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Home buyers may find less competition near city centers for the first time in years
Suburbs are generally seeing home values grow more than urban areas, indicating more competition SEATTLE, May 18, 2022 -- For the first time since the Great Recession, buyers may have an easier time buying a home in the city than in nearby suburbs this home shopping season. That's because homes in the suburbs recently have been appreciating faster than urban homes, a new Zillow analysis shows, indicating stronger demand and fiercer competition. While competition is strong in most of the country, there are pockets of opportunity for home buyers. Home values in suburban ZIP codes have been growing faster than those in urban areas since July 2021. The typical home in the suburbs gained $66,490 in value in the past year, compared to $61,671 for the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic. From January 2013 — about the time when home values began to recover following the housing crash — through June 2021, urban homes were generally gaining value more quickly. "In the beginning of the pandemic, home values in urban areas generally outpaced suburban areas, counter to what many expected during the rush for more space," said Zillow economist Nicole Bachaud. "And while urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory. That could mean competition for homes will be lighter near city centers this home shopping season, something we haven't been able to say for nearly a decade. That's not to say shopping for a home in the city will be a leisurely affair, but any sliver of opportunity for buyers is welcome in this market." Faster home value growth in the suburbs comes as remote work has changed the U.S. housing landscape. Research from the National Bureau of Economic Research found the shift to remote work is responsible for more than half of the gain in U.S. home prices since late 2019, and that the evolution of remote work is likely to have a major impact on the future path of home values. To be sure, urban real estate has seen incredible growth, as well. This is not a case of housing in the suburbs gaining value at the expense of urban real estate; rather, it's something akin to one world-class sprinter edging out another. And there are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk. Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March. The shift has been more pronounced in a few metro areas where suburban home values grew especially fast compared to urban home values in 2021: San Francisco, Columbus, Seattle and Boston. This may reflect home buyers reacting to employers' return-to-office plans, realizing that the cost savings of a move to the suburbs are not as big as they once were, or sensing that competition may not be as stiff for homes in urban parts of the metro. Nashville and Raleigh are two notable counterexamples. In both metros, urban home values rose more than those in the suburbs in 2021. However, after the first three months of 2022, those positions have been reversed. In the year ending March 2022, the typical suburban home in Nashville gained $7,350 more than the typical urban home, and in Raleigh, the typical suburban home gained about $9,800 more. This could signal a shift in demand in these markets, with home shoppers searching for more-affordable options in the suburbs, especially as mortgage rates keep rising. In today's hot sellers market, buyers should consider Zillow's tips to win a competitive bid. Hiring the right local agent and embracing new real estate technology for a speed advantage can help during the home search. Securing mortgage pre-approval and using strategies such as submitting an offer before the offer review date can help an offer stand out. *Table ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®,, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Realtor.com Now Helps You Understand a Home's Wildfire Risk
Homeowners and shoppers can view wildfire risk data from First Street Foundation and USDA Forest Service on for-sale and off-market home listings for free SANTA CLARA, Calif., May 16, 2022 -- As we enter wildfire season in much of the country, Realtor.com today announced that it is the first major real estate site to add property-specific wildfire risk information to for-sale and off-market homes free of cost. An estimated one in five single family homes in the U.S., representing $8.8 trillion in property value, are at risk of being damaged by a wildfire over the next 30 years. Listings on Realtor.com® will now include a Fire Factor™ rating from First Street Foundation, a nonprofit research and technology group, as well as information from USDA Forest Service. "Realtor.com® was the first real estate site to display flood risk data on home listings and maps, which consumers have found to be extremely helpful in the buying process. As the likelihood of natural disasters like wildfire and flood increase, we want to provide as much information as possible for families to make informed decisions about where to live and how to protect their homes," said Sara Brinton, lead product manager, Realtor.com®. "By integrating wildfire risk data directly into maps and property listings, we can help homebuyers feel confident when making one of the biggest purchases of their lives." According to a recent survey from Realtor.com® and HarrisX, 71% of recent homebuyers took natural disasters into account when considering where to move. Additionally, about half (47%) of recent buyers are more concerned about natural disasters today than they were five years ago. Wildfire risk data is not just useful for buyers; it also enables homeowners to take steps to mitigate risk and protect their property. This first-of-its-kind data integration on Realtor.com® gives homebuyers and owners easy access to previously hard-to-find information about wildfires and property risk for free. Users can explore wildfire risk on interactive maps across the Realtor.com® site. In addition, Realtor.com® listings now include a new Environmental Risk section featuring an overview of wildfire and flood risks. Wildfire risk information includes: Fire Factor™ from First Street Foundation, which is a simple risk rating on a scale of 1-10 based on the property's cumulative risk of wildfire damage over 30 years. The Fire Factor™ score considers property specific attributes such as exposure to embers, the extent and type of fuel sources, such as trees, grass and other vegetation, and the distance between a building and the nearest fuel sources. The USDA Forest Service Wildfire rating compares the wildfire risk of the county where the property is located to other counties across the country. Wildfire risk data will be coming soon to rental properties. For more information, visit www.realtor.com/wildfire-risk. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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HomeActions eRelationship Platform Integrates with ATTOM's Enhanced Navigator 3.0
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Zillow 3D Home tours now are automatically shared to Redfin
Integration provides immersive virtual tour experience regardless of platform SEATTLE, May 12, 2022 -- Zillow 3D Home tours and interactive floor plans are now automatically shared to Redfin. Real estate agents now have the ability to quickly upgrade all their listings with best-in-class immersive virtual tours across platforms, allowing home shoppers on both sites to explore their targeted house with outstanding clarity. "Zillow's goal is to give agents the best tools to allow home buyers the power to visualize themselves in a new place, regardless of what site they choose to browse with," said Josh Weisberg, VP of Zillow's Rich Media Experience team. "Customers have dramatically raised their expectations for a virtual home shopping experience over the past two years. This technology allows agents and photographers to meet those expectations with a seamless, immersive tour experience that is easily made and shared." Previously, agents needed to manually enter a 3D Home link in order for their listings to appear on Redfin. Now, Zillow will automatically syndicate agents' 3D Home tours to listings on Redfin, and will include an option to opt out if desired. Additional automatic syndications to more real estate websites and MLSs are coming soon. 3D Home tours benefit customers, agents, photographers Zillow's free-to-build tours combine ultra-clear, 360-degree views with easy navigation and interactive floor plans that show shoppers where they are in the house, the camera's direction and perspective, and the room's dimensions. In today's fast-paced real estate market — where listings linger a median of just nine days before going pending — house hunters need to be able to efficiently evaluate homes and decide where to focus their energy. Using virtual tours, customers can quickly winnow their options and gain a leg up on the competition. "My job is to make homes stand out — to build excitement about my listing and generate the best possible offer for my sellers," said Georgia Stevens, managing broker at Compass and past president of Seattle King County Realtors. "The agent with the best tools wins, and Zillow's tools make it so easy to navigate the floor plan, understand exactly what you're looking at and imagine how you'd live in that home. Perspective is everything. This is what makes a buyer call their agent and say, 'This is the home I want to see.'" Zillow's 3D Home tour provides agents a cost-effective way to showcase listings and generate more leads, while photographers benefit from additional opportunities to capture listings content. Homes on Zillow that included 3D Home tours saw improved performance compared to those without, earning 81% more views and being saved by buyers 53% more often. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
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'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
Cherry Hill, NJ - May 4, 2022 -- A new study of data from the last four years by HomeJab debunks reports that tight inventory and COVID-19 have changed real estate seasonality. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 63,000 real estate photography assignments from 2018 to 2021 nationwide. The new HomeJab research tracked the real estate photography listing assignments by month to determine patterns. A "HomeJab Curve" emerged, showing the remarkable consistency of real estate listing activity over the last four years, despite both record low inventory and the pandemic. Charting the data reveals that while activity during the pandemic diverged from the standard curve of real estate listing from March 2020 to May 2020, it corrected itself in June and then closely tracked past listing trends. "Despite what the headlines may say, real estate is still seasonal," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that real estate listings still peak in the spring and summer, begin to trail off in the fall, and decline significantly in the winter. And on a chart, when you plot the last four years, every year follows that curve – except for a short pause caused by the outbreak of COVID-19," he explained. Jesuele notes that the impact of COVID on the seasonality of real estate was short-lived. "There's also this idea that low inventory also is changing the seasonality of real estate," he added, "but the data we have does not support that theory." A free copy of the detailed data from the HomeJab study is available here. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
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Down Payment Resource teams up with Realtor.com to Help Home Shoppers Find Homebuyer Assistance Programs
Down Payment Resource's homebuyer assistance search tool adopted by Realtor.com to support its Closing the Gap initiative ATLANTA, Ga., May 3, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced that Realtor.com has deployed DPR's search tool that helps home shoppers find homebuyer assistance programs. DPR maintains a comprehensive catalog of all of the homebuyer assistance programs available in the United States, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages. According to DPR's Q1 2022 Homeownership Program Index (HPI), there are 2,238 homebuyer assistance programs, with at least one available in each of the United States' 3,143 counties. Realtor.com® has deployed DPR's search tool on realtor.com/foreveryone/ to support its Closing the Gap initiative, which is aimed at increasing the homeownership rate of underserved and underrepresented communities. The search tool can be embedded in an organization's website and enables homeshoppers to search for homebuyer assistance programs by entering property, household and relevant eligibility information. "Record-high home prices and record-low housing inventory are making it very challenging for people, especially underserved and underrepresented communities, to become homeowners — further exacerbating the homeownership gap," said DPR CEO Rob Chrane. "The good news is that there are thousands of homebuyer assistance programs available to help with down payment and closing costs, including many designed to support people of color becoming homeowners." "Giving home shoppers the ability to find down payment assistance programs directly on Realtor.com is another step forward in our Close the Gap initiative," said Mickey Neuberger, chief marketing officer for Realtor.com. "This program brings together many different parts of our business in a focused effort to increase the home ownership rate for underserved and underrepresented groups. Systemic discrimination in real estate has held people back for far too long, it's time for us to all work together to make a change." "We commend Realtor.com for its generous gift and pledge to match donations made to the Homeownership Council of America's (HCA) Equity Down Payment Assistance Fund, which supports homebuyers of color and low to moderate income homebuyers," continued Chrane. "Now home shoppers who may be eligible for those funds will be able to discover them with the help of Down Payment Resource." About Down Payment Resource: Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit downpaymentresource.com.
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Over 665,000 real estate agents in the U.S. get Lone Wolf Transactions as a member benefit
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NAR Announces Inaugural Fair Housing Champion Award Winners
Winners recognized for making a difference in their businesses and communities as they help expand homeownership to buyers of all backgrounds. WASHINGTON (April 27, 2022) -- The National Association of Realtors and Realtor.com today honored the four inaugural winners of the first Fair Housing Champion Awards during NAR's Fair Housing Month event, "What Will it Take to Close the Racial Homeownership Gap?" Honorees were recognized for their work to increase access to homeownership in their communities. The Fair Housing Champion Award honors Realtors® who have gone above and beyond to advance fair housing and expand homeownership in underserved communities. Sponsored by Realtor.com®, the Award provides a $4,000 prize that winners can dedicate to a housing-related nonprofit organization of their choice. "NAR is committed to helping build thriving, inclusive communities in every zip code in America," said NAR President Leslie Rouda Smith. "I am so proud of all the work our winners have done to increase access to homeownership and hope their leadership can serve as an example to inspire others into action." This year's winners: Harrison Beacher is Managing Partner of the Coalition Properties group, serving the D.C. metro area, and affiliated with Keller Williams Capital Properties. Harrison currently serves as the 2022 President for the Greater Capital Area Association of Realtors® and an at-large director for the D.C. Association of Realtors®. Many of his clients are first-time buyers, and Harrison helps them succeed by connecting them with down payment assistance and other resources. Sabrina Brown is a Broker-Owner of Brown and Brown Real Estate in Fresno, California. Sabrina is a director at her local and state associations, the Madera Association of Realtors® and the California Association of Realtors®. Sabrina regularly holds homebuyer workshops that connect first-time buyers with programs to help them achieve homeownership and invest in real estate, with an emphasis on outreach to people of color. Bobbi Howe is a second-generation real estate professional with more than 24 years of experience as a Realtor®. Bobbi currently serves as the Treasurer-Elect for Missouri Realtors® and is dedicated to using her platform to spread the word about systemic racism in real estate. Bobbi works to expand opportunities for Black real estate investors in the Kansas City area. Rafael Perez has been a Realtor® since 2012 and has extensive experience as a mortgage banker, lender and educator. Rafael serves on NAR's Fair Housing Policy Committee and is a member of the National Association of Hispanic Real Estate Professionals San Diego, where he is a past Chapter President. He continues his eight plus years of service as a Commissioner for the City of San Diego on the Citizens' Equal Opportunity Commission. Rafael is passionate about helping families create household wealth through homeownership and created the Companion Unit Handbook for the City of San Diego to expand housing supply. He also helps people in San Diego who have been displaced by development to move back into their old neighborhoods. "Realtor.com® was inspired to help create and sponsor the Fair Housing Champion Awards based on our support of NAR's Good Neighbor Awards," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "Like the Good Neighbor Award winners, the Realtors® who are recognized today as fair housing champions are making a real difference in their communities as they help people overcome bias, discrimination and inequality." For more information and to read more about the award winners, please click here.
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121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
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U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
Foreclosure Starts, Bank Repossessions at Highest Numbers in Two Years, But Still Well Below Normal Levels IRVINE, Calif. - April 21, 2022 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, today released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago. The report also shows a total of 33,333 U.S. properties with foreclosure filings in March 2022, up 29 percent from the previous month and up 181 percent from a year ago — the 11th consecutive month with a year-over-year increase in U.S. foreclosure activity. "Foreclosure activity has continued to gradually return to normal levels since the expiration of the government's moratorium, and the CFPB's enhanced mortgage servicing guidelines," said Rick Sharga, executive vice president of market intelligence for ATTOM. "But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic." Foreclosure starts increase in all 50 states A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67 percent from the previous quarter and up 188 percent from a year ago. States that had the greatest number of foreclosures starts in Q1 2022 included, California (5,378 foreclosure starts), Florida (4.707 foreclosure starts), Texas (4,649 foreclosure starts), Illinois (3,534 foreclosure starts), and Ohio (3,136 foreclosure starts). Those major metros that had the greatest number of foreclosures starts in Q1 2022 included, Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts). Highest foreclosure rates in Illinois, New Jersey and Ohio Nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units). Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2022 were Cleveland, Ohio (one in every 535 housing units); Atlantic City, New Jersey (one in 600); Jacksonville, North Carolina (one in 633); Rockford, Illinois (one in 634); and Columbia, South Carolina (one in 672). Other major metros with a population of at least 1 million and foreclosure rates in the top 20 highest nationwide, included Cleveland, Ohio at No.1, Chicago, Illinois at No. 6, Detroit, Michigan at No. 10, Las Vegas, Nevada at No. 13, and Jacksonville, Florida at No. 16. Bank repossessions increase 41 percent from last quarter Lenders repossessed 11,824 U.S. properties through foreclosure (REO) in Q1 2022, up 41 percent from the previous quarter and up 160 percent from a year ago. Those states that had the greatest number of REOs in Q1 2022 were Michigan (1,592 REOs); Illinois (1,288 REOs); Florida (673 REOs); California (655 REOs); and Pennsylvania (639 REOs). Average time to foreclose decreases 3 percent from previous quarter Properties foreclosed in Q1 2022 had been in the foreclosure process an average of 917 days, down slightly from 941 days in the previous quarter and down 1 percent from 930 days in Q1 2021. States with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2022 were Montana (133 days); Mississippi (146 days); West Virginia (197 days); Wyoming (226 days); and Minnesota (228 days). March 2022 Foreclosure Activity High-Level Takeaways "March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country," Sharga added. "It's likely that we'll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won't reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse." Nationwide in March 2022, one in every 4,215 properties had a foreclosure filing. States with the highest foreclosure rates in March 2022 were Illinois (one in every 1,825 housing units with a foreclosure filing); New Jersey (one in every 2,022 housing units); South Carolina (one in every 2,299 housing units); Delaware (one in every 2,579 housing units); and Ohio (one in every 2,604 housing units). 22,360 U.S. properties started the foreclosure process in March 2022, up 35 percent from the previous month and up 248 percent from March 2021. Lenders completed the foreclosure process on 4,406 U.S. properties in March 2022, up 67 percent from the previous month and up 180 percent from March 2021. U.S. Foreclosure Market Data by State – Q1 2022 Report Methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter, or month. About ATTOM ATTOM provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, 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. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the largest online marketplace for foreclosure and distressed properties, helping individual investors and real estate agents looking to gain a competitive edge in the distressed market. Realtytrac.com enables real estate professionals the ability to find, analyze and invest in residential properties.
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Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
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Earnnest Is Now Integrated with Form Simplicity
Form Simplicity's new integration with Earnnest, the largest digital earnest money service in the United States, brings digital earnest money payments to Form Simplicity users and their homebuyers. How it works: Click Request earnest money inside your transaction within Form Simplicity. Payment details auto-fill from your transaction. Use the escrow search to choose your escrow holder. If you don't see them listed, invite them to join the Earnnest network. Click Request. After the buyer pays, a transaction notification will automatically upload to your files. Fast, Secure, and Convenient There are several benefits for homebuyers when using a digital earnest money service — it eliminates the dependency on using checks or wires for escrow payments, as well as the fraud that comes with them. Users will be able to complete earnest money transfers within minutes. Escrow Holders: How to Register with Earnnest This new integration gives users access to Earnnest directly within Form Simplicity. Form Simplicity users may invite escrow holders to join the Earnnest network. If an organization is an escrow holder, they may self register their escrow company with Earnnest as well. Low Cost Fee for Homebuyers Earnnest is free for agents and escrow holders to use. Earnnest charges a flat convenience fee of $15 to the homebuyer to transfer their funds. That is less than a wire and the same as a cashier's check but more convenient. Digital earnest money payments are fast, easy, and secure. Watch this to learn more. About Earnnest Greenville, S.C.-based Earnnest is the largest digital earnest money service in the United States, allowing buyers to securely and electronically deposit funds to an escrow holder. Earnnest keeps agents, buyers, and escrow holders in the loop with automated emails and tracking information. Visit www.Earnnest.com to learn more. To view the original post, visit the Form Simplicity blog.
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BoomTown Introduces Expanded Success Assurance Program, Manages Both New Registrations and Database Opportunities
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RentSpree Debuts Holistic Agent Tools to Streamline the Rental Process
Premier Tenant Screening Software Provider Expands Product Offerings to Support a Cohesive Rental Management for Real Estate Agents LOS ANGELES, April 14, 2022 -- RentSpree, the industry's premier end-to-end rental management software provider, today announced the release of its brand new Agent Tools solution suite. The product offering includes Rental Client Manager (RCM), Agent Profiles and Listings. These tools provide an all-in-one offering for real estate agents that supports holistic rental management, from advertising and nurturing leads to closing deals using PropTech. "The tools to thoughtfully and efficiently translate rental activity into future business have been absent in the often-overlooked rental segment," said RentSpree CEO Michael Lucarelli. "As a result, 87% of all new agents fail after five years since many lack the resources to succeed. Agent Tools was developed for new and experienced agents to be successful by enabling them to handle rentals professionally while providing value-add resources to clients over the long-term." The newly dedicated platform helps agents manage leads through these key features: Rental Client Manager — Rental Client Manager (RCM) leverages key milestones to help agents provide real estate guidance to clients. RCM automatically captures contacts from other RentSpree products, offers direct contact creation and supports CSV import, allowing agents of any experience level to supercharge their relationship management. Agent Profiles — Agent Profiles creates a personalized space for agents looking to boost their brand. Agents can use their profile to promote their experience, feature their expertise and market their listings. These detailed public profiles are designed to be discovered through search engines and shared directly to open the door for new business opportunities by capturing leads at all points of the rental lifecycle. Listings — With listing pages, RentSpree empowers agents to market their properties with a best-in-class user experience that leverages RentSpree's industry-leading tenant screening product. With several approved MLS partnerships and many more on the horizon, it has never been easier for agents to create beautiful, effective property marketing and seamlessly screen tenants. With these additions, RentSpree is equipping agents with the resources to streamline all rental processes for agents and generate new deals from existing leads. It also expands the brand's current offerings and ties back to its core competency of tenant screening. "Having a service that supports client organization and management is essential to an agent's success," said Monica Pena, CEO of GMAR. "The Agent Tools solution is one of the best tools out there for any agent reaching for that next level on their real estate journey." Agent Tools will be available to agents nationwide, but some of the most prominent partners of this platform include California Regional MLS, Lone Wolf Technologies, Bright MLS, First Multiple Listing Service, Realty ONE Group, Bridge MLS and Bridge Association of REALTORS. For more information on RentSpree, visit rentspree.com. About RentSpree Founded in 2016, RentSpree is an award-winning rental software known in all 50 states for its easy-to-use tenant screening process, renter management, partnership program and rental screening API. In just six years, RentSpree has grown its database by partnering with over 200 of the most trusted names in real estate and nearly a million agents, owners and renters across the country.
