. "After MooveGuru acquired HomeKeepr in 2020, we started a significant investment into the platform with the goal of designing the ultimate consumer destination for home management." HomeKeepr enhanced its consumer platform to manage every aspect of home ownership, while remaining branded to and delivered by their real estate agent, mortgage professional and title company. Features include storage for closing documents, photos, appliance manuals, tax information and more. Homekeepr also delivers real-time comparable market activity, home financial details, and a variety of other tools that consumers need to maintain and manage the physical and financial aspects of their home. A true differentiator for HomeKeepr is its home pro network. This network is unique compared to other sets of home pros as ALL MEMBERS of the network were referred by real estate agents and / or loan officers. MooveGuru identified this as a key component in deciding to acquire HomeKeepr in late 2020. Leveraging its unique home pro network has become a focus for MooveGuru. To ensure value for those vendors, the new HomeKeepr allows consumers to use a repair estimator tool to model accurate estimates of repair or renovation costs. The tool adjusts price locally, based on the property zip code, and directs the consumer to a reputable contractor in the HomeKeepr home pro network. MooveGuru understands the needs of real estate agents and mortgage loan officers. Each needs to know who is planning to move. The new HomeKeepr runs a complex algorithm on all consumers linked to an agent or a broker to identify life events that are likely to trigger a move. The algorithm further predicts the timeline to the home purchase or sale. This artificial intelligence feature provides continuous monitoring of over 50 datapoints including social, search, and online spending to identify contacts as likely movers and then notifies the agent and loan officer of who EXACTLY in their sphere to reach out to. "It's a roadmap for agents and loan officers to identify who in their list of contacts is highly likely to buy or sell in the next 90 days and it's incredibly accurate," says Scott Oakley, CEO of MooveGuru." After two years of investment and extensive testing, MooveGuru began rolling out the new HomeKeepr to the company's 370,000 agent clients in July. HomeKeepr and MooveGuru currently support 90% of all Keller Williams agents, 80% of ERA Real Estate and Better Homes and Gardens Real Estate agents, 8,000 eXp Realty agents, The Realty Alliance and the entire networks of Exit Realty, Vylla Real Estate and HomeScout. HomeKeepr is built on an open environment, so agents or loan officers do not have to disrupt their current systems and change transaction management systems or CRM. HomeKeepr provides a seamless experience for its clients through integrations that allow the system to pull contact data from real estate's leading platforms, such as Anywhere's Dash, Keller Williams' Command, MoxiWorks, Dotloop, DocuSign, Skyslope, Boomtown, and many more. "This revolutionary platform keeps the real estate agent and loan officer relevant to their contacts before, during, and long after the transaction. HomeKeepr creates a complete homeownership lifecycle program with the agent and loan officer at the center of the experience. "Bottom line, it gives consumers the tools they need to manage their largest investment while driving more transactions for our agents, loan officers and Title," says Kathleen Kuhn, President of MooveGuru. About MooveGuru Roswell, GA based MooveGuru. Since 2016, MooveGuru Inc. has supported its customers to keep them top of mind before, during and well after the transaction. Its technology is a customer for life solution using a combination of email marketing, utility connections and homeownership dashboards. Using Artificial intelligence to identify consumers buying and selling in the future, its algorithm can predict when a consumer is going to sell. Today, more than 2,200 brokerages, 370,000 agents and loan officers, and millions of homeowners are connected to the MooveGuru and HomeKeepr platforms.
