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What Makes Buyers Fall in Love with a Home?
This Valentine's Day realtor.com® looks at the country's most loved home features SANTA CLARA, Calif., Feb. 11, 2020 -- What makes someone fall in love with a home? Across the U.S., people swoon over fabulous pools, stunning water views and ever-sexy storage space, but a new analysis released today by realtor.com® reveals what really makes home shoppers' hearts skip a beat. Realtor.com® analyzed keyword home search data in each U.S. state to determine regional must-have features when searching for a home. According to the data, Mainers want to go "upta camp," a local term used for a cabin or cottage. Oklahomans are looking for storm shelters, and California loves solar power. In Hawaii, where real estate prices are sky-high and leaseholds are part of the for-sale market, home shoppers are searching for "fee simple" homes to ensure they own the land and the building in their little piece of paradise. Additionally, D.C. residents want to be near the Metro, the city's local public transportation system, Pennsylvanians want parking; and in New York, where outdoor space can be hard to come by, residents would love to have a balcony. "While some of the country's most-loved home features, such as accessory dwelling units or lakefront properties, will likely fetch a premium on the open market, others are more matters of the heart," said George Ratiu, senior economist, realtor.com®. "Maybe you grew up in a certain style of home or have always dreamed of having a big yard -- everyone's vision of home is unique and being able to search for what makes a house perfect for you can help you find true love in a new home." If the shed's a-rockin' Topping the list of most-loved features are the makings for man-caves, she-sheds, workshops and granny pods. Popular search terms in this category include in-law apartment, barn, ADU, casita and RV parking. Residents in 13 states, including Arizona, Idaho, Louisiana, Massachusetts, Mississippi, Montana, Nevada, New Jersey, New Mexico, Oregon, Texas, Utah and Washington, all want alternative living spaces. Whether it's because they love being in close proximity to their relatives or because they love the extra rental income, separate spaces are a top must-have item. Don't come a-knockin' Unsurprisingly, people in many states love their privacy -- acreage, fenced yard, room for horses and a country setting all make the top searched feature list. Home shoppers in six states -- Alaska, Illinois, Iowa, Vermont, Wisconsin and Wyoming -- all want room to roam and some real separation from the neighbors. Take my breath away With a large number of baby boomers reaching retirement age, America has fallen out of love with having to climb stairs. Residents in nine states -- Colorado, Delaware, Georgia, Kentucky, Maryland, North Dakota, Ohio, Rhode Island and Virginia -- don't want anything to do with multi-level homes. Top searches in these states include first-floor master, ranch, rambler and single-level. Beauty is in the eye of the beholder For some, the old adage rings true that real estate is all about location, location, location. In Arkansas, Florida, Minnesota, Missouri, Tennessee and West Virginia, having a heavenly location with beautiful views topped the must-have list. Home buyers in these states are searching for a lake view, canal, dock, lakeshore and river access as their favorite features. For others, it's all about looks. For example, in states like Connecticut and New Hampshire that have a lot of older homes, people are looking for contemporary style, while South Carolinians love traditional brick facades and Texans prefer a modern aesthetic. Most Searched Home Features For more information, read the full report here. Methodology: The top features were derived from realtor.com® home keyword search data between April 2019 and December 2019, generating a list of twenty features per state. The most searched for term from each state was selected, omitting the responses that appeared consistently across states. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Second Century Ventures Makes Investment in Modern Moving Services Platform Updater
CHICAGO (February 11, 2020) -- Second Century Ventures, the venture capital arm of the National Association of Realtors, announced today that it has made an investment in Updater, a leading digital moving concierge firm that allows Realtors to offer their clients a seamless, frustration-free moving process. Updater was a member of Second Century Ventures’ inaugural 2013 REACH Accelerator class, a unique technology growth program that provides companies with education, mentorship, an insight panel and industry exposure to facilitate their launch into the marketplace. “We're changing how moving works for consumers and turning it into an enjoyable, frictionless experience,” said David Greenberg, Updater’s founder and CEO. “We’re excited to deepen our great relationship with SCV and NAR by investing heavily in the real estate industry and by enabling Realtors® and property managers to deliver an unrivaled moving experience.” Updater plans to use its current investment round to support aggressive growth initiatives. That undertaking includes the recently announced acquisition of Bridgevine, a leading provider of technology for home subscription sign-ups and associated concierge offerings. Bridgevine will become part of Updater’s home services division, helping expand app distribution and enhance Updater’s suite of products. Mark Birschbach, NAR's senior vice president of Strategic Business, Innovation & Technology also expressed confidence following Tuesday’s announcement. “We are impressed with Updater’s business progress and pleased to make an investment to reinforce its successful growth strategy,” Birschbach said. “Updater’s platform delivers unique value to Realtors®, property managers and consumers alike. This investment is well aligned with SCV’s mission to support and advance technologies throughout the entire real estate ecosystem.” About Updater Updater makes moving easier for the 17 million households that relocate every year in the US. With Updater, users seamlessly transfer utilities, forward mail, connect TV and internet, and much more. Hundreds of the most prominent real estate companies in the US (from real estate brokerages to multifamily and relocation companies) rely on Updater’s technology to save clients hours with a branded and personalized Updater moving experience. To learn more, visit www.updater.com. About Second Century Ventures Second Century Ventures is an early-stage technology fund, backed by NAR, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. SCV systematically launches its portfolio companies into the world's largest industries including real estate, financial services, banking, home services and insurance. SCV seeks to define and deliver the future of the world's largest industries by acting as a catalyst for new technologies, new opportunities, and new talent. The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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U.S. Homeowners Four Times as Likely to Be Equity-Rich Than Seriously Underwater
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Introducing All-New Homesnap Pro
A new generation of Homesnap, the industry's most comprehensive and widely adopted real estate search and productivity platform BETHESDA, Md., Feb. 10, 2020 -- Homesnap, the market-leading national home search platform that provides real-time MLS data to consumers and a mobile productivity tool for agents, today introduced All-New Homesnap Pro, the newest and most advanced generation of its home search platform. All-New Homesnap Pro Features All-New Homesnap Pro features a simple, user-friendly interface that empowers agents to dominate their market with extensive property information and the ability to identify potential sellers and homes before the competition. This advanced generation of Homesnap provides real estate professionals with over 500 data sources on a single platform — more than any other mobile solution in residential real estate. Homesnap conducted extensive research over three years to learn exactly which features real estate agents want and need in order to grow their businesses and operate more efficiently and successfully. This feedback is at the heart of the All-New Homesnap Pro technology. "We listened to our agents and discovered that the most requested features for a real estate app are tools that give agents comprehensive property and homeowner information and ways to identify potential sellers," said John Mazur, CEO of Homesnap. "With this latest generation of Homesnap Pro, we continue to give our users resources to better attract and serve their clients." Free to all Homesnap Pro agents, All-New Homesnap features include: Off-Market Marketplace, a new feature that uses a cutting-edge machine-learning algorithm to identify potential sellers and display them on heatmaps. Real-Time MLS Data Integrations that sync contacts, saved searches and listing carts to give a fuller picture of properties. Advanced Search Filters that allow agents to find homes that meet their clients' specific criteria like parking needs, or homes with a basement, pool, or particular appliances. Improved Building Pages that provide better organized and more personalized information to users about residential buildings in their market, including the ability to browse units that match search criteria or search by individual unit numbers. The new Off-Market Marketplace uses machine learning to assign homes a Likelihood To List score, allowing agents to identify potential sellers or properties in their market that match their buyers' search criteria before they go on the market. Likelihood To List scores are presented in color-coded heatmaps that give agents the ability to visualize a wealth of property information through their filtered searches. "One of All-New Homesnap Pro's new features — Off-Market Marketplace — is an advanced adaptation of machine learning," said Lou Mintzer, Homesnap CPO. "90% of sellers select the first agent they talk to. We built a feature that uses a predictive algorithm that leverages AI to find patterns across disparate data sources to determine which homes will likely go on the market in the next year. Homesnap Pro agents can identify potential sellers before they've started the selling process, putting them one step ahead of the competition." The features included in All-New Homesnap Pro are available on iOS and Android devices to Homesnap Pro agents and are included as part of their MLS membership benefits at no additional charge. Throughout 2020, Homesnap will continue to roll out additional features and tools that help agents provide better client service and connect with prospects in real, tangible ways. For more information, visit www.homesnap.com. About Homesnap With easy-to-use mobile technology fueled by unmatched, real-time data intelligence, Homesnap is changing the way real estate agents connect with consumers and serve their clients. The industry-endorsed Homesnap platform leverages real-time data from over 200 MLSs to empower millions of consumers each month with a superior home search experience, while providing over one million U.S. agents with access to powerful mobile tools that automate their work and accelerate their success. With the Homesnap mobile app, the highest rated consumer home search application; Homesnap Pro, the industry-standard mobile business platform for agents; and the Homesnap national home search portal, a joint venture with the industry-backed Broker Public Portal, the integrated Homesnap platform is transforming the industry by bringing real-time to real estate. More information can be found at www.homesnap.com.
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Redfin Ranks the Most Walkable U.S. Cities of 2020
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U.S. Housing Supply Reaches New Low
Inventory continued to fall and prices rose in January setting the stage for a competitive homebuying season SANTA CLARA, Calif., Feb. 7, 2020 -- National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com® began tracking the data in 2012, according to the website's January Monthly Housing Trends Report released today. Based on realtor.com®'s analysis, January's steep year-over-year decline amounted to a national loss of 164,000 listings, tightening the grip of the housing shortage plaguing the U.S. Based on realtor.com® data, it shows no signs of easing in the near future as the volume of newly listed properties also declined by 10.6 percent since last year. "Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we've hit another new low of for sale-listings in January," according to Danielle Hale, realtor.com®'s chief economist. "This is a challenging sign for the large numbers of Millennial and Gen Z buyers coming into the housing market this homebuying season as it implies the potential for rising prices and fast-selling homes—a competitive market. In fact, markets such as San Jose in Northern California, which saw inventory down nearly 40 percent last month, are also seeing prices grow by 10 percent while homes are selling at a blistering pace of 51 days." The supply shortage is found at every price tier throughout the U.S., but it is especially pronounced at the entry-level. In January, properties priced under $200,000 declined by 19 percent, an acceleration compared to December's decline of 18.1 percent. The decline in inventory of mid-tier properties priced between $200,000 and $750,000 also accelerated, to a decline of 12 percent year-over-year, compared to December's 10.2 percent decline. Even upper-tier properties priced at more than $750,000 declined by 5.9 percent year-over-year compared to December's decline of 4.4 percent. As inventory reached its lowest point on record, both listing prices and days on market reacted to the imbalance of supply and demand. The median U.S. listing price grew by 3.4 percent year-over-year, to $299,995 in January, while prices in 18 metros grew by more than 10 percent. Of the 50 largest metros, 46 saw year-over-year gains in median listing prices, with Philadelphia as the nation's standout with a 16.0 percent increase over last year. Additionally, with the lack of supply, homes are selling in an average of 86 days, two days more quickly than January of last year. Where Housing Supply Changed the Most The metros which saw the largest declines in housing inventory were San Jose-Sunnyvale-Santa Clara, Calif. (-37.3 percent); Phoenix-Mesa-Scottsdale, Ariz. (-35.4 percent); and San Diego-Carlsbad, Calif. (-34.0 percent). Other markets across the country where housing supply had sharp declines included Denver-Aurora-Lakewood, Colo. (-28.8 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-27.8 percent); and Cincinnati, Ohio-Ky.-Ind. (-24.4 percent). Only two of the 50 largest metros saw inventory increase year-over-year: Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+9.4 percent); and San Antonio-New Braunfels, Texas (+8.4 percent). Where Prices Changed the Most Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+16.0 percent); Rochester, N.Y. (+15.0 percent); and Phoenix-Mesa-Scottsdale, Ariz. (+14.5 percent) posted the highest year-over-year median list price growth in January. Other markets across the country where housing prices shot up included Memphis, Tenn.-Miss.-Ark. (+13.7 percent); and Indianapolis-Carmel-Anderson, Ind. (+12.9 percent). The steepest price declines were seen in Louisville/Jefferson County, Ky.-Ind. (-4.0 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-2.0 percent); and Houston-The Woodlands-Sugarland, Texas (-1.9 percent). However, each of these markets saw yearly price declines decelerate compared to December. Where Days on Market Changed the Most Hartford-West Hartford-East Hartford, Conn.; Raleigh, N.C.; and Oklahoma City, Okla.; saw the largest decreases in days on market with properties spending 13, 13, and 12 fewer days on the market than last year, respectively. Other markets across the country where houses sold faster than last year included Austin-Round Rock, Texas (-9 days); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-6 days); and Orlando-Kissimmee-Sanford, Fla. (-6 days). Meanwhile, properties in Las Vegas-Henderson-Paradise, Nev.; Boston-Cambridge-Newton, Mass.-N.H.; and Detroit-Warren-Dearborn, Mich. sold 7, 7, and 6 days more slowly, respectively. Metros Seeing the Largest Declines in Inventory About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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W+R Studios Partners with Xplode
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CoreLogic Reports December Home Prices Increased by 4% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for December 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4% from December 2018. On a month-over-month basis, prices increased by 0.3% in December 2019. (November 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will be 5.2% from December 2019 to December 2020. On a month-over-month basis, the forecast calls for U.S. home prices to increase by 0.1% from December 2019 to January 2020, which would mark a new peak in prices since the last recorded peak in April 2006. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Moderately priced homes are in high demand and short supply, pushing up values and eroding affordability for first-time buyers," said Dr. Frank Nothaft, chief economist at CoreLogic. "Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 34% of metropolitan areas have an overvalued housing market as of December 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of December 2019, 26% of the top 100 metropolitan areas were undervalued, and 40% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 20% were undervalued and 40% were at value in December 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The study revealed a significant contrast between younger millennials (ages 21-29) and older millennials (ages 30-38) regarding lifestyle preferences and aspirations for homeownership. Though 79% of younger millennial renters express a desire to purchase a home in the future, very few have previously owned a home, and many do not currently feel the need to own a home. However, due to homeownership rates nearly doubling for millennials once they reach their 30s, many enter a transitional period around 29-30 years old and reconsider their priorities. "On a national level, home prices are on an upswing," said Frank Martell, president and CEO of CoreLogic. "Price growth is likely to accelerate in 2020. And while demand for homeownership has continued to increase for millennials, particularly those in their 30s, 74% admit they have had to make significant financial sacrifices to afford a home. This could become an even bigger factor as home prices reach new heights during 2020." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Elm Street Technology Secures Strategic Investment by Aquiline Capital Partners
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Pending Home Sales Skid 4.9% in December
WASHINGTON (January 29, 2020) -- Pending home sales fell in December, taking a step back after increasing slightly in November, according to the National Association of Realtors. Each of the four major regions reported a drop in month-over-month contract activity, with the South experiencing the steepest fall. However, year-over-year pending home sales activity was up nationally compared to one year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, fell 4.9% to 103.2 in December. Year-over-year contract signings increased 4.6%. An index of 100 is equal to the level of contract activity in 2001. "Mortgage rates are expected to hold under 4% for most of 2020, while net job creation will likely exceed two million," said Lawrence Yun, NAR's chief economist. While he noted that these factors are promising for the housing market, Yun cautioned that low inventory remains a significant longer-term concern. "Due to the shortage of affordable homes, home sales growth will only rise by around 3%," Yun predicted. "Still, national median home price growth is in no danger of falling due to inventory shortages and will rise by 4%. The new home construction market also looks brighter, with housing starts and new home sales set to rise 6% and 10%, respectively." Pointing to data from active listings at realtor.com®, Yun says the markets where listing prices are around $250,000 – an affordable price point in most markets nationally – are drawing some of the most significant buyer attention, including Fort Wayne, Ind., Burlington, N.C., Topeka, Kan., Pueblo, Colo., and Columbus, Ohio. "The state of housing in 2020 will depend on whether home builders bring more affordable homes to the market," Yun said. "Home prices and even rents are increasing too rapidly, and more inventory would help correct the problem and slow price gains." December Pending Home Sales Regional Breakdown All regional indices were down in December. The Northeast PHSI slipped 4.0% to 92.4 in December, 0.1% lower than a year ago. In the Midwest, the index dropped 3.6% to 98.8 last month, 1.3% higher than in December 2018. Pending home sales in the South decreased 5.5% to an index of 118.1 in December, a 7.4% increase from December 2018. The index in the West fell 5.4% in December 2019 to 93.1, an increase of 7.0% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Redfin Ranks the Hottest Neighborhoods to Watch in 2020
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The Gap Between Buying and Renting Narrows Nationwide
Purchasing a home still more expensive in majority of larger metros SANTA CLARA, Calif., Jan. 29, 2020 -- After years of skyrocketing home prices, the combination of rising rents, lower mortgage rates and moderating home prices are making purchasing a home more attractive in many of the nation's largest metros, according to realtor.com's quarterly Rent vs. Buy report released today. The report, which analyzed the cost of buying versus renting in 593 counties across the U.S., in the fourth quarter of 2019, found that it was cheaper to buy than rent in 16 percent of the counties with populations of 100,000 or more, up from 12 percent a year earlier. Despite homeownership becoming more affordable, it is still cheaper to rent than buy in 84 percent of the nation's largest counties, including New York City, San Francisco and Los Angeles. "The move toward a more balanced equation is good news for home sellers during this spring home buying season as more people, especially the large cohort of millennials who turn 30 this year, begin to weigh the cost of buying versus renting," said realtor.com® Senior Economist George Ratiu. "Due to a combination of factors, we saw the monthly cost to buy a home fall 1 percent year-over-year, while rents increased 4 percent during the same time frame." The monthly cost to buy the national median-priced home was approximately $1,600, or 30 percent of the national median household income, in the fourth quarter of 2019, in line with the budgeting rule of spending no more than 30 percent of gross income on housing costs. The cost to rent increased to $1,319, representing 25 percent of the median household income in the fourth quarter of 2019. Over the past year, 26 of the 593 counties analyzed shifted from being more affordable to rent to being more affordable to buy, including in the Cleveland, Bronx County, N.Y., Indianapolis and Columbia, S.C, areas. Although it is still cheaper to rent than buy, some of the nation's most expensive housing markets, including Kings and New York counties in N.Y., along with Santa Cruz County, Calif., saw the gap between renting and buying decrease the most: by 24 percent, 20 percent, and 18 percent, respectively. Counties Where Buying is More Attractive The median listing prices in the counties where buying a home was more affordable were on average 53 percent lower than the national median listing price of $300,000. Median rents, while still less expensive, were only 11 percent cheaper on average. Counties Where Renting is More Attractive The median listing prices in the counties where renting is more affordable, were on average 260 percent higher than the national median of $300,000. Median rents, while also more expensive, were only 79 percent more expensive on average. Notes on Methodology *Purchase and rent costs reflect current costs and do not take into account holding period, price and rent appreciation, and inflation. Purchase costs do include taxes and insurance and are calculated based on realtor.com county-level residential listing price data and mortgage rate data for December 2019. Rental prices are from the U.S. Department of Housing and Urban Development (HUD) data for 2019 50th-percentile rent estimates. Household income data and home-ownership data are from Census Housing Vacancies and Home-ownership data and 2019 Claritas estimates are based on Census data. Only counties with populations of 100,000 or greater are included in the top lists in this analysis. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Buffini & Company's Latest Networking Tool Changes Game for Real Estate Agents
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Chime Technologies and Curaytor Partner to Deliver Powerful Real Estate Dashboard
Chime will be the first technology solution to integrate with Curaytor LINC NEW YORK, Jan. 28, 2020 -- Inman Connect 2020 -- Chime Technologies, an operating system for the real estate industry, and Curaytor, a full-service digital marketing company specializing in marketing and advertising for listing agents, today announced a partnership to provide real estate firms with one comprehensive dashboard for all their operational, marketing, and lead generation needs. Chime's award-winning operational platform and AI-powered capabilities will integrate with Curaytor's Convert profiles, powered by the recently launched Curaytor LINC technology, combining the best applications for social media marketing, lead generation, CRM and more into one comprehensive UI – custom built for the real estate industry. To see the solution in action, visit the Chime booth at Inman Connect, January 28th through the 31st in New York City. To learn more, visit www.chime.me. Chime's proven real estate applications will power core functionality in the Curaytor Convert dashboard including IDX home search, listing and property alerts, as well as a robust CRM system. Brokers and agents alike will be able to leverage Curaytor Convert to better manage and automate key marketing and operational activities, freeing them up to spend more time and effort on revenue producing opportunities. Jimmy Mackin, CEO of Curaytor noted, "As a recognized innovator in digital marketing, we have been successfully helping real estate professionals capture and convert internet leads but recognized there is an opportunity to help our customers achieve more. By partnering with Chime and leveraging their proven technology, it's a huge win for our clients." "Our industry is beginning to realize that while leads abound, not every opportunity is created equal. Extracting the right leads, efficiently nurturing them, and then converting those leads into clients is how real estate pros will be successful," noted Mike McGowan of Chime. "As the first partner to integrate with Curaytor's new LINC technology, we can immediately deliver our industry-leading capabilities to the Curaytor customer base, enabling agents to usher in a new year of increased productivity and revenue-generating opportunities." For more information on Chime and our real estate operating platform visit our solutions page or watch our informational video. Learn more about Curaytor at their website. About Curaytor Curaytor is a digital marketing company that specializes in helping listing agents get more listings. The company has been recognized as one of Inc's 500 Fastest Growing Companies in America and its co-founders have written bestselling books including The Conversion Code and Exactly What to Say for Real Estate Agents. For more information, contact [email protected], call 617-925-7111, or visit www.curaytor.com 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.