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Real Estate Startup Revive Named to 2022 US REACH Program
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New Realtor.com Survey Finds 64% of 2022 Sellers Plan to List by Summer's End
Realtor.com Listapalooza -- the best time to list -- is now a national holiday, according to National Day Archives SANTA CLARA, Calif., April 6, 2022 -- As the final countdown begins to Realtor.com Listapalooza (April 10-16), a new national holiday, the company today released survey data that shows homeowners are gearing up to sell this Spring and Summer. According to the report, 64% of prospective 2022 sellers anticipate doing so within the next six months, and with high expectations for making a profit. Still, the potential uptick in newly-listed homes indicates some much-needed relief could be on the horizon for buyers – especially first-timers. Today's sellers expect to ask for relatively affordable prices and include a higher share of millennials than last Spring, suggesting that more Americans plan to upgrade from their starter homes. The Realtor.com® survey of 3,000 consumers, which was conducted online by HarrisX in February 2022, also asked about the experiences of recent sellers, who said determining the right time to list was the longest stage of the process. "Our survey data illustrates the importance of helping empower homeowners to take control of the listing process, by providing information about market conditions, prices and seasonal trends, like the best dates to list your home. While sellers are expected to hold the upper hand in 2022, navigating the listing process remains a challenge – particularly for those also buying in today's fast-paced market," said George Ratiu, Senior Economist & Manager of Economic Research at Realtor.com®. "Homeowners who are ready to move forward with pandemic-delayed plans will find plenty of opportunity this Spring and Summer. Although accelerating inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home. At the same time, recent housing trends suggest demand is beginning to moderate as higher mortgage rates push monthly payments out of some buyers' budgets, underscoring the long-term need for more affordable inventory." Homeowners are ready to take advantage of the Spring and Summer buying seasons Survey data suggests some relief is on the horizon for Americans grappling with one of the worst housing shortages of all-time. Almost two-thirds (64%) of prospective 2022 sellers anticipate listing a home within the next six months. Whether these sellers follow-through with their plans will be key to the forecasted 2022 inventory recovery and critical for buyers hoping to find a home before mortgage rates climb even further. In a positive sign that homeowners are serious about listing, many sellers are already getting their home ready. However, they're doing so with great expectations of the current market, which means buyers should prepare for sellers asking for high offer prices, quick closes, waived contingencies and more. The majority of 2022 prospective sellers plan to list within the next six months, with 9% already listed and the remaining getting ready to list within the next 30 days (11%), 1-3 months (24%) or 4-6 months (20%). Compared to those who planned to list last Spring, this year's prospective sellers have higher expectations of the hot housing market, including asking for more than their home is worth (42% vs. 29%) and refusing to pay for repairs or improvements (28% vs. 24%). When asked why they're planning to list in 2022, surveyed sellers' top reason was wanting to profit off the current market, tied with their home no longer meeting their families needs (each at 31%). Homeowners' motivating factors behind moving also reflect the impact of pandemic trends, such as wanting different features after spending so much time at home (15%) and no longer needing to live near their office (14%). Millennials are moving on up, signaling more starter homes for first-time buyers With the oldest millennials already 40-years-old, these homeowners are playing an important role in adding to the supply of starter homes. Millennials represent nearly half (49%) of sellers who plan to list within the next six months and many anticipate selling at relatively affordable prices. This is welcome news for first-time buyers, who face fierce competition for limited available starter homes. Combined with rising affordability issues as home prices and mortgage rates climb, survey data offers some hope for first-time buyers, based on: More millennials plan to list within the next six months than in March 2021 (75% vs. 66%), and account for a higher share of all 2022 prospective sellers (42.0% vs. 26.0%). In a further sign that older millennials are moving on up from their starter homes, the share of surveyed millennials who have sold a home before was nearly as high as the overall rate (61% vs. 64%). Millennials have plenty of financial motivation to stick to their plans, with top reasons for selling reflecting the pressures of rising inflation and economic uncertainties. Compared to all survey respondents, higher shares of Gen Y sellers want a more affordable home (34% vs. 21%) and need the sale money ASAP (14% vs. 11%). In a potential sign of more starter homes coming onto the market, the majority of 2022 prospective sellers expect to list in relatively affordable price ranges: $350,000 or less (43%) and $351,000-$500,000 (22%). Recent experiences highlight the importance of preparation, even in a seller's market The COVID housing market has largely favored sellers and many who recently sold were able to take advantage of bidding wars, fast closings, waived contingencies, inspections and appraisals, and more. At the same time, sellers' experiences highlight the importance of preparation, especially as buyer demand is beginning to moderate. Even among recent sellers who found success, the majority took steps to get their home ready to list, such as making repairs, cleaning and decluttering. Additionally, although many sellers were able to list quickly, 41% said the process took longer than they originally anticipated. Over half (53%) of sellers spent less than a month preparing their home for listing, while another 26% said the process took 1-3 months. Forty-one percent of recent sellers said getting their home ready to list took longer than they expected. Determining the right time to enter the market took longer than any step of the home prep process, with 38% of respondents reporting that this decision took more than 3 months. Among steps successful sellers took to prepare their home for listing, top responses included repairs and updates (59%) and cleaning and decluttering (67%). While minor cosmetic updates were the top repair sellers made before listing, at 53% of respondents, nearly as many fully repainted interiors and replaced flooring (47% each). The majority (80%) of recent sellers sold at or above their asking price. Other top benefits of the competitive market included: buyers forgoing repair concessions (28%), offers within a week (27%), and waived contingencies like inspections (25%). Methodology This Realtor.com® survey was conducted online within the United States from February 16-18, 2022 among 3,000 adults in the United States by HarrisX. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. 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. For more information, visit Realtor.com.
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Home Prices Hit $405,000 for the First Time Ever
Inventory is predicted to hit positive territory year-over-year in June or July and provide some much needed relief for buyers who can afford to persist in their search for a home SANTA CLARA, Calif., March 31, 2022 -- Home prices hit $405,000 for the first time ever in March, but data reveals there is some hope on the horizon for pandemic-era buyers. With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com® Monthly Housing Trends Report released today. "Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market," said Danielle Hale, Chief Economist for Realtor.com®. "Buyer demand is moderating in the face of high costs, and we're beginning to see more homeowners take price cuts on their listings and overall inventory declines lessen in response. Assuming all these factors and new construction hold steady, we could begin to see inventory increases this summer – welcome news for buyers who have endured pandemic home shopping and can continue their journey despite higher buying costs. For buyers currently in the market, there's good reason to aim to find a home before interest rates increase further. But if it takes longer than a few months, don't give up hope, as there may be more to choose from in the summer months." March 2022 Housing Metrics – National Home prices hit $405,000 with an increase in price reductions The median U.S. listing price grew to a new all-time high of $405,000 in March as prices rose 13.5% year-over-year, faster than is typical for this time of year, and about the same annual growth rate as last month. At the same time, data shows the beginnings of softening demand and sellers responding to it. The share of homes having their price reduced increased slightly from 5.8% last March to 6.0% this year, but still remains 9 percentage points below typical 2017 to 2019 levels. Twenty-five of the largest 50 metros saw an increasing share of price reductions in March, compared to 18 in February. Listing prices in the top 50 metros grew by an average of 9.1% in March over last year. Their price growth has been lower than other areas across the country, but much of this can still be attributed to new inventory bringing relatively smaller homes to the market this year. The median listing price per square foot in these large metros grew by 12.5% over the same period, not as high as, but close to, the national rate of 15.7%. Miami (+37.0%), Las Vegas (+35.2%), and Tampa, Fla. (+32.0%) posted the highest year-over-year median list price growth in March. Austin, Texas homes showed the greatest growth in the share of homes with price reductions compared to last year (+2.9 percentage points), followed by Sacramento, Calif. and Memphis, Tenn. (+2.3 percentage points). Inventory declines lessen as some buyers are priced out Nationally, the inventory of homes actively for sale on a typical day in March decreased by 18.9% over last year, a smaller rate of decline compared to the 24.5% drop in February. However, this moderation in active inventory is not a supply-driven improvement. In March, newly-listed homes decreased by 3.4% year-over-year and sellers were still listing at rates 12.2% lower than typical 2017-2019 March levels. The number of pending listings (listings that are at various stages of the closing process, but are not yet sold) has declined by 7.4% compared to last March, indicating that a moderation in demand is softening the rate of home sales. This is likely caused by the affordability one-two-punch of rising interest rates and all-time high listing prices. For buyers still actively searching for a home, this could provide some relief as competition declines. However, it indicates that some homebuyers may have put plans on hold, despite the fact that the current rental market offers little relief from high prices. The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 16.0% year-over-year in March, an improvement in the rate of decline compared to last month's 22.1% decrease. Inventory declined over March 2021 in 44 out of 50 of the largest metros, but six metros saw inventory growth, up from four last month: Riverside, Calif. (+17.8%), Sacramento (+7.6%), Kansas City (+6.0%), Austin (+3.9%), Detroit (+3.5%), and Phoenix (+0.4%). Eight metros also saw the number of newly-listed homes increase compared to last year, led by Rochester, N.Y. (+7.2%), Detroit (+6.7%), and Memphis (+5.4%). Homes Consistently Spend Less Time on the Market Than Previous Years The typical home spent 38 days on the market this March, which is 11 days less than last year. Homes spent 29 fewer days on the market than typical March 2017-2019 timing. However, while homes are selling more quickly than last year, the gap has been shrinking as demand moderates. Last month, homes spent 17 days less on the market than the previous year. In March, the gap narrowed down to 11 days. In the 50 largest U.S. metros, the typical home spent 31 days on the market, and homes spent 8 fewer days on the market, on average, compared to March 2021. Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in the southern metros of Miami (-32 days), Raleigh, S.C. (-19 days), and Orlando, Fla. (-19 days). Only Buffalo, N.Y. saw time on market increase compared to last year (+2 days). March 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of March 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. *Oklahoma City's March new listings data is currently under review. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. 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. For more information, visit Realtor.com.
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RESAAS Rolls Out Payment System to 500,000 Real Estate Agents
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Women could afford 18% more of the housing market if they made as much money as men
The pay equity gap is slowly shrinking, and closing the home value gap as it does so. SEATTLE, March 30, 2022 -- A new Zillow study shows how severe an impact the gender pay gap is for women in the housing market. An additional 18% of the U.S. housing market is affordable to men but is out of reach to women. This gap in access can be as wide as 22% of the housing market depending on the industry they work in. The analysis combined income data from the U.S. Census Bureau with Zillow housing data to estimate how much of the market is affordable to women and men. The study examined a number of job sectors and regions and found that across the country, women can afford far fewer homes than men without being considered cost burdened. "This study shows how severely the gender pay gap limits women in the housing market, but that's only the start of a compounding impact," said Zillow economist Nicole Bachaud. "Owning a home represents the dominant form of wealth building for most Americans. So not only are women starting from behind, but they're falling even further behind with each passing day as homes build equity." The impact of income inequality on housing affordability differs by industry. For example, women who work in the utilities industry have more homes available to them (71.1% of the market) than women working in all other industries analyzed. Women working in the leisure and hospitality industry can only afford 9.6% of the market. Men in both industries can afford 9–10 percentage points more of the market than women. In all 13 job categories analyzed nationally, men can afford more of the housing stock than women. Regionally, gender disparities by industry can become even more severe. In Denver, for example, women working in the financial services industry can reasonably afford fewer than one in five (19.1%) homes in the area, while men can expect to afford more than two-thirds (71.1%). In Portland, Oregon, the numbers for the financial industry stand at 13.9% of the market available to women and 66.0% to men. Equal Pay Day — which symbolizes how far into a new year a woman making a typical salary needs to work to make the same amount of money as a man making a typical salary in the previous calendar year — shows that the pay equity gap is slowly shrinking. This year, Equal Pay Day fell on March 15, nine days earlier than it did in 2021 and 16 days earlier than in 2020. Simultaneously, the home value gap for women is also narrowing. Homes owned by female-headed households, although still below the value of those owned by male-headed households and of median home values overall, have crept closer to parity over the past decade. "The drive to eliminate pay inequity and other biases in the workplace needs to come from senior leaders with clear and measurable goals," said Bachaud. "Taking actions like regularly evaluating salaries or reevaluating other HR benefits and policies to attract and retain women could help reduce disparities." While the tide is starting to turn, there remains much work to do to achieve pay equity, especially when taking race into account. For Asian American and Pacific Islander women, Equal Pay Day (relative to the typical pay for white men) is May 3; for Black women, it's September 21; for Native American women, it's November 30;, and for Latina women, it's December 8. Differences in Incomes and Housing Affordability by Gender and Job Sector About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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The first NFT platform for real estate images -- 'real' -- launched by HomeJab
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Real Estate Nexus acquires Amarki marketing automation technology company
Real Estate Nexus, a leading all-in-one marketing, sales, and coaching technology platform, has purchased Amarki effective March 11, 2022. The terms of the transaction were not disclosed.The Amarki acquisition is a continuation of REN's efforts to help agents and brokers simplify all the technology tools in the market. ROCHESTER, N.Y. - MARCH 26, 2022 -- Real Estate Nexus, a leading all-in-one marketing, sales, and coaching technology platform, has purchased Amarki effective March 11, 2022. The terms of the transaction were not disclosed. Amarki's real estate marketing products and services were developed based on years of research and direct feedback from agents, brokers, and other industry experts. Real Estate Nexus' (REN) broad nationwide footprint will expand the availability of these resources. REN consolidates sales and marketing tools and technology making them more accessible and easier to implement. "The Amarki acquisition is a continuation of our efforts to help agents and brokers simplify all the technology tools in the market. We develop and consolidate the best solutions within one platform so agents can get a better return on their investment in these technologies," said Isaiah Colton, Head of Growth at Real Estate Nexus. "Technology fragmentation is crushing productivity and keeping agents from realizing their full revenue potential." The REN technology hub already provides agents with automated campaigns like: Facebook retargeting Direct-to-voicemail Instant text conversations even when the agent is unavailable Consumer newsletters Drip emails The company will add several new marketing tools with the Amarki acquisition, such as: Automated customization and promotion of Just Listed/Just sold campaigns Automated property listings Social post scheduling Contact management And more REN will bring on an experienced product development and software engineering team through the deal. "The folks on our team are thrilled to be part of this transition. As a result, we'll get broader exposure and support for our products to help agents promote and grow their practices. This is a win for our teams and agents who want to enhance productivity and profitability," said Ian Francis, Amarki CEO. About Real Estate Nexus Real Estate Nexus, a RAP Success Systems company, builds powerful, simple, easy-to-use platforms to help real estate agents and brokers convert more leads and generate more revenue. The company's mission is to combine innovative solutions and modern technology to help real estate agents and brokers achieve their goals. Visit realestatenexus.io.
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Affordability Issues Rise as National Rents Reach 30% of Americans' Incomes
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Transactly Expands Home Connections with Acquisition of 360 Home Connect
Human-centered proptech platform improves home-buying and moving experience Transactly, Inc., a technology platform used by real estate professionals across the United States to streamline transactions, announces the acquisition of 360 Home Connect. This acquisition is part of Transactly's efforts to expand its home connections services under its recently launched Connect brand. 360 Home Connect is based jointly in Dallas and Austin, Tex. "We welcome the 360 Home Connect team, whose expertise will make Transactly a more prominent player in the home connections industry. Together we empower agents to provide a one-stop home-buying experience for their clients," said Bryan Bowles, Transactly's founder and CEO. "The challenge for real estate professionals, and ultimately homebuyers, has been a lack infrastructure to support how people facilitate real transactions across the industry. Transactly aims to not only own this role in the market, but also provide the best service in terms of quality, experience and efficiency." 360 Home Connect has set up over 100,000 clients with connections services since it was founded in 2013. Their business model of utilizing personal consultants to provide white glove home connection service mirrors Transactly's transaction coordinator model. Transactly is an online platform designed to help real estate professionals efficiently manage transactions through automation, integrations, and tech-enabled services. Transactly recently launched Connect to offer a better way to set up home utilities and services, in addition to streamlining the transaction process. Transactly's entrance into the home connections market is a giant leap forward in creating a fully connected home-buying experience, united with human expertise. "We are thrilled to be on board with Transactly, a company that shares our commitment to mind-blowing customer service," said Chase Harrell, former president of 360 Home Connect. "Together we offer a simpler, smoother homebuying process from contract to move-in. It's the perfect fit for our clients." Transactly has been revolutionizing the process for real estate agents, resulting in consistent and steady growth since the company's launch in 2018. The company began with two employees and has grown to 79 full-time employees and 101 transaction coordinators as independent contractors. That growth has accelerated in recent years, with the company more than tripling its revenue in 2021 over the previous year. In addition, Transactly has raised a total of $13 million in investor funding. Purchasing a home is an immensely personal experience. Homebuyers have relationships with the agents, lenders, and title companies in their communities," said Bowles. "Transactly doesn't replace any of those roles, but instead makes it easier for all those participants to work together for a better homebuying experience."
