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The Top U.S. Destinations For Movers Aren't Where You Think
Medium-sized metros offering relative affordability, strong employment and large boomer populations entice the most out-of-state buyers SANTA CLARA, Calif., Aug. 21, 2019 -- The typical home buyer only moves 15 miles from their current residence, but realtor.com's Top Moving Destinations analysis shows that metros that offer relative affordability, strong employment, and large boomer populations can entice people to pull the trigger on an out-of-state home purchase. Released today, the list is made up of mostly medium-sized markets, including: Charleston, S.C.; Boise, Idaho; Honolulu; Columbia, S.C.; Fort Myers, Fla.; Portland, Maine; Sarasota, Fla.; Greenville, S.C.; Tucson, Ariz.; and Las Vegas. Metros were ranked based on which area received the most out-of-state views on realtor.com® in the second quarter of 2019. Buyers Seek Bargains Without Going Too Far "Home prices have risen for seven consecutive years, far outpacing salary growth. Although interest rates are the lowest they have been in three years, cost has become a deal breaker for many buyers, especially in pricey West Coast metros," said realtor.com® Senior Economist, George Ratiu. "But instead of giving up on the American Dream, many buyers have decided to look for a home in medium-sized metros outside their state that offer price relief, and a similar lifestyle." Seven of the top 10 moving destinations attracted non-local buyers looking at homes with median prices 3 percent to 34 percent less expensive than their home markets, in Q2 2019. However, these destinations are not necessarily cheap; in fact, they are 16 percent higher than the national median of $315,000. But when compared to home prices in their current metro areas, they feel like a steal. For instance, Boise's median listing price of $372,500 looks more attractive compared to Los Angeles's $766,800 and Salt Lake City's $434,900. Movers are also looking to stay relatively close to home by seeking out markets that are just a quick plane ride away. Charleston, the No. 1 moving destination in America, is sought out by buyers in neighboring markets of Charlotte, N.C.; Atlanta; and New York. Boise, No. 2 on the list, is especially attractive to those in Los Angeles, Salt Lake City, and Sacramento, Calif. Booming Jobs and Low Taxes Drive Up Demand The promise of high paying jobs has always been a catalyst for buyer demand, but it's especially true for those considering relocation to a new state. According to realtor.com®'s analysis, the top 10 destinations have an average unemployment rate of 3.3 percent, which is 30 basis points lower than the national average, and 38 basis points below what out-of-state buyers encounter in their home metros. Sweetening the financial deal for out-of-state buyers are the tax incentives in these destinations. Eight of the top 10 are located in states that have lower overall tax burdens compared to the national average of 8.6, including Cape Coral-Fort Myers and North Port-Sarasota, Fla. with a 6.6 percent overall burden; Boise at 7.8 percent; and the three South Carolina metros- Charleston, Greenville and Columbia at 7.6 percent, according to WalletHub. Hot Spots Retirees and Vacationers The majority of the metros on the list are sunny locales that are popular with vacationers and retirees alike, as well as snowbirds escaping the Northern winters. In fact, the average population share of those aged 65-years and older was 19.5 percent among the top 10, compared to 16.2 nationally. The top retiree markets on this list were Sarasota, Fla.; Fort Myers, Fla.; and Tucson, Ariz. whose populations aged 65 years and older accounted for 32.3 percent, 28.7 percent, and 20.0 percent of the population, respectively. "The fact that the majority of the metros on the list are hot spots for retirees signals a shift in boomer preferences from the expensive cities where they built their careers to the more easy-going feel of vacation communities," added Ratiu. "Some of them may be initiating the purchase of their retirement home as a second home, while others may be purchasing it in their post-career stage of life." Additionally, 7.9 percent of homes sold in these markets are secondary homes, compared to the national average of just 2.7 percent. Fort Myers, Fla.; North Port, Fla.; and Tucson, Ariz. had the highest share of secondary home sales among the top 10 with 17.6 percent, 16.4 percent, and 9.2 percent, respectively. For more information, please visit: https://www.realtor.com/research/q2-2019-cross-market-demand-report/ About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Over 1.5 Million Vacant U.S. Homes in Q3 2019 Represent 1.6 Percent of All Single-Family Homes and Condos
Over 9,600 Vacant "Zombie" Foreclosures in the Third Quarter of 2019 IRVINE, Calif. - August 15, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q3 2019 Vacant Property and Zombie Foreclosure Report showing there are over 1.5 million (1,530,563) U.S. single-family homes and condos vacant in the third quarter of 2019, representing 1.6 percent of all homes. The report analyzes publicly recorded real estate data collected by ATTOM Data Solutions — including foreclosure status, equity, and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology enclosed below.) During the third quarter of 2019, over 304,000 homes were in the process of foreclosure, with about 3.2 percent being "zombie" foreclosures. While the count of properties in the process of foreclosure is down by nearly 22 percent since ATTOM's last foreclosure vacancy report in the same period of 2016, the number that sits empty has dropped nearly in half. "The blight of vacant, decaying properties facing foreclosure has declined dramatically across the United States – another good-news offshoot of the housing boom that's gone on for eight years," said Todd Teta, chief product officer with ATTOM Data Solutions. "A handful of areas still face notable problems with homes abandoned by owners after they get hit with foreclosure claims. But with the economy improving and the housing market still hot, an expanding number of neighborhoods across the country face little or no problem with these so-called zombie properties." High-level findings from the report: A total of 9,612 properties facing possible foreclosure have been vacated by their owners nationwide. Washington, D.C. had the highest percentage of zombie foreclosures (12.5 percent). States where the rates were above the national average of 3.2 percent included Oregon (8.8 percent), Maine (8.5 percent), Kansas (7.6 percent) and New Mexico (7.0 percent). The lowest rates – all less than 1.4 percent – were in New Hampshire, Idaho, Colorado, Connecticut and Delaware. New York had the highest actual number of zombie properties (2,428), followed by Florida (1,634), Illinois (985), Ohio (891) and New Jersey (463). Among metropolitan areas with at least 100,000 residential properties, Peoria, IL, had the highest percent of vacant foreclosures (zombies) at 16.5 percent, followed by Wichita, KS (9.5 percent), Syracuse, NY (9.3 percent), Honolulu, HI (8.5 percent) and Youngstown, OH (8.4 percent). Among zip codes with at least 100 properties in pre-foreclosure, the highest rates of owner-vacated properties were concentrated in New York, Florida, Ohio and Illinois. The zip codes with the top percentages were zip code 61605 in the Peoria, IL metropolitan statistical area with 48.6 percent, zip codes 44108 (26.0 percent), 44112 (23.0 percent), and 44105 (19.7 percent), all in the Cleveland, OH, area and rounding out the top five is zip code 14701 in Jamestown, NY with 19.6 percent. The top zombie foreclosure rates in counties with at least 500 properties in foreclosure included Peoria County, IL (21.9 percent); Baltimore City, MD (11.4 percent); Broome County, NY (11.1 percent); Onondaga County, NY (9.6 percent) and Madison County, IL (9.6 percent). The highest levels of vacant investor-owned properties were in Indiana (8.8 percent), Kansas (6.7 percent), Minnesota (6.0 percent), Ohio, (5.9 percent) and Rhode Island (5.8 percent). Report Methodology ATTOM Data Solutions analyzed county tax assessor data for more than 98 million single-family homes and condos for vacancy, broken down by foreclosure status and, owner-occupancy status. Only metropolitan statistical areas with at least 100,000 single-family homes and condos and counties with at least 50,000 single-family homes and condos were included in the analysis. Vacancy data is available here. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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U.S. Housing Market Deja Vu
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When the Back to School Shopping List Includes a House
WASHINGTON (August 12, 2019) – The act of moving into a new home or selling a home can be a hectic period for both home buyers and sellers. So it is not surprising to learn that changing residences with children in tow adds another level of chaos to the process. That is according to a new report from the National Association of Realtors, 2019 Moving With Kids, which explores the various home buying habits and seller preferences of those who have children under the age of 18 years old living in the home. The report found that those home buyers who still have children living in their homes were likely to be drawn to specific neighborhood characteristics. For example, 53% of buyers with children considered a neighborhood based on the quality of the school districts within that neighborhood. Fifty percent of buyers with children selected a neighborhood based on its convenience to schools. Of those polled who had no children, only 10% chose a neighborhood because of the quality of its school district. Merely 6% of those buyers with no kids said "convenience to schools" factored into their choice when they selected their home and neighborhood. Infographic detailing common statistics relating to moving with childrenSee and share this infographic. "Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home," said Lawrence Yun, NAR's chief economist. "Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district." In terms of making the final selection on exactly which home to purchase, buyers with children and those without shared some common ground. More than half of all buyers, regardless of children, said that finding the right property was the most difficult stage in the process. During that phase, among the home buyers with children living in the household, 86% purchased their home with the help of a real estate agent. Similarly, 87% of home buyers without children enlisted the services of a real estate agent when making their home purchase. While both buyers with children and those without utilized an agent, NAR found that the preferences regarding agent interaction were different. For example, of those buyers without children who were shopping for a home – 74% said they wanted their agent to phone directly when relaying information about new real estate activity. However, 67% of buyers with children preferred that their agent make contact about properties via text message. "The report's findings showed that both buyers and sellers, especially those with kids, are often dealing with a time crunch of some sort, trying to house hunt while simultaneously raising a family," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Tech-savvy Realtors® recognize this predicament and are meeting clients' needs by contacting them via smartphone and text message." Polling confirmed that buyers with children ultimately purchased larger sized homes and properties. As a whole, they opted to buy homes that measured at 2,110 square feet in size with four bedrooms and two full bathrooms. This is versus those without children in the household; on average, they bought 1,800 square feet in size with three bedrooms and two full bathrooms. However, 26% of buyers with children had to postpone their home buying process because of child care expenses. Although some buyers were able to still make a purchase, even with child care costs in play, some of those buyers had to ultimately make compromises and concessions on the properties. Thirty-one percent said they compromised on the condition of the home, while another 31% said they compromised on the size of the home. Twenty-four percent reported to have compromised on the price of the home. Home Selling Trends Twenty-three percent of sellers with children reported that they sold their home "very urgently." Only 14% of buyers with no children said they had to sell their home quickly. One notable difference between the two groups is that 46% of those with children in the home said they had to sell somewhat urgently, while just under half of those with no children in the household said they were able to wait for the right offer. "When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer," said Yun. Twenty-five percent of those sellers with children said they sold because their previous home was too small. Nineteen percent said a job relocation caused them to sell, and 13% said a change in their family situation spurred the sale. Only 7% of those without kids said they felt as if their home was too small. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Redfin Reveals the 6 U.S. Metros Where You Can Retire by Age 40
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New ATTOM Data Solutions Analysis Examines the Grocery Store Impact on the U.S. Housing Market
Trader Joe's takes the gold for homebuyers and ALDI triumphs with investors; Average home values near Trader Joe's is $608,305, compared to $521,142 near Whole Foods and $222,809 near ALDI IRVINE, Calif. - August 2, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its 2019 Grocery Store Battle analysis, which examines whether living near a Trader Joe's, a Whole Foods or an ALDI can affect a home's value – as a homebuyer based on seller ROI and home equity, or as an investor looking for the best home flipping returns and home price appreciation. For this analysis, ATTOM looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. (See full methodology enclosed below.) Click here to view the infographic visualizing the results of this analysis. For Homebuyers Homes near a Trader Joe's realized an average home seller ROI of 51 percent, compared to homes near a Whole Foods with an average home seller ROI of 41 percent and ALDI at 34 percent. The average home seller ROI for all zip codes with these grocery stores nationwide is 37 percent. Homes near a Trader Joe's have added equity, owning an average 37 percent equity in their homes ($247,445), while homes near Whole Foods had an average of 31 percent equity ($187,035) and homes near ALDI had average 20 percent equity ($53,650). The average equity for all zip codes with these grocery stores nationwide is 25 percent. For Investors Properties near an ALDI are an investor's cornucopia with an average gross flipping ROI of 62 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 35 percent and Trader Joe's at 31 percent. The average gross flipping ROI for all zip codes with these grocery stores nationwide is 52 percent. Properties near an ALDI have seen an average 5-year home price appreciation of 42 percent, compared to 33 percent appreciation for homes near a Trader Joe's, and 31 percent appreciation for homes near a Whole Foods. The average appreciation for all zip codes with these grocery stores nationwide is 38 percent. Report methodology For this analysis ATTOM Data Solutions looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. Grocery store locations are from the USDA (http://www.fns.usda.gov/snap/retailerlocator). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk property data licensing, Property Data APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Big City Metros Fall Off Realtor.com's 2019 Hottest ZIP Codes Report
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Redfin Report: Racial Gaps in Homeownership, Home Equity and Wealth Widened during the Historic Decade-Long Economic Expansion
U.S. home prices have risen 73% since 2010, but the resulting home equity gains haven't benefited black Americans, whose homeownership rate fell to a record low in the second quarter SEATTLE, July 31, 2019 -- Homeowners in primarily white neighborhoods gained an average of $70,000 more in home equity than homeowners in primarily black neighborhoods from 2012 to 2018, according to a new report from Redfin, the technology-powered real estate brokerage. In part as a result of the inequality in homeownership and home-equity gains, black Americans have seen their median net worth decline in the past decade while for white Americans it rose by double digits. While U.S. home prices have risen 73 percent since the first quarter of 2010, homeownership rates among all Americans dropped 3 percentage points to 64.1%. Still, 73.1 percent of white Americans owned homes as of the second quarter of 2019, compared with a record-low of 40.6 percent for black Americans and 46.6 percent for Hispanic & Latino Americans. The resulting 32.5 percentage-point gap in homeownership between black and white Americans is 3.6 points wider than it was at the beginning of 2010. Meanwhile the homeownership gap between white and Hispanic & Latino Americans widened by half a point. "With higher unemployment rates and less wealth to begin with, black Americans were less able to buy homes even when prices were at their lowest point, meaning many missed out on opportunities to build wealth and put down roots in their communities through homeownership," said Redfin chief economist Daryl Fairweather. "The growing racial homeownership gap has widened the wealth gap, as home equity remains one of the most significant wealth-building tools. And now, with higher home prices and tighter lending standards than before the housing crash of 2008, it's more difficult than ever for minorities to break into the housing market. That's likely to contribute to growing economic inequality in the U.S." Redfin compiled data on homeownership rates, home equity, net worth and unemployment by race. The already-large homeownership gap between black and white Americans has widened since 2010 The homeownership rate for black Americans dropped 5 percentage points to 40.6% in the second quarter of 2019 from 45.6% in the first quarter of 2010. The rate for white Americans dropped just 1.4 percentage points, from 74.5% to 73.1%, over the same time period. The homeownership rate for Hispanic & Latino people fell 1.9 points (from 48.5% to 46.6%). The nationwide rate dropped 3 points to 64.1%. The homeownership gap between black and white Americans has widened over the last decade to a 32.5 percentage-point gap in the second quarter of 2019, from a 28.9 percentage-point gap in the first quarter of 2010. The homeownership rate remained over 70% for white Americans from 2010 through the first quarter of 2019, but it never surpassed the 50% threshold for black Americans. Homeowners in majority-black neighborhoods experienced significantly smaller home-equity gains in dollars than those in majority-white neighborhoods from 2012 to 2018 Homeowners in primarily black neighborhoods saw smaller dollar gains in home equity ($120,800) from 2012 to 2018 (the most recent full year for which data is available) than those in Hispanic/Latino and white neighborhoods. Homeowners in primarily white neighborhoods saw a gain of $190,935 during the same time period, and they started and ended with the most equity in dollars. Homeowners in primarily Hispanic & Latino communities gained $206,000 in equity. Home prices in majority-black neighborhoods rose 24.9% from 2012 to 2018, higher than the 21% gain for Hispanic & Latino communities and the 12.5% gain for white communities. Homeowners in majority-black neighborhoods saw the biggest percentage gain in equity (213%), but started with substantially lower equity in the homes than white and Hispanic & Latino neighborhoods. The home-equity gap between black and white Americans widened slightly from 2012 to 2018, from $67,229 to $70,135. Home-equity gains for black Americans haven't translated into an increase in net worth The median net worth for black Americans dropped 2.8% to $17,100 in 2016 (the most recent full year for which data is available) from $17,600 in 2010. That leaves the typical black American more than $10,000 short of the 20% down payment ($27,980) likely needed to purchase a median-priced home in Detroit, one of the most affordable major housing markets in the U.S. Median net worth rose 18.5% to $171,000 during the same period for white Americans. The net-worth gap between black and white Americans increased 22.8% to $153,900 in 2016 from $125,300 in 2010. Hispanic & Latino Americans saw their median net worth increase by 15.1% over the six year period to $20,600, also well below the typical down payment for a home in Detroit. In 2010, the ratio of white to black net worth was 8:1. By 2016, the ratio had widened to 10:1. The unemployment rate for black Americans is nearly double the rate for white Americans The unemployment rate for black Americans dropped 10.5 percentage points to 6% in June 2019 from 16.5% in January 2010, while the rate for white Americans fell 5.5 percentage points to 3.3% over the same time period. The unemployment gap between black and white Americans has narrowed substantially since the beginning of 2010, from a 7.7 percentage-point gap to a 2.7-point gap. To read the full report, including charts and methodology, please visit: https://www.redfin.com/blog/black-americans-homeownership-rate. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin Migration Report: Phoenix, Atlanta, Sacramento, Las Vegas and Austin Continue to Attract Thousands of Homebuyers From Pricey, High-Tax Metros
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Get Ready to Make a Splash! Realtor.com Reveals the Top 10 Affordable Lake Towns of 2019
As temperatures continue to rise, realtor.comⓇ offers a glimpse into hot deals for lake town real estate across the United States SANTA CLARA, Calif., July 30, 2019 -- As the summer heat shows no signs of relenting, realtor.com®, the Home of Home Search℠, today released its list of the 10 most affordable lake towns, which offer waterfront properties under $450,000. Unlike owning a vacation home on the ocean, lake homes can be more accessible – not just in price, but also for those who don't live near the coasts. "Lake towns often offer people an affordable destination with water sports, amenities, natural beauty and an array of often top-quality dining options," said Clare Trapasso, senior news editor, realtor.com®. "Some of these lake towns also double as ski resorts in the winter. Those who enjoy cold-weather sports, in addition to summer activities may in fact, be getting a home they can enjoy throughout the year." The most affordable town on the list is Jamestown, N.Y., with a median list price of just $59,000, but if you desire a two-bedroom home with a private shoreline that can raise the price significantly. Sandpoint, Idaho, is the most expensive of the affordable lake towns, with a median list price of $429,000 and a variety of lakefront houses that can cost well over $1 million. While the cost of homes in these affordable lake towns can vary, some of the common themes shared by the majority on the list are attractions that provide year-round entertainment and an abundance of single-family homes available for purchase. From East Coast to West Coast - and everywhere in between - the following towns are the best places to score an affordable lake house, in rank order: 1. Branson, Mo. Median Listing Price: $205,900 Near two of Missouri's most popular lakes, Branson is a Midwestern vacation destination filled with music venues, amusement parks, nightlife, and other attractions for locals and visitors to enjoy. For those seeking a prime spot for watersports and boating, Table Rock Lake is surrounded by a variety of single-family homes, which often range from $350,000 to over $650,000. Lake Taneycomo comes in at a top pick for trout fishers and those seeking a quieter destination where buyers can find one-bedroom condos for approximately $120,000. 2. East Stroudsburg, Pa. Median List Price: $187,000 A popular destination for people looking to escape city living, East Stroudsburg is a vacation spot within the Poconos, known for its lakes, ski resorts, historic towns and water parks. While most properties in the area have a low price tag, prime lakefront homes can range from $900,000 to $1.4 million. Lake Naomi and Timber Trails are also great nearby options that have smaller single-family homes that start around $120,000. 3. Port Clinton, Ohio Median List Price: $259,900 Port Clinton is a charming small town on the western edge of Lake Erie with plenty of low-priced condos, and single-family homes that typically start around $300,000. In addition to the many beaches, islands and quiet bays of Port Clinton, the town has a plethora of entertainment, including an African Safari Wildlife Park, The Watering Hole Safari and Waterpark, unique antique stores, and waterfront restaurants. 4. Jamestown, N.Y. Median List Price: $59,900 Jamestown sits at the tip of Chautauqua Lake and is known for its exceptionally affordable real estate, and of course, its lakes. However, Jamestown has also made a name for itself as a top-notch comedy destination. As the hometown of comedian Lucille Ball, Jamestown hosts the annual Lucille Ball Comedy Festival, which has featured Jerry Seinfeld, Amy Schumer and Jay Leno, among others. Those looking to stay year-round will be able to land a bargain as the area is filled with older single-family homes listed at great prices. 5. Alexandria, Minn. Median List Price: $288,900 Alexandria is located in Douglas County, where there are about 300 lakes and certainly no shortage of lakefront homes. Waterfront properties are predominantly single-family homes that start at just over $100,000. However, there are also a variety of larger houses, with more acreage, and higher price tags available. 6. Clearlake, Calif. Median List Price: $219,900 The popular Northern California vacation town, Clearlake, was hit hard by the previous foreclosure crisis and recent wildfires. However, the town is making a comeback and there are even plans to reopen the renowned Konocti Harbor Resort. Rumored to be the oldest lake in North America, the fresh water of Clear Lake is still a major draw, especially with real estate prices that are just a fraction of those in nearby cities like Napa and San Francisco. 7. Spirit Lake, Iowa Median List Price: $315,000 With waterfront attractions, including an amusement park, and deep clear water that is perfect for boating, Spirit Lake and Okoboji are two of Northern Iowa's more lively and desirable lake towns. West Okoboji Lake is filled with waterfront, multi-million-dollar homes and grand estates, while East Okoboji and Spirit Lake house more affordable condos and single-family homes with shared lake access. 8. Mountain Home, Ark. Median List Price: $174,900 For those seeking a tranquil, peaceful abode by the lake, head to Mountain Home. Unlike many of the other lake towns on this list, Mountain Home doesn't have a lot of entertainment. Instead, the main attraction to this peaceful place is Lake Norfolk, a 22,000-acre manmade lake that has nearly two dozen parks and 550 miles of shoreline. In this slower paced town, you can find a two-bedroom home overlooking the lake or river for about $200,000 or a larger waterfront house which can range from $300,000 up to $2 million. 9. Baraboo, Wis. Median List Price: $189,900 Baraboo is home to the world-renowned Ringling Brothers and Barnum & Bailey Circus, which started in 1888 and shut down in 2017. The town is also known for its outdoor adventures and attractions, such as rock climbing, the International Crane Foundation, Lake Wisconsin and the Wisconsin River. The lake and river are lined with single-family homes that range from $200,000 for a modest two-bedroom cottage up to $3.6 million for a grand estate on the water. 10. Sandpoint, Idaho Median List Price: $429,000 While Sandpoint is the most expensive town on the list, this small community in Idaho is surrounded by a lake and mountains that provide year round attractions for visitors and residents. Fishing, boating, wine tasting, and The Festival at Sandpoint are some of the main summer activities, while skiing at Schweitzer Mountain Resort is popular during the winter. Prime lakefront homes in the area typically go for over $1 million, while houses on the river can be found for less than half of the price. To put together the list, realtor.com® looked at real estate listings that mentioned things such as "lake view" and "lake house" in more than 900 U.S. metropolitan and micropolitan areas. Each location had to have at least 50 listings over a 12-month period ending May 31, 2019 and couldn't have more than 150,000 households. To ensure these were true vacation spots, the percentage of vacation homes and the percentage of dining, drinking and outdoor activity establishments were also measured. Finally, to measure affordability, realtor.com® ensured that none of the towns in this ranking had median prices of more than $450,000. For more information about these towns, please click here. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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CoreLogic Special Report: The Role of Housing in the Longest Economic Expansion