MORE >
Steep Drop in Mortgage Lending Continues Across U.S. in Third Quarter, Hitting Three-Year Low
MORE >
NAR Launches Nationwide Motor Coach Tour to Mobilize Members, Strengthen Voice for US Consumers
CHICAGO (November 15, 2022) – The National Association of Realtors® announced today it will launch a nationwide motor coach tour with coordinated stops or affiliated events planned in every U.S. state over the next year. As its membership numbers approach 1.6 million, NAR is using the opportunity to better engage Realtors® and to emphasize their opportunities to strengthen market conditions for U.S. consumers. "NAR's membership numbers remain at an all-time high, but COVID-19 and the increase in virtual communication have diminished face-to-face interaction between NAR and Realtors® around the country," said NAR's 2023 President Kenny Parcell. "We wanted to reconnect with the members we have in every U.S. ZIP code and remind them of how important it is that we continue to engage policymakers in support of American consumers." Parcell and other members of NAR's leadership team have designed the tour to better mobilize Realtors® and to ensure they recognize their collective voice in representing the interests of U.S. consumers. "Our country is experiencing a 6-million-unit housing shortage, pushing homeownership out of reach for too many Americans," Parcell continued. "Consumers are counting on Realtors® to advocate on their behalf and to help ensure the American dream of home and property ownership remains available to as many people as possible." Riding with the Brand 2023 is a nationwide, multi-stop association member activation tour. The goal is to engage thousands of members nationwide by executing visits that can support member engagement, member recruitment and retention, and community engagement. The tour will make its first stop in Atlantic City, N.J., after launching in Philadelphia on November 29. A complete list of event dates and locations, as well as additional information about the tour's intent, can be found at nar.realtor/riding. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
New Realtor.com Data Highlights the Impact of Wildfire and Flood Risk on Consumer Behavior and Home Prices
MORE >
Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home -- Up 46% From a Year Ago
Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices SEATTLE -- A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up 45.6% from $73,668 a year ago, according to a new report from Redfin, the technology-powered real estate brokerage. That's due to mortgage rates that have more than doubled over the last 12 months, combined with persistently high home prices. From February 2020 (just before the pandemic started) to October 2022, the monthly payment for an American family buying the median-priced home increased by roughly 70%. Affordability challenges are a major reason why home sales have slowed so dramatically over the last few months. "High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want," said Washington, D.C. Redfin agent Chelsea Traylor. "If you had a $900,000 budget a few months ago, rising rates mean it's now around $700,000–and sellers aren't dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas or waiting for prices and/or rates to come down before making a move." "I'm encouraging buyers to think long term," Traylor continued. "Prices are unlikely to fall drastically in the long run, so buying a home now–if you can afford the monthly payment–will still help you build wealth over time, especially if you plan to live in it for several years. Even though rates are high, another advantage of buying now is the lack of competition and opportunity to negotiate with sellers." Increases in income required to buy a home are especially eye-popping in Florida Buyers in North Port, FL need to earn $131,535 annually to afford the metro area's typical monthly mortgage payment of $3,288. That's up 73.9% from $75,659 a year earlier, the biggest percent increase of any major U.S. metro. It's followed by Miami, where homebuyers need to earn $128,892, up 63.7% year over year. El Paso, TX ($64,580, up 63.6%), Tampa ($101,682, up 62.4%) and Cape Coral, FL ($104,943, up 60.6%) round out the top five. Sixteen of the 20 metros where the income necessary to afford a home has increased most are in the Sun Belt. Sun Belt destinations have long been popular with homebuyers due to their relative affordability and warm weather, and remote work has made them even more popular, driving up prices in the process. Several Florida metros, including North Port and Cape Coral, were hit hard by Hurricane Ian in September, resulting in sharp drops in pending sales and new listings. It remains to be seen whether that will translate to outsized price declines. Chicago area, Bay Area had smallest upticks in income necessary to afford a home Buyers need to earn at least 50% more income to afford a home than they did a year ago in 39 of the 93 metros included in this analysis. They need to earn at least 30% more in all 93. Lake