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RPR and ShowingTime Build a Showing Integration
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BoomTown's New Tools Generate Listing Opportunities and Promote Active Listings
Innovative new website customization tools released on the heels of new Marketing Central self-serve advertising portal CHARLESTON, S.C., January, 28, 2020 -- BoomTown, the leading sales and marketing platform for real estate professionals, is excited to announce new website customization tools to help clients capture and convert more prospects right from their homepage. Now clients can leverage the power of customization as well as a self-serve advertising portal, recently-released Marketing Central, to quickly and effectively promote listings with ads that generate and re-engage leads. New customization features allow clients to customize their homepage experience to drive more conversions. Call-to-Action buttons are completely customizable. Leverage "search" "sell" or "buy" to capture different leads right from the homepage. Easily promote programs like iBuyer, recruitment campaigns and more, to maximize ad spend. Agents can customize their subdomain homepages to showcase a unique look and highlight their own areas of expertise. Optional eye-catching video backgrounds grab attention and keep branding hyper-local. "Sellers have more options than ever before and it can be confusing to determine the net results, but the smartest agents deliver a service to not only collect the best instant offers available, but also analyze them in an apples-to-apples comparison that makes it simple for the Seller to choose what's best," said Brad Nix, COO and co-owner of Path & Post. "With BoomTown, we're able to capture those sellers as leads, directly via an "Instant Offer" CTA on our homepage at pathpost.com." With the influx of new listing business generated, agents can now easily promote their listings through BoomTown's intuitive self-serve advertising portal, Marketing Central, which offers the ability to: Build advertising campaigns through channels such as Instagram and Facebook to highlight active listings, promote open houses, and showcase successfully sold properties. Create dynamic ads for real estate (DARE) to effectively re-engage database leads and website visitors with listing content that matches their unique tastes. Prove value to seller clients with reporting that shows the effectiveness of Marketing Central's ability to drive hyper-targeted, in-market buyers to their listings. "We're very excited to help clients leverage the power of social media marketing and remove the pain points of managing each system and campaign manually," said Grier Allen, CEO & President of BoomTown. "Dynamic ads provide content that a lead is most likely to engage with, re-engage leads already in an agent's database, and ensure a better conversion rate and ad spend ROI." About BoomTown BoomTown exists to make real estate agents successful. 40k+ of the industry's top professionals trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. 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, and a mobile app for agents on the go. BoomTown's service offerings extend far beyond technology with coaching services from peers who have catapulted their growth with the system, 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. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA, San Diego, CA, and San Francisco, CA. For more about BoomTown visit boomtownroi.com.
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New Study Shows Property Buyers and Sellers Overwhelmingly Prefer Listings with 3D Tours
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A Millennial Sized Problem Stands in Front of Gen Z Homebuyers
Gen Z is ready to buy, but competition remains fierce SANTA CLARA, Calif., Jan. 22, 2020 -- The oldest members of Gen Z are beginning to enter the homebuying stage of their lives, but they will have to compete with the might of the millennial generation for the nation's depleted inventory of entry level homes. Gen Z, the oldest of whom turned 22 in 2019, currently make up 2 percent of mortgages, according to realtor.com's Fourth Quarter 2019 Generation Propensity Report, but that number will continue to grow as the generation ages and their earning potential increases. "Gen Z is entering the housing market under the radar, but at a projected 65-million strong, they are going to begin making some major waves," according to realtor.com®'s Senior Economist George Ratiu. "However, as the young generation launches into homeownership, it is facing strong headwinds, including competition from millennials, many of whom are entering homeownership later in life, and a marketplace largely devoid of entry-level options." According to a survey conducted in 2018 by realtor.com®, 40 percent of Gen Z members stated they want to own their own home by the age 25. As the oldest cohort of Gen Z approaches that age, realtor.com®'s recent analysis shows they are starting to steadily increase their share of national home purchases. "With major generational transitions taking place across a housing landscape clouded by lack of new construction and a shortage of inventory, young Americans' preference for homeownership is a ray of sunshine," added Ratiu. "It stands in contrast to the rhetoric of the past decade, cataloging young people as the 'renter generation,' and provides ample evidence that a significant ramp-up in affordable new home building is needed to meet the growing demand." Depleted entry-level inventory With a lack of homes priced under $200,000 being built or available for-sale, Gen Z, those born between 1997 and 2012, will find it increasingly difficult to find a home within their price range. During the fourth quarter of 2019, the median purchase price of a home by Gen Z was $160,600. Then in December, the inventory of homes priced below $200,000 decreased by 18.1 percent year-over-year, according to realtor.com®'s December Monthly Trends Report. Although Gen Z increased their median purchase price by 11 percent over the past year, they are still many years away from catching up to millennials both in life stages and housing budgets. In order to find homes within their budget, Gen Z is turning toward smaller Midwestern and Southern markets that boast higher affordability. Toledo, Ohio; Grand Rapids, Mich.; and Wichita, Kan., were the top three metros where Gen Z had the largest share of homeownership. The top 10 Gen Z markets had a combined median listing price of $224,500, which is 25 percent less expensive than the nation's median listing price of $300,000. Top 10 Generation Z Housing Markets Gen Z will be competing with millennials for years to come The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent. Millennials (born between 1981 and 1996) began entering the market at the height of the housing market crash in 2008 and the subsequent recession. Additionally, the generation found itself saddled with massive student loan debt, which caused many to delay their goals of homeownership, but that is all in the past. Now, as Gen Z begins to enter the market they are facing increased competition from millennials who patiently waited to purchase a home. At the moment, Gen Z and millennials have differing preferences on where to buy a home. Of the markets on Generation Z's top 10 list, only Grand Rapids, Mich., and Baton Rouge, La., appeared on the top 10 list for millennials. Larger and trendier markets such as San Francisco, Boston, and Denver were the most different between the generations. All three markets made it to the top 20 markets for millennials but ranked between 81 and 98 for Generation Z, most likely due to high housing prices shutting out Gen Z buyers. As Gen Z turns their interest toward larger metros in the future, competition between the generations is likely to increase, but at the moment, the two generations have a different focus, according to the realtor.com® analysis. Methodology The Report on Loan Originations by Age and Generational Groups is based off of a realtor.com® analysis of a sample of residential mortgage loan originations from Optimal Blue. The top market rankings were calculated using a group's mortgage origination share. The generational groups are defined as follows: Millennials: born between 1981 and 1996 Generation Z: born between 1997 and 2012 About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Average U.S. Home Seller Profits Hit $65,500 in 2019, Another New High
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Moderne Ventures Announces its January 2020 Passport Class
Moderne Ventures accepts seven companies into its Passport Program; companies address seismic shifts in real estate, finance, insurance, hospitality and home services. CHICAGO, Jan. 23, 2020 -- Moderne Ventures, a venture fund focused on real estate, finance, insurance, hospitality and home services, announced seven new companies accepted into its 2020 Passport Program, a highly immersive, seven month industry immersion program providing its participants education, exposure, insight, and relationships to drive customer growth. The 2020 Passport Companies provide solutions using artificial intelligence, robotics and services automation to help progress 100+ year old industries. This Class has collectively raised over $33M in funding with valuations north of $130M. The companies are: Aclaimant—Chicago, IL: Workflow process automation platform for safety and risk management Addressable – San Francisco, CA: Robotic handwriting technology application transforming traditional mail into a highly effective customer acquisition and relationship building platform BendHSA—Boston, MA: A next generation Health Savings Account provider for corporations and 1099 workers Heretik—Chicago, IL: AI based contract review and lease abstraction platform helping organizations make smarter, faster, and more favorable decisions with their data. hOM—New York, NY: A community operating platform with a centrally vetted marketplace of services, wellness programs and pop-up events NumberAI—Oakland, CA: AI-enhanced assistant that answers calls, enables landline texting, automatically responds to common questions and qualifies leads to enable businesses to better communicate with consumers SuburbanJungle—New York, NY: Advisory and technology platform that helps families find the best place to call home “The Passport Program curates the most innovative solutions addressing our industries. We help companies understand complexities, optimize their products and services and connect them to partners who can benefit most from them,” said Constance Freedman, Moderne Ventures’ Founder and Managing Partner. “We are excited to see how this Passport Class will impact how we work, live and play.” About Moderne Ventures Moderne Ventures invests in technology companies in and around real estate, finance, insurance, hospitality and home services. Moderne operates a Venture Fund and the Moderne Passport, an Industry Immersion Program designed to foster innovation, partnership and growth between industry partners and emerging technology companies. Moderne works with over 700 executives and corporations within its industries and evaluates over 4,500 emerging tech companies each year. Its principals have invested in 90+ companies including DocuSign, Better, Easyknock, Hello Alfred, Homesnap and ICON.
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2019 Ends on a High Note for Home Buyer Activity as December Showings See Fifth Consecutive Month of Year-Over-Year Growth
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Existing-Home Sales Climb 3.6% in December
WASHINGTON (January 22, 2020) -- Existing-home sales grew in December, bouncing back after a slight fall in November, according to the National Association of Realtors. Although the Midwest saw sales decline, the other three major U.S. regions reported meaningful growth last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.6% from November to a seasonally-adjusted annual rate of 5.54 million in December. Additionally, overall sales took a significant bounce, up 10.8% from a year ago (5.00 million in December 2018). On a full-year basis, total existing-home sales ended at 5.34 million, the same level as in 2018, as sales in the South region (+2.2%) offset declines in the West (-1.8%) and Midwest (-1.6%), as the Northeast remained unchanged. Lawrence Yun, NAR's chief economist, said home sales fluctuated a great deal last year. "I view 2019 as a neutral year for housing in terms of sales," Yun said. "Home sellers are positioned well, but prospective buyers aren't as fortunate. Low inventory remains a problem, with first-time buyers affected the most." The median existing-home price for all housing types in December was $274,500, up 7.8% from December 2018 ($254,700), as prices rose in every region. November's price increase marks 94 straight months of year-over-year gains. "Price appreciation has rapidly accelerated, and areas that are relatively unaffordable or declining in affordability are starting to experience slower job growth," Yun said. "The hope is for price appreciation to slow in line with wage growth, which is about 3%." NAR's Home Affordability Index Ranking and Payroll Job Growth report found that affordability rankings declined in 81 metro areas, 34 of which saw non-farm job growth fall faster in 2019 Q3 than the national rate over the previous five years. Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago (1.53 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales. Properties typically remained on the market for 41 days in December, seasonally up from 38 days in November, but down from 46 days in December 2018. Forty-three percent of homes sold in December 2019 were on the market for less than a month. First-time buyers were responsible for 31% of sales in December, moderately down from the 32% seen in both November and in December 2018. NAR's 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33%. Individual investors or second-home buyers, who account for many cash sales, purchased 17% of homes in December 2019, up from both 16% in November and 15% in December 2018. All-cash sales accounted for 20% of transactions in December, unchanged from November and down slightly from 22% in December 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in December, unchanged from both November 2019 and December 2018. Yun said conditions for buying are favorable and will likely continue in 2020. "We saw the year come to a close with the economy churning out 2.3 million jobs, mortgage rates below 4% and housing starts ramp up to 1.6 million on an annual basis," he said. "If these factors are sustained in 2020, we will see a notable pickup in home sales in 2020." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.72% in December, up from 3.70% in November. The average commitment rate across all of 2019 was 3.94%. "NAR is expecting 2020 to be a great year for housing," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, California. "Our leadership team is hard at work to secure policies that will keep our housing market moving in the right direction, like promoting infrastructure reform, strengthening fair housing protections and ensuring mortgage capital remains available to responsible, mortgage-ready Americans. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally-adjusted annual rate of 4.92 million in December, up from 4.79 million in November, and up 10.6% from a year ago. The median existing single-family home price was $276,900 in December 2019, up 8.0% from December 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in December, up 10.7% from November and 12.7% higher than a year ago. The median existing condo price was $255,400 in December, which is an increase of 6.0% from a year ago. Regional Breakdown Compared to last month, December sales increased in the Northeast, South and West regions, while year-over-year sales are up in each of the four regions. Median home prices in all regions increased from one year ago, with the Midwest region showing the strongest price gain. December 2019 existing-home sales in the Northeast grew 5.7% to an annual rate of 740,000, up 8.8% from a year ago. The median price in the Northeast was $304,400, up 7.4% from December 2018. Existing-home sales decreased 1.5% in the Midwest to an annual rate of 1.30 million, which is up 9.2% from a year ago. The median price in the Midwest was $208,500, a 9.2% jump from last December. Existing-home sales in the South grew 5.4% to an annual rate of 2.36 million in December, up 12.4% from a year ago. The median price in the South was $240,500, a 6.7% increase from this time last year. Existing-home sales in the West rose 4.6% to an annual rate of 1.14 million in December, a 10.7% increase from a year ago. The median price in the West was $411,800, up 8.1% from December 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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U.S. Housing Market Short 3.8 Million New Homes
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RateMyAgent Continues to Stack Its Leadership Bench
Australian-based reviews startup deepens its commitment to the U.S. market with the hire of Paula Nash and Molly McKinley SAN DIEGO, Jan. 21, 2020 -- RateMyAgent, an agent review and marketing platform for real estate professionals to generate, aggregate, and syndicate client reviews, today announced that Paula Nash has joined the company as vice president of sales, and Molly McKinley as vice president of brand strategy. These important leadership hires deepen the commitment to the U.S. market through proven expertise, knowledge and successful track records in the real estate industry. "As the CEO, I know one of the most important decisions I can make is to hire experts, the people who know and understand the market and people we wish to serve," said Mark Armstrong, co-founder and chief executive officer of RateMyAgent. "Both Paula and Molly have incredible reputations, are highly respected and embody our core values of being customer obsessed and able to hustle together in a fast-paced environment." Paula got her start in real estate nearly eleven years ago when she served as the association executive for the Mid-Carolina Regional Association of Realtors. She concurrently oversaw a for- profit corporation, a subsidiary of the Association - the Pinehurst Southern Pines Area MLS. She learned the ins and outs of the real estate industry and was able to apply her vision and determination as the customer service and sales executive covering the Southeast for Centralized Showing Service and subsequently ShowingTime. All challenges were met with exceptional results. Paula also served as a Sergeant in the United States Airforce as an Air Medic. "I've coordinated rescue missions from air," said Paula Nash, vice president of sales of RateMyAgent, "so I can certainly build a successful sales team for a product and company I believe in. When it comes to technologies that excite me, the RateMyAgent reviews platform is simply a no-brainer. Agents have already done the hard work, so it's time to share their value with the world and pull their reviews together in one place." Molly McKinley, a celebrated branding and marketing mind, got her start in real estate as vice president of corporate marketing and communication at Adwerx. She has assisted numerous companies of all sizes, in her award-winning, twenty-five year career, such as Adobe, IBM, Relola and First. She is also actively engaged with her own brands, Intentionalities and the intentional marketing agency, Redtail Creative. She's driven by creating exceptional consumer experiences and is committed to building purpose-filled brand strategies. "RateMyAgent has all the right ingredients to becoming a beloved brand in the U.S.," said Molly McKinley, vice president of brand strategy for RateMyAgent. "The team deeply cares about real estate agents and seeks to celebrate the excellence that will continue to make them relevant and Undisruptable regardless of the shifts taking place in our industry. This is a project I'm ready to dig into and is well aligned with everything that I care about." Savvy agents understand the power of third-party validation and social proof. Therefore, client reviews are a critical component of any digital strategy. From ranking in search to establishing professional credibility, RateMyAgent simplifies the process and maximizes reach across all digital platforms such as social media, ad networks, and websites. Agents can focus their effort on delivering incredible consumer experiences and allow the automated platform to ensure transparency for future clients. RateMyAgent is endorsed by the 2019 REACH program by the National Association of Realtors®. About RateMyAgent RateMyAgent is an Australia-based review platform now expanding rapidly in the United States. In Australia, RateMyAgent is used by agents who sell 80% of property across Australia and get reviews for 1 in 3 homes sold nationally. RateMyAgent launched in the United States in 2018 and has partnerships with MLS's from Florida to California, including CRMLS, the countries largest MLS. They are the first review platform to be included in NAR's REACH Accelerator Program. RateMyAgent is listed on the Australian stock exchange. More information about RateMyAgent can be found at www.ratemyagent.com.
