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Luxury Presence Launches AI Lead Nurture, an Advanced AI-Powered Lead Engagement Tool
AUSTIN, TX -- Luxury Presence, a leading proptech startup that provides real estate growth marketing solutions, today announced the release of AI Lead Nurture, an innovative AI-powered tool that boosts lead engagement and appointment requests. AI Lead Nurture leverages human-like AI to engage and qualify more leads. The tool automatically responds to inbound messages 24/7 and continues to strategically follow up, keeping leads warm and driving them toward an appointment request. It also does the work of learning a lead's timeline, budget, and preferences, allowing busy real estate professionals to prioritize the highest-quality prospects. With an average of 25 touchpoints, AI Lead Nurture frees up agents' time while increasing lead response rates to over 50% and warm handoff rates to over 14%. In the three months after implementing the tool, top-ranked New Jersey broker Taylor Lucyk generated 40 appointment requests and a 22% warm handoff rate, demonstrating the efficiency of AI Lead Nurture in qualifying leads. "AI Lead Nurture joins our suite of market-leading products that help real estate professionals get in front of their target audience, collect more leads, and drive the most valuable prospects toward appointment requests," said Malte Kramer, Founder and CEO of Luxury Presence. "The tool is incredibly smart—it feels like having a real conversation with the agent—and it gives agents time back to focus on nurturing relationships and closing deals. It also allows even the busiest agents to satisfy buyers and sellers' desire for responses on-demand, impressing potential clients from the jump." About Luxury Presence Luxury Presence is a Los Angeles proptech startup that provides growth marketing solutions to over 10,000 agents, teams, and brokerages–including more than 20 of the top 100 WSJ real estate agents. The company's award-winning real estate websites, expert marketing solutions, and AI-powered mobile platform help agents attract more business, work more efficiently, and impress their clients. Since launching in 2016, Luxury Presence has raised over $52M. Its notable investors include Zillow Co-Founder Spencer Rascoff, real estate coach Tom Ferry, NBA Champion Dirk Nowitzki, NFL Pro Larry Fitzgerald, Switch Ventures, Toba Capital, and Bessemer Venture Partners. Luxury Presence has a sales and customer support office in Austin, TX. For more information, visit https://www.luxurypresence.com.
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Inside Real Estate Launches 2024 with New Innovations in AI, Platform and Home Ownership Tech
New products and features highlight smarter tech through the industry's most robust and fully connected ecosystem, unlocking workflows and empowering customers to provide exceptional value to their clients, work more efficiently, and drive higher profitability this year. MURRAY, Utah, February 15, 2024 --- Inside Real Estate, independent industry tech leader, and trusted partner to over 400,000 agents, teams, brokerages and top franchise brands, just announced a wave of new product innovations and enhancements, as well as a look at their 2024 roadmap, designed to make it easy for their clients to increase productivity and profit through a fully connected front-to-back office ecosystem. In a recent webinar for Inside Real Estate clients, the company detailed innovative new enhancements to their platform solutions, as well as a preview of plans in development for future releases. More AI-powered productivity-enhancing solutions have been added including a revamped CRM experience that offers efficient and effective communication tools leveraging AI call scripts, email, and text generating capabilities. New designs and customizations for branded collateral and sites help customers "stand apart from the sea of sameness without the hassle of design or development," said Ken Katschke, SVP of Product at Inside Real Estate, and an upgraded, complete back office technology suite creates a single workflow, boosting productivity, and driving brokerage and team growth with a best-in-class data-backed recruiting and retention solution. The latest release and enhancements are designed to help agents and brokers: Leverage AI, automation and insights, to create opportunities, and drive engagement so agents can focus on their most important activities. Differentiate their business, brand and unique value props with design customization and workflows to help them stand apart. Create clients for life, bringing the front office and back office operations together to seamlessly deliver value during the full homeownership lifecycle. Find and align with a community of support to offer inspiration, motivation, and ample opportunities to come together and build connections. "I am confident this will be a momentum-building 2024, and the businesses that lean in, focus on the fundamentals, and set themselves ahead of the competition will capitalize on the opportunities that await," said Joe Skousen, Founder & CEO of Inside Real Estate. "As much as ever, we are taking our role as technology partner seriously, and are laser-focused on delivering the technology, tools, support, and connections, to help our clients find success and stay ahead." Inside Real Estate rounds out their 2024 innovation roadmap with a keen focus on fostering a strong community, peer-to-peer enablement and elevated customer support experiences. Mastermind events, peer coaching programs, new certifications to maximize ROI, and a highly touted user conference in April, called UNITE will all be available this year. To learn more, visit insiderealestate.com. About Inside Real Estate Inside Real Estate is a fast-growing, independently-owned real estate software firm that serves as a trusted technology partner to over 400,000 top brokerages, agents, and teams. Their flagship product, kvCORE Platform, is the most modern and comprehensive solution in the industry known for delivering profitable growth at every level of a brokerage organization. Built on a modern, scalable, and flexible architecture, kvCORE enables every brokerage to create its own unique technology ecosystem through custom branding, robust integrations, and high-quality add-on solutions. Recent strategic acquisitions have expanded the company's technology portfolio further, including BoomTown, Brokermint, and AmpStats solutions, which solidifies Inside Real Estate as the leading technology partner in the real estate industry. With an accomplished leadership team and its talented staff, Inside Real Estate brings the resources, scale, and vision to deliver ongoing innovation and success to their growing customer base. To learn more visit insiderealestate.com.
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Matterport Launches Property Intelligence: Transforming Real Estate and Property Management with AI and Automation
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REACH Australia and New Zealand Unveils Nine Companies Selected to 2024 Scale-up Program
SUNSHINE COAST, QUEENSLAND, AUSTRALIA (February 12, 2024) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, is delighted to announce the inclusion of nine innovative companies to the 2024 REACH Australia and New Zealand program. Launched in 2019, the REACH Australia and New Zealand program is now entering its fifth year and is the longest-running REACH program outside the United States. This initiative has evolved to become a cornerstone for technology companies aiming to scale their growth and make a lasting impact on the real estate communities of Australia and New Zealand. "We are honored to have the opportunity to work with more exciting property technology startups," said Peter Schravemade, managing partner, REACH Australia and New Zealand. "These nine companies represent the largest number of companies taken on in a calendar year for the REACH Australia and New Zealand program. Regardless of your area of specialization, there is significant value within this group." Recently awarded as Residential VC of the Year by the Center for Real Estate Technology and Innovation, the REACH program consistently asserts its dominance within the Australian property technology community, solidifying partnerships with multiple real estate institutes and the Proptech Association of Australia. This commitment underscores REACH's integral role in propelling innovation and collaboration within the industry. "For five years, this program has been a driving force for Australian and New Zealand real estate technology, opening doors to global markets," said Dave Garland, managing partner, Second Century Ventures. "The diverse and forward-thinking 2024 cohort demonstrates our unwavering dedication to fostering the best innovation and talent from the Asia Pacific region." The companies accepted to the REACH Australia and New Zealand 2024 program are as follows: Arcanite is the ultimate real estate sales management and channel distribution platform to accelerate the transaction rate for all connected parties within the real estate ecosystem. Erin Living Technologies is a resident experience company meeting the demands of modern living. The core product – Erin – is a community-led livability super-app designed to make the lives of residents more connected, secure and convenient. Milk Chocolate has verticalized all parts of the property journey into one experience, offering planning, buying, building and management services. Leesy digitizes and centralizes the leasing process, helping renters to secure a home they love without the stress, landlords to maximize their rental yield, and agencies to reduce the time they spend leasing properties by up to 74%. FLK it Over streamlines residential leases and all real-estate document signing for your office with its seamless dashboard, SMS-powered communication and powerful proptech integrations Agent Profit Planner fine-tunes your real estate agency business for maximum return with online modeling tools to test profit and efficiency outcomes. Square by Square empowers anyone to buy and sell tiny squares of conservation land, making it profitable to protect nature. GXE is the all-in-one platform for investment funds, family offices, and syndicates that provides real-time visibility, efficient workflows, automated administration, reporting and more. THDR Group (aka THEODORE) is an Australian-born custom-tailored menswear brand with the vision of providing property professionals with access to affordable luxury menswear, by innovating and simplifying the customer experience via the use of emerging technology. For further information about REACH Australia and New Zealand and to explore ways to get involved, including attending the 2024 kickoff event in Brisbane, visit www.reachau.com/portfolio. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com. About the National Association of Realtors® The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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Zillow expands rental marketplace with room listings, offering more affordable and flexible options
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Realtor.com Avail Survey Finds Despite Cooling Rental Prices, Homeownership Remains Out of Reach for Many
Fewer independent landlords are planning to raise rents this year, but tenants paying persistently higher rents say it's likely to impact their home purchasing plans this year SANTA CLARA, Calif., Feb. 8, 2024 -- Over the past few years it's become more expensive than ever to rent, and with rental affordability a pressing national concern, landlords and tenants alike say it's impacting their future plans, according to a new Realtor.com® Avail Landlord & Renter Survey released today. Fewer surveyed independent landlords are planning to raise rents this year, but with more tenants paying persistently higher rents in recent years, many renters say it's likely to impact their home purchase plans this year. "The once-hot rental market has been stabilizing and softening year-over-year since May 2023, mostly from a surge in new rental options coming to the market that gave renters more to choose from. But the surge in rents and the sheer number of renters, many of whom have held off on buying in recent years, continue to minimize any potential price impacts that increased rental inventory could have on the market," said Danielle Hale, Chief Economist, Realtor.com®. "The median asking rent in 2024 is expected to drop only slightly below its 2023 level (-0.2%), but with wages rising 4.5% in January and anticipated to continue growing, even the modest decline in rent is giving households a real break, reducing the share of each paycheck going toward rent." Fewer landlords raising rents this year According to the survey, while six in 10 landlords (60%) plan to raise rent in the next 12 months, that percentage declined in recent quarters, down from 65% in Q1 2023. The majority of surveyed landlords (69%) noted they raise rent differently for renewals versus new leases, with the most opting for 0-5% increases for renewals and 0-10% increases for new leases. Among landlords who don't raise rents differently for renewal versus new tenants, the majority (50%) plan to increase rent between 0-5%. Planned rent increases are inline with higher costs across the board for many Americans, including landlords who are passing those costs on to their tenants. The majority of landlords (60%) stated that their ownership costs increased upwards of 10% in the past 12 months. Among landlords not planning to raise rents this year, 72% cite their unit already being priced at or above local market value. Persistently high prices squeeze renters The average responding renter pays between $1,000 and $1,500 monthly, but the survey found more renters are paying rents upwards of $1000–$2000 than in previous surveys, indicating continued rent increases for many across the country. In fact, 71% of surveyed renters noted a rent increase when renewing their most recent lease. And relief from high housing costs isn't in sight, with 35% of surveyed renters anticipating future rent increases and 38% unsure if they will see one, leading nearly two thirds (63%) to explore other housing options besides renewing their current lease. Common reasons for those not renewing leases included that the current rent was too expensive (43%) and unaffordable rent increases (23%). For some, staying put when a lease is up and negotiating rent increases may help save money; the percentage of renters attempting to negotiate rent increases when renewing their lease increased from 28% in Q1 2023 to 34% in Q4 2023. This may be especially true in 2024 as higher rental vacancy rates may mean landlords are more interested in securing renewals. Budget constraints put home buying plans on pause Rising interest rates and inflation are impacting home purchasing plans for many renters looking at buying in the year ahead, with 82% of surveyed renters noting the economy has had an impact on their housing plans. Among renters who are not considering a home purchase this year (71%), the majority cited not having enough for a down payment (61%) and that interest rates are too high (42%). The proportion of renters considering purchasing a home in the next 12 months decreased slightly from 30% in Q1 2023 to 29% in Q4 2023, with concerns about a lack of savings and their ability to qualify for a mortgage increasing. That's not surprising, given that two thirds of renters (68%) reported saving less each month than they were 12 months ago. Rental owners staying put on their properties Higher home prices and mortgage rates are also impacting landlords' plans for investing in more rental properties in the year ahead. Only 22% of surveyed landlords reported plans to buy one or more rental properties in the next 12 months, not unexpected given that approximately 7 in 10 surveyed landlords already have a mortgage on at least one rental property, and would likely finance another purchase with a mortgage. The majority of landlords have no plans to exit the market either: 73% stated they don't plan to sell any units in their portfolio over the next 12 months. Methodology Avail's quarterly survey of landlords and renters was conducted online in the U.S. between Dec. 6-15, 2023. Approximately 2,419 landlords and 2,241 renters were surveyed. The margin of error for landlords is estimated at ±2.62% and ±2.72% for renters. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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More Than 85% of Metro Areas Registered Home Price Increases in Fourth Quarter of 2023
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Home is where the heart is: 42% of recent home buyers find love after moving
Big-city buyers are three times more likely to find love than buyers in the suburbs SEATTLE, Feb. 6, 2024 -- This Valentine's Day, a new Zillow® survey is challenging the conventional order of love, marriage and homeownership. More than 2 in 5 recent home buyers (42%) report finding love after buying their new home. The share is even higher for Gen Z (64%), millennial (49%) and first-time (51%) buyers. Contrary to the made-for-TV romance movie trope, recent buyers are more than twice as likely to find love in the big city than in the country. In a plot twist, nearly 70% of recent buyers who found love after their move reported buying in an urban area (68%), compared to 33% who settled down in a rural area and only 22% who bought in the burbs. "Life events like coupling up and falling in love often prompt households to buy a home," said Manny Garcia, a senior population scientist at Zillow. "What we found is that love does not just prompt home buying, but home buying appears to prompt love as well. Homeownership can provide financial security, a stable foundation and a place to create lifelong memories. For many buyers, it also appears to be, at least in part, the springboard to putting down roots and finding love." Perhaps money can buy you love - and a home. Buyers with an annual household income of at least $100,000 were about twice as likely to report finding love since buying their new home, with 58% reporting such a connection. In contrast, only 28% of recent buyers with incomes of less than $50,000 said they found love after their move. One possible explanation is that higher-income buyers tend to be younger, and the youngest generations were the most likely to report finding love after moving. Recent buyers with the median income of $100,000 and above were between 9 and 11 years younger than those with incomes of less than $50,000. Nearly half of single, never-married home buyers said they fell in love after moving into their new home (47%), while divorced, separated or widowed home buyers are the least likely to report finding love after moving (9%). Gender dynamics also appear to be at play. Male buyers are about twice as likely as female buyers to report falling in love since moving into their new homes — 55% versus 28%. Survey methodology Zillow Group Population Science conducted a nationally representative survey of 901 successful and 993 prospective buyers. The study was fielded in September and October 2023. For more information on survey methodology, contact [email protected]. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.
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January 2024 Marks the Third Consecutive Month of Annual Inventory Growth
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Homes.com Ranked Among Top 50 U.S. Domains in Organic Visibility Improvement in 2023
Homes.com earns spot in SISTRIX's IndexWatch 2023, recognizing domains with significant visibility and growth in the U.S. WASHINGTON — February 2, 2024 — Homes.com, a brand of CoStar Group, a leading provider of online real estate marketplaces, information, and analytics in the property markets, today earned the 43rd spot in SISTRIX's IndexWatch 2023 for organic visibility improvement. Each year, the IndexWatch ranking uses the SISTRIX Visibility Index to measure U.S. domains with the strongest organic visibility growth and declines on Google.com. SITRIX measures rankings of over 100 million domains for 100 million keywords on Google, with Homes.com's ranking being earned specifically from Google's U.S. Index. Homes.com's spot on this list is a testament to the banner year it had in 2023. Homes.com is the fastest growing real estate portal in the world, as witnessed in September 2023 when Homes.com surpassed Realtor.com and Redfin to become the second most-trafficked real estate portal in the country and CoStar Group's network of U.S. real estate portals experienced 160 million unique visitors. "It is an honor to be recognized by SISTRIX's IndexWatch 2023 for the significant growth and awareness that Homes.com has experienced throughout 2023," said Andy Florance, Founder and Chief Executive Officer of CoStar Group, which owns and operates Homes.com. "We set out to create a platform with the highest quality content on neighborhoods, schools, and parks that benefits homebuyers and all agents. This visibility growth is a testament not only to the quality of the product, but to the quality of our team for consistently producing the best user experience." Homes.com's growth comes as part of a period of significant growth and expansion for CoStar Group. Founded in 1987, CoStar Group has grown to over 6,200 employees in 14 countries and fulfills Florance's vision to digitize the real estate industry, empowering people to discover properties, insights, and connections that improve their businesses and lives. CoStar Group is included in the S&P 500 Index, one of the premier benchmarks of the U.S. equities market, and in the NASDAQ 100, one of the world's largest preeminent large-cap indexes. For more information about SISTRIX's IndexWatch 2023, including the full ranking list, please visit here. About CoStar Group, Inc. CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attracted over 160 million unique monthly visitors in September 2023. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, CoStarGroup.com.