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OKMOVEME Announces April Launch of its Consumer-First Website to Help People Move to Nashville
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New HomeJab study shows impact of COVID-19 on real estate agent marketing spending trends
Study reveals stark geographic differences for real estate photography orders Cherry Hill, NJ - March 17, 2022 -- A new study of real estate photography data from HomeJab finds a significant geographic difference in the amount of marketing dollars agents spent before the pandemic for listings and the amount they spent coming out of the height of the COVID-19 outbreak. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 43,000 real estate photography assignments from 2017 to 2021 in five regions: Midwest, Northeast, Southeast, Southwest, and West. The new HomeJab research found: Real estate agents in the West, Northeast, and Midwest are spending more for real estate listing photography services coming out of the pandemic than before the start of the pandemic: West: Up nearly 9 percent (8.7%) Northeast: +7.5% Midwest: +5.6% Real estate agents in the Southwest and Southeast either spent more or modestly less for real estate listing photography services since the pandemic began: Southwest: -0.6% Southeast: +2.8% Nationwide, the average real estate listing photography services order was up 5.9% from post-pandemic orders, and now average $229 per order. Real estate agents in the West spend the most for real estate listing photography services, averaging $279 per order. Midwest real estate agents spend the least, averaging $200 per order, or nearly 40% less than real estate agents in the West. Northeast real estate agents spend the second least amount, averaging $225 an order. Southeast and Southwest real estate agents' average spend for real estate listing photography services average $229 and $235, respectively. "Professional real estate listing photography orders by real estate agents clearly remained a vital marketing investment in many of the hottest markets during the COVID-19 outbreak," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that during a time when homes were flying off the shelves, and multiple offers hit a new high, agents still understood the power of visual images for their real estate marketing," Jesuele added. The HomeJab study also examined trends in all 50 states and found: Prominent "Blue states"* show significant increases in marketing spend for real estate listing photography services since the pandemic began, including: New York: +27.9% Massachusetts: +18.5% California: +9.7% Illinois: +7.7% Prominent "Red states"* show either decreases or modest increases in marketing spend for real estate listing photography services since the pandemic began, including: South Carolina: -23.4% North Carolina: -16.5% Texas: -0.1% Florida: +6.3% For Jesuele, the fact that prominent Red states spent less was not surprising. "The banning of Open Houses happened faster and lasted longer in Blue states," he observed. "Red states were not as dependent on 3D tours and other photography services that helped remote buyers make home purchases. Buyers and sellers in Blue states it appears needed these services," he added. Another recent HomeJab study revealed that COVID-19 dramatically impacted the popularity of video/3D shoots for new property listings. A free copy of the new HomeJab study is available here. *Note: State classification is based on the last US Senate election in 2021 and includes only states where HomeJab had at least 400 comparison orders from 2017-2021. About the Study HomeJab, which has professional photographers available in all 50 states, studied over 43,000 real estate photography assignments placed by real estate agents between 2017 and 2021. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Let the Countdown to Realtor.com Listapalooza Begin! April 10-16 Is the Best Week to List a Home in 2022
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Middle-income Households Gain $2.1 Trillion in Housing Wealth in a Decade
WASHINGTON (March 9, 2022) -- Homeownership is widely recognized as the leading source of net worth among families. Housing wealth itself is primarily achieved by price appreciation gains, and the nation has seen home prices accelerate at a record pace during the course of the last decade. A new study from the National Association of Realtors® – Housing Wealth Gains for the Rising Middle-Class Markets – examines the distribution of housing wealth between 2010 and 2020 across income groups and in 917 metropolitan or micropolitan areas. NAR found that during those 10 years, nearly 980,000 middle-income households became homeowners. Within that timeframe, total housing wealth for this income group surged by $2.1 trillion. "Owning a home continues to be a proven method for building long-term wealth," said Lawrence Yun, NAR chief economist. "Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage." From 2010 through 2020, 529 of 917, or 58%, of metropolitan and micropolitan areas gained middle-income homeowners. NAR identifies these locations as rising middle-income class housing markets, i.e., markets that saw the largest increase in middle-class owner-occupied housing units in 2020 compared to 2010. The top 10 rising middle-income housing markets, with at least 50,000 more middle-income homeowner households, were Phoenix-Mesa-Scottsdale (103,690), Austin-Round Rock (61,323), Nashville-Davidson-Murfreesboro-Franklin (55,252), Dallas-Fort Worth-Arlington (53,421), Houston-The Woodlands-Sugarland (52,716), Atlanta-Sandy Springs-Roswell (48,819), Orlando-Kissimmee-Sanford (35,063), Portland-Vancouver-Hillsboro (34,373), Seattle-Tacoma-Bellevue (31,284) and Tampa-St. Petersburg-Clearwater (28,979). NAR defines a middle-class homeowner as one earning an income of over 80% to 200% of the area median income. "Middle-income households in these growing markets have seen phenomenal gains in price appreciation," said Yun. "Given the rapid migration and robust job growth in these areas, I expect these markets to continue to see impressive price gains." As of the fourth quarter of 2021, the largest price gains (as a percent of the purchase price) over the preceding decade were in Phoenix-Mesa-Scottsdale (275.3%), Atlanta-Sandy Springs (274.7%), Las Vegas-Henderson-Paradise (251.7%), Cape Coral-Fort Myers (233.9%) and Riverside-San Bernardino-Ontario (207.6%). Nationally, a homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth. Of this wealth gain, 86% can be attributed to price appreciation, with the median single-family existing-home sales price rising at an annual pace of 8.3% from the fourth quarter of 2011 through the fourth quarter of 2021. A small percentage of U.S. markets did record a decrease in middle-income homeowner households over the past decade, including New York-Newark-Jersey City (-100,214), Los Angeles-Long Beach-Anaheim (-73,839), Chicago-Naperville-Elgin (-34,420), Boston-Cambridge-Newton (-28,953), Detroit-Warren-Dearborn (-25,405) and Philadelphia-Camden-Wilmington (-22,129). Nevertheless, some markets saw housing wealth rise as home prices climbed, such as the Los Angeles metro area ($164.5 billion) and the New York metro area ($59.4 billion). "These escalating home values were no doubt beneficial to homeowners and home sellers," said Yun. "However, as these markets flourish, middle-income wage earners face increasingly difficult affordability issues and are regrettably being priced out of the home-buying process." While housing wealth grew among all income groups, low- and middle-income households ultimately received a smaller share of the gains. NAR found that of the $8.2 trillion amassed in housing wealth from 2010 through 2020, high-income homeowners claimed roughly 71% of all wealth accumulation. Among middle-income homeowners, total housing wealth jumped by $2.1 trillion, or 26% of the housing wealth gains, with nearly 980,000 additional middle-income homeowner households. Among low-income homeowners, housing wealth rose by $296 billion, or 4% of the housing wealth gain. Low-income homeowners comprised a smaller fraction of all homeowners in 2020, at just 27.2%. This is down from 38.1% in 2010, with nearly 5.8 million fewer lower-income households that were homeowners from 2010 through 2020. There were 979,143 more middle-income homeowners over this decade, but they consisted of a smaller fraction of homeowners in 2020, at 43%, from 45.5% in 2010. High-income homeowners made up a larger portion of owners, at 29.8%. This is an increase from 16.4% in 2010 and is 11.1 million more high-income households in 2020 compared to 2010. Since the Great Recession, the homeownership rate has declined across all income groups, with the largest drop among the middle-income homeownership rate, which fell from 78.1% to 69.7%. Low-income households observed homeownership rates fall, but to a smaller degree – two percentage points – while high-income households saw declines at four percentage points. "Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "Now, we must focus on increasing access to safe, affordable housing and ensuring that more people can begin to amass and pass on the gains from homeownership." The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Realtor.com February Housing Report: Home Prices Hit All-Time High Ahead of Spring Buying Season
In February, listing prices grew at a double-digit annual pace nationwide (+12.9%) and in nearly half of the 50 largest U.S. markets, led by the southern (+12.5%) and western (+12.1%) regions SANTA CLARA, Calif., March 3, 2022 -- New data suggests Spring homebuying fever has already set in, as the U.S. median listing price hit a new all-time high of $392,000 in February, according to the Realtor.com® Monthly Housing Trends Report released today. Additionally, home prices grew at an unusually-fast February pace in many of the 50 largest metros, led by Las Vegas, Miami and Tampa, Fla. with annual increases of at least 31% each. "Over the last five years, we have seen home prices break records early in the season as buyers try to get ahead of the competition. But this is the first time the record has been broken in February, signaling that competition is already heating up weeks before the start of the Spring buying season in a typical year," said Realtor.com® Chief Economist Danielle Hale. "While the number of homes on the market remains woefully behind buyer demand, in February we saw declines in new listings improve for the first time since November 2021, indicating potential hope on the horizon. Whether inventory continues to improve will depend on a variety of economic and geopolitical factors, including the conflict in Ukraine and mortgage rate hikes, which haven't impacted home sales or price growth so far, but will increasingly lessen buyers' purchasing power." February 2022 Housing Metrics – National The national listing price broke a new record in February, signaling an early start to the 2022 Spring buying season Housing affordability is increasingly an issue for 2022 buyers, partly due to climbing mortgage rates, which reached the highest level in nearly three years within the first two months of the year. With further hikes looming, February data suggests competition intensified as motivated buyers raced to lock in relatively affordable monthly payments. As a result, the national listing price exceeded the record set during the 2021 summer frenzy. While it's not uncommon for home price growth to begin accelerating in February, Realtor.com® data history shows listing prices didn't surpass previous peaks until at least March in every year from 2017-2021. In February, the U.S. median listing price increased 12.9% year-over-year to a new all-time high of $392,000, surpassing the 2021 peak (at $385,000 in July). Home prices posted smaller yearly gains in the 50 largest U.S. markets, up by an average of 7.8% year-over-year, mostly due to a larger number of smaller homes coming on the market. On average, big metro listing prices per square foot (+11.6% year-over-year) increased nearly as quickly as the overall national pace. February's biggest listing price gains were in southern (+12.5%) and western (+12.1%) metros, led by Las Vegas (+39.6%), Miami (+31.6%) and Tampa, Fla. (+31.5%). Home prices declined over last year in 13 markets, including Rochester, N.Y. (-18.2%), Detroit (-16.5%) and Pittsburgh (-14.0%). However, on a square foot basis, February listing prices were down in just five metros. Inventory improvements offer buyers a potential light in the supply shortage storm For the first time since last fall, yearly inventory declines improved slightly in February, largely due to rising numbers of new sellers. In fact, during the final two weeks of the month, more new sellers entered the market than during the same time last year. Further new listings growth, which is typical heading into the spring, will be key to inventory's forecasted recovery from 2021 lows. However, with 5.8 million new homes missing from the market and millions of millennials at first-time buying ages, housing supply faces a long road to catching up with demand. Additionally, recent bigger picture developments, like geopolitical tensions in Europe, could play a wildcard in consumer sentiment related to major financial decisions, including homebuying and selling. The U.S. inventory of active listings declined 24.5% year-over-year in February, improving slightly over last month's annual gap (-28.4%). However, there were still 122,000 fewer available listings than during a typical day in February 2021 and inventory was down 62.6% from February 2020. Relative to all active inventory, annual declines in new listings improved more significantly in February, down just 0.5% nationwide versus the 9.1% drop registered last month. Additionally, new listings grew on a year-over-year basis in the final two weeks of the month. Inventory remained below February 2021 levels in 46 of the 50 largest U.S. markets, but grew in Riverside, Calif. (+6.3%), Phoenix (+4.2%), Austin, Texas (+1.5%) and Sacramento, Calif. (+0.3%), marking the first month that supply increased in any large metro since October 2021. In another early Spring sign of rising for-sale home options, more new sellers entered the market than last year in nearly half (23) of the 50 largest markets. Furthermore, seven of these metros posted double-digit annual new listings gains: Milwaukee (+21.9%), New York (+19.5%), Oklahoma City (+16.3%), Kansas City (+15.6%), Philadelphia (+15.5%), Portland, Ore. (+12.5%) and Birmingham (+11.6%). Homes continue to fly off the market, selling a month faster than in 2017-2019 Following a record-setting first month of the year, February time on market trends showed no signs of slowing down. Likely motivated in large part by climbing mortgage rates, buyers snatched up the inventory of new and active listings more quickly than in any prior February, and over a month faster than in 2017-2019, before the onset of COVID. Relative to national time on market, home sales notched an even faster-moving February across the 50 largest U.S. metros, only three of which posted time on market gains. In February, the typical U.S. home spent 47 days on market, over two weeks faster (-17 days) than in 2021 and over a month (-38 days) faster than typical February timing from 2017-2019. Homes moved even more quickly in the 50 largest U.S. metros, at an average of 39 days on market in February. Homes sold in the least amount of time, at 16 days or less each, in Denver, San Jose, Calif. and Nashville, Tenn. Among large metros, February's biggest declines in time on market were registered in Miami (-34 days), Orlando, Fla. (-29 days) and Indianapolis (-21 days). Time on market increased in just three metros, which were Buffalo, N.Y. (+10 days), Oklahoma City (+6 days) and Cincinnati (+4 days). "It can be easy to get swept up in competition, so buyers should take the time to assess how higher mortgage rates could impact the affordability of monthly payments and consider adding a cushion at the top of their budgets. Tools like the Realtor.com® Mortgage Calculator can help you scenario plan for various rates so you're better prepared – not only for a successful buying experience, but also to comfortably afford your monthly housing costs once you have the keys in-hand," said George Ratiu, Manager of Economic Research and Senior Economist at Realtor.com®. Ratiu's advice is also relevant to the many sellers simultaneously buying a home, who can use tools like the Realtor.com® Seller's Marketplace to help them manage the many fast-moving parts of both processes and explore selling options like initial cash offers from Opendoor. January 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of February 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics (see more details here). As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. 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. For more information, visit Realtor.com®.
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Florida Realtors Tech Helpline Debuts Mobile App
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U.S. Home Buyer Activity Leaps in January as 83 Markets Hit Double-Digit Showings Per Listing
Top 25 markets were up an average of 14% year over year, with Seattle and Denver leading in showings per listing, followed by Salt Lake City; Boulder, Colo.; Manchester, N.H.; Dallas; and Orlando, according to ShowingTime data CHICAGO, Feb. 24, 2022 -- The latest data from ShowingTime, a residential real estate industry leading technology provider of showing management and market stats, shows a surge in home buyer demand in January, with the average number of showings per listing at double digits in 83 markets nationwide. This enormous activity occurred in a month when buyer activity typically slows and followed a historic 2021, where buyer demand across the country was extraordinarily strong. In January, the entire country experienced a 7.7% year-over-year uptick nationally in home tours, according to the latest data from the ShowingTime Showing Index®. The top 25 markets were up an average of 14% compared with the heavy traffic numbers recorded last January. As was the case in much of last year, Seattle*and Denver recorded the highest claimed the first and second spots for showings per listing in January, with 26 and 25, respectively. Of note, Seattle showed a 2 percent drop in showing year-over-year, due to phenomenal activity in January 2021. Numbers of showings outperformed all other markets nationwide, regardless. Next, Salt Lake City; Boulder, Colo.; and Manchester, N.H. trailed Seattle and Denver, all averaged 17 showings per listing, while Orlando, Fla. and Dallas each had 16 showings per listing to begin the year. "Given last year's historic flurry of activity, it's not surprising that buyers were motivated to meet their home ownership goals so shortly after the holidays," said ShowingTime Vice President and General Manager Michael Lane. "With buyer demand showing no sign of letting up, we remain committed to helping busy real estate professionals handle the ensuing surge in business, just as we did throughout last year." Regionally, the South led the country with a 12.3% year-over-year jump in showing traffic in January, with Dallas and the Florida cities of Orlando, Sarasota and Miami having enormous home touring action. The Midwest's 8.2% climb and Northeast's 7% bump in activity closely followed, while the West - despite very active traffic in Seattle and Denver - saw a 4.5% dip in showings compared to its historic January 2021 numbers. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. *Note: Seattle shows a -2% in the Y-O-Y chart below, due to a phenomenal January 2021. Numbers of showings outperformed all other markets nationwide, regardless. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High
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U.S. Homeownership Rate Experiences Largest Annual Increase on Record, Though Black Homeownership Remains Lower Than a Decade Ago, NAR Analysis Finds
Hispanic American homeownership is at an all-time high and above 50% for the first time WASHINGTON (February 23, 2022) -- The U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record. More Americans are likely to own a home now than during any year following the Great Recession (65.4% homeownership rate in 2010); however, Black Americans continue to face significant obstacles along the path to homeownership, according to the National Association of Realtors®. The homeownership rate for Black Americans – 43.4% – trails behind that of a decade ago (44.2% in 2010). Conversely, White Americans (72.1%), Asian Americans (61.7%) and Hispanic Americans (51.1%) all achieved decadelong highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50% for the first time. NAR's 2022 Snapshot of Race and Home Buying in America report examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race. "As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "Housing affordability and low inventory has made it even more challenging for all buyers to enter into homeownership, but even more so for Black Americans." Housing affordability has eroded for many consumers since the start of the pandemic due to the combination of record-high home prices and record-low inventory. Since 2019, home prices have spiked 30% – or about $80,000 for a typical home, while housing inventory has declined to under one million units available for sale. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income. Nationwide, nearly half of all Asian households annually earn more than $100,000. However, 35% of White households, 25% of Hispanic households and only 20% of Black households have incomes greater than $100,000. NAR's analysis found that the most affordable states for Black households to purchase a home are Maryland, West Virginia, Kansas, Ohio and Indiana. Conversely, the least affordable states for Black households are Utah, Oregon, California, Nevada and Rhode Island. In terms of renter households, half of Black Americans spend more than 30% of their monthly income on rent. Almost three out of 10 Black renter households (28%) and one in five White renter households (20%) are severely cost-burdened – defined as spending more than 50% of monthly income on rent. Nationwide, NAR estimates that 47% of White renter households and 36% of Black renter households can afford to buy a typical home when comparing the qualifying income to purchase a home and the median income of renter households. "Black households not only spend a bigger portion of their income on rent, but they are also more likely to hold student debt and have higher balances," Lautz added. "This makes it difficult for Black households to save for a down payment and as a result, they often use their 401(k) or retirement savings to enter homeownership." Black households (41%) are more than twice as likely as Asian households (18%) and nearly twice as likely as White households (22%) to have student loan debt. Approximately a quarter of Hispanic households (26%) reported having student loan debt. The median student loan debt for Black households ($45,000) exceeded that of Hispanic ($35,500), White ($30,000) and Asian ($24,400) households. Student debt is often a major impediment for prospective home buyers in saving for a down payment. Black and Hispanic applicants (7% each) were rejected for mortgage loans at greater rates than White and Asian applicants – 4% and 3%, respectively. Black Americans (14%) and Hispanic Americans (12%) were at least twice as likely than White Americans (6%) to tap into their 401(k) or pension funds as a down payment source for a home purchase. Such actions can diminish future wealth growth. Conversely, almost four out of 10 White Americans (38%) used the funds from the sale of their primary residence to serve as a down payment for a home compared to only 25% of Hispanic, 21% of Black and 16% of Asian Americans. The study noted that for those who said they witnessed or experienced discrimination in a real estate transaction, nearly a third of Black respondents (32%) said they faced stricter requirements because of their race. That compares to 19% of White respondents, 16% of Hispanic respondents and 4% of Asian respondents. Approximately one-third of Black and White home buyers (32% each) and almost a quarter of Hispanic home buyers (23%) said they witnessed or experienced discrimination with the type of loan product offered. Approximately seven in 10 White Americans (69%) said they purchased a home in a neighborhood where the majority of the residents were of the same race. However, about a quarter of Hispanic Americans (26%) and less than a fifth of Black (17%) and Asian Americans (15%) said the same. NAR is working to ensure Realtors® are active leaders in the fight to close the racial homeownership gap. NAR serves on the steering committee of the Black Homeownership Collaborative, whose seven-point plan aims to increase Black homeownership by a net 3 million by 2030. NAR has also stepped up the real estate industry's efforts to end bias and discrimination. Its "ACT" plan emphasizes "Accountability, Culture Change, and Training" to advance fair housing in the industry. NAR's interactive training platform, Fairhaven, puts real estate professionals in simulated situations where discrimination in a real estate transaction can occur. Also, NAR's implicit bias video and classroom trainings offer strategies to help Realtors® override biases in their daily interactions. To increase the nation's housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this longtime problem. View NAR's Snapshot of Race & Home Buying in America report here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Transactly Launches Connect with Acquisition of Cake
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Vacant Zombie Properties Inch Down Again in First Quarter of 2022 Even as Foreclosure Activity Rises