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Realtor Survey Shows Decline in Foreign Investment in U.S. Residential Real Estate
WASHINGTON (July 17, 2019) -- A decline in global growth and low housing inventory contributed to a drop in foreign investment in U.S. residential real estate over the past year. This is according to an annual survey of residential purchases from international buyers, released today by the National Association of Realtors®, which found that foreign buyers purchased fewer U.S. existing homes from April 2018 through March 2019. Global economic growth, which increased in 2016 to 2017, slowed to 3.6% in 2018 and is on pace to taper to 3.3% in 2019. NAR's Profile of International Transactions in U.S. Residential Real Estate 2019 revealed that foreign buyers purchased $77.9 billion worth of U.S. existing homes from the 2019 survey reference period, a 36% decline from the level reached in the previous 12 months ($121 billion). Non-resident foreign buyers accounted for $33.2 billion of U.S. existing-home sales, a 37% decline from the prior level of $53 billion. Resident foreign buyers – that is, recent immigrants – purchased $44.7 billion of residential property, a 34% drop from the prior level ($67.9 billion). The dollar volume of purchases saw a decline as the number of purchases, as well as the average price, decreased from the previous year, as foreign buyers purchased in comparison to the levels during the previous 12 months. Foreign buyers were able to buy 183,100 properties (266,800 in the previous period) at an average price of $426,100. "A confluence of many factors – slower economic growth abroad, tighter capital controls in China, a stronger U.S. dollar and a low inventory of homes for sale – contributed to the pullback of foreign buyers," said Lawrence Yun, NAR chief economist. "However, the magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S." Top Foreign Buyers For the seventh consecutive year, China exceeded all other countries in terms of dollar volume of purchases, buying an estimated $13.4 billion worth of residential property, a 56% decline from the previous 12 months. The Chinese economy is growing at a slower pace compared to past years, slowing to 6.3% in 2019 compared to 6.9% in 2017. The Chinese government has also tightened the monitoring of dollar outflows since 2016 to manage its foreign exchange reserves. Following China, the next top foreign buyer for 2019 was Canada at $8.0 billion. While Chinese investors and Canadian investors tied concerning the number of purchases, on average, Chinese buyers bought properties at a higher price point. Therefore, China ranked ahead of Canada in terms of dollar volume. The third top international buyer was India at $6.9 billion, the United Kingdom was fourth at $3.8 billion and in fifth was Mexico at $2.3 billion. Each of the top five buyers experienced a decline in the dollar volume of purchases. International Buyers – Where Did They Go? Following historical trends, Florida was at the epicenter of foreign investment. The state attracted 20% of foreign buyers. Forty-two percent of Canadians purchased property in Florida. "Many Canadians and other foreigners found Florida so enticing because of its lenient tax laws," said Yun. "Additionally, many Florida metro areas have an inventory of cheaper properties, relatively speaking – a combination which makes the state a very popular destination." California followed Florida, accounting for 12% of international purchases. Thirty four percent of Chinese buyers purchased property in California, which represents a decline from one year ago. The third most popular destination among international buyers was Texas (10%), particularly desirable among Indian and Mexican buyers. Arizona accounted for 5% of international buyers, popular for Canadian and Mexican purchasers, followed by New Jersey (4%). New Jersey appealed to a mix of international buyers, especially those from the United Kingdom. A few other significant destinations were North Carolina, Illinois, New York and Georgia. Each of these states accounted for 3% of all foreign buyers. Price Points Forty-four percent of foreign buyers purchased in a suburban area, while 76% purchased single detached family homes and townhomes. The median purchase price for foreign buyers was $280,600, slightly higher than the $259,600 average for all U.S. existing homes sold. According to Yun, the price difference is a reflection of the choice of location and the kinds of properties desired by foreign buyers. Eight percent of international buyers paid $1 million or more for their property, compared to just 3% of all U.S. existing homebuyers. Resident foreign buyers – those living in the United States either as recent immigrants or those holding visas for professional, educational or other purposes – typically purchased properties at a slightly higher price point ($282,500) compared to non-resident foreign purchasers ($277,700). "Even though numbers were lower this year than during the previous 12 months, international investors and buyers still spent and invested a great deal of money in U.S. real estate," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Home buyers from across the globe know that the U.S. market is still a safe, secure and promising place to invest." The survey also showed that international buyers are more likely to purchase their homes in cash than all existing homebuyers. Forty-one percent of the reported transactions were all-cash sales, in comparison to 21% for all existing-home purchases during the 2019 assessment reference period. Non-resident foreign buyers are more likely to pay in cash than resident foreign buyers, who are more likely to acquire mortgage financing from U.S. sources. Sixty-three percent of non-resident foreign buyers had an all-cash purchase transaction, compared to 25% among resident foreign buyers. Canadian buyers, who primarily live abroad, were the most likely to pay all cash (75%). The majority of Asian Indian buyers, most of whom resided in the U.S. as recent immigrants or visa holders, obtained a U.S. mortgage. Almost half of Chinese buyers made an all-cash purchase. NAR's 2019 Profile of International Transactions in U.S. Residential Real Estate was conducted April 5 through May 3, 2019. A sample of Realtors® was surveyed to measure the share of U.S. residential real estate sales to international clients, and to provide a profile of the origin, destination and buying preferences of international clients, as well as the challenges and opportunities faced by Realtors® in serving foreign clients. The survey presents information about transactions with international clients during the 12-month period between April 2018 and March 2019. A total of 11,812 Realtors® responded to the 2019 survey. The 2019 Profile of International Transactions in U.S. Residential Real Estate can be ordered by calling 800-874-6500, or online at www.nar.realtor/prodser.nsf/Research. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Median-Priced Homes Not Affordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
Home Prices Outpacing Wages in 40 percent of U.S. Housing Markets; Home Prices Less Affordable Than Historic Average in 61 Percent of Local Markets IRVINE, Calif. - June 27, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Affordability Report, which shows that median home prices in the second quarter of 2019 were not affordable for average wage earners in 353 of 480 U.S. counties analyzed in the report (74 percent). The largest populated counties where a median-priced home in the second quarter of 2019 was not affordable for average wage earners included Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. The 127 counties (26 percent of the 480 counties analyzed in the report) where a median-priced home in the second quarter of 2019 was still affordable for average wage earners included Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Cuyahoga County (Cleveland), Ohio; and Franklin County (Columbus), Ohio. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). View Q2 2019 U.S. Home Affordability Heat Map "Despite falling mortgage rates and rising wages, the cost of owning the typical home remains out of reach or a significant financial stretch for the nation's average wage earners," said Todd Teta, chief product office with ATTOM Data Solutions. "However, a closer look at the data reveals milder-than-usual increases for the Spring, and none as severe as in previous years since the recession. Therefore, this can help indicate the market may be easing, following similar indicators from recent home-flipping and foreclosure data trends." Home price appreciation outpacing wage growth in 40 percent of markets Home price appreciation outpaced average weekly wage growth in 192 of the 480 counties analyzed in the report (40 percent), including Maricopa County (Phoenix), Arizona; Riverside County, California; San Bernardino County (Riverside), California; Tarrant County (Dallas-Fort Worth), Texas; and Wayne County (Detroit), Michigan. Average weekly wage growth outpaced home price appreciation in 288 of the 480 counties analyzed in the report (60 percent), including Miami County, Florida; Kings County, New York; Dallas County, Texas; Queens County, New York; and Clark County, New York. 67 percent of markets require over 30 percent of wages to buy a home Among the 480 counties analyzed in the report, 323 (67 percent) require at least 30 percent of their annualized weekly wages to buy a home in the second quarter of 2019. Those counties that required the greatest percent included Marin County (San Francisco), California (116.8 percent of annualized weekly wages needed to buy a home); Kings County, New York (113.4 percent); Santa Cruz County, California (112.3 percent); San Luis Obispo County, California (91.4 percent); and Maui County, Hawaii (88.2 percent). A total of 157 of the 480 counties analyzed in the report (33 percent) required less than 30 percent of their annualized weekly wages to buy a home in the second quarter of 2019. Those counties that required the smallest percent included Bibb County (Macon), Georgia (12.9 percent of annualized weekly wages needed to buy a home); Wayne County (Detroit), Michigan (13.2 percent); Baltimore City, Maryland (13.6 percent); Rock Island County (Davenport), Illinois (14.9 percent); and Allen County (Lima), Ohio (14.9 percent). 61 percent of markets less affordable than historic averages Among the 480 counties analyzed in the report, 292 (61 percent) were less affordable than their historic affordability averages in the second quarter of 2019, up from 50 percent of counties in the previous quarter but down from 74 percent of counties in the second quarter of 2018. Counties that were less affordable than their historic affordability averages included Los Angeles County, California; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. 39 percent of markets more affordable than historic averages Among the 480 counties analyzed in the report, 188 (39 percent) were more affordable than their historic affordability averages in the second quarter of 2019, including Cook County (Chicago), Illinois; and New York County, Suffolk County, Bronx and Nassau County – all in the New York metro area. Counties with the highest affordability index were Warren County (Allentown), New Jersey (158); Litchfield (Torrington), Connecticut (139); Cumberland (Vineland), New Jersey (139); Mercer County (Trenton), New Jersey (137); and Atlantic County (Atlantic City), New Jersey (134). 82 percent of markets post better affordability compared to year ago A total of 393 of the 480 counties analyzed in the report (82 percent) posted a year-over-year increase in the affordability index, meaning that home prices were more affordable than a year ago, including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. A total of 87 of the 480 counties analyzed in the report (18 percent) posted a year-over-year decrease in their affordability index, meaning that home prices were less affordable than a year ago, including Sale Lake County, Utah; Saint Louis County, Missouri; Marion County (Indianapolis), Indiana; Middlesex County, New Jersey; and Jackson County (Kansas City), Missouri. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Redfin Determines the Value of a Garage Across Major U.S. Metros
Nationwide, homes with garages sell for $23,211, or 12%, more than homes withoutA garage is worth most in Chicago, adding nearly $47,000 to a typical home's value SEATTLE, June 7, 2019 -- Chicago homes with garages sell for an estimated 38% more than comparable homes without them, according to a new analysis from Redfin, a technology-powered real estate brokerage. This equates to an additional $46,745 on the sale price of a typical Chicago home, the biggest home price premium of any metro area in the U.S. that meets the criteria for the analysis. Nationwide, homes with garages sell for $23,211 more than homes without garages, which equates to a 12 percent premium. The five metros where garages are worth the most—Chicago, St. Louis, Columbus, Oklahoma City and Cleveland—are all located in the Midwest, where winters tend to be cold and snowy. Garages aren't as valuable in places with warmer year-round climates like Honolulu, Los Angeles and Austin. "In the winter, finding a place to park is even more difficult because more people drive to work when it's cold outside," said Lamar Austin, a Redfin agent in Chicago. "And when you finally do find a parking spot at the end of the day, you usually have to shovel the snow before you can park there. If you have a garage, you may have to shovel snow from the driveway, but at least your car won't get buried overnight." Table: Home Price Premiums Associated with Having a Garage In Austin, a sprawling metro area where snow is very rare, garages are associated with a much lower premium. Garages are also much more common in Chicago than Austin: nearly 95 percent of homes in the Chicago metro have garages, while less than half of them in the Austin metro do. "A lot of builders in the inner core of Austin skip garages in favor of adding more livable square space to the house," said local Redfin agent Andrew Vallejo. "Homebuyers don't necessarily expect to get a garage if they're buying a home inside the city, though many people do value them, particularly in the suburbs where a two-car garage is the norm." Redfin compared the sale prices of single-family homes that sold in 2018 with a garage to comparable homes without a garage. The results are reported by metro area in terms of the sale price premium, as a percentage and in dollars, attributed to the presence of a garage. The ranking is limited to metro areas with at least 1,500 homes that met the criteria for this analysis, with at least 500 homes with a garage and 500 homes without. To read the report, including a full methodology, please visit: https://www.redfin.com/blog/does-a-garage-add-value-to-a-home About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin: Millennials Could Buy Homes 3 Years Faster under Sen. Warren's Student Debt Cancellation Plan
2019 Morehouse College graduates can become homeowners 3.7 years sooner thanks to billionaire's debt payment gift SEATTLE, May 31, 2019 -- A typical aspiring first-time homebuyer could save a down payment three years faster under Senator Elizabeth Warren's plan to cancel up to $50,000 of student loan debt per person, according to a new analysis of student loan and home price data from Redfin, the tech-powered real estate brokerage. The Redfin analysis looked at a typical potential first-time homebuyer earning the national average salary of $65,879 for the Census Bureau's 24-44 year old age bracket, with an average of $17,938 in student debt, based on data from Lending Tree. If said potential homebuyer spent 10 percent of her income ($549 per month) on debt repayment at the average 5.8 percent interest rate, it would take 3 years to pay off the student debt. If after paying off her student debt she started saving that 10 percent of her income toward a 20 percent down payment on the national median-priced home ($308,000), it would take a total of 12.3 years to both pay off her student loans and save enough money for the full 20 percent down payment ($61,600), assuming home price and income did not change. Under Sen. Warren's plan to cancel up to $50,000 in student loan debt, the time it would take to save for a down payment would shrink to 9.4 years. Nearly 400 graduating seniors at Morehouse College in Atlanta recently had their student loans eliminated as part of a massive graduation gift from billionaire Robert F. Smith. This gift of debt forgiveness could get them into their own home 3.7 years faster than if they'd retained that debt. Based on estimates of $31,833 in average debt per Morehouse graduate and Atlanta's median income of $66,357 for 24-44 year olds, the graduates could save for a down payment on a median-priced Atlanta home in just 7.3 years, compared to 12.9 years if they had to pay off their student loans on their own before saving for a downpayment. "The idea of taking on a mortgage when you're still paying off tens of thousands of dollars in student loans is a non-starter for many people," said Redfin chief economist Daryl Fairweather. "If student debt were eliminated, college grads would be able to start building wealth through homeownership, laying down roots and contributing to their communities years earlier in their lives. An influx of young, educated homeowners could have positive impacts on neighborhoods and society at large. " Under Warren's student debt forgiveness plan, the median 24 to 44-year-old homebuyer in Detroit, where the typical home costs $130,000, could save for a down payment in just 4.2 years—the shortest time in the nation—down from 7.4 years currently. Metro areas with the highest ratios of student debt to income could see the biggest decrease in the time it takes to save for a down payment, with metros in the South like Memphis (4.3 years quicker), Birmingham (4.0 years quicker), and New Orleans (3.9 years quicker) among those where student-debt laden homebuyers stand to benefit the most. To read the full report, complete with market-level data and methodology, click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin Survey: Less than Half of Homebuyers Said Tax Reform Has Affected their Search
14% of Homebuyers Surveyed Lowered their Price Range as a Result of Tax Reform, While 13% Moved to a Nearby City with Lower Taxes SEATTLE, May 17, 2019 -- More than a year after the historic tax code overhaul, less than half of homebuyers (47%) say that tax reform has had an effect on their home search, according to a March survey commissioned by Redfin, the technology-powered real estate brokerage. That's down from 56 percent last year, when tax reform's effects were still mostly speculative and not yet realized in people's paychecks. The tax reform law lowered the caps on the tax deductions allowed for mortgage interest payments and state and local taxes. The Redfin-commissioned survey included more than 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. More than 1,800 homebuyers responded to the question: "How has the recent tax reform law affected your plans to buy a home?" Results from this survey were compared to over 1,300 responses to the same question in a similar survey commissioned in March 2018. The most common tax-reform effect reported by homebuyers this year was that they lowered their price range because of decreased benefits on high-priced homes (14%, down from 16% last year). Another way tax reform has been affecting the housing market is in the form of migration to places with lower taxes, a trend we've noted in reports on Redfin.com user search patterns. This March, 13 percent of buyers said they shifted their search to nearby cities with lower taxes, and 9 percent said they shifted their search to states with lower taxes, down from 16 percent and 12 percent, respectively, last year. This year, 8 percent of respondents said they are searching for higher-priced homes because the new tax law gives them additional income, down from 17 percent last year. Eleven percent of buyers this March said they decided to buy a home because the new tax law gives them additional income, down from 19 percent in the March 2018 survey. "Last year more homebuyers were worried that tax reform would hurt their homebuying budgets, but it turns out tax reform wasn't all bad or all good for homebuyers," said Redfin chief economist Daryl Fairweather. "Some homebuyers, especially in low-tax states, are now paying less in taxes overall, which has left them with more cash for a more expensive home. For others, not being able to deduct as much of their property taxes or mortgage interest from their taxable income was the other shoe that needed to drop to make them pick up and move to a more affordable area. In the long run, we will see demand for luxury homes in high-tax states suffer the most because those homes have been hit the hardest by this tax reform, and there's actually early evidence of that already happening." How Were Households with Different Incomes Affected by Tax Reform? High-income homebuyers were the most likely to report in this year's survey that tax reform has had some sort of effect on their home search. Of those homebuyers earning $150,000 or more, 61 percent said that the new tax law had an effect on their home search, which was true for less than half of households earning under $150,000. The largest reported effect on high-income homebuyers was that 18 percent said they have now decided to buy a home thanks to their extra take-home income, but 16 percent said they are now lowering their price range due to decreased tax benefits on high-priced homes. Which States Were Most and Least Affected by Tax Reform? New York had the largest share of homebuyers who said that tax reform had affected their home search—61 percent. Homebuyers in New York were most likely to have lowered their price range (17%) or shifted their home search to cities with lower taxes (17%). California had the next-highest share of homebuyers impacted by tax reform at 55 percent. The largest effect there was homebuyers shifting their search to cities with lower taxes (18%). Thirteen percent of both New York- and California-based respondents said they were moving to a state with lower taxes. On the other end of the spectrum, Kansas and Indiana had the smallest share of homebuyers whose search was affected by tax reform, each at 24 percent. Washington, D.C., was just behind with 25 percent of homebuyers saying tax reform had some effect on their search. To read the full report, complete with market-level survey data and detailed methodology, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin: Vacant Homes Fetch Less Money and Take Longer to Sell
SEATTLE, May 20, 2019 -- Nationwide, vacant homes sell for $11,306 less and spend six more days on the market than comparable occupied homes, according to an analysis from Redfin, the technology-powered real estate brokerage. The analysis looked at homes that were listed and sold in 2018, comparing the sale prices and time spent on the market for home listings that were marked 'vacant' at the time they were sold with those that were not flagged as vacant. "Although vacant homes are easy for buyers to tour at their convenience, the fact that the sellers have already moved on is often a signal that buyers can take their time making an offer," said Redfin chief economist Daryl Fairweather. "It's also likely that sellers who are in a comfortable enough financial situation to own a property that's sitting empty aren't as motivated to get the highest possible price for their home as sellers who need the cash from their first home in order to buy the next one." Though vacant homes sell for less money in every metro area included in the analysis, the amount varies by location. Vacant homes come with the biggest discount compared with occupied homes in relatively affordable inland areas. Vacant homes still sell for less than occupied homes in expensive West Coast metros, but the price differential is smaller. In both Omaha, Nebraska and Greenville, South Carolina, where vacant homes are associated with the biggest discount, vacant homes sell for 7.2 percent, or about $15,000, less on average than occupied homes. In San Jose, buyers get the smallest discount on vacant homes, which sell for just 0.9 percent less than homes that aren't vacant, followed by Las Vegas (-1.5%) and Orange County (-2.3%). Vacant homes take longer to go under contract in every metro except San Jose, where they spend an average of one and a half fewer days on the market than occupied homes. "Whether occupied homes sell faster and for more money depends on a lot of factors, as everyone's tastes and preferences are different," said Billie Jean Hemerson, a Redfin agent in Orange County. "If a home is occupied and the furniture is modern, up to date and fits the space, it has a positive impact on a potential buyer's perception of the home and they may pay more than if the home were vacant. But if a seller's furnishings are dated, dark or too large for the space, buyers may offer less." Staging Vacant Homes Redfin agents suggest that although vacant homes tend to sell for less money and spend more time on the market before going under contract, staging or virtual staging can help vacant homes make a better impression with buyers. Staging involves hiring a company to bring and arrange furniture in your home to showcase its potential to buyers. Staging can be particularly impactful for homes with open spaces or unusual layouts, where buyers most often need help to see how the furniture could be arranged. Professional staging can cost several thousand dollars, depending on the number of rooms staged and the length of time. "Staging a property can have a profound effect on both the sale price and days on the market, but the main challenge of physical staging is that it's cumbersome, costly and offers no flexibility to showcase various aesthetic stylings," said Pieter Aarts, CEO and co-founder of roOomy, a leading virtual staging, CGI and 3D modeling platform. Aarts added: "Virtual staging is a cost-efficient option that gives homebuyers an ultra-realistic view of what the vacant home will look like at its full potential. It caters to today's homebuyers who are increasingly demanding immersive services and mobile augmented and virtual reality tools that allow them to evaluate a property, often times without needing to physically set foot in the home." To read the full report, complete with market-level analysis, methodology and virtual staging photos, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin Report: Birmingham, Little Rock and Charleston are the Most Affordable Places to Have a Baby