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Experience the future of home tours with Zillow Immerse on Apple Vision Pro
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Travis Kelce is the football player Americans most want as their neighbor
Among big-game QBs, more Americans want to be neighbors with Patrick Mahomes than Brock Purdy SEATTLE, Jan. 30, 2024 -- A new survey from Zillow® finds the football player Americans most want to be next-door neighbors with is Travis Kelce, the Kansas City Chiefs tight end who is in a relationship with Taylor Swift. Kelce (12%) topped the list of professional football players, beating out his teammate Patrick Mahomes (11%) and Odell Beckham Jr. (7%), wide receiver for the Chiefs' AFC Championship Game opponent, the Baltimore Ravens. Kelce was the overwhelming favorite among 18- to 34-year-old women, 26% of whom selected the tight end as their preferred next-door neighbor, compared to 8% of men in that age range. In the battle of the big-game quarterbacks, Americans would rather share a fence with Patrick Mahomes than Brock Purdy (3%), according to the recent survey commissioned by Zillow and conducted by The Harris Poll. Snoop Dogg (12%) is the halftime performer Americans would most want to live next door to, with strong support from elder millennials ages 35–44 (17%). Jennifer Lopez tied Lady Gaga for second place (11% each). Only 3% of Americans picked Usher, this year's halftime headliner, as their top choice for a next-door neighbor. In the football broadcasters category, Terry Bradshaw (17%) is America's preferred celebrity neighbor, favored by those ages 45 and older (21%). The Pro Football Hall of Fame quarterback came out ahead of his FOX Sports co-host Michael Strahan, who was selected by 13% of Americans. Of course, real-life neighbors can make or break big-game festivities. Zillow's survey finds 60% of Americans could be friends with a neighbor who actively supports a rival football team, but fewer than half — 46% — would invite a neighbor who roots against their team to their big-game watch party. Only 12% of Americans admit to snooping on their big-game party host's home value online. Many Americans would throw a penalty flag on a neighbor who made a party foul during the big game. More than 2 in 5 (44%) would issue a penalty for "unneighborly conduct" if a neighbor fired up their noisy leaf blower or snow blower during the big game. Four in 10 (40%) would throw a flag if a neighbor showed up empty-handed to a watch party, while 36% would blow the whistle for double-dipping into the guacamole. If there was a trophy for "most valuable neighbor," more than 2 in 5 Americans (44%) would award it to the neighbor who makes the best big-game food, and 16% to the biggest football fan. Fewer Americans would award the coveted "MVN" trophy to the neighbor with the biggest TV (13%) or the comfiest couch (7%). Most Desirable Neighbors of 2024 Survey Method This survey was conducted online within the United States by The Harris Poll on behalf of Zillow from January 18 - 22, 2024 among 2,085 adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected]. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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Homebuyers on a $3,000 Monthly Budget Have Gained $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall
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NAR's Volunteering Works Program Announces Mentoring Recipients
CHICAGO (January 18, 2024) – The National Association of Realtors® and the Good Neighbor Society have announced recipients of the 15th annual Volunteering Works grants and mentoring program. The program matches real estate agents who work on small-scale charitable efforts with mentors who can help them improve and expand their impact. The five Volunteering Works recipients will each receive a $1,000 seed grant and a year of one-on-one mentoring from a member of the Good Neighbor Society. This group is made up of past recipients of NAR's annual Good Neighbor Awards, the highest honor the association awards to members involved in community service. "These Volunteering Works recipients are shining examples of the positive impact that real estate professionals make in their communities," said NAR President Kevin Sears, broker-partner of Sears Real Estate in Springfield, Massachusetts. "Their dedication, compassion and tireless efforts enhance the lives of those they serve and set a standard for community engagement. They will not only grow their initiatives but inspire others to take meaningful action." 2023 Volunteering Works Grant and Mentoring Recipients: Arlin Fisher, Park Company REALTORS®, Horace, North Dakota (Crosses for Cameron) Realtor® Arlin Fisher and his wife co-founded two nonprofit organizations in memory of their son who died in a car accident at age 23. Crosses for Cameron educates people about the importance of organ donation. The Garden of Healing, located within a park between two hospitals, was created to facilitate healing through nature. "Even though this garden stemmed from the loss of Cameron, we want it to be a place of life and living," said Fisher, who is working with mentor Craig Conant, a 2001 Good Neighbor Award winner. Pam Graves, Summer House Realty, Fernandina Beach, Florida (Stirring Hope, Inc.) When Realtor® Pam Graves met Mary Apio – a former child bride turned self-made chef – while on a mission trip to Uganda, it was their backgrounds in food that connected them. In 2021, Graves and Apio built Sonrisa School of Culinary Arts & Bakery, a cooking school to help other survivors of assault and forced child marriage build a new life. "After Mary told me her story, and we figured out we had cooking in common, I realized that this is where the lasting change comes in," Graves said. In 2022, the school graduated 22 students. Graves' mentor is Dawn Rucinski, a 2021 Good Neighbor Award finalist. Kyle Olson, Keller Williams Inspire Realty, Fargo, North Dakota (Alzheimer's Association MNND Chapter) For 64 hours straight, Realtor® Kyle Olson held an open house and raised $10,000 to combat Alzheimer's – the disease that robbed him of more time with his father, Dewey. The third annual World's Longest Open House – which featured hourly livestreams and events like jazzercise and chalk art – is more than a tribute to Olson's father. It has turned into a bonding experience for Olson and his son, Tucker, who simultaneously hosted the Longest Lemon-aid Stand on-site for 12 hours on the first day. "It's fantastic to go from working with my dad as a farmer and having those great memories to now having my son join me to do these fun things for a good cause," said Olson, who will be mentored by 2013 Good Neighbor Award winner Kristina Rhodes. Glenda Pollard, Pollard Partners LLC, Baton Rouge, Louisiana (Clean Pelican) Realtor® Glenda Pollard founded Clean Pelican to improve and beautify Baton Rouge. The nonprofit engages local businesses, volunteers and the mayor's office to organize cleanup days. Through innovative programming in schools, they use technology to teach middle- and high-school students to map areas that need cleanup, and track and store what was picked up and by whom. Pollard has been paired with mentor Tami Hicks, a 2022 Good Neighbor Award finalist. "I am looking forward to working with Tami to find ways to recruit more volunteers," said Pollard. Daphne Thomas, RE/MAX Alliance Group, LLC, Tampa, Florida (Unbroken Dreams, Inc.) Realtor® Daphne Thomas founded Unbroken Dreams in 2021 to address homelessness and help people rebuild their lives. She has connected hundreds of people with housing resources; runs a cold-weather shelter; provides necessities like food, warm clothing and blankets; and sometimes buys bus tickets to help reunite people with their families. "When people stumble upon rough times, such as homelessness or incarceration, their dreams tend to be forgotten – or broken," said Thomas. "Unbroken Dreams believes that these dreams are attainable." Thomas will work with mentor Debbie McCabe, a 2022 Good Neighbor Award finalist. Volunteering Works recipients were selected based on devotion to their communities through volunteer endeavors and the potential for their good works to be expanded or improved with the help of an expert mentor. The Volunteering Works program is made possible thanks to the generous support of Wells Fargo Home Lending. "Congratulations to all of the Volunteering Works mentoring recipients," said Arlene Maloney, divisional sales manager for the North Pacific/Midwest division for Wells Fargo Home Lending. "We are once again proud to sponsor this great mentoring program, celebrating agents who have made a difference in their communities and want to do more. "At Wells Fargo, we share their passion for building a sustainable, inclusive future for all and hope the grant for their charitable organizations can help further their work. We are happy to be a part of the great things these recipients are doing." About the National Association of Realtors® The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About Wells Fargo & Company Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune's 2023 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, 2 November 2023 | News Release small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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Lofty Unveils AI Powered Virtual Assistant at Inman Connect New York
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Renting a Home Still More Affordable Than Owning Across U.S. Even as Both Remain Financial Stretch
Home rental and ownership still difficult in 2024 for average workers in most of nation, but renting less of a burden in nearly 90 percent of local markets trend continues despite rents growing faster than home prices IRVINE, Calif. – Jan. 18, 2024 — ATTOM, a leading curator of land, property and real estate data, today released its 2024 Rental Affordability Report, which shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90 percent of local markets around the nation. The report shows that both renting and owning a three-bedroom home continue to pose significant financial burdens for average workers, consuming more than one-third of their wages in the vast majority of county-level housing markets. But median rental rates still require a smaller portion of average wages than major home-ownership expenses on three-bedroom properties in 296, or 88 percent, of the 338 U.S. counties with enough data to analyze. That gap extends trends from 2023 even as rents have commonly risen faster than home prices over the past year around the U.S. The analysis for this report incorporated 2024 rental prices and 2023 home prices, collected from ATTOM's nationwide property database, as well as publicly recorded sales deed data licensed by ATTOM (see full methodology below). Those two data sources were combined with average wage figures from the Bureau of Labor Statistics (see full methodology below). "Finding an affordable home remains a daunting prospect around the country for average workers, regardless of whether they want to buy or rent. Continuously increasing home prices contribute to the escalation of rental costs, making both buying and renting properties a challenging endeavor across most of the United States.," said Rob Barber, CEO at ATTOM. "But the latest data shows that even as rents are growing faster, they remain more affordable than owning." The current situation favoring renting over buying reflects a combination of housing market trends that offer limited straightforward options for home seekers but ultimately lean towards the advantage of rentals. Over the past year, both rental rates and home prices have continued to rise in most of the country. Rental rates have climbed even faster in a majority of counties with enough data to analyze. That has happened as elevated home prices have become further and further out of reach for average workers, preventing those with marginal finances from obtaining mortgages and leaving them with few options other than renting. Home prices kept going up in 2023 despite rising mortgage rates, in part because of a tight supply of homes for sale. Still, despite renting and ownership consuming more than a third of average wages in most local markets, rents haven't escalated enough to keep them from being the more affordable option for average workers. That trend has held throughout the country but remains most pronounced in the most populous urban and suburban markets. Changes in rents outpacing home price trends in nearly two-thirds of U.S Median rents for three-bedroom homes have increased more over the past year, or declined less, than median prices for single-family homes in 210, or 62 percent, of the 338 counties analyzed in this report. Counties were included in the report if they had a population of 100,000 or more, at least 100 sales from January through November of 2023 and sufficient data showing changes in three-bedroom rents from 2023 to 2024. Changes in three-bedroom rents commonly have ranged from 3 percent decreases to 15 percent increases while changes in median sale prices for single-family homes last year typically ranged from 3 percent losses to 7 percent gains. Most populous counties have widest affordability gaps between renting and owning Renting a three-bedroom home, while still difficult for average workers, is most affordable in 2024 compared to owning a median-priced single-family home in the nation's largest counties. In almost three-quarters of markets with populations of at least 1 million, the portion of average local wages consumed by renting is at least 10 percentage points lower than the portion required for typical major home ownership expenses. (Comparisons assume a home-purchase mortgage based on a 20 percent down payment. Major ownership expenses include mortgage payments, property taxes and insurance). Among 45 counties with a population of at least 1 million included in the report, the biggest gaps are in Honolulu, HI (median three-bedroom rents consume 67 percent of average local wages while typical single-home affordability consume 134 percent); Kings County (Brooklyn), NY (72 percent for renting versus 136 percent for owning); Alameda County (Oakland), CA (51 percent for renting versus 108 percent for owning); Santa Clara County (San Jose), CA (29 percent for renting versus 83 percent for owning) and Orange County, CA (outside Los Angeles) (88 percent for renting versus 136 percent for owning). The only two counties with a population of more than 1 million where it is more affordable to buy than rent in 2024 are Riverside County, CA (median rents consume 101 percent of average local wages while typical home ownership costs consume 91 percent) and Wayne County (Detroit), MI (22 percent for renting versus 19 percent for owning). Renting three-bedroom homes stretches budgets but remains most affordable in South and Midwest The report shows that the median three-bedroom rent requires more than one-third of the average local wage in 274 of the 338 counties analyzed for the report (81 percent). Among the 64 markets where median three-bedroom rents require less than one-third of average local wages, 59 are in the Midwest and South. The most affordable for renting are Jefferson County (Birmingham), AL (22 percent of average local wages needed to rent); Wayne County (Detroit), MI (22 percent); Ingham County (Lansing), MI (22 percent); Genesee County (Flint), MI (23 percent) and Caddo Parish (Shreveport), LA (23 percent). Aside from Wayne County, the most affordable counties for renting among those with a population of at least 1 million are Cuyahoga County (Cleveland), OH (24 percent of average local wages needed to rent); St. Louis County, MO (24 percent); Allegheny County (Pittsburgh), PA (26 percent) and Philadelphia County, PA (28 percent). The least affordable counties for renting are spread mostly through the South and West, including Collier County (Fort Myers), FL (153 percent of average local wages needed to rent); Santa Barbara County, CA (131 percent); Monterey County, CA (outside San Francisco) (107 percent); Indian River County (Vero Beach), FL (102 percent) and Riverside County CA (101 percent). Aside from Riverside County, the least affordable for renting among counties with a population of at least 1 million are Orange County, CA (outside Los Angeles) (88 percent of average local wages needed to rent); Los Angeles County, CA (83 percent); Kings County (Brooklyn), NY (72 percent) and Palm Beach County (West Palm Beach), FL (70 percent). Most-affordable home ownership markets still in South and Midwest; least affordable in West and Northeast The report shows that major expenses on a median-priced single-family homes require more than one-third of average local wages (assuming a 20 percent down payment) in 296 of the 338 counties analyzed for the report (88 percent). The most affordable markets for owning are Wayne County (Detroit), MI (19 percent of average local wages needed to own); Montgomery County, AL (21 percent); St. Louis City/County, MO (23 percent); Bibb County (Macon), GA (23 percent) and Caddo Parish (Shreveport), LA (23 percent). Aside from Wayne County, the most affordable for owning among counties with a population of at least 1 million are Allegheny County (Pittsburgh), PA; (27 percent of average local wages needed to own) Cuyahoga County (Cleveland), OH (27 percent); St. Louis County, MO (30 percent) and Harris County (Houston), TX (35 percent). The least affordable markets for owning among those analyzed are Marin County, CA (outside San Francisco) (164 percent of average local wages needed to own); Santa Cruz County, CA (160 percent); Orange County, CA (outside Los Angeles) (136 percent); Kings County (Brooklyn), NY (136 percent) and Honolulu County, HI (134 percent). Aside from Orange, Kings and Honolulu counties, the least affordable counties among those with a population of at least 1 million are Alameda County (Oakland), CA (108 percent of average local wages needed to own) and Queens County, NY (105 percent). Rents growing faster than wages in majority of markets Median three-bedroom rents are increasing more than average local wages in 197 of the 338 counties analyzed in the report (58 percent). They include Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average local wages are growing faster than average rents in 141 of the counties in the report (42 percent), including Cook County (Chicago), IL; Kings County (Brooklyn), NY; Miami-Dade County, FL; Queens County, NY, and San Bernardino County, CA. Wages growing faster than home prices in nearly 60 percent of nation Average weekly wages are rising faster than median home prices in 197 of the 338 counties in the report (58 percent), reversing a pattern seen in 2023. They include Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Median home prices are rising faster than average weekly wages in 141 of the counties analyzed in the report (42 percent), including Orange County, CA (outside Los Angeles); Kings County (Brooklyn), NY; Miami-Dade County, FL; Broward County (Fort Lauderdale), FL, and Middlesex County, MA (outside Boston). Methodology For this report, ATTOM looked at January-November (YTD) 2023 single-family home price data from ATTOM's publicly recorded sales deed data, as well as 3-bedroom median rental data for 2024, collected and licensed by ATTOM. This data was then analyzed for U.S. counties with a population of 100,000 or more and sufficient home price and rental rate data. The analysis also incorporated second-quarter 2023 average weekly wage data from the Bureau of Labor Statistics (most recent available). Rental affordability represents the median rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home-buying affordability represents the monthly house payment for a single-family median-priced home (including mortgage, based on a 20 percent down payment, plus property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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National Association of Realtors Announces Partnership with Chirpyest
WASHINGTON (January 17, 2024) – The National Association of Realtors® today announced Chirpyest as a new partner with NAR REALTOR Benefits®. Chirpyest is a social commerce marketplace that empowers users to earn cash back when they shop and share their curated finds. As part of the agreement, NAR members will receive multiple shopping boards to customize around themes or listings, as well as custom training workshops to help optimize website visitors, social profiles, emails and open houses. Members can earn up to 30% cash back on the products they buy while simultaneously monetizing their past and present listings. "The NAR REALTOR Benefits® team constantly seeks innovative ways to support our members in growing their businesses and enhancing the value they provide to their clients," said Rhonny Barragan, NAR vice president of strategic alliances. "Our partnership with Chirpyest represents a unique opportunity for real estate professionals to seamlessly integrate the latest in social commerce into their business models." Chirpyest provides all NAR members with the exclusive opportunity to create multiple shopping boards on the platform, each customized around themes or listings. Users can create a go-to storefront with the best furniture, appliances and decor items for home buyers and sellers, and earn cash back when clients purchase their finds. "Real estate agents are at the forefront of home and lifestyle trends – they are influencers in their own communities. We are excited to partner with NAR to help its members create a new revenue stream using the power of their influence," said Colette Shelton, Chirpyest founder & CEO. "With Chirpyest, agents can earn additional income by sharing products from hundreds of online retailers immediately through their own curated storefronts." To claim this benefit, NAR members can visit chirp.chirpyest.com/narrealtorbenefits. About the National Association of Realtors® The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About Chirpyest Founded in 2019 by former TV executive and COCOCOZY founder Colette Shelton, a Forbes Top 30 influencer, Chirpyest was launched as a social commerce marketplace with a mission to democratize the influencer model and help small business owners create new income streams.
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Interstate movers chased affordability in 2023
People relocated to metros $7,500 less expensive, a Zillow study of United Van Lines data shows SEATTLE, Jan. 9, 2024 -- Households that moved across state lines in 2023 relocated to markets where homes cost on average $7,500 less than where they came from, a new Zillow® study of United Van Lines® data shows. That's down a bit from $8,900 at the peak of the pandemic housing market in 2021, but up from a savings of just $2,800 in 2019. Charlotte, Providence, Indianapolis, Orlando and Raleigh led major metros for inbound interstate moves relative to outbound, according to a Zillow study of Univted Van Lines data. The five metro areas that saw the largest net migration gains according to the United Van Lines data were relatively affordable markets in the South, Midwest and Northeast. Although housing affordability has always played a key role in explaining migration patterns, the increase in house prices during the pandemic and the subsequent jump in mortgage rates appears to have intensified the search for more tolerable monthly payments. "Affordability is one of the biggest considerations for home buyers and sellers, and clearly plays a major role in deciding where to put down roots," said Zillow Senior Economist Orphe Divounguy. "Housing costs hit record highs last year, and made both buying and selling difficult, even for homeowners sitting on massive equity. Finding a less expensive area where dollars aren't quite so stretched was a smart move for a lot of people." Affordability may improve slightly in 2024, but it has declined significantly over the past four years. The share of median household income needed to pay rent has risen from less than 27% in November 2019 to nearly 30% in November 2023. The share of income needed for a monthly mortgage payment on a typical home purchase has risen even more dramatically, from about 23% to nearly 39% over the same period. In many places, especially the West Coast, costs are so high that a family making the median household income won't even qualify for a mortgage. United Van Lines customers have higher average household incomes than movers overall, but migration flows in the U.S. Census Bureau's American Community Survey reveal a similar pattern. In 2021, the average interstate mover moved to a metro area where homes would save them about $10,000 when compared to where they came from; that's in comparison to savings of a little less than $700 in 2019, before the pandemic. Among the 50 largest metros by population, those with the highest net in-migration from United Van Lines customers in 2023 were Charlotte, Providence, Indianapolis, Orlando and Raleigh. Of those five metros, four ranked among Zillow's 10 hottest markets of 2024. This index is driven by expected home value growth, how fast home sellers are entering into contracts with buyers, job growth per new home permitted and growth in owner-occupied households. Metros with the highest net number of residents relocating were Chicago, San Diego, Cincinnati, Detroit and Boston. United Van Lines customers are also, increasingly, moving to markets with less potential competition for homes. Movers relocated to destination metros with an average of six fewer competitors per listing in 2019. That difference grew to 13 in 2023. Metros with more United Van Lines outbound moves than inbound moves tended to experience less growth in their working-age population in the same year, and lower growth in home values in the year that immediately followed.   Source: United Van Lines and Zillow data * Metropolitan Statistical Area (MSA) About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, and Spruce®. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate. About United Van Lines United Van Lines is America's #1 Mover®. United Van Lines offers a full range of moving solutions. With headquarters in suburban St. Louis, United Van Lines maintains a network of 300 affiliated agencies. For more information about United Van Lines, visit: UnitedVanLines.com
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Buffalo charges to the top of Zillow's 2024 hottest markets list
Affordability and job growth push the Great Lakes, Midwest regions to the forefront of the forecast SEATTLE, Jan. 4, 2024 -- Buffalo, New York, will be the hottest major housing market this year, according to a new analysis by Zillow®. Affordability is the most powerful force driving real estate, bringing lower-cost markets in the Great Lakes, Midwest and South regions to the top of Zillow's 2024 rankings. "Housing markets are healthiest where affordable home prices and strong employment are giving young hopefuls a real shot at buying and starting to build equity," said Anushna Prakash, data scientist for Zillow Economic Research. "I'm cautiously optimistic that the housing market will get back on stable footing in 2024 — we shouldn't see the massive price spikes of the early pandemic or fast-rising mortgage rates of recent years." This ranking of the nation's 50 most populous metros takes into account Zillow's forecast for local home value growth and the speed at which home sellers are entering contracts with buyers. It also considers job growth per new home permitted and growth in owner-occupied households. Among the front-runners, Buffalo has the highest number of new jobs per new home permitted — a measure of expected demand. New jobs often mean new residents, which increases competition and drives prices up unless new construction can match that additional demand. Inventory is moving extremely quickly in Cincinnati, and Columbus is home to the fastest expected rise in owner-occupied households, an indication of family formation and population growth. Housing costs hit record highs for both buyers and renters in 2023. This made buying and selling an expensive proposition, even for homeowners with plenty of equity. Zillow's most popular markets in 2023 were relatively affordable, and a Zillow study of United Van Lines data shows relocating households were attracted to areas where houses were roughly $7,500 less expensive than in the area they were leaving. Affordability should improve in 2024, but it is still going to be the biggest driver of the housing market. Competition for homes is already high in affordable Great Lakes and Midwest markets. Homes listed in these areas tend to go under contract faster than the national average. Charlotte was dubbed Zillow's hottest market for 2023, and Cleveland and Atlanta also returned from last year's top 10. San Antonio took a long fall to the 49th spot, after ranking 13th last year and fourth in 2022. Latest stats for Zillow's hottest markets in 2024 Methodology Zillow analyzed the 50 largest U.S. metro areas to forecast the hottest, or most competitive, housing markets of 2024. The analysis incorporates expected home value appreciation from December 2023 through November 2024, the anticipated change in home value appreciation from 2023, new jobs per new housing unit permitted, an estimate of the net new number of home owning households based on current demographic trends and the speed at which homes are being sold. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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Home Affordability Remains Difficult Across U.S. During Fourth Quarter Even as Prices Dip Downward
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Redfin Reports Only 16% of Home Listings Were Affordable for the Typical Household in 2023
Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale SEATTLE -- Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That's down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom. The number of affordable homes for sale also dropped to the lowest level on record. There were 352,500 affordable listings in 2023, down 40.9% from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general—listings overall fell 21.2% year over year—it's also due to the fact that elevated mortgage rates and stubbornly high prices made the listings hitting the market more expensive. Mortgage rates have fallen from their October peak, but remain higher than they were in 2022; the typical homebuyer's monthly payment is roughly $250 more than it was a year ago. Elevated mortgage rates have also propped up housing costs by limiting supply. Many homeowners are staying put instead of selling because they don't want to lose their ultra low interest rate. That's bolstering home prices because it means buyers are competing for a limited pool of homes. The good news is that housing affordability has already started to improve, and Redfin expects it to continue improving in 2024. "Many of the factors that made 2023 the least affordable year for homebuying on record are easing," said Redfin Senior Economist Elijah de la Campa. "Mortgage rates are under 7% for the first time in months, home price growth is slowing as lower rates prompt more people to list their homes, and overall inflation continues to cool. We'll likely see a jump in home purchases in the new year as buyers take advantage of lower mortgage rates and more listings after the holidays." Housing Affordability Was Three Times Worse for Black Households Than for White Households Only 6.9% of homes for sale in 2023 were affordable for the typical Black household, compared with 21.6% for the typical white household. The share was nearly as low for Hispanic/Latino households (10.4%) and was highest for Asian households (27.4%). Housing has become unaffordable for a lot of Americans, but Black and Hispanic/Latino families have been hit especially hard because they're often less wealthy to begin with. On average, these groups earn less money, have less generational wealth, and have lower credit scores (and sometimes no credit scores at all) than white Americans due to decades of discrimination. That makes it tougher to afford a down payment and qualify for a low mortgage rate. Black Americans, in particular, also frequently face racial bias during the homebuying process. The racial housing affordability gap exists nationwide, from the least affordable metros to the most affordable metros. In Detroit, which has the lowest mortgage payments in the country, 31.8% of listings were affordable for the typical Black household this year and 50.2% were affordable for the typical Hispanic/Latino household, but that's much lower than the 66% affordable for the typical white household. In Anaheim, CA, one of the most expensive markets in the country, people across the board have a hard time finding affordable housing. Still, Black and Hispanic/Latino house hunters have fewer options. Less than 0.5% of listings were affordable for the typical Black household and the typical Hispanic/Latino household in 2023, compared with 1.8% for the typical white household. It's worth noting that wages have grown faster for nonwhite households than for white households this year, helping to shrink the income gap. Rents have also started to fall, which disproportionately impacts communities of color because they're more likely to be renters. Affordable Markets Became Much Less Affordable in 2023 In Kansas City, MO, 27.9% of homes for sale in 2023 were affordable for the typical local household, down from 42.8% in 2022. That 14.8 percentage point decline is the largest among the metros Redfin analyzed. Next came Greenville, SC (-14.1 ppts), Worcester, MA (-13.7 ppts), Cincinnati (-13.7 ppts) and Little Rock, AR (-13.5 ppts). Relatively inexpensive metros have seen affordability erode quickly because housing costs have relatively more room to rise, and local incomes are often climbing at a fraction of the pace that mortgage payments are. In San Francisco, 0.3% of homes for sale in 2023 were affordable for the typical local household, down from 0.4% in 2022. That's the smallest decline among the metros Redfin analyzed. Next came Detroit (-0.2 ppts), Los Angeles (-0.2 ppts) Boise, ID (-0.3 ppts) and Oakland, CA (-0.5 ppts). Markets that have long been expensive like San Francisco, Oakland and Los Angeles already had so few affordable homes that the share didn't have much room to fall. In the five aforementioned metros aside from Detroit, less than 5% of listings were affordable for the typical household in 2023. View the full report including charts, methodology and metro-level breakouts, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
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Inside Real Estate Releases Smart Assistant, a First-of-its-Kind AI Integration Powered by ChatGPT
Smart Assistant leverages listing data, market understanding, and CRM information, to provide accurate and instant communication through text message, email responses, and AI-built custom call scripts, with just one click. MURRAY, Utah, December 20, 2023 -- Inside Real Estate, one of the fastest-growing independent real estate software companies and trusted technology partner to nearly 500,000 agents, teams, brokerages and top franchise brands, is thrilled to announce the release of Smart Assistant, the first-of-its-kind AI integration harnessing the power of generative AI to deliver a new level of efficiency, personalization, and responsiveness to real estate professionals and their clients. "Serving as a technology partner to our clients means staying on the bleeding edge of innovation, and we are very excited to announce the release of Smart Assistant, bringing generative AI into the kvCORE Platform," said Nick Macey, President of Inside Real Estate. "These are the first steps towards our vision of bringing AI to agents, teams and brokerages helping them grow their business and save time, freeing them up to focus on what they do best- building relationships and serving as a trusted expert to their clients." Smart Assistant is powered by ChatGPT, and directly integrated into kvCORE's CRM, leveraging information about the contact, along with an understanding of market and listing data to generate accurate and instant communication, while maintaining privacy and security. Users can create text and email responses, or leverage AI-built customized call scripts. Email and Text Messaging: Smart Assistant creates tailored, personalized responses in real-time for engaging with consumers Call Scripts: Smart Assistant generates personalized call scripts, making suggestions for the best way to engage with your customer Proactive Prompts: Smart Assistant allows you to select from predefined prompts, tested to work well for creating content, as well as tweak a prompt for your specific scenario Effortless Editing: Use manual content revision for small tweaks, or click the "regenerate" button and Smart Assistant will start again "While the future always brings change, good relationships remain, and this is precisely the type of tool to foster and grow those pivotal relationships, helping facilitate agent-centric and consumer-centric experiences, and delivering them at scale" said Joe Skousen, Founder & CEO of Inside Real Estate. "It's a privilege to provide innovative tools like this, championing the agent and empowering them with the solutions they need to continue driving value, and serving this industry." About Inside Real Estate Inside Real Estate is a fast-growing, independently-owned real estate software firm that serves as a trusted technology partner to nearly 500,000 top brokerages, agents, and teams. Their flagship product, kvCORE Platform, is the most modern and comprehensive solution in the industry known for delivering profitable growth at every level of a brokerage organization. Built on a modern, scalable, and flexible architecture, kvCORE enables every brokerage to create its own unique technology ecosystem through custom branding, robust integrations, and high-quality add-on solutions. Recent strategic acquisitions have expanded the company's technology portfolio further, including BoomTown, Brokermint, and AmpStats solutions, which solidifies Inside Real Estate as the leading technology partner in the real estate industry. With an accomplished leadership team and its talented staff, Inside Real Estate brings the resources, scale, and vision to deliver ongoing innovation and success to their growing customer base. To learn more visit insiderealestate.com.