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Discover the Earning Potential of a Home with the New Airbnb Feature on Homes.com Listings
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Redfin Ranks the Most Competitive Neighborhoods of 2019
Neighborhoods in Grand Rapids, MI; Tacoma, WA; Minneapolis and the Bay Area Rank Highest for the Year SEATTLE -- Bay Area neighborhood White Oaks is the most competitive neighborhood of the year for homebuyers, according to a new report from Redfin, the technology-powered real estate brokerage. Alger Heights in Grand Rapids, MI and East Arlington in Boston rounded out the top three competitive neighborhoods. "While neighborhoods in the Bay Area and Boston are still among the most competitive in the country, robust competition for homes in Grand Rapids, Minneapolis and Tacoma neighborhoods signals the desirability of more affordable areas," said Redfin chief economist Daryl Fairweather. "An influx of buyers from more expensive neighborhoods contributes to competition in these affordable neighborhoods, especially because they can make higher offers than local residents when they sell their previous homes." The report is based on 2019 rankings from Redfin's Compete Score, which uses a combination of proprietary Redfin data and data from local multiple listing services to determine how difficult it is for buyers to win a home in individual neighborhoods and cities. Below are the most competitive U.S. neighborhoods based on an average of monthly stats from January through November 2019. Of the 10 Bay Area neighborhoods among the most competitive in the country, half are in Oakland. Although the median sale price in Oakland is more than double the national median—$720,000 versus $312,000 for the typical home in the U.S. in November—it's still well below that of San Francisco ($1.4 million) and San Jose ($1.1 million). Oakland Redfin agent Katy Polvorosa said the area has been particularly hot this year, partly because it's more affordable than neighboring parts of the Bay Area. "I've heard a lot of people say the Bay Area housing market is cooling this year, but I'm seeing the opposite in Oakland," Polvorosa said. "I'm writing offers that are seeing aggressive competition. Homes that are move-in ready and priced right typically receive offers within 12 to 14 days. The Oakland market is so hot that sellers are still expecting and receiving offers that waive contingencies." Although the Bay Area is still home to plenty of competitive neighborhoods, homebuyers are gravitating toward more affordable inland metros as housing markets in coastal job centers have become more expensive. In the third quarter of 2019, 26% of Redfin.com home searchers looked to move to another metro area, with affordable places like Sacramento, Phoenix and Las Vegas as popular destinations. The appearance of two neighborhoods in Grand Rapids on this year's ranking of most competitive neighborhoods is an example of the trend of migration away from more expensive metros. "Affordability plus quality of life are big draws to the Grand Rapids area. I've worked with buyers from Chicago, California, Hawaii and other expensive parts of the country who are looking here because they can get so much more bang for their buck," said local Redfin agent Shellie Silva, who moved to Grand Rapids from San Diego three years ago. "Homes in neighborhoods with price points below $275,000, like Alger Heights and Creston, are prone to bidding wars and they tend to sell quickly because they're even more affordable that some other parts of Grand Rapids." In Alger Heights, nearly 67% of homes sold for above list price and the typical home was on the market for one week before going under contract so far this year. And in Creston, 59.3% of homes sold for above list price and the typical home went under contract in just six days. To read the full report, including methodology, please visit: https://www.redfin.com/blog/most-competitive-neighborhoods-2019. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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Waning Affordability Contributes to Slower Job Growth
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an October in at Least 20 Years
No states posted an annual gain in overall delinquency rate in October CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.7% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2019, representing a 0.4 percentage point decline in the overall delinquency rate compared with October 2018, when it was 4.1%. As of October 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from October 2018. The October 2019 foreclosure inventory rate tied the prior 11 months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.8% in October 2019, down from 1.9% in October 2018. The share of mortgages 60 to 89 days past due in October 2019 was 0.6%, down from 0.7% in October 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in October 2019, down from 1.5% in October 2018. The serious delinquency rate has remained consistent since April 2019. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.7% in October 2019, unchanged from October 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "Home price growth builds homeowner equity and reduces the likelihood of a loan entering foreclosure," said Dr. Frank Nothaft, chief economist at CoreLogic. "The national CoreLogic Home Price Index recorded a 3.3% annual rise in values through October 2019, and price growth was the primary driver of the $5,300 average gain in equity reported in the latest CoreLogic Home Equity Report." No states posted a year-over-year increase in the overall delinquency rate in October 2019. The states that logged the largest annual decreases included North Carolina (down 0.9 percentage points) and Mississippi (down 0.8 percentage points). Eight other states followed with annual decreases of 0.6 percentage points. In October 2019, eight metropolitan areas in the Midwest and South recorded small annual increases in overall delinquency rates. The largest annual increases in October 2019 were in the following metros: Pine Bluff, Arkansas (1.0 percentage points); Dubuque, Iowa (0.2 percentage points) and Rockford, Illinois (0.2 percentage points). Five other metros were up 0.1 percentage points: Columbus, Indiana; Kokomo, Indiana; Manhattan, Kansas; Oshkosh-Neenah, Wisconsin and La Crosse-Onalaska, Wisconsin-Minnesota. While the nation's serious delinquency rate remains at a 14-year low, 14 metropolitan areas recorded small annual increases in their serious delinquency rates. Metros with the largest increases were Panama City, Florida (0.4 percentage points) and Dubuque, Iowa (0.2 percentage points). The remaining 12 metro areas each logged an annual increase of 0.1 percentage point. "National foreclosure and serious delinquency rates have remained fixed at record lows for at least the last six months," said Frank Martell, president and CEO of CoreLogic. "However, as markets can be much more volatile at the metro level, both late-stage delinquencies and foreclosures have continued to increase at this level in the Midwest and Southern regions of the country." The next CoreLogic Loan Performance Insights Report will be released on February 11, 2020, featuring data for November 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Realtors Announce Partnership with Census Bureau in Promotion of 2020 Census
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Buying a Home Is More Affordable than Renting in 53 Percent of U.S. Housing Markets
Renting More Affordable Mainly in Suburban and Urban Counties; Home Price Gains Outpacing Wages in 66 Percent of U.S. Markets IRVINE, Calif. - Jan. 9, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its 2020 Rental Affordability Report, which shows that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 455, or 53 percent, of the 855 U.S. counties analyzed for the report. However, the analysis shows a split between different-sized markets, with ownership more affordable mainly in lightly populated counties and renting more affordable in more populous suburban or urban areas. The analysis incorporated recently released fair market rent data for 2020 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 855 U.S. counties with sufficient home sales data (see full methodology below). "Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas," said Todd Teta, chief product officer with ATTOM Data Solutions. "For sure, either buying or renting is a financial stretch or out of reach for individual wage earners throughout most of the country in the current climate. But with interest rates falling, owning a home can still be the more affordable option, even as prices keep rising." Renting more affordable than buying in nation's most populated counties Renting is more affordable than buying a home in 94, or 69 percent, of the 136 counties in the report that have a population of at least 500,000 or more. Renting is the more affordable option in 36 of the 43 counties with a population of at least 1 million or more (84 percent) — including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ and San Diego County, CA. Other markets with a population of more than 1 million where it is more affordable to rent than buy include counties that surround or are inside of New York City; Dallas, TX; Seattle, WA; Las Vegas, NV; San Jose, CA; San Francisco, CA; San Antonio, TX and Boston, MA. Counties with a population of at least 1 million, where buying a home is more affordable than renting, were Miami-Dade County, FL; Broward County, FL; Wayne County (Detroit), MI; Philadelphia County, PA; Hillsborough County (Tampa), FL; Cuyahoga County (Cleveland), OH and Allegheny County (Pittsburgh), PA. Least affordable rental markets in California, Colorado, Hawaii The report shows that renting a three-bedroom property requires an average of 37.6 percent of weekly wages across the 855 counties analyzed for the report. The least affordable markets for renting are Santa Cruz County, CA (82.1 percent of average wages needed to rent); Marin County, CA (outside San Francisco) (75.3 percent); Park County, CO (southwest of Denver) (74.3 percent); Honolulu County, HI (74.2 percent) and Kauai County, HI (73.7 percent). Counties with a population of at least 1 million, where rents consume the highest percentage of average wages, include Kings County (Brooklyn), NY (65.3 percent); Orange County, CA (outside Los Angeles) (64.7 percent); San Diego County, CA (59.6 percent); Contra Costa County, CA (outside San Francisco) (58.4 percent) and Queens County, NY (57.4 percent). Most affordable rental markets in Tennessee, New York, Alabama, Ohio The most affordable markets for renting are Roane County, TN (west of Knoxville) (20.1 percent of average wages needed to rent); Steuben County, NY (south of Rochester) (22.2 percent); Madison County (Huntsville), AL (22.4 percent); Greene County, OH (outside Dayton) (23.0 percent) and Sangamon County (Springfield), IL (23.2 percent). Among counties with a population of 1 million or more, those most affordable for renting are Allegheny County (Pittsburgh), PA (24.3 percent); Cuyahoga County (Cleveland), OH (25.6 percent); Fulton County (Atlanta), GA (26.2 percent); Oakland County, MI (outside Detroit) (26.6 percent) and Wayne County (Detroit), MI (27.5 percent). Home prices rising faster than rents in 67 percent of markets Median home prices rose faster than average fair-market rents in 575 of the 855 counties analyzed in the report (67.3 percent), including Harris County (Houston), TX; San Bernardino County, CA (outside Los Angeles); Bexar County (San Antonio), TX; Wayne County (Detroit), MI and Philadelphia County, PA. Average rents rose faster than median prices in 280 counties (32.7 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA and Orange County, CA (outside Los Angeles). Home prices rising faster than wages in 66 percent of markets Median home prices rose faster than average weekly wages in 567 of the 855 counties analyzed in the report (66.3 percent), including Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Miami-Dade County, FL; Riverside County, CA (outside Los Angeles) and Queens County, NY. Average weekly wages rose faster than median home prices in 288 counties (33.7 percent), including Los Angeles County, CA; Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. Wage growth outpacing rent growth in 57 percent of markets Wages rose faster than average fair market rents in 484, or 56.6 percent, of the counties analyzed in the report including Harris County (Houston), TX; San Bernardino County, CA (outside Los Angeles); Bexar County (San Antonio), TX; Wayne County (Detroit), MI and Philadelphia County, PA. Average rents rose faster than average wages in 371, or 43.4 percent, of counties in the report, including Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA and Orange County, CA (outside Los Angeles). Methodology For this report, ATTOM Data Solutions looked at 50th percentile average rental data for three-bedroom properties in 2020 from the U.S. Department of Housing and Urban Development, along with Q2 2019 average weekly wage data from the Bureau of Labor Statistics (most recent available) and January-November (YTD) 2019 home price data from ATTOM Data Solutions publicly recorded sales deed data in 855 counties nationwide. Rental affordability is 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 is the monthly house payment for a median-priced home (based on a 3 percent down payment plus mortgage payment, property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Redfin Report: Bidding War Rate Fell to Another 10-Year Low in December
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Fourth Quarter Good Time to Buy and Sell Home, Realtor Survey Says
WASHINGTON (January 9, 2020) -- More than half of Americans recently polled believe that now is a good time to make a home purchase, according to the latest consumer findings from the National Association of Realtors. The 2019 fourth-quarter survey revealed that 63% of people believe now is a good time to buy a home (equal to the 63% who said the same in 2019), with 33% saying they strongly believe now is a good time to buy. Moreover, as to selling, 74% of those polled believe that now is a good time to sell (identical to the percentage in quarter three). Lawrence Yun, NAR's chief economist, said these positive sentiments can be linked to the strong job market and favorable economic conditions. "The mobility rate has been very low as many have opted to stay put for longer," said Yun. "However, this latest boost – Americans saying now is a good time to move – is good news. With mortgage rates low, the timing is indeed ideal for those who want to enter into homeownership and for those looking to move on to their next home." Respondents from the silent generation (those born between 1925 and 1945) were most likely to state that now is a good time to buy (73%), while younger boomers (those born between 1955 and 1964) also overwhelmingly viewed the market favorably in terms of now being a good time to purchase (70%). NAR's fourth quarter Housing Opportunities and Market Experience (HOME) survey found that 82% of those who earn $100,000 or more said now is a good time to sell a home, with 81% of those in the West region agreeing. "The Western region has seen home prices increase to the point that costs have outpaced income," said Yun. "So, it is no wonder that those living in the West would think that now is a perfect time to place a home on the market. California especially is seeing some of the highest prices ever." The NAR study concurrently asked about home prices over the past year. Sixty-four percent of those polled said they believe prices have increased within their communities within the last 12 months. Thirty percent answered that they believe prices have remained about the same, while only 6% believe prices have decreased over that period. Respondents were asked to share expectations of community home prices over the next six months. Forty-one percent predicted that prices will remain the same in their communities during that period, while 48% said they believe prices will rise and 11% said they expect prices to fall in the next six months. Millennials at 47% were most likely to believe prices will increase in their communities. Out of the four major regions, the South had the highest number of residents who said home prices would climb over six months. Finally, the NAR survey found that 52% of those polled believe the U.S. economy is improving. This is consistent with the third quarter of 2019. For the fourth quarter, optimism is highest among individuals who earn $100,000 compared to other income levels, as well as for those who reside in rural areas compared to other locations. Forty-seven percent of millennials said they believe the economy is improving, the lowest of all age groups. Forty-one percent of those in urban areas said they believe the economy is improving, compared to 66% in rural areas. Yun took note of the contrasts of viewpoints. "Whether it is a reflection of politics or true economic conditions, there is a difference of views between rural and urban areas," he said. About NAR's HOME Survey From October through December, a sample of U.S. households was surveyed via a random-digit-dial, including a mix of cell phones and landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,707 household responses. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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200 Multiple Listing Services Approve Home ASAP LLC's IDX Service
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David Doctorow Named CEO Of Move, Inc.
Veteran of eBay, Expedia to Lead realtor.com Operator Beginning in February NEW YORK, Jan. 8, 2020 -- News Corp announced today that David Doctorow will become Chief Executive Officer of Move, Inc., operator of realtor.com, effective Feb. 3. Mr. Doctorow joins Move from eBay, the global e-commerce business where he served as Head of Global Growth, eBay Marketplaces, since 2016. He previously was Chief Marketing and Strategy Officer at Expedia, the leading travel technology company. Mr. Doctorow succeeds Tracey Fellows, who has served as Move's interim CEO since June. He will report to Ms. Fellows in her capacity as News Corp's President of Global Digital Real Estate, a role she assumed in January 2019, after serving as CEO of REA Group, a leading digital real estate business in Australia and Asia, in which News Corp has a 61.6% stake. REA Group has a 20% stake in Move. "David is a thoughtful, dynamic leader with vast experience in contemporary digital commerce, and thus the ideal individual to take charge at Move, whose audience growth is significantly outpacing that of the nearest competitor," said Robert Thomson, Chief Executive of News Corp. "Realtor.com® is the pre-eminent marketplace for consumers and real estate professionals, and David's digital drive and his marketing savvy will enhance the company and the industry for years to come." News Corp is a global leader in digital real estate services. Since the creation of the new News Corp in 2013, digital real estate revenues have more than tripled, with the segment approaching $1.2 billion in Fiscal Year 2019. Segment EBITDA has more than doubled during that time, accounting for 31% of reported Total Segment EBITDA for News Corp in Fiscal Year 2019. Realtor.com® has more than doubled the number of unique users since its acquisition by News Corp in 2014. For the first quarter of Fiscal Year 2020, ending Sept. 30, News Corp reported that there was an 18% year-over-year increase in traffic on the site, growing faster than that of its nearest competitor. "I have greatly enjoyed my time working so closely with the team at Move, and I am thrilled that our search for the next CEO led us to David Doctorow, who I know is destined to lead realtor.com® into an ever more prosperous future," said Ms. Fellows. "I am grateful for the opportunity to join the team at News Corp and to lead Move, Inc., where we have the privilege of helping real estate professionals match buyers and sellers as they make one of the most important personal and financial events of their lives. I am looking forward to working with the strong Move team to take the business to the next level," said Mr. Doctorow. Mr. Doctorow helped eBay through a successful turnaround in recent years, leading a versatile global team and implementing significant marketing tech and workforce advancements at the company. eBay was named one of the 10 "top-rated" workplaces of 2019 by Fast Company magazine. Before his time at Expedia, where he also led a large team in building the business on a global scale, Mr. Doctorow worked as an executive in the marketing and sales practice at McKinsey & Company and as Director of Global Marketing Strategy and Operations at the Hewlett-Packard Company. He was named one of Top 50 CMOs to Watch by Boardroom Insiders and a Forbes Top 50 Most Influential CMO. He has a BA in International Relations from the University of Pennsylvania, and an MBA from Stanford University Graduate School of Business. Mr. Doctorow will be based at Move's Santa Clara, CA headquarters. About News Corp News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: news and information services, subscription video services in Australia, book publishing and digital real estate services. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com. About Move, Inc. Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and real estate professionals through all stages of the home journey. This includes realtor.com®, a leading online real estate destination that pioneered digital real estate more than 20 years ago. Operating under a perpetual license from the National Association of REALTORS®, realtor.com®, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Move also offers a complete solution of software products and services to help real estate professionals serve their clients and grow their business in a digital world, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry; and Top Producer® Systems.