Zombie Foreclosures Comprise Only One of Every 13,400 Residential Properties in U.S.; Number of Zombie Properties Dips Another 1 Percent in First Quarter of 2022; But Foreclosure Activity Increases for Second Straight Quarter IRVINE, CA - Feb. 24, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its first-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,354,579) residential properties in the United States sit vacant. That represents 1.4 percent, or one in 73 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology enclosed below). Vacancy data is available for U.S. residential properties here. The report also reveals that 229,864 residential properties in the U.S. are in the process of foreclosure in the first quarter of this year, up 3 percent from the fourth quarter of 2021 and up 31 percent from the first quarter of 2021. The increase marked the second straight quarter that the count of pre-foreclosure properties has gone up since a nationwide moratorium on most lender takeovers of delinquent mortgages was lifted at the end of July. Among those pre-foreclosure properties, 7,363 sit vacant in the first quarter of 2022, down quarterly by 0.9 percent but up annually by 10.3 percent. The portion of pre-foreclosure properties that have been abandoned into zombie status dropped slightly from 3.3 percent in the fourth quarter of 2021 to 3.2 percent in the first quarter of this year. Despite the year-over-year increase, zombie foreclosures continue to represent only a miniscule portion of the nation's total stock of 98.8 million residential properties. Just one of every 13,424 homes in the first quarter of 2022 are vacant and in foreclosure. That's slightly better than ratio of one in 13,292 during the fourth quarter of 2021 although worse than the one-in-14,825 level in the first quarter of last year. "Even with foreclosure activity rising, it doesn't seem likely that we'll see a significant increase in the number of zombie properties," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM company. "Zombie status is most likely during a long, protracted foreclosure process, but with $23 trillion in homeowner equity, and demand outstripping supply, most distressed borrowers should be able to sell their home at a profit before the process drags on." The first-quarter zombie foreclosure trend remains among a host of measures showing how the decade-long surge in the U.S. housing market continues both in spite and because of the ongoing Coronavirus pandemic that damaged the U.S. economy after hitting in 2020. Home prices in much of the country have soared more than 10 percent over the past year. Seller profits commonly exceed 40 percent. And a tour of most neighborhoods would not turn up a single home in the foreclosure process sitting vacant and exposed to vandalism or decay. That has happened as a glut of home buyers has flooded the market, largely driven by historically low mortgages rates and a desire by many to flee congested virus-prone areas for the relative safety and larger spaces offered by houses or condominiums. Prices continue to soar as buyers chase a tight supply of homes for sale, including those in foreclosure. However, the number of zombie foreclosures could rise this year amid the recent increase in banks and other lenders pursuing homeowners who have fallen behind on mortgages payments during the pandemic. Pre-foreclosure numbers have jumped since the federal government lifted the moratorium, imposed in 2020, on lenders taking back properties. Employment is rising as the U.S. economy slowly recovers from the pandemic's effects, which should help tamp down foreclosures. But an estimated 1.5 to 2 million homeowners were in some kind of forbearance when the moratorium ended. "The problem of empty properties in foreclosure and the blight they can cause still remains off the table almost everywhere in the country. You'd need to search far and wide in most communities to find even one," said Todd Teta, chief product officer with ATTOM. "But the rosy picture is again in danger. That's because foreclosure activity has started to kick upward since the moratorium was lifted. While it's unlikely that a tidal wave of zombie properties is headed our way as the economy improves, the number seems likely to head up to some degree this year. It will depend on how fast the courts process cases and how many delinquent homeowners can catch up on mortgages." Zombie foreclosures down quarterly but up annually A total of 7,363 residential properties facing possible foreclosure have been vacated by their owners nationwide in the first quarter of 2022, down from 7,432 in the fourth quarter of 2021 but up from 6,677 in the first quarter of 2021. The number has decreased, quarter over quarter, in 25 states. But it is up, year over year, in 30. Among states with at least 50 zombie foreclosures during the first quarter of this year, the biggest decreases from the fourth quarter of 2021 to the first quarter of 2022 are in Michigan (zombie properties down 29 percent, from 76 to 54), New Jersey (down 18 percent, from 337 to 275), Illinois (down 11 percent, from 758 to 676), Oklahoma (down 10 percent, from 104 to 94) and North Carolina (down 8 percent, from to 146 to 134). While the numbers remain low, the biggest increases from the first quarter of 2021 to the first quarter of 2022 among states with at least 50 zombie foreclosures during the first quarter of this year are in Connecticut (zombie properties up 520 percent, from 10 to 62), Iowa (up 207 percent, from 43 to 132), Maryland (up 182 percent, from 44 to 124), Maine (up 174 percent, from 23 to 63) and Nevada (up 119 percent, from 31 to 68). Largest zombie property counts remain in Northeast and Midwest Six of the seven states with the most zombie foreclosures again are in the Northeast and Midwest. New York continues to have the highest number of zombie properties (2,074 the first quarter of 2022), followed by Ohio (942), Florida (916), Illinois (676) and Pennsylvania (356). "If we do see a jump in the number of zombie properties, it will likely happen in states like New York, Illinois, and Florida," Sharga noted. "Judicial foreclosures in these states often get delayed by court backlogs, and the foreclosure process has sometimes dragged on for over 1,000 days." Overall vacancy rates down over the past year in 38 states The vacancy rate for all residential properties in the U.S. has increased to 1.37 percent in the first quarter of 2022 (one in 73 properties). That's up from 1.33 percent in the fourth quarter of 2021 (one in 75), but remains down from 1.46 percent in the first quarter of last year (one in 68). Overall vacancy rates have decreased in 38 states from the first quarter of 2021 to the first quarter of 2022. States with the biggest annual drops are Oregon (down from 1.9 percent of all homes in the first quarter of 2021 to 1.1 percent in the first quarter of this year), Mississippi (down from 2.5 percent to 1.8 percent), Tennessee (down from 2.5 percent to 1.9 percent), Wisconsin (down from 1.4 percent to 0.8 percent) and Minnesota (down from 1.5 percent to 1 percent). Other high-level findings from the first-quarter-of-2022 data: Among 163 metropolitan statistical areas in the U.S. with at least 100,000 residential properties and at least 100 properties facing possible foreclosure in the first quarter of 2022, the highest zombie rates are in Wichita, KS (14.8 percent of properties in the foreclosure process are vacant); Springfield, MO (14.7 percent); Peoria, IL (11.6 percent); Fort Wayne, IN (10.9 percent) and Cleveland, OH (10.8 percent). Aside from Cleveland, the highest zombie-foreclosure rates in major metro areas with at least 500,000 residential properties and at least 100 homes facing foreclosure in the first quarter of 2022 are in Indianapolis, IN (9.7 percent of homes in the foreclosure process are vacant); Portland, OR (9.6 percent); Baltimore, MD (8.1 percent) and Pittsburgh, PA (6.8 percent). Among the 27.7 million investor-owned homes throughout the U.S. in the first quarter of 2022, about 935,200 are vacant, or 3.4 percent. The highest levels of vacant investor-owned homes are in Indiana (7.1 percent), Kansas (6 percent), Oklahoma (5.5 percent), Ohio (5.2 percent) and Alabama (5.2 percent). Among the roughly 3,100 foreclosed, bank-owned homes in the U.S. during the first quarter of 2022, 14.4 percent are vacant. In states with at least 50 bank-owned homes, the largest percentages are in Alabama (21.6 percent vacant), Michigan (20.8 percent), Georgia (20.2 percent), Ohio (19.9 percent) and Illinois (19.7 percent). The highest zombie-foreclosure rates among counties with at least 500 properties in the foreclosure process during the first quarter of 2022 are in Broome County (Binghamton), NY (12.9 percent of pre-foreclosure homes are empty); Cuyahoga County (Cleveland), OH (12.5 percent); Pinellas County (Clearwater), FL (9.7 percent); Onondaga County (Syracuse), NY (9 percent) and Oneida County, NY (outside Syracuse) (8.2 percent). The lowest zombie rates among counties with at least 500 properties in foreclosure in the first quarter of 2022 are in Mecklenburg County (Charlotte), NC (0.3 percent of pre-foreclosure homes are empty); Mercer County (Trenton), NJ (0.3 percent); San Diego County, CA (0.4 percent); Atlantic County (Atlantic City), NJ (0.4 percent) and Lexington County (Columbia), SC (0.6 percent). Among 419 counties with at least 50,000 residential properties, those with the largest portion of total homes in zombie foreclosure status in the first quarter of 2022 are Broome County (Binghamton), NY (one of every 614 properties); Cuyahoga County (Cleveland), OH (one in 901); Suffolk County (eastern Long Island), NY (one in 1,132); Peoria County, IL (one in 1,283) and Albany County, NY (one in 1,383). Report Methodology ATTOM analyzed county tax assessor data for about 99 million residential properties for vacancy, broken down by foreclosure status and, owner-occupancy status. Only metropolitan statistical areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Vacancy data is available here. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Existing-Home Sales Surge 6.7% in January
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HomeJab study shows Wednesdays are the most popular day for taking real estate listing photos
Study also reveals the impact of COVID-19 on video/3D and aerial photography Cherry Hill, NJ - February 16, 2022 -- A new study of real estate photography data from HomeJab finds that Wednesday is the most popular day of the week for real estate photographers to take photos for a new property listing. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services in every major US market and all 50 states, studied nearly 60,000 real estate photography assignments over the last four years. The HomeJab study found: The most popular day of the week for real estate photography was Wednesday. 20% of all listing photos are shot on Wednesday. Tuesday and Thursday are tied for the second most popular day of the week for shooting real estate listing photos with 18% each. The least popular day of the week for real estate photos? Sunday. Just 4% of real estate listing photos are shot on a Sunday. "Most professional real estate photography shoots don't happen on weekends, even though home sellers are typically more available," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that only about 1 out of 10 listing photo shoots occur on a Saturday and Sunday," Jesuele added. The HomeJab study also revealed that COVID-19 had a dramatic impact on the popularity of both video/3D shoots for new property listings and aerial photography footage. In 2020, when the pandemic shuttered almost all Open Houses, the percentage of video and 3D virtual tours ordered by agents jumped significantly from 37% to 53% of photo shoots. Last year, as Open House returned, this percentage went down slightly to 48% but remained higher compared to pre-pandemic levels for 2019. HomeJab found the opposite was true with aerial photography. A little more than 15% of real estate listing photo shoots included aerial photography in 2018 and 2019. That number dropped in 2020 to 12%. Last year aerial photography orders rebounded to about 14% for all listings. Jesuele observed, "Agents typically have a fixed budget for photography, so an increase in one service would cause a decrease in the other service." "We expect real estate agents using HomeJab to continue to build-in video and 3D tours as part of their 'go-to' photo package for all listings, and that aerial photography will continue to rebound," Jesuele said. "Increasing visual content satisfies sellers and helps potential buyers, especially those who still don't want to tour physically as many houses as they once did." A summary report on this new HomeJab study is available here. About the Study For this study, HomeJab, which has real estate photography professionals available in every major US market and all 50 states, studied nearly 60,000 real estate photography assignments placed by real estate agents between 2018 and 2021. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Two-Thirds of Metros Reached Double-Digit Price Appreciation in Fourth Quarter of 2021
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Mortgage, but Hold the Marriage: Survey Finds One-third of Americans Have Bought a Home Together without Getting Hitched
Money matters more than relationship status when it comes to feeling ready to buy a home SANTA CLARA, Calif., Feb. 9, 2022 -- Love isn't in the air with every homebuyer, and many are making the decision to dive into homeownership without putting a ring on it. Realtor.com today released the results of a new survey with HarrisX which found that homebuying isn't just for married couples. Nearly one third (31%) of all Americans and 41% of 18-34 year-olds have bought a primary residence with someone they aren't married to. Perhaps even more telling – 55% of Americans and 68% of 18-34 year-olds would consider it. "With home prices skyrocketing in recent years, it's become even more challenging to break into the housing market for first-time buyers. Many buyers have needed more than one income to afford a home, especially as rising rents may be eating into their down payment savings," said Clare Trapasso, Deputy News Editor, Realtor.com®. "However, the pandemic delayed many weddings. And rising prices forced some couples to choose between saving to become homeowners versus having the big day. This has resulted in many unmarried couples, as well as extended families and friends, pooling their resources together so they can afford to become homeowners." Teaming up to break into the market More than three quarters (76%) of survey respondents said that the optimal age to buy a home is before the age of 35 – but it's not easy to go it alone. In order to break into a housing market with sky-high prices and limited homes for sale, many Americans are open to buying with friends, roommates and even extended family members. Who's buying together? The most common co-buyers are romantic partners, but friends, extended family and even roommates are buying together. Here are the most likely candidates: Romantic partner, not engaged or married (15%) Parent, grandparent or older relative (6%) Child, niece/nephew or younger relative (5%) Sibling, cousin or relative of a similar age (4%) Roommate (4%) Friend (4%) Would you buy a home with grandma? The majority of people surveyed (55%) would be open to buying a home with someone they're not married to. Here's who they would consider buying with: Romantic partner, not engaged or married (27%) Child, niece/nephew or younger relative (20%) Parent, grandparent or older relative (17%) Sibling, cousin or relative of a similar age (16%) Friend (10%) Roommate (7%) Pooling resources can make it easier to buy Two heads are often better than one, and so are two salaries. Here are the reasons that so many people are open to buying a home with someone other than a spouse: Starting to build equity sooner (32%) Buying in a better location (31%) Buying a bigger home (31%) Buying a more updated home (31%) Pooling resources to get into the housing market sooner (27%) No partner? No problem. Finances are most important in feeling ready to buy a home Americans say the most important aspect of being ready to buy a home is more about money than relationship status. The top milestones mentioned were feeling financially ready (71%), feeling stable career-wise (63%) and having enough money saved for a down payment (61%). These career- and money-oriented milestones were cited 2x to 3x more often than being married or in a serious relationship. Search together, or get feedback from friends and family Whether buying with a partner, a friend, or going solo, Realtor.com® offers unique product features to streamline and simplify the process of finding the perfect home. Collaborate & share features let home shoppers work together with a partner in a shared search or ask for input from friends and family, all while keeping track of the details in one convenient spot. Users can invite a co-buyer or renter from the "buyer profile" tab in their Realtor.com® account or by clicking the "collaborate" button at the top of their saved homes list. No co-buyer? No problem. To request one-off input from friends, family, and even your real estate agent, simply click "share" on a listing and enter email addresses, phone numbers or social media handles. Survey methodology: This survey was conducted online within the United States from Jan. 31 - Feb. 1 among 1,003 adults by HarrisX. The sampling margin of error of this poll is plus or minus 3.1 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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75% of recent home buyers have regrets about their new home
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Matterport Introduces Axis, a New Hands-Free Motor Mount for Precision 3D Capture for Smartphones
SUNNYVALE, Calif., Feb. 08, 2022 -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced Matterport Axis, a revolutionary motorized mount that works with a smartphone to capture 3D digital twins of any physical space with increased speed, precision, and consistency. This convenient, hands-free solution produces reliable high-fidelity results with just a click of a button. From homes to offices, hotels, rentals, retail locations, even a factory floor, Matterport Axis is the most affordable way to supercharge 3D capture using just the phone in your pocket. With Axis, the company aims to accelerate the digital transformation of the built world by making it effortless for anyone with a smartphone to digitize any kind of space with a new level of precision and ease of use. Starting today, Matterport Axis is available with special pre-launch pricing of just $59, by securing a place on the Axis waitlist at Matterport.com. The official launch date is April 1 when general availability pricing will start at $79. All waitlist sign-ups received by March 31 will qualify for pre-launch pricing, subject to terms and conditions. Matterport has also enlisted its premier e-commerce partners, Adorama and B&H, to bring Matterport Axis to market. The special pre-launch pricing will also be available at both of these websites starting today. Customers across a variety of industries use Matterport to virtually measure, document, manage, and promote their properties online. Now, with Matterport Axis, organizations across the globe can scale up their efforts to affordably capture high-fidelity digital twins at multiple locations simultaneously. Distributed teams get reliable, consistent results from their smartphones, and Axis helps to ensure that every scan from every location achieves the same level of precision. Matterport Axis simplifies deployments across all industries including: Real Estate. Professionals, property managers, and vacation rental owners can now create digital twins with greater speed and ease with Axis' affordable, hands-free 3D capture - to publish stunning virtual tours online in less than an hour. Retail and Hospitality. On-site employees can use Matterport Axis and the smartphone in their pocket to reliably capture a digital twin from every location across a chain of properties. This enables merchandising teams and facility managers to virtually inspect, plan, and manage multiple locations online, eliminating routine travel and on-site visits while rapidly increasing productivity. Construction and Insurance. Builders and insurance adjusters can readily deploy multiple Axis units to the field to accurately scan and share detailed digital twins from any compatible smartphone, for every stage of the job. Enabling remote inspection, tracking, and management with contractors and building specialists anywhere in the world. "At Matterport, our mission is to make every space more valuable and accessible, and with Matterport Axis, we're excited to help our customers bring their properties online so that they can manage them anytime, anywhere," said Japjit Tulsi, Chief Technology Officer of Matterport. "We have democratized 3D capture by making the Matterport Capture app available to billions of Android and iOS users. Combined with Matterport Axis, we've made it even simpler for individuals, small businesses, and large multi-property enterprises to quickly and reliably scale the digitization of their properties at an affordable price." To learn more about Matterport Axis and sign up for the waitlist, visit: www.matterport.com/axis. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 194 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Homebuying Competition Kicks Off 2022 with the Fastest-Moving January Ever
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Record-High Prices and Record-Low Inventory Make It Increasingly Difficult to Achieve Homeownership, Particularly for Black Americans
NAR and Realtor.com identify most affordable housing markets for Black households WASHINGTON (February 7, 2022) -- The surging residential real estate market of the last two years led to record-high home prices and record-low inventory. This simultaneous "double trouble" has made it increasingly difficult for consumers, particularly Black Americans, to achieve homeownership, according to a new analysis from the National Association of Realtors and Realtor.com. The Double Trouble of the Housing Market report examines the impact that rapidly escalating home prices and diminishing housing inventory has on housing affordability. Unlike previous affordability research and indices, NAR and Realtor.com® considered affordability for all income groups, accounted for the affordability of homes currently available for sale instead of homes that have already sold and provided affordability data by race for the 100 largest U.S. metro areas. Nationally, more than 400,000 fewer affordable homes are available for sale for households earning $75,000 to $100,000 when compared to the start of the pandemic (245,300 in December 2021 vs. 656,200 in December 2019). For that same income group, there's one affordable listing available for every 65 households, a significant drop in availability from one affordable listing for every 24 households in 2019. The total home valuation across the country is estimated to have risen by $8.1 trillion from the first quarter of 2020 through the end of 2021. However, this sizable increase in real estate values was not accompanied by a rise in homeownership as the ownership rate remained at approximately 65%. "The housing wealth gain has been sizable over the past two years," said NAR Chief Economist Lawrence Yun. "However, due to the ongoing inventory shortage and rising interest rates, homeownership attainment will become especially challenging unless drastically more housing supply is available." For households with higher incomes, some expensive metro areas – San Francisco, San Jose, Washington, D.C., for example – surprisingly are more affordable than before the start of the pandemic due to increasing incomes and lower mortgage rates. Since 2019, household incomes rose 15% and 13%, respectively, in San Jose and San Francisco. However, while some households in these markets can afford to buy a greater share of homes, fewer options exist as a result of the record-low inventory. For example, households earning $100,000 to $125,000 in the San Francisco metro area can afford to buy 180 fewer homes now compared to December 2019. For households in San Francisco earning $125,000 to $150,000, there are about 300 fewer affordable homes available than in December 2019. "In general, an increase in salary makes housing more affordable to a buyer. But due to the reductions in inventory over the last few years, today's buyers in large tech markets can actually afford a smaller number of homes than they could two years ago, despite an uptick in wages," said Realtor.com® Chief Economist Danielle Hale. "The low inventory challenge is particularly acute for some racial and ethnic groups who have faced greater hurdles to homeownership stemming from, among other things, lower incomes as a group." A significant and persistent racial homeownership gap exists in America. Since 2017, the annual homeownership rate for White Americans has remained comfortably above 70%; however, the homeownership rate for Black Americans has been slightly above 40% – nearly 30 percentage points lower. NAR and Realtor.com® analyzed housing affordability by racial group to help explain the differences in homeownership. Nationwide, 35% of White households and only 20% of Black households have incomes greater than $100,000. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income and substantial variances in affordability exist by metro area. "Moreover, the homeownership rate has been around 50% for all households in the expensive metro markets, such as Los Angeles and San Francisco, and therefore it's becoming nearly impossible to afford a home, especially for Black households," Yun added. "At the same time, there are affordable markets that still provide opportunities to achieve homeownership as inventory at affordable price points is reasonably available." NAR and Realtor.com® also identified the top 10 most affordable housing markets for Black households. In alphabetical order, the markets are Akron, Ohio; Baltimore, Md.; Birmingham, Ala.; Dayton, Ohio; Detroit, Mich.; McAllen, Texas; Memphis, Tenn.; St. Louis, Mo.; Toledo, Ohio; and Youngstown, Ohio. In these metro areas, Black households can afford to buy homes roughly in proportion to their income distributions. To increase the nation's housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this longtime problem. View The Double Trouble of the Housing Market report here. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. 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. For more information, visit Realtor.com.