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Inside Real Estate Announces Winners of Fourth Annual Give Back Awards
Three winners were selected for the fourth annual Give Back Awards, highlighting members of the real estate community who have made a significant impact through service within their communities in 2023. MURRAY, Utah, December 18, 2023 -- Inside Real Estate, one of the fastest-growing independent real estate software companies and trusted technology partner to over 400,000 agents, teams, brokerages and top franchise brands, is thrilled to announce the winners of the fourth annual Give Back Awards, highlighting members of the real estate community who have made a significant impact through service within their communities in 2023. "It was truly inspiring to read the hundreds of examples of real estate leaders bettering their communities, their businesses, and having such a positive impact on the lives of others and the world around them," said Joe Skousen, Founder & CEO of Inside Real Estate. "We're excited to celebrate these leaders in our industry, and delighted to share some good news with the industry." 2023 Give Back Award Winners: The Helping Hand Award: Jessica Patterson, Weichert Realtors® Welch & Company The Walk-The-Talk Award: Heather Schleeper, Heather & Company Realty Group The Creative Changemaker Award: Jennifer Fairfield, Fairfield Realty The Helping Hand Award celebrates an individual who jumps in to aid friends, family, employees, another business or the community, The Walk-The-Talk Award honors those making charitable giving a part of their business, and The Creative Changemaker Award recognizes those using their creativity to put an innovative spin on giving back. Winners are featured on social media, and the Give Back Awards website, and receive a $1,000 prize with the option to donate the prize to an organization of each winner's choice. Learn more about the awards and our winners here. About Inside Real Estate Inside Real Estate is a fast-growing, independently-owned real estate software firm that serves as a trusted technology partner to over 400,000 top brokerages, agents, and teams. Their flagship product, kvCORE Platform, is the most modern and comprehensive solution in the industry known for delivering profitable growth at every level of a brokerage organization. Built on a modern, scalable, and flexible architecture, kvCORE enables every brokerage to create its own unique technology ecosystem through custom branding, robust integrations, and high-quality add-on solutions. Recent strategic acquisitions have expanded the company's technology portfolio further, including BoomTown, Brokermint, and AmpStats solutions, which solidifies Inside Real Estate as the leading technology partner in the real estate industry. With an accomplished leadership team and its talented staff, Inside Real Estate brings the resources, scale, and vision to deliver ongoing innovation and success to their growing customer base. To learn more visit insiderealestate.com.
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Take an AI-powered tour of Santa's $1.18M North Pole cabin on Zillow
One of Zillow's most viewed homes now includes an interactive floor plan, a 3D Home tour and a virtual treasure hunt SEATTLE, Dec. 12, 2023 -- There's an all-new, interactive way to tour Santa's House on Zillow®. Starting today, families can take a virtual 3D tour of the Clauses' North Pole cabin and explore every charming corner using a floor plan generated by artificial intelligence (AI). They'll also find bigger, high-resolution photos of never-before-seen spaces, such as Santa's mailroom and gift-wrapping suite, organized room by room. Santa added more fun this year with a virtual treasure hunt, hiding more than a dozen holiday items throughout his cozy cabin. Mistletoe, fruitcake and 15 other traditional trimmings are now hidden within the 3D Home tour. The Clauses are also unveiling a few festive upgrades to their cabin, including a custom elf door, a naughty-or-nice detector and a hot cocoa bar. "Rest assured, Santa is not selling his beloved home," said Amanda Pendleton, Zillow's home trends expert. "The Clauses wanted to spread joy this holiday season by adding new photos and virtual experiences to their home details page on Zillow. This immersive technology makes it easy to imagine the spicy, sugary scent of gingerbread fresh out of Santa's cookie-baking oven, the nostalgic sounds of classic Christmas carols crackling on the record player and the comfort of sliding into a pair of well-worn slippers warmed by the fire." The Clauses first claimed their home on Zillow in 2016. Santa's House has since become a high-tech holiday tradition, with more than 3 million views and counting. It is one of Zillow's most visited off-market homes. Santa's House is now worth $1.18M, up more than 2% since last Christmas. Zillow first calculated a special Zestimate® for Santa's one-of-a-kind property by using comparable homes in remote locations and adding a Santa premium. This interactive version of Santa's House was created with Listing Showcase from Zillow's ShowingTime+ brand. It is the same technology sellers and agents can use to highlight a for-sale home's best features and make it stand out on Zillow. Listing Showcase will be available nationwide early next year. Listing Showcase uses AI to select scrolling images based on what home shoppers want to see. AI then organizes and matches the photos to their corresponding rooms, and embeds those images into a clickable floor plan so home shoppers know exactly where each photo was taken. This technology gives visitors to Santa's House a much better sense of its layout and an easier way to navigate the cabin remotely without a trek to the North Pole. It gives true believers an enchanting yet realistic look inside the Clauses' magical world. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate. About ShowingTime+ ShowingTime+℠ is modernizing real estate for the benefit of all agents, brokers and multiple listing services (MLSs). A brand of Zillow Group, Inc. (NASDAQ: Z and ZG), ShowingTime+ provides products and services to help real estate professionals streamline their businesses and deliver elevated experiences to their customers. The ShowingTime+ technology suite includes ShowingTime®, dotloop®, Bridge Interactive®, Listing Media Services, Listing Showcase℠, and Aryeo®. ShowingTime+ products are used by hundreds of MLSs representing more than 1 million real estate professionals across the U.S. and Canada.
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IRAR Trust Partners with NAR to Offer Exclusive Self-Directed Retirement Plans
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Second Century Ventures Opens Applications for 2024 REACH U.S. Program
CHICAGO (December 6, 2023) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, opened applications today for the 2024 U.S. REACH technology growth program. SCV, the most active global venture fund in real estate technology, operates the award-winning REACH program across North and South America, Europe, Australia and Asia-Pacific. The U.S. REACH program focuses on solutions supporting the residential real estate sector, including innovations from adjacent industries such as banking, finance, home services, title, mortgage and insurance. Applications for the U.S. REACH Commercial program will open in March 2024. "The support and developmental opportunities that REACH provides to the proptech sector are unmatched," said Ashley Stinton, managing partner, REACH. "Our goal is to turn the industry's significant challenges into opportunities for creative solutions and advanced development, offering substantial advantages for the participating companies in terms of innovation, market positioning and economic impact." NAR's REACH program selects and helps scale the most promising technology companies across the real estate ecosystem. Participants in the program receive premier access to the following: Mentorship from real estate, venture capital and technology sector leaders; Education on how to navigate the trillion-dollar global property industry from top experts; Exclusive opportunities at the most impactful conferences, trade shows and networking events; Unique access to top media and academic organizations; and A global network of highly talented, like-minded entrepreneurs including 250 REACH portfolio companies, venture advisors and curated program sponsors. "As real estate technology continues its rapid evolution, the startups we welcome into the REACH program this year will play a key, central role in our industry's future," said Dave Garland, managing partner, Second Century Ventures. "Participation in REACH offers these companies a unique platform and access to a variety of diverse resources and professional expertise, providing these entrepreneurs support as they work to expand their networks and grow their enterprises." Applications for the 2024 U.S. REACH program will be accepted through January 31, 2024. For more information about REACH, or to apply, visit nar-reach.com. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.nar-reach.com.
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Freddie Mac Announces Action to Make Down Payment Assistance Programs More Accessible for Individuals and Families Across the Nation
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Zillow predicts more homes for sale, improved affordability in 2024
Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals SEATTLE, Nov. 30, 2023 -- The housing market's headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room — but only a bit. Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than previous generations. Many who buy will turn to homes that need some work, according to Zillow's predictions, and do-it-yourself upgrades and repairs will keep new homeowners busy. "I expect the beginning of a long healing process to kick off in the housing market next year," said Skylar Olsen, Zillow chief economist. "We know there are a huge number of households in prime home-buying ages waiting for the winds to turn in their favor. While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability. Many will continue to look toward rentals, and given renter demographics single-family rental demand in particular will be strong. Recent deliveries should keep rent growth down, and concessions high in that market, too. This is our breather year." More homes will hit the market as homeowners accept that current mortgage rates are sticking around "Higher for longer" is the key refrain regarding mortgage rates as Zillow economists look ahead to the next year in housing. It's becoming clear that high mortgage rates have some staying power. Zillow economists expect more homeowners who locked in long-term payments when rates were near all-time lows to list their homes for sale, as they grow weary of waiting for the historically low rates of 2021 to return. A very small pool of homes for sale has kept competition fairly stiff for most of this year, even with high costs limiting the number of shoppers. With mortgage rates rising over the past two years, homeowners have been reluctant to sell, opting instead to hold onto the ultralow interest rate on their current mortgage. Many of those homeowners will have their eye on a home with a bigger backyard, an extra bedroom or in their preferred neighborhood across town, and Zillow predicts more of these homeowners will end their holdout for lower rates and go ahead with those moves. More homes on the market would be good news for buyers, spreading demand and slowing price growth. Home-buying costs will level off, giving hopeful buyers a chance to catch up A typical home buyer in October would have spent more than 40% of their earnings on their mortgage payment — an all-time high according to Zillow data, which stretches back to the 1990s. While affordability will undoubtedly remain the top concern for potential home buyers in 2024, there is reason to expect those challenges to ease just a bit. Zillow's latest forecast calls for home values to hold steady in 2024. Predicting how mortgage rates will move is a nearly impossible task, but recent inflation news gives the impression that rates are likely to hold fairly steady as well in the coming months. The cost of buying a home looks likely to level off next year, with the possibility of costs falling if mortgage rates do. That would give time for wages and buyers' savings to grow — welcome news after the rapid rise in housing costs over the past two years. The new starter home will be a single-family rental Though Zillow expects some improvement in home-buying affordability in 2024, many households will still be priced out. The median renter is now 41 years old, up from 37 in 2000, and the types of rentals they're interested in has likely shifted. Zillow predicts demand — and prices — for single-family rentals will continue to increase next year as families look for a more affordable option for enjoying amenities like a private backyard or a home that doesn't share walls with neighbors. One possible path to more single-family rentals could lie in homeowners deciding to turn their home into an investment property and rent it out, rather than selling it when they move. The ultralow mortgage rates held by many existing homeowners make it more likely that this option would pencil out. Zillow Rental Manager offers a suite of tools — including free listings, pricing suggestions, background checks, online applications and state-specific lease generation — designed to provide comprehensive support for those seeking rental income from their homes. More markets will follow New York City's lead, with rental demand surging near downtowns Throughout much of the pandemic, and even before, suburban rent prices were growing faster than rents in urban neighborhoods. While the gap has narrowed, suburban rents continue to outpace urban rents in most major markets, specifically, 33 of the 50 largest metro areas. In New York City, data from StreetEasy, Zillow Group's New York City real estate marketplace, shows demand is surging for rentals in commutable areas with easy access to Downtown or Midtown Manhattan, while areas farther from these office-laden neighborhoods are seeing relatively less demand. StreetEasy experts predict a strong year for Manhattan demand in 2024, and Zillow foresees more markets following suit, with rental demand surging near downtown centers. Renters looking for a place near downtown will likely have more options with this year's multifamily-construction boom, which means a huge number of new homes have hit the market. More choices for renters looking for a new place means landlords who are trying to attract tenants have more reason to compete with each other on price. That's a key reason more rental listings are offering concessions. Traditional home buyers will compete with flippers for homes that need a little TLC Typically the target of home flippers, homes that need a little work before they qualify for "dream home" status will see increased interest from buyers looking to move in. Inventory has been far below normal for a while, and though Zillow economists predict more homes will hit the market in 2024, inventory will remain much lower than pre-pandemic norms. Faced with limited choices, buyers will be willing to overlook small flaws, such as an outdated bathroom or kitchen. The higher cost of buying a home today makes a flip harder to pencil out, so buyers may face less competition from flippers than they might have in previous years. Even with less chance of being subject to a bidding war, these homes won't come cheap, so expect buyers to frequent their local hardware stores as they work on DIY home improvements. If Zillow's 2024 home trends to watch are any indication, expect brutalist-inspired features and sensory gardens to be on home improvement to-do lists, but not "cloffices" or Tuscan kitchen designs. Artificial intelligence will enhance the home search experience Since 2006, Zillow has been leveraging AI and machine learning to power the Zestimate. Generative AI made waves this year, and Zillow expects AI advancements to streamline the home-shopping and home-selling journey in 2024, improving the experience of buyers, sellers and their agents. Zillow tech experts expect a variety of new tools and technologies designed for real estate agents next year, allowing them more time to connect with more clients and prioritize face-to-face interactions. Agents have been using AI to assist with writing listing descriptions and to create 3D content for their listings. Next year's advancements are expected to focus on visual and multimodal capabilities, including more rich media content. Expect home shoppers to benefit from generative-AI-powered experiences to glean valuable insights and guidance on home financing. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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Matterport Signs Multi-Year Partnership with Vacasa to Provide Digital Twins for International Portfolio of Vacation Homes
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New Analysis Reveals Best Day to Buy a Home Based on Lowest Premium Above AVM
Homebuyers closing on this day avoid prices well above market value; Analysis also shows best months to buy nationwide and by state IRVINE, Calif. — Nov. 28, 2023 — ATTOM, a leading curator of land, property and real estate data, today released its annual analysis showcasing the best days of the year to buy a home, which found that while October continues to offer lower premiums for homebuyers, the single best day to buy a home is in January. According to ATTOM's latest analysis of more than 47 million single family home and condo sales over the past 10 years, buyers who close on January 9th are seeing the lowest premium above the automated valuation model (AVM). While still above market value, homebuyers are only paying a 3.8 percent premium, compared to the 14.4 percent premium buyers are seeing on May 28th. (Full methodology is enclosed below.) Other days of the year offering lower premiums for homebuyers include: December 4th (4.4 percent premium above market value); October 9th (4.4 percent premium); October 2nd (4.5 percent premium); October 10th (4.5 percent premium); and September 7th (4.6 percent premium). ATTOM's new analysis also looked at the best months to buy at the national level and best months to buy at the state level. Best Months to Buy Nationally, the best months to buy are October (6.2 percent premium above market value); September (6.8 percent premium); November (6.8 percent premium); December (6.9 percent premium); and August (7.6 percent premium). Best Months to Buy by State According to the study, the states realizing the biggest discounts below full market value are Michigan (-2.6 percent in October); New Hampshire (-2.1 percent in December); Hawaii (-1.8 percent in June); New Jersey (-1.7 percent in February); and Illinois (-1.6 percent in October). Methodology For this analysis ATTOM looked at any calendar day in the last 10 years (2013 to 2022) with at least 15,000 single family home and condo sales. There were 362 days (including leap year data) that matched these criteria, with the four exceptions being Jan. 1, July 4, Nov. 11, and Dec. 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Realtor.com 2024 Housing Forecast: Housing Affordability Finally Begins to Turnaround
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Transactly and Earnnest Announce Strategic Partnership and Integration: New Partnership Continues the Modernization of the Real Estate Transaction Industry
CHESTERFIELD, Mo. -- Transactly, the leading real estate transaction coordination platform, and Earnnest, one of the largest and most trusted digital earnest money platforms in the U.S., have announced a strategic partnership. This integration will embed Earnnest's secure payment processing capabilities into Transactly's platform, streamlining the real estate transaction process even further. Bryan Bowles, CEO of Transactly, expressed his enthusiasm about the collaboration, stating, "This integration with Earnnest is a game-changer. By incorporating their trusted digital earnest money processing into our platform, we're enhancing our commitment to providing the most efficient transaction coordination experience for our customers. It's a win-win for both companies and, more importantly, for real estate professionals nationwide." Russell Smith, President and COO of Earnnest, echoed this sentiment. "We're thrilled to partner with Transactly. Their transaction coordinator platform is already a powerhouse in the real estate industry, and by integrating our secure payment solutions, we're jointly setting a new standard for how money moves in real estate. This partnership aligns perfectly with our mission to provide safe, transparent, and hassle-free transactions." This collaboration is expected to provide a significant boost to both companies. Transactly will benefit from an even more streamlined transaction coordination process, while Earnnest will see an expansion in its user base, leveraging Transactly's extensive network. Both Transactly and Earnnest are backed by Second Century Ventures, highlighting the strong foundational support and shared vision of the two companies. This partnership is seen as a strategic move that will further solidify their positions as leaders in the real estate tech industry. About Transactly Transactly is the premier real estate transaction coordination platform in the U.S., dedicated to streamlining the transaction process for agents, brokerages, and coordinators. Under the leadership of CEO Bryan Bowles, Transactly has consistently innovated to provide top-tier services to its users. About Earnnest Earnnest is How Money Moves in Real Estate and the leading digital earnest money service in the United States. It offers a secure and efficient way for homebuyers to deposit earnest money electronically, simplifying the real estate transaction process for all parties involved. To date, Earnnest has facilitated over 300,000 digital earnest money deposits, totaling almost $2 billion, without a single instance of payment fraud. For more information, visit www.earnnest.com.