Southern metros top Redfin's ranking of places where childcare, healthcare, and upgrading to a home with an additional bedroom cost the least in an infant's first yearA baby's first year costs the most in Washington, D.C., Boston and Worcester, due to higher childcare costs SEATTLE, May 9, 2019 -- Birmingham, Alabama is the most affordable place in the country to raise an infant, costing an average of $16,383 in the first year, according to a new analysis from Redfin, the tech-powered real estate brokerage. The analysis calculated the cost of moving up from a two-bedroom single-family home to a comparable three-bedroom single-family home, or from a one-bedroom to a comparable two-bedroom condo, in 79 U.S. metro areas. Redfin added the difference in annual mortgage payments to average yearly childcare costs for the state in which the metro is located, plus uniform healthcare and baby item expenses, to come up with the total cost. Southern metros dominated the ranking of the most affordable places for a baby's first year, with Little Rock, Arkansas ranking second at $16,585 and Charleston, South Carolina coming in third at $16,566. Washington, D.C., where parents spend an average of $35,017 during a baby's first year, is the most expensive metro in the country to raise an infant, followed by Boston($31,307) and Worcester, Massachusetts($30,610). Ben Price, a Redfin agent in Birmingham, moved to the area from Chicago partly because it's a more affordable place to raise children. "With three active kids in the Chicago suburbs, my wife and I found that we were always behind, both in time and finances. The cost of living with three children was too much to handle," Price said. "At first, my wife was reluctant to consider moving to a more affordable area—but then I showed her homes for sale in Birmingham on Redfin.com. When she saw how much more house we could afford there without sacrificing in terms of school ratings, she was in. Now we own a five-bedroom, five-bathroom home in Birmingham, more than we could afford in expensive parts of the country." In Birmingham, just $1,378, or 8.4 percent, of the total cost of a baby's first year represents the annual difference in mortgage payments between a typical two-bedroom home and a three-bedroom home, while $5,858 is the cost of childcare. And in D.C., the upgrade from two to three bedrooms accounts for just $2,204, or 9.3 percent, of the total, with childcare coming in at an average of $23,666 per year. Even in expensive metros like San Jose, the $3,745 cost of upgrading from a two- to three-bedroom home is significantly lower than the $16,542 annual cost of childcare. "The most costly part of adding to your family is the time put into taking care of a new baby, whether it's you or your childcare provider," said Redfin chief economist Daryl Fairweather. "If you decide to stay at home to take care of your baby, you may have to forego income and pause your career progression. If you hire a nanny, you will need to pay them a competitive wage. And if you happen to find an affordable daycare provider, you may have to sit on a waitlist until a spot opens up for your child. That extra room for a nursery is a relatively small monthly expense compared to childcare, no matter where you live." Because childcare makes up such a significant portion of the cost of a baby's first year, the places with the most expensive childcare are the ones where it costs the most to raise a baby. For instance, Washington, D.C., where a baby's first year is most expensive, is the most costly metro in the country for childcare, and Birmingham is the least expensive for both. However, that pattern doesn't hold true in every area. Childcare in Dayton, Ohio costs about $1,000 less per year on average than it does in Grand Rapids, Michigan. But upgrading from a two-bedroom to a three-bedroom home will cost about $1,200 more per year in Dayton, which makes it a more expensive place to have a baby. "In the D.C. area, finding a home for a family in the city is becoming increasingly unaffordable, particularly in the neighborhoods with highly rated schools," said local Redfin agent David Ehrenberg. "But one thing to keep in mind is that while paying for infant childcare is costly, the city of D.C. may be less expensive than its surrounding suburbs once the child is a bit older. D.C. public schools offer free pre-K for three and four-year-olds, while local Maryland and Virginia counties do not." To read the report, including the full ranking and methodology, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin Migration Report: Phoenix is Top Destination for People Looking to Leave Expensive, High-Tax Metros
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Best Days of the Year to Sell a Home
Home sellers realize the greatest seller premium in the Summer months; Analysis also looks at best months and days to sell a home IRVINE, Calif. — May 2, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released an analysis of the best days of the year to sell a home, which shows that nine days of the year offer seller premiums of 10 percent or more – eight of which occur in the Summer months, while one occurs the day after Valentine's day. According to the analysis, sellers who want to wait for the weather to heat up, will receive the hottest seller premiums as well. This analysis of more than 28 million single family home and condo sales over the past eight years is evidence that Summer is when people are looking to buy, therefore if you're looking to sell your home soon, now is the time to start. "Since Summer is a time for vacations and outings, it's no surprise that it's also a time when people are most likely to move," said Todd Teta, chief product officer with ATTOM Data Solutions. "Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations." Best Months to Sell The analysis also took a more high-level look and showcased how seller premiums faired throughout the year and broke it out by month. The months realizing the greatest seller premiums were as follows: June (9.2 percent); May (7.4 percent); July (7.3 percent); April (6.4 percent); March (6.1 percent); August (5.8 percent); February (5.6 percent); September (4.7 percent); November (4.0 percent); January (3.7 percent); October (3.3 percent); and December (3.3 percent). Methodology For this analysis ATTOM Data Solutions looked at any calendar days in the last eight years (2011 to 2018) with at least 10,000 single family home and condo sales. There were 362 days that matched this criteria, with the four exceptions being Jan. 1, July 4, Nov. 11 and Dec. 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Affordability in the Top 10 Most Popular Markets for Millennials, According to NAR
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Updated Realtor.com Forecast Paints Rosier Picture for 2019 Homebuyers
Lower mortgage rates increase purchasing power; home prices exceed original predictions and sales stronger than originally forecasted SANTA CLARA, Calif., April 23, 2019 -- Realtor.com, the Home of Home Search, today released a revised 2019 housing forecast, which shows the outlook for the real estate market this year is somewhat stronger than originally forecasted. Based on a shift in the economic outlook and slower pace of monetary tightening, the online real estate destination is now expecting lower mortgage rates of 4.5 percent by the end of the year, higher home price growth of near 3 percent and stronger homes sales. "The 2019 housing market is different than what we predicted in fall 2018, primarily due to an unexpected drop in mortgage rates in January 2019," said Danielle Hale, realtor.com®'s chief economist. "We believe 2019 will be characterized by lower, but still increasing mortgage rates that will buoy home prices and sales by boosting buyers' purchasing power beyond what we initially projected. This will create a slightly hotter, but still cooling housing market relative to the initial forecast five months ago." Mortgage rates will end the year lower than originally expected At the end of 2018, mortgage rates approached 5 percent and this upward momentum was anticipated to continue well into 2019 due to continued economic growth and monetary policy tightening. However, after an unfavorable reaction to the December rate hike, the Fed pledged "patience" ahead of future monetary policy moves. The change in economic outlook paired with a pledge of patience has brought long term rates down to just over 4 percent, levels last seen in January 2018. Realtor.com® now expects rates to begin drifting upward as data suggests continued economic growth. Due to their lower 2019 starting point, mortgage rates are expected to approach 4.5 percent by the end of the year -- nearly a percentage point lower than originally expected. 2019 home prices forecasted to be higher than expected Falling mortgage rates have given home buyers more purchasing power to balance rising home prices, but that in turn is allowing for more home price growth than was expected in November. As a result, realtor.com® now anticipates home prices in 2019 to be 2.9 percent higher than in 2018 -- a 0.7 percent increase over its original prediction. Although home prices are currently growing at 3.5 to 4.0 percent year-over-year, the rate of growth is far slower than the past few years of 5 to 7 percent growth, indicating prices are softening. Home sales will fare better than originally predicted After a 10-year high in 2017, home sales slipped in 2018 and are on track to end 2019 with 5.3 million homes sold, essentially flat with 2018. Initially, realtor.com® projected home sales to slip 2 percent further in 2019, but the combination of lower mortgages rates and an influx of inventory have spurred sales. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Homes with Close Proximity to Electric Vehicle Charging Stations List for 1.5 Times More
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West Coast Buyers are Now More Likely to Win the 1st Home They Bid On
San Jose, Seattle and San Diego Saw Big Year-Over-Year Gains in the Share of Homebuyers Winning the First Home They Make an Offer on SEATTLE, April 16, 2019 -- Fifty-six percent of buyers nationwide who purchased a home in the first quarter closed on the very first home they made an offer on, according to a report from Redfin, the technology-powered real estate brokerage. This is up from 52 percent a year earlier, and is the highest first-offer success rate in three years. The report is based on an analysis of home offer and purchase data from thousands of people who bought homes with Redfin agents nationwide over the past five years. The biggest year-over-year increases in first-offer success rates were seen in some of the West Coast markets that were uber-competitive last year. Nearly two-thirds (63%) of people who purchased a home in the San Jose metro area in the first quarter of 2019 successfully purchased the first home they made an offer on. A year earlier, only 25 percent of San Jose homebuyers successfully purchased the first home they made an offer on. More than half (53%) of San Diego homebuyers last quarter closed on the home that was the first one they bid on, up from 38 percent a year earlier. In Seattle, the first-offer success rate increased to 59 percent last quarter, up from 45 percent in the same period last year. "Last year homebuyers had to pull out all the stops to land a home in competitive West Coast markets, but this year there are more homes for sale and the odds are more in the buyer's favor," said Redfin chief economist Daryl Fairweather. "In San Jose, the market has dramatically slowed from a year ago, and it's actually now easier to get an offer accepted in San Jose than in many other parts of the country." San Jose now has the second-highest first-offer success rate in the nation, behind Charlotte (70%). Below is a ranking by first-offer success rate of the 25 largest metro areas Redfin agents serve: Not every market is moving in buyers' favor. In San Antonio, Austin and Phoenix, the first-offer success rate fell from over 50 percent last year to under 50 percent this year. Both Austin and Phoenix were top migration destinations in the latest Redfin Migration Report. Austin and San Antonio saw the largest decreases in the nation, each falling 12 points. As more people continue to move to affordable inland markets, buyers in those areas can expect to encounter more competition in their search for a home. To view the full report, complete with additional charts and insights, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Redfin and Rover Name the 20 Most Dog-Friendly Cities of 2019
Seattle, Chicago and Denver are the Best Cities for Dog Lovers, Labs and Mixes are the Most Popular Breeds SEATTLE, April 3, 2019 -- Seattle, Chicago and Denver are this year's top cities for dog lovers, according to a new ranking from Redfin, the tech-powered real estate brokerage, and Rover, the largest network of five-star pet sitters and dog walkers in the country. Rover ran the numbers on over 14,000 cities across the country, compiling a list with the highest counts of walks, dog walkers and sitters, along with total hours, minutes and distance per walk by each dog walker or sitter on Rover. Because each top city needs a top dog, Rover also uncovered the most popular breed in each area. Redfin then coupled Rover's insights with data on homes for sale to take a closer look at what life as a dog is like in each city. Redfin analyzed how often the keyword 'dog' appeared in the online listing descriptions of homes for sale, often to note that a property was dog-friendly or close to dog parks. The company also included each dog-friendly city's Walk Score® to highlight how easy it is to treat your dog to his or her favorite activity. "Dogs are part of the family, so it's important to factor in our furry friends when choosing a place to live," said Daryl Fairweather, Redfin's chief economist and a Seattle dog owner. "Highlighting dog-friendly amenities like a spacious yard or a mudroom for dirty paws in your listing can make it easier for buyers to find the home of their dog's dreams." Here's Redfin and Rover's definitive ranking for the most dog-friendly cities of 2019: Despite the notion that some people may wait to move to the suburbs to adopt a dog, urban cores still rank highest in dog friendliness. Cities renowned for leafy parks and outdoor activities like Seattle, Chicago and Denver claimed the top spots. And while New York City, Brooklyn and San Francisco rank highest for walkability, a seemingly significant factor when deciding to get a dog, they rank lower for overall dog friendliness, perhaps due to a higher cost of living, and housing inventory of typically smaller apartments. Other highlights include Washington, D.C., and its Virginia suburbs of Arlington and Alexandria, all making the list, possibly aligned to an influx of interest in the area following Amazon's arrival to town. When it comes to breed, all dogs are adored equally, but Rover sees the highest intake of mixed breeds and Labrador Retrievers nationwide. And ever the cosmopolitan hubs, New York City and Los Angeles stand out with Frenchies and Chihuahuas, respectively. Across the river from Manhattan, Brooklyn marches to its own beat, and prefers pit bull mixes, as does Philadelphia. However, no matter where you live or what dog you own, if you've opened your home to love and care for a dog, we're guessing it's as dog friendly as it gets. For the full report, visit: https://www.redfin.com/blog/most-dog-friendly-cities/. About Redfin Redfin is the tech-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $60 billion in home sales.
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Average 2019 Homebuyer Spends 3 Fewer Days Searching, Tours 1 Less Home Than Last Year
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Thursday is the Best Day to List Your Home, Says Redfin
Homes listed on Thursday sell for $3,015 more than those listed on Monday and go under contract in 5 fewer days than those listed on Sunday, on average SEATTLE, March 28, 2019 -- Homes listed on Thursday tend to sell for more money and in less time than homes listed on other days of the week, according to a report from Redfin, the technology-powered real estate brokerage. Homes listed on Thursday sold for an average of $3,015 more than homes listed on Monday (the worst day to sell, by relative price advantage), according to Redfin's analysis of more than 2 million home sales across 148 metro areas that were both listed and sold in 2018. Homes listed on Wednesday did second best in terms of price advantage, selling for $2,620 on average more than homes listed on Monday. Homes listed on Thursday sold for 0.74 percent more relative to the list price than homes sold on Monday. For a home listed at $500,000, listing on a Thursday instead of Monday could mean a difference of $3,700 in the final sale price. Homes listed on Thursday sell the fastest, with the typical Thursday-listed home going under contract 5 days faster than homes listed on Sunday. Homes listed on Sunday take the longest to find a buyer. Wednesday and Friday-listed homes were second-best, with the typical home finding a buyer 4 days faster. Why does Thursday perform so well? Most homebuyers have the greatest availability to see homes for sale during the weekend. Homes listed on Thursday are fresh in buyers' minds when they are planning their weekend. "Psychologists have found that people tend to remember the last information they saw the best," said Redfin chief economist Daryl Fairweather. "If you list on a Thursday, buyers will be more likely to see your listing as a 'new home for you' right before they go out and tour over the weekend." If a seller lists on Friday it might be too late for a buyer to find time to see the home. If they list earlier in the week, newer listings that hit the market just as they're making weekend plans might grab buyers' attention instead. Thursday just hits that perfect sweet spot. From 2017 to early 2018, the market heated up significantly, with homes selling at their fastest pace on record last June (median 35 days on market) and prices up nearly 10 percent. While Thursday retained its speed and price advantage, the day of the week homes were listed mattered less in spring 2018's hotter seller's market. When homebuyer demand far outpaces the supply of homes and nearly every home sells quickly and at or above list price, factors like which day a home is listed are less important. However, the market this year is not as easy for sellers—the median time on market has shot up to 59 days as of February, bidding wars have become much more rare and home prices are up less than 1 percent. If sellers want to maximize their chances of selling quickly and for the most money, it will become more important to pay attention to the little details. To view the full report, complete with charts and methodology, please click here. About Redfin Redfin is the technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Spring Home Shoppers No.1 Competitor: Their Budget
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Vast Majority Think 2019 First Quarter is Good Time to Buy Home, says Realtor Survey
WASHINGTON (March 20, 2019) – New findings from a National Association of Realtors® survey show that more Americans believe that now is a good time to purchase a home. Consumer opinions about home buying bounced back in the first quarter of 2019, with 37 percent stating that they strongly believe now is a good time to buy, up from 34 percent in the last quarter of 2018 but down from 38 percent one year ago. Only 35 percent of respondents said that now is not a good time to buy a home, compared to 37 percent in 2018's fourth quarter. NAR's first quarter Housing Opportunities and Market Experience (HOME) survey also found that a majority of those polled, 53 percent, said that the economy is improving – down slightly from 59 percent at the end of last year. In 2019, optimism is the greatest among those who earn $100,000 or more and those who reside in rural areas. Fifty percent of Generation X said the economy is improving, while 42 percent of urban area residents reported the same. NAR's chief economist Lawrence Yun says several factors are helping to improve the attitudes of potential homebuyers. "First, inventory has been rising, so those buyers interested in making a purchase will not be limited in choices. Additionally, more stable home price trends are leading to more foot traffic at various open house gatherings." Quarter four of 2018 broke the trend for respondents who thought home prices had been steadily increasing over the last 12 months. The first quarter of 2019 followed that trend, as 61 percent of respondents said they think home prices in their communities have increased over the last 12 months; a drop from 63 percent in 2018's fourth quarter. Thirty-one percent said prices within their community had remained the same, unchanged from a year ago. This quarter's survey asked respondents to look ahead regarding local housing prices in the near future. Forty-three percent said they expect prices in their communities to stay the same over the next six months, up 2 percent from last quarter. However, 47 percent believe prices will rise in the coming six months, while 10 percent believe prices will drop in the next six months. Those who live in the Northeast and South, those who earn $50,000 to $100,000, or those who rent are most likely to believe prices will increase in their communities. Yun says the West is experiencing the most variation in expectations surrounding home prices. "A high percentage of the Western population believes that prices increased in the past year, while – possibly for the same reason – a higher segment from the West compared to other regions say prices could fall in the next 12 months," Yun said. "As to the broader economy, the perception is weaker and showing cracks in the Midwest." Amid those polled who do not presently own a home, 27 percent believe it would be very difficult to qualify for a mortgage given their current financial situation; 28 percent said it would be somewhat difficult to qualify. Twenty-four percent of that group said they expect no difficulty at all in qualifying for a mortgage; up significantly from 21 percent last quarter and 19 percent this time last year. Nonetheless, Yun notes that mortgage affordability in 2019's first quarter has been more favorable for would-be homebuyers than it has been in recent quarters. "The Federal Reserve's decision to refrain from any foreseeable rate hikes was beneficial to potential buyers," Yun said. "That move directly contributed to mortgage rates declining in quarter one, which provided a second-chance opportunity to those looking to buy who were priced out last quarter." About NAR's HOME Survey From January through March, a sample of U.S. households was surveyed via a random-digit dial, including a mix of cell phones and landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,710 household responses. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Attention Sellers: The First Week of April Is the Best Time to List a Home
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Redfin Unveils the Best U.S. Cities for Public Transit in 2019
New York; Union City, NJ; and San Francisco Claim Top Three Spots, According to Redfin's Latest Transit ScoreⓇ Update SEATTLE, March 11, 2019 -- New York; Union City, NJ; and San Francisco top the 2019 list of best cities for public transit, according to a new Transit Score® ranking from Redfin, the tech-powered real estate brokerage. Transit Score, a tool by Redfin company Walk Score®, rates locations based on how convenient they are to public transportation. Redfin's annual Transit Score report has typically examined large cities with a population of 300,000 or more. This year, Redfin is presenting the raw ranking, unfiltered for population, to show that transit is not reserved only for the largest places. "Housing affordability has become a nationwide concern, leading people to move away from big, expensive cities to smaller, affordable commuter towns and inland areas," said Redfin chief economist Daryl Fairweather. "Cities that offer the best of both worlds -- accessible public transit and relatively affordable homes for sale-- are destined for strong growth in the coming years." The three top spots each had a Transit Score of 80 or better, with New York and its New Jersey suburb of Union City surging above other cities, indicating the local public transit is both conveniently located and runs frequently. New Jersey suburbs popular with commuters also performed well, including top-ranked Union City, as well as Hoboken, West New York, and Jersey City all in the top ten. "The outstanding public transportation options in the greater New York City area make it possible to live a car-free lifestyle, while still benefiting from all the area has to offer," said New York-based Redfin market manager, Nick Boniakowski. "Whether it's taking the New York City subway around multiple boroughs, or hopping on the PATH train and ferry to commute across the Hudson River to and from New Jersey, residents have a multitude of options without the hassle and expense of driving. For many buyers, the home search starts with the commute, and these options allow residents to accomplish almost any task with a quick walk and a MetroCard." In Massachusetts, Cambridge outranked Boston with scores of 74 and 72, respectively. Boston suburbs Brookline and Somerville both earned top scores too, highlighting the ease of access to public transportation in the Boston metro area. The Washington, D.C., area demonstrated significant change since last year's ranking. The nation's capital ranked 8th place overall at 71, but rose three points, more than any other city in the top 25 – except for its suburb of Arlington. Arlington also gained three points to hit 62, an increase that could be related to Amazon HQ2's arrival in Crystal City, located in Arlington. Access to mass transit was listed as a core preference in criteria when Amazon opened up their nationwide search, and there are already plans in place for key transportation infrastructure improvements near the new office campus. More than half of the top 25 small and large cities remain unchanged from last year, while a few only dipped or increased by one. Those small changes are significant – Redfin found in 2017 that one Transit Score point can increase the price of an average home by more than $2,000. The results also show that cities in the Northeast and Mid-Atlantic tend to rank higher for public transit, with more than half of the top entries found in these regions. The West Coast was close behind with cities from California and Washington, while Chicago and nearby Oak Park were the sole cities ranked highly in the Midwest. To read the full report, including the full methodology and a list of rankings filtered by population, visit: click here. To see how your home, neighborhood or city stacks up, search WalkScore.com or Redfin.com. About Redfin Redfin is the tech-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Equity Rich U.S. Properties Increase to New High in 2018
Equity Rich Properties Represent 25.6 Percent of U.S. Properties; Share of Seriously Underwater Properties Drops to 8.8 Percent; Report Includes Home Equity Breakdown by Zip Code IRVINE, Calif. — Feb. 7, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Home Equity & Underwater Report, which shows that in the fourth quarter of 2018, over 14.5 million U.S. properties were equity rich — where the combined estimated amount of loans secured by the property was 50 percent or less of the property's estimated market value — up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013. The 14.5 million equity rich properties in Q4 2018 represented 25.6 percent of all properties with a mortgage, down slightly from 25.7 percent in the previous quarter but up from 25.4 percent in Q4 2017. The report also shows more than 5 million U.S. properties were seriously underwater — where the combined estimated balance of loans secured by the property was at least 25 percent higher than the property's estimated market value, representing 8.8 percent of all U.S. properties with a mortgage. That 8.8 percent share of seriously underwater homes remained unchanged from the previous quarter and down from 9.3 percent in Q4 2017. "With homeowners staying put longer, homeownership equity will most likely continue to strengthen. Those that are seriously underwater may find themselves coming up for air as they continue to pay off excessive legacy mortgages or sell," said Todd Teta, chief product officer with ATTOM Data Solutions. "This report helps to showcase a story of the West coast markets having the highest share of equity rich homeowners versus the South and Midwest markets, who continue to have stubbornly high rates of seriously underwater homeowners." Historical U.S. Underwater & Equity Rich Trends Highest seriously underwater share in Louisiana, Mississippi, Arkansas, Illinois, Iowa States with the highest share of mortgages that were seriously underwater included; Louisiana (20.8 percent); Mississippi (16.9 percent); Arkansas (15.9 percent); Illinois (15.6 percent); and Iowa (15.2 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of mortgages that were seriously underwater included; Baton Rouge, Louisiana (20.7 percent); Youngstown, Ohio (19.0 percent); New Orleans, Louisiana (19.0 percent); Toledo, Ohio (18.0 percent); and Scranton, Pennsylvania (17.7 percent). 27 zip codes where more than half of all properties are seriously underwater Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 27 zip codes where more than half of all properties with a mortgage were seriously underwater, including zip codes in the Chicago, Cleveland, Saint Louis, Atlantic City, Detroit and Virginia Beach metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 08611 in Trenton, New Jersey (70.3 percent seriously underwater); 63137 in Saint Louis, Missouri (64.8 percent); 60426 in Harvey, Illinois (62.3 percent); 38106 in Memphis, Tennessee (60.5 percent); and 61104 in Rockford, Illinois (59.6 percent). Q4 2018 Underwater Properties Heat Map by ZIP Highest equity rich share in California, Hawaii, New York, Washington, Oregon States with the highest share of equity rich properties were California (43.6 percent); Hawaii (39.3 percent); New York (34.2 percent); Washington (34.2 percent); and Oregon (32.9 percent). Among 98 metropolitan statistical areas analyzed in the report, those with the highest share of equity rich properties were San Jose, California (72.0 percent); San Francisco, California (60.7 percent); Los Angeles, California (48.5 percent); Honolulu, Hawaii (40.2 percent); and Oxnard, California (39.2 percent). 7 Out of the top 10 equity rich counties resided in California Among the 1,479 counties with at least 2,500 properties with mortgages, those top 10 counties with the highest percent of equity rich properties resided mainly in California counties. The top five counties with the highest share of equity rich properties were San Mateo, California (75.9 percent); Santa Clara, California (73.0 percent); San Francisco, California (71.4 percent); Pasquotank, North Carolina (65.7 percent); and Alameda, California (62.7 percent). 427 zip codes where more than half of all properties are equity rich Among 7,590 U.S. zip codes with at least 2,500 properties with mortgages, there were 427 zip codes where more than half of all properties with a mortgage were equity rich. The top five zip codes with the highest share of equity rich properties were all in the California Bay area: 94116 in San Francisco (85.0 percent); 94087 in Sunnyvale (84.6 percent equity rich); 94040 in Mountain View (83.5 percent equity rich); 94043 in Mountain View (83.0 percent equity rich); and 95051 in Santa Clara (82.7 percent equity rich). Q4 2018 Equity Rich Properties Heat Map by ZIP About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Migration Trend Reaches a Record High as 1 in 4 People Searching for a Home Looks to Change Metros