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Homebuyer's Agent Commission Rate Dips to 2.63%, the Lowest Since at Least 2017
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More than a third of recent movers say it's harder to find a house than a spouse
New Zillow survey finds most Americans enjoy home shopping more than dating SEATTLE, Feb. 2, 2022 -- Love is in the air this Valentine's Day, at least when it comes to home. A new survey from Zillow finds 80% of Americans say they love their home. However, finding a home is a lot more challenging in today's hypercompetitive and rapidly appreciating housing market. About one-third of recent movers (34%) say it's harder to find a house to buy than a spouse, yet most say shopping for a home is more enjoyable. Women are more likely than men to say shopping for a home is more enjoyable than dating; 62% compared to 39% of men. Some psychologists believe looking at for-sale listings can create a mood-boosting chemical reaction in the brain similar to the excitement of a romantic relationship, a phenomenon parodied on SNL. During the pandemic, a record number of users surfed Zillow to escape the stress of their lives and dream of the possibilities a move could bring. "The way we shop for homes is in many ways similar to the way we meet romantic partners," said Zillow home trends expert Amanda Pendleton. "Both involve wish lists, compromises and deal breakers, and much of the legwork happens online. But unlike dating apps, tools like interactive floor plans and virtual 3D home tours mean fewer home shoppers are disappointed when they see a home in person for the first time. Perhaps that's one reason this survey found that far more people think they'll be successful using an app to find a home to buy (76%) than to find a romantic partner (24%)." Another reason may be expectations. Most people (62%) say their wish list for a romantic partner is more difficult to satisfy than their wish list for a home (38%), and 61% say they have more deal breakers when it comes to choosing a partner. Two-thirds of Americans are more willing to compromise on qualities in a home to buy (67%) than qualities in a romantic partner (33%). Still, most people are romantics at heart, at least when it comes to their home. Nearly 3 in 4 Americans believe they could fall in love at first sight with a home (73%), while more than half believe they could fall in love at first sight with a person (54%). While 65% of singles would consider moving to improve their dating prospects, 84% say they would consider moving in order to buy a home. Once they find it, most people love their home (80%). The most common reasons people love their home are the memories associated with it (82%), and their home's location, neighborhood or neighbors (77%). Tools like Zillow's travel-time function, walk score and transit score can help shoppers choose a neighborhood they'll love. As with dating, finding "the one" in today's housing market may be tough, but shoppers can take steps to land their dream home with the right partners, preparation and persistence. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
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CoreLogic Reports Upward Trend in Annual Home Price Appreciation Continues; Up 18.5% in December
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NAR Calls on Realtors Who Give Back to Apply for the 2022 Good Neighbor Awards
CHICAGO (February 1, 2022) -- The National Association of Realtors announced today that it is accepting applications for the 2022 Good Neighbor Awards. The program recognizes Realtors® who have made an extraordinary impact in their communities through volunteer service. Five winners will each receive a $10,000 grant for their nonprofit organization and will be recognized at the November 2022 REALTORS® Conference & Expo in Orlando, earning travel expenses to the event and considerable media exposure for their causes. Five honorable mentions will also each receive a $2,500 grant. "During a time when so many are in need, it is encouraging to see Realtors® across the country continuing to give back through volunteerism," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "With Realtors® volunteering at nearly three times the rate of the general population, the Good Neighbor Awards shines a light on the amazing efforts that NAR members put forth to help their neighbors and better their communities." Since 2000, the Good Neighbor Awards program has donated $1.4 million to Realtor®-led nonprofits around the country. The awards program is supported by primary sponsor realtor.com® and receives additional support from the Center for REALTOR® Development. "For 25 years, realtor.com® has been a partner to Realtors®, so we know they are generous by nature and care about their local community," said realtor.com® CMO Mickey Neuberger. "We take great pride in our involvement with the Good Neighbor Awards and shining a light on the Realtor® volunteers who have risen to the challenge of meeting the needs of others during exceptional times." 2021 Good Neighbor Award Winner Bob Bell, who feeds 10,000 low-income school children each week, says the exposure earned from his award has given his nonprofit a degree of credibility that they had never experienced. "The grant has allowed us to feed many more children," Bell said. "The visibility has also brought us more supporters and the national exposure has inspired Realtors® across the nation to contemplate how they can address childhood hunger in their local areas." Good Neighbor Award entries must be received by May 2, 2022. To be eligible, nominees must be NAR members in good standing and should have made a significant impact as a volunteer for a 501(c)3 nonprofit organization. Nominees are chosen for the award based on their personal impact on their community through volunteer work. For additional details, judging criteria and to download the online nomination form, call 800-874-6500 or visit nar.realtor/gna.
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U.S. Home Seller Profits Soar Again in 2021 as Prices Shoot to New Records
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Annual Existing-Home Sales Hit Highest Mark Since 2006
In 2021, existing-home sales totaled 6.12 million – an increase of 8.5% from the prior year and the highest annual level since 2006. WASHINGTON (January 20, 2022) -- Existing-home sales declined in December, snapping a streak of three straight months of gains, according to the National Association of Realtors. Each of the four major U.S. regions witnessed sales fall in December from both a month-over-month and a year-over-year basis. Despite the drop, overall sales for 2021 increased 8.5%. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 4.6% from November to a seasonally adjusted annual rate of 6.18 million in December. From a year-over-year perspective, sales waned 7.1% (6.65 million in December 2020). "December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing," said Lawrence Yun, NAR's chief economist. "Sales for the entire year finished strong, reaching the highest annual level since 2006." Yun, however, does expect existing-home sales to slow slightly in the coming months due to higher mortgage rates, but noted that recent employment gains and stricter underwriting standards ensure home sales are in no danger of crashing. He forecasts rates to remain below 4% by year-end and wages to hold firm due to a tight labor market. "This year, consumers should prepare to endure some increases in mortgage rates," Yun cautioned. "I also expect home prices to grow more moderately by 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market." Total housing inventory at the end of December amounted to 910,000 units, down 18.0% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020. "We saw inventory numbers hit an all-time low in December," Yun said. "Home builders have already made strides in 2022 to increase supply, but reversing gaps like the ones we've seen recently will take years to correct." The median existing-home price for all housing types in December was $358,000, up 15.8% from December 2020 ($309,200), as prices rose in each region. The South witnessed the highest pace of appreciation. This marks 118 straight months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 19 days in December, one day more than the 18 days seen in November, and down from 21 days in December 2020. Seventy-nine percent of homes sold in December 2021 were on the market for less than a month. First-time buyers were responsible for 30% of sales in December, up from 26% in November and down from 31% in December 2020. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. "There was a significant surge in first-time buyers at the end of the year," Yun said. "With mortgage rates expected to rise in 2022, it's likely that a portion of December buyers were intent on avoiding the inevitable rate increases." Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in December, up from 15% in November and up from 14% in December 2020. All-cash sales accounted for 23% of transactions in December, down from 24% in November, and up from 19% from December 2020. Distressed sales – foreclosures and short sales – represented less than 1% of sales in December, equal to the percentage seen in both November 2021 and December 2020. Realtor.com®'s Market Trends Report in December shows that the greatest year-over-year median list price growth occurred in Las Vegas (+32.4%), Austin (+28.8%), and Tampa (+25.4%). Austin also registered the highest growth in the number of homes which had their prices reduced compared to last year (+3.4 percentage points), followed by Pittsburgh (+3.2 percentage points) and Buffalo (+2.1 percentage points). According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.10 in December, up from 3.07 in November. The average commitment rate across all of 2021 was 2.96%. Single-family and Condo/Co-op Sales Single-family home sales dropped to a seasonally adjusted annual rate of 5.52 million in December, down 4.3% from 5.77 million in November and down 6.8% from one year ago. The median existing single-family home price was $364,300 in December, up 16.1% from December 2020. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 660,000 units in December, down 7.0% from 710,000 in November and down 9.6% from one year ago. The median existing condo price was $305,100 in December, an annual increase of 11.9%. "We wrapped up the year witnessing home sales exceed the previous year's total and saw millions of families secure housing," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "I think the positive momentum will continue as the market prepares to finally see more supply in the coming months, meaning more buyers will be able to land their dream home." Regional Breakdown Existing-home sales in the Northeast fell 1.3% in December, registering an annual rate of 750,000, a 15.7% decrease from December 2020. The median price in the Northeast was $384,600, up 6.3% from one year ago. Existing-home sales in the Midwest slid 1.3% to an annual rate of 1,500,000 in December, a 2.6% decline from a year ago. The median price in the Midwest was $256,900, a 10.0% climb from December 2020. Existing-home sales in the South retreated 6.3% in December, posting an annual rate of 2,700,000, a drop of 5.3% from one year ago. The median price in the South was $323,000, a 20.2% ascension from one year prior. Existing-home sales in the West decreased 6.8%, reporting an annual rate of 1,230,000 in December, down 10.2% from one year ago. The median price in the West was $507,100, up 8.4% from December 2020. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Housing Markets at Risk from Pandemic Downturns Concentrated in New Jersey, Illinois and California
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Showcase IDX Launches Top New Feature for Its Core Product
New Listings To Leads option set to offer real estate agents the cutting edge advantage Seattle, WA, Jan. 18, 2022 -- Showcase IDX, the leading real estate search and consumer engagement platform, has added a brilliant new feature to its core products, which is set to offer Listings To Leads advantage to real estate agents. The game for real estate agents has changed with technology in the past two decades. Social media platforms and apps have become the best tools to share information as phone calls become passé. Through simple Google searches and social media scrolls, interested homebuyers can find the property or real estate agent they are looking for with ease. And that's where the platform offered by Showcase IDX offers an edge to real estate agents. And now that advantage is set to grow manifold with Real Estate Listing Leads that will allow agents to generate more leads. It's interesting to note that Showcase IDX came into being in 2003 and has been consistently growing since. Its IDX search on agents and broker websites was used by more than 12 million users last year. The use of Showcase IDX also resulted in 83% more searches on Google for agent websites. Today, it has grown into being the top IDX WordPress plugin for real estate, offering the inherent advantage of the latest technologies to real estate agents. And its all new Listing to Leads feature will take things to a new level. The feature is a result of intensive research carried out by the company to harness the benefits of lead magnets and strategies that allow agents to attract new leads organically and qualify existing leads too. It's interesting to note that the feature makes creating lead listing landing pages extremely easy. They can create and share lead listing landing pages quickly and without much effort. They can then adapt the URL and paste it into the intended medium to be shared with the audience. Getting Listings To Leads is that simple and doesn't require any coding from real estate agents. Showcase IDX also offers real estate agents insights into how to make the most out of this feature. From using it as a hyperlink in emails to using it as a link on Facebook, Twitter, or LinkedIn; there are many ways in which the new feature can be harnessed to its optimum potential. And with Real Estate IDX With MLS Listings, they can make their mark in the intensely competitive environment. Showcase IDX was set up with the mission of making technology accessible to real estate agents to help them grow their business. With this brand new feature, they can further enhance that benefit by generating more leads, having everything on one system they already use, and saving good amounts every month too. About Showcase IDX Founded in 2003, the real estate search and consumer engagement platform has grown into a leading name in the industry with more than 12 million consumers using its IDX search on agent and broker websites in the past year.
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NAR Releases Its Inaugural ESG+R Sustainability Report
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Thousands of Texas real estate agents learn how to work with home builders
HomesUSA Alliance helps agents specialize, earn educational credits DALLAS, Jan. 12, 2022 -- An effort to provide new home sales education to Texas real estate agents has already helped more than 4,000 real estate sales professionals statewide learn how to better work with home builders. HomesUSA Alliance, founded by the real estate industry giants Ben Caballero and Bob Hafer, is now empowering hundreds of agents annually to become certified as new home sales specialists while earning educational credits required to maintain an active real estate license in Texas. During the pandemic, the two-day immersive coursework offered by HomesUSA Alliance became available remotely via Zoom. According to co-founder Bob Hafer, its popularity exploded as accessibility increased, with 1,100 agents have now taken either the two-day program or signed up for individual classes. The next 2-day series of classes, available via Zoom, is set for January 19-20, 2022, and open to agents throughout Texas and nationwide. Registration is via the HomesUSAAlliance.com website on its Calendar page. Hafer, who created and teaches the classes, notes the number of agents he can teach has nearly doubled during the pandemic as previously, in-person class attendance was required. In addition, the locations for classes were limited to Dallas, Ft. Worth, and Austin, Texas. Now the program is available to agents nationwide. "Working with builders offers agents a new way to grow their business rapidly. Ben became the No. 1 ranked real estate agent in America by becoming a new home sales specialist," said Hafer, "and I've spent my lifetime in the home building business. We created HomesUSA Alliance knowing from personal experience builders and real estate agents can benefit greatly from a closer working relationship." The Alliance delivers a comprehensive source of new home information for agents that provides better insight into how the building industry works. "Agents often misunderstand why builders do what they do, and the same is true for builders when it comes to knowing why agents do what they do," said Ben Caballero, co-founder of the Alliance, founder and CEO of HomesUSA.com, and a two-time Guinness World Record title holder. "Through a targeted education, we are helping to close this knowledge gap," Caballero explained. Because the classes are approved for continuing education (CE) credits by the Texas Real Estate Commission, agents can earn 11 credits from the six courses during the two-day program. Priced affordably at $200, once agents complete all six (6) CE courses, they also can earn their New Home Sales Certification from HomesUSA Alliance. "The Texas Real Estate Commission requires agents to take 18 hours of approved Continuing Education credit every two years," notes Hafer, "and the Alliance course covers about two-thirds of your two-year requirement in just two days." "But the biggest benefit the courses deliver, based on testimonials of agents who have completed the program, isn't the CE credit, but the fact they get information about how to work with builders and sell new homes that's not available anywhere else," explains Caballero. "Niches create riches in real estate is an old saying but one that may be truer today than ever," Caballero said. "The fact is there are more than 220,000 agents in Texas, and the vast majority never show a buyer a new home. Yet, we know that nationally, more than 80 percent of all real estate sales involve an agent. So, we teach real estate agents to specialize in a great business niche – how to work with builders and sell new homes. Agents who take this training will create a competitive advantage in the marketplace for themselves and will be able to serve their clients better," he added. There are six bi-monthly two-day classes, and they can be taken all at once or individually. Class titles are "Building Your Real Estate Business Through New Home Sales," "Everything You Need to Know About New Home Construction," "How to Negotiate Successfully with a New Home Builder," "Understanding New Home Builder Contracts and Addendums," and "New Home Construction Blueprint Reading for Realtors," and "How to Recognize a Green Built New Home." Registration is available online at HomesUSAAlliance.com. About HomesUSA Alliance The HomesUSA Alliance's mission is to improve builder-agent relationships through better communication. With these classes Agents benefit greatly with better insight into how home builders work. Founded by real estate industry giants Ben Caballero and Bob Hafer, the Alliance is their way of giving back to an industry that has enriched their professional and personal lives. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is a two-time Guinness World Record title holder for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Play. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com | Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Realtor.com Forecasts the Best Markets for First-Time Homebuyers in 2022
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New HomeJab Real Estate Photo Study Finds Sellers are Unprepared
Survey also asks photography pros to rate real estate agents' "professionalism" Cherry Hill, NJ - January 5, 2022 -- A new study of real estate photographers released today by HomeJab found that homeowners selling their homes are often not prepared for a photoshoot ordered by their real estate agent. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services nationwide, asked more than 300 professional photographers, "How often are homeowners not prepared for a shoot?" More than half of the professional real estate photographers said that most of the time – half to more than half – homeowners are unprepared. "Agents may be assuming their sellers know what they need to do to have their home ready for a photoshoot," said Joe Jesuele, founder and CEO of HomeJab. "But photography occurs very early in the listing process, and sellers may not realize what professional photographers need to make the right impressions," Jesuele added. According to Jon Biddle, a 10-year real estate photography veteran from Philadelphia, PA who shoots more than 100 properties a year, many homeowners forget to declutter their homes, putting away personal items on counters – cell phones, purses, drinking glasses, liquor and more. "That can detract attention away from what is important," Biddle said. "Sellers often have to spend 20 minutes or more putting away personal items," Biddle added, "and agents could do more to make sure they're ready." The HomeJab survey also turned the tables on real estate agents by asking photographers, "How professional is the typical real estate agent who hires you?" on a scale of 1-10, 10 being highly professional. Overall, photographers gave an average rating of 7.6, indicating agents who hire them are very professional. Flavio Villacorta, a professional real estate photographer who serves Washington, D.C., shared that he/she finds that real estate agents who invest in professional photography – as well as 3D tours and aerial footage – have high professional standards in everything they do. "Most agents who only use professionally shot photos for their listings are typically the best agents in the marketplace," Villacorta said. With the explosion in the popularity of using aerial photography to market homes for sale over the last several years, the HomeJab study asked professional real estate photographers if they have been harassed by someone when flying a drone to shoot aerial footage of a listing. The HomeJab survey found that one-in-three photographers experienced harassment when flying a drone. The research also revealed that just 15% of photographers surveyed said they had never flown a drone. Future Tech Trends Finally, the survey asked professional real estate photographers to pick two technologies related to their business that they are "most excited about." The findings: The vast majority of photographers said "drones," topping the list with 68%. 360-degree cameras came in at the #2 spot with 54%. Automated editing technology was #3 with 35%. New mobile phones cameras (e.g., iPhone 13) were #4 with 18%. NFTs (blockchain) was ranked #5 with 17%. "The surprise is the strong interest in NFTs," said HomeJab's Jesuele. "Five years ago, NFTs didn't even exist. Now one-in-six photographers pick it as a Top 5 technology. NFTs are starting to make their way into all areas of creative arts, including a growing interest among professional real estate photographers, and that's exciting." The HomeJab Professional Real Estate Photographer Survey collected responses from 310 professional real estate photographers nationwide. Fifty percent of the photographers surveyed shoot more than 100 property listings annually. Nearly one-in-three photographers surveyed shoot more than 200 property listings annually, with 40% of the participants being professional photographers for at least six years. The photographers polled represent all areas of the country: 22% from the Northeast, 25% from the Southeast, 17% from the Midwest, 19% from the Southwest, 7% from the Northwest, and 10% from other locations. A summary report from HomeJab is available here. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and to enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Pending Home Sales Subside 2.2% in November
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Homeownership in U.S. Again Less Affordable in Fourth Quarter as Prices Keep Soaring