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Second Century Ventures Selects Seven Tech Companies for 2024 REACH Canada Program
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Interest in 'house hacking' explodes among Millennial and Gen Z home buyers seeking extra income
More than half of young home buyers consider renting out all or a portion of their home to produce additional income. SEATTLE, Nov. 16, 2023 -- Young home buyers, who more often struggle to afford a down payment and mortgage, are leading a popularity surge in house hacking – renting out part or all of a home for extra cash. A recent Zillow® survey shows most Millennial (55%) and Gen Z (51%) buyers find it very or extremely important to have the opportunity to rent out part of their home for extra income while living in it. That's compared to 39% of all homebuyers, which is up eight percentage points in the past two years. Zillow's 2023 Consumer Housing Trends Report (CHTR) also shows that more than half of Millennial (59%) and Gen Z (54%) buyers say it's highly important to be able to rent out the entire home in the future, compared to 43% of all buyers. "Younger homebuyers — mostly Gen Z and Millennials — are especially into the idea of rental income as a key factor in their home buying decisions," said Zillow senior population scientist Manny Garcia. "For those first-time buyers navigating the 'side hustle culture,' where a regular 9-to-5 might not quite cut it for homeownership dreams, rental income can step in to help with mortgage qualification and smoothing out those monthly payments." Zillow's survey also further illustrates the disproportionate impact of the affordability crisis on households of color, while reinforcing that people maintain an unwavering desire to own a home regardless of market conditions. Latinx homebuyers prioritize the potential for rental income at a higher rate than other racial groups. Among Latinx buyers, 51% expressed interest in renting a portion of the home for additional income while residing in it, followed by 46% of Black buyers and 40% of white buyers. To empower homeowners looking to generate income, Zillow developed a suite of tools, available through Zillow Rental Manager, including free listings, pricing suggestions, background checks, online applications, and state-specific lease generation. These resources provide comprehensive support for those seeking rental income from their single-family or multi-unit properties. Successful Buyers: High Importance of Rental Income from Home Purchase by Generation (based on 2023 CHTR data) Successful Buyers: High Importance of Rental Income from Home Purchase by Race (based on 2023 CHTR data) Prospective Buyers: High Importance of Rental Income from Home Purchase among Home Shoppers (based on 2023 CHTR data) About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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Inside Real Estate Announces Fourth Annual Give Back Awards, Nominations Now Open
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CoreLogic Announces ScanToSketch, an Augmented Reality Measuring Tool for Appraisers
More Than 20,000 property sketches and 12,000 appraisals completed in the first 90 Days IRVINE, Calif., November 9, 2023 — CoreLogic, a leading global property information, analytics and data-enabled solutions provider, has announced that it has launched a new property measuring and sketching tool, ScanToSketch. To date, ScanToSketch, which was developed using CoreLogic's appraisal software brand a la mode, has been used to complete more than 20,000 property sketches and has been featured in over 12,000 appraisal reports. ScanToSketch uses an innovative combination of LiDAR and Augmented Reality (AR) Technology to allow appraisers to complete their scans in minutes – building a full exterior footprint of a home and enabling instant access to the sketches for real-time adjustments on-site. "From ScanToSketch to proprietary image analytics, our CoreLogic teams are always working to put new, advanced technology in the hands of our customers. This product improves speed, accuracy and access. We look forward to seeing ScanToSketch's impact across the real estate industry," said Devi Mateti, president, CoreLogic Find and Enterprise Digital Solutions Group. Appraisers who have used ScanToSketch and compared it with traditional measuring tools have noted its speed and accuracy. They can scan any size property and access their sketch immediately. ScanToSketch has an average accuracy variance of 1-2% when compared to traditional measuring tools. While ScanToSketch was created for appraisers, it has the potential to be used in additional aspects of the home-buying process by home inspectors and real estate agents. No specialized hardware is needed to operate ScanToSketch, as it is currently supported on the latest Apple Pro and Pro Max devices and is currently free of charge in the TOTAL for Mobile app, an appraisal software app. About CoreLogic CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and create a more resilient society. For more information, please visit www.corelogic.com.
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Sentrilock Announces Sentrikey Showing Service Now Included for All Customers
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Lone Wolf kicks off vision for the future with a connected platform for real estate agents
One-of-a-kind marketing center from tech leader proves that the future of real estate software is already here DALLAS, TX and CAMBRIDGE, ON – November 9, 2023 – Hot on the heels of the company's announcement of the future of real estate software, Lone Wolf Technologies is getting down to business—by helping agents get down to theirs. The company has been hard at work throughout 2023 building out its vision for complete, digital, connected real estate software, and now, is introducing an all-new agent marketing center—made to connect the solutions real estate agents use every day—to kick that vision off. "Right now, the real estate industry doesn't need promises—it needs proof that providers can deliver the software it needs for the future," said Jimmy Kelly, CEO of Lone Wolf. "It's more important than ever in today's market that real estate agents, and especially buyer's agents, have the tools they need to articulate their value to prospective clients. But as we as an organization have said through much of this past year, real estate agents need better software to do that, not more software—and that software is here today in the form of our agent marketing center." The Lone Wolf agent marketing center is a unique, connected platform that brings together the disparate tools that real estate agents need to promote and expand their businesses—including lead generation, comparative market analysis (CMA), MLS searches and alerts, CRM, open house management, landing pages, and more—into one convenient location, under one login. This way, agents have the flexibility to stop worrying about the small details and can instead focus on showcasing their unique value propositions to potential clients through a combination of prospect engagement, tangible demonstration of the agent's knowledge and expertise, and the personalized service clients expect—helping them win more business and reach their goals for 2024. The agent marketing center comes with two plans, curated to meet each agent's unique needs and help reinforce their value to prospective and current clients: The Empower plan focuses on building strong client connections and establishing agents as a go-to resource through powerful, relevant, and timely communication strategies The Amplify plan focuses on helping agents expand their real estate businesses with a complete lead generation package for those who want to attract, nurture, convert, and win over new clients Throughout the month of November, agents can sign up for either of these plans on an annual renewal and receive an exclusive discount for the entire year, setting them up for long-term success without undue strain on their budgets. "In introducing both the agent marketing center and this unprecedented Black Friday promotion, we're rising to the challenge that so many real estate agents across North America are currently facing. The market shifts and volatility have taken a toll across the industry, and unfortunately, that's left many feeling uncertain and discouraged in what should be a time of planning and preparing for another successful year," said Aaron Kardell, Vice President of Product at Lone Wolf. "It's our hope that by making the software of the future available—and by offering it at a discounted price point throughout November—we can help agents prepare enthusiastically for the coming year." For more information, or to get started on Black Friday shopping early, please visit the Lone Wolf website here.  About Lone Wolf Technologies Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada, the U.S., and Latin America. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits—from transactions to back office, insights, and more, all in one place. Lone Wolf's head offices are located in Cambridge, ON, and Dallas, TX.
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Plunk and BHR Partner to Integrate AI-powered Property Analytics into RealReports Platform
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NAR Unveils Flood Disclosure Tracker
FEMA looks to require a flood disclosure form to participate in NFIP, but all 50 states and DC currently require the disclosure of property conditions or facts, including prior flood damage. WASHINGTON (November 8, 2023) – Today, the National Association of Realtors® unveiled a state flood disclosure tracker. The association worked with the Legal Research Center to conduct a complete, thorough, and accurate survey of existing state disclosure requirements. This tracker aims to educate the public and Congress as it considers the Federal Emergency Management Administration's (FEMA) legislative proposals to reform the National Flood Insurance Program (NFIP), including the unnecessary and misguided disclosure form proposal. Under the proposed legislation, to qualify for the NFIP, states would be required to mandate a real estate-related disclosure form with specific flood-related questions. If passed, all but one state would be required to make significant amendments to its laws and regulations, significantly increasing states' administrative and enforcement burden for a limited benefit to homeowners, buyers, or renters. Based on the research done by the Legal Research Center, all fifty states and D.C. already require the disclosure of known material property conditions or facts, including prior flood damage. Most states have added flood-related disclosure forms and requirements developed by local authorities with unique knowledge and expertise, benefitted from decades of court decisions and interpretations of common law, and have been tailored to meet state-specific flooding concerns and enforcement. "America's 1.5 million Realtors® are in the business of streamlining processes to best serve all current and future homeowners across this country," said Tracy Kasper, president of NAR. "The proposed legislation would add unnecessary red tape to an already complex purchasing and selling process. Our research has found that every single state has flood disclosure requirements, and there is no need to have federal government involvement in a practice that each state knows how to handle best. The proposed FEMA form would not be useful to buyers and duplicative for sellers, virtually having them check the same box on a different form." NAR engaged the Legal Research Center, which has decades of legal research and real estate expertise, to identify all flood disclosure requirements not identified in FEMA's study supporting this proposal. NAR asked the Legal Research Center to evaluate state disclosure laws using three guiding principles: is it useful information for buyers, is it reasonable for sellers to provide, and is it feasible for states to administer and enforce? The findings underscored that FEMA's proposal would require another disclosure form that does not provide useful information to buyers, duplicates form questions, will be difficult for sellers to complete fully, and could create new opportunities for frivolous lawsuits and technical paperwork "I-gotchas." "Our research reveals that states have a long history of tailoring and enforcing their respective disclosure requirements to meet state-specific flooding concerns. The FEMA study solely considers whether specific questions are asked on a required disclosure form and ignores existing state laws, regulations, and court rulings addressing flood disclosure requirements. A one-size-fits-all approach of a federally-required form fails to address local needs," said Kevin Ritchey, CEO of the Legal Research Center. While opposing FEMA's disclosure form proposal, NAR does agree that the federal government can and should do more to help inform property buyers and renters as part of broader NFIP reform legislation. For example, NAR supports the Flood History Information Act, which requires FEMA to disclose its NFIP claims and disaster aid data directly to property buyers and renters. Property buyers and renters have the right to know, and the legislation would confirm FEMA's authority to disclose this information under the Privacy Act. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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Introducing RealStat: The Insightful Solution for Real Estate Professionals
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Only 3 in 10 Veterans Know They Can Buy a Home with Zero Down
Realtor.com® and an alliance of organizations launches the #MissionZero campaign to educate veterans and servicemembers about their hard-earned home loan benefit SANTA CLARA, Calif., Nov. 8, 2023 -- While many veterans are aware they have access to Veterans Affairs home loan benefits, which honor their service by making homeownership more accessible, just 3 in 10 know they can use that benefit to buy a home with a zero down payment, according to a new national survey of veterans and active duty service members. A unique alliance of real estate, media, mortgage and Veteran service organizations are joining forces to change that. The #MissionZero campaign aims to make sure every Veteran and service member knows their hard-earned VA loan benefit helps them buy with 0% down. Joining Realtor.com® in the effort are some of News Corp's most popular media properties, such as the New York Post and the Wall Street Journal, along with the Tunnel to Towers Foundation, the Veterans of Foreign Wars and Veterans United Home Loans. The #MissionZero campaign aims to provide essential information and support to those who are serving or have served our nation, helping them achieve their dreams of buying a home. The campaign aims not to end until every Veteran and service member knows the power of what they've earned. "VA home loans offer many benefits, especially at times like this when affordability is such a major factor in home purchase decisions. Yet only a small portion of eligible Veterans are tapping into the financial benefits they deserve for their service," said Damian Eales, CEO at Realtor.com®. "At Realtor.com®, the #MissionZero campaign was born out of the belief that nothing should stand in the way of homeownership, especially a down payment. We owe it to our Veterans to ensure they have the information they need to make informed housing decisions. It's a small way to give back to those who have given so much, and we appreciate our partners for joining us in the cause." VA home loans help boost savings and homeownership among Veteran households VA home loans typically offer qualified borrowers zero down payment, more flexible credit terms, and lower interest rates, making it easier to access homeownership, especially for first-time buyers who do not have home equity to draw on. These advantages place Veterans in a more favorable position than non-Veterans in today's housing market, according to a new Realtor.com® report. Realtor.com®'s report found the homeownership rate for Veteran households, according to the latest available data, was 79.7%, significantly surpassing that of non-Veterans, 63.5%. Additionally, data shows homeownership rates for Veterans are higher than non-Veterans in all of the top 100 metros, and with greater awareness, VA loans could help even more Veterans overcome current market challenges. "After nearly eight decades of helping Veterans and military families buy homes and build generational wealth, the VA loan benefit is more important than ever," said Nathan Long, CEO of Veterans United. "The #MissionZero campaign helps highlight how VA loans are built to eliminate obstacles and make homeownership more accessible for those who serve. At the same time, they also offer Veterans the freedom to choose how and where they invest their savings." VA loans empower Veteran homeownership by allowing lower down payments and credit scores, along with lower interest rates The hallmark advantage of VA loans is the ability to purchase a home without the burden of a down payment, a game-changer in today's market. Realtor.com® found that over the last year, while 3 in 4 (75.2%) VA loans had a 0% down payment, some borrowers do put money down to reduce their loan's principal balance, and the average down payment percentage for VA loans was 2.7% – significantly less than the average 19.1% down payment percent for conforming loans. Data on VA loans shows a greater share of issuance to those with less than perfect credit compared to other loans, making homeownership possible to a wider net of borrowers. In the past year, about 24.8% of home buyers with VA loans fell into the Fair credit score category (580-669) compared to 4.7% among conforming loan borrowers. VA loans also typically have lower mortgage interest rates, which reduces monthly costs. Between October 2022 and September 2023, the average mortgage rate for 30-year fixed-rate VA loans was 6.27%, whereas it was 6.67% for conforming loans. All of these loan advantages stack up, and VA loans place Veteran households in a more favorable position than non-Veterans in today's housing market, saving borrowers hundreds monthly. Veterans and military personnel interested in learning more about VA home loans and the #MissionZero campaign, can visit www.realtor.com/veterans. Methodology See the full Realtor.com® report for the methodology and additional findings. The 3 in 10 statistic is based on a national survey of 300 respondents, split evenly between active duty service members and Veterans, conducted in October 2023 by data and analytics firm Sparketing. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Realay.com Is Modernizing How Referrals Are Done
MILFORD, MI - Nov. 1, 2023 -- Kaibo LLC today announced the launch of Realay.com, a new client referral platform that has eliminated multiple pain points in the existing referral processes. The Realay platform provides dashboard tracking, status visibility, is quick and easy to use, and automatically connects your client with a Realay-vetted Network Agent in a one-to-one handoff. As a result, referring agents save time looking for an agent and gain visibility into their client's progression, Network Agents receive high-quality referrals, and clients are promptly paired with a top agent. Unlike other networks that cost you hundreds of dollars per month, Realay is completely free to use. Sending a referral on the Realay platform takes no more than one minute. This platform is perfect for independent brokers and their agents. The exclusive Realay Network Agents are thoroughly vetted and already include many of the top agents and teams across the country, ensuring clients have a positive experience. Any agent or team can apply to be a Network Agent for a one-time fee of $89; however, agents must pass the vetting process, which includes how responsive they are throughout the application process. Realay's innovative approach is poised to redefine the referral process and improve the experience for all parties involved, seamlessly connecting clients with top-performing real estate agents and marking a significant leap forward in efficiency, reliability, and transparency in the referral process. "It's like having an oil well of qualified referrals on your front lawn," says Cliff Freeman, CEO of The Cliff Freeman Group and a Realay Charter Network Agent. Key features of Realay: Free for anyone to send a referral — referring agent receives 25% commission at close. Solves the black hole syndrome of current referral networks with full visibility and trackability in the Realay's dashboard. No hidden or recurring monthly fees. Saves you time and money — sending a referral takes less than a minute, and your referral is automatically paired with a vetted Realay Network Agent. Broker agnostic — Realay is for any agent regardless of location or broker affiliation. Realay's philosophy revolves around ensuring that the opportunities they provide are genuine. Realay is publicly available nationwide as of November 1, 2023. To learn more about Realay, visit www.Realay.com.
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RentSpree Celebrates 2 Million Users Milestone on Its Rental Platform
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RPR Integrates with Risk Factor to Provide Property-Specific Climate Risk Assessments
Chicago, IL (October 25, 2023) – Realtors Property Resource® (RPR®), the nation's largest real estate property database exclusively for REALTORS®, proudly announces its integration with First Street Foundation's Risk Factor™, an advanced online tool offering property-level climate risk assessments. This integration empowers REALTORS® to provide environmental risk data tied to their client's properties, fostering informed decision-making. The new integration is featured within RPR's "Additional Resources" section and offers REALTORS® a seamless way to view a risk analysis for any property. This detailed information allows agents and their clients to understand associated environmental risk scores, including potential hazards such as flooding, hurricane wind, wildfires and extreme heat exposure. Jeff Young, Chief Operating Officer and General Manager of RPR says, "Our integration with Risk Factor equips REALTORS® with an efficient access point to property-specific environmental risk data. This detailed information helps them deliver these insights to their clients, enabling informed real estate decisions based on clear, data-driven risk assessments." "This new integration allows us to reach a broader audience with our risk assessment data models," adds Matthew Eby, founder and CEO of First Street Foundation. "Having this information accessible to REALTORS® significantly empowers them in advising clients about potential hazards tied to certain properties and thereby allowing consumers to make well-informed decisions." About RPR® (Realtors Property Resource®) Realtors Property Resource®, LLC (RPR®), a wholly-owned subsidiary of the NATIONAL ASSOCIATION OF REALTORS®, is a NAR member benefit that helps REALTORS® "wow" their clients and close more deals. This exclusive online real estate database covers more than 160 million residential and commercial U.S. properties, and provides REALTORS® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. For more on RPR, visit blog.narrpr.com. About First Street Foundation First Street Foundation is a non-profit 501(c)(3) research and technology group dedicated to making climate risk accessible, easy to understand and actionable for individuals, governments, and industry. Using world class modeling techniques based on the most up-to-date science available they inform Americans of their risk today and into the future through their numerous peer-reviewed publications and reports along with Risk Factor (riskfactor.com), their publicly facing property-specific climate risk assessment tool. To learn more about First Street Foundation, visit FirstStreet.org.
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Zillow Group to acquire Follow Up Boss, an industry leader in customer relationship management
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National Association of Realtors Announces Partnership with IRAR Trust Company
WASHINGTON (October 31, 2023) – The National Association of Realtors® today announced IRAR Trust Company (IRAR) as a new partner with NAR REALTOR Benefits®. As NAR REALTOR Benefits®' preferred provider for self-directed retirement plans, IRAR provides discounted self-directed IRAs and solo 401(k) accounts to NAR members, their families, and association staff at the national, state and local levels. As part of the agreement, members will receive an exclusive discounted flat annual fee of $299 for self-directed IRAs and $799 for solo 401(k) accounts. "Partnering with IRAR Trust Company underscores NAR's dedication to delivering value to our members, offering them tools and resources needed for their financial wellbeing," said Rhonny Barragan, NAR vice president of strategic alliances. "This collaboration not only amplifies the choices available to our members for retirement planning but also aligns seamlessly with their professional expertise and goals." After enrolling, users can access program benefits, exclusive pricing and additional educational resources. To claim this benefit or schedule a free consultation, NAR members can visit iraresources.com/nar. "We are thrilled to partner with NAR to offer agents the opportunity to secure a prosperous retirement by investing in what they know best – real estate," said Yvonne Garcia, chief marketing officer at IRAR Trust Company. "Together, we are paving the way towards a brighter and more secure future." About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About IRAR Trust Company Founded in 1996, IRAR Trust Company (IRAR) serves as a custodian for self-directed retirement accounts nationwide. IRAR works with real estate agents and their clients helping them to investing in real estate to diversify their retirement portfolios. IRAR's mission is to empower people to build retirement wealth through real estate at a lower cost.
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Nearly 70% of prospective buyers would buy a haunted house if it checked all their boxes
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Rental Beast and RPR Announce Integration for Streamlined Rental Applications
BOSTON -- Rental Beast® and RPR® (Realtors Property Resource®) are excited to announce an integration to provide a seamless solution for real estate professionals to collect applications on rental listings. This integration will allow REALTORS® to effortlessly expand into the rental market with the help of a shareable application link called the Quick Apply Link, available for rental listings in the RPR® system. The Quick Apply Link revolutionizes the process of requesting applications for rental listings. REALTORS® can easily share the link via social media or email, making it more convenient for potential tenants to apply. This innovative feature saves them time and streamlines the application process. With the integration, Rental Beast® is now the exclusive rental application provider for RPR®, which comes at a critical time as high interest rates and low supply have created a notable shift in demand for rental properties. Would-be homebuyers turning to rentals forges a path for REALTORS® to grow their homebuyer pipelines and diversify their revenue streams during this challenging market. "We are excited to collaborate with Rental Beast® to enhance the capabilities of RPR® in the rentals category and offer our members a tool to be more efficient," said Janine Sieja, Senior Vice President of Product at RPR®. “This integration underlines our dedication to providing REALTORS® with robust tools, aiming to elevate client services and enhance member success." The Quick Apply Link is available to all RPR® users, empowering real estate professionals across the network to optimize their businesses. Users can generate the shareable application link by clicking the Rental Beast® logo on the listing details page. "We are thrilled to partner with RPR® and introduce this integration," said Ishay Grinberg, Founder and CEO of Rental Beast®. "More people are having to turn to rentals for their housing. By providing REALTORS® the tools to work with renters, they can build lifelong relationships with future homebuyers and investors.” Rental Beast® is the exclusive recommended rental software provider by the National Association of REALTORS® and partners with MLSs and Associations nationwide to provide real estate professionals with tools and resources to succeed. About RPR® (Realtors Property Resource®) Realtors Property Resource®, LLC (RPR®), a wholly-owned subsidiary of the NATIONAL ASSOCIATION OF REALTORS®, is a NAR member benefit that helps REALTORS® “wow” their clients and close more deals. This exclusive online real estate database covers more than 160 million residential and commercial U.S. properties, and provides REALTORS® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. For more on RPR®, visit blog.narrpr.com. About Rental Beast® Rental Beast® is a leading real estate technology firm with an end-to-end SaaS platform designed to empower real estate professionals and the nation's most comprehensive database of nearly eleven million rental properties. Sourced directly from property owners, updated in real time, and offering a fulfillment-grade rental dataset, the Rental Beast® database provides real estate professionals with an unparalleled view of all properties and owner types. Utilizing a seamless and secure integration, participating MLSs and REALTOR® Associations can capture thousands of properties that are normally off-MLS inventory, and leverage essential search, data ingestion, and maintenance systems needed to help member agents and subscribers capture their share of $12 billion in annual leasing commissions. Rental Beast® is recognized and supported by Second Century Ventures, the capital and strategic growth arm of the National Association of REALTORS®, and is a proud member of the 2022 REACH-Canada program. Learn more at rentalbeast.com/MLS.