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CoreLogic Reports November Home Prices Increased by 3.7% Year Over Year
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2020 Begins With Lowest Housing Inventory in Two Years
Price growth is accelerating faster than national average in markets with the largest inventory declines SANTA CLARA, Calif., Jan. 7, 2020 -- December saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018 according to the December 2019 Housing Trends report released today by realtor.com®. Based on realtor.com®'s analysis, the inventory decline is accelerating across all price levels, including the luxury market. In December, inventory of homes priced under $200,000 declined by 18.1 percent year-over-year, higher than the 16.5 percent drop in November. Mid-tier housing priced between $200,000 and $750,000 also declined at an accelerated pace, up 10.2 percent year-over-year compared to November's decline of 7.4 percent. Listings of homes priced over $1 million shrunk by 4.4 percent year-over-year, up from from nearly 2 percent in November. "The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home," according to realtor.com Senior Economist, George Ratiu. "The significant inventory drop we saw in December is a harbinger of the continuing imbalance expected to plague this year's markets, as the number of homes for sale are poised to reach historically low levels." The inventory shortage gripping the U.S. housing market is showing no signs of slowing anytime soon. December's 12 percent year-over-year inventory decline is an acceleration from November's drop of 9.5 percent, and equates to a loss of nearly 155,000 listings compared to December 2018. Additionally, new listings are failing to restore the market to equilibrium as the volume of newly listed properties also declined by 11.2 percent year-over-year. On a local level, the tech havens of San Jose-Sunnyvale-Santa Clara, Calif.; Seattle-Tacoma-Bellevue, Wash; and San Francisco-Oakland-Hayward, Calif. all saw inventory declines of more than 30 percent in December as well as listing price growth above the national median. Only three of the 50 largest U.S. metros saw inventory increase over the year: San Antonio-New Braunfels, Texas (+8.8 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (+7.4 percent); and Las Vegas-Henderson-Paradise, Nev. (+4.8 percent), which all had year-over-year declines in their median listing prices. Overall, the median U.S. listing price grew by 3 percent, to $299,950 in December, which is a deceleration compared to last month, when the median listing price grew by 3.6 percent over the year. At the same time, price growth is continuing to heat up in metros where inventory declines were greatest in December. Of the 50 largest U.S. metros, 42 saw year-over-year gains in median listing prices, with 33 of the 50 growing faster than the national rate and 12 of those growing faster than December 2017's rate of 8.2 percent. Los Angeles-Long Beach-Anaheim, Calif. (+21.0 percent); Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+13.1 percent); and Birmingham-Hoover, Ala. (+11.1 percent); posted the highest year-over-year median list price growth in December. All three markets also saw double-digit declines in their housing inventories. The steepest price declines were seen in Louisville/Jefferson County, Ky.-Ind. (-5.0 percent); Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-4.1 percent); and Houston-The Woodlands-Sugarland, Texas (-2.9 percent). In December, 13.2 percent of active listings saw their listing prices reduced, virtually unchanged from a year ago. Among the nation's 50 largest metros, 15 saw an increase in their share of price reductions compared to this time last year. Portland-Vancouver-Hillsboro, Ore.-Wash. saw the greatest increase in the share of price reductions in November, up 14.7 percent year-over-year. It was followed by Indianapolis-Carmel-Anderson, Ind. (+3.1 percent) and Houston-The Woodlands-Sugarland, Texas (+2.6 percent). Nationally, homes sold in 79 days in December 2019, two days more quickly than December 2018. However, in the 50 largest U.S. metros, the typical home sold at a nearly identical pace. Raleigh, N.C.; Oklahoma City, Okla.; and Rochester, N.Y.; saw the largest decreases in days on market with properties spending 13, 11, and 8 fewer days on the market than last year, respectively. Meanwhile, properties in Los Angeles-Long Beach-Anaheim, Calif.; Buffalo-Cheektowaga-Niagara Falls, N.Y.; and Boston-Cambridge-Newton, Mass.-N.H.; sold 22, 10, and 9 days more slowly, respectively. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Home Purchase Sentiment Jumps
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Home Buyer Interest Up Again in November Nationwide as Showing Traffic Increases for Fourth Consecutive Month
Run of Climbing Showing Activity Longest Since October 2017 - January 2018 December 27, 2019 -- November home showing activity continued an upward trend of year-over-year growth following the fourth consecutive month of increased showing activity, according to the latest ShowingTime Showing Index report. The nation's 12.6 percent growth in home showings compared to activity in 2018 was the most significant jump in buyer traffic during the current four-month streak of year-over-year increases. The West Region saw the greatest growth in activity in November, with a 23.1 percent jump – the region's greatest in the history of the Showing Index. The South had the second greatest boost, with a 15.4 percent increase, followed by the Northeast close behind, which notched a 13 percent uptick. Rounding out the month of gains, the Midwest saw a 7.1 percent in home buyer activity. "Although market slowdown is typical around the holidays, November 2019 was one of the busiest Novembers on record," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "While different markets saw varying levels of activity, several saw a substantial increase, as a greater number of buyers continued their search for a home than we typically see during the season. In addition, the lateness of Thanksgiving this year compared to last year's early holiday pushed the year over year number of showings even higher in November." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in more than 250 MLSs representing nearly one million real estate professionals across the U.S. and Canada. In September, ShowingTime acquired Centralized Showing Service, Inc. (CSS) to better serve the needs of clients in the residential real estate industry. The two established companies bring together a combined 43 years of experience helping real estate professionals and their clients. For more information, contact us at [email protected]
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U.S. Home-Flipping Activity Drops as Returns Remain at Near Seven-Year Low
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Pending Home Sales Expand 1.2% in November
WASHINGTON (December 30, 2019) -- Pending home sales increased in November, rebounding from the prior month's decline, according to the National Association of Realtors. The West region reported the highest growth last month, while the other three major U.S. regions saw only marginal variances in month-over-month contract activity. Pending home sales were up nationally and up in all regions compared to one year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.2% to 108.5 in November. Year-over-year contract signings jumped 7.4%. An index of 100 is equal to the level of contract activity in 2001. "Despite the insufficient level of inventory, pending home contracts still increased in November," said Lawrence Yun, NAR's chief economist, noting that housing inventory has been in decline for six straight months dating back to June 2019. "The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand." At the recent NAR Real Estate Forecast Summit, the consensus forecast called for 2.0% GDP growth, a 3.7% unemployment rate and a 3.8% average mortgage rate in 2020. Home prices were projected to rise by 3.6% in 2020 after a 5% gain in 2019. "Sale prices continue to rise, but I am hopeful that we will see price appreciation slow in 2020," said Yun. "Builder confidence levels are high, so we just need housing supply to match and more home construction to take place in the coming year." November Pending Home Sales Regional Breakdown The regional indices had mixed results in November. The Northeast PHSI slid 0.1% to 96.3 in November, 2.6% higher than a year ago. In the Midwest, the index rose 1.0% to 102.5 last month, 5.0% higher than in November 2018. Pending home sales in the South decreased 0.2% to an index of 125.0 in November, a 7.7% increase from last November. The index in the West grew 5.5% in November 2019 to 98.4, an increase of 14.0% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a September in at Least 20 Years
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Redfin Reveals the Housing Markets that Changed the Most This Decade
Fort Lauderdale, Las Vegas, and San Francisco are among the U.S. metros that experienced the most dramatic housing shifts since 2010 SEATTLE, Dec. 20, 2019 --  Fort Lauderdale, Las Vegas, San Francisco, Salt Lake City, and Nassau County, NY experienced the most dramatic housing shifts since 2010, according to a new report from Redfin, the technology-powered real estate brokerage. "The housing market is ending the decade in a vastly different place than it began," said Redfin chief economist Daryl Fairweather. "In 2010, the market was in the middle of its greatest downturn in history: Home values were plummeting and the share of mortgages in delinquency was at an all time high. Heading into 2020, home values have recovered along with the economy, and now many parts of the country are grappling instead with new challenges like high home prices and a lack of homes for sale." Highest percent increase in home prices: Fort Lauderdale Florida was one of the epicenters of the foreclosure crisis and experienced some of the biggest declines in home values leading up to 2010. But as the sunshine state recovered from the housing crash, home values also increased, leading to the nation's largest post-crisis recovery. In Fort Lauderdale, the median home price increased 161% from $106,000 at the beginning of 2010 to $278,000 at the end of 2019. The median home price has more than doubled this decade in Orlando (+127%) and Miami (+106%) as well. Biggest contrast between increase in home prices and decline in incomes: Las Vegas Las Vegas, where incomes fell dramatically during the great recession and haven't yet fully recovered, saw the biggest divergence between home prices and incomes. In Las Vegas, the median home price increased at an average annual rate of 14.1% over the decade, while the median income declined at an average annual rate of 0.4%. As incomes fell, residents could no longer afford to own a home, which caused a simultaneous decline in the homeownership rate from 59% in 2010 to a low of 52% in 2016, followed by a slight increase to 53% as of 2017. Even though the homeownership rate remains low, demand from investors looking to rent out or flip homes has supported high home price growth. Largest dollar value jump in home prices: San Francisco Eight out of the nation's top 10 metros for home price increases in dollar value were in California. In San Francisco, the median home price increased $711,000—from $698,000 at the beginning of 2010 to $1.4 million by the end of 2019. Two main factors led to San Francisco's large price gains: a booming job market and a lack of homes for sale. By 2015, the unemployment rate in San Francisco was just 3.7% compared to 5.3% for the nation. By October, 2019, the city's unemployment rate was 1.9%. At the same time, there are not enough housing units for all the workers in San Francisco, a reality true across California where home prices have risen dramatically in the last decade. Steepest drop in home supply: Salt Lake City Inventory declined by 77% in Salt Lake City over the course of the decade, due to the fact that Salt Lake City homeowners are staying in their homes longer than usual. The typical Salt Lake City homeowner had spent 23 years in their home in 2019, versus 15 years in 2010. The number of homes for sale declined this decade in 95% of the markets we analyzed. The decline in homes for sale has made homebuying much more competitive than it was at the beginning of the decade. Currently, one in three Salt Lake City homes sell for above list price, compared to less than one in four homes at the start of the decade. Greatest decline in days on market: Long Island's Nassau County In Nassau County, the median time it takes to sell a home dropped by about four months—124 days—over the course of the decade. At the beginning of 2010 it typically took 180 days to sell a home; it now takes just 56 days. "During the housing crash there were a lot of short sales in Long Island, which are very difficult to close. I don't see that at all anymore," said Redfin agent Peggy Papazaharias. "In the last several years, prices sky-rocketed in Manhattan, which pushed many homebuyers to consider Long Island, and now demand is very strong." To read the full report, including additional metro-level data on housing market changes, please visit: https://www.redfin.com/blog/housing-markets-that-changed-this-decade. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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RE Technology's Top 10 Articles of 2019
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Median Home Prices Still Unaffordable for Average U.S. Wage Earners in Q4 2019
Home Ownership Consumes 32.5 Percent of Wages in Fourth Quarter, Down From 2018; Declining Mortgage Rates and Increasing Wages Overcoming Rising Prices; Home Prices Still Less Affordable Than Historic Averages in 49 Percent of Local Markets, Down from 72 Percent a Year Ago IRVINE, Calif. - Dec. 19, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its fourth-quarter 2019 U.S. Home Affordability Report, which shows that median home prices in the fourth quarter of 2019 were unaffordable for average wage earners in 344 of 486, or 71 percent of the U.S. counties analyzed in the report. That figure was down from 73 percent in third quarter and 75 percent from a year earlier. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). "Home prices rose across the country by 9 percent year-over-year in the fourth quarter of 2019, and the typical home remained a financial stretch for average wage earners. However, homes were actually a bit more affordable because of declining mortgage rates combined with rising pay to overcome the continued price run-up," said Todd Teta, chief product officer with ATTOM Data Solutions. "As long as people are earning more money and shelling out less to pay off home loans, the market should remain strong with prices continuing to rise, at least in the near term. Those are big ifs, but for now this report offers some decent findings for both home seekers and home sellers." The largest populated counties where a median-priced home in the fourth quarter of 2019 was not affordable for average wage earners included Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL. The 142 counties (29 percent of the 486 counties analyzed) where a median-priced home in the fourth quarter of 2019 was affordable for average wage earners included Cook County (Chicago) IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA and Cuyahoga County (Cleveland), OH. Home price appreciation outpacing wage growth in 76 percent of markets Home price appreciation outpaced average weekly wage growth in 369 of the 486 counties analyzed in the report (76 percent), with the largest counties including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; and San Diego County, CA. Average annualized wage growth outpaced home price appreciation in 117 of the 486 counties (24 percent), including Orange County, CA (outside Los Angeles); Miami-Dade County, FL; Kings County (Brooklyn), NY; Queens County, NY and Santa Clara County (San Jose), CA. At least 30 percent of wages needed to buy a home in two-thirds of markets Among the 486 counties analyzed in the report, 311 (64 percent) required at least 30 percent of their annualized weekly wages to buy a home in the fourth quarter of 2019. Those counties that required the greatest percent included Marin County, CA (outside San Francisco) (111.2 percent of annualized weekly wages needed to buy a home); Kings County (Brooklyn), NY (103.6 percent); Santa Cruz County, CA, (outside San Jose) (103 percent); Monterey County, CA, (outside San Francisco) (88 percent) and Maui County, HI (84.9 percent). A total of 175 counties in the report (36 percent) required less than 30 percent of their annualized weekly wages to buy a home in the fourth quarter of 2019. Those counties that required the smallest percent included Baltimore City/County, MD (11.2 percent of annualized weekly wages needed to buy a home); Bibb County (Macon), GA (12.4 percent); Rock Island County (Davenport), IL (14.4 percent); Wayne County (Detroit), MI (15.2 percent) and Richmond County (Augusta), GA (15.2 percent). Fifty-three percent of markets more affordable than historic averages Among the 486 counties in the report, 256 (53 percent) were more affordable than their historic affordability averages in the fourth quarter of 2019, up from 48 percent in the third quarter of 2019 and 29 percent from the fourth quarter of 2018. Counties with at least 1 million people that were more affordable than their historic averages (indexes of at least 100 are considered more affordable compared to their historic averages) included Cook County (Chicago), IL (index of 119); Montgomery County, MD (outside Washington, D.C.) (118); New York County (Manhattan), NY (118); Suffolk County, NY (outside New York City) (114); and Fairfax County, VA (outside Washington, D.C.) (111). Counties with the highest affordability indexes were Fairfield County, CT (outside New Haven) (index of 137); Baltimore City/County, MD (135); Lake County, IL (outside Chicago) (135); Onslow County (Jacksonville), NC (134) and Atlantic County (Atlantic City), NJ (131). Counties with at least 1 million people that saw the biggest annual improvement in their affordability indexes included New York County (Manhattan), NY (index up 33 percent); Kings County (Brooklyn), NY (up 20 percent); Middlesex County, MA (outside Boston) (up 14 percent); Santa Clara County (San Jose), CA (up 13 percent) and Orange County, CA (outside Los Angeles) (up 11 percent). The biggest annual gains among other counties included Butte County, CA (north of Sacramento) (index up 39 percent); Bay County (Panama City), FL (up 26 percent); Florence County, SC (up 26 percent); Cecil County, MD (outside Wilmington, DE) (up 23 percent) and Bristol County, MA (outside Providence, RI) (up 21 percent). Forty-seven percent of markets less affordable than historic averages Among the 486 counties analyzed in the report, 230 (47 percent) were less affordable than their historic affordability averages in the fourth quarter of 2019, down from 52 percent of counties in the previous quarter and 71 percent of counties in the fourth quarter of 2018. Counties with a population greater than 1 million that were less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to their historic averages) included Wayne County (Detroit), MI (index of 78); Tarrant County (Fort Worth), TX (83); Dallas County, TX (85); Oakland County, MI (outside Detroit) (86) and Travis County (Austin), TX (88). Counties with the lowest affordability indexes were Vanderburgh County (Evansville), IN (index of 69);Genessee County (Flint), MI (72); Canyon County (Nampa), ID (74); Benton County (Kennewick), WA (76) and Blount County, TN (outside Knoxville) (77). Among the counties with at least 1 million people, none saw their annual affordability indexes get worse. Counties that did see the biggest year-over-year fallback in their affordability indexes included Saint Louis County, MO (index down 16 percent); Jefferson County (Watertown), NY (down 16 percent); Saint Louis City/County, MO (down 15 percent); Jasper County (Joplin), MO (down 12 percent) and Saint Clair County, MI (outside Detroit) (down 10 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 486 U.S. counties with a combined population of 235.2 million. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3 percent down payment, including property taxes, home insurance and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. For instance, the nationwide median home price of $257,000 in the fourth quarter of 2019 would require an annual gross income of $67,647 for a buyer putting 3 percent down and not exceeding the recommended "front-end" debt-to-income ratio of 28 percent — meaning the buyer would not be spending more than 28 percent of his or her income on the house payment, including mortgage, property taxes and insurance. That required income is lower than the $58,214 annual income earned by an average wage earner based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide not affordable for an average wage earner. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Existing-Home Sales Descend 1.7% in November
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'The Brian Buffini Show' Podcast Impacts Lives Worldwide, Celebrates 7 Million Downloads
"The Brian Buffini Show" podcast celebrates 7 million downloads in 178 countries, shares motivational content on business and leadership CARLSBAD, Calif., Dec. 20, 2019 -- Approaching its 200th episode, "The Brian Buffini Show" podcast is impacting lives worldwide. The show recently hit more than 7 million downloads -- a 40% increase over the past year -- demonstrating a desire for personal and professional growth across the globe. Hosted by Brian Buffini, a New York Times best-selling author, and founder and chairman of Buffini & Company, North America's largest business coaching and training company, this podcast dives into the mindsets, motivation and methodologies of success. "I began 'The Brian Buffini Show' in response to a need for positive information from someone who's built their business from the ground up," said Buffini. "We want to continue to grow and share insights so we can impact and improve the lives of millions around the world." Together with his team, Buffini is committed to high-quality content and produces each podcast as though it's the last episode. He has interviewed influential guests from the business, inspiration and sports worlds, including Mitch Albom, Dave Ramsey, Mel Robbins, Scott Hamilton and Nick Vujicic, to name a few. Exclusive content – outtakes, additional content, swag and opportunities to chat directly with Buffini – is shared with the more than 16,000 fans who have joined the free "Buffini Show Insiders" fan club. The fan response to the content is massive, as Buffini receives countless letters and emails from listeners whose lives have been transformed. "Listening to 'The Brian Buffini Show' every day is changing me in ways I never dreamed possible," said Alice Galeotti, a listener in Spokane, Washington. "Brian's passion for helping others become better people is an amazing gift shared for free." Brian's Irish wit and profound insights have captivated and enlightened audiences worldwide making his podcast a "must-have, go-to" destination. Following its launch in 2016, "The Brian Buffini Show" immediately took no. 2 in the Apple Podcasts Business category. New episodes are released every Tuesday, and are available on Apple Podcasts, Stitcher, PodBean, Pocket Casts, iHeart Radio, Spotify and Google Play. About Brian Buffini Brian Buffini, chairman and founder for Buffini & Company, was born and raised in Dublin, Ireland, immigrating to San Diego, California, in 1986 where he became the classic American rags-to-riches story. Discovering real estate, Brian quickly became one of the nation's top real estate agents working a non-traditional methodology based on building long-term relationships with clients. Today, he travels the world sharing a message of encouragement about how to "live the good life." His wit, wisdom and motivational style make him a dynamic speaker and podcast host, adept at helping people tap into their full potential and achieve their dreams. Recently, he became a New York Times, Amazon and Wall Street Journal best-seller with his latest book, "The Emigrant Edge." Learn more at thebrianbuffinishow.com.
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Give your clients the power to digitally measure anything within a 3D property tour
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Could January be the New April for Home Shopping?