Seattle reclaims its migration-destination status while Denver secures its spot on the 'moving out' list SEATTLE, Jan. 30, 2019 -- Twenty-five percent of home searchers looked to move to another metro area in the fourth quarter of 2018, up from 23 percent the year before, according to a new report from Redfin, the next-generation real estate brokerage. The national share of home searchers looking to relocate has been steadily increasing since Redfin began reporting on migration in early 2017 and currently sits at its highest level on record. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from October through December. Moving Out – Metros with the Highest Net Outflow of Redfin Users San Francisco, New York, Los Angeles, Washington, D.C. and Denver posted the highest net outflows in the fourth quarter. Net outflow is defined as the number of people looking to leave the metro minus the number of people looking to move in to the metro. A net outflow means there are more people looking to leave the area than people looking to move in, while a net inflow means more people are looking to move in than leave. Outflows on the upswing In San Francisco, New York, Denver and Washington, D.C., outflows were up dramatically from a year earlier. Of all San Francisco Bay Area residents using Redfin, 24 percent were searching for homes in another metro, up from 19 percent during the same time period a year earlier. Denver made the biggest move up the list from a year earlier, flipping from modest net inflows and outflows throughout 2017 to strong net outflows through late 2018. Last quarter, 24 percent of Denverites on Redfin.com searched for homes outside the area, up from 17 percent a year earlier. Moving In – Metros with the Highest Net Inflow of Redfin Users Seattle's net inflow surged to make it the fifth-most popular migration destination in the fourth quarter, behind nearby Portland and the relatively affordable metros--Sacramento, Phoenix and Atlanta--that have long dominated this list. Although the number of home sales in Seattle was sharply declining at the end of the year (down 22 percent in December), search interest is still high. Washington State's lack of an income tax may be helping Seattle to continue attracting people, as new tax policies enacted just over a year ago favor areas where homebuyers can avoid hitting the $10,000 SALT cap. "In both Seattle and Denver prices were growing rapidly in 2017 and early 2018 to the point that buyers backed off in the second half of 2018," said Redfin chief economist Daryl Fairweather. "However, people looking to leave high-tax metros for a city with mountain views and top-notch hiking are more likely to pick Seattle over Denver because Washington State doesn't have an income tax. In fact, the top destination for Denverites looking to leave is Seattle." In Sacramento, which has been at number one or number two on the inbound migration list every quarter since our inaugural 2017 report, "the biggest thing is the affordability of homes here, especially compared to markets like the Bay Area," said Redfin agent Jim Hamilton. "The market has softened in the Bay Area, but not as much yet in Sacramento, so buyers are moving here to capitalize on their equity and put a substantial down payment or even pay cash." To read the full report, complete with additional data, interactive migration maps and methodology, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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Generation Z Needs to Start Saving $304 a Month Now to Buy a Home By Age 30
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U.S. Foreclosure Activity Drops to 13-Year Low in 2018
Foreclosure Starts Spike Annually in Texas, Michigan and Florida; Highest Foreclosure Rates in Metropolitan Statistical Areas Along East Coast IRVINE, Calif. – Jan. 17, 2019 – ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 624,753 U.S. properties in 2018, down 8 percent from 2017 and down 78 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005. Those 624,753 properties with foreclosure filings in 2018 represented 0.47 percent of all U.S. housing units, down from 0.51 percent in 2017 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005. 2018 Year-End Historical Foreclosure Activity & Rates ATTOM's year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,500 counties nationwide, with address-level data on more than 23 million foreclosure filings historically also available for license or customized reporting. See full methodology below. The report also includes new data for December 2018, when there were 52,069 U.S. properties with foreclosure filings, down 2 percent from the previous month and down 19 percent from a year ago — the 6th consecutive month with a year-over-year decrease in foreclosure activity. "Plummeting foreclosure completions combined with consistently falling foreclosure timelines in 2018 provide evidence that most of the distress from the last housing crisis has now been cleaned up," said Todd Teta, Chief Product Officer. "But there was also some evidence of distress gradually returning to the housing market in 2018, with foreclosure starts increasing from the previous year in more than one-third of all state and local housing markets. "Some of that distress was driven by natural disasters, most notably in Houston, where foreclosure starts increased 61 percent," Teta continued. "But natural disasters do not explain the increase in markets such as Detroit, Minneapolis-St. Paul, Milwaukee and Austin — all of which posted double-digit percentage increases in foreclosure starts in 2018." Bank repossessions decrease 78 percent since their peak in 2010 Lenders repossessed 230,305 properties through foreclosure (REO) in 2018, down 21 percent from 2017 and down 78 percent from a peak of 1,050,500 in 2010 to the lowest level as far back as data is available — 2006. While completed foreclosures (REOs) are on the decline, California and Florida combined have totaled nearly 1.5 million over the last 10 years. States to lead the nation in REOs also include Michigan (327,783), Texas (313,930), Georgia (299,394) and Illinois (303,404). Counter to the national trend, five states posted a year-over-year increase in REOs, led by New Mexico (up 20 percent); North Dakota (up 15 percent); Alaska (up 8 percent); Connecticut (up 5 percent); and Maine (up 5 percent). Metropolitan statistical areas with a population greater than 200,000 that saw a year-over-year increase in REOs included Flint, Michigan (up 161 percent), Beaumont, Texas (up 63 percent), Albuquerque, New Mexico (up 27 percent), Greeley, Colorado (up 24 percent) and Houston, Texas (up 17 percent). Foreclosure starts at new record low nationwide, increase in 18 states Lenders started the foreclosure process on 369,170 U.S. properties in 2018, down 6 percent from 2017 and down 83 percent from a peak of 2,139,005 in 2009 to a new all-time low going back as far as foreclosure start data is available — 2006. States that saw the biggest decline in foreclosure starts from last year included Rhode Island (down 39 percent); Hawaii (down 26 percent); North Carolina (down 24 percent); Washington (down 24 percent); and Connecticut (down 23 percent). Those metropolitan statistical areas that all saw a large decline in foreclosure starts from last year included Salinas, California (down 49 percent; San Luis Obispo (down 44 percent); Tyler, Texas (down 42 percent); Durham, North Carolina (down 40 percent); and Portland, Oregon (down 32 percent). Counter to the national trend, 18 states posted year-over-year increases in foreclosure starts in 2018, including Minnesota (up 29 percent); Texas (up 15 percent); Michigan (up 15 percent); Florida (up 13 percent); Louisiana (up 5 percent); and Delaware (up 2 percent). New Jersey, Delaware, Maryland post top state foreclosure rates in 2018 States with the highest foreclosure rates in 2018 were New Jersey (1.33 percent of housing units with a foreclosure filing); Delaware (.96 percent); Maryland (0.86 percent); Illinois (0.74 percent); and Connecticut (0.72 percent). New Jersey has held the top spot since 2015. Rounding out the top 10 states with the highest foreclosure rates were Florida (0.71 percent); South Carolina (0.63 percent); Ohio (0.63 percent); Nevada (0.60 percent); and New Mexico (0.57 percent). Atlantic City, Trenton, Flint post top metro foreclosure rates in 2018 Among 219 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2018 were Atlantic City, New Jersey (2.37 percent of housing units with a foreclosure filing); Trenton, New Jersey (1.56 percent); Flint, Michigan (1.16 percent); Philadelphia, Pennsylvania (1.06 percent); Peoria, Illinois (1.03 percent); Cleveland, Ohio (1.00 percent); and Columbia, South Carolina (0.95 percent). Rounding out the top 10 were Lakeland, Florida (0.95 percent); Baltimore, Maryland (0.89 percent); and Jacksonville, Florida (0.89 percent). Average time to foreclose declines annually for fourth consecutive quarter U.S. properties foreclosed in the fourth quarter of 2018 had been in the foreclosure process an average of 811 days, a 14 percent jump from the previous quarter but still down 21 percent decrease from a year ago — the fourth consecutive quarter with a year-over-year decline. 2018 Year-End Avg Days to Complete Foreclosure States with the longest average time to foreclose in Q4 2018 were Hawaii (1,429 days); Florida (1,311 days); Indiana (1,214 days); Arizona (1,183 days) and New Jersey (1,162 days). Among 499 counties nationwide with sufficient data, those with the longest average time to foreclose in Q4 2018 were Marion County (Indianapolis), Indiana (2,521 days); York County, Pennsylvania (2,432 days); Honolulu County, Hawaii (2,152 days); Dauphin County, Pennsylvania (2,054 days); Queens County, New York (2,046 days) and Denton County, Texas (1,961 days). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Renting a Home More Affordable than Buying in 59 Percent of U.S. Housing Markets
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Redfin Predicts 2019 Housing Market Will Be the Coolest in Years
Among seven predictions for the new year, Redfin forecasts that the homeownership rate will rise SEATTLE, Dec. 19, 2018 -- Redfin today released its seven predictions for the housing market in 2019. "We predict that the housing market will continue to cool into the first half of 2019," said Redfin chief economist Daryl Fairweather, who authored today's report. "Inventory will rise back up to 2017 levels, and price growth, while likely still positive, will be the lowest we've seen since 2014 or possibly even 2011. Investors and house-flippers will back away from the cooling market, and real estate companies that buy homes from consumers to quickly sell at a profit (including our own RedfinNow) will face their first serious test. Tech companies and local governments will continue to go head to head on local housing issues." Redfin's Predictions for 2019: The housing market will continue to cool. Redfin's forecasts have price growth settling around 3 percent in the first half of the new year, down from 7 percent in the first half of 2018, but there is a real chance prices will fall below 2018 levels. A still-growing economy and increased access to credit will support more homebuyer demand, but higher interest rates will make home-buying more expensive, so it's hard to say whether home sales will stay down or rebound next year. The homeownership rate will continue to rise. Homebuyers will enjoy more inventory and less competition from speculators and house-flippers, which will lead to more people enjoying the benefits of homeownership. Homeownership has been consistently growing from its post-recession valley of 63 percent in 2016 to above 64 percent this year. We predict the homeownership rate will grow more rapidly in 2019. It will cost more to borrow, but more people will have access to credit for home-buying. A mortgage-rate increase to 5.5 percent by the end of 2019 from the sub-5 percent level where rates have been hovering in recent months would mean about a $100 increase in monthly mortgage payments on a $300,000 home. Lenders will also feel the effects of rising rates, which will increase their costs of lending and dampen demand for their services. This will motivate lenders to expand their customer base to low-income borrowers and first-time homebuyers. But of course, lenders will charge more for these loans--both to cover the risk of lending to borrowers with less-than-perfect credit and to cover their own costs of borrowing. A cooling housing market will dampen economic growth only slightly. In 2019, the economy will most likely grow, but a cooler housing market will contribute less to the overall economy. Even if residential investment (which includes money spent on construction, renovations, and real estate commissions) were to fall by 10 percent, total economic activity would be impacted by 1 to 2 percent. That isn't enough to cause a recession as long as the rest of the economy keeps growing. Fewer homes will be built, but more builders will focus on starter homes. In 2019, homebuilders will be more cautious about building during a cooling market and focus on building starter homes that are easier to sell than luxury homes. The per-unit value of single-family residential building permits has already flattened, and we predict per-unit values of building permits will decline in 2019. Another factor in 2019 will be low unemployment, which will finally cause wages to rise for low-income workers. This will impact both the supply of and demand for housing. On the supply side, higher labor costs will limit the number of homes built. Meanwhile, higher wages will be a boon to demand for starter-homes among working-class Americans. Institutional buying will face its first serious test. If home-buying demand falters due to higher interest rates and stock-market volatility, institutional buyers who made money from nearly every sale in a rising market with low interest rates could start to face losses, or may demonstrate more discipline than other housing investors. If i-buying works in a bear market as well as it has in a bull market, instant offers could become a major, permanent sector within the real estate economy. If it doesn't, a lot of money is going to sink into the sand. Tech and local government will go head-to-head on housing. Cities have been struggling with the double-edged sword of tech-company-driven prosperity and inequality. Growing cities will have to start building more housing now if they don't want to face the affordability and homelessness problems that established tech hubs like Seattle and San Francisco are currently facing. To read the full report, complete with data, charts and additional insights, please click here. The predictions above and in the linked blog post reflect the beliefs of Redfin's economics team about the overall housing market. They are not intended as historical information or future guidance to the investment community and shouldn't be relied on for those purposes. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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U.S. Home Affordability Drops to More Than 10-Year Low in Q4 2018
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Tougher Road Ahead for Home Buyers and Sellers in 2019
Mortgage rates and home prices to rise; home sales will decline 2.2 percentHigh-end inventory gains expected in parts of West Coast, New England, Tennessee SANTA CLARA, Calif., Nov. 28, 2018 -- Rising rates and home prices will make it more difficult to buy or sell a home next year, according to realtor.com's 2019 housing forecast. The 2019 housing market see modest inventory gains, but with mortgage rates expected to hit 5.5 percent by the end of the year, monthly mortgage payments will rise 8 percent, putting home ownership more out of reach, especially for younger Gen-Z, Millennial and other first-time homebuyers. Upscale homes in high-growth markets, however, will provide more opportunities for buyers. Other findings of the realtor.com® 2019 housing forecast include: Home price growth will continue to slow, with a forecasted increase of 2.2 percent; Inventory increases will remain moderate with less than a 7 percent increase; High-priced markets will buck the trend, with double digit inventory gains; Millennials will account for 45 percent of mortgages in 2019 vs. 17 percent for Boomers; New tax plan will be good for renters, mixed for homeowners. "Inventory will continue to increase next year, but unless there is a major shift in the economic trajectory, we don't expect a buyer's market on the horizon within the next five years," said Danielle Hale, chief economist for realtor.com®. "Unfortunately for buyers, it's only going to get more costly to buy, especially the most-demanded entry level real estate. To be successful, buyers should think through how they'll adapt to higher rates and prices." What will 2019 be like for buyers? Buying a home will be an even more expensive undertaking in 2019 as mortgage rates and home prices increase. Buyers who are able to stay in the market will find less competition as more buyers are priced out, but feel an increased sense of urgency to close before it gets even more expensive. Their largest struggle next year will be reconciling wants, needs and budget versus the heavy competition of 2018. Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid-to higher-end price tier, not entry-level. Rising mortgage rates and prices will keep a lot of new inventory out of their budget and make it especially tough for first time home buyers. What will 2019 be like for sellers? Although it remains a seller's market, sellers will need to be mindful of their increasing competition and shouldn't necessarily expect to name their price and get it in full -- a change from the past few years. Above-median priced sellers, may find it will take longer to sell and require offering incentives, such as price cuts or other offerings. With less demand in the market, there will be fewer bidding wars and multiple offers. However, with inventory expected to remain limited in most markets, sellers who price competitively can still walk away with a handsome amount of profit, but not the price jumps observed in previous years. Key Housing Trends of 2019 Modest inventory gains continue; high-end inventory growth spreads. Inventory hit the lowest level in recorded history last winter, but finally bottomed out and reached positive territory in October. National inventory increases will remain low in 2019 at less than 7 percent. In the majority of markets, the number of homes being put on the market or newly constructed has increased slightly, while the pace of sales has slowed slightly, which has helped stop the inventory decline. But the inventory increases or slowing price increases necessary for a more widespread sales gain are not forecasted to happen in 2019. While the situation is not getting worse for buyers, it's also not improving notably in the majority of markets. High-priced markets are a different story. The majority of the inventory gains have been in upscale homes in high-growth markets, which suggests higher prices are incentivizing sellers. Next year, realtor.com® forecasts more high-end inventory growth in major metros with the largest increases expected in: San Jose-Sunnyvale-Santa Clara, Calif.; Seattle-Tacoma- Bellevue, Wash.; Worcester, Mass.-Conn.; Boston-Cambridge-Newton, Mass.-N.H.; and Nashville-Davidson-- Murfreesboro--Franklin, Tenn. all of which could see double digit gains in inventory in 2019. Soft home sales continue. After the best sales year in a decade in 2017, home sales are on track for a mild year-over-year decline in 2018, which is likely to extend into 2019 with a 2.0 percent decline. Although long-term desire to own a home remains strong, especially among younger Gen-z and millennials, the market challenges that make owning a home difficult continue to keep out first-time buyers, locking them out not only of their home, but also of the wealth by equity generation that owning provides. Millennials purchase the most homes. Millennials will continue to make up the largest segment of buyers next year, accounting for 45 percent of mortgages, compared to 17 percent of Boomers, and 37 percent of Gen Xers. While first-time buyers will struggle next year, older millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up the majority of millennials who close in 2019. Looking forward, 2020 is expected to be the peak millennial home buying year with the largest cohort of millennials turning 30 years old. Millennials are also likely to make up the largest share of homebuyers for the next decade as their housing needs adjust over time. Tax plan remains a wild card for housing: In April 2019, taxpayers will go through the income tax process for the first time since the new tax plan. For most renters, the results will be good: lower rates and a higher standard deduction should amount to lower tax bills. For homeowners, it's a mixed bag. Some will benefit from lower rates and a higher standard deduction, but many others will find limited itemized deductions and personal exemptions mean a higher tax bill. Despite the fact that 2017 home sales were the highest they've been in over a decade, sales in 2018 started to decline immediately following the tax plan. While many factors influence home sales, it could be the case that without homeownership incentives some renters are holding off on buying. How the market will react in 2019 remains a wildcard for housing. For more information, please visit: https://www.realtor.com/research/2019-national-housing-forecast/ 2019 Housing Market Forecast Sales and Price Forecast for 100 Largest Markets *Forecast data was compiled before the announcement of Amazon HQ2, which is likely to have a significant impact on each city's housing market. About realtor.com®Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Opportunity Zones Offer Favorable Real Estate Investing Options in Amazon HQ2 Markets According to ATTOM Analysis
OZ Home Prices 30 to 67 Percent Lower Than Surrounding Market Prices;OZ 5-Year Home Price Appreciation Consistently Outpacing Surrounding Market HPA; IRVINE, Calif. — Nov. 15, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released an analysis of Opportunity Zones in the three markets selected for some portion of Amazon's second headquarters, dubbed HQ2: New York, Washington, D.C., and Nashville. The analysis found that homes located in Opportunity Zones nationwide and in each of these three markets consistently were sold at a discount but also have appreciated in value more quickly over the past five years compared to homes outside of Opportunity Zones. "The new Opportunity Zones created by the tax reform legislation passed in December 2017 provide real estate investors with prime, tax-incentivized investing opportunities, particularly if they can find zones that are in the path of progress," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "The newly announced Amazon HQ2 markets certainly qualify as being in the path of progress." The ATTOM analysis looked at housing characteristics, home values and price appreciation for 7.4 million residential properties and 259,000 home sales in more than 3,000 Opportunity Zones. Specifically in the Amazon HQ2 headquarter markets, ATTOM analyzed 80 Opportunity Zones in the Washington, D.C. metro area with a total of 263,889 single family homes and condos and a total of 3,031 home sales in 2018 year-to-date; 65 Opportunity Zones in the New York metro area with a total of 129,826 single family homes and condos and a total of 1,442 home sales YTD in 2018; and 5 Opportunity Zones in the Nashville metro area with a total of 28,381 single family homes and condos and 367 home sales YTD in 2018. New York Opportunity Zone Heat Map Washington, D.C., Opportunity Zone Heat Map The Opportunity Zone Discount The analysis found that the average home price in Opportunity Zones so far in 2018 through September is $163,746, 43 percent below the average home price of $287,150 outside of Opportunity Zones. This trend plays out in the local Amazon HQ2 markets, illustrating that real estate investors who buy in these zones are realizing a substantial discount below home prices in surrounding areas of the market. The Opportunity Zone Advantage Even though homes in Opportunity Zones are selling at a discount, they have been appreciating faster over the last five years. Nationwide, prices for homes in Opportunity Zones are up 72 percent over the last five years compared to 46 percent appreciation for homes outside of Opportunity Zones during the same period. This trend also holds true in the local Amazon HQ2 markets, suggesting that real estate investors in these areas have been able to have their cake and eat it too. Higher Share of Nonowner-Occupied Homes ATTOM also looked at the share of nonowner-occupied homes in Opportunity Zones since that provides insight into what real estate investing strategy may be most appropriate — home flipping or buying single family rentals. Nationwide, 37 percent of single family homes and condos in Opportunity Zones are nonowner-occupied, compared to 24 percent outside of Opportunity Zones. The numbers varied within the three local markets selected for some slice of Amazon HQ2 (see chart below). Lower Property Taxes Lastly, ATTOM analyzed average property taxes for home inside and outside Opportunity Zones. Property taxes are typically the second highest cost of home ownership — behind the actual sales price of the home — and as such should be factored into any real estate investing decisions. Nationwide, the average property tax for single family homes and condos in Opportunity Zones is $1,918, 41 percent below the average property tax of $3,248 for single family homes and condos not in Opportunity Zones. Average property taxes for homes inside Opportunity Zones were substantially lower than average property taxes for homes outside of Opportunity Zones in each of the three Amazon HQ2 markets. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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2019 Forecast: Existing-Home Sales to Stabilize and Price Growth to Continue
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The Longest Housing Inventory Decline in History Comes to an End
SANTA CLARA, Calif., Oct. 31, 2018 -- National housing inventory grew by 2 percent, or 25,000 listings, in October after four years of severe inventory declines, according to realtor.com®'s October housing report released today. New listings that hit the market in October were 8 percent cheaper than existing homes for-sale, which may be an early indicator that more affordable inventory is on the way for first-time home buyers. In October, the U.S. median listing price remained at $295,000, a 7 percent increase year-over-year, but lower than last year's 10 percent increase. Homes continued to sell at a relatively rapid pace of 68 days, five days faster than last year. New listings grew 4 percent in October and were on average 8 percent or $25,000 cheaper than existing inventory, and on average 10 percent, or 190 square-feet, smaller. The fastest inventory growth was found in condominiums and townhomes, which are now up 7 percent year-over-year, compared to single family homes which are up 1 percent. "Buyers have been struggling for four years to find homes in their price range, while dealing with bidding wars and multiple offer situations," said Danielle Hale, chief economist for realtor.com®. "The inventory increase will not solve the problem overnight, but it should provide some relief to those still in the market, especially if the growth we're seeing in more affordable homes and condos holds steady. However, affordability is still an issue with increasing mortgage rates and prices keeping many would-be buyers on the sidelines." For the first time since 2014, the inventory recovery is spreading and the majority of large markets are seeing more listings than last year. In October, 26 of the 45 largest markets in the U.S. saw year-over-year inventory increases, up from 22 markets last month. The five markets that saw the largest inventory jumps were San Jose, Calif.; Seattle; San Francisco; San Diego; and Nashville, Tenn. all of which posted increases of 32 percent or more. Combined inventory in the 45 largest markets increased 6 percent year-over-year on average, higher than the national rate of 2 percent, indicating greater growth in inventory in urban sectors. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Single Females Remain a Force in Market, While First-time Buyers Continue to Struggle, According to Realtor 2018 Buyer and Seller Survey