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U.S. Home-Seller Profits Continue Rising as Home Values Hit New Highs in Third Quarter
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Zillow unveils a new look for property pages, their biggest redesign in 5 years
Zillow app also receives updates, which include improved navigation on for-sale listings and a way to simplify financing with the new Zillow Home Loans tab SEATTLE, Oct. 23, 2023 -- Today Zillow® is launching a big update to the look and feel of for-sale property listings on its website, improving home shoppers' experience with a more intuitive and simplified layout. The enhanced design of for-sale property listings on Zillow.com offers a wider, single-scroll format, making it easier for home shoppers to find key information, such as square footage, the Zestimate® feature, lot size and home type. The new layout also introduces a media section at the top of the page that better showcases photos and 3D tours. By clicking on a photo, the media section expands, providing a full-page, magazine-style layout for seamless navigation through the rest of the home's photography. "The new design delivers a fun and efficient way to browse homes on the Zillow website, making it easier for home shoppers to navigate and process information," said Jenny Arden, chief design officer at Zillow. "We introduced a wider layout for images, larger fonts for the most important facts and a clearer articulation of what makes the home special to help our users quickly understand if the home is right for them." Zillow's app updates: Navigate with ease and simplify financing with the Home Loans tab In addition to the redesign on the Zillow website, for-sale property listings on the Zillow app (iOS) are also receiving an update. This new look minimizes excessive scrolling by allowing users to more easily find the information that matters the most to them, whether that's home facts and features, a cost calculator or the Zestimate history. When viewing a for-sale listing on the app, users will see a new look that presents the home details categorized into sections such as "What's Special,"' "Market Value," "Monthly Cost" and "Neighborhood." Users can click into particular sections of interest to find more details. This new look will be available before the end of the year on the Zillow iOS app. For-sale property listings on the Zillow app (iOS) are receiving a new look that minimizes excessive scrolling by allowing users to easily find the information that matters the most to them. Zillow is also introducing a new "Home Loans" tab on the Zillow app to help shoppers become buyers. Users can now easily figure out their budget, connect with a lender, get prequalified with Zillow Home Loans℠, and track their loan status — all in one place. "Financing is a critical part of the home-buying process, and 60% of buyers say setting their budget is their first step when buying a home. With this update, we're helping the millions of people browsing the Zillow app better understand what they can afford within their budget and see a clear path toward getting the mortgage they need," said Matt Daimler, senior vice president of product at Zillow. "We're already seeing an impact: Customers are saying it's easier than ever to access and use our financing tools and get prequalified with Zillow Home Loans." About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.
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Redfin Reports That Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home -- About $40,000 More Than the Typical American Household Earns
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Freddie Mac Launches New Tool to Help Millions of Homebuyers Take Advantage of Down Payment Assistance Programs Nationwide
DPA One® simplifies the process for lenders and program assistance providers to help more first-time homebuyers achieve homeownership MCLEAN, Va., Oct. 16, 2023 -- Freddie Mac (OTCQB: FMCC) today announced it has launched DPA One® to help mortgage lenders quickly find and match borrowers to down payment assistance programs nationwide. DPA One is an innovative new tool that aggregates and showcases down payment assistance programs in a single, standardized, insights-rich tool so lenders can quickly and efficiently access and compare programs to help make home possible for more families. "Time and again research reveals that the down payment is the single largest hurdle first-time homebuyers need to overcome to attain homeownership. But finding and comparing the many programs and their guidelines is challenging," said Sonu Mittal, Freddie Mac Single-Family Senior Vice President of Acquisitions. "DPA One delivers a one-stop shop at no cost that brings lenders and their borrowers greater detail and visibility into these programs, while seamlessly connecting the right assistance program with the lender, housing counselors and borrowers who need this assistance the most." For lenders and housing counselors, DPA One makes it easy to enter client eligibility parameters, quickly receive and compare appropriately matched programs, and download results to immediately share with clients for easy reference. By comparing up to three programs at a time side-by-side, lenders can review and make faster and more informed decisions on programs they would like to pursue to help their clients. "State housing finance agencies help meet the affordable housing needs of their residents including making first-time homeownership more feasible for millions of people around the country by providing down payment assistance," said Stockton Williams, Executive Director of the National Council of State Housing Agencies. "DPA One will make it easier for mortgage lenders of all kinds to participate in HFA down payment assistance programs so they can more easily reach the underserved borrowers these programs were designed to help." For down payment assistance program providers, DPA One helps reduce submission errors and program requirement questions from lenders by using a single, standardized format while providing access to manage, edit and update their programs in real-time. "We are proud to invest in down payment assistance programs to serve Colorado homebuyers," said Dan McMahon, Home Finance Director with Colorado Housing and Finance Authority. "DPA One is an exciting innovation that simplifies the intake process and offers lenders a standardized view of various down payment assistance programs across the state. This will ultimately help connect more homebuyers with the resources they need to achieve homeownership." DPA One is available immediately at no cost to lenders, housing counselors and down payment assistance program providers. DPA One currently has the down payment assistance programs available for 48 of the 50 state housing finance agencies, including local and municipal programs for the Texas and Minnesota markets. Additional local and municipal assistance programs will be available for Florida, Virginia, California, and Kentucky before yearend, with the remaining local and state programs coming online throughout 2024. The Freddie Mac Home Possible® mortgage helps very low-to low-income borrowers attain the dream of owning a home with a down payment requirement of as little as 3%. In addition to their own funds, borrowers can also receive down payment assistance to help reach the minimum 3% down payment requirement. Since 2015, Freddie Mac has made homeownership possible for more than 760,000 families through $150.4 billion in Home Possible and Freddie Mac HFA Advantage® mortgages. Loan officers and down payment assistance program providers can visit the DPA One website for more information and to request a demo. About Freddie Mac Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home.
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Chime Technologies Unveils AI Marketing Assistant
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HomeZada Provides Severe Weather Alerts Integrated with Zada AI Empowering Homeowners
Digital home management platform offers industry's first customized weather alerts to empower homeowners to minimize the risk of damage, loss and insurance claims Research shows that 80% of homeowner's insurance claims are weather-related – so what if there was a way for homeowners to get real-time weather alerts that were customed not only to their neighborhood but also their home to allow them to minimize damage during hurricanes, tornados, thunderstorms, wildfires, winter storms and other severe weather events? HomeZada has figured out a way to do exactly that with its digital home management platform that combines real time weather alerts, push notifications, and Zada AI by sending homeowners severe weather-related preparedness recommendations tailored to their address and the home, yard and property specifics that may be the most susceptible to damage. The new feature, an extension of HomeZada's "Zada" AI Chat Assistant launched in June, continually monitors the National Weather Service and then sends a geotargeted email, push notification and/or in-app notice to subscribing HomeZada homeowners in the path of a potentially destructive storm along with a list of AI-generated suggestions for protecting their home and minimizing the risk of damage. "Most homeowners are challenged to keep up with all the severe-weather events that can damage or destroy their home – and, even if they do, aren't sure what steps to take to protect their single-largest investment," said John Bodrozic, HomeZada co-founder. "HomeZada is the first platform to empower every homeowner, no matter the location or severe weather event, with a timely, customized alert and a set of recommendations. He says the alerts combine with HomeZada's insurance documentation feature – seamless, cloud-based storage of photos, videos and receipts of home and personal property – to ensure homeowners are properly insured and prepared in case they need to make a claim. In the end, he believes this new feature helps homeowners gain peace of mind by better protecting their largest financial asset. Beyond documenting property for insurance purposes, HomeZada can schedule maintenance and repairs, streamline remodeling projects and manage all finances associated with the home. Watch a video about the AI-enabled weather alerts here: For more information on all HomeZada features, go to www.homezada.com. About HomeZada HomeZada is the home industry's first and only fully integrated, cloud-based platform dedicated to digital home management. Created by project management pros in 2012 who wanted a similar, all-encompassing digital platform for their home, the Northern California company offers an all-in-one suite of apps able to schedule maintenance and repairs, streamline remodeling projects, document inventory for insurance purposes and manage all finances associated with the home. For the homeowner, the result is maximum property value and peace of mind and a significant savings of time, money, personal stress, and impact on the environment. For more information on HomeZada and the digital home management space it helped create, which represents a $6 billion market opportunity in the U.S., visit www.homezada.com.
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Search by school on Zillow makes house hunting as easy as ABC
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Happy Grasshopper Introduces New 1-Year Annual Consulting Program with 100% Money Back Guarantee
TAMPA, Fla. -- Happy Grasshopper, real estate's #1 database and content marketing solution, is excited to announce a new offering that is set to transform the landscape of their business-client relationships. The launch of the 1-Year Annual consulting program promises not only cutting-edge marketing solutions but also a strategic partnership that guarantees success for their members. As part of their updated 1-Year Annual Membership, Happy Grasshopper members will team up for an exciting collaboration that involves active monitoring throughout the year. This partnership model reflects Happy Grasshopper's commitment to go beyond the conventional vendor-client relationship and instead focus on becoming an integral part of the client's journey to success. "We believe in more than just providing services – we believe in creating results. With our 1-Year Annual Membership, we're solidifying our dedication to our clients' triumphs by forming a strategic alliance," said Dan Stewart, CEO of Happy Grasshopper. The partnership entails a set of requirements outlined in the membership contract, designed to ensure active engagement and ROI from their marketing campaigns. Members will benefit from: Regular one-on-one consultations with Happy Grasshopper's team of experts Detailed tracking of key metrics, including: open rates, replies, positive responses, and conversion rates A comprehensive analysis of campaign success Timely adjustments and strategic changes based on real-time data One of the most exciting aspects of this announcement is the 100% Money Back Guarantee. Happy Grasshopper is so confident in their services, and the power of this strategic collaboration, that they are offering a unique assurance: If, after fulfilling all contract requirements, members do not double their investment within 12 months of working together, they will receive a full refund. To learn more about Happy Grasshopper and watch a FREE Demo, visit: https://happygrasshopper.com/demo-on-demand/. About Happy Grasshopper Happy Grasshopper is a technology-leveraged marketing company that creates and delivers content that fosters conversations with prospects, customers, and others through a variety of media (email, text, social media posts, ringless voicemail drops, handwritten cards, and gifting!). For more information, visit: happygrasshopper.com.
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NAR's 2023 Good Neighbor Awards Winners Celebrated for Community Impact
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Fannie Mae Launches New Resources to Help Latino Communities Access Homeownership
New Credit Education Course is One of Several Ways Fannie Mae is Working to Address the Latino Homeownership Gap in America WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced new resources and programs to provide responsible access to housing and long-term sustainable homeownership opportunities across the country for Latino communities and further the company's mission. Building upon Fannie Mae's HomeView® launch in early 2022 and reaching over 340,000 consumers who completed the homebuyer education course, the company is unveiling HomeView en Español, a Spanish-language digital consumer education platform providing 24/7 end-to-end access to information about financial literacy and homeownership. The course is designed for Latino consumers to leverage it on their own, or to help them plan with trusted advisors. HomeView en Español features a new in-language credit education course with content tailored to help Latino consumers effectively build and manage their credit – a critical component to access the traditional homebuying process. Thin or insufficient credit history is a challenge disproportionately faced by Latino renters and first-time homebuyers, according to Fannie Mae's Latino Housing Journey research. The comprehensive course, created for and written by Spanish speakers, focuses on enabling success throughout every stage of their housing journey. HomeView en Español is: Free to all upon registration, and can be accessed across desktop, mobile and tablet. An interactive educational course, incorporating short quizzes and audio clips to increase information retention and support all kinds of learners. Customized to address key hurdles and challenges experienced by Latino consumers establishing or maintaining their credit. Further enhancements to HomeView, Fannie Mae's award-winning homeownership education platform, are planned for 2024. To address upfront housing costs, another housing obstacle that disproportionately impacts Latino renters and first-time homebuyers, Fannie Mae this month expanded access to its Special Purpose Credit Program (SPCP) pilot, which now can provide down-payment assistance to eligible first-time homebuyers living in majority-Latino communities located in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. Fannie Mae plans to further expand the program to additional cities, to include those with large Latino populations early next year. According to The Urban Institute, 70 percent of net-new homeowners between 2020 and 2040 will be Hispanic/Latino, and this demographic represents one of the fastest-growing segments of potential homeowners. At the same time, Latino consumers face several obstacles along their housing journey, including lack of affordable housing supply, higher incidences of insufficient credit, and higher relative up-front housing costs. Fannie Mae is focused on knocking down these obstacles so that historic housing disparities can be addressed, and more borrowers can equitability access affordable housing and long-term housing stability. "We want to help people get into and stay in their homes for a long time. Downpayment assistance and homeownership education can help the Latino community and achieve both goals. We will continue to work closely with the Latino community to craft solutions to the barriers Latinos face on their housing journey. We're committed to a future where everyone has fair access to sustainable housing," said Fannie Mae CEO Priscilla Almodovar. In the last two years, Fannie Mae has introduced several innovative programs designed to help Latino, Black and other historically underserved consumers throughout their housing journey's, including: Positive Rent Payment reporting that allows for a renter's on-time rental payments to be shared directly to credit bureaus and help build and improve renters' credit scores. As of June 2023, 302,000 units in rental properties have adopted the program, enabling 14,500 residents to establish a credit score. Those who have seen an increase in their score due to the program improved their score by an average of 40 points. The ability for renters to make their rent count with a consistent history of making on-time rental payments to help first-time homebuyers qualify for a home loan, which is another way we're equipping lenders to provide responsible access to mortgage financing. As of Q2 2023, 4,700 applications have benefited, meaning they were eligible when otherwise they might not have been. Additionally, 42 percent of those applicants who benefitted from the enhancement identified as Black or Latino/Hispanic. Enabling consumers without a credit score to be considered within the underwriting process with innovations to Fannie Mae's automated underwriting system, Desktop Underwriter (DU). "The housing challenges faced by Latinos are real – but they are not insurmountable. With innovative thinking and committed partners, it is possible to expand housing opportunities in ways that are sustainable and responsible – both for the housing system and for homeowners. These initiatives represent the next steps on that journey," added Almodovar. Additional resources are available to learn more about Fannie Mae's approach to providing equitable and sustainable access to housing opportunities for the Latino community. About Fannie Mae Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit fanniemae.com.
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RentSpree Launches Rent Reporting Feature to Empower Renters on the Path to Homeownership
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Homes.com Skyrockets Past 100 Million Unique Visitors in September
Homes.com Grew 1290% Year over Year, Surpassing Competitors Redfin and Realtor.com WASHINGTON -- CoStar Group, an S&P500 leading provider of online real estate marketplaces, information, and analytics, today announced Homes.com achieved a major milestone in September with over 100 million unique visitors, now positioning Homes.com as one of the two most heavily trafficked real estate portals in the U.S. Homes.com's 100 million unique monthly visitors beat direct competitor Realtor.com, who recently reported 74 million monthly unique visitors, and Redfin, who recently reported 52 million unique visitors.* In total, CoStar Group's network of U.S. real estate portals brought in 160 million unique visitors in September, which is more traffic than Realtor.com and Redfin generated combined. Homes.com's unparalleled growth is built on its unique "your listing, your lead" business model which, unlike other real estate portals, connects home shoppers directly to a sale property's listing agent, who is the best source of information for that listing. Homes.com is also advantaged with a clear and intuitive user experience that is free from random distracting ads. Home buyers live in more than just a house. They live in a house within a community defined by its parks, schools, shopping, happenings, and people, so Homes.com has photographed, researched, and produced tens of thousands of in-depth neighborhood guides to help home buyers find their perfect house in a community they love. "We set out to deliver an agent friendly site that homebuyers would love, and we believe 100 million unique visitors in September is evidence we have achieved that goal," said Andy Florance, Founder and Chief Executive Officer of CoStar Group, which owns and operates Homes.com. "We believe that the millions of leads we are generating by connecting home buyers directly to agents is generating billions of dollars of commissions for those agents. Our entire team is focused on continuing to build even more value for home shoppers and agents over the next six months. We intend to begin monetizing the significant value we are creating in the second quarter of 2024." Homes.com breaking through the 100 million unique monthly visitors mark has important significance in U.S. residential real estate at a time when the industry is grappling with the potential seismic impact of class action lawsuits challenging the buyer-broker commission rule, which has been a fundamental construct of agent compensation. The Sitzer/Burnett v. NAR lawsuit is scheduled for trial this month and several defendants have already agreed to collectively pay $138 million in settlements and to changes to the rule. The first-generation real estate portals have been leveraging this threatened buyer-broker commission rule to divert listing leads from all the agents in the market to a small handful of agents who are then required to split their commissions with the portal. Many agents and brokers strongly resent that model. Now that Homes.com is one of the most heavily trafficked portals, there is a strong and viable alternative for lead generation available to agents that does not require usurious commission splits. Unlike the first-generation portals, Homes.com's business model is not negatively impacted by the potential end of the buyer-broker commission rule. Homes.com's growth comes alongside a time of significant growth and expansion for the wider company. Founded in 1986, CoStar Group now has over 5,600 employees across 14 countries. About CoStar Group CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attract over 160 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com * In September 2023, Homes.com surpassed 100 million monthly unique visitors, according to Google Analytics, exceeding Realtor.com's 74 million monthly average unique visitors for its fiscal fourth quarter as reported in its earnings release on August 10, 2023, and Redfin's 52 million monthly average unique visitors for the quarter ended June 30, 2023 as reported in its Form 10-Q filed August 3, 2023.
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Finding Leads in Your Sphere Easier Than Ever Before with Latest Innovation from MoxiWorks
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New Renovation Calculator on Realtor.com Takes the Guesswork Out of Home Remodeling Plans
As renovation costs rise, Realtor.com® teams up with Kukun to assist the nearly three quarters of surveyed homeowners who wish they better understood the financial return on home improvement projects SANTA CLARA, Calif., Sept. 27, 2023 -- Despite the rising cost of renovations, 70% of U.S. homeowners plan to renovate their home in the next year, according to a new survey from Realtor.com® and CensusWide. However, nearly three quarters of those surveyed wish they better understood the potential return on investment of any upgrades they might make. To help homeowners determine the costs and ROI for renovation projects, Realtor.com® today introduced a new Renovation Calculator, powered by Kukun, in the My Home dashboard. The newest RealValue™ tool from Realtor.com®, the Renovation Calculator, helps give homeowners a better understanding of how renovations may impact the value of their property. The Renovation Calculator provides information from Kukun, a home data and analytics company that gives homeowners personalized estimates with comparative insights based on the quality of renovations. "Whether homeowners are thinking about selling, or just want to know whether it makes financial sense to invest in home upgrades, Realtor.com®'s RealValue™ tools, including the new Renovation Calculator, can help," said Dave Masters, director of product, Realtor.com®. "Our homes are often our biggest investments and, with the cost of labor and building materials on the rise, it's important to understand the ROI of a home improvement project or how different upgrades or design choices might impact the value of a home." To use the new calculator, homeowners can claim their home in the Realtor.com® My Home dashboard and choose from a selection of rooms and projects under the Renovations tab. After entering a few additional details about one or a combination of projects, users are presented with estimated costs to renovate and the potential increase in their home value. Homeowners can also download a detailed report with itemized costs to help with project management. "Kukun is excited to collaborate with Realtor.com® so that millions of people across America can realize their financial goals while creating their dream home at the same time," said Raf Howery, CEO and founder of Kukun. Most homeowners would rethink reno plans with a better grasp of ROI, survey shows Among those surveyed, reasons for renovating run the gamut, from addressing maintenance and issues (45%) to enhancing their space for enjoyment (45%), or bringing their home up-to-date (43%). Others have money and moving on their minds: 20% plan to renovate because it's more cost-effective than moving, and 18% are renovating in preparation to sell their home. Of those looking to make changes to their home in the next 12 months, the most common plans include bathroom and kitchens (37% each), interior paint (35%), or flooring replacement (33%) — however, two-thirds of homeowners (62%) would change their renovation plans if they better understood which improvement would add the most value to their home's resale price. The survey also found that consumers generally think that performing renovations prior to selling is a good investment, with 80% of homeowners saying as much. The projects that consumers think will deliver the biggest ROI include kitchens (32%), bathrooms (26%) and floors (24%). Around one-quarter believe painting the interior of their home (23%) or replacing major parts of the house like windows and doors (21%) add the most value. To try the Renovation Calculator, visit www.realtor.com/myhome. In the My Home dashboard, homeowners can also manage their home's details, track their home's value with up to three RealEstimate valuations, explore their equity and how their home compares to others nearby, as well as compare top local real estate agents and view offers from third party buyers such as Opendoor and others. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About Kukun, Inc. Kukun is a real estate data, analytics, and applications platform for homeowners, agents, and the industries that serve them. The platform includes a complete home investment optimization suite of products underpinned by a residential property database of current condition and more home valuations. Real estate agents leverage the Kukun Agent Dashboard to strengthen client relationships and look to Kukun's proprietary PICO™ Score for refined home valuations that consider home upgrades. Kukun is the leading real estate-focused consumer web products provider for large enterprises, with customers that include Realtor.com, USBank, SoFi, and PNC Bank. Visit mykukun.com to learn more.