A new realtor.com analysis says "yes" in 20 large metro areas SANTA CLARA, Calif., Dec. 18, 2019 -- Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation's largest markets, according to new research released today by realtor.com. The analysis is based on average monthly views per listing on realtor.com® from 2015 to 2019. In 2015, the peak month for average views per listing on realtor.com® was April, while January lagged behind by a substantial 16 percent. In contrast, for 2019, the month of January fell 1 percent below February for most monthly views per listing on realtor.com®. And January surged to the top in 20 of the 100 largest metro areas, including New York, Los Angeles, Chicago, Dallas, Houston, Seattle, San Francisco, Atlanta, San Jose, Calif., and Denver. In 2018, that was true for just three of the top 100 metros. "As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier," said realtor.com® Senior Economist George Ratiu. "With housing inventory across the U.S. expected to reach record lows in 2020, we expect to see this trend continue into the new year." As of November, the number of homes for sale across the country was down 9.5 percent year-over-year. Additionally, the inventory of entry-level homes priced below $200,000 shrunk by an astonishing 16.5 percent year-over-year. The shift to January's newfound popularity does not mean that the other prime spring months have become less competitive. Realtor.com® data shows that views per listing used to ramp up into spring, but now competition starts high in January and stays high. For example, in 2018, March, the most competitive month, had 21 percent more views per listing than the least competitive month, January. In 2019, that gap between most-and least-competitive months narrowed to a difference of just six percent. What used to be a lopsided bias for April is now a feverish search starting in January, staying consistently competitive across the first four months of the year as hopeful homebuyers look for just the right home. Locally, Seattle had the greatest spike in home shopping in January 2019, with views per property 32 percent higher than the next-highest month. McAllen-Edinburg-Mission, Texas; San Francisco; Atlanta; and San Jose, Calif. metros rounded out the top five markets where January was the most competitive month in 2019. Top Markets Where January was the Most Competitive Month in 2019 Methodology Views per listing are defined as the average monthly page views per property listed for sale on realtor.com®, cited here at the national and metro area levels. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Redfin Unveils the Most Bikeable U.S. Cities of 2020
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Expect Continued Economic Growth, Slower Real Estate Price Gains and Small Chance for Recession in 2020, According to Group of Top Economists
WASHINGTON (December 11, 2019) -- A group of top economists arrived at a consensus 2020 economic and real estate forecast today at the National Association of Realtors' first-ever Real Estate Forecast Summit. The economists who gathered at NAR's Washington, D.C. headquarters expect the U.S. economy to continue expanding next year while projecting real estate prices will rise and reiterating that a recession remains unlikely. These economists predicted a 29% probability of a recession in 2020 with forecasted Gross Domestic Product growth of 2.0% in 2020 and 1.9% in 2021. The group expects an annual unemployment rate of 3.7% next year with a small rise to 3.9% in 2021. When asked if the Federal Open Market Committee will change the federal funds rate in 2020, 69% of the economists said they expect no change, while 31% expect the committee will lower the rate next year. The average annual 30-year fixed mortgage rates of 3.8% and 4.0% are expected for 2020 and 2021, respectively. Annual median home prices are forecasted to increase by 3.6% in 2020 and by 3.5% in 2021. "Real estate is on firm ground with little chance of price declines," said NAR's Chief Economist Lawrence Yun. "However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains." Apartment rents are expected to rise 3.8% and 3.6%, respectively, in 2020 and 2021. According to the group of economists, annual commercial real estate prices will climb 3.6% in 2020 and 3.4% in 2021. "Residential and commercial real estate investment remains attractive as we approach the start of a new decade," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. "Increased home building can serve as a stimulator for the overall economy, and we strongly encourage more homes to be built as buyer demand remains strong." The 2019 NAR Real Estate Forecast Summit consensus forecasts are compiled as averages of the responses of 14 leading economists who participated during the summit. The survey was conducted from December 2-5, 2019. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Elevate to launch free educational series: Monday Morning Mentor
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AerialSphere and iFoundAgent partner to provide "addictive" 360-degree, interactive, immersive mapping technology for websites
PHOENIX - December 17, 2019 -- AerialSphere, an innovative tech startup creating immersive and interactive 360-degree maps, is offering real estate agents the opportunity to add what some consumers are calling an "addictive" online experience to their websites. Partnering with iFoundAgent, an award-winning marketing service and website provider, AerialSphere is transforming the way Phoenix home buyers shop for a home online. "The world is not flat, so why should the maps we use every day be?" said AerialSphere co-founder and resident DJ Vegh. "AerialSphere powered maps, unlike Google Maps, provide a 3D-type experience that allows you to see the world the way we should see it — as if you are there." Because 90 percent of all consumers begin their real estate search online, iFoundAgent was quick to adopt a new technology "that right now, none of our competitors offer," according to Dave Mason, iFoundAgent founder and owner. Mason says AerialSphere's mapping technology, which iFoundAgent dubbed "The World's First 3D Home Search," creates an online home search experience that is transformational. "When I heard about it, I thought it was just like Google Maps, so who cares?" Mason said. "But when I first saw it, I actually got a chill up my spine — this was something new. It was kind of like when I saw the first iPhone; I knew it was going to change everything." For top-producing Phoenix-area agent Sean Hahn, AerialSphere 360-degree immersive and interactive maps have quickly become a crucial sales tool. The maps are a central component of his iFoundAgent provided marketing platform. Hahn is with West USA Realty, one of the largest real estate firms in Arizona, with some 2,000 agents and 18 office locations. He leverages the new mapping technology throughout his communications with clients and potential clients. Hahn incorporates links to his 3D maps in automated personalized email offers to new clients for free marketing analysis. For existing clients, he provides links to a map showing the final price on recent neighborhood home sales. "The first thing that pops up is this giant 3D map showing homes and an indicator showing the final sales price," Hahn explained. "These maps are interactive and allow you to fly through neighborhoods in a way that feels like you are there. You can see the topography. It's not flat like all other maps. "In Phoenix, we live in a valley, with mountain ranges surrounding us. We also are a very active community. People hike our mountains or want to ride a horse or a bike through them. These maps are the most powerful way to figure out where a house is in relationship to all of our outdoor activities, from mountains to parks to schools. It's simply the coolest thing ever," Hahn said. DJ Vegh co-founder, President at AerialSphere notes his mapping technology appeals not just to residential real estate, but has significant applications for commercial real estate. He said CB Commercial Real Estate is also piloting its maps and using its API (application program interface). Vegh explained that AerialSphere's unique mapping technology has business application opportunities for industries that collectively contribute more than one-third of the US annual GDP (gross domestic product). "AerialSphere serves the four largest drivers of the US economy: real estate, state and local governments, insurance, and travel industries," Vegh said. Real estate (including renting and leasing) is the largest sector of the US economy, accounting for 13% of our national GDP ($1.898 trillion). The housing sector employs more than 1.9 million people. State and local governments rank second and represent 9% of US national GDP ($1.336 trillion) and employ 7.4 million people. Finance and insurance account for 8% of US national GDP ($1.136 trillion). The insurance industry alone employs 2.69 million people. And travel represents 7.8% of our national GDP ($1.1 trillion). The US travel industry employs 5.29 million people. AerialSphere uses a patented four-step process. This patented process includes the rapid capture of immersive aerial maps, the ability to integrate latitude and longitude to match each image pixel, connect location-based API data to its immersive map viewer, and provide detailed user interaction tracking. AerialSphere is mapping the US, rapidly capturing a massive array of 360-degree immersive aerial spherical images over large urban areas. Able to cover an average of 120 square miles per hour, AerialSphere can cover an average-sized US metropolitan area in a few hours. More information about AerialSphere can be found at its website, AerialSphere.com, as well as at iFoundAgent's website, ifoundagent.com. About AerialSphere AerialSphere is changing how the world views maps. Its multi-patented technology mass captures immersive 360-degree aerial photos and then matches each pixel to its longitude and latitude coordinates. AerialSphere enables an immersive, 3D-type experience that is transforming real estate and travel search while powering applications for the insurance industry and governments. Backed by private equity firm Jokake Companies, AerialSphere mapping brings a true perspective to every location, from viewing homes for sale or street addresses to show the most accurate proximity of schools, parks, churches, or other points of interest. Learn more at AerialSphere.com.
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Low Inventory Drives Home Buyers to Explore Big City Alternatives
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iBuyers Rapidly Snap Up Market Share Across Southern Metros, Redfin Finds
Raleigh Overtakes Phoenix as the New Hotspot for iBuyer Activity in the Third Quarter SEATTLE, Dec. 11, 2019 -- iBuyers purchased 3.1% of the homes sold during the third quarter of 2019 across 18 markets, up from 1.6% a year earlier, according to a new analysis from Redfin, the tech-powered real estate brokerage. The markets where iBuyers had the largest market share were Raleigh (6.8%), Phoenix (5.1%), Atlanta (4.4%) and Charlotte (4.3%). The term "iBuyer" (short for instant buyer) is used to describe real estate companies, such as RedfinNow, that use technology to make quick cash offers and purchase homes directly from homeowners. They then quickly update and resell the homes. The Redfin analysis, the first in what will be a quarterly report on iBuyer activity, looked at home sales in the third quarter across 18 metro areas where iBuyer purchases accounted for at least 1% of the market. Redfin analyzed public records on the home purchases and sales of the four largest iBuyers: Opendoor, Zillow, Offerpad and RedfinNow. Raleigh unseated Phoenix—birthplace of the iBuyer movement—as the biggest market for iBuyers in the second and third quarters. The share of homes purchased by iBuyers increased the most in Houston, where iBuyers bought 3.8% of the homes in the third quarter of 2019, up from just 0.1% a year prior. Jacksonville saw the second-largest increase, up to 3.0% from 0%. The third-largest jump was in Raleigh, where iBuyer market share rose to 6.8% up from 3.8%. "iBuyers are concentrating their efforts in southern markets where both home sales and prices are poised for strong growth," said Redfin chief economist Daryl Fairweather. "We think that iBuyers are likely to accelerate home sales in these markets. Homeowners who may have been reluctant to sell because they didn't want to deal with the hassle may be persuaded by the convenience of an iBuyer sale." The markets where iBuyers are currently doing the most business are those where the typical home is priced at or below the national median ($313,200 in October). Affordable homes tend to sell more quickly than more expensive homes, which allows iBuyers to move through their housing inventory and buy additional homes more quickly, refining their process with every home they sell. The median price of homes sold by iBuyers fell in 17 of 18 markets in the third quarter compared to a year earlier, despite the overall price of homes increasing in every market. Phoenix was the only market where the median iBuyer sale price was unchanged. Market Share and Median Sale Price in Areas Where iBuyers Have at Least 1% Share Homes sold by iBuyers in the third quarter stayed on the market for a median of 28 days, down from 74 days a year prior. This large decline is likely due to the iBuyers improving their processes and becoming better at pricing homes to sell. Redfin has not seen a similar decline in days on market in the market as a whole. Homes sold by iBuyers spent less time on market than the typical home in 13 of the 18 metros. The three metro areas with the largest difference in days on market were Raleigh (33 days faster), Charlotte (33 days) and Nashville (30 days). The outliers where iBuyer homes took longer to sell were Portland, OR—where iBuyer homes spent 13 more days on the market than the median for the metro—Sacramento (11 days), Minneapolis (6 days), Denver (5 days) and Austin (3 days). The buying and selling activity of iBuyers can be difficult to assess because each company purchases a home as an entity (such as a corporation, partnership or LLC) and each iBuyer can have multiple purchasing entities of different names. The analysis identifies these entities to the extent possible, but there may have been iBuyer purchases in the quarter that Redfin was not able to connect to an iBuyer. To read the full report complete with local market data, charts and full methodology, visit: https://www.redfin.com/blog/ibuyer-real-estate-q3-2019 About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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NAR Identifies 10 Markets Expected to Outperform Over the Next Three to Five Years
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Brian Buffini Reveals 2020 Real Estate Market Outlook
Real estate industry disruption starts with unhappy customers, not technology CARLSBAD, Calif., Dec. 11 2019 -- Real estate industry legend Brian Buffini has revealed that exceptional skills, service and training are must-have qualities for real estate agents looking to succeed in a market ripe with customer dissatisfaction. In his free broadcast, Brian Buffini's Bold Predictions, Buffini used his more than 30 years of real estate experience to outline the state of the market, industry and agent in 2020, ultimately explaining why it is critical for real estate agents to step up their service game in the new year. "Disruption starts with unhappy customers, not technology," Brian Buffini, Founder and Chairman of Buffini & Company, says. "The business must shift its focus back to prioritizing customer experience in 2020. To achieve this, agents will need to boost their skills, become total pros and provide superior service." Buffini also predicts a solid economy moving into 2020, without an imminent recession threat. He forecasts the real estate industry will see an expansion of teams, but slowing profits for local brokerages. Again, he attributes these changes to customers who are unhappy with their service and overwhelmed by conflicting media narratives on where the economy is going. To remedy this, Buffini advises real estate agents to talk with clients to separate market facts from feelings. Each year, Chairman of Buffini & Company, Brian Buffini, reveals his top predictions for the national market and the real estate industry as a whole in a broadcast aired exclusively online. His track record has been remarkable; among other events, he predicted the Great Recession, the impending automation of the industry, and the inventory shortage. About Buffini & Company Buffini & Company is the largest coaching and training company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company's comprehensive business coaching and training programs have helped more than 3 million professionals in 37 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California. Learn more at buffiniandcompany.com.
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Matterport Enables Interactive 3D Measurements for Its Spatial Data Platform
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Conversion Monster Wins futuRE Pitch Battle
SocialSurvey takes second and VlogEasy places third at real estate tech competition AUSTIN, TEXAS December 11 -- Keller Williams (KW), the world's largest real estate technology franchise by agent count and the U.S. leader in units and sales volume, announces Conversion Monster won the futuRE, an invitation-only real estate technology, pitch battle. Powered by Keller Williams, the futuRE pitch battle happened between 29 tech companies that competed for votes from agents to access their businesses operating within the Keller Williams ecosystem and the Keller Cloud, a proprietary, AI-fueled real estate cloud for Keller Williams agents. "We're excited to announce the top pitch battle and category winners will receive prioritized integration into the Keller Cloud, as a direct result of live agent votes this week," said Jeff Tamaru, head of corporate development, Keller Williams. "With futuRE, our aim was to empower our agents with best-in-class solutions to choose how they want to run their business within our platform." Announced also yesterday, SocialSurvey was the pitch battle second-place winner and VlogEasy won pitch battle third-place winner. The first-place winner received a $15,000 prize and second place received a $5,000 prize. Top pitch battle winners will be priority onboarded onto the Keller Cloud ahead of other category winners. The Top 10 futuRE Pitch Battle Category Winners include: Agent Operations – Follow Up Boss AI / Predictive Analytics / Automated Value – Likely Sellers Automation / Time Management – Conversion Monster Community / Sphere of Influence – Iovox Call Tracking Education / Learning – Keeper Tax – Tax Filing End-to-End Consumer Experience – MooveGuru Lead Generation – Taradel Property Marketing – APP (Automated Property Promotion) Search – SocialSurvey Social Media / Video – VlogEasy The futuRE event took place at the Aria hotel in Las Vegas on Dec. 9 and 10, 2019. More than 450 real estate leaders on-site voted together with agents in North America via livestream to select 10 finalists, one finalist per category, to prioritize and onboard into the Keller Cloud. The group of 29 tech companies was selected from an original list of more than 80 companies competing for access into the Keller Cloud during a weeklong voting process that happened in November 2019. KW collaborates with leading technology companies to enhance the operations of real estate businesses via the Keller Cloud. In 2019, KW released KW MarketPlace, an app store for KW agents to browse top software integrations made by non-KW developers, in beta. KW MarketPlace is currently available to agents through Command, KW's smart CRM-plus solution. Using a Keller Cloud application programming interface, or API, available for outside technology developers, Keller Williams enables the integration of additional top technology tools within an agent's Keller Cloud solutions. About Keller Williams Austin, Texas-based Keller Williams, the world's largest real estate technology franchise by agent count, has more than 1,040 offices and 185,000 associates. The franchise is also No. 1 in units and sales volume in the United States. In 2019, Fast Company named Keller Williams the No. 1 "Most Innovative Company" in real estate. In 2015, KW began its evolution into a technology company, now building the real estate platform that agents' buyers and sellers prefer. Since 1983, the company has cultivated an agent-centric, technology-driven and education-based culture that rewards agents as stakeholders. For more information, visit kw.com.
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Redfin Report: Bidding Wars Remain at 10-Year Low in November
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Curious Case: A U.S. Housing Market No One Saw Coming
November inventory drops 9.5 percent year-over-year; homes priced below $200,000 decreased by a substantial 16.5 percent SANTA CLARA, Calif., Dec. 9, 2019 -- What a difference a year makes. In November 2018, higher mortgage rates and increasing inventory characterized the U.S. housing market. This November, the number of homes for sale fell nearly 10 percent year-over-year in a market where low interest rates are spurring increased demand, according to the November 2019 Housing Trends report released today by realtor.com®. "As millennials -- the largest cohort of buyers in U.S. history -- embrace homeownership and take advantage of this year's unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish," according to realtor.com senior economist, George Ratiu. "The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home." Ratiu added, "The issue is further compounded by the fact that sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown." Based on realtor.com's listing data, the shortage of available homes for sale is accelerating. Overall, inventory declined 9.5 percent in November, compared to October's drop of 6.9 percent. November's inventory declines amounted to a loss of 131,000 listings nationwide, compared to this time last year. In the nation's 50 largest metros, inventory declined by 8.8 percent year-over-year. Additionally, the volume of new listings hitting the market has decreased by 7.7 percent since last year, adding to the nation's inventory woes. Finding an affordable home still remains one of the largest obstacles to homebuyers, and is predicted to continue to be a problem for many buyers heading into 2020. The inventory of homes priced below $200,000 decreased by a substantial 16.5 percent year-over-year in November, up from the 15.2 percent decrease seen in October. Inventory decreases were the norm across all price points in November. Mid-tier inventory priced between $200,000 and $750,000 also decreased by 7.4 percent year-over-year compared to October's year-over-year drop of 4.3 percent, while high-end inventory priced above $1 million decreased by 1.7 percent year-over-year, compared to October's year-over-year increase of 1.3 percent. "The inventory decreases seen across all value ranges could in part be attributed to a spill-over effect, as the lack of inventory has pushed buyers up the price chain to stretch their budgets and search for homes above their initial price target," Ratiu noted. The metros with the sharpest drops in inventory were San Diego (-28.1 percent); Phoenix (-24.1 percent); and Rochester, N.Y. (-22.4 percent). Only four of the 50 largest metros saw inventory increase year-over-year. The largest inventory increases were in Las Vegas (+14.4 percent); Minneapolis (+11.5 percent); and San Antonio, Texas (+7.2 percent). Facing even fewer options than last year, eager buyers are acting quickly to close on the few homes that are currently available. During November, home sold in an average of 70 days nationally, two days more quickly than last year. Raleigh, N.C.; Hartford, Conn.; and Birmingham, Ala.; saw the largest declines in days on market with properties spending 10, 10, and 9, fewer days on the market than last year, respectively. Conversely, properties in some of metros found homes sitting on the market longer. Homes in Los Angeles; San Jose, Calif. and Las Vegas sold 20, 12, and 10 days more slowly than last year, respectively. Meanwhile, the national median home price has yet to adjust to the recent inventory declines after a multi-month run up in inventory earlier this year. The median U.S. listing price grew by only 3.6 percent year-over-year, to $309,000 in November, which is less than the 4.3 percent year-over-year increase seen last month. However, of the 50 largest U.S. metros, 43 saw year-over-year gains in median listing prices. Los Angeles (+16.6 percent); Rochester, N.Y. (+12.8 percent); and Birmingham, Ala. (+12.3 percent); saw the highest year-over-year median list price growth in November. Conversely, the steepest price declines were seen in Louisville, Ky. (-4.0 percent); Minneapolis (-2.0 percent); and Houston (-1.6 percent). Metros Seeing the Largest Declines in Inventory   About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Homesnap Introduces Integration with Facebook Marketplace
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Second Century Ventures Announces First REACH Australia Class
MELBOURNE (December 10, 2019) - Second Century Ventures, the strategic investment arm of the National Association of Realtors®, today announced its inaugural REACH Australia cohort. REACH is a technology growth accelerator program designed to launch and propel companies into the real estate industry. Second Century Ventures announced the global expansion of its award-winning REACH accelerator in July of 2019 to further support the international real estate sector. REACH Australia is the first region opened outside of the United States. "Launching this international arm of NAR's REACH accelerator program helps secure NAR's vision of fostering a dynamic, competitive real estate market that drives innovation and supports our members-first mission," NAR CEO and Second Century Ventures President Bob Goldberg said at the launch of REACH worldwide expansion. "I am very excited to welcome the 2020 REACH Australia cohort; six companies which have demonstrated the potential to transform and enhance the real estate industry." Australia's real estate sector and its adjacent industries account for 29% of the nation's GDP, while the United Nations estimates that over 1 billion people in the Asia Pacific region are expected to move from rural to urban areas by 2030. The real estate industry, and the proptech solutions that support the market, will play a substantial role in ensuring the future success and viability of the region's cities and communities. "We are proud to be the first high-growth proptech program to launch its scaleup cohort in Australia and the first region selected for the global expansion of REACH," said REACH Australia Managing Partner Shelli Trung. "An exceptional calibre of companies applied for this distinction, making the final selection extremely challenging. We look forward to engaging and growing the real estate community through technology with top tier companies from Singapore, New Zealand and Australia." The successful applicants have collectively raised more than US$30M in capital and are employing over 120 people globally. The companies chosen for the REACH Australia Class of 2020 are: igloohome: Smart access solutions for the home, property owners and infrastructure industries, including integrated locks that automatically generate time-sensitive PIN codes for reliable and secure entry. PAM: Real-time centralised smart navigation to transform large venues into smart precincts that become more pleasurable, productive and profitable. Sorted: A unified platform for real estate practitioners, landlords and householders to work together across the whole property management life cycle. Really: An integrated B2B project management, e-tendering and open marketplace solution for the real estate sector. UbiPark: Connecting smart parking to the smart building revolution. Uxtrata: A modern cloud-based, full-featured, end-to-end SaaS platform that supports strata management, including a payment solution. "We look forward to accelerating the growth of these six companies, their unique technologies and the inspiring founders at the helm of each," said Dave Garland, managing director of Second Century Ventures. "The REACH Australia Class of 2020, along with REACH's continued worldwide expansion, will be instrumental in shaping change in the real estate industry through a global network of real estate industry professionals, strategic partners, investors, mentors and innovators." If you are interested in helping advance the next generation of real estate technology entrepreneurs, sign up for REACH Australia's insight panel and get exclusive access to review or receive trial accounts from the REACH Australia Class of 2020. Learn more here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. About REACH Australia REACH Australia helps launch and accelerate the most promising new technology companies in the real estate and adjacent industries through an intensive event-based program. Headquartered in Melbourne, REACH Australia will leverage an exceptional community of real estate industry executives, investors, mentors and entrepreneurs, along with the global REACH Accelerator network. For more on REACH Australia, visit www.nar-reach.com/australia. About REACH REACH is a unique real estate technology accelerator created by Second Century Ventures, a strategic technology investment fund backed by the National Association of Realtors®, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH Accelerator program helps technology companies launch into the real estate vertical and its adjacent markets. The program provides education, mentorship and market exposure to one of the world's largest industries. For more on REACH, visit www.narreach.com.