Typical Home Remains Within Means of Average Wage Earner in Fourth Quarter of 2021; But Historic Affordability Down in Three-Quarters of U.S. Markets; National Median Home Price Hits $317,500, Another New High IRVINE, Calif. - Dec. 30, 2021 -- ATTOM, curator of the nation's premier property database, today released its fourth-quarter 2021 U.S. Home Affordability Report, showing that median-priced single-family homes are less affordable in the fourth quarter compared to historical averages in 77 percent of counties across the nation with enough data to analyze. That's up from just 39 percent of counties that were historically less affordable in the fourth quarter of 2020, to the highest point in 13 years, as home prices continue rising faster than wages throughout much of the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 440 of the 575 counties analyzed in the fourth quarter of 2021 are less affordable than past averages. The latest number is up from 428 of the same group of counties in the third quarter of 2021 and 224 in the fourth quarter of 2020 – an increase that has continued as the median national home price has shot up 17 percent over the past year to a record high of $317,500. While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the fourth quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit another high point since the third quarter of 2008. The latest pattern – home prices still manageable but getting less affordable – has resulted in major ownership costs on the typical home consuming 25.2 percent of the average national wage of $65,546 in the fourth quarter of this year. That is up from 24.4 percent in the third quarter of 2021 and 21.5 percent in the fourth quarter of last year. Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes. The mixed fourth-quarter patterns follow similar trends over the past year as the U.S. housing market continues booming for the 10th straight year both because of an in spite of the Coronavirus pandemic that hit in early 2020 and damaged major sectors of the U.S. economy. House hunters largely unscathed financially by the pandemic have surged into the market amid a combination of mortgage rates hovering around 3 percent and a desire to trade congested virus-prone areas for the perceived safety of a house and yard, as well as the space for growing work-at-home lifestyles. But they have been chasing a tight supply of homes made tighter by the pandemic. The soaring demand combined with the limited supply have pushed prices ever higher and affordability downward. "The average wage earner can still afford the typical home across the United States, but the financial comfort zone continues shrinking as home prices keep soaring and mortgage rates tick upward," said Todd Teta, chief product officer with ATTOM. "Historically low rates and rising wages are still big reasons why workers can meet or come very close to standard lending benchmarks in a majority of counties we analyze. But the portion of wages required for major ownership expenses nationwide is getting closer to levels where banks become less likely to offer home loans. Amid very uncertain times, with the pandemic again threatening the economy, we will keep watching this key measure of housing market stability." Despite the continued decline in historic affordability, major home-ownership expenses on typical homes still are affordable to average local wage earners in about half of the 575 counties in the report, based on the 28-percent guideline. The largest are Cook County (Chicago), IL; Harris County (Houston), TX; Dallas County, TX; Bexar County (San Antonio), TX, and Wayne County (Detroit), MI. The most populous of the 279 counties where major expenses on median-priced homes are unaffordable for average local workers in the fourth quarter of 2021 are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL. Home prices up at least 10 percent in two-thirds of country Median single-family home prices in the fourth quarter of 2021 are up by at least 10 percent over the fourth quarter of 2020 in 368, or 64 percent, of the 575 counties included in the report. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2021. Among the 43 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the fourth quarter of 2021 are in Middlesex County (outside Boston), MA (up 42 percent); Wake County (Raleigh), NC (up 27 percent); Maricopa County (Phoenix), AZ (up 26 percent); Hillsborough County (Tampa), FL (up 26 percent) and Clark County (Las Vegas), NV (up 23 percent). Counties with a population of at least 1 million where median prices have decreased year-over-year in the fourth quarter of 2021, or gone up by the smallest amounts, are Wayne County (Detroit), MI (down 12 percent); Cook County (Chicago), IL (down 3 percent); Kings County (Brooklyn), NY (up 2 percent); Dallas County, TX (up 5 percent) and Contra Costa County, CA (outside San Francisco) (up 6 percent.) Price gains outpace wage growth in nearly 80 percent of markets Home-price appreciation is greater than weekly wage growth in the fourth quarter of 2021 in 447 of the 575 counties analyzed in the report (78 percent), with the largest including Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL. Average annualized wage growth is outpacing home-price appreciation in the fourth quarter of 2021 in 128 of the counties included in the report (22 percent), including Los Angeles County, CA; Cook County, (Chicago), IL; Dallas County, TX; Kings County (Brooklyn), NY, and King County (Seattle), WA. Ownership costs still require less than 28 percent of average local wages in half the nation Major ownership costs on median-priced homes in the fourth quarter of 2021 consume less than 28 percent of average local wages in 296 of the 575 counties analyzed in this report (51 percent), assuming a 20 percent down payment. That was about the same as in the third quarter of 2021 for the same group of counties, but down from about two-thirds in the fourth quarter of last year. Counties where the smallest portion of average local wages is required to afford the typical home are Schuylkill County, PA (outside Allentown) (6.5 percent of annualized weekly wages needed to buy a home); Macon County (Decatur), IL (9.2 percent); Bibb County (Macon), GA (9.5 percent); Wayne County (Detroit), MI (10.6 percent) and Peoria County, IL (11.3 percent). Aside from Wayne County, the counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the fourth quarter of 2021 include Philadelphia County, PA (15.4 percent); Cuyahoga County (Cleveland), OH (15.7 percent); Cook County (Chicago), IL (20.6 percent) and Franklin County (Columbus), OH (21.8 percent). A total of 279 counties in the report (49 percent) require more than 28 percent of annualized local weekly wages to afford a typical home in the fourth quarter of 2021. Counties that require the greatest percentage of wages are Kings County (Brooklyn), NY (76.5 percent of annualized weekly wages needed to buy a home); Santa Cruz County, CA (73.7 percent); Marin County, CA (outside San Francisco) (71.4 percent); Maui County, HI (67.3 percent) and San Luis Obispo County, CA (64.7 percent). Aside from Kings County, NY, the counties with a population of at least 1 million where home ownership consumes the highest percentage of average annualized local wages in the fourth quarter include Orange County, CA (outside Los Angeles) (60.1 percent); Queens County, NY (59.9 percent); Nassau County, NY (outside New York City) (56.5 percent) and Alameda County (Oakland), CA (53.4 percent). Just one in five counties require annual wage of more than $75,000 to afford typical home Annual wages of more than $75,000 are needed to afford major costs on the median-priced home purchased during the fourth quarter of 2021 in just 114, or 20 percent, of the 575 markets in the report. The top 30 highest annual wages required to afford typical homes are all on the east or west coasts, led by New York County (Manhattan), NY ($274,679); San Mateo County (outside San Francisco), CA ($252,589); San Francisco County, CA ($251,054); Santa Clara County (San Jose), CA ($229,301) and Marin County (outside San Francisco), CA ($223,713). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2021 are in Schuylkill County, PA (outside Allentown) ($10,927); Bibb County (Macon), GA ($16,483); Cambria County, PA (outside Pittsburgh) ($17,784); Macon County (Decatur), IL ($19,317) and Blair County (Altoona), PA ($20,363). Homeownership less affordable than historic averages in three-quarters of counties Among the 575 counties analyzed in the report, 440 (77 percent) are less affordable in the fourth quarter of 2021 than their historic affordability averages. That is about the same as in the third quarter of 2020, when 74 percent of the same group of counties were historically less affordable, but far higher than the 39 percent level in the fourth quarter of last year. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Tarrant County (Fort Worth), TX (index of 75); Maricopa County (Phoenix), AZ (76); Mecklenburg County (Charlotte), NC (77); Hillsborough County (Tampa), FL (78) and Clark County (Las Vegas), NV (79). Counties with the worst affordability indexes in the fourth quarter of 2021 include Rankin County (Jackson), MS (index of 50); Canyon County, ID (outside Boise) (60); Rutherford County (Murfreesboro), TN (62); Gaston County, NC (outside Charlotte) (63) and Wayne County, OH (outside Akron) (63). Among counties with a population of at least 1 million, those where the affordability indexes worsened most from the fourth quarter of 2020 to the fourth quarter of 2021 are Middlesex County, MA (outside Boston) (index down 29 percent); Wake County (Raleigh), NC (down 21 percent); Maricopa County (Phoenix), AZ (down 21 percent); Hillsborough County (Tampa), FL (down 21 percent) and Clark County (Las Vegas), NV (down 19 percent). Only a quarter of markets are more affordable than historic averages Among the 575 counties in the report, 135 (23 percent) are more affordable than their historic affordability averages in the fourth quarter of 2021, down slightly from 26 percent of the same group in the prior quarter and 61 percent in the fourth quarter of last year. Counties with a population of at least 1 million that are more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to historic averages) include New York County (Manhattan), NY (index of 129); Montgomery County, MD (outside Washington, D.C.) (119); Cook County (Chicago), IL (113); Santa Clara County (San Jose), CA (113) and Fairfax County, VA (outside Washington, D.C.) (109). Counties with the best affordability indexes in the fourth quarter of 2021 include Macon County (Decatur), IL (index of 191); Schuylkill County, PA (outside Allentown) (160); San Francisco County, CA (144); Peoria County, IL (135) and Columbiana County, OH (west of Pittsburgh, PA) (135). Counties with a population of least 1 million residents where the affordability index improved most or declined the least from the fourth quarter of last year to the same period this year are Wayne County (Detroit), MI (index up 11 percent); Cook County (Chicago), IL (up 3 percent); Santa Clara County (San Jose), CA (down 2 percent); Kings County (Brooklyn), NY (down 4 percent) and Montgomery County, MD (outside Washington, DC) (down 4 percent). Report Methodology The ATTOM U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 575 U.S. counties with a combined population of 252.6 million. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $317,500 in the fourth quarter of 2021 requires an annual wage of $58,970, based on a $63,500 down payment, a $254,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income was less than the $65,546 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide affordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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'First-Time Buyer' Season 2 Now Available on Hulu
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ShowingTime Data Reveals Impressive Year-Over-Year Demand Across the U.S. as Holiday Home Showing Traffic Heats Up
Led again by Seattle, listings in 13 markets across the country averaged double-digit showings CHICAGO, Dec. 21, 2021 -- The latest data from ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, shows that home buyers continued aggressively shopping for homes throughout most of the U.S. in November, driving year-over-year gains in home showings in all regions according to the latest data from the ShowingTime Showing Index®. Seattle once again led all markets, averaging nearly 15 showings per listing, and was closely followed by Denver, which averaged 13 showings per listing. Orlando, Fla. was next with 12 showings per listing, and four more Florida cities – Miami, Port St. Lucie, Tampa and Sarasota – all averaged double-digit showings per listing. Burlington, Vt., Salt Lake City, Dallas, Manchester, N.H., Boulder, Colo. and Bridgeport, Conn. rounded out the list of top markets. "Showings traditionally lag during the holiday season, but the data we're seeing tells us that buyer demand remains strong," said ShowingTime Vice President & General Manager Michael Lane. "The fact that every region showed a year-over-year increase indicates that buyers are undeterred by the approaching holidays. It speaks to their desire to keep searching for their next home." Both the Midwest and Northeast regions saw 14 percent increases in year-over-year showing activity, with the South's 13.6 percent growth close behind. The West saw a more modest 3 percent boost in activity, with the U.S. overall seeing an increase of 12.5 percent in November. Of the cities on the list with double-digit showings, only Manchester, N.H. recorded a year-over-year decline in buyer activity. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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America's favorite pastime, Zillow surfing, is now a group sport with SharePlay on iPhone and iPad
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BoomTown Announces Winners of 2nd Annual Give Back Awards
Company gives over $5k in their Give Back Awards as they award $3k to real estate professionals showing exemplary service to communities in 2021, $100 to the charity of finalists' choice, and donates $10 per nomination to generate $1,090 for Homes for Heroes Foundation CHARLESTON, S.C., December 20, 2021 -- BoomTown, the leading cloud-based sales and marketing automation platform for real estate professionals, is excited to announce the winners of their second annual BoomTown Give Back Awards, highlighting members of the real estate community who have gone above and beyond to serve others in 2021. The winners each received a $1,000 prize, $100 was given to the charity of each finalist's choice, and BoomTown's pledge to donate ten dollars per nomination to the Homes for Heroes Foundation, generated an additional $1,090 donation. "It's been a privilege to facilitate the recognition of those in our industry who are truly paying it forward for a second year in a row," said Grier Allen, CEO & President of BoomTown. "We're excited about the growth and engagement of this initiative, the hundreds of examples of people doing good, and the opportunity to contribute to so many worthy causes." 2021 BoomTown Give Back Award Recipients: The Helping Hand: Nikki Nunez, Realtor / Team Owner of Utah Best Real Estate Team The Walk the Talk: Preston Smith, Co-Owner/REALTOR at Sellstate Alliance Realty & Property Management The Creative Changemaker: Sasha Mason, Corcoran Pacific Properties The Helping Hand award celebrates jumping in to aid friends, family, employees, another business or the community, The Walk the Talk award showcases those making charitable giving an integral part of their business, and The Creative Changemaker highlights using creativity to put an innovative spin on giving back. Award recipients were selected by a panel of judges from BoomTownLOVE, the company's service and outreach organization, and nominations for 2022 will resume in November. To learn more about the winners, visit click here. About BoomTown BoomTown exists to make real estate agents successful. 95,000+ of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. 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 lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate: Brokermint, RealContact, and MyAgentFinder. For more about BoomTown visit boomtownroi.com. About Homes for Heroes, Inc. Homes for Heroes, Inc. is the largest nationwide network of affiliate real estate, mortgage, and local business specialists; committed to providing easy ways for heroes to save on a home. Shortly after 9/11, Homes for Heroes, Inc. was established to give back to firefighters, EMS, law enforcement, military (active, reserves & veterans), healthcare professionals and teachers for all they do. Since 2009, Homes for Heroes, Inc., has helped over 35,000 heroes save over $60 million on their real estate transactions, sold over $7.5 billion in real estate to heroes, actively partnered with 3,200 like-minded real estate and mortgage professionals who've joined in the mission, and donated over $700,000 to heroes in need through the Homes for Heroes Foundation. Learn more about Homes for Heroes at homesforheroes.com.
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Leading Economic and Housing Experts Predict Multiple Fed Interest Rate Hikes, Slowing Inflation and Home Price Growth in 2022
NAR unveils top 10 housing market "hidden gems" for 2022 during association's Real Estate Forecast Summit WASHINGTON (December 15, 2021) -- Expect slower housing price appreciation, easing inflation and rising interest rates in 2022, according to a survey of more than 20 top U.S. economic and housing experts. Lawrence Yun, NAR chief economist and senior vice president of research, unveiled the consensus forecast today during NAR's third annual year-end Real Estate Forecast Summit. For 2022, the group of experts predicted that annual median home prices will increase by 5.7%, inflation will rise 4% and the Federal Open Market Committee will twice increase the federal funds rate by 0.25%. "Overall, survey participants believe we'll see the housing market and broader economy normalize next year," Yun said. "Though forecasted to rise 4%, inflation will decelerate after hefty gains in 2021, while home price increases are also expected to ease with an annual appreciation of less than 6%. Slowing price growth will partly be the consequence of interest rate hikes by the Federal Reserve." Yun forecasts U.S. GDP to grow at the typical historical pace of 2.5%, barring any major, widespread transmission of the omicron COVID-19 variant. He expects the 30-year fixed mortgage rate to increase to 3.5% as the Fed raises interest rates to control inflation but noted this is lower than the pre-pandemic rate of 4%. The housing market performed better than it has in 15 years in 2021, with an estimated 6 million existing-home sales. As mortgage rates tick up slightly, Yun predicts existing-home sales will decline to 5.9 million in 2022. He also forecasts a modest increase in housing starts to 1.67 million as the pandemic's supply chain backlogs subside. Top 10 Housing Market "Hidden Gems" in 2022 NAR identified 10 housing markets as "hidden gems" that are expected to experience stronger price appreciation relative to other markets in 2022. In alphabetical order, the markets are as follows: Dallas-Fort Worth, Texas Daphne-Fairhope-Farley, Alabama Fayetteville-Springdale-Rogers, Arkansas-Missouri Huntsville, Alabama Knoxville, Tennessee Palm Bay-Melbourne-Titusville, Florida Pensacola-Ferry Pass-Brent, Florida San Antonio-New Braunfels, Texas Spartanburg, South Carolina Tucson, Arizona "The housing sector performed spectacularly in 2021 in many markets, with huge gains achieved in places like Austin, Boise and Naples," Yun said. "Several markets did reasonably well in 2021, but not as strong as the underlying fundamentals suggested. Therefore, in 2022, these ‘hidden gem' markets have more room for growth." NAR considered a market a hidden gem based on two categories: 1) if the market's ratio of median home price to median family income is in the lower half of the 379 metro areas analyzed and 2) if the following seven indicators reflecting the strength of housing demand for that market are in the upper half of metro areas – wage growth, job growth, ratio of the change in population to the sum of housing permits, population growth, net domestic migration, percentage of the population ages 25 to 44, and the percentage of households with broadband service. NAR's top 10 list only includes metro areas with populations of at least 200,000. To view NAR's Top 10 Housing Market Hidden Gems report, click here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Looking for Space and Willing to Pay for It: Realtor.com Survey Shows Shifting Priorities for First-Time Homebuyers
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Zillow Adds Down Payment Assistance Information to For Sale Listings
New partnership with Down Payment Resource highlights assistance programs on listings, which analysis shows can provide an estimated benefit of nearly $17,000 SEATTLE, Dec. 15, 2021 -- Zillow today announced a partnership with Down Payment Resource to help home shoppers discover the wide variety of down payment assistance programs that can make homeownership more attainable, especially for first-time home buyers. Home listings on Zillow now include information about the number of potential down payment assistance programs that may be available to buyers searching for homes on its platform. Interested home shoppers can input some basic information that is run through Down Payment Resource's extensive database, which then populates a list of all potentially available programs. Buyers will see a specific maximum amount of assistance offered and links to gather more details. This feature can be found on all eligible for-sale listings nationwide. "We want everyone to have access to resources that can help overcome common barriers to homeownership like the difficulty of saving for a down payment, which is especially challenging within underrepresented communities," said Grace Chung, Zillow's director of social impact. "Down payment assistance programs provide a viable pathway to homeownership, which can help build generational wealth and economic opportunity for many that may not have been able to imagine it for themselves. Information is power, and Zillow is proud to partner with Down Payment Resource to shed more light on these important programs." Over the past year, skyrocketing home prices have made it harder for potential buyers to save for a down payment. In Zillow surveys, two-thirds of buyers considered affording the down payment as a barrier to homeownership. First-time buyers should expect to spend a year longer saving a down payment than they would have needed five years ago. Many home buyers may not be aware of the programs that could help them with their down payment, closing costs, or taxes. All 3,143 U.S. counties have at least one down payment assistance program, and more than 2,000 counties have 10 or more available programs. According to an analysis conducted by Down Payment Resource, the estimated average benefit of a down payment assistance program today is approximately $17,000. "Millions of people may be more qualified to buy a home than they realize, and partnering with Zillow is a great opportunity to help guide these individuals from dreaming to reality," said Rob Chrane, CEO and founder of Down Payment Resource. "We've worked for many years to curate the most expansive list of affordable homeownership resources available. Nearly every community is served by some type of assistance program, and it's our mission to get this information into the hands of those that need it." This feature was developed and launched by Zillow's Social Impact Product team, a specialized group of engineers and product managers dedicated to creating positive change in the housing marketplace. This is another milestone in Zillow's broader social impact strategy to provide products and solutions that help people unlock life's next chapter such as the LGBT Local Legal Protections and the Housing Connector search tool. Down Payment Resource is the industry authority for the most current information about down payment assistance and other affordable lending programs. The company tracks more than 2,200 programs nationwide, of which more than 73% specifically support down payment or closing cost assistance. Many of these programs vary by location and are often offered by state, county or city governments. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Down Payment Resource Down Payment Resource (DPR) helps its business partners connect homebuyers to the down payment help they need through its award-winning technology. The company tracks funding status, eligibility rules, benefits, and more for over 2,000 down payment assistance and affordable lending programs. DPR was recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR licenses its products to Multiple Listing Services, REALTOR® Associations, real estate search sites, lenders, and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com and find DPR on Twitter at @DwnPmtResource.
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ShowingTime's New Offer Manager Software Streamlines the Offer Process Freeing up Agents Time to Focus on their Clients
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NEW: The Benefits of Homesnap Showings for Buyer's Agents
By now, we hope you've heard the good news: Homesnap Showings is now included as part of Homesnap Pro, available for FREE to agents nationwide as an MLS benefit. We've already covered how Homesnap Showings is a boon to listing agents, but we built this one-stop showing management technology with buyer's agents in mind, too. As a buyer's agent, you have specific challenges and needs — namely, going above-and-beyond to help your clients find their new home. With Homesnap Showings, being a buyer's agent becomes easier for you and buying a home becomes more enjoyable for your clients. For agents looking for a one-stop showings management tool that improves their clients' experience, Homesnap Showings offers five primary benefits: Instant bookings: See available times and book them in a single click. Seamless agent communication: Connect with listing agents seamlessly via Homesnap Messages. Customized itineraries: Compile all your showings — across different showing management tools — in one place. Smart routing: Get an optimized route mapped out for your day of showings. Easy feedback: Fill out feedback forms and let the listing agent know how interested you are in the property. 1. Instant bookings Homesnap Showings eliminates the time-consuming need to make calls or wait to schedule a showing. If you find a time that works for you and your client, instantly book it. All available showing times are preset by the listing agent for you to select. If the property requires approval before the showing can be booked, the listing agent will be immediately notified upon your submission request. Better yet, Homesnap Showings will hold the calendar reservation even before approval to avoid double bookings. 2. Seamless agent communication With Homesnap Messages, Showings keeps agents in-the-know. Once you submit your request, the listing agent will receive a notification — and as soon as they approve your request, you will be informed immediately! Life can be messy. If you have an issue, need to reschedule, or just have a quick question, you can use Homesnap Messages to send the listing agent a note directly within the app. 3. Customized itineraries Plan the optimal day for a buyer. With itineraries, you customize the best experience for your client. Whether you plan a day to see 1 property or 10 properties, you have full control over your itinerary, even if one of the properties on your itinerary is managed with a different showing management tool. Your whole schedule, access details, and agent contact info will be in one place. Share the day you planned with your client, and add non-showing related stops such as getting coffee or lunch to design a wonderful experience for your client. 4. Smart routing Once you've built your itinerary and booked your showings, Homesnap Showings will automatically map out the best route to take. You can adjust and set the path you wish to take and share it with your client. 5. Easier feedback, better client collaboration Within your itinerary dashboard, you can access easy-to-use feedback forms to let the listing agent know how your client felt about the property. Once your showing ends, you will receive automatic notifications that give you the option to work with your client and provide comments or interest level in the property — making it more likely your client will receive a call back about properties they're actually interested in. Check out our Homesnap Showings dashboard and experience first-hand how Showings improves buyers' agents performance and client satisfaction. To view the original post, visit the Homesnap blog.
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Realtor.com Forecasts the Top Housing Markets of 2022
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NEW: Get Boosted on Homes.com with Homesnap Pro+
Homes.com and Homesnap are now part of the same family at CoStar Group, and it's time to celebrate our first collaborative feature: Agents who upgrade to Homesnap Pro+ will now receive the added benefit of a boosted profile on Homes.com. Now, when prospects look for a real estate agent, Pro+ members get priority placement in the Homes.com agent search directory. Being at the top of the list means more eyeballs, leads, and local awareness. You'll also have your Homes.com profile enriched with Google reviews, review ratings, and agent stories, so prospective clients can see you're a top agent with a great reputation. Overall, Pro+ agents who get boosted on Homes.com will: Reach a high volume of high-intent consumers Showcase their reputation with an enriched agent profile Earn more leads We're investing tens of millions of dollars to surge traffic on Homes.com, so upgrading to Pro+ is an incredible chance to get ahead of your competition. 1. Reach a High Volume of High-Intent Consumers As an agent, you face the imperative of reaching more consumers in order to get new leads and clients. Getting boosted at Homes.com is a perfect way to accomplish those goals. The statistics make it clear just how valuable Homes.com users are: 85% of Homes.com visitors who are planning to sell have not yet selected a listing agent. 73% of buyers on Homes.com have not yet selected a real estate professional. 56% of buyers on Homes.com plan to move in the next six months. All this means that by being boosted on Homes.com, you have the opportunity to reach buyers and sellers who are actively looking for agents. As a bonus, most of the consumers sifting through agent profiles are looking to move soon — meaning that the leads you acquire will likely be ready-to-transact without too much nurturing on your end. 2. Showcase an Enriched Agent Profile Having a profile that shows up at the top of Homes.com is valuable in and of itself. But part of what makes the opportunity to get boosted on Homes.com so beneficial for agents is that the priority placement is coupled with an enriched profile that shows your five-star Google reviews, review rating, Google posts, agent stories, photos, and business hours and information. With a profile enriched by your Pro+ information, you're able to showcase your real estate chops to high-intent, high-value buyers and sellers. By getting boosted on Homes.com, you're not just positioning yourself as one of the first listed agents. An enriched agent profile means that you're also establishing yourself as a top-tier agent who has effectively done business for prior customers and is ready to take on more. 3. Earn More Leads When you reach valuable customers and present them with an enriched agent profile, you're positioning yourself to earn more leads. As we preach constantly, earning leads is the lifeblood of any agent's business. As traffic surges on Homes.com, agents who use it will reach more and more high-intent leads and will be better and better positioned than their competitors. Don't miss out: Upgrade to Pro+, get boosted on Homes.com, and instantly reach more buyers and sellers. To view the original post, visit the Homesnap blog.