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Plunk Partners with Award-Winning Marketing Platforms to Deliver AI-Powered Analytics Across Multiple Digital Channels
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Matterport Announces the Next Generation of AI-Powered Real Estate Insights, Now in Beta
Matterport launches beta program for automated room measurements, layouts, and reporting to drastically reduce manual efforts -- empowering customers with actionable property insights SUNNYVALE, Calif., Sept. 26, 2023 -- Matterport, Inc. (Nasdaq: MTTR) introduces the next generation of intelligent digital twins with powerful new capabilities fueled by the company's rapid advancements in AI and data science. Now in beta, customers can access automated measurements, layouts, editing, and reporting capabilities generated from their digital twins. Automation marks a significant breakthrough, saving customers time by eliminating the need for manual measurements and reporting by automatically processing the millions of 3D data points captured with a Matterport digital twin. Accurate room-by-room measurements are one of the most common and time-consuming requests from buyers to understand whether a property suits their needs. Now, customers can automatically generate 2D and 3D layouts that identify and label the details of a property including walls, the type of room, length and width, and total square footage. These details allow a buyer to quickly assess a property, while enabling property marketers to accelerate home listings and sales with instant at-a-glance property overviews and Multiple Listing Service (MLS) data. New customization capabilities allow property managers to edit layouts to optimize the functionality of a space or surface details that guide the development, renovation or remodeling of interior and exterior spaces. "I'm excited to see the progression of our digital twins helping customers put AI and automation to practical use for their properties," said RJ PIttman, Chairman and CEO of Matterport. "Instant access to room dimensions, total square footage by room, floor, and the entire space, builds upon one of our most popular features - Measurement Mode. With our new intelligent digital twins, our customers get hundreds of useful measurements, room names, print-ready layouts and more - automatically. With these new 'power tools' we're driving customer productivity through the roof!" Matterport's new AI-powered capabilities are made possible through the company's technical leadership in spatial data, computer vision, and deep learning. Cortex, the company's AI-engine, brings it all together to create thousands of digital twins every day, trained with Matterport's massive spatial data library. At more than 33 billion square feet of spaces in the real world digitized, Cortex will continue to learn, grow, and define the future of the digital twin for years to come. Matterport customers are invited to sign up for the beta to gain early access to the next generation in digital twin technology. To learn more and join the beta program, please visit: Matterport.com/blog. 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 177 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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Renting Beats Buying in All but Three of the Largest U.S. Metros
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Need to Move? We're Approaching the Best Time to Buy in 2023
Although mortgage rates remain high, the week of Oct. 1, 2023 is expected to offer buyers the best overlap of reduced home prices and competition alongside increased inventory, according to Realtor.com®. SANTA CLARA, Calif., Sept. 13, 2023 -- As mortgage rates hit their highest peak in more than two decades, Americans determined to make a home purchase this year are navigating a dauntingly difficult housing market. With approximately 4.2 million home sales expected in 2023, Realtor.com® analyzed the numbers in its fifth annual Best Time to Buy Report, identifying key factors to consider when buying a home, apart from mortgage rates. According to the new report: inventory, prices, and competition from other buyers are in peak alignment across the nation during the week of Oct. 1, offering homebuyers a window of opportunity to make the most of their purchase this year. This early-fall period will offer buyers the most favorable moment to buy during the remainder of the year, with more home listings, less competition, and lower prices. This week may offer: Up to 17% more active listings than at the start of the year. Savings of more than $15,000 relative to the summer's peak price of $445,000 More time to decide as homes are expected to stay on the market for one week longer than during this year's peak Less competition with demand expected to be 18.7% lower than peak buying periods "Mortgage rates have been more than 6% since September 2022 and could continue this trend for another year. Even as prices fell this summer, the monthly payment to finance a median-priced home was still more than 20% higher than last year,"1 said Danielle Hale, chief economist, Realtor.com®. "Mortgage rates continue to be a big wild card for Americans hoping to buy a home. Our analysis shows that buying in the fall does give buyers some more predictable advantages that could potentially ease the pain of higher rates and other stressful aspects of the home buying process, including making fast decisions and bidding wars." Hale added, "For buyers trying to close this fall, saving a search on Realtor.com® can help them stay up to date on homes in their price range without the work of having to refresh or recreate their search." Since 2018, Realtor.com® has analyzed home prices, inventory, listing views, and time on market, indicators that tend to follow regular seasonal patterns, to determine the best time to buy. Here's how these factors breakdown during this unique window: Reduced Prices: Historically, an average of 5.5% of homes have price reductions during the Best Time to Buy period, which means roughly 40,000 homes across the U.S. could see price reductions, based on inventory estimates. During this week, prices typically dip 3.3%, compared to the typical season high, translating to $15,000 in savings. And in several of the largest housing markets around the country, home prices during the best week to buy can dip more than 10% below their peak price earlier in the year, potentially saving buyers tens of thousands of dollars. Increased Listings to Choose From: This year, inventory will likely be lower than in years past as hesitant sellers shy away from the market. However, seasonal inventory trends are still expected and project 11.7% more active listings for the week of Oct.1 than the average week of the year, and 17.2% more than the start of the year. Less Competition From Other Buyers: Home buyers shopping during the best week to buy can expect less competition from other buyers. This year, we saw a return to some pre-pandemic home shopping trends – with the most views per listing in the spring, and prospective buyers continuing to explore the housing market during the summer months – meaning fewer buyers to compete with this fall. While there may still be more competition than pre-pandemic, buyers can expect demand to be 18.7% lower than peak buying periods in 2023, and 13.5% lower than the average week. A More Manageable Timeline: While homes are still spending less time on the market than pre-pandemic, the breakneck pace of the housing market has slowed. During the best time to buy, buyers can spend more time considering their options rather than making quick decisions, and sellers may become more flexible as their listings linger. Historically slowing by 29% compared to the year's peak pace – homes were on the market for an average of 43 days in June 2023 – buyers can expect more than one week extra to deliberate in early October. More Fresh Listings: Despite the count of new listings having fallen this year as homeowners hesitate to sell amidst financial concerns tied to record-high mortgage rates, new listing declines have leveled off. Historically, the best week to buy has seen the addition of 18.9% more homes than at the start of the year, and early October is set to offer the highest influx of fresh listings compared to the remainder of the year. Methodology: Realtor.com analyzed six supply and demand metrics at a national and metropolitan level that follow seasonal patterns, using data for 2018-2022 period (2020 data was omitted due to anomalies caused by the pandemic). Those metrics analyzed include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (realtor.com views per property) and 6) price reductions. Interest rates, which do not follow seasonal patterns, were not included. To account for 2022 market conditions, estimates reflect typical seasonal patterns layered on top of the most recent 2022 weekly data. Each week of the year was scored from 0 to 100 based on the number of active listings. A given week scored highly if it had more listings compared to other weeks of the year. The other metrics were scored in the same way, such that each week had six different scores for active listings, new listings, listing prices, days on market, price reductions, and views per property. (In the case of prices, lower prices score higher. Same with views per property). Each week was then ranked by the average of those scores. The week with the highest composite score was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®. 1 The monthly payment to finance 80% of a median-priced home was more than 20% higher in July 2023 than it was in July 2022
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Local Logic and Plunk Partner to Enhance Data Insights for Residential Real Estate
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EasyKnock Acquires Home Management Platform Onder
The acquisition will further expand EasyKnock's marketplace of solutions serving homeowners, buyers, and sellers across the country NEW YORK -- EasyKnock, the first technology-enabled residential sale-leaseback platform, today announced its asset acquisition of Onder, a property maintenance solution built with homeowners in mind to make it easier to own a home. The transaction is integral to furthering EasyKnock's development of its marketplace by offering consumers solutions for every stage of the homeownership journey. "This acquisition is a key addition to EasyKnock's extensive suite of products and services, allowing us to expand our offering and continue to empower families nationwide," said Jarred Kessler, CEO and founder of EasyKnock. Onder CEO and Co-Founder David Krieger will be joining as chief product strategy officer. "Between Onder and ten years spent leading product strategy at Expedia, he is the perfect fit to lead our existing product strategy, expand Onder's solutions and take our marketplace to the next level." Through the acquisition, Onder's services will simplify the home maintenance process for EasyKnock marketplace customers. The platform manages all maintenance, repairs and upgrade needs to help customers save time, reduce stress and ensure a safe, well cared-for home. Combined with EasyKnock's existing property management team, the company plans to establish the first nationwide property maintenance platform for homeowners. "I am thrilled to join EasyKnock's mission to solve real problems for American homeowners," said David Krieger, former CEO and co-founder of Onder, and the new chief product strategy officer of EasyKnock. "This acquisition is a natural fit as Onder complements what EasyKnock has already accomplished, and together, we will continue to expand products and services to help more homeowners." Recognizing that everyday Americans are deserving and in need of a new approach, the marketplace will benefit customers with convenience, cost savings, and the competitive edge afforded by the combination of multiple services. Deal terms were not disclosed. About EasyKnock EasyKnock is the first-to-market, technology-enabled residential sale-leaseback company in the U.S. Through innovative and accessible solutions, American homeowners who sell their property to EasyKnock can remain in their homes as renters while still getting the cash they need to pursue their financial goals. Headquartered in New York City and founded in 2016, EasyKnock has team members nationwide working to help homeowners unlock their financial freedom through non-loan programs so they can pay off debts, buy their dream home, fund a venture, and more - all while maintaining the ability to stay in their homes and communities. For more information, please visit www.easyknock.com. About Onder Onder is a home maintenance subscription platform revolutionizing the way homeowners and renters manage their living spaces. As a home services subscription company, Onder's mission is to simplify home care and provide more time for what truly matters. Our vision is to redefine the home services industry, offering transparency in pricing, access to trusted professionals, and hassle-free scheduling. The company, founded in 2021 is headquartered in Seattle, WA. At Onder, we believe that every home should be a sanctuary of comfort and convenience. Join us as we transform your home management experience with a commitment to making 'Home' where your journey truly begins.
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Elevated Home Prices and Mortgage Rates, Limited Inventory are Home Buying Barriers, According to Realtors and Prospective Home Buyers Across Races and Ethnicities
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Realtor.com Launches Listing Toolkit for Agents to Win and Sell More Listings
he first-of-its-kind solution empowers real estate professionals with tools to impress sellers, drive demand from buyers and get listings sold SANTA CLARA, Calif., Sept. 13, 2023 -- Maintaining a healthy pipeline of seller clients and listings is critical for many real estate professionals and their business growth, and especially as high mortgage rates keep many would-be sellers sitting on the sidelines. To help agents and brokers grow their sell-side business, Realtor.com® has launched a first-of-its-kind Listing Toolkit. The Listing Toolkit is packed with features to help agents stand out to seller prospects and turn them into clients, promote listings to find buyers, and close more deals. The new subscription-based Listing Toolkit gives agents access to the following tools: Featured branding to connect with more sellers: Get in front of motivated sellers who are actively seeking agents by amplifying your agent profile and getting higher placement in search results on Realtor.com®'s pay-at-close seller leads platform. Enhanced listing presentations: Master your listing presentations with local market data and buyer intel from Realtor.com® plugged directly into pre-listing tools from Cloud CMA by Lone Wolf. Promoted listings in Realtor.com® search results: Showcase your listings to buyers on the first page of Realtor.com®'s search results for relevant market searches. Find the right buyer for your listing: Lift close rates by uncovering local buyers searching Realtor.com® with matching budgets and home preferences, and communicate directly with their buyer's agent about your listing. "To succeed in the current market, brokers and agents need a strong partner like Realtor.com®, who can help them attract and communicate with the millions of soon-to-be sellers who visit our site each month. Compared to the competition, a higher portion of our audience is ready to find an agent to help them buy and sell," said Blake Elmquist, Realtor.com® Vice President, Seller Category. "Leveraging the insights and tools in our new Listing Toolkit can help agents get in front of and wow seller prospects, beat out the competition for listings and seamlessly close deals and sell homes faster. The comprehensive toolkit is just one of the many ways Realtor.com® is aggressively innovating to drive results for listing agents and helping to grow their business." Despite shifting market conditions, a recent Realtor.com® and HarrisX consumer survey found sellers still have sky-high expectations around their home sale, with one-third or more of respondents expecting to get their asking price or more, or to have an offer on their home within a week. The Listing Toolkit gives listing agents a robust set of tools to help them unlock the full potential of their sell-side business by helping them connect with more home sellers, manage client expectations with pre-market and on-market intelligence, create customizable client reports, and get in front of buyers quickly for a fast home sale. Listing Toolkit customers also receive the enhanced listing intelligence features from the no-cost version Realtor.com® launched earlier this year, available through the Listing Manager of their Realtor.com® Pro Dashboard. Those features include insights into the behaviors of potential homebuyers and their engagement with online listings, so agents can understand: Where potential buyers for their clients' listings are coming from How their online listing content attracts and engages potential buyers compared to other listings on Realtor.com® How to refine their marketing strategy to better target likely buyers for their clients' homes Listing Toolkit is currently available for purchase across the country. Agents can sign up at realtor.com/listingtoolkit. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Delta Media launches DeltaNET 7, real estate's most customizable, automated, AI-powered CRM-based digital marketing platform
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Zurple Launches Pipeline Boost: A Social Media Leads Product Offering Real Estate Agents Quick, Steady Growth
Its second product release in two months, Zurple's Pipeline Boost provides timely support for the many real estate professionals in need of a budget-friendly way to get more clients with a steady flow of home buyer leads. HUNT VALLEY, Md., Sept. 5, 2023 -- Zurple, a forward-thinking mainstay in the real estate software industry, today announced the launch of Pipeline Boost, its latest social media leads product. Using targeted Facebook and Instagram ads featuring MLS listings to capture interested prospects, Pipeline Boost connects real estate agents with a high volume of exclusive home buyer leads in their local market each month. Zurple's team of advertising experts work on the agents' behalf to launch, manage, and optimize ad campaigns using Meta's advertising platform. By targeting consumers who have recently searched for real estate listings, Pipeline Boost customers will connect with qualified, motivated prospects who are in the preliminary stages of their home search. Every Pipeline Boost lead is exclusive; they are delivered to a single Pipeline Boost customer rather than being shared with multiple agents. With the combined benefits of done-for-you advertising and automated client generation, Pipeline Boost maximizes return on investment by enabling real estate professionals to achieve quick and steady growth with a high volume of leads, all while saving time and keeping costs to an affordable minimum. Additionally, Zurple's automation platform further enhances Pipeline Boost customers' lead-to-client conversion potential. As the lead expresses genuine interest in moving forward with the home-buying process, Zurple's automated, intelligent system works like a personal assistant that monitors lead activity and sends tailored, timely property updates and email and SMS messages to spark conversations. When a lead makes an inquiry that requires personalized attention, the agent is notified and provided with the lead's accurate contact information as collected via the lead-capture form. Thus, the system works on the agent's behalf to provide prime opportunities for generating not only more leads but also more clients. "We're thrilled to announce the release of Pipeline Boost," said Kerm Foltz, Zurple's Vice President of Revenue Operations. "Since the start, we've been committed to using automated lead nurture technology to help real estate agents build authentic relationships with ready-to-engage leads. We're able to deliver on that promise now more than ever by offering a solution that both drives growth during today's low-inventory market and is priced accessibly for the many agents who are currently facing serious budget constraints." Zurple has been recognized industry-wide for combining lead insights with behavior-based follow-up to effectively convert leads into real estate clients. Most recently, HousingWire included Zurple on its 2023 "Tech100 List," recognizing Zurple as a business that is "changing the home sales process forever" and "leading the way toward a more innovative and efficient housing market." Following the successful launch in June 2023 of Auto Listings, Zurple's seller client generation solution, Pipeline Boost is now the company's third real estate leads product. With budget-friendly packages starting at $300 for a minimum of 30 exclusive leads per month, it is now available to all new and current customers. Learn more about Pipeline Boost on Zurple.com. About Zurple Working to simplify the agent's day-to-day life, Zurple has been a leading provider of intelligent real estate marketing automation tools since 2009, empowering thousands of real estate professionals across North America to generate leads, expand their sphere, and build their personal brand. Since 2015, it has been part of the Constellation Real Estate Group, a division of Constellation Software, Inc. Powering over 500,000 agents, brokerages, franchises, and MLSs across the U.S. and Canada, the Constellation Real Estate Group portfolio continues to offer the real estate industry's broadest set of technology solutions year after year. For more information about Zurple, visit Zurple.com.
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Realtor.com Now Offers Airbnb Host Estimates
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Revive introduces 'Revive Vision AI,' an AI-powered Listing Tool for Real Estate Professionals
Blending computer vision with advanced machine learning techniques for more data-driven decision making IRVINE, Calif., Sept. 6, 2023 -- At the heart of every real estate transaction rooted in maximizing ROI, real estate professionals and sellers must understand the property's current value, its comparison to neighborhood comparable, its maximum potential value, necessary improvements to achieve that value, their estimated costs, and the expected ROI on improvements made. Today marks a significant advancement in the artificial intelligence tools available to real estate professionals. For the first time, agents can leverage the unparalleled speed and efficiency of AI-powered insights backed by award-winning computer vision technology that incorporates the current condition of a home to help determine a more accurate current value and maximum potential value than a traditional automated valuation model (AVM). Introducing "Revive Vision AI" from Revive – the most advanced pre-sale home renovation solution. This industry-first smart tool analyzes property photos to assess a property's current value and renovation potential, utilizing Revive's renovation recommendation engine to provide estimates backed by local contractors that maximize listing values. Think smart CMA meets AI-powered AVM, providing a more detailed foundation for discussions to help agents with their listing and pricing strategy. Revive is inviting early adopters to use Revive Vision AI - now in beta testing (join the waitlist) – which provides a comprehensive assessment of a property's potential, providing a detailed plan and overview that includes: Current Condition Home Value: The estimated current market value of the property in its existing condition, without any renovations or improvements. Future ARV (After-Remodeled Value): The projected market value of the property after completing the recommended renovations and improvements outlined in the renovation plan. Potential Score: A score that signals the property's value-add potential; a higher score means greater opportunity, while a lower score indicates limited opportunities for enhancement relative to its surroundings. Renovation Scope & Budget: A detailed outline of the recommended renovations and improvements, including specific tasks and estimated contractor-backed costs for each item. Renovation Investment Plan: A comprehensive plan that outlines the estimated profit potential for the homeowner if they choose to complete the recommended renovations before selling the property. "Agents are the powerhouse of the real estate industry, and sellers expect them to be knowledgeable on all things real estate," said Michael Alladawi, CEO and Co-Founder at Revive. "Revive Vision AI is an easy way for real estate professionals to present more detailed and accurate information to their clients in a digestible, easy-to-understand way," he added. The Vision AI process is simple: Real estate agents upload at least 10 photos of their client's property into the Revive admin dashboard via the mobile app or desktop. Second, Vision AI compares the subject property with similar homes in the area by analyzing photos available in MLS records. Next, the data obtained from the photo analysis and comparative analysis is processed using advanced machine learning algorithms. This enables Vision AI to generate accurate estimates of renovation costs, potential market value, and projected return on investment. Lastly, a report is generated providing investment insights and recommended home improvements. Revive Vision AI brings all of the most important pieces of information needed for real estate professionals and sellers to make an informed decision that meets their specific goals. "Revive Vision AI is delivering what may be one of the most practical and valuable uses of AI in real estate available today," said Dalip Jaggi, COO and co-founder at Revive, who spearheads its technology development, adding, "By leveraging computer vision and machine learning, we're able to show homeowners how a pre-sale renovation may significantly increase their wealth. We are fundamentally improving the listing conversation real estate professionals will have with their clients, helping sellers make better decisions through real data." Jaggi notes that Revive Vision AI delivers additional business benefits, including: Foundation for discussion: The Vision AI report serves as a starting point, fostering meaningful conversations with clients about their property's potential and the best strategies to realize it. Confidence and credibility: Whether you're using Vision AI to obtain knowledge or use it as confirmation of things already known, or an illustrative educational tool with your clients, you will be able to speak with confidence and credibility, knowing you are making decisions backed by empirical data and professional analysis. Competitive advantage: By utilizing Vision AI as an early adopter, you will be one of the first professionals using machine learning and computer vision technology to help guide and confirm listing and pricing strategies. Quick property assessment: Within seconds, agents can generate valuable property insights for themselves & their clients at the listing appointment stage. Revive's latest breakthrough in real estate technology reflects the company's ongoing commitment to helping real estate professionals deliver a better sales experience while assisting clients to maximize the value of their homes. Revive has aggressively expanded its AI capabilities, building out its development teams. "This is only the beginning of how AI will be leveraged to help real estate agents and homeowners," said Alladawi. Alladawi points out that while Revive Vision AI provides a comprehensive game plan, it is an informative tool and does not replace professional advice. Homeowners are encouraged to consult with real estate experts, tax professionals, and other industry specialists for tailored guidance based on their specific circumstances. How to access Revive Vision AI Revive Vision AI will be made available on a subscription basis exclusively first to real estate agents who currently work with Revive. Pricing details will be available soon. Agents can join a waitlist to be invited to participate in the coming weeks ahead as the program rolls out in phases. Learn more about Revive Vision AI at www.revivevision.ai. About Revive Revive Real Estate partners with real estate professionals to provide the funding, guidance, and contractor needed to get strategic pre-sale renovations done fast and for maximum value. By providing access to Revive's network of top contractors, Revive homes sell for more and help sellers move ahead by maximizing their sales value. Revive is last year's iOi Summit Pitch Battle winner. Discover more at www.revive.realestate.