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CoreLogic Reports October Home Prices Increased by 3.5% Year Over Year
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Home Sellers Will Remain on the Sidelines in 2020
Realtor.com forecast predicts inventory to evaporate making it more challenging for buyers to find a home despite attractive interest rates SANTA CLARA, Calif., Dec. 4, 2019 -- At a time when millennials are reaching key life milestones, the U.S. housing market will continue to slow in 2020 as inventory reaches historic lows and economic uncertainty prompts consumers to pull back on their spending, according to the realtor.com 2020 housing forecast released today. The forecast predicts that despite some relief from new construction, moderating home prices and relatively low interest rates, first-time buyers will continue to struggle with affordability. Sellers will contend with flattening price growth and slowing activity. These trends will drive existing home sales down 1.8 percent to 5.23 million. Highlights of the realtor.com® 2020 forecast include: Home prices will flatten, increasing just 0.8 percent nationwide. Prices will decline in more than 25 percent of the 100 largest metros, including Chicago, Dallas, Las Vegas, Miami and San Francisco. Inventory shortages will prevail and could reach historic lows, especially the entry-level category. Mortgage rates will remain reasonable, averaging 3.85 percent throughout the year. Affordability will remain a key driver for buyers, benefitting mid-sized markets. Millennials – with the oldest members approaching 40 and the biggest cohort turning 30 in 2020 – will surpass 50 percent of all home purchase mortgages. With little incentive to sell, baby boomers will continue to hold onto their homes, while Gen X is more likely to upsize, freeing up some entry level inventory. "Housing remains a solid foundation for the U.S. economy going into 2020," said George Ratiu, senior economist at realtor.com®. "Although economic output is expected to soften – influenced by clouds of uncertainty in the global outlook, business investment and trade – real estate fundamentals remain entangled in a lattice of continuing demand, tight supply and disciplined financial underwriting. Accordingly, 2020 will prove to be the most challenging year for buyers, not because of what they can afford, but rather what they can find." What will 2020 be like for buyers? Buying a home in 2020 will be a mixed bag. It will offer more opportunities for some as the supply of new homes begins to offset inventory pressure that has built over the last four years, interest rates remain reasonable and home prices flatten. The broad price moderation will continue to make mid-sized markets in the Midwest and South attractive. However, the construction of new homes in 2019 was largely isolated to upper-tier of housing and that is unlikely to ease conditions for first-time homebuyers. Additionally, while qualifying for a mortgage could be easier on paper due to stabilizing prices and a still relatively low rate environment, the total number of homes available for sale will hit a record low. What will 2020 be like for sellers? Sellers in 2020 will grapple with dormant price growth and slowing activity, which will require a greater level of patience and a thoughtful approach to pricing. Entry-level home sellers can expect steady competition for their homes, which will keep prices firm. Upper-tier housing is expected to be softer as properties will likely sit on the market longer, requiring greater incentives to close deals. As the market moves toward a more balanced scenario, sellers who adjust to local market conditions can expect to benefit from continuing demand. Forecasted key 2020 housing trends Millennials expand their domination of the market – Demand from those born between 1981-1997 will reach new highs in 2020 with millennials accounting for more than 50 percent of all mortgages by the spring. Several factors are at play here. In 2020, the largest cohort of millennials – 4.8 million of them – will turn 30, a time when many purchase their first home, while the oldest members of the generation will reach 39, often a point when many look to move from the city to the suburbs for family-friendly amenities. The largest generation in history will consolidate their top spot in mortgage originations and effectively outnumber Gen X and baby boomers combined in their share of purchases. Growing economic uncertainty – Although a recession isn't likely in 2020, the economy will show signs of softening. The pullback in business spending is expected to lead to a slowdown in consumer spending. Housing remains the largest single consumer expense, making home-buying activity a major contributor to the U.S. economy and a bellwether for economic expectations. Rising uncertainty about the economic outlook will dampen consumer enthusiasm about spending, leading to a decline in sales and an increase in homeowners' tenure. Low inventory – Despite increases in new construction, next year will once again fail to bring a solution to the inventory shortage that has plagued the housing market since 2015. Inventory could reach a historic low as a steady flow of demand, especially for entry level homes, and declining seller sentiment combine to keep a lid on sales transactions. With housing prices expected to stabilize and concern over economic uncertainty, there will be little incentive for baby boomers to sell in the coming year. The younger Gen X is more likely to upsize and free up entry level homes, but not fast enough to ease inventory woes. Affordability brings secondary markets to the center stage – As buyers are priced out of suburban environments near large metropolitan areas, they will begin searching for family-friendly lifestyles in other metros or across state lines. Cities in Arizona, Nevada and Texas will continue to benefit from shoppers looking for more affordable alternatives to California. Meanwhile, home seekers from expensive Northeast markets will find the warmer options in the Carolinas, Georgia and Florida attractive. Midwest markets will become more attractive, as buyers will find the affordable housing and solid, diversified economies of Ohio, Indiana and Kansas compelling. Election will be 2020 wild card – Along with the presidential election, there will be candidates running for 35 of the 100 seats in the U.S. Senate, along with 435 seats in the House of Representatives. The 2020 elections will be closely watched by consumers and businesses for indications of potential changes. Although the outcome of the presidential election is not directly tied to the performance of the housing market, business optimism and investments, along with consumer confidence and spending do influence economic output, and can also influence housing activity. Looking at housing trends over the past three decades, the pace of sales, price and inventory are intertwined with economic performance – employment, wages, and interest rates. Realtor.com® 2020 Housing Market Forecast Sale and Price Forecast for 100 Largest Markets About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Second Century Ventures Accepting Applications for the 2020 REACH and REACH Commercial Classes
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Pending Home Sales Decline 1.7% in October
WASHINGTON (November 27, 2019) -- Pending home sales retreated in October, taking a slight step back after two prior months of increases, according to the National Association of Realtors. The Northeast experienced a minor uptick last month, but the other three major U.S. regions reported declines in month-over-month contract activity. However, pending home sales were up nationally and up in all regions compared to a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, fell 1.7% to 106.7 in October. Year-over-year contract signings jumped 4.4%. An index of 100 is equal to the level of contract activity in 2001. Lawrence Yun, NAR's chief economist, noted the decline in inventory and a small rise in mortgage rates in October from September to, in part, explain this month's signings drop. "While contract signings have decreased, the overall economic landscape remains favorable," Yun said. "Mortgage rates continue to be low at below 4% – which will attract buyers – employment levels are strong and many recession claims have dissipated." Pointing to data from active listings at realtor.com®, Yun says the markets where listing prices are around $250,000 – an affordable price point in most markets nationally – are drawing some of the most significant buyer attention, including Fort Wayne, Ind., Pueblo, Colo., Columbus, Ohio, Rochester, N.Y., and Lafayette, Ind. "We still need to address and, more importantly, correct inadequate levels of inventory across the country," Yun said. "There is no shortage of buyers seeking homes, but a lack of available units continues to drag down the nation's housing market and overall economy." "We risk a lingering shortage of sufficient inventory if homebuilding only continues at its current pace over the next 20 years, when the U.S. population is projected to increase by more than 40 million over this period. Clearly, home builders must step in and construct more housing." October Pending Home Sales Regional Breakdown With the exception of the Northeast, all regional indices saw declines in October. The PHSI in the Northeast rose 1.9% to 95.7 in October, 3.0% higher than a year ago. In the Midwest, the index slid 2.7% to 101.4 last month, 1.8% higher than in October 2018. Pending home sales in the South decreased 1.7% to an index of 125.3 in October, a 5.1% increase from last October. The index in the West declined 3.4% in October 2019 to 91.9, which is an increase of 7.5% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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iGUIDE Continues to Increase the Functionality of Their Immersive 3D Virtual Tours with the Introduction of Advanced Measurements
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Redfin Predicts Homebuyers Will Have Fewer Options, Bidding Wars Will Rebound in 2020
Charleston and Charlotte will lead the nation in home-price growth as more people and employers move to affordable Southeast cities SEATTLE, Nov. 25, 2019 -- The housing market will be more competitive in 2020 as the cooldown that began in the second half of 2018 comes to an end, according to new predictions released by Redfin, the technology-powered real estate brokerage. "Low mortgage rates started to revitalize the market at the end of this summer, but we won't see their full impact on demand for housing until next year," said Redfin chief economist Daryl Fairweather, who authored the report. "In 2020, buyers will have fewer homes to choose from than they have in five years. But the return of bidding wars is good news for sellers who may have been holding out this year as the market stabilized. The competition and faster price growth will tempt more homeowners and builders to list homes, which will help improve the balance between supply and demand by the end of the year." Redfin's 2020 housing market predictions: Bidding wars will rebound thanks to low mortgage rates and a lack of homes for sale Low mortgage rates will continue to strengthen homebuying demand, but due to a lack of new homes for sale and homeowners staying put longer, there will be fewer homes on the market in 2020 than in the past five years. More demand and less supply mean bidding wars will rebound in the first quarter. Redfin expects about one in four offers to face bidding wars in 2020 compared to only one in 10 in 2019. This increase in competition will push year-over-year price growth up to 6% in the first half of the year, considerably stronger than the 2% growth seen in the first half of 2019. Supply and demand will become more balanced later in the year as more listings of new and existing homes hit the market and price growth will moderate to 3%. 30-year fixed mortgage rates will stabilize at 3.8% Throughout 2020, 30-year fixed mortgage rates will remain low, hovering around 3.8%. Faced with slowing economic growth, the Federal Reserve will keep interest rates low. Although the housing market is strong, weakness in other sectors, like manufacturing, is pulling down on the economy. Because investors are already bracing for the possibility of a recession, Redfin doesn't expect mortgage rates to fall much lower than 3.5% in 2020 even if the economy weakens. If the economy strengthens, Redfin expects mortgage rates to stay below 4.1%. For the first time, Hispanic Americans will gain more wealth from home equity than white Americans In the next decade, Hispanic Americans will, for the first time, gain more home equity than white Americans. That's because the majority of new homeowners are Hispanic, and home values in Hispanic neighborhoods are increasing faster than in white neighborhoods. There are more Hispanic homeowners in Texas than in any other state, and Texas cities are likely to experience strong gains in home values over the next decade as people move here from more expensive places like San Francisco and Los Angeles. Over time, this will improve economic equality for Hispanic Americans. Climate change will become a bigger financial factor for homebuyers and sellers In 2020, homebuyers and sellers will take the consequences of climate change into account when deciding to buy. The financial costs of climate change are already becoming more tangible as fire and flood insurance premiums rise. Over the next decade, higher insurance premiums in high-risk areas will make housing even less affordable to more people. And in areas with the highest risk, insurers may stop providing insurance altogether, which means it will be nearly impossible to secure a mortgage in those areas. Charleston and Charlotte will lead the nation in home price growth Affordable Southeast cities like Charleston and Charlotte are attracting an increasing number of migrants from expensive cities, which will drive up home price growth in these areas. Charleston saw a 104% annual increase in the number of Redfin users looking to move in, relative to the number of users looking to move out, in the third quarter of 2019, and Charlotte saw a 44% increase. Migrants are attracted to the growing economies of Charleston and Charlotte—Microsoft is spending $23 million to expand its Charlotte campus, and in Charleston, the new Volvo plant is adding thousands of jobs. More city streets will become car-free In 2020, more cities will favor green modes of transit and actively discourage driving. Some cities already have plans in the works—San Francisco's Market Street will transform into a car-free corridor in 2020, and New York City drivers will have to pay to drive into the heart of the city beginning in 2021. In cities that become less car-friendly, those that frequently spend time in the city-center will place more value on a commute that doesn't require a car and move to either a walkable city-center or close to public transit. Meanwhile, some people will choose to avoid the city-center altogether and put a higher value on suburbs where they can work, play and live. To read Redfin's full predictions, please click here. To find out which of the predictions come true and which turn out to be incorrect, follow the Redfin Blog for real-time research on the housing market. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Home Showings Increase Across U.S. for Third Consecutive Month Compared to 2018
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CFPB Releases New Report Exploring Differences between Large and Small Mortgage Servicers
Washington, D.C. -- The Consumer Financial Protection Bureau released today a report examining the differences between large and small mortgage servicers. The report explores the role servicers of different sizes play in the mortgage market where size is defined by the number of loans serviced. Because of differences in the resources, capabilities, customer base, and business models of financial institutions of varying sizes, the impact of consumer finance regulations can vary as well. The report finds that smaller servicers, such as community banks and credit unions, play an outsize role in rural areas, that the loans they service are less likely to be sold to Fannie Mae or Freddie Mac or to be government-backed, and that during the financial crisis they experienced lower delinquencies. Key findings in the report include: 74 percent of borrowers with mortgages at small servicers said having a branch or office nearby was important in how they chose their mortgage lender, compared to 44 percent at large servicers; delinquency rates on loans at servicers of all sizes increased substantially starting in 2008, but peak delinquency rates were much lower for small servicers than for large and mid-sized servicers; and smaller servicers have a greater share of mortgages in non-metro or completely rural counties. A link to the report may be found here. The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.
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Existing-Home Sales Climb 1.9% in October
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Home Prices Rise Annually Across Most Opportunity-Zone Redevelopment Areas
Median Prices Rise Year-Over-Year in Two-Thirds of Zones Targeted for Tax Breaks IRVINE, Calif. (November 21, 2019) -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its second special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017 (see full methodology below). In this report, ATTOM looked at nearly 3,700 zones with sufficient sales data to analyze, which included home sales prices with at least five home sales in each quarter from 2005 through the third quarter of 2019. The report found that about half the zones saw median home prices rise more than the national increase of 8.3 percent from the third quarter of 2018 to the third quarter of 2019. The report also shows that 79 percent of the zones had median home prices in the third quarter of 2019 that were less than the national median of $270,000 – almost the same percentage as in the second quarter of 2019. Some 46 percent of the zones had median prices of less than $150,000, also roughly the same as in the prior quarter. "The nationwide home-price surge in the third quarter spread through so-called Opportunity Zones, much as it did the rest of the country," said Todd Teta, chief product officer with ATTOM Data Solutions. "Despite sitting in some of the nation's poorest areas, Opportunity Zones were hardly immune from a housing boom heading into its ninth year. That's encouraging news for people living in those communities as well as investors looking to take advantage of the Opportunity Zones program." High-level findings from the report include: Among the 3,658 Opportunity Zones with sufficient data to analyze, median prices rose in 48 percent of the zoned areas by more than the national rate of gain from the third quarter of 2018 to the third quarter of 2019. The national year-over-year increase was 8.3 percent. Among the 3,658 Opportunity Zones with sufficient data to analyze, California had the most Opportunity Zones, with 477, followed by Florida (332), Texas (293), Pennsylvania (176) and North Carolina (170). Of the tracts analyzed, 46 percent had a median price in the third quarter of 2019 of less than $150,000 and 17 percent ranged from $150,000 to $199,999. Another 16 percent ranged from $200,000 up to the national median of $270,000, 21 percent were more than $270,000. All percentages were similar to those in the second quarter of 2019. In Metropolitan Statistical Areas with sufficient sales data to analyze, 87 percent of Opportunity Zones had median third quarter sales prices that were less than the median values for the surrounding MSAs. Among those, 31 percent had median sales prices that were less than half the figure for the MSAs. At the same time, 13 percent of the zones had median sales prices that were equal to or above the median sales price of the broader MSAs. The Midwest continued to have the highest rate of Opportunity Zone tracts with a median home price of less than $150,000 (71 percent), followed by the South (56 percent), the Northeast (47 percent) and the West (12 percent). States with the highest percentage of census tracts meeting Opportunity Zone requirements include Wyoming (17 percent), Mississippi (15 percent), Alabama (13 percent), North Dakota (12 percent) and New Mexico (12 percent). Washington, DC, also is among the leaders (14 percent). Nationwide, 10 percent of all tracts qualify. Report methodology The ATTOM Data Solutions Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM Data Solutions compared median home prices in tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in each quarter from 2005 through the third quarter of 2019. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2013 through 2017. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Millennials Still Want Single-Family Homes, Even if it Means a Long Commute
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NAR's HouseLogic Website Wins Two Folio: Eddie and Ozzie Awards for Design and Content
CHICAGO (November 21, 2019) -- The National Association of Realtors' consumer-facing website, HouseLogic, is the winner of two prestigious Folio: Eddie & Ozzie Awards, presented by Folio Magazine. These accolades are among the most esteemed of its kind in the publishing industry. HouseLogic content covers home buying, selling, improvement, maintenance, taxes, finance and insurance issues helping users get the most value and enjoyment out of their home ownership experience. HouseLogic's article series, "They Did It. You Can Do It. New Home Buyers Tell All," won the Consumer, Shelter/Home/Garden Best Article Series category. In these stories, NAR interviewed recent, first-time home buyers from across the country about their buying journey. Each feature included the buyers' own observations about how their Realtor® helped them through the multi-step process along with original photography. Other consumer publications that won for article series in their respective categories include, "Anglers Journal," "Boys Scouts of America," "ESPN, The Magazine," and "Readers Digest". HouseLogic was also recognized as a winner in the Consumer, Website/Shelter/Home/Garden category. Other website winners include WebMD, Afar, NatGeokids.com, and BaltimoreMagazine.com. "We are extremely proud that HouseLogic is the recipient of these prestigious awards. The site showcases the critical work Realtors® do every day to help clients navigate the home buying process," said NAR CEO Bob Goldberg. "This content provides our members with another tangible way to demonstrate their value to consumers and is an example of our effective consumer digital outreach." HouseLogic is a free source of information and tools from NAR designed to help Realtors® ensure their clients and U.S. consumers make smart and timely decisions about their homes. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Unacast Expands The Real World Graph to Include Neighborhood Activity and Travel Patterns
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Homesnap Launches "Who's Viewed My Listings and Profile" Feature
Agents asked for it, so Homesnap listened. We're excited to announce our latest feature, Who's Viewed My Listings & Profile! Who's Viewed allows you to see how many consumers have viewed your listings in the last 90 days, as well as how many agents have viewed your profile and listings in the last 90 days. If you have Homesnap Pro+, the premium version of our free app, you can also see who those agents are. We recently surveyed agents and discovered this was a highly sought-after feature, and it's easy to see why. This new functionality makes it even easier for agents to get feedback from buyers' agents, prove their value to sellers by sharing viewership stats, expand their networks and get a better understanding of their digital presence. See How It Works As a Homesnap Pro member, you can: See how many consumers have viewed your listings in the past 90 days (including a weekly change report so you can see how your stats have changed) See the count, as well as the city and state, of all agents who have viewed your listings and profile in the past 90 days (including a weekly change report so you can see how your stats have changed) Toggle on and off private mode to protect your privacy when viewing other agents' profiles and listings (similar to LinkedIn) When you upgrade to Homesnap Pro+, you can: See the specific agents who have viewed your listings and profile in the past 90 days Sort by agent productivity Send messages to agents who have viewed your profile and listings in one tap Making the Most of Who's Viewed There are many ways to take advantage of Who's Viewed to help grow your business. Here are a few examples: Connect with interested buyers: Knowing who's viewed your profile and listings is important for lead generation, as you can directly message buyers' agents and begin building connections as soon as you see someone is interested in your listing. Report back to your sellers: You can tell your clients exactly how many agents and consumers have viewed their listing in the past 90 days. This reinforces that you're marketing their listing well and getting it more visibility, which will impress your sellers. Monitor your growing business: Who's Viewed can also help you understand how your digital presence is changing over time, as weekly reports on how your profile and listing views have changed give valuable feedback. This is one of many Homesnap Pro features that help agents forge more connections in the real estate industry, joining: Your listing, your lead — we never sell ad space on your listings, so you're the person who people will contact for more listing information In-app messaging, so you can maintain client relationships without leaving the Homesnap app Homesnap Pro Ads, a digital marketing solution to help agents like you expand their networks and generate new leads How Am I Connected, so you can see mutual connections and learn more about each one via Homesnap Pro To view the original post, visit the Homesnap blog.