County, IL–near Chicago–had the smallest gain in income necessary to afford the median-priced home, though buyers still need 33.5% more than a year ago. The Bay Area also had smaller-than-average increases, but the income necessary to buy there is still enormous. Buyers need to earn $402,821 to pay San Francisco's typical $10,071 monthly mortgage payment, up 33.6% from a year ago. It's followed by San Jose ($363,265, up 36.1%) and Oakland ($247,559, up 36.2%). The increases are smaller in Lake County and the Bay Area than other places because they're among the only parts of the country where home prices are falling year over year. Homebuyers in 45 major metros need $100,000-plus income to afford the typical home The incomes buyers need to purchase a home in San Francisco and San Jose are the highest in the country, followed by Anaheim, CA, where the typical buyer must earn $254,286 to afford the typical monthly mortgage payment of $6,357 (+42.1% YoY). Oakland and Los Angeles ($221,592, up 40.7%) round out the top five. Homebuyers must earn at least $100,000 annually to buy a home in roughly half (45) of the metros in this analysis. That's up from 16 metros a year ago. Detroit requires the lowest income to afford the area's median-priced home ($48,435), but that's still up 42.3% from a year ago. It's followed by Dayton, OH ($51,126, up 46.1%), Cleveland ($53,817, up 45.7%), Rochester, NY ($56,508, up 56.2%) and Pittsburgh ($57,853, up 41.7%). View the full report, including additional metro-level data and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
Chime Unveils Geographic Farming Innovation to Elevate Lead Conversion
MORE >
Lone Wolf introduces Leads+, a turnkey solution for real estate agents to attract seller leads
New solution combines digital marketing, lead generation and qualification, and CRM DALLAS, TX and CAMBRIDGE, ON - November 11, 2022 - Lone Wolf Technologies ("Lone Wolf"), the leader in North American residential real estate software, is excited to announce the launch of Leads+, a powerful turnkey platform designed to help real estate agents attract seller leads and close more deals, faster and at a lower cost. The new solution debuts this weekend at the first-ever NAR NXT event in Orlando, Florida. For agents today, it's more challenging than ever to find the time to make face-to-face connections with clients while facilitating the sophisticated, straightforward digital communication process that consumers expect. With social media, advertising, and digital engagement standards shifting as often as market conditions, it's a lot to keep up with. Leads+ makes it easy for agents to connect with highly qualified leads—and vice versa—through a combination of human and technology-run follow-up using proven conversion strategies and techniques. The solution brings together Lone Wolf's automated online advertising and lead qualification features to capture and deliver new sellers and listing opportunities to agents. It identifies ad copy, placement, and budget to attract attention and directs potential leads to landing pages monitored and tested for conversion. The solution then pulls the received information into Lone Wolf's CRM for easy follow-up and nurture. "We are thrilled to introduce Leads+ to the real estate industry and continue the momentum of transformative solutions for agents," said Jimmy Kelly, CEO of Lone Wolf. "It's our priority to simplify real estate for all. Leads+ ensures that agents have the time and flexibility to do what they do best—help people find home—with the support of real estate's best technology." As a done-for-you service for agents, Leads+: Launches digital ads based on previous high-performing campaigns, geo-targeting, and generic content to reach a wide audience of qualified sellers online. Creates high-converting, branded landing pages to capture consumers' attention and information. Combines personal and automated nurturing to qualify and deliver seller leads on a regular basis. Uploads all client details into CRM for easy contact management and follow-up. This means that agents can run a full lead generation and nurture program-without needing to worry about creating or editing ads, building landing pages, spending a lot of time on manual tasks for lead nurture, or staying compliant in a constantly changing digital engagement landscape. "Agents today don't want more complex technology. They want to find new opportunities and connect with more potential sellers," said Aaron Kardell, VP of Product at Lone Wolf. "We designed Leads+ to combine the most powerful features agents use to build their business, focus on their clients, and stop worrying about DIY manual tasks." Leads+ is now available to real estate agents across North America. For more information, please visit the Lone Wolf Technologies website here. About Lone Wolf Technologies  Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits-from transactions to back office, insights, and more, all in one place. Lone Wolf's head offices are located in Cambridge, ON, and Dallas, TX. 