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NAR Celebrates 2023 Good Neighbor Awards Finalists for Community Dedication
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NAR Names Productive.ai Winner of 2023 Pitch Battle Competition at iOi Summit
MIAMI (August 30, 2023) -- The National Association of Realtors® announced Productive.ai as the winner of the fifth annual "Pitch Battle" competition at the 2023 Innovation, Opportunity & Investment (iOi) Summit. NAR's strategic investment arm, Second Century Ventures, hosted this year's Pitch Battle in Miami. The competition provided an opportunity for companies to showcase innovative new tools and resources for commercial and residential real estate marketplaces. The top prize was awarded to Productive.ai, a startup based in San Mateo, California, which utilizes AI to enhance phone calls. The platform pulls real-time information from phone conversations and provides automatic notes, summaries, tasks, events and CRM logging. "In this year's Pitch Battle, we once again saw the remarkable caliber of PropTech ideas shaping the future of real estate," said NAR CEO and SCV President Bob Goldberg. "Innovation happening at Productive.ai embodies the forward momentum we champion at the iOi Summit and every day in the work NAR does on behalf of consumers and real estate professionals. I extend my warm congratulations to them for a well-deserved win." In the winning pitch, Joseph Wihbey, the COO and head of product at Productive.ai, cleverly showcased a simulated phone call to highlight the effectiveness of their product. As Wihbey conversed with a potential client, the audience witnessed the Productive.ai platform processing the call in real-time, performing tasks like searching for available properties or detecting and scheduling an upcoming meeting. "You didn't build your business on automation of tasks. You built it on you and your relationships," Wihbey said. "Imagine if AI could enhance you in your relationships. Imagine if it could enhance your voice." Productive.ai will be awarded $15,000, a booth at NAR's annual conference in November (NAR NXT) and will present the next Pitch Battle winner at the 2024 iOi Summit. The Pitch Battle's Crowd Favorite, as voted on by the in-person and virtual audience, was awarded to ListAssist, an AI-focused business that integrates with brokerage websites and portals to build a deep understanding of every property they have on the market. Co-founder Chris McGoldrick explained that the company's proprietary software identifies and assigns a match score to the best available properties. "We're only serving [consumers] the homes they want and love," McGoldrick said. "We're building a connection – and that is a superpower." To see the full list of 2023 Pitch Battle finalists, visit ioisummit.realtor/pitch-battle. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. Second Century Ventures (SCV) is the most active global real estate technology fund. Backed by NAR, SCV leverages the association's more than 1.5 million members and an unparalleled network of executives around the globe. SCV helps portfolio companies grow across the world's largest industries including real estate, financial services, banking, home services and insurance. SCV also operates the award-winning REACH scale-up program in the U.S., Canada, Australia, Latin America and the UK.
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Zombie Foreclosures Hold Steady During Third Quarter, Still with Minimal Impact Around Most of U.S.
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BoxBrownie.com and 72SOLD Partner to Boost Agents' Selling Power
BoxBrownie.com, a proptech company known globally for its photo editing service, has partnered with real estate brand 72SOLD to further boost the selling capabilities of agents and deliver impactful results within the dynamic and competitive U.S. property market. BoxBrownie.com Co-Founder Brad Filliponi said he's excited to be bringing 72SOLD agents a whole host of new listing-enhancing tools to help maximize their selling potential. "As the global leaders in real estate photo editing and visual marketing, BoxBrownie.com will empower 72SOLD agents with exceptional property photos that will amplify their listings and drive their sales," Mr. Filliponi said. "With this partnership, our market-leading editing service will be seamlessly incorporated into the initial phase of the 72SOLD program's sales process." 72SOLD CEO and Founder Greg Hague shared his enthusiasm for the new partnership. "Spectacular photography is the single most important element in attracting buyers to homes, and BoxBrownie.com is number one in the world at home photography, which is why 72SOLD is so proud to be their U.S. partner." "We are thrilled to be using another form of advanced photographic technology to present our homes in a way that attracts more buyers and achieves higher prices for our sellers," Mr. Hague said. In a highly competitive industry, both BoxBrownie.com and 72SOLD emphasize the benefits of streamlined marketing. Offering sellers a streamlined experience, 72SOLD accelerates the home-selling process by compressing the marketing, buyer identification, showings, and offers into eight days. BoxBrownie.com is committed to delivering a 24-hour turnaround service on basic photo edits to meet the needs of the fast-paced real estate industry. About BoxBrownie.com Online proptech company, BoxBrownie.com is an industry leader in visual property marketing, providing lead-generating products to real estate and building industry professionals worldwide. Founded on innovation and driven by the latest technology, they offer a wide range of high-quality image editing services designed to showcase any property to its full potential. For more information about BoxBrownie.com, visit www.boxbrownie.com.
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Zillow Home Loans offers a 1% down payment option, opening homeownership to more borrowers
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Realtor.com 2023 Hottest ZIP Codes in America Reveal Demand for Closer Commutes is Back
Affordability isn't the only priority for U.S. homebuyers, according to Realtor.com®'s ninth annual Hottest ZIP Codes report; Proximity to cities is key as many companies call workers back to the office SANTA CLARA, Calif., Aug. 24, 2023 -- For the first time in five years, the suburbs of five major metropolitan areas – Boston, New York, Chicago, Detroit and St. Louis – are represented on the annual Realtor.com® Hottest ZIP Codes Report released today, marking a renewed interest in commutable homes as much of the country's workforce returns to in-person work. Americans who have been shopping for a home in 2023, despite limited inventory and high mortgage rates that remain in the 6-7% range, are flocking to areas that are more affordable relative to the rest of the country, less expensive than their nearby metro area, or provide better value, offering more space at a lower price. Located exclusively in the Midwest and the Northeast, each of this year's top 10 Hottest ZIP codes in America is attracting buyers with homes that are either priced at or below the U.S. median, or are larger in size than the U.S. average. Additionally, homes listed within the Hottest ZIPs received an average of 3.6 more views per listing than in the rest of the country, and sold one month faster than average in 2023. The 2023 Hottest ZIP Codes in America, in rank order, are: 43230, Gahanna, Ohio 06489, Southington, Conn. 07450, Ridgewood, N.J. 01810, Andover, Mass. 18064, Nazareth, Pa. 46322, Highland, Ind. 48183, Trenton, Mich. 06851, Norwalk, Conn. 14534, Pittsford, N.Y. 63021, Ballwin, Mo. "As many companies continue to call employees back to the office, we're seeing a surge in home shoppers who are seeking a desirable combination of cost and convenience within commuting distance of major metropolitan areas," said Danielle Hale, Chief Economist for Realtor.com®. "In addition to affordable markets, this year's list also features some higher priced areas close to large urban cores, which will likely appeal to buyers who are concerned with finding the right mix of size and amenities within reach of a nearby city center." No. 1 Hottest ZIP: Gahanna, Ohio This year's Hottest ZIP Code is Gahanna, Ohio (43230), which continues the legacy of Columbus, Ohio markets appearing on the Hottest ZIP codes list. The greater Columbus area offers home buyers the amenities and quality-of-life advantages of a larger town, but at a lower price. It's home to The Ohio State University, the Short North Arts District as well as a captivating food scene. Homes in this ZIP code were priced 12.7% below the national median in June – and with more than a quarter of its population aged 25-34, it's favorable for young renters and buyers alike. Suburban space, closer commutes draw home shoppers Looking more closely at this year's hottest ZIPs, No. 3 on the list, Ridgewood, N.J. (07450), is a high-priced suburb of New York City that offers an idyllic setting with typical listings that are more than double the size of those in the NYC metro and is just a one-hour commute from Manhattan. Shoppers are willing to pay up for these amenities, and homes in the area have a price-per-square-foot that is 7.9% higher than the metro's average. Residents of this year's No. 4 ZIP on the list, Andover, Mass. (01810), a suburb of Boston, can commute to the city in under an hour, and the area also boasts larger homes priced 25% lower per square foot than Boston listings. The typical home in No. 9, Pittsford, N.Y. (14534), was 29.3% larger than the median-sized home in the surrounding Rochester metro, less than 30 minutes from the city center by car, and despite the premium to live in this desirable village, listing viewership was more than 30% higher than the surrounding metro. Finally, Ballwin, Mo. (63021), at No. 10 on the list, is similar to these Northeast locales in that listing prices in the area tend to be higher than the metro average, but homes for sale were upwards of 30% larger than the metro's median home size. Big-city dwellers are driving demand Six of this year's Hottest ZIP codes – generally those found near big-cities – drew the majority of their property views from within their metro area, suggesting that in many areas, buyers are looking to move around locally. Additionally, those areas seeing significant interest from other locations are typically seeing it come from big-city shoppers. Reflecting this trend, No. 1 ranked Gahanna, Ohio (43230) captured the largest share of out-of-metro viewership among the Midwest metros, drawing 13.1% of its viewership from the New York City area in the second quarter of 2023. In fact, New York City was the top out-of-market viewer for seven of the 10 hottest zips. Size matters: nearly all Hottest ZIPs feature more space In seven out of 10 of this year's Hottest ZIP codes, the typical home is larger than the average home in the surrounding metro area. Among the more expensive locations on the list, the typical household size is also larger, indicating that home shoppers in places such as Ridgewood, N.J. (07450), Andover, Mass. (01810) and Pittsford, N.Y. (14534) may be shopping for more space to accommodate a larger family. This is particularly true in Ridgewood, N.J. (07450), the most expensive ZIP on this year's list, where the typical household is 19.7% larger than the U.S. average of two-and-a-half people per household. Homebuyers want affordability Recent near-record high mortgage rates and still-inflated listing prices continue to create affordability challenges for homebuyers, resulting in buyer demand in areas that boast affordability. Seven of the top 10 Hottest ZIP codes offer home prices that are similar or lower than the U.S. median listing price or the prices in their surrounding metropolitan area. Notably, the Midwest saw a post-pandemic boom, as traditionally popular metros became unaffordable and many home buyers looked for value in new locations. Four major Midwest markets on this year's list are close to city centers, including Columbus, Ohio (43230 No. 1 Gahanna), Chicago, Ill. (46322 No. 6 Highland, Indiana), Detroit, Mich. (48183 No. 7 Trenton, Michigan) and St. Louis, Mo. (63021 No. 10 Ballwin, Missouri). These markets offer homebuyers prices that are 24.7% lower than the U.S. median, as well as a strong local economy and employment rates below the national average. From hot to not: West, South left out Only the Northeast and Midwest are represented in this year's ranking, the first time in the list's history that only two regions are included. The South and West regions are not represented among this year's rankings, leaving out regions of the country that have typically contributed several markets to the list. Back in 2017 the South and West accounted for more than half of the Hottest ZIPs, and in both 2018 and 2019, these regions accounted for at least half of the top 10. High prices in the West and high price growth during the pandemic in the South are likely contributing to the shift. Among the top 10, buyers need to be prepared and move fast Despite the overall housing market starting to cool, with the average home in the U.S. spending about 45 days on the market, homes in this year's Hottest ZIP codes spent just 10 to 25 days on the market and saw three times more visitors per property on Realtor.com® in June. With inventory falling 22.4% in these ZIP codes compared to a 7.1% increase nationally, those looking to buy in these markets are facing tough competition. "Shoppers in this year's Hottest ZIP codes should cope by being prepared – pre-approved and zeroed in on their budget and down payment – and really focused on must haves versus nice-to-haves so they can be ready to act quickly when they see the right home hit the market," said Realtor.com® Economic Research Analyst Hannah Jones. The high price of financing a home purchase this year and still-steep competition meant successful buyers in the hottest markets also came with exceptional qualifications, with an average credit score of 754, surpassing the U.S. average of 740. Additionally, they made higher than average down payments, reaching 17.2% compared to the national average of 12.3% in the first half of 2023. One way to stay ahead of the competition in America's hottest ZIPs is to set a price alert on Realtor.com®. Simply enter your search criteria and save the search to get real-time or daily notifications when homes matching your search criteria hit the market. Additionally, if you are searching for homes in other hot areas, be on the lookout for Realtor.com® Hot Market badges on neighborhoods and home listings for insights about how fast homes are selling and how many more views they get compared to others in the area and in the U.S. 2023 Hottest ZIP Codes in America – Top 50 Housing Metrics Methodology Realtor.com®'s Hottest ZIP Code rankings are based on an algorithm that takes into account two aspects of the housing market: 1) market demand, as measured by unique viewers per property on Realtor.com®, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com®. The hottest areas are those that have high demand from buyers, in other words, lots of unique viewers per each property, and fast-selling homes, an indicator of limited supply. Market Hotness rankings based on Realtor.com® listing data from January to June 2023. The list of top ZIP codes is limited to one ZIP code per metropolitan area. Descriptive statistics in this write-up refer to June 2023 data unless otherwise noted. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Triple-I and NAR Release Homebuyers Handbook
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The Typical Teacher Can Afford Just 12% of Homes for Sale Near Their School, Down From 30% in 2019
In San Jose and San Diego, no homes for sale near the schools Redfin analyzed are affordable on the local teacher's median salary. Just three metros had a share above 50%: Detroit, Cleveland and Pittsburgh. SEATTLE -- The average teacher can afford just 12% of homes for sale within commuting distance of their school, according to a new report from Redfin, the technology-powered real estate brokerage. That's down from 17% last summer and 30% in 2019, before the pandemic homebuying boom drove up housing prices. Additionally, the average teacher can afford just over one-quarter (27%) of available rentals within commuting distance of their school. This is based on a Redfin analysis of median teacher salaries (2022) in the 50 most populous U.S. metro areas and more than 70,000 PreK-12 public and private schools in those metros. "Commuting distance" means a teacher can drive between home and work within 20 minutes during rush hour. Teachers are struggling to find affordable housing near the workplace in large part because their wages aren't keeping pace with inflation. The average U.S. public school teacher salary rose 2% in 2021-2022 from the prior year to $66,745, but when adjusted for inflation, teachers are making $3,644 less than they were a decade ago, according to the National Education Association. Almost half of the 50 most populous metros saw teacher pay decrease in 2022 from a year earlier. As teacher salaries stagnate, housing prices continue to climb—a confluence of events that has forced many educators to drop out of the field, fueling a dire teacher shortage in some areas. The typical homebuyer's monthly mortgage payment is up nearly 20% from a year ago as a shortage of homes for sale props up home prices. Rent prices are also inching back toward their record high. There are an average of 796 homes for sale within commuting distance of U.S. schools, down 24% from 2022 and down 46% from 2019. The housing shortage has intensified over the past year because high mortgage rates are prompting many homeowners to stay put. That has left buyers with limited options—an imbalance of supply and demand that's keeping prices elevated. "The shortage of affordable homes is exacerbating the shortage of teachers," said Redfin Senior Economist Sheharyar Bokhari. "Many teachers who can't afford to buy a house near work are either renting and missing out on the opportunity to build wealth through home equity, or leaving education in search of more lucrative careers." Some cities are coming up with creative ways to retain teachers, converting old schools, convents and historic buildings into affordable housing for educators. And the federal government offers homebuying programs for eligible teachers in the form of grants and down payment assistance. Half of U.S. states have also proposed laws to boost teacher pay this year, though only a handful have succeeded. The Midwest Is the Most Affordable Place for Teachers Looking to Buy or Rent In Detroit, the average teacher can afford two-thirds (67%) of homes for sale within commuting distance of their school—the highest share among the 50 most populous U.S. metros. Next comes Cleveland, where 59% of commutable homes, on average, are affordable on the median teacher salary. Rounding out the top five are Pittsburgh (53%), Philadelphia (49%) and St. Louis (40%). The list is similar for rentals. Ranking first is Cleveland, where the typical teacher can afford 82% of available rentals within commuting distance of their school. It's followed by Pittsburgh (76%), Detroit (73%), Milwaukee (73%) and Philadelphia (62%). These metros have a couple of things in common: They rank among the most affordable when it comes to home prices, and they don't rank at the bottom of the list when it comes to teacher salaries. That's why these areas have relatively high shares of homes affordable for teachers. In Detroit, for example, the median home sale price is $187,000—lower than any other major metro in the country. Still, Detroit ranks 26th for teacher pay among the 50 biggest metros, with a median salary of $64,221. That's higher than the typical salary in, say, Miami, where the median home sale price is $515,000 but the typical teacher only makes $60,463. California Is the Least Affordable Place for Teachers Looking to Buy a home; Florida Is the Least Affordable for Teachers Looking to Rent In San Jose, CA and San Diego, none of the for-sale homes within commuting distance of schools, on average, are affordable on the median teacher salary. The following metros all came in at roughly 1%: Austin, TX, Los Angeles, San Francisco, Nashville, Denver, Boston and Oakland, CA. While California has the highest teacher salaries, it's also home to some of the most expensive housing in the country. In San Francisco, for example, the median teacher salary is $98,789—the second highest among the top 50 metros (Riverside, CA ranked first, at $100,326). But San Francisco's median home sale price is $1.5 million—the highest in the nation. Most people earning a $98,789 annual salary can't afford a $1.5 million home. Florida dominated the list of places with the smallest shares of rentals affordable for teachers. In Miami, the typical teacher can afford 2% of available rentals within commuting distance of their school—the lowest share among the metros Redfin analyzed. Next came three other Florida metros: Fort Lauderdale (4%), Orlando (4%) and West Palm Beach (6%). Nashville rounded out the bottom five, also at 6%. Florida ranked 48th in the nation for teacher pay in 2021-2022, with an average salary of $51,230, according to the National Education Association. Orlando has lower teacher pay than any other U.S. metro, with a median salary of $49,561—down 8% from 2021—according to the metro ranking in this report. Florida has faced one of the fastest housing-cost increases in the nation as scores of remote workers have moved in. Earlier this year, Gov. Ron DeSantis said he would ask lawmakers to set aside $1 billion for teacher pay increases—a $200 million bump from the current year—but also signed a bill restricting teacher unions, which negotiate pay increases. Orlando has seen teacher employment fall 30% since 2019—more than any other major U.S. metro. It's followed by three expensive California metros: San Jose (-27%), Sacramento (19%) and San Diego (-17%). Virginia Beach, Providence and Tampa See Biggest Drop in Housing Affordability for Teachers Since 2019 In Virginia Beach, the average teacher can afford 9% of homes for sale within commuting distance of their school, down from 71% in 2019. That 62-percentage-point drop is the largest among the 50 most populous metro areas. It's followed by Providence, RI (-45 ppts), Tampa (-44 ppts), Jacksonville, FL (-41 ppts) and Las Vegas (-41 ppts). Virginia Beach is one of 10 metros that has seen teacher pay decline since 2019. The median teacher salary is $59,316, down 18% from $72,148 in 2019. Pricey coastal metros saw the smallest changes. In San Francisco, an average of 1% of for-sale homes within commuting distance of schools are affordable on the median teacher salary, unchanged from 2019. It's followed by San Jose, Oakland, New York and Seattle, which all saw their shares decline by fewer than 5 percentage points for the same reason: There were hardly any homes affordable for teachers to begin with, so the numbers didn't have much room to fall. Teacher Pay Fell Most Last Year in Baltimore and Orlando, Rose Most in St. Louis Nearly half (21) of the 50 largest metros saw teacher pay decline in 2022 from the year earlier. In Baltimore, the median teacher salary was $63,601 last year, down 15% from $74,476 the prior year—the largest decline among the 50 largest metros. Next come Orlando (-8%), Virginia Beach (-8%), Minneapolis (-8%) and Pittsburgh (-7%). The largest pay increase was in St. Louis, where the median teacher salary in 2022 was $59,610, up 10% from the prior year. It was followed by four pricey West Coast metros: Seattle (9%), Oakland (8%), San Francisco (8%) and San Diego (7%). Thousands of teachers in Missouri recently received pay bumps thanks to the Teacher Baseline Salary Grant program. Teacher employment in St. Louis is up 9% from 2019—a bigger jump than any other major metro. View the full report, including charts, tables with metro-level data, and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
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NAR Announces 12 Tech Startups for iOi Summit's Pitch Battle
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Real estate media software platform Aryeo joins ShowingTime+ to help deliver richer home shopping experiences
Zillow Group acquired Aryeo, a leading real estate media software and content management platform for photographers and media companies founded on the mission to streamline real estate content for those who generate it and consume it. Aryeo's mission makes it a natural fit with ShowingTime+, Zillow Group's real estate software brand dedicated to improving the real estate industry for agents, brokers and MLSs, and the customers they serve. Bringing Aryeo into the ShowingTime+ suite enables the brand to serve photographers and media companies directly and invest in the tools they need to create elevated, immersive home shopping experiences for real estate agents and consumers. Aryeo powers listing media for the industry Aryeo's platform powers thousands of photography and media businesses nationwide, who in turn bring hundreds of thousands of real estate listings to life each year for agents and consumers. Together with Aryeo, ShowingTime+ can do more for the real estate content creators who generate high-quality listing media for the industry. ShowingTime+ will also use Aryeo to efficiently and seamlessly deliver high-quality, immersive media to agents, including through interactive floor plans and media-forward listing products for agents. ShowingTime+ launched two products for listing preparation and marketing – Listing Media Services and Listing Showcase – this year as part of its efforts to grow rich media adoption by including interactive content with every package an agent orders. "I'm thrilled to welcome Aryeo to the ShowingTime+ team to help us further our mission to offer elevated real estate experiences," said Cynthia Taylor, vice president of product and business strategy for ShowingTime+. "We know elevated real estate experiences happen for consumers when the professionals doing the work are empowered with great products that help them deliver these experiences. ShowingTime+ is already doing this for agents, and we're looking forward to empowering photographers and media companies as well." Consumers expect dynamic real estate experiences Interactive real estate media has become increasingly important to home shoppers and sellers. Virtual tours, interactive floor plans, immersive photos and more all give consumers a deep sense of a home, which helps cut down on time spent touring homes that aren't a good fit and equips shoppers with more information to help them make decisions – a win for shoppers, sellers, and their agents. In fact, sellers and shoppers don't just want immersive listing content, they expect it — homes on Zillow with an interactive floor plan were saved 79% more than homes without and received 72% more shares on average. And, most home sellers say they are more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services. More rich media for all Aryeo was founded in 2019 by former real estate photographers Branick Weix, Matthew Michalski and Brendan Quinlan. They saw firsthand the growing importance of rich listing media for home shoppers and sellers, and the need for software to help independent media companies grow their business and deliver this rich media to their customers. "When we created Aryeo, our vision was to build the best platform possible to solve photographer and media company pain points and provide easy-to-use tools to help our customers grow," said Branick Weix, co-founder and CEO of Aryeo. "We're teaming up with ShowingTime+ because we both believe in building technology that makes the industry better, and we will keep innovating and improving our platform for our customers." Aryeo will continue to operate as an independent platform within ShowingTime+, and Aryeo's privacy policy remains in place. With deepening investment in photographer tools, Aryeo customers can expect feature improvements and partnership opportunities with ShowingTime+ to help them stand out from the competition and win more business. To learn more about Aryeo, visit aryeo.com. For more information about ShowingTime+, visit showingtimeplus.com.