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Realtor.com Hack-it-Forward Event Supports 14 Local Charities Across U.S. and Canada
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Winter Holiday Staging Checklist for Your Clients
Winter is the most holiday-packed season of the year, and sellers rarely want to give up on the opportunity to dress their home for the occasion. Here are ten tips to help your clients celebrate the season in style while creating an appealing atmosphere for potential buyers. For more staging tips, download the free Homeowner's Guide to Staging eBook. This guide has staging tips for every season, as well as the ten staging basics every home seller should know. To view the original post, visit the Homes.com blog.
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Redfin Report: National Bidding War Rate on Homes Hit a 10-Year Low in October
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U.S. Foreclosure Activity in October 2019 Climbs Upward from Previous Month
Completed Foreclosures (REOs) Reach Highest Point in 2019; Two Metro Areas in Illinois Now Rank Highest in Worst Foreclosure Rate; Foreclosure Starts Increase 17 Percent From Last Month IRVINE, Calif. (Nov. 14, 2019) -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its October 2019 U.S. Foreclosure Market Report, which shows there were a total of 55,197 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in October 2019, up 13 percent from the previous month but down 17 percent from a year ago. "While foreclosure activity across the United States rose in October, in looking at historical trends, October numbers tend to increase as lenders may be pushing filings through the pipeline before the holiday season," said Todd Teta, chief product officer with ATTOM Data Solutions. "The latest number is still below where it was a year ago and less than 15 percent of what it was during the depths of the Great Recession." Foreclosure completion numbers climb in 2019 Lenders repossessed 13,484 U.S. properties through completed foreclosures (REOs) in October 2019, up 14 percent from last month, hitting the highest point in total number of completed foreclosures in 2019. States that saw the greatest number in REOs in October 2019 included: Florida (1,493 REOs); Texas (912 REOs); Michigan (890 REOs); California (824 REOs); and Illinois (805 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs included: Detroit, MI (705 REOs); New York, NY (684 REOs); Chicago, IL (679 REOs); Philadelphia, PA (470 REOs); and Atlanta, GA (430 REOs). Highest foreclosure rates in New Jersey, Illinois and Maryland Nationwide one in every 2,453 housing units had a foreclosure filing in October 2019. States with the highest foreclosure rates were New Jersey (one in every 1,316 housing units with a foreclosure filing); Illinois (one in every 1,336 housing units); Maryland (one in every 1,484 housing units); South Carolina (one in every 1,534 housing units); and Florida (one in every 1,571 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October were Peoria, IL (one in every 832 housing units); Rockford, IL (one in every 889 housing units); Atlantic City, NJ (one in every 933 housing units with a foreclosure filing); Fayetteville, NC (one in every 962 housing units); and Columbia, SC (one in every 1,028 housing units). Foreclosure starts increase monthly in 36 states Lenders started the foreclosure process on 28,667 U.S. properties in October 2019, up 17 percent from last month but down 1 percent from a year ago — the first double-digit month-over-month increase since February 2018. States that saw a double digit increases from last month included: Arizona (up 52 percent); Ohio (up 52 percent); Florida (up 48 percent); New Jersey (up 47 percent); and California (up 36 percent). Counter to the national trend, 13 states including Washington, DC posted month-over-month decreases in foreclosure starts in October 2019, including Maryland (down 42 percent); Idaho (down 36 percent); Delaware (down 32 percent); Nebraska (down 26 percent); and Utah (down 25 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for an August in at Least 20 Years but Five States Post Annual Gains
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Adwerx Integrates with DocuSign to Automate Seller Satisfaction Module
Home sellers will automatically experience their home being advertised online DURHAM, NC, Nov. 8, 2019 -- Adwerx announced a new advertising integration with DocuSign Rooms for Real Estate. The move will extend DocuSign's real estate presence and streamline Adwerx's data entry processes for its clients. With the integration, agents can easily automate the seller satisfaction module of Adwerx advertising, distributing the advertising report to their sellers each day, and increasing the probability that the seller will see the ad for their home advertised on the internet. "We love collaborating with industry leaders like DocuSign to augment our services and support the success of our customers," said Jed Carlson, CEO of Adwerx. "Our process was already easy, but this integration means there is one less step for agents to share data and deliver value to their clients." Rooms for Real Estate is DocuSign's digital solution for brokers and agents that streamlines the transaction process. Adwerx's seller satisfaction module allows sellers to see their own home advertised on major websites, social media and apps, and receive reports with the ad's success metrics. Sellers are also given an "easy button" for posting their property to social media, increasing the reach of their listing. This benefit is available to real estate agents using Adwerx's Automated Listing Advertising Program at no cost, but is often overlooked by agents overwhelmed with the daily tasks required to maintain their business. The efficacy of this service has been proven as sellers are consistently delighted by tangible proof of their agent's marketing efforts. The integration is now live. For more information on Adwerx please visit adwerx.com, and for DocuSign visit docusign.com. About Adwerx Adwerx provides Brilliantly Simple Digital Advertising™ for real estate, mortgage, insurance, financial services, and other businesses. Ads powered by Adwerx have received billions of impressions on social media, mobile platforms, and the most widely read news sites. Adwerx has served over 200,000 customers across the U.S., Canada, and Australia and has been named to the Inc. 5000 list of America's Fastest Growing Private Companies for three consecutive years, as well as received Inc.'s Best Workplaces award. To see how Adwerx can work for you, please visit www.adwerx.com. Plus, NAR members receive 15% additional impressions on Adwerx campaigns, which can be combined with other eligible discounts. This exclusive benefit is available through the National Association of REALTORS®' REALTOR Benefits® Program.
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Realtor.com Study Finds Amazon Delivers High Home Prices
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Zurple Launches Social Bundle, Automates Agent Social Media Marketing with MLS Integration
Agents using Zurple can now leverage the Social Bundle to automatically reach prospects across multiple platforms with MLS integration, IDX listings and video content creation SAN DIEGO (NOVEMBER 12, 2019) -- Zurple, the definitive real estate lead nurturing solution for real estate agents, has announced the release of its Social Bundle, with all-new integrated social media marketing features. The Social Bundle allows agents to create and schedule posts to several social platforms, utilizing listing data pulled directly from the MLS. Initially launching in early October with listing posts to Facebook, the Social Bundle has now expanded to include plug-n-play listing videos, daily IDX listing posts, YouTube posting and more. Agents using Zurple can now leverage the Social Bundle to connect and convert prospects with enhanced automation and MLS integrations that boost engagement across multiple platforms with fully-integrated social campaigns for listings. For real estate agents looking to build their pipeline and reach consumers on Facebook, Twitter, YouTube or LinkedIn, delivering engaging, timely content on a consistent basis is vital to lead generation. The new suite of tools in Zurple's Social Bundle helps agents generate social leads, expand their sphere, and build their personal brand with localized and timely marketing. "With social media increasingly playing an active role real estate agent success, adopting tools that enable agents by automating the leg work that goes into converting leads in the digital space ensures competitiveness in both their local markets and the industry as a whole," said Jack Markham, General Manager of Zurple. "Zurple's new Social Bundle is an incredible value-add for Zurple offerings and a great tool to help our customers maximize their online presence." "Social media marketing is a key element of managing my lead pipeline and Facebook has become an invaluable tool for me, both as a channel to engage my existing network but also to reach new buyers," said Brandon Doyle of RE/MAX Results and coauthor of M3 – Mindset, Methods & Metrics: Winning as a Modern Real Estate Agent. "Daily posts on listings in the Twin Cities will help me build my following and make sure I'm seen consistently in the News Feed. I'm thrilled Zurple has made it so easy to reach a key audience." The Social Bundle is now live for all Zurple users. About Zurple Zurple provides thousands of realtors with a robust marketing automation platform. Founded in 2009 and previously ranked as one of the fastest growing companies in America by the Inc. 5000, Zurple offers a complete real estate marketing solution that generates leads, initiates conversations, and tracks lead behavior that improves conversion and close rates. Zurple is part of the Constellation Real Estate Group, which is a division of Constellation Software, Inc. The Constellation Real Estate Group acquires and invests in real estate software brands that are committed to providing long-term solutions and partnerships with franchises, brokers, agents, MLSs, and associations. Over 500,000 real estate agents, teams, and brokerages across North America rely on CREG's products and services to power, manage, and grow their businesses. For more information about Zurple, visit: zurple.com. For more information on the Constellation Real Estate Group, visit: constellationreg.com.
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U.S. Homeowners Found Far More Likely to Be Equity Rich than Seriously Underwater in Q3 2019
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Homes.com Fine Tunes Listing Detail Pages to Create More Leads for You
Homes.com is committed to your success and we're always looking for ways to attract more high quality leads for your business. With that goal in mind, we've recently upgraded the listing detail pages on Homes.com. These pages now have more contact forms in easier to locate positions to make it simpler for buyers and sellers to request information on the property they're in love with. What's New Simpler Forms – In the past, we listed the listing agent as well as up to three advertising agents on the main contact form at the top of the listing details page. Now, we've removed all agent names, photos, and phone numbers from the contact forms. This makes the forms easier to understand and has, so far, proven to increase the number of buyers and sellers filling out the form. More Contact Options – We've added additional ways for buyers and sellers to reach out to agents on the listing details page. In addition to the primary contact form, which will remain in view as users scroll down the page, buyers and sellers can contact an agent from the Local Experts section, a call to action in the Home Details section, through the Schedule a Tour tool, and in the Similar Homes section of the page. On mobile devices, "Call Now" and "Request Info" options remain at the bottom of the page so leads can easily reach out to an agent. Direct Connect #s – Having too many phone numbers on the listing detail pages confuses buyers and sellers who want to find out more about a specific property, so our listing pages now offer just one phone number at a time on the primary lead form. This number will be rotated based on an agent's share of Local Connect advertising for the zip code. Any leads coming through this Direct Connect phone number will go directly to the agent and be exclusive opportunity for that advertiser. Local Experts Section – Agents using the Local Connect advertisements now receive special exposure in the Local Experts section of the listing details page. Up to three subscribing agents will have their name, phone number, photo, and a link to their agent profile. If the Local Expert also subscribes to Preferred Listings or Lead Concierge, the corresponding badges will also display under their name. Schedule a Tour– It's easy to fall in love with a listing online. When that happens, buyers want to schedule a tour as soon as possible. We've made it easy to request a tour with this new tool. It offers a variety of times buyers can request a showing and sends that information over to the advertising and listing agents for follow up! Homes.com is always looking for ways to generate more high quality leads for real estate agents, but no matter one thing never changes at Homes.com is our position that the leads your listings generate should always go to you. As such, every time a lead form is submitted on your listing, you will get that lead. To learn more about how Homes.com's advertising opportunities can benefit your business, click here. To view the original post, visit the Homes.com blog.
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Luxury Housing Market Stabilized in the Third Quarter After a Weak First Half
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Families Using Creativity When Buying, Selling Homes: 2019 Buyer and Seller Survey
One-third of first-time buyers used down payment help from family, friends SAN FRANCISCO (November 8, 2019) – With housing costs rising and no signs of a deceleration, first-time buyers are turning to family for help when embarking on homeownership. In spite of this, the percentage of first-time buyers remain at historic lows. This is according to a new report from the National Association of Realtors®, the 2019 Profile of Home Buyers and Sellers, a yearly report which covers demographics, preferences and experiences of buyers and sellers across America. The full report will be released the afternoon of Friday, November 8, at NAR's Annual Meeting. Initial results from this year's report revealed that a third of first-time home buyers used down payment help from family and friends. Also, it showed that the share of first-time home buyers remained at 33% in 2019. This figure continues to be below the historical norm of 40% of recent primary residence home buyers in the market. "Prerecession, the number of first-time buyers was higher, in part, because buyers had more options," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "However, over the past few years, we have unfortunately experienced a scarcity in housing inventory, especially at the middle- and lower-end of the market. Citing the NAR survey, NAR chief economist Lawrence Yun notes that buyers report the most difficult step in the home buying process is just finding the right home to purchase, and what buyers want most from their real estate professional is to help them find the right home to purchase. "Low inventory conditions hurt would-be first-time buyers most," said Yun. "Their homeownership dream and the opportunity to build wealth gets delayed until more inventory choices reach the market." Although tightened inventory has taken a toll on home seekers and caused steeper housing prices, home sellers in many areas of the country have been able to take advantage of these conditions. Sellers saw a very favorable market this year. In fact, home sellers received a median of 99% of their asking price this year and sold their homes typically within three weeks. The increase in home prices lowered the amount of home sellers who reported delaying selling because their home was worth less than their mortgage. This particular share of sellers declined from 9% in the 2018 report to 7% in 2019. However, 20% of sellers who bought their home 11 to 15 years ago continue to report stalling their home sale. A Change in Home Buyers' Behaviors The NAR report found that the share of new homes purchased dropped to an all-time low of 13%. This reality offers yet another indication of a significant deficiency in inventory. Also, 23% of first-time buyers moved from a family or friend's residence directly into the home they purchased. This figure represents nearly twice the historic rate of 12%. It serves as another example of home buyers adjusting to the current housing market and shows they're finding ways to save for a down payment while saving on market value rent. Additionally, the age of repeat buyers – which has steadily increased over the course of several decades – continues to show a striking trend. The average repeat buyer age was in the mid-30s in the 1980s, and has climbed to the mid-50s today. Yun says there is no area that has seen a more rapid and consistent increase than the median age of repeat buyers – which hit a record-high of 55 years old in both 2018 and 2019. Moreover, the median age for first-time buyers increased to 33 years old in 2019, the highest share recorded in the series history. Still, the share of senior-related housing purchases was 12% in 2019, a slight decline from one year ago. As prices crept higher, Yun says the demographics of home buyers shifted as well. "Buyers and sellers, individuals and families – they all had to adjust to changing market conditions." Underscoring Yun's point of a shift in demographics, the survey revealed that 35% of all buyers had children under the age of 18 living at home. This is an increase from 34% last year, but a drop from a high of 58% in 1985. Twelve percent of home buyers purchased a multi-generational home, which consists of a home with adult siblings, adult children over the age of 18 and parents or grandparents – or both – within the same household. Respondents gave varying reasons for buying multi-generational homes, including 44% to accommodate aging parents and 34% to accommodate adult children in the home. Another 29% referenced cost savings as their reasoning. The share of married couples who purchased their first home, continued the decline from a historical high of 75%. Although the percentage of married repeat buyers remained constant at 67%, the share of first-time buyers who were unmarried couples rose to a historical high of 17%. Those purchasing first homes as roommates jumped to 4% from 2% – another example of buyers seeking ways to enter ownership with affordability constraints. Survey results show that 14% of recent home buyers own more than one home, down from 17% in 2018. Home buyers who generate higher incomes and own more than one property are more commonly making home purchases, the report said. Owning more than one property was the most common for home buyers 65 years old and older, at 19%. Overall, the internet has become the main source for buyers in terms of finding a home that they ultimately purchase. Today, 52% of recent buyers found their home while searching online, an increase from last year's 50% share. In 2001, only 8% of buyers found their home this way. Finding a home through a Realtor® or an agent has shifted from being the most common source for finding a property to the second most common. While more traditional sources – yard signs, relatives and neighbors, friends and home builders – remain at last year's levels, they all have declined as a primary source throughout recent years as the internet has become the go-to information source. Embracing Industry Changes While the housing market has certainly endured its share of changes and transitions, especially over the last year, the NAR report shows that many of these changes have had positive impacts. This is especially true in regard to the home down payment requirement. In 2019, the median down payment was 12% for all buyers, 6% for first-time buyers, and 16% for repeat buyers. Lower down payments among home buyers are another result of rising home prices as buyers find it difficult to save for a down payment. Seventeen percent of all buyers and 25% of first-time buyers used an FHA loan to purchase, likely taking advantage of low down payment programs. NAR's survey asked home buyers about their personal experience with securing a mortgage. In 2019, 31% said obtaining a mortgage "was more difficult than expected." Although a considerably higher amount of people had this same answer in 2009 and in 2010, fewer respondents have this response every year since, including this year, according to the report. "Today, repeat buyer behavior is more similar to first-time buyer behavior as tenure in home has increased," said Jessica Lautz, vice president of demographics and behavioral insights at NAR. "All buyers are doing their homework – going to open houses, following housing news – and are more reliant than ever on the expert advice of real estate agents and brokers." Lautz's observation about Realtors®' contributions is echoed in the report's findings. Eighty-nine percent of those who sold a home worked with a real estate agent in the transaction. In addition, personal relationships and connections were said to be the most important feature of the agent-buyer/seller bond in both 2018 and 2019. Realtors® and real estate agents were most commonly referred by friends, neighbors or relatives, according to the report. In the midst of a housing shortage, buyers said what they wanted most from their agent was help in finding the right home to purchase. Buyers were also looking for assistance in negotiating the terms of sale and help with price negotiations. Home buyers reported that they typically interviewed only one real estate agent before deciding to work with them, and said the most important factor was that the agent was honest and trustworthy. In addition, another important factor was the agent's experience. Recent buyers reported that they were overall pleased with their real estate agent's skills and qualities, with an overwhelming 90% saying that they "very satisfied," and would use their agent again or recommend the agent to others. Characteristics of Sellers The typical home seller this year was 57 years old, with a median household income of $102,900. Home sellers said they ultimately sold their homes for a median of $60,000 more than they purchased it. For all sellers, the most frequently cited reason for selling, according to 16% of those surveyed, was a desire to move closer to family and friends, which is the first time this has been the top-cited reason in the series' history. The next most common reason was that the home was too small, and the third was job relocation at 11%. Sellers typically lived in their home for 10 years before selling it, an increase from last year's share, and elevated from the historical tenure of six years. Sixty-six percent of sellers reported being "very satisfied" with the overall selling process. Only 8% of recently sold homes were for-sale-by-owner sales, or FSBO. This total is near the lowest share recorded since the NAR began collecting records in 1981. The median age for FSBO sellers is 60 years, while 65% of FSBO sales were by married couples that have a median household income of $94,000. FSBOs typically sell for less than other residences, with last year selling at a median of $200,000, while agent-assisted homes sold at a median at $280,000. Forty-eight percent of all sellers said they bought a home that was newer than their previous home, while 28% purchased a home the same age and 24% said they purchased a home that was older. Forty-four percent of sellers said they "traded-up" and purchased a home that was more expensive than the one they just sold. Thirty percent purchased a less expensive home and 26% purchased a home that was similar in cost. Sellers who are 64 years of age and younger generally bought a more expensive home than the one they just sold. Those aged 18 to 34 purchased the most expensive trade-ups in 2019, recording an increase of $110,000. Conversely, sellers aged 65 and over typically bought a less expensive home. About NAR's Survey NAR mailed a 125-question survey in July 2019 using a random sample weighted to be representative of sales on a geographic basis to 159,750 recent home buyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 5,870 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.7%. The sample at the 95% confidence level has a confidence interval of plus-or-minus 1.28%. Recent home buyers had to have purchased a home between July 2018 and June 2019. All information is characteristic of the 12-month period ending in June 2019 with the exception of income data, which are for 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Pending Home Sales Rise 1.5% in September