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Millennials Most Likely to Purchase a Haunted Home for Something Extra
For senior buyers, there's no price low enough or kitchen large enough to make them purchase a haunted home If selling a haunted home, 34 percent of people would disclose everything to a prospective buyer while 22 percent would say nothing at all SANTA CLARA, Calif., Oct. 23, 2018 -- Realtor.com®, the Home of Home Search, today released its annual Haunted Real Estate Report — and the 2018 findings are spookier than one might expect. The new report found that one in three people - especially millennials - were willing to take a chance on a haunted home if there was something to sweeten the deal, while 18 percent of people say that the haunted nature of the home wouldn't affect their purchase decision at all. "In a competitive market, it's harder for prospective buyers to be extremely selective," said Danielle Hale, chief economist for realtor.com®. "If a house is commensurately priced, or has desirable features, the fact that it may be haunted seems to matter less. This report shows that, for those looking for a good deal, a lower price, better neighborhood, or larger kitchen can balance out a few spooky happenings."   The survey of 1,067 people across the United States was conducted earlier this month by Harris Interactive through online interviews. When asked to decide between purchasing a haunted or non-haunted home, respondents fell into the following three categories: I'll buy, but I need a something more: A third of the respondents were willing to take a chance on a haunted home if presented with additional features. Topping the wish list was a cheaper home price (15 percent), followed by a tie between a larger kitchen and better neighborhood (9 percent). Millennials are the most price-sensitive of all demographics, with 17 percent persuadable by a lower price tag. Nothing else required: Surprisingly, 18 percent of people wouldn't require any additional features to choose a haunted home over a non-haunted home. Nearly a quarter of those aged 35-54 said they wouldn't be affected by the haunted nature of the home while making a purchase decision. Would not buy, not for anything: For the remaining 49 percent, there's no price low enough or kitchen large enough to make them purchase a haunted home. The older generation of home buyers is the most reluctant to move into a haunted house, with 61 percent of those over 55 insisting that they would never buy a haunted home as opposed to 41 percent of millennials and Gen X'ers. Living in a haunted home is more common than one would imagine, and not necessarily a surprise to the occupants. Nearly two in five people believe they have lived in a haunted (or possibly haunted) house, and 44 percent of them either suspected or were fully aware of said haunting before moving in. In fact, the majority of people under 55 years old suspected — or were sure — their home was haunted before they moved in, a decision possibly incentivized by a lower home price or better neighborhood. Hearing strange noises (54 percent) topped the list of most common spooky behaviors, followed by odd feelings in certain rooms (45 percent) and erratic pet behavior (34 percent). Did You Know the Home Was Haunted Prior to Moving In? A Seller's Haunted Dilemma: To reveal, or not to reveal? When posed with the hypothetical question of selling a haunted house, people were polarized on revealing its spooky status to potential buyers. Yes, tell them everything: The most popular approach is full transparency, with 34 percent of people saying they would tell interested buyers everything. Men and millennials are the most likely to divulge all the details to buyers. Only when asked: In second place, 27 percent of people would choose the less risky route and divulge details only when asked. Mum(my)'s the word: Saying absolutely nothing is the third most popular approach for hypothetical sellers, with 22 percent preferring to stay quiet. This is a strategy preferred by 25 percent of those over 35 years old. No details please: The least popular selling strategy, at 17 percent, is to admit that the house was haunted but not provide details. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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20% of Recent Homebuyers Made an Offer Sight-Unseen, Down from 35% Late Last Year
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U.S. Home Affordability Drops to Lowest Level in 10 Years
U.S. Home Affordability Drops to Lowest Level in 10 Years; Home Prices Less Affordable Than Historic Averages In 78 Percent of Local Markets; 30 Percent of Population in Markets Requiring $100,000+ in Annual Income to Buy a Home IRVINE, Calif. – Oct., 4, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q3 2018 U.S. Home Affordability Report, which shows that the U.S. home prices in the third quarter were at the least affordable level since Q3 2008 — a 10-year low. The report calculates an affordability index based on percentage of income needed to buy a median-priced home relative to historic averages, with an index above 100 indicating median home prices are more affordable than the historic average, and an index below 100 indicating median home prices are less affordable than the historic average. (See full methodology below.) Nationwide, the Q3 2018 home affordability index of 92 was down from an index of 95 in the previous quarter and an index of 102 in Q3 2017 to the lowest level since Q3 2008, when the index was 87. Among 440 U.S. counties analyzed in the report, 344 (78 percent) posted a Q3 2018 affordability index below 100, meaning homes were less affordable than the long-term affordability averages for the county — the highest percentage of counties below historic affordability averages since Q3 2008. "Rising mortgage rates have pushed home prices to the least affordable level we've seen in 10 years, both nationally and at the local level," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Close to one-third of the U.S. population now lives in counties where buying a median-priced home requires at least $100,000 in annual income based on our analysis of 440 counties with a combined population of 220 million. U.S. Census net migration data shows negative net migration in more than two-thirds of those highest-priced markets, while more than three-quarters of markets requiring annual income less than $100,000 to buy a home posted positive net migration, indicating that home affordability is at least one factor driving recent migration patterns." Home prices in 69 counties require income of $100,000 or more Prospective homebuyers would need to make $100,000 or more to buy a median-priced home in 69 of the 440 counties analyzed in the report (16 percent), assuming a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent (see full methodology below). This list of 69 counties was led by the five California Bay Area counties of San Mateo ($377,210 annual income needed to buy a median-priced home), San Francisco ($366,582), Santa Clara ($327,284), Marin ($311,827), and Alameda ($237,760). Following those five California counties were Westchester County, New York ($228,937) and Kings County (Brooklyn), New York ($221,993). Other counties where prospective homebuyers would need to make $100,000 or more to buy a median-priced home included counties in Southern California, Washington, D.C., Boston, Seattle and Hawaii. "Several years of well-above-average home price growth has severely impacted housing affordability in the Seattle region, driven largely by our strong economy and rising incomes that have continued to cause prices to appreciate," said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market, where the 7 percent year-over-year home price appreciation in King County in Q3 2018 was the slowest annual appreciation in three years. "That said, I believe we have reached an inflection point and growth in home values is likely to slow until incomes can catch up." Home prices rising faster than wages in 86 percent of local markets Nationwide, the median home price of $250,000 in Q3 2018 was up 6 percent from a year ago, twice the annual growth of 3 percent in average wages. U.S. median home prices have increased 76 percent since bottoming out in Q1 2012 while average weekly wages have increased 17 percent over the same period. Meanwhile the average 30-year fixed mortgage rate is up 15 percent since Q1 2012 and up 17 percent just over the past year, according to the Freddie Mac Primary Mortgage Market Survey. "As most buyers budget based on monthly payments, the median buyer is now able to bid significantly less than before," said Tendayi Kapfidze, chief economist at mortgage marketplace LendingTree, estimating that homebuyers are able to borrow 10 percent less than a year ago because of the rise in interest rates. "This means at each price point the number of buyers is falling, reducing demand. This has had immediate effects on the number of houses sold and will over time reduce the pace of home price increases. This is not cause for alarm however. Home prices have been outpacing incomes since 2012 at a pace that is unsustainable, and a period of consolidation is healthy for the housing market." Annual home price appreciation outpaced average weekly wage growth in 378 of the 440 counties analyzed in the report (86 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Miami-Dade County, Florida; and Dallas County, Texas. Counties in Denver, Dallas, Grand Rapids least affordable relative to long-term averages Among 128 counties with a population of 500,000 or more, those with the lowest affordability indexes — least affordable relative to their long-term affordability averages — were Denver County, Colorado (70); Arapahoe County, Colorado in the Denver metro area (73); Tarrant County, Texas in the Dallas-Fort Worth metro area (74); Kent County (Grand Rapids), Michigan (74); and Jefferson County, Colorado in the Denver metro area (75). Other counties with a population of at least 500,000 and a Q3 2018 affordability index below 80 included counties in the Detroit, Michigan; Nashville, Tennessee; Atlanta, Georgia; and McAllen, Texas metro areas. Among the 128 counties with a population of 500,000 or more, those with the highest affordability indexes — most affordable relative to their long-term affordability averages — were Bristol County, Massachusetts in the Providence, Rhode Island metro area (117); Suffolk County (Long Island), New York (113); Camden County, New Jersey, in the Philadelphia metro area (113); Lake County, Illinois in the Chicago metro area (111); and Jefferson County (Birmingham), Alabama (110). Highest share of income needed to buy a home in Brooklyn Nationwide an average wage earner would need to spend 37.0 percent of his or her income to buy a median-priced home in Q3 2018, above the historic average of 34.1 percent. Counties with median home prices requiring the highest share of average wage earner income were Kings County (Brooklyn), New York (134.8 percent); Marin County, California in the San Francisco metro area (126.0 percent); Santa Cruz County, California (120.7 percent); San Luis Obispo County, California (100.5 percent); and Maui County, Hawaii (99.7 percent). Counties with median home prices requiring the lowest share of average wage earner income were Clayton County, Georgia in the Atlanta metro area (15.6 percent); Wayne County (Detroit), Michigan (15.8 percent); Allen County (Lima), Ohio (16.2 percent); Saint Lawrence County, New York, in the Ogdensburg-Massena metro area (16.9 percent); and Rock Island County, Illinois in the Quad Cities metro area (18.7 percent). Median home prices not affordable for average wage earners in 84 percent of local markets An average wage earner would not qualify to buy a median-priced home nationwide and in 368 of the 440 counties analyzed in the report (84 percent) based on a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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National Housing Inventory Crisis Reaches Inflection Point
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Realtors Chief Economist Reflects on Past Recession, What's Ahead for Housing
Despite rising mortgage rates and slower sales, home prices to rise at a healthier pace in 2018 and beyond. WASHINGTON (August 27, 2018) – American financial and lending systems look vastly different nearly a decade after the defining moments of the Great Recession, thanks in part to safe and sound lending and regulatory policy reforms, strongly supported by the National Association of Realtors®. Today, home prices are at or approaching record highs in many markets, and mortgage default and foreclosure rates sit near historic lows. Overall, the housing market has recovered from the financial crisis that began ten years ago, as the nation's homeownership rate continues to inch higher. And although some regions have experienced sales declines in recent months, NAR Chief Economist Lawrence Yun says concerns about whether the housing market has peaked and is headed for another significant slowdown are unfounded. He believes some of the nation's most overheated real estate markets will see sales slowdown in 2018, but notes those are occurring because of insufficient supply and rapidly rising home prices rather than weak buyer demand, a more reliable indicator of a true slowdown. This is a much better problem to have than a shortage of demand, which remains high across much of the country, says Yun. "Over the past 10 years, prudent policy reforms and consumer protections have strengthened lending standards and eliminated loose credit, as evidenced by the higher than normal credit scores of those who are able to obtain a mortgage and near record-low defaults and foreclosures, which contributed to the last recession. Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory and accompanying unsustainable home price increases," said Yun. Realtors® across the country have stated that limited housing inventory is hindering local market home sales. Inventory levels have fallen for three straight years, and multiple bidding is still prevalent on starter homes in many markets across the country. Some of the nation's hottest housing markets – which include cities like Seattle and Denver – are said to be slowing, but drops in homes sales can be connected directly to supply shortages and corresponding price increases. "The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed," Yun said. "Additional inventory will also help contain rapid home price growth and open up the market to perspective homebuyers who are consequently – and increasingly – being priced out. In the end, slower price growth is healthier price growth." While homebuilding increased 7.2 percent year-to-date to July, Yun contends that even more construction is needed to fill national shortages. Some unavoidable barriers stand in the way, but more deliberate and well intentioned policy decisions can help alleviate the housing shortages facing markets across the country. "Rising material costs and labor shortages do not help builders to be excited about business," Yun said. "But the lumber tariff is a pure, unforced policy error that raises costs and limits job creations and more home building." As a result of those headwinds, Yun forecasts existing-home sales in 2018 to decrease 1.0 percent to 5.46 million – down from 5.51 million in 2017. Despite the expected drop in sales in some markets, home price growth should remain strong in markets across the country and increase about 5 percent on a nationwide basis. In 2019, with anticipated rise in inventory and moderate price growth, home sales should remain higher. Existing home sales are forecast to rise 2 percent in 2019, while home prices are expected to rise by 3.5%, Yun said. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Highest Share of Homeowners Likely to Move in Q3 2018 in Chicago, DC, Orlando, Tampa, Atlanta
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Best Neighborhoods for Real Estate Buying and Investing
More Than 10,000 Neighborhoods Ranked and Assigned Letter Grades from A to F; Report Also Provides Aggregate Housing Characteristics and Trends by Neighborhood Grade IRVINE, Calif. – August 2, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its 2018 Neighborhood Housing Index, which uses new neighborhood boundary data to rank more than 10,000 neighborhood housing markets nationwide based on six factors impacting the hyperlocal housing market: affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes (see more in the methodology enclosed below). The top five U.S. neighborhood housing markets based on the index were the Pine Ridge neighborhood in the Naples, Florida, metro ($632,871 median price); Westlake neighborhood in the Mobile, Alabama, metro ($196,179); Union neighborhood in the San Jose, California, metro ($795,000); Westmoreland neighborhood in the Charlotte, North Carolina metro ($326,000); and Hunters Hill neighborhood in the Denver, Colorado, metro ($271,000). "While home prices are typically higher in higher-ranked neighborhoods with better schools and lower crime, there are still many top-notch neighborhoods with more reasonably priced homes," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "The top five neighborhoods in this ranking represent a diverse set of markets across the country, illustrating that great neighborhoods come in many different forms." Housing trends by neighborhood grade ATTOM divided the 10,950 ranked neighborhoods into quintiles, assigning each of the five groups a letter grade from A to F, and then analyzed housing characteristics and trends by group. *Rental rates and returns, and home flipping returns are calculated at the zip code level based on the zip code in which each neighborhood is located. "It's somewhat surprising that the worst affordability is in neighborhoods with an F grade, even though those markets also posted the lowest home prices and negative price appreciation," Blomquist noted. "Meanwhile, rents are rising the fastest in these neighborhoods, illustrating why the path to homeownership can be so difficult in these areas." A-rated neighborhoods with home prices of $100,000 or less There were 136 neighborhoods with an A rating and with median home prices of $100,000 or less, led by the Devonshire neighborhood in the Mobile, Alabama, metro ($78,038 median price); the Park Central neighborhood in the Orlando Florida, metro ($91,750); the East English Village neighborhood in the Detroit, Michigan, metro area ($66,750); the Cypress Shores neighborhood in the Mobile, Alabama, metro ($85,000); and the Hathaway Manor neighborhood in the St. Louis, Missouri, metro ($69,190). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Who's Closing on a Home in the Most Competitive Market of All-Time?
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Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency
Millennial Homebuyer Survey Shows Struggle for Affordability SEATTLE, June 28, 2018 -- The top concern among first-time millennial homebuyers is having enough money for a down payment, according to Redfin, the next-generation real estate brokerage. In March, Redfin commissioned a survey of 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. Redfin's latest analysis focuses on the more than 500 respondents between the agents of 24 and 38 who said they planned to buy their first home in the coming year. Fifty percent cited having enough money for a down payment as their top concern about buying a home, followed by affording a home in their preferred location (45%) and rising home prices (41%). Aside from the 69 percent who saved directly from paychecks, millennials used several tactics and sources to accumulate the money needed for a down payment on their first home. Thirty-six percent used earnings from a second job, 13 percent pulled money out of retirement funds early and 10 percent sold cryptocurrency. Some were lucky enough to have received a cash gift from their family (24%) or an inheritance (12%). When broken down by household income levels, there were some notable differences in how millennials achieved a down payment. Millennials in households earning more than $100,000 per year were less likely than those earning less to have saved directly from paychecks, with 60 percent of high-earners having done so, compared with 75 percent of those who earn less than $100,000. Millennial households earning more than $100,000 were more than three times more likely than their less-well-off peers to have sold cryptocurrency investments and twice as likely to have sold stock investments. They were also more likely to have received an inheritance or cash gift from family or to have dipped into their retirement savings. "For millennials who have launched their careers while working to pay off student loans in the last decade, having enough to set aside toward a down payment would have been a significant accomplishment," said Sheharyar Bokhari, senior economist at Redfin. "These results reveal some of the inequalities that have been exacerbated in the years following the recession, with the well-off having more flexibility and thereby ability to become homeowners and build more wealth, through advantages like financial support from family and the opportunity to invest in the stock market." To afford a mortgage, 65 percent of millennials who intend to buy their first home this year plan to take some action, aside from just paying from their regular paychecks: 32% plan to pursue additional employment 19% intend to rent out a room to someone they know 15% say they will drive for a ride-sharing service 14% plan to split ownership of the home with friends or roommates Again, there were some surprises in the responses when broken down by income. Lower-income millennials were more likely than those earning more than $100,000 per year to say they planned to pursue additional employment to cover their mortgage. Those with higher incomes were more than three times as likely to get a roommate they don't know. High-earners were also more likely to say they will split ownership with friends or drive for a ride-sharing service. To read the full report, complete with charts showing more data breakdowns, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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HOME Survey: Housing and Economic Outlook Remains Steady in Second Quarter of 2018
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Amazon HQ2 Finalists Ranked by Housing Market Health
Raleigh, North Carolina Ranks No. 1 With Affordable Homes, Above-Average School Scores; Boston Ranks Last with Poor Home Affordability, Below-Average School Scores IRVINE, Calif. – May 31, 2018 — ATTOM Data Solutions, curator of the nation's premier multi-sourced property database, ranked the 19 U.S. finalists for Amazon's second headquarters, known as HQ2, based on seven factors impacting housing market health and quality of life for prospective homebuyers and homeowners. The seven factors analyzed in the rankings were median home prices, five-year home price appreciation, affordability, average school test scores, crime rate, property tax rate, and environmental hazard risk. Each of the 19 geographies were ranked for each of these seven categories, with a total score combining all seven rankings determining the final overall ranking. Raleigh, North Carolina ranked No. 1 on the list thanks to relatively affordable homes, above-average school scores and below-average crime rates and property taxes. Meanwhile poor home affordability and below-average school scores dropped the ranking for Boston, Massachusetts to No. 19 on the list — despite a below-average crime rate and property tax rate. "It's striking that 16 out of the 19 markets have median home prices that are lower than the city of Seattle, which our data shows was $585,000 at the end of Q4 2017," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "The only exceptions are Boston, Los Angeles and New York, indicating that Amazon is interested in markets that have relatively affordable housing for employees. At the end of the day two of the most important factors for the decision will be finding a market with an ample supply of workers with the skills Amazon is looking for along with an ample supply of relatively affordable housing for those workers to live in. A market like Raleigh certainly has the affordable housing and it also has an ample supply of skilled workers thanks to the several top-notch universities in the vicinity." About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Looking Elsewhere: External Searches in California's Hottest Markets More than Double the U.S. Average
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Home of the Brave: A Look at Active Military and Veteran Homeownership
WASHINGTON (May 25, 2018) – Differences in household composition and financing options incentivize homebuying demand for veteran and active military, according to the 2018 Veterans & Active Military Home Buyers Profile, which evaluated the differences of recent active-service and veteran home buyers and sellers to those who have never served. The results revealed quite a few contrasts between active-service military buyers and buyers who have never served. At a median age of 34 years old, the typical active-service buyer was a lot younger than non-military buyers (42 years old) and was more likely to be married and have multiple children living in their household. Active-service members typically bought a larger home that cost more than those purchased by both non-military buyers and veterans. Despite lower median incomes ($84,000), more stable job security and no down-payment financing options give aspiring military homeowners an advantage over their civilian peers. Fifty-six percent of active duty and 41 percent of veterans put no money down when buying a home, compared to 7 percent of non-military. Additional data from the report: Reason to move in future: 82 percent of active duty will move for their job, 33 percent to flip their home and 11 percent for a better neighborhood Household composition: 77 percent of active duty and 78 percent of veterans are married, compared to 63 percent of non-military The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Redfin Migration Report: Denver Joins Seattle and San Francisco as a Tech Hub with More People Looking to Move Out than Move In
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Nevada Leads Nation with Highest Share of Homeowners Likely to Move in Q2 2018
Delaware, Florida, Colorado, Virginia Round Out Top Five 'Pre-Mover' States; Top Investment Property Pre-Mover Markets Led by Memphis, Santa Rosa, Indianapolis IRVINE, Calif. – May 17, 2018 — ATTOM Data Solutions, curator of the nation's premier multi-sourced property database, today released its Q1 2018 Pre-Mover Housing Index, which shows that the highest pre-mover index in the first quarter of 2018 — predictive of a high percentage of homeowners moving in the second quarter — was in Nevada (200), followed by Delaware (163), Florida (159), Colorado (154) and Virginia (149). Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a "pre-mover" flag during a quarter to total single family homes and condos in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 90 days in a given market (see full methodology below). Metros with highest pre-mover index led by Colorado Springs Among 118 metropolitan statistical areas analyzed for the report, those with the highest pre-mover index were Colorado Springs, Colorado (280); Manchester-Nashua, New Hampshire (213); El Paso, Texas (213); Washington, D.C. (208); and Orlando, Florida (201). Rounding out the top 10 metro areas with the highest pre-mover indices were Tampa-St. Petersburg, Florida (200); Las Vegas, Nevada (199); Charleston, South Carolina (198); Nashville, Tennessee (185); and Jacksonville, Florida (184). "The pre-mover index provides insight into which markets are poised to see a high percentage of homeowners moving this spring and which markets are likely to see a high percentage of homeowners staying put," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Markets with a high pre-mover index tend to be in areas where homes are still somewhat reasonably priced and have a growing job market, allowing for greater upward mobility. Markets with a low pre-mover index tend to be in areas with a struggling job market or with home prices that are out of reach for the average wage earner." Metros with lowest pre-mover index led by Cleveland Among the 118 metropolitan statistical areas analyzed for the report, those with the lowest pre-mover index were Cleveland, Ohio (46); Rochester, New York (48); Boston, Massachusetts (49); Pittsburgh, Pennsylvania (51); and Providence, Rhode Island (53). Rounding out the 10 metro areas with the lowest pre-mover index were Detroit, Michigan (54); San Jose, California (60); Naples, Florida (61); Tulsa, Oklahoma (62); and Grand Rapids, Michigan (63). Counties with highest and lowest pre-mover indexes Among 314 counties analyzed for the report, those with the highest pre-mover index were Henry County, Georgia in the Atlanta metro area (313); El Paso County, Colorado, in the Colorado Springs metro area (304); Jacksonville County, North Carolina (299); Spotsylvania County, Virginia in the Washington, D.C. metro area (296); and Osceola County, Florida, in the Orlando metro area (291). Among those same 314 counties, those with the lowest pre-mover index were Erie County, New York, in the Buffalo metro area (34); Sedgwick County, Kansas, in the Wichita metro area (36); San Mateo County, California, in the San Francisco metro area (40); Wayne County, Michigan, in the Detroit metro area (40); and Queens County, New York (42). The average value of homes sought by pre-movers in the top 10 counties with the highest pre-mover index was $269,766 while the average value of homes sought by pre-movers in the top 10 counties with the lowest pre-mover index was $404,621. Highest share of investment property pre-movers in Memphis, Santa Rosa, Indianapolis Nationwide 5.3 percent of all homes with a pre-mover flag in Q1 2018 were being purchased as an investment property. Among the 118 metro areas analyzed for the report, those with the highest share of pre-mover investment properties were Memphis, Tennessee (21.4 percent); Santa Rosa, California (13.9 percent); Indianapolis, Indiana (12.7 percent); Trenton, New Jersey (12.0 percent); and Kansas City, Missouri (10.4 percent). Highest share of second home pre-movers in Salisbury, Naples, Cape Coral-Fort Myers Nationwide 3.2 percent of all homes with a pre-mover flag in Q1 2018 were being purchased as a second home. Among the 118 metro areas analyzed for the report, those with the highest share of pre-mover second homes were Salisbury, Maryland (33.3 percent second homes); Naples, Florida (30.4 percent); Cape Coral-Fort Myers (18.8 percent); Myrtle Beach, South Carolina (17.2 percent); and Sarasota, Florida (11.4 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Housing Economists Call for Increase in Home Construction