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Courtside Moms and Revive Partner to Provide Pro Basketball Rookies with Real Estate Investment Insight
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Chime Seamlessly Integrates ChatGPT Functionality to Streamline Content Creation, Boost Efficiency, and Improve Agent Productivity
Set of new features bolster platform's generative AI capabilities Phoenix, AZ – July 31, 2023 — Chime Technologies, an award-winning real estate tech innovator, today announced newly integrated ChatGPT functionality to eliminate the time consuming yet essential process of content creation for real estate marketing and communications. Widely recognized as an innovator, Chime is the first real estate technology company to deliver a practical application leveraging the power of ChatGPT to boost both efficiency and agent productivity. With nearly five years of experience humanizing the platform's existing AI and continuous product development, this latest integration underscores Chime's commitment to delivering innovative tech purpose built for the real estate community. To learn more about Chime's ChatGPT functionality, click HERE. A market leader, Chime recognized the transformative power of AI nearly 5 years ago and was the first real estate technology company to leverage Google's machine learning algorithm to power its intuitive chatbot AI Assistant. New ChatGPT features are a natural extension of the platform's existing AI that more than 40% of Chime customers rely on daily to help close more deals faster. Designed to help save agents time, easily generate new ideas, improve the quality of content, reduce costs, and scale effectively, new ChatGPT features are infused throughout the platform to ensure a seamless user experience. Learn more about the power of Chime's AI HERE. "Chime's integration with ChatGPT is going to change the future of real estate marketing. Agents will now be empowered to automate their business in ways they've never dreamed of," noted Tommy Mutchler, Managing Broker at the REAL Broker and longtime Chime customer. Key features include: Auto-generated content for individual and mass communications via email and text Auto-generated content for marketing communications including blogs and social media posts Robust library of templated, popular prompts Opportunity to develop bespoke prompts based on specific customer needs Intuitive editing capabilities to improve marketing content and messages with simple commands Agents are under intense pressure to identify, nurture, and convert leads in less time than ever. Effective marketing has never more important to differentiate and attract buyers and sellers. Chime's ChatGPT features help alleviate the pressure of time-consuming content development to ensure agents stay focused on delivering the essential human touch in the real estate process. Relying on new ChatGPT functionality, agents can rest assured knowing the database they have worked so hard to build is regularly engaged with relevant and meaningful content, carefully curated to fuel the pipeline with sales ready leads. "While ChatGPT is gaining media attention, many companies are quick to claim they offer the benefits of this fast-growing technology, but most are not equipped to deliver the functionality agents need to be successful in today's competitive market," said Henry Li, CTO, Chime. "Our platform has been powered by AI for years, giving our training team the benefit of thousands of real conversations to coach the AI and improve outcomes. We are uniquely positioned to naturally integrate ChatGPT features and continue to enhance our platform with practical applications to support agents evolving needs." To learn more, visit HERE. About Chime Technologies Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. Chime Technologies operates as a US subsidiary of Moatable, Inc. (NYSE: MTBL) (formerly Renren Inc.). For more information, visit www.chime.me/.
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DocuSign Launches New AI-Powered ID Verification Solution
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Deal Management Platform Blockrails Now Accessible through NAR REALTOR Benefits
FORT LAUDERDALE, Fla., July 25, 2023 -- Blockrails, a leading provider of AI-powered transaction and communication tools, announces a new partnership with The National Association of Realtors® as the latest addition to NAR REALTOR Benefits®. Blockrails is an application that consolidates prospect pre-screening, deal flow management, and robust AI-driven fraud protection, fostering a more secure and efficient real estate transaction environment. "Our members are always looking for ways to boost productivity," said Rhonny Barragan, NAR Vice President of Strategic Alliances. "Blockrails unites productivity and security, presenting an optimal solution for today's real estate professionals. We're thrilled to partner with Blockrails and bring these innovations to our members." As part of this agreement, NAR members can begin a 30-day free trial of Blockrails. After the trial, users can maintain access at a preferential rate of $5 monthly or $50 annually. "Blockrails equips its users with a competitive advantage," said Darryl Maraj, CTO of Blockrails. "Using integrated AI-powered fraud detection and automated workflows, our platform maximizes efficiency and security in every transaction. With Blockrails, real estate agents are not just adapting to industry evolution – they're leading it." To enroll, NAR members can visit www.blockrails.com/NAR. A credit card is not required to register and begin using the service. About Blockrails™ Blockrails™ consolidates prospect pre-screening, deal flow management, and robust AI-driven fraud protection, fostering a more secure and efficient real estate transaction environment. Blockrails is committed to boosting productivity and providing agents with an efficient means to navigate the competitive real estate market. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About NAR REALTOR Benefits® NAR REALTOR Benefits® 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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Adwerx Empowers Top Producers with Highly-Effective Digital Branding and Nurture Campaigns
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CoreLogic Unveils an Insightful Look Back at Barbie Dreamhouse Prices from 1962 to 2023
The Original Malibu, Calif. location Jumps from $77K to $2.8M IRVINE, CA, July 24, 2023 – CoreLogic®, a leading global provider of property data and analytics, has done an estimated home price analysis of the iconic Barbie Dreamhouse prices in 1962 compared to 2023. The Dreamhouse debuted in 1962 and while the iconic toy underwent renovations over the years, this price comparison is for the pink palace we know today. The research sheds light on the notable changes in the real estate market across several major cities in the United States over the past six decades—particularly for multi-level pink houses outfitted with elevators. In 1962, the dream house in its original location, Malibu, Calif., was estimated to be $77,537 in 1962, jumping to $2,807,328 in today's prices. In San Francisco, the dream house was estimated at $109,499 in 1962, skyrocketing to an astonishing $4,980,866 in 2023. The east coast saw similar trends, with the Dreamhouse jumping from $109,258 in 1962 to $2,249,182 in 2023, in Southampton, New York. "The Barbie Dreamhouse helps tell the story of the U.S. real estate market over the past six decades, showing significant appreciation. Barbie can add astute real estate investor to her list of accomplishments," said Selma Hepp, Chief Economist for CoreLogic. Methodology This analysis was based off a Barbie Dreamhouse that includes: 3 stories, a single car garage, elevator, 3 bedrooms, 2 full bathrooms, living room, kitchen, and patio/outdoor space with a pool. Artistic license was taken in neighborhood selection. About CoreLogic CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences, that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit www.corelogic.com.
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HomeZada's New AI Chat Assistant Gives Homeowners More Power to Manage their Home
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Profits on Home Sales Rebound Across U.S. in Second Quarter of 2023 as Housing Market Revives
Profit Margins on Typical Sales Nationwide Increase Following Three Quarterly Declines; Investment Returns Rise as Median U.S. Home Price Jumps 10 Percent; Seller Profits Still Down Annually Following Earlier Drop-offs IRVINE, Calif. – July 20, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales in the United States increased to 47.7 percent in the second quarter – the first gain in a year. The improvement in typical profit margins, from 43.9 percent in the first quarter of 2023, came amid a rebound in the U.S. housing market that pushed the median nationwide home price up 10 percent quarterly to $350,000. Both the nationwide profit margin and median home price increased after three straight quarterly drop-offs that had begun to reverse a decade-long market boom. However, even as seller fortunes turned around in the second quarter, the typical investment return nationwide did remain below the recent high point of 53.2 percent, recorded a year earlier during the second quarter of 2022. "Just when it looked like the housing market was flattening out, prices spiked again, which pushed seller profits back up to nearly their highest level in the past decade," said Rob Barber, CEO for ATTOM. "Stable mortgage rates, an ongoing tight supply of homes for sale and the usual Springtime surge in buyer demand appeared to have combined to halt the downturn we started seeing a year ago. It's way too early to predict another long-term price run-up, especially since buying a home is a financial stretch for so many households around the country. But the second-quarter numbers clearly show the market has more steam left in it, and sellers are reaping the benefits." Gross profits also shot up from the first to the second quarter of 2023. They rose 17 percent on the typical single-family home and condo sale across the country, to $113,000, although they were still down 5 percent annually. The about-face in profits and prices around the U.S. during the second quarter reflected a housing market in flux. After a decade of almost continual increases, home prices dipped across most of the country in the middle of 2022 and continued declining through the first quarter of 2023. The national median price dropped 7 percent during that time as rising home-mortgage rates, high consumer price inflation and a faltering stock market cut into what potential buyers could afford. Prices and profits went back up in the second quarter during the start of the annual buying season, helped along by several forces. They included the nation's limited supply of homes for sale, mortgage rates that stabilized at around 6.5 percent for a 30-year fixed-rate loan, investment market gains and an easing of inflation. As the 2023 home-buying season continues, the prospect of even better seller profits remains in place but will depend heavily on whether any or all of those factors improve or decline. Profit margins grow quarterly in two-thirds of U.S. but remain down annually Typical profit margins – the percent difference between median purchase and resale prices – increased from the first quarter of 2023 to the second quarter of 2023 in 107 (69 percent) of the 156 metropolitan statistical areas around the U.S. with sufficient data to analyze. However, they were still down in 118, or 76 percent, of those metros compared to the second quarter of last year, as the recent improvements were not enough to wipe out losses sustained from the middle of 2022 to the early part of 2023. Metro areas were included if they had sufficient population and at least 1,000 single-family home and condo sales in the second quarter of 2023. The biggest quarterly increases in typical profit margins came in the metro areas of Barnstable, MA (margin up from 47 percent in the first quarter of 2023 to 69.2 percent in the second quarter of 2023); Fort Wayne, IN (up from 46.7 percent to 65.5 percent); Augusta, GA (up from 45.7 percent to 64.1 percent); Rochester, NY (up from 50.9 percent to 68 percent) and Charleston, SC (up from 37.7 percent to 52 percent). Aside from Rochester, the biggest quarterly profit-margin increases in metro areas with a population of at least 1 million in the second quarter of 2023 were in Grand Rapids, MI (return up from 63.9 percent to 76.5 percent); Raleigh, NC (up from 35.8 percent to 47.7 percent), Hartford, CT (up from 38.5 percent to 50.1 percent) and San Diego, CA (up from 45.3 percent to 56.7 percent). Typical profit margins decreased quarterly in just 49 of the 156 metro areas analyzed (31 percent). The biggest quarterly decreases were in Scranton, PA (margin down from 86.9 percent in the first quarter of 2023 to 70.2 percent in the second quarter of 2023); Hilo, HI (down from 101.5 percent to 86.7 percent); Detroit, MI (down from 90 percent to 76 percent); Spartanburg, SC (down from 60.6 percent to 46.6 percent) and Flint, MI (down from 91.6 percent to 80.5 percent). Aside from Detroit, the largest quarterly decreases in profit margins among metro areas with a population of at least 1 million came in Pittsburgh, PA (down from 50.9 percent to 40.2 percent); Buffalo, NY (down from 70.9 percent to 61.5 percent); Indianapolis, IN (down from 48.7 percent to 40.4 percent) and Honolulu, HI (down from 47.1 percent to 41.1 percent). Metro areas with a population of at least 1 million where typical profits remained down the most annually included Austin, TX (margin down from 80.3 percent in the second quarter of 2022 to 47.2 percent in the second quarter of 2023), San Francisco, CA (down from 85.1 percent to 59.4 percent); Phoenix, AZ (down from 75.8 percent to 51.6 percent); Salt Lake City, UT (down from 69.3 percent to 46.4 percent) and Las Vegas, NV (down from 66.5 percent to 46.5 percent). Raw profits up in almost 90 percent of housing markets Profits on median-priced home sales nationwide, measured in raw dollars, increased from $96,573 in the first quarter of 2023 to $113,000 in the second quarter, a 17 percent gain. Typical raw profits went up quarterly in 137, or 88 percent, of the metro areas analyzed for this report. Annually, however, raw profits remained down 4.6 percent from a record high of $118,400 in the second quarter of 2022. They dropped year over year in 65 percent of the markets analyzed. The biggest quarterly raw-profit increases in areas with a population of at least 1 million were in Birmingham, AL (up 47 percent); Rochester, NY (up 44 percent); St. Louis, MO (up 37 percent); Hartford, CT (up 35 percent) and Cleveland, OH (up 33 percent). On an annual basis, the largest year-over-year declines in raw profits on median-priced home sales among metros with a population of at least 1 million came in Austin, TX (down 36 percent); Birmingham, AL (down 32 percent); Salt Lake City (down 28 percent); San Francisco, CA (down 27 percent) and Phoenix, AZ (down 27 percent). The largest raw profits on median-priced sales in the second quarter of 2023 were in San Jose, CA (profit of $600,000); San Francisco, CA ($416,000); San Diego, CA ($301,500); Seattle, WA ($285,000) and Naples, FL ($265,905). The smallest were in Shreveport, LA ($14,000); Beaumont, TX ($24,943); Rockford, IL ($38,140); McAllen, TX ($41,407) and Toledo, OH ($43,000). Prices up quarterly in more than 90 percent of nation Median single-family home and condo prices increased from the first to the second quarter of 2023 in 150 (96 percent) of the 156 metro areas around the country with enough data to analyze and were up annually in 94 of those metros (60 percent). Nationwide, the median home price rose to $350,000, up 10.4 percent from $317,000 in the first quarter of 2023 and 2.4 percent over the previous record of $341,750, set in the second quarter of last year. Among metro areas, the biggest increases in median home prices from the first quarter of 2023 to the second quarter of 2023 were in Rochester, NY (up 20 percent); Madison, WI (up 19.1 percent); Bridgeport. CT (up 18.6 percent); St. Louis, MO (up 17 percent) and Augusta, GA (up 16.9 percent). Aside from Rochester and St. Louis, the largest median-price increases during the second quarter of 2023 in metro areas with a population of at least 1 million were in Detroit, MI (up 15.8 percent); Birmingham, AL (up 15.6 percent) and Grand Rapids, MI (up 14.5 percent). Home prices tied or hit new highs during the second quarter of 2023 in 89, or 57 percent, of the 156 metro areas in the report. Metro areas with a population of more than 1 million that set or tied records in the second quarter included Chicago, IL; Miami, FL; Dallas, TX; Washington, DC, and Atlanta, GA. The only metro areas with a population of at least 1 million where the median home price declined from the first to the second quarter of 2023 were Honolulu HI (down 1.4) and Salt Lake City (down .03 percent). Homeownership tenure inches up after hitting 10-year low Homeowners who sold in the second quarter of 2023 owned their homes an average of 5.76 years. That was up from a low point over the past decade of 5.59 years in the first quarter of 2023, but still down from 5.84 years in the second quarter of 2022. Average tenure remained down from the second quarter of 2022 to the same period this year in 47 percent of metro areas with sufficient data. The largest annual declines were in Rockford, IL (tenure down 23 percent); Salem, OR (down 19 percent); Torrington, CT (down 17 percent); St. Louis, MO (down 16 percent) and Manchester, NH (down 15 percent). All 15 of the longest average tenures among sellers in the second quarter of 2023 were in the Northeast or West regions of the U.S. They were led by Bellingham, WA (8.04 years); Manchester, NH (7.88 years); Honolulu, HI (7.78 years); San Jose, CA (7.38 years) and Bridgeport, CT (7.26 years). The smallest average tenures among second-quarter sellers were in Lakeland, FL (1.46 years); Memphis, TN (3.23 years); Cleveland, OH (3.88 years); Salem, OR (4.15 years) and Tucson, AZ (4.29 years). Lender-owned foreclosures dip down close to low since 2000 Home sales following foreclosures by banks and other lenders represented just 1.4 percent, or one of every 69, U.S. single-family home and condo sales in the second quarter of 2023. That was down from 1.7 percent in the first quarter of 2023, although up from 1.1 percent in the second quarter of last year. Still, it remained just a tiny fraction of the 30 percent peak this century hit in 2009 during the aftermath of the Great Recession of 2007. Among metropolitan statistical areas with sufficient data, those areas where REO sales represented the largest portion of all sales in the second quarter of 2023 included Flint, MI (12.5 percent, or one in nine sales); Albany, NY (6 percent); Lansing, MI (5.9 percent); Detroit, MI (5.2 percent) and Kalamazoo, MI (4.5 percent). Cash sales drop Nationwide, all-cash purchases accounted for 35.9 percent of single-family home and condo sales in the second quarter of 2023. That was down from 39 percent in the first quarter of 2023 but was unchanged from the second quarter of last year. Among metropolitan areas with sufficient cash-sales data, those where cash sales represented the largest share of all transactions in the second quarter of 2023, included Hudson, NY (69.6 percent of all sales); Oneonta, NY (66.7 percent); Wheeling, WV (66.3 percent); Claremont-Lebanon, NH (65.9 percent) and Seneca, SC (63 percent). Those where cash sales represented the smallest share of all transactions in the second quarter of 2023, included California-Lexington Park, MD (17.4 percent); Vallejo, CA (19 percent); Washington, DC (20.1 percent); Olympia, WA (21.6 percent) and Lincoln, NE (21.7 percent). Institutional investment increases Institutional investors nationwide accounted for 6.1 percent, or one of every 16, single-family home and condo purchases in the second quarter of 2023. That was up from 5.7 percent in the first quarter of 2023, but still down from 7.4 percent in the second quarter of 2022. Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the second quarter of 2023 were Georgia (9 percent of all sales), Tennessee (9 percent), Indiana (8.4 percent), Oklahoma (8.2 percent) and Texas (8.1 percent). States with the smallest levels of sales to institutional investors in the second quarter of 2023 included Hawaii (2.4 percent of all sales), New Hampshire (3.1 percent), Rhode Island (3.3 percent), Maine (3.6 percent) and New York (3.7 percent). FHA-financed purchases up again Nationwide, buyers using Federal Housing Administration (FHA) loans comprised 9.4 percent of all single-family home purchases in the second quarter of 2023 (one of every 11). That was up from 8.4 percent in the first quarter of 2023 and from 6.7 percent a year earlier. The latest increase marked the fourth consecutive quarterly gain. Among metropolitan areas with sufficient FHA-buyer data, those with the highest levels of sales to FHA purchasers in the second quarter of 2023 included Odessa, TX (34.8 percent of all sales); Casper, WY (29.9 percent); El Centro, CA (26.9 percent); Pueblo, CO (22.8 percent) and Dover, DE (22.7 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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