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Mortgage Lending Declines Aat Unusually Fast Pace Across U.S. During Third Quarter of 2021
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VHT Studios Acquires TourFactory by Collabra Technology to Combine Nation's Largest Real Estate Photography Networks
The nation's two largest real estate photographer networks, VHT Studios and TourFactory, combine to provide unparalleled coverage to nationwide real estate brokerage firms, property management companies, mortgage providers, appraisal firms and any company relying on stunning professional photographs to market homes, properties, and businesses. ROSEMONT, ILL. AND SPOKANE, WASH. (DECEMBER 02, 2021) -- VHT, Inc., the parent company of VHT Studios, and Collabra Technology, Inc. today announced the acquisition of the TourFactory photography network. This transaction brings together the nation's two largest real estate photographer networks and provides unparalleled coverage to nationwide real estate brokerage firms, property management companies, mortgage providers, appraisal firms and any company relying on stunning professional photographs to market homes, properties, and businesses. The combination of VHT Studios' photographers and the TourFactory network of independent photographers and photography companies gives leading national real estate brands access to the world's largest network of professional real estate photographers. It also ensures that local real estate agents have access to even more dedicated visual marketing professionals with additional tools and resources to provide world-class service. As part of this transaction, VHT and Collabra have entered into a multi-faceted partnership that will shape the real estate marketing industry for years to come. Under the agreement, Collabra will take an ownership stake in VHT, Inc., and VHT will assume ownership and management of the TourFactory platform for real estate photographers. Collabra will continue to provide its industry-leading listing marketing technology through the TourFactory network. In addition, VHT Studios will now become a sales channel for Collabra's Powerhouse marketing solutions, providing current and prospective VHT customers with access to Collabra technology. The combination strengthens VHT's market leadership by extending the reach and depth of its real estate photography platform and support for real estate photographers. It will also allow Collabra to focus on building new and innovative marketing technology for an industry under siege due to disruption. "This partnership means enhancements and benefits for the TourFactory platform, providers, and clients by leveraging VHT's 22 years of developing new visual marketing technologies for real estate," said Brian Balduf, CEO and Chairman of VHT Studios. "Real estate professionals anywhere in the country can have high quality, professionally produced photography, 3D tours, drone video, aerial photographs, floor plans and virtual staging provided by local experts backed by the resources of the pioneer in the industry," Balduf added. TourFactory and VHT Studios are both long established and trusted brands in the real estate photography and visual marketing industry with more than 40 years of combined experience. "TourFactory has always focused on supporting local photographers by providing a convenient and robust platform to help manage their businesses and by providing marketing services to their clients," said Russ Cofano, CEO of Collabra Technology. "VHT Studios is a foundational business partner to the nation's leading brokerages, builders and property management firms. The combination provides the best of both worlds, making it even easier for real estate professionals to work with the top creative talent in their markets and have access to powerful marketing tools as well," added Cofano. Terms of the acquisition were not disclosed. About VHT Studios VHT Studios delivers excellence in professional photography, virtual tour videos, virtual staging, interactive floor plans, drone photography and video, 3D tours, and image management services to top professionals looking to become even more successful. Since 1998, VHT Studios has managed the corporate real estate photography and video programs for market leading and national real estate organizations to maximize their return on investment in the visual assets used to promote their properties, agents and brands. VHT Studios' services ensure properties get seen more, sell and rent faster and at a greater price, which also helps attract new clients. For more information, visit http://www.vht.com. About Collabra Technology Collabra Technology provides digital marketing technology and services enabling real estate agents, teams, brokerages, builders, and developers to accelerate sales through powerful digital marketing solutions. For more information, please visit CollabraTechnology.com.
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Realtor.com 2022 Housing Forecast Reveals a Whirlwind Year Ahead for Buyers, Especially First-Timers
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'For Sale By Owner' Listings Tend to Be Used by Rural and Lower-Income Sellers
Over three-year period, 4-6% of all monthly listings nationwide were offered directly by owners SEATTLE, Nov. 23, 2021 -- A recent report released by Zillow highlights trends in homes listed as "For Sale By Owner" (FSBO), which are advertised and sold directly by owners without enlisting the services of an agent. Over the past three years, FSBOs have made up 4-6% of all home listings nationally, which translated to roughly 63,000 homes for sale during September 2021. The research also found that FSBOs are most common in rural areas and tend to be more affordable. "Our research shows that homes put on the market directly by owners are a small but consistent part of the housing ecosystem," said Zillow economist Alexandra Lee. "We see that these types of listings are more heavily used by rural, lower-income sellers, a demographic that appears to value flexibility to sell their home on their own terms." The research found that in 2021, 24% of rural sellers did not use an agent, compared to 16% of suburban and 20% of urban sellers. Additionally, across all markets, FSBOs are listed at prices 18% lower than properties represented by agents. This trend is likely attributable to location and size of the home, rather than the home being sold at a discounted price. The median listed price for a FSBO home is $292,810. The median price of a home listed with a seller's agent is $355,777. FSBOs can be found in every state in the country, providing an option for some buyers searching for a home at a lower price point. For instance, in states like New York, Illinois and Montana, FSBOs are 19-25% less expensive than non-FSBO properties. States with the largest share of FSBO properties are concentrated in the Midwest and South. FSBOs make up at least 10% of all homes for sale in Iowa, Mississippi, Nebraska, Kentucky, Arkansas, Oklahoma and West Virginia. The data shows homeowners with lower incomes are more likely to sell their properties directly. For instance, a household earning less than $50,000 annually is almost twice as likely to sell a home without an agent than a household earning over six figures. Around a quarter (24%) of sellers earning less than $50,000 sold their home without the help of an agent over the past three years. While more FSBOs are generally in rural areas, FSBOs can still be found at lower prices than traditionally listed properties in a number of large, populated U.S. metro areas. In 23 of the largest 50 metros, FSBOs are priced lower than agent listings. Looking closer at these figures, the research shows that homes for sale by the owner in Indianapolis, St. Louis, Atlanta and San Antonio had the largest price differential — FSBOs in these markets were listed at 10% less than traditionally listed properties in these markets. The research also found that due to structural inequities in income and, in turn, home value and type, sellers of color are slightly less likely to report using an agent. On average over the past three years, 79% of Black sellers and 76% of Latinx sellers report enlisting an agent to help sell their home. White sellers reported using an agent 83% of the time. Overall, FSBOs are used for all home types, but are most popular for sellers of smaller home types like townhomes, row houses, duplexes, triplexes, mobile homes and manufactured homes. The steady and consistent prevalence of FSBO listings underscores the importance of this option as one of many in today's housing market. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most-visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
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Chime Partners with Dubb to Bring Power of Video to Lead Engagement and Conversion
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NAR Travel Club to Provide Travel Discounts to Members
WASHINGTON (November 18, 2021) -- The National Association of Realtors has partnered with Panorama Travel Solutions to create NAR Travel Club, an exclusive travel experience platform with access to full-service travel booking capabilities, including hotel, resort, car and air. As part of the REALTOR Benefits® Program, NAR members and their families can access an optimized booking engine, deeply discounted inventory at more than 600,000 hotels and resorts worldwide, and competitive pricing for a wide range of travel services. Members can also purchase discounted resort vacation certificates that can be given out as closing gifts to clients. "Travel-related services are one of the most highly requested benefits from our members," said NAR CEO Bob Goldberg. "We are excited about our partnership with Panorama Travel Solutions and we look forward to offering Realtors® a customized booking platform, significant hotel discounts and a number of other tremendous benefits as part of their NAR membership." Realtors® can visit nar.realtor/NARtravelclub to create an account and get access to a unique activation code which will provide them with a full suite of travel products, including hotel discounts of up to 60% and resort vacation certificates. Premium memberships are also available with additional savings on travel and an expanded suite of products, including event tickets, shopping and cruises. "We're delighted to add NAR members to our growing list of customers as we know travel services are important and sought-after benefits, but often hard to manage," said Fiona Downing, senior managing director of Panorama. "This agreement highlights Panorama Travel Solutions' ability to scale and develop custom travel club products that meet an organization's unique needs, all while enhancing the lives of their stakeholders through memorable vacations." Learn more about all the benefits available in the REALTOR Benefits® Program here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The REALTOR Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries.
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Flyhomes for Agents expands to Idaho
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ATTOM Expands Property Data and Analytics Footprint to Include Climate Change Risk Data
Access to Detailed Property Information and Climate Risk Ratings for Five Climate Change Hazards: Fire, Flood, Heat, Drought and Storm; Climate Change Data Solution for Today, Tomorrow and the Future IRVINE, Calif. - Nov. 17, 2021 -- ATTOM, curator of the nation's premier property database, today announced it has added a category of data to its ever-expanding ATTOM Table of Data Elements. The addition of ATTOM's climate change risk data offers a comprehensive, forward-looking risk assessment for every property nationwide. NEW Enhanced ATTOM Table of Data Elements "Our mission at ATTOM is to increase real estate transparency and fuel innovation. We continue to expand our data footprint to help our customers solve the additional challenges this housing market presents," said Todd Teta, chief product and technology officer at ATTOM. "With the addition of this new data product clients will be able to better mitigate risk, streamline decision making and gain deeper intelligence on the housing market." ATTOM's climate change risk solution includes ratings at the property level for five climate change hazards – wildfire, flood, heat, storm and drought. Each property is assessed with a 0-100 rating for each climate change risk listed above, and all ratings are compared to all properties nationwide. This risk assessment rating helps to determine a property's current and future risk of climate-change-related hazards, with projections going as far out as 2050 — a period within the lifespan of a 30-year mortgage signed today. "Understanding current and future climate change risk has become a very important data point for many of our customers in real estate, mortgage and insurance industries," says Sean Mooney, vice president of product at ATTOM. "So, it makes perfect sense for us to offer it as a new solution tied into our robust property database." Customers can use ATTOM's climate change risk solution to evaluate properties for investment decisions, assess risk for new product development, or to enrich a real estate portal with unique content. Additional use cases include: Determine a property's projected climate risk when insuring a home Identify risk exposure for reinsurance decisions Screen individual assets to avoid high risk assets Understand how climate change increases operating expenses ATTOM's climate change risk data will be updated quarterly and is available today for delivery via bulk files, with integration to ATTOM Cloud and API coming soon. ATTOM is your one-stop shop for nationwide premium property data with flexible delivery solutions. Our commitment to continuing to power innovation across various industries has earned top honors and accolades, including being named among MReport's Top 30 Companies to work for in 2020, T3 Sixty's Tech500 in 2020, and HousingWire's Tech100 for 2021. Our most recent corporate acquisitions, furthering expanding our data footprint, have not only demonstrated our focus on investing in data elements, but also our focus on investing in people elements, with the integration of numerous talented teams. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB 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, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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An Easier Way to Organize Your Home Search: Partners and Roommates Can Now Search Together on Realtor.com
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ShowingTime Introduces Three Exclusive Features for Agents to Further Streamline Showings at No Additional Cost
ShowingTime Secure Access, Showing Beacon and ShowingTime LIVE Video are available now CHICAGO, Nov. 12, 2021 -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, announced today that three exclusive features, ShowingTime Secure Access, Showing Beacon and ShowingTime LIVE Video, previously only available in select markets, are now included for all users on the company's showing management platforms across the U.S. and Canada. "We're pleased to provide these three features to all of our clients," said ShowingTime Vice President & General Manager Michael Lane. "Agents who book showings and other appointments will gain increased peace of mind and enjoy greater scheduling flexibility, including conducting live, one-on-one virtual tours for buyers who aren't available for an in-person showing, such as out-of-town buyers, right from our app. Providing these features is aligned with our goal to streamline the showing process to make it more convenient for agents and their clients." ShowingTime Secure Access provides enhanced security for listings, as lockbox access is granted based on ShowingTime's real-time appointment data. The listing agent has the flexibility to set the access window for their listings – for example, 15 minutes before a showing and 15 minutes after. A buyer's agent with a confirmed showing can then view access information during that window, whether it's a combo box or Bluetooth-enabled lockbox. "The technology is focused on bringing the right agent to the right listing at the right time," Lane said. Showing Beacon, accessible from the ShowingTime mobile app, enables agents to set a timer for a showing or client meeting. If the timer reaches zero before being cancelled, an emergency contact selected by the agent will receive a text notification, which includes details about the agent's current location so the contact can check on the agent to make sure the agent is okay. ShowingTime LIVE Video is ideal when an in-person showing is not possible, giving agents the option to host live, one-on-one video showings from the ShowingTime mobile app without requiring any additional account or app. It enables buyers to ask questions and specify which parts of a listing they'd like to see in greater detail, just as if they were there in person. ShowingTime recently announced an initiative to redesign its showing management platform to give users an enhanced experience. The company is one of the presenters at Town Square Theater during the 2021 National Association of REALTORS® Conference & Expo and will also be sharing additional details about it on the expo floor at booth 1021. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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Buffini & Company Launches Dynamic Coaching for Real Estate Teams
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Mortgage Delinquency Continues to Sink as Pandemic Recedes, CoreLogic Reports
Homeowners look to income growth and home equity wealth to manage their mortgage debt IRVINE, Calif., November 9, 2021 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2021. For the month of August, 4% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.6-percentage point decrease in delinquency compared to August 2020, when it was 6.6%. To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In August 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in August 2020. Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.8% in August 2020. Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.6%, down from 4.3% in August 2020. Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in August 2020. This remains the lowest foreclosure rate recorded since CoreLogic began recording data (1999). Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.9% in August 2020. Facing slower than anticipated employment growth — August saw an increase of only 235,000 new jobs compared to the expected 720,000 — households have found creative ways to cut back on spending to prioritize mortgage payments. In a recent CoreLogic survey, over 30% of respondents said they would cut back on both entertainment and travel to focus on repaying outstanding debt. Income growth and a continued buildup in home-equity wealth will be important parts of financial recovery for borrowers hit hardest by the pandemic. "The unprecedented fiscal and monetary stimuli that have been implemented to combat the pandemic are pushing housing prices and home equity to record levels," said Frank Martell, president and CEO of CoreLogic. "This phenomenon is driving down delinquencies and fueling a boom in cash-out refinancing transactions." "The decline in the overall delinquency rate to its lowest since the onset of the pandemic is good news, but it masks the serious financial challenges that some of the borrower population has experienced," said Dr. Frank Nothaft, chief economist at CoreLogic. "In the months prior to the pandemic, only one-in-five delinquent loans had missed six or more payments. This August, one-in-two borrowers with missed payments were behind six-or-more monthly installments, even though the overall delinquency rate had declined to the lowest level since March 2020." State and Metro Takeaways: The next CoreLogic Loan Performance Insights Report will be released on December 14, 2021, featuring data for September 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Methodology The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through August 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data. About the CoreLogic Consumer Housing Sentiment Study 3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics. The survey has a sampling error of~3% at the total respondent level with a 95% confidence level. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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34% of Recent Movers Live in Single-Income Households, Up From 29% Before the Pandemic
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Realtors to 'Rise and Shine' During Annual REALTORS Conference & Expo in San Diego
WASHINGTON (November 3, 2021) -- This week, Realtors from across the country and around the world will gather in San Diego to experience the premier global event for real estate professionals. "Rise and Shine" serves as the theme for the first-ever hybrid – in-person and virtual – REALTORS® Conference & Expo, the annual conference for the world's largest trade association. Participants from all 50 states, several U.S. territories and 45 countries will interact with 250 exhibitors at the industry's largest trade show and choose from 80 educational sessions on a wide array of topics, including emerging real estate technology, housing supply and affordability issues, and cybersecurity, among many others. "NAR's last in-person annual conference was nearly two years ago. In that time, Realtors® have risen to meet daunting business challenges and have helped lead our industry and our economy through the difficult times presented by the COVID-19 pandemic," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "NAR members and real estate professionals from around the world will come together to share best practices, network, give back to the local community, and shine a light on what's new and next in our constantly changing industry." NAR Chief Economist Lawrence Yun will examine recent domestic and international economic trends and offer his 2022 forecast for the residential and commercial real estate markets. Former New Orleans Saints quarterback and Super Bowl XLIV MVP Drew Brees will join Oppler for the conference's general session on November 13. Simone Biles, four-time Olympic gold medalist and the most decorated gymnast in World Championship history, will deliver the keynote address during the conference's general session on November 14. Oppler will discuss the nation's political climate with CNBC contributor and radio host Ron Insana during Saturday's Federal Legislative and Political Forum. Finally, NAR will install its 2022 officers on Monday, November 15, during the association's Board of Directors meeting. Visit conference.realtor to track all conference happenings and events. Follow NAR on Facebook, Twitter and Instagram @nardotrealtor and #NARAnnual. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Seller Profits Increase Across U.S. in Third Quarter as National Median Home Price Reaches Another Record
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Matterport 3D Capture Now Freely Available for More than a Billion Android Mobile Devices
Now everyone can create a three-dimensional digital twin of their home, office, hotel, or any physical space using just the smartphone in their pocket SUNNYVALE, Calif. - October 28, 2021 -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced that Matterport for Mobile now gives Android users worldwide the power to instantly create a dimensionally accurate digital twin of buildings and spaces with just the smartphone in their pocket. Now available in 175 countries in the Google Play app store, the company's breakthrough 3D capture app for Android taps into the platform‘s leading market share of the global mobile device market. With more than 6 billion active smartphones in the world today, Matterport aims to sharply accelerate its progress toward digitizing the built world. "The future of the built world is in the palm of our hands. Matterport for Mobile delivers big value in a small package, increasing productivity with every space we digitize," said RJ Pittman, Chairman, and CEO of Matterport. "Just download and go. Our free subscription lets everyone digitize one home, office, or hotel with any compatible Android or iOS device and get 100% Matterport, 100% free. Getting started with Matterport doesn't get any better than this." 3D Capture for All Customers across a variety of industries use Matterport to measure, document, manage, and promote their properties online. Here are just a few examples: Homeowners can create a precise and comprehensive digital appraisal of their property and everything in it for insurance, space planning, or just peace of mind. Builders can plan and manage a construction project online and collaborate inside the digital twin with designers, contractors, and clientele. Real estate agents and rental property managers can quickly capture and publish a stunning 3D virtual experience online and share it across websites and professional and social networks. Instant Gratification With the app installed, a digital twin can be created in just minutes. Setup is quick with helpful tutorials available every step of the way. Matterport's precision AI-powered capture software is designed to make 3D capture fast, easy, and reliable for everyone. Mobilize the Team Small businesses and enterprises everywhere can instantly experience the power of Matterport with the best full-featured free offering in the industry. Teams can create a set of digital twins for multiple properties, just by downloading the app to each team member's device. It's never been easier and more cost-effective to capture multiple spaces with the convenience of Matterport for Mobile. "We're excited to introduce the power of Matterport to Android users across the world, and provide our customers with another option to help them bring their properties online with the devices they already own," said Japjit Tusli, CTO of Matterport. "Starting today, they can try it out with their teams for free and instantly increase their 3D scanning capacity." Matterport for Mobile is accelerating the company's international expansion across Asia Pacific, Europe, the Middle East, and Africa where Android market share is especially concentrated. Like the iOS version, the company's new Android app supports 3D capture using all other compatible camera options including the powerful Matterport Pro2 3D camera, the Leica BLK360 lidar camera, and six different 360 cameras from Insta360 and Ricoh. Learn more about Matterport for Mobile here. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Americans Are Willing to Get Ghoulish to Snag a Home in This Monsterish Market, According to Realtor.com Survey
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The 5 Most Haunted Cities in the U.S.