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Technology Companies Adwerx and ActivePipe Create Innovative Integration for Realtors
Integration Will Allow Real Estate Agents to Better Leverage Their Database for Sales DURHAM, N.C., Nov. 5, 2019 -- Adwerx, a leading provider of localized digital advertising, is now integrated with ActivePipe, an advanced drip email marketing solution offering valuable customer insights to real estate professionals. The integration is making it easy for real estate agents to automate time-consuming data entry processes and run targeted digital advertising campaigns. Through the Automated Listing Advertising Program, Adwerx provides real estate listing ads that launch when a property is publicly listed. These ads appear on the websites and mobile apps that consumers visit most and are targeted by location and lifestyle. ActivePipe allows real estate agents to identify the best prospects for a property, empowering agents to nurture contacts and build trust through a range of digital products. Their suite of products allows users to build one-off emails or automated drip campaigns that can incorporate properties, blog posts, videos, and a call to action. The Adwerx and ActivePipe collaboration will further empower agents currently using sphere of influence advertising. When integrated with ActivePipe to receive emails from open houses, listing presentations, and other events, emails will include the Adwerx QuickAdder™ from their sphere campaign and will be automatically added to the agent's sphere, bypassing manual entry. "I've loved using Adwerx and ActivePipe. They've both recently been introduced at our office and I've never looked back. I regularly receive positive feedback on our emails, their appearance, professionalism, etc. and I get at least one screenshot a day from someone who's seen my Adwerx ad online while reading the news," said Haley Urquhart, a REALTOR® Associate with Greenwood King Properties. Both companies are actively working to automate advanced digital marketing campaign processes to help users coordinate messages across channels and build a seamless customer experience. As more and more people spend their days switching between their laptops and mobile devices, designing campaigns to reach consumers in multiple spaces is becoming increasingly important. Additionally, research suggests that people are 22% more likely to purchase when they experience digital ads and open an email from the same brand. This integration will provide predictive analytics to help identify who in a CRM is most likely to become an active client, and enable agents to focus on providing superior service to home buyers and sellers. Adwerx has previously integrated with other transaction management providers, including Dotloop and SkySlope. For more information about Adwerx's services, please visit enterprise.adwerx.com. About ActivePipe ActivePipe allows real estate agents and brokers to Never Miss an Opportunity™️ through it's real estate specific email and email automation capabilities. Build a "just-listed" email to all other agents, as well as, your sphere in minutes and deploy drip campaigns specific to each property or prospect. ActivePipe nurtures the thousands of leads received each year advising the agent who, when and why to call, all supported by engagement data. A graduate of the 2018 NAR Reach class, ActivePipe is helping tens of thousands of customers across the U.S., Australia and the UK by delivering relevant property content, to the right person at the right time. To get in touch with the ActivePipe team or simply learn more, please visit activepipe.com. About Adwerx Adwerx provides Brilliantly Simple Digital Advertising™ for real estate, mortgage, insurance, financial services, and other businesses. Ads powered by Adwerx have received billions of impressions on social media, mobile platforms, and the most widely read news sites. Adwerx has served 200,000 customers across the U.S., Canada, and Australia and has been named to the Inc. 5000 list of America's Fastest Growing Private Companies for three years in a row. To see how Adwerx can work for you, please visit www.adwerx.com. Plus, NAR members receive 15% additional impressions on Adwerx campaigns, which can be combined with other eligible discounts. This exclusive benefit is available through the National Association of REALTORS®' REALTOR Benefits® Program.
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NAR Partners with Missouri's Columbia College to Expand Educational Opportunities for Realtors
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CRS Data Expands Reach with Seven New MLS Customers
Progressive MLS Tax Suite offers data transparency, zero upselling KNOXVILLE, Tenn. -- CRS Data, a leading provider of property tax data in the U.S., has welcomed seven new customers to its flagship MLS Tax Suite. With more than 30 years spent perfecting its celebrated property tax data system, the company has further solidified an unwavering commitment to personable customer service and excellent tax data, maps and intuitive features. Serving more than 1,000 counties across all regions of the U.S., CRS Data's MLS Tax Suite integrates seamlessly with any MLS system, offering accessibility across mobile devices. "I most often hear our customers rave about our dedication to product upgrades and customer service," said Matt Casey, CEO of CRS Data. "Our team has earned our reputation as the leading property data company by integrating the newest technologies, innovating across the property technology space and partnering with best-in-class vendors. Our MLS Tax Suite continues to deliver exactly what each of our partners need, zero upselling required." In less than six months, the company added seven new customers, including: Lake Country Board of REALTORS® Iowa Association of REALTORS® Tallahassee Board of REALTORS® Greater Tyler Association of REALTORS® The Greater Baton Rouge Association of REALTORS® Flagler County Association of REALTORS® Ithaca Board of REALTORS® "We believe in the inherent value of the MLS," said Kari Autry, director of the MLS Tax Suite at CRS Data. "It is so important that our MLS Tax Suite performs seamlessly for members with simplified and inspiring features and tools all backed by personable customer support. We truly listen to our customers and make direct enhancements to our product based on customer feedback." CRS Data is committed to innovating across its platform and delivering video tutorials for members to showcase progress and new features. The company has a long history of offering an unparalleled customer experience, data transparency, and an understanding of the dynamics of each unique market. About CRS Data Headquartered in Knoxville, Tenn., CRS Data is a leading provider of public record information servicing bankers, MLSs, appraisers, investors, and other specialty financial customers across the U.S. CRS Data is focused on providing accurate and timely property data, quality products and unparalleled customer satisfaction. Visit www.crsdata.com to learn more.
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Homeowners are Staying in Their Homes Five Years Longer Than in 2010
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U.S. Housing Inventory Tightens as Competition Heats Up
Interest rates are making it cheaper to buy a home, if you can find one SANTA CLARA, Calif., Oct. 31, 2019 -- The U.S. housing market showed signs of becoming increasingly competitive as inventory continued to tighten with a drop of nearly 98,000 listings, compared to this time last year, according to realtor.com's October 2019 housing trend report* released today. At the same time, the inventory shortage compounded as homes flew off the market at a faster pace than last year, making it harder for would-be buyers to enter the market despite favorable interest rates. "Owning a home continues to be a priority for buyers, as we head into the cooler months of the year. Driven by the tailwind of sub-4 percent mortgage rates, the steady demand for housing is drying market inventory at an accelerating pace," according to realtor.com® Senior Economist George Ratiu. "With dwindling supply, prices maintain their upward pressure, deepening the affordability challenges for first-time buyers." Spurred by low mortgage rates, the uptick in demand this past spring gobbled up available inventory leaving the U.S. market depleted. Nationally, inventory decreased 6.9 percent in October, an acceleration from September's 4.1 percent drop. This decline amounted to a loss of 98,000 listings, compared to a year ago. Additionally, the volume of new listings hitting the market has decreased by 3.4 percent since last year. Entry-level inventory saw the largest declines, with the number of homes priced under $200,000 dropping by 15.2 percent year-over-year. Meanwhile, mid-tier inventory priced between $200,000 and $750,000 dropped by 4.3 percent year-over-year. The inventory of the nation's most expensive homes saw a slight increase as the inventory of homes selling for more than $750,000 increased by 1.3 percent year-over-year. In the nation's 50 largest metros, inventory declined by 5.3 percent year-over-year. The metros which saw the biggest drop in inventory were San Diego-Carlsbad, Calif. (-20.1 percent), Rochester, N.Y. (-20.1 percent), and Phoenix-Mesa-Scottsdale, Ariz. (-20.0 percent). In addition to having less inventory compared to last year, homes also sold more quickly. Nationally, homes sold in 66 days in October, three days faster than last year. Raleigh, N.C. (60 days); Hartford-West Hartford-East Hartford, Conn. (64 days); and Birmingham-Hoover, Ala. (67 days) saw the largest decreases in days on market with properties spending 11, 9 and 9 fewer days on the market than last year, respectively. On the flip-side, properties in Los Angeles-Long Beach, Anaheim, Calif. (55 days); San Jose-Sunnyvale-Santa Clara, Calif. (42 days), and Las Vegas-Henderson-Paradise, Nev. (49 days); sold 14, 11, and 11 days more slowly, respectively. The U.S. median listing price continues to increase due to solid demand, growing by 4.3 percent year-over-year, to $312,000 in October. Of the 50 largest U.S. metros, 43 saw year-over-year gains in median listing prices. Birmingham-Hoover, Ala. (+15.4 percent); Los Angeles-Long Beach-Anaheim, Calif. (+13.9 percent); and Phoenix-Mesa-Scottsdale, Ariz. (+13.0 percent); posted the highest year-over-year median list price growth in October. The steepest declines in median list price were seen in Minneapolis-St. Paul-Bloomington, Minn.-Wis. (-2.9 percent), Louisville/Jefferson County, Ky.-Ind. (-2.9 percent) and Houston-The Woodlands-Sugar Land, Texas (-1.6 percent). *Editor's Note With the release of its October 2019 housing trends report, realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. The new methodology also allows realtor.com® to achieve more consistency and stability in measurements across markets and in each market over time. As a result of these changes, the data released today will not be directly comparable with previous releases and realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Second Century Ventures Makes Investment in Home Captain
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John Kuc Promoted to Executive Vice President of MMSI
Severna Park, MD (November 1, 2019) -- MMSI, makers of the Membership Director association management system (AMS), announced today that John Kuc, a 26-year veteran of the real estate industry, has been named Executive Vice President. According to Mark Richburg, President, "John has been an integral part of our strategic direction and this promotion recognizes his many contributions to our growth and future success." MMSI continues to stride confidently toward the future, driven by a team of devoted staff and dedicated customers. Richburg continues, "I'm incredibly pleased with the team we have in place right now – they're firing on all cylinders. These are the best people to take MMSI into the next phase, and John is the right person to lead the development of our next generation systems." Over a 21-year tenure, John's software development, operations, and management skills were honed at PRC, Interealty, and later CoreLogic. Prior to joining MMSI in 2017, he was the Chief Operating Officer of a national non-profit devoted to helping Gold Star families start initiatives to honor their fallen loved ones. MMSI is among the leaders in providing REALTOR® associations and MLS with software to manage their member relationships; the company's innovations in the space have fueled impressive growth of the platform. Investing heavily since buying Membership Director back in 2011, MMSI has won remarkable market share gains year-over-year, and the momentum continues in 2019. In the first 10 months alone, MMSI has on-boarded 11 new customers to Membership Director, upgraded 16 long-term customers, and launched Single Sign-On in three markets! ### MMSI's Membership Director™ has become the new standard in REALTOR® AMS. Our fully responsive and ADA-compliant Member Portal leads the industry, with integrated SSO Dashboard, optional Identity Management, and much more. From empowering members to easily apply online to printing your financial statements, contact us or stop by Booth 754 in San Francisco to learn more about MMSI. Fully Responsive, ADA-Compliant Member Portal – Our new member portal becomes your members' front door to all the services you offer them. From a beautiful, clean dashboard, members can make payments, update contact information, register for courses and events, and see only the notifications that are important for them. Calls to action guide members to their next steps in our industry-leading user experience. (SSO) Single Sign-On and Identity Management – Designed to tightly integrate with Membership Director™, our complete SSO/IdP service and Identity Management feature provides best-in-class SSO/IdP service to your members' and allow them a safe and secure single sign-on service. Offering the most up-to-date features of a global SSO/IdP technology provider, our Identity Management provides control and visibility into users' behavior via simple and straight forward access rules. Instantly provision new members with no 3rd party synchronization necessary. www.GoMMSI.com. Don't Compromise, Customize.
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Florida Realtors Tech Helpline Now Available to Support Tech Firms
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MooveGuru Closes Series A Led by Atlanta Technology Angels
Atlanta, October 29th, 2019 -- Roughly 35 million Americans move each year and MooveGuru is making it easier and more affordable than ever before. The Roswell, GA based company was able to self-fund the development of their platform and stress test the solution with key real estate brokerage and franchise partnerships. After refining the solution with their first 450,000 movers, the firm secured lead funding from the Atlanta Technology Angels to fuel growth and additional development. MooveGuru has a developed a moving concierge solution that is provided to real estate brokerage firms who wish to deliver moving services to their clients. The services range from something simple like a change of utilities to a full hands-free move. David Moody, CEO of ERA Sunrise, said, "MooveGuru provides us a complete system to efficiently assist our clients in moving out of, or into their home. The service is aimed at reducing the stress during a move and delivering additional homeowner services." ERA Sunrise will be providing the MooveGuru service to more than 1200 clients in the Atlanta, Athens, and Augusta regions of Georgia. The Atlanta Technology Angels set the valuation and led the Series A round for MooveGuru, which had a total round size of $1.9 million including converted debt. "The most attractive contribution from the Atlanta Technology Angels is the executive level support and coaching that they provide to our company," says Scott Oakley, CEO of MooveGuru, "and the capital will enable us to expand our workforce in the region to support our sales growth." "ATA members are excited by the potential of MooveGuru to grow at a rapid pace and believe in the ability of management to achieve that growth," says Joe Beverly, President of the Atlanta Technology Angels, and President of Corporate Payroll Services. The Atlanta Technology Angels (ATA) and Gwinnett Angels (GA) are member-led organizations of angel investors that recognize the power in working together and uniting the Southeast early-stage investment ecosystem. About MooveGuru In 2016, MooveGuru Inc. launched a free mover engagement program to real estate agents and brokers with the idea of connecting home buyers and sellers to convenience and savings on moving services. Using just-in-time delivery through artificial intelligence algorithms, MooveGuru Inc. ensures consumers receive agent-branded savings from national and local retailers as they step through the relocation process. Today, more than 300 brokerages, their agents, and clients are connected to the MooveGuru platform.
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Goodbye, Endless Scrolling! Announcing Realtor.com's Photo First Feature
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Redfin Survey: Homebuyers and Sellers Say Rising Home Prices Have Made Their Lives Worse, and They Support Policies to Make Homes More Affordable
SEATTLE, Oct. 22, 2019 -- Homebuyers and sellers are nearly twice as likely to support policies designed to keep homes affordable as they are to support policies designed to strengthen home values, according to a new report from Redfin, the technology-powered real estate brokerage. The report's findings are based on a June Redfin-commissioned survey of more than 3,000 U.S. residents who bought or sold a primary residence in the last year, or plan to in the next 12 months. As cities across the country grapple with an ongoing housing affordability crisis, solutions in the form of policy proposals have become a topic of local and national debate, with presidential candidates and community and business leaders on both sides of the political aisle weighing in. In general, homebuyers and sellers support policies that help would-be homebuyers struggling to afford a home over policies that benefit existing homeowners or investors and home-flippers. Respondents are nearly twice as likely to support policies designed to keep homes affordable as they were to support policies designed to strengthen home values. Nearly half of respondents said rising home prices over the past decade have made their life worse, while just 16% said rising home prices made their life better. 63% of respondents believe the government should provide down payment assistance to working-class families buying their first home. Respondents were more likely to support policies designed to limit investors' ability to buy homes to flip or rent out. Buyers and sellers value home affordability When asked about policies meant to lift up home values or keep homes affordable, 34 percent of respondents said they support policies designed to keep homes affordable, compared with 19 percent who prefer policies meant to strengthen home values. Thirty-seven percent said they support both types of policies, reflecting the moral dilemma this topic can present to homeowners who are financially motivated to grow their often biggest asset, but also care about the continued affordability and livability of the community in which they have invested. Rising home prices negatively affecting homebuyers and sellers Redfin asked respondents how each of a handful of changes to the economy over the last decade have affected their life. Nearly half (46 percent) said rising home prices made their life worse, compared to just 16 percent who said that rising home prices made their life better. Homeowners who bought at the bottom of the market in 2012 have collectively earned $203 billion in home equity. However, first-time homebuyers struggle to afford homes at current-day prices. Down payment assistance has broad support When asked whether the government should or should not provide down payment assistance to working-class families buying their first home, the majority of respondents (63 percent) said they believe the government should provide down payment assistance. Seventy-six percent of African Americans respondents said that the government should provide down payment assistance, which was the highest percentage of any racial group. Presidential candidates Elizabeth Warren and Kamala Harris have policies that increase government aid going to down payment assistance for first-time homebuyers in historically red-lined neighborhoods to boost African American homeownership. Redlined neighborhoods were minority neighborhoods that were historically denied mortgage loans. Some buyers and sellers want to put limits on investors Redfin asked respondents whether they would support policies that limit investors' ability to buy homes to flip or rent out or if they would support policies that make it easier for investors to buy homes to flip or rent out. Respondents preferred policies that limit investors. Thirty-three percent of respondents said they support policies that limit investors' ability to buy homes to flip or rent out compared to only 25 percent of respondents who said they support policies designed to make it easier for investors to buy homes to flip or rent out. To read the full report, including graphs and survey methodology, please visit: https://www.redfin.com/blog/Support-For-Keeping-Homes-Affordable. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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