MORE >
Rental Demand Soars as Mortgage Rates Continue to Rise
MORE >
iGUIDE and HouseLens Announce Partnership
WATERLOO, Ontario - Nov. 9, 2022 -- iGUIDE, an industry leader in 3D tours and floor plans for residential real estate, announced today a partnership with HouseLens, an on-demand real estate data capture and visual marketing company. "We've been excited to announce this partnership," said Michael Vervena, VP of Sales & Marketing at iGUIDE. "We're looking forward to collaborating with HouseLens and bringing iGUIDE to more real estate agents across all major regions in the USA." Through HouseLens, a visual capture service for commercial and residential real estate, iGUIDE will now be able to expand and offer more regional coverage for Real Estate agents to access. HouseLens is the real estate visual marketing service arm of Seek Now, Inc., the nation's leading provider of on-demand, ground truth insurance inspections and real estate data capture. "This strategic partnership is bringing our real estate agent base more options to reach more buyers and provide them with the information they need while leveraging the tools and technologies to be more successful, which is using iGUIDE's 3D virtual tours and floor plans," said David Pedersen, EVP of Enterprise Growth & Strategy at Seek Now. "We're excited to see where else we can introduce this tool to our customers in the future." iGUIDE offers a comprehensive set of features to enhance any listing including accurate floor plans, room measurements, ANSI-Z765-2021 compliant square footage, immersive 3D virtual tours, neighborhood details, and more. iGUIDE empowers homebuyers with the information they want in order to make better-qualified decisions faster. iGUIDE uniquely provides agents with the tools they need to stand out from the competition and help them get more listings and referrals. For 14 years, HouseLens has been capturing homes and businesses across the US to give real estate agents and business owners stunning professional photos and videos to help market their listings in a more visually pleasing way. The artists are highly skilled in the field of professional and HDR photography, professional videography, drone photography/videography, 3D real estate modeling, and much more. iGUIDE and HouseLens will be co-exhibiting at NAR on November 11, 2022. To learn more about the collaboration visit houselens.com/iguide. About iGUIDE Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for capturing and delivering immersive 3D virtual tours and extensive property data. iGUIDE is the most efficient system to map interior spaces and features accurate floor plans, measurements, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments. To learn more about iGUIDE and its services, visit goiguide.com. About HouseLens HouseLens is the real estate visual marketing service arm of Seek Now, Inc. Introduced in 2008, HouseLens is the nation's largest provider of full-motion walk-through listing videos, professional photography, 3D models, agent video bios, broker promotional videos, and more. To learn more, visit HouseLens.com.
MORE >
The Residential Real Estate Council Hires CEO
MORE >
Second Century Ventures Selects Six Tech Companies for 2023 REACH Canada Program
VANCOUVER (November 7, 2022) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, today announced the six companies selected for its 2023 REACH Canada program. These firms operate within a diverse range of market segments and specializations, helping agents and brokers become more efficient as they serve consumers, enhancing business capabilities, and addressing some of the persistent challenges facing global housing markets. "Our REACH program aims to partner with companies that empower Realtors® to succeed," said NAR CEO and SCV President Bob Goldberg. "These innovators are developing technologies that will help our members navigate the current market and build their businesses for the years ahead. We are thrilled to collaborate with the 2023 REACH Canada cohort to ensure that Realtors® remain at the forefront of the real estate industry." Second Century Ventures is the most active global venture fund in real estate technology, with more than 200 portfolio companies worldwide. It operates the global REACH scale-up program in five major markets – U.S. Residential, U.S. Commercial, Australia, Canada and the United Kingdom – with plans to expand the program to a sixth global region in early 2023. The award-winning REACH program helps high growth-potential companies scale across the real estate, financial services, banking, home services and insurance industries. Leveraging REACH's rapidly expanding global presence, the 2023 REACH Canada cohort represents technology companies based in Canada and around the continent – each with ambitions to advance the real estate ecosystem through unique value-add solutions for homeowners, asset owners, real estate operators and Realtors® alike. The six companies selected for REACH Canada 2023 include the following: iGuard Home Solutions offers technology that protects loved ones and property from kitchen fires before they can start. FrontRunner is the intersection between real estate and new media, changing the face of the digital out of home (DOOH), commercial real estate and retail industries. RealSage builds technologies that leverage data across the rental journey to generate real-time actionable insights and standardized processes for enterprise rental managers. SingleKey helps landlords find the right tenant and manage risks through easy, fast and effective tenant screening and background checks while supporting long term landlord-tenant relationships with rent collection and rent-guarantee products. Productive.app increases Realtors®' productivity by collecting, analyzing and prioritizing tasks, sending them directly from a phone call to their chosen customer relationship management (CRM) tool. JOBI by Sustainable Projects Group is an energy efficiency software as a service solution (SaaS) that empowers property managers and asset owners in the built environment to create and execute industry-leading, actionable sustainability plans. Collectively, these companies have raised over $11 million USD in capital and represent a market capitalization of more than $75 million. "The 2023 REACH Canada cohort offers an impressive range of diverse solutions and demonstrates that technology truly has no borders," said Lynette Keyowski, Managing Partner of REACH Canada. "These six companies – led by a diverse group of founders with expertise spanning multiple industries, geographies and ideologies – are focused on addressing some of the most critical and evolving real estate challenges, including aging in place; access to housing; environmental responsibility; and space utilization. We are excited to work with companies that are helping solve industry challenges in partnership with the Realtor® community." REACH Canada will offer its 2023 program members a robust curriculum including education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. Learn more about the companies selected for the REACH Canada program and how you can get involved at www.narreach.ca. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com.