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List Your Home on Wednesday to Sell for the Highest Price, Thursday for the Quickest Sale, Redfin Analysis Finds
SEATTLE, May 4, 2018 -- To sell for the most money, homeowners should put their home on the market on a Wednesday, according to Redfin, the next-generation real estate brokerage. To sell the fastest, list on Thursday, Redfin says. The Redfin analysis, based on a sample of 100,000 homes that sold in 2017, found homes listed on Sunday performed the worst. Using Sunday as a baseline, Redfin calculated the relative advantage of listing on each day of the week. Homes listed on Wednesday had an advantage of $2,023 in sale price over homes listed on a Sunday, a sale-to-list premium of 0.53 percent. While Wednesday had the edge on price, Thursday-listed homes sold faster and with higher certainty. Homes listed on Thursday found buyers an average of five days sooner than homes listed on Sunday. Thursday-listed homes were also more likely to be sold within 90 and 180 days than homes listed on the other days of the week. There isn't one clear reason why Wednesday outperforms on price, while Thursday wins on speed and certainty. Possible explanations include that agents who list on Wednesdays tend to be better at pricing strategically to command the best price, or that in this fast-paced, low-inventory market, there's simply a sweet spot for garnering the maximum sense of urgency and competition among eager homebuyers. Another theory is that the advantage of Wednesday and Thursday correlates to buyers' house hunting schedules. "Serious buyers typically start making their weekend house-hunting plans late in the work week," said Redfin Denver agent Karla Kirkpatrick-Adams. "You want your home to be one of the fresh listings buyers see pop up as they decide which homes they should see over the weekend. In the competitive Denver market, many homes are listed on Wednesday and Thursday with the expectation that buyers will come through over the weekend, submit offers by a Monday afternoon deadline and the home will be under contract by Tuesday." Speed and Certainty Advantage Homes get five times more online views the day they hit the market than they do a week later, so making a positive online debut is critical. "You only get one shot at making a first impression, which is why it's so important to have the right pricing," said Kirkpatrick-Adams. "If you price too high, buyers may dismiss the property outright and never come back. It's far more effective to price right at market value or slightly below to drive buyer attention early on. It's common for well-priced homes to get multiple offers and be bid up, while overpriced homes tend to sit on the market for a while, despite the shortage of homes for sale right now." Besides pricing right, professional photography is another way to optimize a home sale. Homes with photos taken with professional cameras tend to fetch more money and sell faster. Sellers who used a high-quality camera for their listing photos got an average of $3,400 more for their homes. Read the full report and methodology here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Realtor.com Identifies Toughest Housing Markets for Millennials
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It's Not Cheap Being Green, but Eco-Friendly Homes Do Not Always Cost More
SANTA CLARA, Calif., April 19, 2018 -- Homes with eco-friendly features do not always command a premium price tag in today's hot housing market, according to analysis from realtor.com®, a leading online real estate destination. In honor of Earth Day, realtor.com® analyzed current listings in the top 200 U.S. metros to determine the market availability of "green" homes with any of seven eco-friendly features, such as solar panels, smart thermostats or bamboo floors, and evaluated how much more – or less – these homes may cost a prospective homebuyer. "Although Southern and Western states still lead the way in green technology adoption, eco-friendly features have grown in popularity across many regions of the United States," said Javier Vivas, director of economic research for realtor.com®. "Many buyers have come to expect standard features, and homes integrating specialty green features are becoming more mainstream. However, in today's inventory-starved market, location still reigns supreme and the price of land can easily override the allure of special eco-friendly features." The "greenest" metro of them all Prospective homebuyers in the Fort Collins, Colo. metro area have the highest likelihood of finding a home with integrated "green" features, with 36 percent of its April 2018 listings noting at least one sustainable living feature. Following closely behind are the Dallas-Fort Worth-Arlington, Texas and San Jose/Sunnyvale/Santa Clara, Calif., metro areas at 35 percent of listings each. Although homes with eco-friendly features are four percent more expensive than the median home price in the Dallas metro area, there is essentially no price difference between "green" homes and the median home price in Fort Collins. Notably, homebuyers looking in Sunnyvale/San Jose/Santa Clara may find homes with sustainable living features for five percent less than the local median home price. Of the top 10 "green" metros, buyers in Tulsa, Okla., will pay the biggest premium – 19 percent – if buying a home with existing eco-friendly features is a priority. Those in Salinas, Calif., have the biggest price advantage, as "green" listings are 14 percent below the median home price. However, while three California metros show that "green" homes are less expensive relative to the median home price in their respective areas, keep in mind that the median home price in each metro is significantly higher than those in other states. Solar panels soak up the sun in California and Arizona California dominated seven of the top ten markets with the highest concentration of listings featuring solar panels, with the San Jose-Sunnyvale-Santa Clara, Calif., area leading the list at 6.1 percent of total listed homes. Salinas, Calif., and Arizona's Phoenix-Mesa-Scottsdale metro areas follow closely behind at 4.8 percent and 4.6 percent of total listings featuring solar panels, respectively. Good news for buyers who want integrated solar panels in their new home: every market aside from Prescott, Ariz., and Fresno, Calif., showed that prices of solar panel homes were the same or less than the median home price in each market. In Salinas, Calif., buyers save on average $233,850 on homes featuring solar panels when compared to the metro's median listing price of $917,050. However, in Prescott, Ariz., new homeowners will need to add $78,200 to the metro's median home price of $400,050. Programmable thermostats heat up home prices in Oklahoma, Alabama and Texas Homes featuring programmable thermostats will likely cost homebuyers more, adding up to 20 percent in Montgomery, Ala., 17 percent in Tulsa, Okla., 15 percent in the McAllen-Edinburg-Mission, Texas metro area, and 12 percent in the Oklahoma City metro area. The Tulsa metro area has the highest proportion of smart thermostat home listings at 31 percent, followed by San Antonio at 28 percent and Fort Collins, Colo. at 25 percent. Some of the price differences may be attributed to the fact that median home prices in these four metros are all below the national median price of $280,000, ranging from $176,944 for Montgomery, Ala., to $239,650 for Oklahoma City. ENERGY STAR-rated homes shine bright (and costly) in Connecticut Four Connecticut metros have the highest concentration of ENERGY STAR-rated* home listings currently on the market, but most homebuyers will need to pay between 21 to 26 percent more than the median home price per square foot. ENERGY STAR-rated homes make up four percent of current listings in each of Connecticut's Norwich-New London, Hartford, and New Haven-Milford metro areas, adding 26 percent, 21 percent and 24 percent more to the price per square foot, respectively. ENERGY STAR-rated homes in the Greensboro-High Point, N.C., metro, the fifth highest concentration market at 1 percent of total listings, will cost buyers 41 percent more per square foot. Of the top five metros, the only one that does not require a premium is the Bridgeport-Stamford-Norwalk metro area, where ENERGY STAR-rated homes account for slightly over 3 percent of active listings. While the median home price is the most expensive of the top five metros at $792,050, buyers can save $37,050 on average for a ENERGY STAR-rated home. Top Markets with Green Amenities Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring at least one of seven "green" amenities in April 2018 Top Markets: Solar Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring solar panels in April 2018 Top Markets: Programmable Thermostats Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring programmable thermostats in April 2018 Top Markets: Energy Star-Rated Homes Ranking of the top 200 largest U.S. metros with the highest percentage of active listings featuring Energy Star-rated homes in April 2018 Methodology Realtor.com® looked at the active home listings in April 2018 to see which of the top 200 largest U.S. metro areas had the highest share of homes that included "green" features. To qualify for the list, the metro must have at least 30 listings that included the "green" feature. The eco-friendly features included for analysis are solar panels, bamboo flooring, smart thermostats, ENERGY STAR-rated homes, Seasonal Energy Efficiency Ratio (SEER) ventilation, dual pane windows and ENERGY STAR appliances. * ENERGY STAR  is a voluntary energy efficiency program managed by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE). New homes that earn the ENERGY STAR are at least 15 percent more efficient than those built to code. For more information: https://www.energystar.gov/about About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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U.S. Property Taxes Levied on Single Family Homes in 2017 Increased 6 Percent to More Than $293 Billion
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Homebuyers Pull Out All the Stops for Hotly Competitive Spring Market
Survey reveals most still optimistic about closing; But tight market may require top-dollar bids SANTA CLARA, Calif., March 22, 2018 -- The 2018 spring buying season is expected to be one of the most competitive seasons in years, driven by spill-over buyers from last year and record-breaking inventory lows. Despite their willingness to resort to brash tactics to get a leg up, buyers remain optimistic about closing on their dream home, according to new survey data released today by realtor.com®, a leading online real estate destination. "We're only a few weeks into March and already seeing the market heat up," said Danielle Hale, chief economist for realtor.com®. "Holdover buyers hoping for greener pastures this spring are likely to find sparse options that require them to pay top-dollar or make other concessions." Buyer demand is booming, which is reflected in today's falling inventory and fast time on market. Despite record-low levels, inventory has been declining for 42 consecutive months and is currently down 8.5 percent from a year ago, according to realtor.com® listing data. Days on market in February was at 83 days, a record for that month. A large portion of this demand is being driven by buyers who are holdovers from last summer and beyond, according to an online survey of more than 1,000 active buyers conducted in early March by Toluna Research. The survey showed 40 percent of today's buyers have been searching for more than seven months, while an additional 34 percent have been searching for four to six months. Slightly more than a quarter – 26 percent – have been in the market three months or less. More than one-third -- 35 percent -- of those surveyed indicated they anticipate "a lot of competition" this spring, while 36 percent expect some competition, which could explain why many seem to be approaching the housing market strategically. When asked about all the strategies they are using to get ahead, 42 percent revealed they are checking listing websites every day, while 40 percent of buyers plan to put more than 20 percent cash down. The survey also revealed that 33 percent are setting price alerts, 31 percent plan to put a larger earnest money deposit down, and 26 percent are willing to offer above asking price. Only 6 percent indicated they are not planning to use any tactics to cope with competition. "The majority of buyers are aware of the tough competition they're up against this spring. Having been in the market awhile, they've likely lost a few homes to better offers, which has given them more time to save and up their bidding strategies," added Hale. Despite the competition, buyers remain confident about closing on a home and are willing to stay the course. Nineteen percent of buyers expect to close in zero to three months, 34 percent of buyers expect to close in four to six months, 18 percent anticipate closing in seven to nine months, 15 percent in 10 to 12 months, and 15 percent expect it to take more than a year. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Redfin Survey: 15 Percent of Respondents Sold Their Home or Did Not Buy Last Year Due to Concerns about Immigration Policies
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Redfin Predicts the Hottest Neighborhoods of 2018
Redfin Identifies the Three Hottest Neighborhoods in each of 49 Major U.S. Metro Areas SEATTLE — January 29, 2018 — Redfin, the next-generation real estate brokerage, today announced its 6th annual list of neighborhoods across the country it predicts will be the year's hottest. In 2018, nine of the 10 hottest neighborhoods are in the San Jose metro area. "While the San Francisco peninsula has traditionally been the hottest of the hot places, we're seeing it become unaffordable for even the tech giants that helped create its demand in the first place," said Redfin Silicon Valley agent Kalena Masching. "The result has been a tech-worker migration to the South Bay charged by people looking for relative affordability, highly rated schools, short commutes and access to jobs." To rank the neighborhoods that are heating up the most, the brokerage analyzed hundreds of millions of pageviews to Redfin.com and homes that users favorited to monitor for price and status changes. The analysis also takes into account insights from Redfin real estate agents who specialize in neighborhoods across these 49 major U.S. metros. Hottest Neighborhoods (Neighborhood, Metro Area) To identify very hot, but relatively affordable neighborhoods in other parts of the country, this year Redfin also named the Hottest Neighborhoods Within Reach. This list identifies hot neighborhoods where median home sale prices fall below the December 2017 national median of $286,700. Topping this list are Hillcrest and Deanwood in Washington, D.C. and Seattle's Riverview, which have plenty of greenspace and easy access to job centers. This ranking also surfaced several neighborhoods across the Midwest, with hot hoods like Misty Meadows, Country Lakes, Brewer's Hill, Stevens Square and Downtown St. Louis in Columbus, Chicago, Milwaukee, Minneapolis and St. Louis cracking the top 10. Hottest Neighborhoods within Reach (Neighborhood, Metro Area) "The Hottest Neighborhoods Within Reach list has places chock-full of amenities and diverse housing types," said Redfin chief economist Nela Richardson. "Features like easy commutes, farmers markets and proximity to parks or the beach all represent livability characteristics that many people value when searching for homes. Also, these areas have a mix of single family homes, condos and townhouses, which make the neighborhoods accessible to a wide range of incomes." The full report, complete with data and agent quotes for the 10 Hottest Neighborhoods, the 10 Hottest Neighborhoods Within Reach and a list of the top three Hottest Neighborhoods for 49 metro areas can be found here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Realtor.com® Predicts the New England Patriots to Triumph in the Super Bowl
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Strong Demand, Tight Inventory and Unsatisfied Millennials Define Today's "State of the Housing Union"
SANTA CLARA, Calif., Jan. 25, 2018 -- Ahead of next week's State of the Union address, realtor.com® today released its own "State of the Housing Union," which shows the strong U.S. economy and unprecedented housing shortage pressuring potential home buyers striving to attain the American Dream. According to the analysis, strong buyer demand, constrained inventory, and ready-to-buy first timers are the key underlying dynamics driving today's housing market. "The macro-factors that have defined real estate in recent years – strong demand and weak supply – continue to set the tone for the industry," said Joe Kirchner, senior economist for realtor.com®. "The new tax law that caps the mortgage interest deduction and the deductibility of state and local taxes can be expected to impact the upper-end market in 2018 – precisely how and the extent of which remain to be seen." A robust and growing economy Leading indicators point to a solidly upbeat U.S. economic story. Consumer confidence has spiked, according to the Conference Board's consumer confidence index, as unemployment fell to its lowest level since 2000 (4.1 percent) and the economy added jobs for a record 86th consecutive month, according to November data from the U.S. Labor Department. At the same time, the U.S. stock markets reached all-time highs over the last few months and retail sales (dollars spent in stores, in restaurants and online) capped a strong year with 2017 holiday sales that increased more than 5.5 percent year over year, according to the National Retail Federation. Home prices and sales held back by low inventory Nevertheless, sales growth of existing U.S. homes actually cooled, only increasing 1.1 percent in 2017 as compared to a 3.8 percent gain the previous year. Prices appreciated 5.8 percent on average during 2017, compared to 5.1 percent a year earlier. Inventory fell 8.8 percent nationally in the 12 months ending Dec. 31, 2017 versus a 10.7 percent dip during the comparable period a year earlier, and tight supply was the single biggest factor affecting the market. Even a sharp increase in new construction – single-family housing starts jumped 8.4 percent and 10.2 percent the previous year – couldn't offset inventory shortages. Millennial demand is strong but limited by constrained supply Realtor.com®data shows millennial aspiring first time home-buyers fell victim to the inventory pinch in the last 12 months. Spurred on by steady employment and life events, such as getting married and starting a family, many of these buyers actively pursued home purchases but hit the wall of tight inventory. With the majority of new construction in mid to upper tier price points, new homes have provided very limited relief to these would-be home owners. "Builders will need to focus more on homes geared for moderate incomes, partner with the government on initiatives to transform distressed urban neighborhoods and overcome labor shortages through a combination of workforce development training and pressure to ease artificial restrictions on the supply of labor," added Kirchner. Red vs. blue states in 2017 In a comparison of red and blue states, blue states saw higher home price growth last year, at 9.1 percent, than red states, at 5.9 percent. They also saw stronger sales growth at 1.6 percent versus 0.7 percent in red states. Blue states – California and Illinois and the tri-state region of New York, New Jersey and Connecticut, for example – skew more urban and suburban than largely rural red states. Highly developed cities, towns and neighborhoods in blue states make finding buildable property extremely challenging, especially with demand at current levels. This supply-and-demand dynamic is the principal reason price appreciation in blue states outstripped price increases in red states in 2017. Blue states also have some challenges ahead with the tax bill. Last year, 2.5 percent of all mortgages in blue states were more than $750,000 and will be directly impacted by the capping of the mortgage interest deduction in 2018. Conversely, only 0.4 percent of mortgages in red states will be impacted. Realtor.com® tracks and analyzes market trends and makes timely and insightful information available at realtor.com/research. Data snapshots, affordability distribution and market "hotness" are just some of the resources available at the portal. About realtor.com® Realtor.com® is a leading online real estate destination operated by News Corp [NASDAQ: NWS], [NASDAQ: NWSA]; [ASX: NWS]; [ASX: NWSLV] subsidiary Move, Inc. Realtor.com®, a trusted resource for home buyers, sellers and dreamers, offers the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by Move under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Buying a Home More Affordable Than Renting in 54 Percent of U.S. Markets
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Redfin Identifies 25 Neighborhoods That "Have It All": Affordable Homes, Highly Rated Schools, an Easy Commute and Plenty of Inventory
Chicago's Dunning and Ashburn Top the List, Followed By Squirrel Hill in Pittsburgh SEATTLE — January 8, 2018 — Just 25 neighborhoods have a mix of affordable homes, highly rated schools, access to public transit and plenty of inventory, according to an analysis of 80 major U.S. markets conducted by Redfin, the next-generation real estate brokerage. More than half of the neighborhoods on Redfin's list of neighborhoods that "have it all" are in the Chicago area, the rare major metro area that has remained relatively affordable and has largely bucked the severe inventory shortage trend seen across much of the country over the past few years. Neighborhoods in Pittsburgh, Cleveland, San Antonio, Dallas, Houston and Miami also made the list. These are places to watch in 2018, when we expect last year's trend in migration from expensive, high-tax coastal markets like San Francisco, Silicon Valley and New York toward smaller, more affordable cities, to intensify. Redfin identified the neighborhoods using the following criteria: Affordability: Zip codes were selected that had a median home sale price below the national median of $291,700*. Home Selling Speed: Several months of falling inventory and strong demand mean the most desirable homes go off the market within days of being listed. Selected zip codes had a median days on market of at least 46**. Highly Rated Schools: Neighborhoods with a GreatSchools rating of 5, which is considered average, or higher were chosen. Transit: Neighborhoods with a Transit Score® of at least 50, indicating many nearby public transportation options, were included. Low Crime Rates: Using crime data from BestPlaces, our ranking favored places with lower reported violent crime. The new tax bill, which caps state and local tax (SALT) deductions at $10,000, compounds affordability concerns, particularly in the high-tax state of Illinois, home to 14 of the 25 highlighted neighborhoods. Redfin agent Alex Haried in Chicago, says taxes should always be considered when analyzing affordability. "Our general rule of thumb in Chicago is to set aside about 2 percent of the sale price for local taxes each year," he said. "These are the same taxes that help the city maintain a world-class transit system and help our schools rank highly, so it's a necessary evil and a big reason why so many Chicago zip codes made the cut." Another theme for areas that ranked highly was access to job centers, which is the case for Squirrel Hill in Pittsburgh. "Relocators have really taken kindly to Squirrel Hill not only because of the affordability, but also the commute," said Redfin Pittsburgh agent Jennifer Sowers. "Google, Uber and Carnegie Mellon University are large employers in the area and a short commute away via public transit." The full report, complete with a detailed methodology, can be found here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Redfin Ranks 2017's Most Competitive Neighborhoods for Homebuyers
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Depleted Housing Market to See Inventory Growth in 2018
Las Vegas No.1 in sales and price growth among top 100 largest metro forecasts SANTA CLARA, Calif., Nov. 29, 2017 -- Inventory constraints that have fueled a sharp rise in home prices and made it difficult for buyers to gain a foothold in the market will begin to ease next year as part of broad and continued market improvements, according to the realtor.com® 2018 National Housing Forecast released today by the online real estate information and services destination. The easing of the inventory shortage, which is expected to result in more manageable increases in home prices and a modest acceleration of home sales, is being predicted based on developments first detected by realtor.com® late this summer. The annual forecast, which is among the industry's bellwethers in tracking and analyzing major trends in the housing market, also foresees an increase in millennial mortgages and strong sales growth in Southern markets. The wildcard in 2018 will be the impact of tax reform legislation currently being debated in Congress. "Next year will set the stage for a significant inflection point in the housing shortage," said Javier Vivas, director of economic research for realtor.com®. "Inventory increases will be felt in higher priced segments after spring home buying season, which we expect to take hold and begin to provide relief for buyers and drive sales growth in 2019 and beyond." Realtor.com® Forecast for Key Housing Indicators Five Housing Trends for 2018 1. Inventory expected to begin to increase – In August, the U.S. housing market began to see a higher than normal month-over-month deceleration in inventory that has continued into fall. Based on this pattern, realtor.com® projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in early fall, after the peak home-buying months. Boston; Detroit; Kansas City, Mo.; Nashville; and Philadelphia are predicted to see inventory recover first. The majority of this growth is expected in the mid-to-upper tier price points, which includes U.S. homes priced above $350,000. Recovery for starter homes is expected to take longer because their levels were significantly depleted by first time buyers. 2. Price appreciation expected to slow – Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range. 3. Millennials anticipated to gain market share in all home price segments – Although millennials will continue to face challenges next year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase. "Millennials are a driving force in today's housing market," added Vivas. "They already dominate lower price home mortgage and are getting close to overtaking older generations for mid- and upper-tier mortgages. While financially secure in general, their debt to income ratios have started to increase as they compete for higher priced homes." 4. Southern markets predicted to lead in sales growth – Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C. leading the pack. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. With inventory growth just around the corner, these areas are primed for sales gains in years to come. 5. Tax reform will be a major wildcard – At the time of this forecast, both the House and Senate had bills up for consideration, but neither had passed and their impact was not included in the forecast for 2018 sales and prices. Since then, the House has passed its tax bill and the Senate bill is likely to be voted on soon. While the ultimate impact of tax reform will depend on the details of the plan that is finally adopted, both versions include provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits. On the flip side, some taxpayers, including renters, are likely to see tax cuts. While more disposable income for buyers is positive for housing, the loss of tax benefits for owners could lead to fewer sales and impact prices negatively over time with the largest impact on markets with higher prices and incomes. Next year, home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existing home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017's 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead. Top 100 Largest U.S. Metros Ranked by Forecasted 2018 Sales and Price Growth Realtor.com's model-based forecast uses data on the housing market and overall economy to estimate values for these variables for the year ahead. The forecast result is a projection for annual total sales increase (total 2018 existing-home sales vs. 2017) and annual median price increase (2018 median existing-home sales price vs. 2017). About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Seriously Underwater U.S. Properties Decrease by 1.4 Million From a Year Ago in Q3 2017