Plus: See where these cities rank based on Market Risk Indicators when it comes to the probability of a housing price decline IRVINE, Calif., October 25, 2021 -- CoreLogic, the company that brings you the OneHome™ platform, has dug deep into its crypt to unearth the five most haunted cities in the U.S. Discover all the unique property-level insights and innovative features — excluding where the ghosts reside — with connections to everything about a property, community and more with the CoreLogic® OneHome service. October brings ghost tours, stories of paranormal activity and haunted houses. Haunted data is hard to come by as most ghosts tend to be elusive when it comes to taking a census count. That said, some areas generate more ghost stories and sightings than others. Here are five of the most haunted cities in the U.S. New Orleans, Louisiana. Ghosts are said to wander in the city's famous cemeteries, in churches throughout the city, in Jackson Square in the French Quarter and at certain hotels. According to CoreLogic® Market Risk Indicators (MRI*), at 16.4%, New Orleans faces the highest probability on this list of a housing price decline twelve months from now. Savannah, Georgia. While Savannah is known for its lovely Southern charm, the city is also near the top of most lists of haunted cities. Underneath its famous squares are numerous former burial grounds and many hotels and restaurants are visited by people who hope to catch a glimpse of a ghost. Savannah is looking at a 11.5% probability of a housing price decline in twelve months. Portland, Oregon. Portland may be known today for its hipster vibe and craft beer, but the city is also one of the most notoriously haunted places in the U.S. The main location for ghost sightings is the Shanghai Tunnels, which were built in the late 1800s to transport goods in the international port city. Portland has a 11.8% probability of a housing price decline twelve months from now. Washington, D.C. The nation's capital is home to some of the most haunted buildings in the country. The White House is said to be haunted by past presidents and their families from President Lincoln to Abigail Adams. Visitors can book ghost tours at local cemeteries. Of all the cities listed here, Washington D.C. has the lowest probability of seeing a housing price decline in twelve months at just 9.4%. Salem, Massachusetts. Salem is best known for its witch trials in the late 1600s, when people were tried as witches and the "guilty," executed. Those victims are said to continue to haunt the cemeteries, homes and trial sites in the town. Ghost and witch tours are available in the daytime and by candlelight for those who want to explore the town's paranormal activity. You can even take a photography class with tips on how to photograph ghosts. Salem has a 15.3% probability of a housing price decline in twelve months. CoreLogic data is delivering enhanced information and providing more actionable insights in the communities you love. Find out more here. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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HomeJab Study Says Video Tops 3D Interactive Tours
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Impacts of Student Loan Debt on Homebuying Uncovered at Realtor Policy Forum
WASHINGTON (October 13, 2021) -- Top experts from the housing and higher-education fields joined policy thought leaders from the National Association of Realtors on Wednesday to discuss the current student loan debt crisis and how it affects the economy, housing market, and debt holders. The event explored the findings of NAR's September report, The Impact of Student Loan Debt. For the past eight years, NAR has been collecting and examining research to measure the impact of student loan debt on future homebuyers. The report uncovered that student loan debt is one of the most significant hurdles for potential buyers and their ability to purchase a home. "Today's millennials are drowning in student loan debt. After our research, we can now say with certainty that student loan debt is making it difficult to buy a home," said NAR Vice President of Policy Advocacy Bryan Greene to open the event. "We know that homeownership is the ticket to wealth and equity. Many are concerned that to address student loan debt, we would have to take the load off students and on put it on taxpayers. Others advocate help from private employers. We need to talk about all options and explore what reforms are possible." Fifty one percent of student loan holders say their debt delayed them from purchasing a home. NAR's Vice President of Demographics and Behavioral Insights, Jessica Lautz, took the time to explore and explain the research the association has recently done. "We first started researching this topic because of NAR member's children – they couldn't afford a home because of the burden of student loan debt. We knew they weren't alone because there are 40 million Americans holding student loan debt," said Lautz. "Half of non-owners say student loan debt is delaying them from buying a home. We asked participants in our research to pretend they paid off their student loan debt – they said the first thing they would invest in is long-term savings and the second would be buying a home. So, we know they want to get into homeownership, but they are having a hard time getting there." The Mortgage Bankers Association (MBA) spoke about today's competitive housing market. Detailing that in the current market candidates are faced with other buyers offering all-cash offers and a competitive bidding process. In result of intense competition, MBA supports assistance in down payment which is clearly needed for first time homebuyers specially in low-income areas. Senior Vice President of Public Policy for the National Fair Housing Alliance, Nikitra Bailey, went on to outline how student loan debt has a disproportionate effect on people of color. NAR's research shows White student debt holders (30%) are less likely than Black (47%) or Hispanic (47%) debt holders to say they are currently incurring student loan debt for themselves. "Today Black homeownership is as low as it was when discrimination was legal," said Bailey. "After 20 years of taking out student loans, Blacks still owe 95% of the balance of the debt and are more likely to default. Post-secondary education is now a necessity to succeed, yet a degree is not a shield from racial disparity. Our proposed Down Payment Targeted Assistance Program addresses student loan debt as a burden that leads to the lack of ability to save for a down payment, mostly among Blacks and Latinos. And our Keys Unlock Dreams Initiative will help close the racial wealth and homeownership gap." Rachel Fishman, Deputy Director for Research, Higher Education at New America was able to explain to the audience the burden on parents who take out Parent PLUS loans. These federal loans continue to be an in between space where parents take on the student loan debt of their child. "When we talk about student loan debt we talk about the student, but we need to start correlating the family," said Fishman. "My hope is to raise awareness about this issue… to start addressing the root cause of debt – food insecurity, housing affordability, childcare. Families are juggling these things on balance sheets along with student loan debt. Among other recommendations, we seriously need to address college affordability for a four-year degree." The last speaker for the event was Ben Kaufman, Head of Investigations & Senior Policy Advisor at the Student Borrower Protection Center. He closed the forum with statistical intel that outlined the chronological timeline showing the increasing financial instability that student loan debt is creating in this country and how it is standing in the way of people being able to purchase a home. "Student loan debt has exploded in the US. There are more people borrowing, and they are borrowing more. People think of a student loan debt holder as young person, but actually two-thirds of borrowers are over the age of 30," said Kaufman. "Even before COVID, the rate of delinquency on student loans was higher than the delinquency on mortgages at the peak of the financial crisis. Before COVID, a borrower was defaulting on a student loan every 26 seconds. So much of this is policy choices, for generations every single day in Washington all levels of government have been making decisions on this. It is imperative to claim your seat at the table so your voices can be heard. If your voices were heard from the onset, I don't think we would see the consequences we see today." The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Q3 2021 U.S. Foreclosure Activity Begins to See Significant Increases as Foreclosure Moratorium Is Lifted
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STAGERIE Partners with BoxBrownie.com to Offer Users Full Suite of Home Staging Services
Created for Homeowners, Real Estate Agents, Staging Professionals DES MOINES, Iowa, Oct. 11, 2021 -- Stagerie announces today their new partnership with BoxBrownie.com, a virtual staging technology company, to expand into a full suite of home staging services. The full suite of services for staging will now include occupied home consultations, occupied staging coordination, and vacant staging rentals. This is possible with Stagerie's new referral partnership with BoxBrownie.com, the global leader in virtual staging and image enhancement. Stagerie users will now be able to easily access BoxBrownie.com's time-saving virtual staging technology and start elevating their listing photography. "I've seen firsthand what a difference a staged home makes in selling, both online and in person," said Nora Crosthwaite, Stagerie Founder. "That's why I want every home to be staged beautifully, no matter the price point. With the expansion in services and our partnership with BoxBrownie, we can now serve all clients." Stagerie founder Nora Crosthwaite is a former software professional and a licensed REALTOR® in Iowa. After showing hundreds of homes, Crosthwaite realized that many homes on the market were not staged for a quick sale. She is now on a quest to ensure every home for sale is perfectly positioned to sell, leading her to start Stagerie. "We are very excited to partner with Stagerie and work with their team of designers to provide the client with the highest quality of virtual staging," says Kosha Brown, Director of Business Development at BoxBrownie.com. "We at BoxBrownie.com strive to streamline the staging and listing process and provide agents with top-notch imaging." Stagerie began as an occupied home staging company, giving homeowners and real estate agents an easy way to get a full occupied staging consultation, conveniently, using their phone. Now, clients can start with Stagerie's easy questionnaire to determine the specific needs of the home. Depending on their needs, Stagerie will then coordinate a full staging action plan and work with a local independent stager to bring the space to life. The new partnership will allow Stagerie to create a full staging action plan and BoxBrownie.com will virtually stage the home accordingly. Users will have access to an exclusive coupon code for all BoxBrownie.com photo enhancement services. They offer an array of services beyond virtual staging including 16-step image enhancement process, day to dusk twilight conversion, item removal, and more. About Stagerie Stagerie is an open online marketplace that provides homeowners with the best visualization of their listing to increase its sale price. Serial entrepreneur, Realtor® and software professional Nora Crosthwaite created Stagerie to bring together homeowners, staging professionals and real estate agents to enhance the revenue of each. To learn more, request a demo or visit www.stagerie.com. About BoxBrownie.com Established in 2015, BoxBrownie.com is Australia's leading image marketing technology specialist for the property industry. With paying customers in 104 countries globally, BoxBrownie.com offers a cloud-based system designed to make image editing fast and affordable. Services include retouching and photo enhancement, CGI rendering, virtual tours, and virtual staging.
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October Is Ripe for Homebuyers According to Analysis from ATTOM on Historical Home Sales
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Inventory Just Hit a 2021 High, which Means More Choices for Fall Buyers
U.S. inventory declines continued to shrink (-22.2% year-over-year) despite a dip in new listings in September SANTA CLARA, Calif., Sept. 30, 2021 -- New housing data shows inventory hit a 2021 high in September, giving buyers more choices than they have had all year, according to the Realtor.com® Monthly Housing Report released today. Nearly one-third of the 50 largest metros continued to see increases in newly-listed homes compared to last year and in Austin, Texas; Portland, Ore.; Jacksonville, Fla.; and Washington, D.C., new listings were up more than 10% year-over-year. "Put simply, this September buyers had more options than they've had all year and while that's typical of early fall, that's not what happened in 2020. Still, it's important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year," said Realtor.com® Chief Economist Danielle Hale. "There are fewer homes for sale than last year and less than half as many as two years ago; homes are also selling a lot faster. With new listings in September dipping below last year for the first time in 5 months, next month's data will yield important clues about whether this setback is going to be temporary or a new trend." Inventory holds steady despite the first new-listings dip in 5 months The U.S. supply of for-sale homes reached a new 2021 high in September, as buyers continued to see steady improvement in the number of active listings compared to earlier this year, the typical seasonal pattern that was notably missing in 2020. The pace at which inventory has been closing-in on the yearly gap slipped in September. Nationally, available inventory – or active listings on Realtor.com® without a contract – reached a new 2021 high of 646,053 for-sale homes in September. U.S. housing inventory declined 22.2% year-over-year in September, an improvement over August (-25.8%), but is still less than half (-52.5%) of typical 2017-2019 levels. Compared to the national rate, inventory declines were improving more quickly in the 50 largest U.S. metros, down by an average of 18.5% year-over-year. Overall new listings posted an annual decline nationwide (-3.9%) for the first time in five months in September, while newly-listed entry-level single-family homes continued to rise (+8.0%). Although the 50 largest U.S. markets saw an average new listings decline of 3.4% year-over-year in September, nearly one-third (16) of those metros continued to post new listings gains, on par with August. The biggest new listings growth was seen in Austin, Texas (+19.9%), Portland, Ore. (+16.3%), Jacksonville, Fla. (+15.1%) and Washington, D.C. (+10.7%). Among the areas with the biggest drops in newly-listed homes in September were those affected by Hurricane Ida, including the Northeast (-5.4%) and South (-3.2%), as well as the West (-4.7%) where wildfires may have delayed new sellers' plans to enter the market. Uncertainty from resurgent COVID cases, which had an outsized impact on sellers earlier in the pandemic, may also be playing a role. Hard-hit metros in these regions registered the highest yearly new listings declines, including New Orleans (-51.2%), Hartford, Conn. (-22.4%), Miami (-14.5%) and Los Angeles (-14.5%). Sellers can still cash in but should check expectations against recent local trends September data also offered good news for sellers as listing prices remained historically-high nationwide. However, September pricing trends reflected more normal seasonal cooling compared to fall 2020, offering buyers some lower cost options, after the double-digit growth seen from August 2020 through July 2021. The U.S. median home price held at last month's near record-high of $380,000 and grew at the same annual rate (+8.6%) in September, and was up 20.6% from 2019. In further signs of some sellers competing more for buyers, the share of active listings with price adjustments grew for the second month in a row in September, up 1.5% year-over-year to 17.9% of active listings. In the nation's 50 largest metros, home prices increased by an average of 4.1% year-over-year in September, an uptick from the August yearly growth rate (+3.5%). The West (+9.1%) and South (+7.9%) posted the biggest regional price gains over last year. Additionally, western and southern metros dominated the top five list of markets by highest price growth: Austin (+33.6%), Las Vegas (+24.6%), Tampa (+20.8%), Orlando (+16.9%) and Riverside, Calif. (+15.4%). Time on market follows more normal seasonality compared to last fall In September, homes sat on the market for slightly longer compared to the feverish pace seen over the summer, giving buyers relatively more time to make decisions. Time on market remains faster than in 2019-2020, but is following more typical seasonality compared to 2020 when homes sold fastest during the Fall. The typical U.S. home spent 43 days on the market in September, an increase over the record-fast pace seen in June (37 days), but home sales were still faster than in 2020 (-11 days) and 2019 (-22 days). Homes sold at a faster pace than the national median in the 50 largest metros in September (37 days), on average, but the gap from last year is shrinking more quickly (-7 days). Time on market trends varied depending on where you live: The South saw the fastest home sales compared to last year (-12 days), with the biggest metro-level declines seen in southern cities like Miami (-32 days) and Raleigh (-29 days). Five metros saw a yearly increase in time on market in September: Washington, D.C. (+7 days), San Diego (+7 days), Philadelphia (+4 days), Buffalo (+2 days) and Baltimore (+2 days). Methodology Housing data as of September 2021. Listings include the active inventory of existing single-family homes and condos/townhomes for the given level of geography on Realtor.com®; new construction is excluded unless listed via the MLS. In this analysis, entry-level homes are defined as 750-1,750 square-foot single family homes. In this release, price adjustments are defined as home listings that had their price reduced in September 2021. Listings that had their prices increased during the month are excluded. In September, the count of listing price reductions was more than 8 times higher than the count of listing price increases. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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Redfin Reports Asking Prices Up 12% to All-Time High
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Natural Disaster Threats Are Now Front and Center for Homebuyers
Three in four recent homebuyers report that concern over the threat of natural disasters impacts their housing decisions, according to new Realtor.com survey SANTA CLARA, Calif., Sept. 27, 2021 -- September marks National Preparedness Month, a time when Americans are reminded and encouraged to take steps to prepare for emergencies. For many people, a home is their largest asset and as natural disasters become more common, keeping it and themselves safe is an increasing concern. A new survey from Realtor.com found that 78% of recent home buyers took natural disasters into account when choosing the location of their new home. The survey of 3,026 consumers, which was conducted online by HarrisX in July 2021, found that 62% of homeowners are concerned about the threat of natural disasters, and that number was even higher for recent home buyers (75%) and among millennials (72%). Natural disasters that are most concerning to homeowners include: tornadoes (39%), severe cold or winter storms (38%), floods (35%), hurricanes (29%), earthquakes (21%), wildfires (17%), droughts (11%) and sinkholes (8%). Homeowners in rural and suburban communities were most concerned about tornadoes and severe cold/winter storms, while flooding was a top concern for those in urban areas. "Natural disasters can have enormous impacts on communities and homeowners, and with increased frequency and intensity of weather-related events, National Preparedness Month is a good reminder of how important it is to be prepared," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "Our mission is to help bring people home, but it's also about helping people when their home is damaged or lost after disaster strikes, which is why Realtor.com® recently made a $200,000 commitment to help aid in disaster response efforts." With natural disasters becoming more frequent and severe, nearly half (47%) of consumers are more concerned today about the threat of natural disasters to homeownership compared to five years ago; 44% said their level of concern is unchanged and only 9% feel less concerned. For some, the threat of future natural disasters could impact their decision about whether to move or sell their home. One-third (34%) of surveyed consumers would consider proactively selling their home, moving or both to avoid future natural disasters, while 66% said they aren't considering either. To help buyers make good home buying decisions and increase awareness about a home's flood risks, which are among the most common and costly disasters in the U.S., Realtor.com® was the first listing portal to include flood risk information on for-sale and off-market properties. As of August 2020, all properties on Realtor.com® now display a Flood Factor® – developed by the First Street Foundation – with a score between one (minimal risk) and 10 (extreme risk) that represents its cumulative risk of flooding over a traditional 30-year mortgage. Over the past year, site users have viewed flood information on Realtor.com® more than 150 million times. The feature is heavily viewed on properties in hurricane-prone states like Florida and Texas, as well as in states all along the eastern seaboard. While being prepared can't prevent a disaster it can help homeowners recover faster; when asked how prepared they were for a natural disaster specific to their area, two thirds (68%) of surveyed consumers said they were very or somewhat prepared and less than one third (32%) said they were only somewhat or very unprepared. To bring help and hope to those who are impacted by natural disasters, Realtor.com® has donated $200,000 to the REALTORS® Relief Foundation, a charitable organization dedicated to providing housing-related assistance to victims of disasters. The REALTORS® Relief Foundation, is administered by the National Association of REALTORS®, which covers 100 percent of RRF's administrative costs so that every dollar donated goes directly to disaster relief efforts. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 3,026 adults. The survey was carried out online from July 21-23, 2021. The sampling margin of error of this poll is ±1.8 percentage points. The figures represent a national view of U.S. adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 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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NAR Identifies America's Top 10 Commercial Office Markets of 2021
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Elm Street Technology Acquires Austin-based Digital Marketing Company OutboundEngine
Strategic acquisition strengthens Elm Street's growing market share in real estate and lending September 30, 2021 - Dallas, TX -- Elm Street Technology, LLC (“Elm Street Technology"), a leading provider of residential real estate technology and marketing solutions, today announced the acquisition of OutboundEngine (“OutboundEngine"), a marketing automation software company based in Austin, Texas. The acquisition of OutboundEngine complements and expands Elm Street's Elevate platform, which provides an end-to-end suite of real estate technology and marketing services. “Elm Street Technology and OutboundEngine share a similar vision and culture, which we are confident will make this a powerful combination," said Prem Luthra, President and CEO of Elm Street Technology. "Both of our companies are striving to create a streamlined, simplified user experience for the real estate community and complementary industries. Joining forces allows us to collectively focus our attention on creating a true ‘one-stop shop' for all aspects of real estate marketing and productivity." Elm Street Technology's Elevate platform, which aims to maximize real estate professionals' business efficiency by providing a single vendor and point of contact, is currently used by tens of thousands of real estate agents, teams and brokerages across the United States and Canada. Elevate offers a variety of seamlessly-integrated tools including IDX websites, lead generation services, CRM, email, social, text and blog marketing automation, transaction management, recruiting and retention campaigns and more, all backed by comprehensive customer support and training. “We are in a time of sweeping digital change and customer-focused product evolution," stated Marc Pickren, CEO of OutboundEngine. “OutboundEngine's ability to align with a progressive and forward-thinking company like Elm Street Technology will empower us to evolve our products and services at an aggressive pace that's never been seen in the real estate sector." “Not only does OutboundEngine's tech stack add an additional layer of opportunity for our current real estate client-base, they also are focused on servicing a larger audience segment such as mortgage and lending," adds Prem Luthra. “As we expand more aggressively into these markets in 2022, an alliance between our organizations was an obvious choice and we're thrilled to welcome the entire team into the Elm Street Technology story." Early in 2020, Elm Street Technology announced a strategic partnership with Aquiline Capital Partners, a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. This partnership has enabled Elm Street Technology to accelerate its organic growth and to pursue strategic acquisitions. OutboundEngine is the tenth acquisition for Elm Street Technology since the company's founding in 2016. Past acquisitions have included companies such as VoicePad, FlowROI, IDX Broker, eMerge, AgentJet, Listingbook, RLS2000, Morris Marketing / IXACTContact, and Consolidated Knowledge. About Elm Street Technology, LLC Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com. About OutboundEngine Based in Austin, Texas, OutboundEngine is focused on helping businesses grow by making online marketing simple and easy for everyone. The company's SaaS platform automates email marketing, social media posting, online review collection and more for over 10,000 customers. Founded in 2012, OutboundEngine is ranked No. 95 on the Inc. 5000 and has been consistenly named a top workplace in Austin. For more information, please visit outboundengine.com. About Aquiline Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. The firm had $6.9 billion in assets under management as of June 30, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.
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