MORE >
Home showing traffic continues to decline, still remains above pre-pandemic norms
MORE >
Realtor.com October Housing Report: Number of Homes for Sale Surpasses 2020 Levels
In October, the national inventory of active listings grew 33.5% year-over-year to a two-year high; affordability challenges continued to drive home shopper interest in relocating in Q3 SANTA CLARA, Calif., Nov. 3, 2022 -- The U.S. supply of for-sale homes hit a milestone on the road to recovery from the shortage of the past two years in October, as active listings soared 33.5% year-over-year to the highest level since 2020, according to the Realtor.com® Monthly Housing Trends Report released today. However, October data suggests that fewer home shoppers could afford to take advantage of the rise in available inventory, with time on market continuing to climb amid still-high listing prices. "As the rapid runup in rates reshapes housing market dynamics this fall, both buyers and sellers are taking a step back to recalibrate their plans. Home shoppers are looking at a monthly mortgage payment that is roughly $1,000 higher than at this time last year, and incomes are rising but not by that much. Combined with asking prices that are still climbing at a double-digit yearly pace, the average American has taken a huge hit to their homebuying power," said Danielle Hale, Chief Economist for Realtor.com®. "Still, our data indicates that some aspiring homeowners are finding ways to make the most of inventory conditions, such as by exploring relatively affordable metros. For buyers with the flexibility, relocating to a lower-priced market could help offset higher mortgage costs. There's also a takeaway for sellers in these areas – on a well-priced home, you could still see strong interest from these out-of-towners." October 2022 Housing Metrics – National Inventory recovery accelerates amid higher rates and moderating demand In October, the U.S. supply of active listings grew at a record-fast annual pace and surpassed 2020 levels for the first time, even as new sellers declined year-over-year for the fifth consecutive month. Additionally, pending listings, or homes under contract with a buyer, continued to drop. These trends indicate that October's accelerated inventory improvements were largely due to moderating buyer demand, fueled by mortgage costs that are rising at a faster pace than inflation and incomes. While some softening in seller participation is typical in the fall, this year's significant new listings declines reflect the impact of home shoppers' diminished buying power on seller sentiment. However, sellers may still see strong buyer competition for fewer options in some regions, with inventory still lagging October 2020 levels in the Northeast and Midwest, regions where home sales declines have also been more modest. Nationally, active inventory grew 33.5% year-over-year in October, reaching the highest level in 24 months. Meanwhile, both newly-listed homes (-15.9%) and pending listings (-30.0%) declined year-over-year. Among the 50 largest U.S. metros, 42 markets posted yearly active inventory gains in October, led by Phoenix (+173.9%), Raleigh, N.C. (+167.4%) and Nashville, Tenn. (+145.0%). The number of for-sale homes was still down year-over-year in the remaining eight markets, by the largest amounts in Hartford, Conn. (-25.7%), Virginia Beach, Va. (-11.0%) Milwaukee (-9.6%) and Chicago (-9.6%). On average across the 50 largest metros, no regions saw year-over-year new listing increases in October, with the greatest declines registered in the West (-20.6%), followed by the Northeast (-17.4%), Midwest (-15.0%) and South (-9.8%). Furthermore, newly-listed homes increased in just four markets: Nashville, Tenn. (+10.5%), New Orleans (+6.2%), Dallas (+5.6%) and San Antonio (+1.4%). Compared to October 2020, active inventory was higher in 32 of the 50 biggest markets, led by western (+33.9%) and southern metros (+7.2%): Phoenix (+132.0%), Austin, Texas (+120.8%), Riverside, Calif. (+67.2%), Memphis, Tenn. (+59.7%) and Nashville (+55.7%). Inventory remained lower than two years ago in the Northeast (-21.1%) and Midwest (-7.9%). Competition stalls as home listing prices and time on market hold