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CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade
November 14, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent. As of August 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.9 percent in August 2016. This was the lowest foreclosure inventory rate for the month of August in 11 years since August 2006 when it was 0.5 percent. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies, defined as 30-59 days past due, was 2 percent in August 2017, down slightly from 2.1 percent in August 2016. The share of mortgages that were 60-89 days past due in August 2017 was 0.7 percent, unchanged from August 2016. The serious delinquency rate (90 days or more past due) declined 0.5 percentage points year over year from 2.4 percent in August 2016 to 1.9 percent in August 2017. The 1.9 percent serious delinquency rate in June, July and August of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of August since 2007 when the serious delinquency rate was 1.7 percent. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate in August 2017. "The effect of the drop in crude oil prices since 2014 has taken a toll on mortgage loan performance in some markets," said Dr. Frank Nothaft, chief economist for CoreLogic. "Crude oil prices this August were less than half their level three years ago. This has led to oil-related layoffs and an increase in loan delinquency rates in states like Alaska and in oil-centric metro areas like Houston." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 0.9 percent in August 2017, unchanged from August 2016. By comparison, in January 2007 just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Serious delinquency and foreclosure rates are at their lowest levels in more than a decade, signaling the final stages of recovery in the U.S. housing market," said Frank Martell, president and CEO of CoreLogic. "As the construction and mortgage industries move forward, there needs to be not only a ramp up in homebuilding, but also a focus on maintaining prudent underwriting practices to avoid repeating past mistakes." For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through August 2017. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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[NAR Infographic] The Anatomy of a First-time Buyer in 2017
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First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller Survey
WASHINGTON (October 30, 2017) — Despite solid interest in buying a home – sparked by steady job gains, record low mortgage rates and higher rents – the severe drought in housing supply in much of the country over the past year accelerated price growth and kept many first-time buyers out of the market. This is according to the National Association of Realtors®' 2017 Profile of Home Buyers and Sellers, which also identified numerous current consumer and housing trends, including: mounting student debt balances and smaller down payments; increases in single female and trade-up buyers; the growing occurrence of buyers paying the list price or higher; and the fact that nearly all respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low of 8 percent for the third straight year. In this year's survey, the share of sales to first-time home buyers inched backward to 34 percent (35 percent in 2016), which is the fourth lowest share since 1981. In the 36-year history of NAR's survey, the long-term average of first-time buyer transactions is 39 percent. "The dreams of many aspiring first-time buyers were unfortunately dimmed over the past year by persistent inventory shortages, which undercut their ability to become homeowners," said Lawrence Yun, NAR chief economist. "With the lower end of the market seeing the worst of the supply crunch, house hunters faced mounting odds in finding their first home. Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers." Added Yun, "Solid economic conditions and millennials in their prime buying years should be translating to a lot more sales to first-timers, but the unfortunate reality is that the nation's homeownership rate will remain suppressed until entry-level supply conditions increase enough to improve overall affordability." Other key findings and notable trends of buyers and sellers in this year's 144-page survey include: Student debt balances continue to grow Highlighting the additional challenges imposed on consumers trying to reach the market, 41 percent of first-time buyers indicated they have student debt (40 percent in 2016). The typical debt balance also increased ($29,000 from $26,000 in 2016), and over half owe at least $25,000. Additionally, of the 25 percent who said saving for a down payment was the most difficult task in the buying process, 55 percent said student debt delayed saving for their home purchase. "NAR survey findings on student debt released earlier this fall revealed that an overwhelming majority of millennials with student debt believe it's delaying their ability to buy a home, and typically for seven years," added Yun. "Even in markets with a plethora of job opportunities and higher pay, steep rents and home prices make it extremely difficult to put savings aside for a down payment." Single females make up larger share of sales Solid job prospects, higher incomes and improving credit conditions translated to continued momentum in the growing share of single female buyers. At 18 percent (matches highest since 2011), single women were the second most common household buyer type behind married couples (65 percent). Furthermore, single women purchased slightly more expensive homes than single men despite earning less. The overall share of single male buyers (7 percent) remained below unmarried couples (8 percent) for the second straight year. Down payment amounts decrease for first-timers, rise for repeat buyers The ongoing climb in home prices pulled the typical down payment for first-timers to 5 percent this year (6 percent in 2016), which matches the lowest since 2013. Meanwhile, higher home values likely gave more sellers the wherewithal to use the cash from their recent sale to make a bigger down payment on their new home purchase (14 percent; 11 percent in 2016). Repeat buyers' sales proceeds from their previous purchase (55 percent) surpassed their own personal savings (50 percent) this year as a larger source of their down payment. Personal savings ranked first for first-time buyers as the primary source of their down payment, followed by a gift from a friend or relative (25 percent; 24 percent in 2016). Over a half of first-timers said it took a year or more to save for a down payment, and 25 percent said saving was the most difficult task in the entire buying process. Age of first-timers stays flat; climbs to new survey high for repeat buyers For the second straight year, the median age of first-time buyers was 32 years old. First-time buyers had a higher household income ($75,000) than a year ago ($72,000) and purchased a slightly smaller home (1,640-square-feet; 1,650-square-feet in 2016) that was more expensive ($190,000; $182,500 in 2016). Fewer first-time buyers purchased a home in an urban area (17 percent; 20 percent in 2016). The age of repeat buyers increased to an all-time survey high this year (54 years old; 52 years old in 2016) as older households, perhaps with plans to stay in the workforce longer but with an eye towards retirement, felt more comfortable about buying. Overall, repeat buyers had roughly the same household income than last year ($97,500; $98,000 in 2016) and purchased a 2,000-square-foot home (unchanged from last year) costing $266,500 ($250,000 in 2016). Supply scarcity leads to increase in buyers paying list price or higher Underscoring the supply and demand imbalances prevalent in many parts of the country, 42 percent of buyers paid the list price or higher for their home, which is up from a year ago (40 percent) and a new survey high since tracking began in 2007. Buyers in the West were the most likely (51 percent) to pay at or above list price. "Many of those in the market to buy a home this year had little room to negotiate," said Yun. "Listings in the affordable price range drew immediate interest, and the winning offer often times had to waive some contingencies or come in at or above asking price to close the deal." Buyers report less difficulty obtaining a mortgage The improving financial health of borrowers and a slight ease in credit standards are leading to a smoother process in obtaining a mortgage. Fewer buyers (34 percent) compared to a year ago (37 percent) indicated that the mortgage application and approval process was somewhat or much more difficult than they expected. Fifty-eight percent of buyers financed their purchase with a conventional mortgage, and 34 percent of first-time buyers took out a low-down payment Federal Housing Administration-backed mortgage, which is up from 33 percent last year but down from 46 percent five years ago. Nearly all buyers choose a single-family home in a suburban location A majority of buyers continue to choose a home in a suburb, small town or rural area (85 percent) as opposed to an urban one (13 percent; 14 percent in 2016). Eighty-three percent of buyers purchased a detached single-family home, which for the third straight year remains the highest share since 2004 (87 percent). Purchases of multi-family homes, including townhouses and condos, were at 11 percent. Most buyers search for homes online...and use a real estate agent This year's survey data continues to show that the internet (95 percent) and real estate agents (89 percent) remain the top two information sources used during buyers' home search. Overall, 87 percent of buyers ended up purchasing their home through a real estate agent (88 percent in 2016), and finding the right property to buy and help negotiating the terms of the sale were the top two things buyers wanted most from their agent. Even for those who found the home they purchased online, nearly all still closed on it with the help of an agent (88 percent). "It's no surprise a majority of first-time buyers indicated that the top benefits received from their agent were help understanding the buying process (83 percent), pointing out unnoticed property features or faults (60 percent), and negotiating better sales terms (51 percent)," said President William E. Brown, a Realtor® from Alamo, California. "Realtors® over the past year have helped buyers – and especially first-timers – navigate extremely competitive market conditions where the need to be prepared and act quickly has been paramount to the success of purchasing a home." Homeowner tenure at all-time high; equity and share of repeat buyers climbs The typical seller over the past year was 55 years old, had a higher household income ($103,300) than last year ($100,700) and was in the home for 10 years before selling – matching the all-time high set both in 2014 and a year ago. Prior to 2009, sellers consistently lived in their home for a median of six years before selling. With home values steadily rising over the past several years, sellers realized a median equity gain of $47,500 ($43,100 in 2016) – a 26 percent increase (24 percent last year) over the original purchase price. Homes sold after 21 years of ownership had the largest equity gain (104 percent), while those who purchased six or seven years ago saw a larger return (27 percent) than those who purchased between eight and 15 years ago (14 percent to 18 percent). The percent share of buyers trading up increased for the third straight year, rising to 52 percent from 46 percent in 2016. In 2014, 40 percent of buyers purchased a bigger home. "The decline in first-time buyers and uptick in repeat buyers trading up to a larger home reflects the more favorable conditions for home shoppers at the upper end of the market, where listings are more plentiful and sales have been consistently higher over the past year," said Yun. Seller use of an agent remains at all-time high; FSBOs at record low Sellers' use of a real estate agent this year remained at an all-time high of 89 percent. This in turn – for the third straight year – held for-sale-by-owner sales to their lowest share (8 percent) in the survey's history. An overwhelming majority of sellers were satisfied with the selling process (88 percent), with most also indicating that they would definitely or probably use their agent again or recommend him or her to others (85 percent). "Homeowners understand the value, and seek the expertise and guidance Realtors® bring to the table when it's time to sell their home," said Brown. "Despite incredibly favorable market conditions for sellers – where finding interested buyers was not a problem – nearly all turned to a Realtor® to help assist them through the intricacies of listing their home on the market, accepting offers, negotiating the sales price and closing the deal." NAR mailed a 131-question survey in July 2017 using a random sample weighted to be representative of sales on a geographic basis to 145,800 recent home buyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 7,866 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 5.6 percent. The sample at the 95 percent confidence level has a confidence interval of plus-or-minus 1.10 percent. The recent home buyers had to have purchased a home between July 2016 and June 2017. All information is characteristic of the 12-month period ending in June 2017 with the exception of income data, which are for 2016. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Home Affordability Improves in 60 Percent of U.S. Markets in Q3 2017 Compared to Previous Quarter
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Realtor.com and Yelp Name the Hottest Hipster Markets in America
Columbus, Ohio, Seattle, and San Diego, Calif. rank No. 1, No. 2 and No. 3 SANTA CLARA, Calif., and SAN FRANCISCO, Oct. 5, 2017 -- Can't live without your artisanal coffee, avocado toast or an indie record store? Columbus is the place for you, according to a new data collaboration from realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., and Yelp, the company that connects consumers with great local businesses. Released today, the realtor.com® Yelp Hottest Hipster Markets in America list identifies the most in-demand housing markets in the U.S. with the highest concentrations of "hipster" businesses for home buyers looking to embrace indie culture. In rank order, the Hottest Hipster Markets in America by ZIP code include: Columbus (43202), Seattle (98122), San Diego (92104), Fort Wayne, Ind. (46802), Rochester, N.Y. (14620), San Francisco (94117), Long Beach, Calif. (90814), Louisville, Ky. (40217), Grand Rapids, Mich. (49506) and Colorado Springs, Colo. (17820). "Although their opinions about their music and fashion may be out of the norm, when it comes to real estate -- hipsters have a knack for getting it right," said Javier Vivas, director of economic research for realtor.com®. "Based on our research, there's clear evidence that "hipster" popularity – in markets like Austin, Texas – has led to mainstream interest and higher home prices over time. Whether it's the farm-to-table restaurants or urban renewal projects that were already underway, a concentration of hipsters seems to be an indicator of a hot housing market." From a housing perspective, all the markets on the realtor.com® Yelp Hottest Hipster Markets in America list have strong market dynamics, showing healthy buyer demand with homes selling in an average of 30 days. Each market also has low or average unemployment rates ranging from 2.7 percent to 4.6 percent, compared to 4.4 nationally. With all the hipster businesses in town it comes as no surprise that these markets are also highly sought after by millennials. Overall, millennials -- ages 25 to 34 -- in the top ten markets make up an average of 22 percent of the population, higher than the national population share of millennials of 13 percent. Additionally, these markets are continuing to draw interest from a younger crowd, as the millennial age group is viewing property listings at a rate 1.2 times greater than the share of millennials already living in the area, indicating strong interest from other millennials wanting to move into these neighborhoods. Yelp data shows that mentions of "hipster" occur across a wide range of businesses, from music venues and dive bars, to restaurants, barbers, and vinyl record shops. While some cities and ZIP codes, like Seattle, may be more recognizable as traditional hipster havens, Yelp data shows that there are many under-the-radar locations where Yelpers have identified neighborhoods that tout cool, hipster businesses. The average star rating of businesses with mentions of hipster in the Columbus zip code is 3.8, with the top 10 ZIP codes averaging 4 stars. Beyond searching for hipster businesses, Yelp also offers tools for homeowners like Request a Quote, which allows people to send requests to up to 10 home service providers at once. "Yelpers are great at identifying up-and-coming areas and businesses, which allows us to predict trends as well as uncover detailed data on what's happening in local economies right now," said Carl Bialik, Yelp data editor. "While 'hipster' is something of a cliche, it turns out to be a useful term to uncover the types of businesses and attributes we often associate with cool hunters, such as visually appealing interiors and less touristy parts of town." The realtor.com® Yelp Hottest Hipster Markets in America list was developed by first leveraging Yelp data to rank ZIP codes by the greatest gap between the share of reviews in the ZIP containing the word "hipster" and the share in the ZIP's city. The realtor.com® Market Hotness Index was then calculated for each market (based on realtor.com® page views and days on market). Markets were then ranked based on a composite index made up of both the Yelp differential and the realtor.com® hotness index. Only one ZIP code per metropolitan area was included. The neighborhoods listed have the most businesses associated with that neighborhood within the ZIP code. To read more about the findings, please visit: realtor.com research + Yelp blogs. Facts About Realtor.com® and Yelp's Top 10 Hipster Markets 1. Columbus - ZIP 43202 (Clintonville, Ohio) The draw: Columbus features art, music, theater, museums, and culture, in addition to being home to Ohio State University. It has a strong economic ecosystem with employers like JP Morgan Chase and a thriving startup scene, with nearly 72 startups for every 1,000 businesses in the area. In addition, after New York and Los Angeles, Columbus is home to more fashion designers than any other U.S. metro area, with a pipeline of young design talent coming from the Columbus College of Art & Design. Clintonville hipster hotspot: Harvest Bar + KitchenReview highlights: Kale Caesar salad, lunch special The stats: The median listing price is $269,455. The median household earns $44,007 a year, with a low county unemployment rate of 3.8 percent. Millennials make up 28.8 percent of its population, contributed contribute to 26 percent of all page views in the area on realtor.com®, and have a median household income of $46,265. 2. Seattle - 98122 (Capitol Hill) The draw: Capitol Hill offers a strong collection of restaurants, bars, boutiques, and culture. Seattle has a booming economy, with tens of thousands of job openings pulling young technophiles into the city. Seattle-dwellers are some of the most active people in the U.S., with open spaces and parks located all around the city, and Mt. Rainier closeby for hiking in the summer and skiing in the winter. Capitol Hill hipster hotspot: Porchlight Coffee & RecordsReview highlights: Cold brew, chill vibe The stats: The median listing price is $756,653. The median household earns $65,367 a year, with a low county unemployment rate of 3.2 percent. Millennials make up 26.6 percent of the population, contribute to 23.8 percent of all page views in the area on realtor.com®, and have a median household income of $61,089. 3. San Diego - 92104 (North Park) The draw: San Diego is known for a plethora of local breweries, farmer's markets, beach eateries and nightlife for the non-mainstream crowd. Compared to California cities like Los Angeles and the San Francisco Bay Area, San Diego boasts of lower rent and mortgages on average. A concentration of top universities and a thriving startup scene bring many young buyers and renters to the area. North Park hipster hotspot: PigmentReview highlights: Air plants, terrariums The stats: The median listing price is $597,000. The median household earns $55,130 a year, with a county unemployment rate of 4.1 percent. Millennials make up 23 percent of the population, contribute to 25.4 percent of all page views in the area on realtor.com®, and have a median household income of $55,772. 4. Fort Wayne - 46802 The draw: Fort Wayne offers fun traditions like BuskerFest, an annual celebration of street performers. Fort Wayne adjusted to the shrinking manufacturing industry faster than its Rust Belt counterparts and today has a strong economy with a lower unemployment rate than other cities in the area. Hipster hotspot: Junk Ditch Brewing CompanyReview highlights: Joseph Decuis Farm Wagyu beef, brunch The stats: The median listing price is $163,925. The median household earns $29,591 a year, with a county unemployment rate of 3.3 percent. Millennials make up 19.9 percent of the population, contribute to 27 percent of all page views in the area on realtor.com®, and have a median household income of $32,243. 5. Rochester - 14620 (Highland Park) The draw: Rochester's Highland Park neighborhood is best-known for its arboretum by the same name, which hosts an annual Lilac Festival drawing in visitors from out of town. From Shakespeare in the Park to live music during the summer, Highland Park is a hotspot for local residents, helping to create the tight-knit community that Rochester residents love. Highland Park hipster hotspot: The Playhouse SwillburgerReview highlights: Pinball machine, vampire fries The stats: The median listing price is $154,925, making it an affordable place for a younger population to settle. The median household earns $43,550 a year, with a county unemployment rate of 4.58 percent. Millennials make up 23.1 percent of the population, contribute to 24 percent of all page views in the area on realtor.com®, and have a median household income of $45,871. 6. San Francisco - 94117 (The Haight) The draw: Hippie mecca Haight-Ashbury has transitioned into a hipster-friendly neighborhood. The Haight offers a plethora of restaurants and bars, and its proximity to Golden Gate Park's free events and concerts can't be beat. The Haight hipster hotspot: The AlembicReview highlights: Cocktail menu, pickled quail eggs The stats: Even San Francisco's most hipster neighborhood costs significantly more than the national average. The median home in The Haight costs $1,396,500. The median household income in this area soars above the national median at $111,817 and its county unemployment rate is well below the national average at 2.9 percent, making the high cost of living more accessible. Millennials make up 31 percent of the population, contribute to 23.8 percent of all page views in the area on realtor.com®, and have a median household income of $113,762. 7. Long Beach - 90814 The draw: Just south of Los Angeles, Long Beach is a more relaxed, cheaper and friendlier option for those drawn to Long Beach's social, tight-knit community and charming Spanish-style homes. Add in great dive bars and a vibrant art scene, and it's no surprise Long Beach is one of the most hipster towns in America. Hipster hotspot: Viento y Agua Coffeehouse & GalleryReview highlights: Open mic nights, Mexican mocha The stats: The median price to buy a home in Long Beach is $737,000. The average household earns $60,751 a year, with an unemployment rate of 4.5 percent. Millennials make up 19.2 percent of the population, contribute to 22.3 percent of all page views in the area on realtor.com, and have a median household income of $52,001. 8. Louisville - 40217 (Schnitzelburg) The draw: With a strong community and affordable local restaurant scene, Schnitzelberg has seen growing popularity over the past several years. Schnitzelberg is a quirky neighborhood with traditions like hosting the World Dainty Championship the last Monday of July. Schnitzelburg hipster hotspot: ZanzabarReview highlights: Bands, pinball machines The stats: Schnitzelberg is one of the most affordable areas on the list, with a median home price of $173,950. The average household earns $53,134 a year, with an unemployment rate of 4.6 percent. Millennials make up 19.3 percent of the population, contribute to 27.7 percent of all page views in the area on realtor.com, and have a median household income of $53,134. 9. Grand Rapids - 49506 The draw: Between the public art installations and extensive craft brewery scene, it's no wonder hipsters love Grand Rapids. It attracts artists, musicians, young families, and has a strong LGBTQ community, which puts on the highly-anticipated Grand Rapids Pride event every summer. Hipster hotspot: Brewery VivantReview highlights: Beer cheese, stained glass window The stats: The median home price in Grand Rapids is $387,000. The average household earns $63,308 a year, with an unemployment rate of 3.2 percent. Millennials make up 13.8 percent of the population, contribute to 25.4 percent of all page views in the area on realtor.com, and have a median household income of $67,680. 10. Colorado Springs - 80903 The draw: Colorado Springs offers the same natural beauty and proximity to world-class skiing and hiking that nearby Denver does, but with a lower cost of living and unemployment rate. Its quaint downtown is filled with mom and pop shops and local watering holes. Hipster hotspot: Shuga'sReview highlights: Patio, lavender lemonade The stats: The median price to buy a home in Colorado Springs is $337,000. The average household earns $37,215 a year, with an unemployment rate of 2.7 percent. Millennials make up 16.8 percent of the population, contribute to 22.5 percent of all page views in the area on realtor.com, and have a median household income of $43,841. Realtor.com® and Yelp's Hottest Hipster Markets About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®. About Yelp Yelp Inc. connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across 32 countries. By the end of Q2 2017, Yelpers had written approximately 135 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Approximately 28 million unique devices* accessed Yelp via the Yelp app, approximately 74 million unique visitors visited Yelp via mobile web** and approximately 83 million unique visitors visited Yelp via desktop*** on a monthly average basis during the Q2 2017. For more information, please visit http://www.yelp.com. * Calculated as the number of unique devices accessing the app on a monthly average basis over a given three-month period, according to internal Yelp logs.** Calculated as the number of "users," as measured by Google Analytics, accessing Yelp via mobile website on a monthly average basis over a given three-month period.*** Calculated as the number of "users," as measured by Google Analytics, accessing Yelp via desktop computer on an average monthly basis over a given three-month period.
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Redfin Names 15 Colleges Where Students Should Buy Real Estate Instead of Rent Dorms
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Outlook Remains Bright for Commercial Real Estate Despite Price Plateau
WASHINGTON (September 12, 2017) — Commercial real estate price growth in large markets is expected to flatten over the next year, but strong leasing demand and investor appetite in smaller markets should keep the sector on solid ground, according to the latest National Association of Realtors® quarterly commercial real estate forecast. Backed by the ongoing stretch of outstanding job creation in recent years, national office vacancy rates are forecast by Realtors® to retreat 1.1 percent to 11.9 percent over the coming year. The vacancy rate for industrial space is expected to decline 1.1 percent to 7.8 percent, and retail availability is to decrease 0.4 percent to 11.4 percent. Even as new apartment completions bring more supply to many markets, the multifamily sector will still likely see a vacancy rate decline from 6.6 percent to 6.1 percent. Lawrence Yun, NAR chief economist, says the U.S. economy is on stable footing and is chugging along at a decent but unspectacular pace. "A very healthy labor market and stronger confidence and spending from both consumers and businesses boosted economic expansion to a solid 3.0 percent last quarter," he said. "There's legs for more of the same growth to close out the year, which bodes well for sustained interest in all types of commercial space." According to Yun, the appetite for commercial property is high, but investment activity does appear to be entering the maturation phase of the current cycle. The investor shift away from large markets to smaller ones is creating a divergence in sales activity. In the second quarter, large markets saw a 5 percent annual decline in sales, while Realtors® reported a sales boost of 4 percent in small markets. "While inventory shortages are still driving prices higher in most markets, shrinking cap rates and the higher interest rate environment are expected to lead to a plateau in price growth over the next year, especially for Class A assets in large markets," said Yun. "As a result, investors will continue to look to small and tertiary markets for properties that have the best opportunity to provide stability and generate solid returns." Led by the industrial and multifamily sectors, Realtors® continue to report that leasing fundamentals for the four major commercial sectors are strong. Last quarter, the considerable appetite for industrial space — primarily from ecommerce and trade — resulted in distribution warehouses and logistic centers driving close to 70 percent of new construction leasing. Although 225.4 million square feet of additional space is currently in the pipeline, vacancy rates are still expected to trend downward as supply slowly catches up with demand. In the apartment sector, the pace of new construction is finally slowing in many markets after considerable building in recent years. However, rising household formation and the supply and affordability barriers to homeownership will continue to keep vacancies low and cause rents to maintain their trajectory of outpacing incomes. "The economy is healthy for the most part, but headwinds abound in the short term," said Yun. "A temporary slowdown in areas severely impacted by hurricanes Harvey and Irma, geopolitical tensions abroad and any minor correction in the financial markets could temporarily knock the economy slightly off course in coming months." NAR's latest Business Creation Index (BCI), which launched in August 2016, showed ongoing positive developments for smaller commercial businesses in local communities. Over half of Realtors® have reported an increase in business openings and fewer closings every month since December, with food and beverage and retail making up the bulk of new businesses. NAR's latest Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. The NAR commercial community includes commercial members, real estate boards, committees, subcommittees and forums; and NAR commercial affiliate organizations — CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate. Approximately 70,000 NAR members specialize in commercial real estate brokerage and related services including property management, counseling and appraisal. In addition, more than 200,000 members are involved in commercial transactions as a secondary business. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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[Infographic] The Road to the Big Game: Where 52 Shows Up in Real Estate
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Redfin Predicts the Hottest Neighborhoods to Close Out 2017
Seattle's First Hill Expected to be the Hottest Neighborhood in the Nation; 138 Neighborhoods in 46 Metropolitan Areas Were Ranked Based on Pageviews and Favorites on Redfin.com SEATTLE — Redfin, the next-generation real estate brokerage, today released a list of neighborhoods across the country it predicts will be the hottest to close out the year, topped by First Hill in Seattle. To rank these neighborhoods, the brokerage analyzed hundreds of millions of pageviews on Redfin.com, plus homes favorited by users. The analysis accounted for insights from Redfin real estate agents who specialize in neighborhoods across the 46 major U.S. metros that Redfin examined for the report. Proximity to downtown and high-growth job centers continued to drive this mid-year list of hottest neighborhoods; the top three hottest neighborhoods sit close to downtown Seattle, San Francisco and San Jose. Redfin real estate agents explained that these communities offer homebuyers the best balance of everything: quick access to public transit, trendy shopping and dining options, plus homes that are quickly gaining value. Each of the top three neighborhoods posted an average sale-to-list price ratio of at least 105 percent and each saw more than 70 percent of homes sell above the listing price in July 2017. "First Hill is sandwiched between the ever-popular Capitol Hill and the Yesler Terrace redevelopment, with easy access to downtown," said Seattle Redfin agent Jessie Culbert. "With Whole Foods opening in 2018 at the Danforth apartment building, the area is becoming even more desirable. Buyers tend to like the more quiet, tree-lined streets in this neighborhood and historic mansions that hearken back to Seattle's heritage. All we need is more inventory; resales at Luma condos, which sold out in 2016, have been brisk, signaling high demand for new construction." The Redfin report includes a performance review of the 10 neighborhoods Redfin predicted in January would be hot in 2017 and a new list of 10 neighborhoods that have been this year's hottest, using relative growth in off-market home values powered by the Redfin Estimate as a benchmark of "hotness." "Bushrod, the Oakland neighborhood we said in January would be hot this year, lived up to its hype with off-market home values up 9 percent so far this year, compared with 5 percent growth in the surrounding area," said Redfin chief economist Nela Richardson. "Our analysis also brought to our attention several hot neighborhoods that weren't on our radar in January, like East Lake Terrace in Atlanta and Gert Town in New Orleans, both of which posted home-value gains that were much stronger than their respective metro areas." To view the full report, complete with the list of rankings for the top three hottest neighborhoods across 46 metro areas, click the following link. Customizable data on all of the metros Redfin tracks in this report is available to view and download on Redfin's Data Center. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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Redfin Migration Report: Home Affordability Continued to Shape Migration Currents as Homebuyers Looked to Leave Expensive Coastal Cities in the Second Quarter
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Realtor.com® Survey Provides Insight into Underlying Causes of Inventory Shortage
Data suggests overall satisfaction with homes and boomers' desire to stay put as top reasons for the lack of homes on the market SANTA CLARA, Calif., Aug. 10, 2017 -- The U.S. real estate market is currently experiencing the worst inventory deficiency in 20 years, which new data from the realtor.com® Housing Shortage Study, released today, suggests can be attributed to two primary reasons – boomers' reluctance to sell and homes fitting current family needs. Realtor.com® is a leading online real estate destination operated by News Corp subsidiary Move, Inc. The findings are part of an online survey of 1,054 randomly selected homeowners across the U.S. conducted on behalf of realtor.com® between July 6 and 13. The respondents were asked a series of questions aimed at examining the root causes of the current national inventory shortage. Millennials plan to sell next year According to the results, approximately 59 percent of respondents are not planning to sell their home in the next year, with nearly 35 percent planning to sell, and nearly 6 percent unsure. Taking a look at age segments of those with plans to sell next year reveals 60 percent of these potential sellers are millennials who are selling to move to a larger home (25 percent), or one with nicer features (24 percent). Millennials with plans to sell could mean good news for buyers, as starter homes remain the most sought after price point in today's market. In fact, the supply of starter homes in the market is down 17 percent year over year, as compared to medium sized home inventory which is down 10 percent, and larger size home supply which is down 5 percent year over year. "The housing shortage forced many first time home buyers to consider smaller homes and condos as a way to literally get their foot in the door," said Danielle Hale, chief economist for realtor.com.® "Our survey data reveals that we may see more of these homes hitting the market in the next year, but whether these owners actually list will depend on whether they can find another home." While baby boomers plan to stay put Breaking down those not planning to sell by age points toward one significant contributor to the housing shortage – 85 percent of baby boomers surveyed indicated they are not planning to sell their home in the next year. Homeownership among boomers, at 78 percent, is nearly twice as high as millennials, at 41 percent. As boomers decide to stay put so are approximately 33 million properties, many of which are urban condos or suburban single-family homes – the most popular choices for millennials. "Boomers indeed hold the key to those homes the market desperately needs, both in the urban condo and the detached suburban home segment," said Hale. "But with a strong economy and rising home prices, there's really no reason for established homeowners to sell in the short term. Although down-sizing might be on the minds of boomers, they face the same inventory shortages and price increases plaguing millennials." Historically, older age groups have moved about four times less than younger age groups, and while that ratio has somewhat remained stable over time, the population mix has not. The share of the population between the ages of 55 and 74 years old has increased by 30 percent in the last 30 years from 16 percent in 1985 to 21 percent in 2015. Overall top reasons for not selling When those with no plans to sell were asked why they wanted to stay put, approximately 63 percent indicated their current home meets the needs of their family. The other most popular reasons include low interest rates (16 percent), recently purchasing their home (15 percent), needing to make home improvements and low property taxes (each cited by approximately 13 percent of respondents). "Life events drive real estate transactions," added Hale. "When the majority of home owners feel their family needs are being met by their current home, there is nothing compelling them to put their home on the market." Top reasons for not selling by generation According to the survey's findings, the reasons for staying put differ significantly by age. For instance, 72 percent of baby boomers indicated their current home fits the needs of their family. This is followed by low interest rates (16 percent), concerns about financial security (13 percent), and the need to make some home improvements (12 percent). A majority of millennials, 52 percent, also indicated that their top reason for not selling is their home fits their family needs. This was followed by 27 percent recently purchasing their home and approximately 16 percent citing low interest rates. For gen Y, the top reasons not to sell include: home meeting family needs (65 percent), low interest rates (16 percent), and low property taxes (16 percent). A key reason for homeowners staying put for a longer period, according to the National Association of Realtors®, is because of inadequate levels of new home construction over the past decade. To read more about the study, please visit: https://research.realtor.com/housing-shortage-boomers/. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Pending Home Sales Recover in June, Grow 1.5 Percent
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Realtor.com® Names the Top 10 Affordable Towns with the Best Elementary Schools
Aurora, Ill., Stone Mountain, Ga., Hampton, N.J., top the list SANTA CLARA, Calif., July 27, 2017 -- Realtor.com®, a leading provider of online real estate services operated by News Corp subsidiary Move, Inc., today released its ranking of the 10 most affordable housing markets with top elementary schools. Led by Aurora, Ill. (60503), the list also includes towns from all over the U.S., from Royersford, Pa., to Chandler, Ariz. To create the list, realtor.com® analyzed ZIP codes within the top metropolitan areas in the country which contained at least one public school ranked eight out of 10 or higher by GreatSchools. In order, realtor.com®'s top 10 most affordable towns with great elementary schools include: Aurora, Ill.; Stone Mountain, Ga.; Hampton, N.J.; Royersford, Pa; Kingwood, Texas; Rosemount, Minn.; Bowie, Md.; Huntington Woods, Mich.; Stow, Mass.; and Chandler. "When searching for a new home, finding something affordable in a good school district with family-friendly features, such as large backyards, tops the list of homebuyer priorities," said Javier Vivas, manager of economic research for realtor.com®. "These markets offer strong public schools and affordable homes, making them a great fit for homebuyers with elementary school-age children." The monthly cost of owning a median-priced home near a top elementary school is on average only 23 percent of the median household income in the ZIP, which is on-average 41 percent less costly than their surrounding metro area. In addition to offering affordable prices, these markets are home to strong incomes as well with an average household income of $106,525, compared to the national median of $57,462. Realtor.com® also looked into the top affordable towns for middle schools and high schools, Aurora also topped the list for middle schools while Royersford -- which made the top elementary list -- was ranked No. 1 for high schools. In fact, seven of the top 10 elementary school towns also made it onto the top middle school or high school list, including: Aurora (middle school), Hampton (middle school), Royersford (middle and high schools), Kingswood (middle school), Rosemount (middle and high schools), Stow (middle school) and Chandler (middle and high schools). "Staying in your home for at least five to 10 years is one way you can ensure you receive a high return on your home investment," added Vivas. "With strong middle and high schools many of the markets on the list offer families the opportunity to put down roots while building equity in their home." In a realtor.com® survey of first-time homebuyers conducted earlier this year, younger homebuyers who are more likely to have young children in the house were particularly interested in living in a good school district. In fact, millennial home shoppers, as well as shoppers age 35-44, cited family needs as the primary reason for entering the housing market, and noted better school districts as a primary reason for purchasing a new home. Realtor.com® ranked ZIP codes according to affordability of homes within each area, determined by calculating the monthly mortgage costs and other costs to purchase the median-priced home in the ZIP code and dividing it by the ZIP code's median income. 1. Aurora, Ill. (ZIP code 60503) Schools: Homestead Elementary School (rating 10/10), The Wheatlands Elementary School (rating 8/10), and Wolfs Crossing Elementary School (rating 10/10) Housing in ZIP 60503: The 2017 median household income in Aurora is $114,118 with a 2017 median listing price of $259,900. Aurora is 45 percent more affordable compared to its surrounding metro area, and 47 percent more affordable compared to the U.S. overall. Schools: Oswego Community Unit School District 308 is home to Homestead, Wheatlands, and Wolfs Crossing. As the district's tagline, "world-class schools serving caring communities" suggests, these schools place an emphasis on partnering and engaging with students' families and their surrounding communities. It is also home to the No. 1 middle school on the list Bednarcik Junior High School. 2. Stone Mountain, Ga. (ZIP code 30087) School: Wynbrooke Elementary School (rating 9/10) Housing in ZIP 30087: The 2017 median household income in Stone Mountain is $71,678 with a 2017 median listing price of $218,950. Stone Mountain is 38 percent more affordable compared to its surrounding metro area, and compared to the U.S. overall. School: Dubbing itself a "theme school," Wynbrooke Elementary seeks to engage students through research-centered assignments and hands-on projects. Its known for its low student-to-teacher ratio, daily homework assignments, and uniform policy. 3. Hampton, N.J. (ZIP code 08827) School: Union Township Elementary School (rating 8/10) Housing in ZIP 08827: The 2017 median household income in Hampton is $118,810 with a 2017 median listing price of $297,000. Hampton is 60 percent more affordable compared to its surrounding metro area, and 37 percent more affordable compared to the U.S. overall. School: The Union Township Board of Education says it aims to build not just academic abilities, but the entire set of skills necessary to become productive members of society by encouraging their students' individual growth. Union Township Elementary students get to enjoy learning in the fresh air thanks to two recently built "outdoor classroom pavilions" that were constructed with the help of community members and the school's PTA. The school is also considering changing its current half-day Kindergarten to a more rigorous all-day program. 4. Royersford, Pa. (ZIP code 19468) Schools: Brooke Elementary School (rating 9/10), Evans Elementary School (rating 8/10), Limerick Elementary School (rating 9/10), Spring-Ford Intrmd School 5th/6th (rating 9/10), and Upper Providence Elementary School (rating 9/10) Housing in ZIP 19468: The 2017 median household income in Royersford is $83,264 with a 2017 median listing price of $246,125. Royersford is 21 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall. Schools: Brooke, Limerick, Spring-Ford and Upper Providence are all located in the Spring-Ford Area School District which places an emphasis on making school fun. It operates under the philosophy that elementary school students "should enjoy coming to school" and that creating an enjoyable environment is the best way to help students reach their full potential. 5. Kingwood, Texas (ZIP code 77345) Schools: Deerwood Elementary School (rating 9/10), Greentree Elementary School (rating 10/10), Hidden Hollow Elementary (9/10), Shadow Forest Elementary School (rating 10/10), and Willow Creek Elementary School (rating 10/10). Housing in ZIP 77345: The 2017 median household income in Kingwood is $123,201 with a 2017 median listing price of $323,750. Kingwood is 46 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall. Schools: The Humble School District, home to Deerwood, Greentree, Hidden Hollow, Shadow Forest, and Willow Creek, is one of Texas' 25 fastest-growing districts. It aims to create students who are "life-long learners, complex thinkers, responsible global citizens and effective communicators." 6. Rosemount, Minn. (ZIP code 55068) School: Shannon Park Elementary School (rating 10/10) Housing in ZIP 55068: The 2017 median household income in Rosemount is $93,743 with a 2017 median listing price of $299,900. Rosemount is 30 percent more affordable compared to its surrounding metro area, and 32 percent more affordable compared to the U.S. overall. School: Known for its academics and extracurriculars, Shannon Park students have a chance to take part in a plethora of activities, including a geography bee, math olympiad, young Authors Conference and family math night. 7. Bowie, Md. (ZIP code 20715) Schools: Whitehall Elementary School (rating 8/10) and Yorktown Elementary School (rating 8/10) Housing in ZIP 20715: The 2017 median household income in Bowie is $107,865 with a 2017 median listing price of $345,350. Bowie is 29 percent more affordable compared to its surrounding metro area, and 27 percent more affordable compared to the U.S. overall. Schools: Located just minutes away from Washington, D.C., Prince George's County Public Schools is one of the nation's 25 largest school districts. Whitehall and Yorktown are known for their academic rigor, which is demonstrated by their mission statements "to educate children beyond expectations" and "a rigorous instructional program for every student, in every classroom every day," respectively. 8. Huntington Woods, Mich. (ZIP code 48070) School: Burton Elementary School (rating 8/10) Housing in ZIP 48070: The 2017 median household income in Huntington Woods is $120,265 with a 2017 median listing price of $400,000. Huntington Woods is 15 percent more affordable compared to its surrounding metro area, and 27 percent more affordable compared to the U.S. overall. School: Burton Elementary school prides itself on its comprehensive and innovative curricula, making parents part of the education process and integrating technology into every subject. The 480 students who attend the K-5 elementary school, also benefit from "differentiated instruction" – programs that help enable the school to cater to all learning types. 9. Stow, Mass. (ZIP code 01775) School: Center School (rating 8/10) Housing in ZIP 01775: The 2017 median household income in Stow is $139,622 with a 2017 median listing price of $504,750. Stow is 45 percent more affordable compared to its surrounding metro area, and 23 percent more affordable compared to the U.S. overall. School: At Center School, educators use high expectations and cutting edge educational practices to drive students toward academic achievement. It's home to a state of the art 100,000-square-foot building equipped with iPads, Chromebooks and smartboards that give a students hands-on technology experience. 10. Chandler, Ariz. (85226) – Kyrene Elementary District and Paragon Education Corporation Schools: Kyrene De La Mirada School (rating 9/10), Kyrene De La Paloma School (rating 8/10), Kyrene De Las Brisas School (rating 9/10), Kyrene del Cielo School (rating 10/10), Kyrene Traditional - Sureno Campus (rating 9/10), and Paragon Science Academy K-12 (rating 9/10). Housing in ZIP 85226: The 2017 median household income in Chandler is $80,130 with a 2017 median listing price of $324,155. Chandler is 30 percent more affordable compared to its surrounding metro area, and 20 percent more affordable compared to the U.S. overall. School: In Arizona, students can attend any school within or outside their own districts. Kyrene and Paragon seek to attract top students with strong academics, small class sizes, lots of activities – such as technology and art – and the opportunity to use laptops every day. For more information, click here. About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS.® For more information, visit realtor.com®.
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Realtor.com® Appoints Danielle Hale as Chief Economist
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Foreign U.S. Home Sales Dollar Volume Surges 49 Percent to Record $153 Billion
WASHINGTON (July 18, 2017) – Fueled by a substantial increase in sales dollar volume from Canadian buyers, foreign investment in U.S. residential real estate skyrocketed to a new high, as transactions grew in each of the top five countries where buyers originated. This is according to an annual survey of residential purchases from international buyers released today by the National Association of Realtors®, which also revealed that nearly half of all foreign sales were in three states: Florida, California and Texas. NAR's 2017 Profile of International Activity in U.S. Residential Real Estate found that between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153.0 billion of residential property, which is a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high. Overall, 284,455 U.S. properties were bought by foreign buyers (up 32 percent from 2016), and purchases accounted for 10 percent of the dollar volume of existing-home sales (8 percent in 2016). "The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year," said Lawrence Yun, NAR chief economist. "While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest." Although China maintained its top position in sales dollar volume for the fourth straight year, the significant rise in foreign investment in the survey came from a massive hike in activity from Canadian buyers. After dipping in the 2016 survey to $8.9 billion in sales ($11.2 billion in 2015), transactions from Canadians this year totaled $19.0 billion – a new high for Canada. Yun attributes this notable rise in activity to Canadians opting to buy property in U.S. markets that are expensive but still more affordable than in their native land. While much of the U.S. continues to see fast price growth, home price gains in many cities in Canada have been steeper, especially in Vancouver and Toronto. "Inventory shortages continue to drive up U.S. home values, but prices in five countries, including Canada, experienced even quicker appreciation," said Yun. "Some of the acceleration in foreign purchases over the past year appears to come from the combination of more affordable property choices in the U.S. and foreigners deciding to buy now knowing that any further weakening of their local currency against the dollar will make buying more expensive in the future." Foreign buyers typically paid $302,290, which was a 9.0 percent increase from the median sales price in the 2016 survey ($277,380) and above the sales price of all existing homes sold during the same period ($235,792). Approximately 10 percent of foreign buyers paid over $1 million, and 44 percent of transactions were all-cash purchases (50 percent in 2016). Foreign sales rise in top five countries; three states account for nearly half of all purchases Buyers from China exceeded all countries by dollar volume of sales at $31.7 billion, which was up from last year's survey ($27.3 billion) and topped 2015 ($28.6 billion) as the new survey high. Chinese buyers also purchased the most housing units for the third consecutive year (40,572; up from 29,195 in 2016). Rounding out the top five, the sales dollar volume from buyers in Canada ($19.0 billion), the United Kingdom ($9.5 billion), Mexico ($9.3 billion) and India ($7.8 billion) all increased from their levels one year ago. This year's survey once again revealed that foreign buying activity is mostly confined to three states, as Florida (22 percent), California (12 percent) and Texas (12 percent) maintained their position as the top destinations for foreigners, followed by New Jersey and Arizona (each at 4 percent). Florida was the most popular state for Canadian buyers, Chinese buyers mostly chose California, and Texas was the preferred state for Mexican buyers. Sales to resident foreigners and non-residents each reach new peak The upswing in foreign investment came from both recent immigrants and non-resident foreign buyers as each increased substantially to new highs. Sales to foreigners residing in the U.S. reached $78.1 billion (up 32 percent from 2016) and non-resident foreign sales spiked to $74.9 billion (up 72 percent from 2016). "Although non-resident foreign purchases climbed over the past year, it appears much of the activity occurred during the second half of 2016," said Yun. "Realtors® in some markets are reporting that the effect of tighter regulations on capital outflows in China and weaker currencies in Canada and the U.K. have somewhat cooled non-resident foreign buyer interest in early 2017." Looking ahead, Yun believes the gradually expanding U.S. and global economies should keep foreign buyer demand at a robust level. However, it remains to be seen if both the shortage of homes for sale and economic and political headwinds end up curbing sales activity to foreigners. "Stricter foreign government regulations and the current uncertainty on policy surrounding U.S. immigration and international trade policy could very well lead to a slowdown in foreign investment," said Yun. NAR's 2017 Profile of International Activity in U.S. Residential Real Estate, conducted April 10 through May 1, surveyed a sample of Realtors ® to measure the share of U.S. residential real estate sales to international clients, and to provide a profile of the origin, destination, and buying preferences of international clients, as well as the challenges and opportunities faced by Realtors® in serving foreign clients. The survey presents information about transactions with international clients during the 12-month period between April 2016 and March 2017. A total of 5,998 Realtors® responded to the 2017 survey. The 2017 Profile of International Activity in U.S. Residential Real Estate can be ordered by calling 800-874-6500, or online at www.nar.realtor/prodser.nsf/Research. The report is free to NAR members and accredited media and costs $149.95 for non-members. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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84 Percent of Americans See Homeownership as Good Investment, Affordability a Growing Concern
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Survey: 1 in 3 Recent Homebuyers Made an Offer Sight-Unseen, Up From Nearly 1 in 5 a Year Ago
SEATTLE — June 28, 2017 — Thirty-three percent of people who bought a home in the last year made an offer without first seeing the home in person, according to a May survey of 3,350 homebuyers and sellers commissioned by Redfin, the next-generation real estate brokerage. In a similar survey last year, 19 percent of buyers said they had offered sight-unseen. Among recent Millennial homebuyers, 41 percent had done so. Five other major findings include: Affordable housing was the most prevalent economic concern, cited by 40 percent of buyers; rising prices caused 21 percent to search in other metro areas where homes cost less. Forty-one percent of buyers would be hesitant to move to a place where people have different political views from their own. Orders restricting immigration influenced the buying and selling plans of 52 percent of Arab, Asian and Latino respondents; 45 percent of minority buyers felt that sellers and their agents may have been less eager to work with them because of their race. Buyers remain resilient amid the prospect of rising mortgage rates. Just 5 percent said they'd cancel their plans if rates surpass 5 percent. Fifty-one percent of buyers and 46 percent of sellers saved money on real estate commissions. "Millennials are already starting to set trends in the real estate industry," said Redfin chief economist Nela Richardson. "They are three times more likely than Baby Boomers to make an offer sight-unseen, and they're more likely than older buyers and sellers to negotiate commission savings. Despite their tech-savvy confidence, politics are seeping into Millennials' decisions about where to live; nearly half cited hesitations about moving to a place where their neighbors wouldn't share their views." For the full report including more findings, charts and a detailed methodology, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $40 billion in home sales.
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