steady With home sales activity declining along with affordability in October, national trends reflected a market in which competition continued at a cooler pace than during this year's summer peak. However, compared to last month, there was little change in both listing prices and time on market. This may be partly attributed to regional variations in supply and demand dynamics, with still-strong home shopper interest in relatively affordable markets balancing out the slowdown in other areas. In the Midwest and Northeast, where buyers saw relatively smaller inventory improvements in October, time on market and the share of homes with price reductions posted smaller year-over-year increases than in other regions. In October, national listing price trends were relatively unchanged from the prior month, with the median listing price dipping just $2,000 to $425,000. Additionally, annual home listing price growth decelerated just slightly, to 13.3% from 13.9% in September. On average across the 50 largest U.S. metros, yearly listing price growth entered single-digit territory in October (+9.2%). However, for-sale home prices continued to rise by double-digits year-over-year in 20 markets, led by Milwaukee (+34.5%), Miami (+25.1%) and Kansas City (+21.4%). The share of homes with price reductions was up 10.3 percentage points to 20.9% in October, well above 2017 (18.1%) and 2019 (17.0%) levels, but just under the 2018 share (21.2%). Western (+18.9 percentage points) and southern metros (+13.6 percentage points) posted the greatest increases in the share of price reductions: Phoenix (+35.9 percentage points), Austin (+31.2 percentage points) and Las Vegas (+24.4 percentage points). The typical home spent 51 days on the market in October, six days more than last year, but still 20 days faster than the typical 2017-2019 pace. The metros where homes spent longest on the market compared to October 2021 were Raleigh (+27 days), Austin (+26 days), Phoenix (+21 days) and Las Vegas (+21 days). Time on market declined year-over-year in October in 10 of the 50 largest metros, led by New Orleans (-21 days), where last year's pace was impacted by Hurricane Ida, followed by Richmond, Va. (-15 days) and Birmingham, Ala. (-6 days). Spotlight On: Higher housing costs fuel demand from out-of-town home shoppers Similar to October's for-sale housing trends, the Realtor.com® Q3 Cross-Market Demand Report also released today highlights regional variations in homebuying activity. With rising rates pushing the typical monthly mortgage payment up 77.1% in October compared to a year ago, some buyers are potentially trying to add room in their budgets by searching further from where they live for lower-priced homes. Nationwide in Q3 2022, 60.7% of listings views on Realtor.com® came from users located outside of the listing's metro, compared to 56.9% during the prior quarter and 52.1% at the same time last year. Regionally, northeastern (69.0%) and western (65.7%) home shoppers were most likely to search out-of-market in Q3. This may be attributed to buyers looking for relative affordability, as October median listing prices were higher across large metros in the Northeast ($440,000) and West ($763,000) than in other regions, on average. Q3 & October 2022 Housing Metrics – Regional* *Note: Regional Q3 2022 Cross-Market Demand metrics include all metros across the U.S. 50 States and District of Columbia. Regional October 2022 housing metrics reflect the combined average of the 50 largest U.S. metro areas. October 2022 Housing Metrics – 50 Largest U.S. Metro Areas Methodology Realtor.com® housing data as of October 2022. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB). Q3 2022 Cross-Market Demand Report: Analyzes views of for-sale listings on Realtor.com®. Share of outbound views (i.e. out-of-metro views, out-of-market views) are quoted as percentage of views originating from home metros or states to other metros or states. Note: The Q3 analysis focuses on domestic views from metro areas only, and thus the percent of out-of-metro views will not match previously-published reports/releases in which international and non-metro views were included. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >