82% of Those Looking to Buy and Sell a Home Feel 'Locked In' by Low Mortgage Rate
Those looking to sell in the next year are happy with their home equity but don't want to take on a higher mortgage rate in order to move SANTA CLARA, Calif., April 17, 2023 -- The Best Time to Sell your home is upon us, but there is one major issue holding sellers back – high mortgage rates. According to a new survey from Realtor.com® and HarrisX, the vast majority (86%) of those planning to sell their home in the next 12 months are also planning to buy a new home. And because most of these sellers will be taking on a new mortgage, this creates a major affordability hurdle. In fact, 82% of these seller-buyers feel "locked in" by their currently low mortgage rate. As a result, more than half of seller-buyers (56%) who are planning to sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons. "One positive aspect that came out of the pandemic was historically low mortgage rates – and many people took advantage of this opportunity to buy their first home, upgrade to a more expensive home or refinance the home they were in," said Realtor.com® Chief Economist Danielle Hale. "Unfortunately, this comes with a bit of a catch-22, as homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily want to give that up in exchange for a rate in the 6-7% range." Home equity at all-time highs The good news for sellers is that they have a lot of equity in their current home. Eighty-five percent of potential sellers are happy with the amount of equity they have in their home. Specifically, 74% estimate that they have more than $100,000 in home equity and 20% estimate that number to be more than $300,000. Sellers still have sky-high expectations Despite higher mortgage rates, sellers still have high expectations for their home sale, in many cases even higher than potential sellers who were surveyed in Aug. 2022. Thirty-three percent of potential sellers said that they want to take advantage of the current market and think they can make a profit. Even in this shifting market: 43% expect to get their asking price (up from 27% in 2022) 37% expect to have an offer within a week (compared to 33% in 2022) 35% expect buyers to be willing to forgo contingencies like inspections and appraisals to make the deal (compared to 30% in 2022) 34% expect an all-cash offer (up from 22% in 2022) 31% expect to get more than their asking price (compared to 30% in 2022) 27% expect a bidding war to take place (compared to 32% in 2022) "Given the changing housing market, it's important for buyers and sellers alike to have realistic expectations heading into a home sale," said Hannah Jones, Realtor.com® economic data analyst. "By understanding the local market, sellers can make sure that they're pricing their home well to help ensure a quick sale and avoid a home that lingers on the market." Survey Methodology The survey was conducted online from Feb. 3-10, 2023, among 2,286 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 2.1 percentage points and larger for subgroups. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

For Love or Money? Realtor.com Survey Finds that Housing Costs Impact Romantic Decisions
Eighty percent of Gen Z respondents who have moved in with a romantic partner say that finances and/or logistics contributed to their decision SANTA CLARA, Calif., Feb. 13, 2023 -- Moving in with a romantic partner is a big step, and one that shouldn't be taken lightly. However, when it comes to taking the next step in their relationship, 63% of people who have moved in with a romantic partner said that their decision was impacted by finances and/or logistics. Realtor.com® and HarrisX surveyed 3,009 consumers to highlight how today's expensive housing market is impacting people's love lives. "Living with a romantic partner might bring a couple closer together, but it can also magnify potential issues in a relationship," said Clare Trapasso, executive news editor, Realtor.com®. "While the idea of splitting the rent or mortgage can be very attractive, it's important to have tough conversations with your partner and think through how living together will work before you take the plunge." Younger respondents were significantly more likely to be persuaded by money/logistics with 80% of Gen Z and 76% of Millennials saying that one or both of these things were a factor in moving in with a romantic partner. This is compared to 56% of Gen X, 44% of Baby Boomers who said the same thing. Will you be my… roommate? Unsurprisingly, among those who factored finances and/or logistics into their decision to move in with a partner, Gen Z respondents (56%) – who have faced notoriously high housing costs in their lifetime – were the most likely to say that saving money by splitting the rent/mortgage was a contributing factor. Additionally, 70% of all respondents who have moved in with a partner reported that they were able to save money by moving in. The most common amounts saved per month were: $1- $500 (27%) $501 - $1,000 (20%) $1,001 - $2,000 (13%) $2,001 - $5,000 (6%) More than $5,000 (4%) A significant percentage of respondents who have moved in with a partner moved into a home that one person already rented (37%) or owned (21%), while 30% decided to start fresh with a new rental and 9% took the leap directly into buying a home together. Don't go breaking my heart Not all relationships work out and living with a partner isn't always easy. Forty-two percent of people who have moved in with a romantic partner ended up regretting the move. Reasons included: The relationship didn't work out (48%) We moved too fast/rushed the decision (31%) Realized we weren't compatible for co-living (27%) It made it harder to break up (26%) When we broke up it was stressful to divide the things that we had purchased together (22%) The stress of living together hurt our relationship (22%) The logistics of moving out after a breakup were too difficult (19%) We broke up soon after moving in together (17%) "When you're renting or purchasing real estate together, it's important to make sure you're both financially protected," said Trapasso. "For example, if you're buying a home together as an unmarried couple, it may be a good idea to chat with a real estate attorney first to figure out what would happen with the home in the event that you broke up." Will you accept this contract? Nearly a third (31%) of survey respondents who have moved in with a partner signed a contract outlining what would happen in the event of a break-up. Younger respondents were significantly more likely to have signed a contract, with 54% of Gen Z and 47% of Millennials doing so. This suggests that younger generations might be more financially and/or legally savvy and understand the importance of protecting their investments. Methodology The survey was conducted online from Feb. 1-4, 2023 among 3,009 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 1.8 percentage points and larger for subgroups (including those who have moved in with a partner at +/- 2.3 percentage points). The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Analysis from ATTOM Reveals How Grocery Store Locations Impact the U.S. Housing Market
Trader Joe's leads the pack for homeowners, while ALDI wins among investors; Average home value near Trader Joe's is $987,923, compared to $891,416 near Whole Foods and $321,116 near ALDI IRVINE, Calif. – Nov. 22, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2022 Grocery Store Wars analysis, which shows how living near a Trader Joe's, a Whole Foods or an ALDI might affect a home's value – as a homebuyer based on home price appreciation and home equity, or as an investor looking for the best home flipping returns and home seller ROI. For this analysis, ATTOM looked at current average home values, 5-year home price appreciation for YTD 2022 vs. YTD 2017, current average home equity, home seller profits, and home flipping rates in U.S. zip codes with a least one Whole Foods store, one Trader Joe's store and one ALDI store. (See full methodology enclosed below.) "Smart homebuyers might want to consider where they'll do their grocery shopping when they're shopping for a new home." said Rick Sharga, executive vice president of market intelligence at ATTOM. "It turns out that being located near grocery stores isn't only a matter of convenience for homeowners but can have a significant impact on equity and home values as well. And that impact can vary pretty widely depending on which grocery store is in the neighborhood." For Homeowners While homes near a Trader Joe's realized an average 5-year home price appreciation of 49 percent, and homes near a Whole Foods saw an average appreciation of 45 percent, ALDI had a slight advantage at 58 percent. However, not only does Trader Joe's lead the pack for homeowners with an average home value at $987,923, but it also takes the lead in home equity with homeowners earning an average of 50 percent ($520,842) equity, compared to Whole Foods at 45 percent ($433,311) and ALDI at 38 percent ($132,643). The average value for homes near a Whole Foods is $891,416, and $321,116 for homes near an ALDI. For Investors Properties near an ALDI are ripe for investors, with an average gross flipping ROI of 54 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 28 percent and Trader Joe's at 25 percent. Properties near an ALDI have an average home seller ROI of 61 percent, while properties near a Trader Joe's sit at 58 percent, and 51 percent for properties near a Whole Foods. Report methodology For this analysis ATTOM looked at current average home values, 5-year home price appreciation for YTD (Q1-Q3) 2022 vs. YTD (Q1-Q3) 2017, current average home equity, home seller profits, and home flipping rates in U.S. zip codes with a least one Whole Foods store, one Trader Joe's store and one ALDI store. Grocery store locations are from the USDA. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

What are the most popular real estate listing photos? New HomeJab study reveals the answers
Cherry Hill, NJ - June 22, 2022 -- A new study of real estate photography data from HomeJab finds that the most popular real estate listing photo is not the home's front exterior. Instead, bedroom photos were ranked first, barely nudging out kitchen photos. Front exterior shots placed a distant fifth. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services in all 50 states, partnered with Artificial Intelligence firm Restb.ai to study more than 14,000 photos of homes for sale. Professional real estate photographers hired by listing agents took the images used for the research from a random selection of 600 properties listed for sale in early June 2022. The HomeJab study – using Restb.ai computer vision technology – found: Bedroom photos topped the list. More than one in ten images used to sell a home were bedroom photos (11.92%). Kitchen photos came in second place, just 1/50th of one percent lower than bedroom photos (11.90%). Living room photos took the third spot, with 10.79%. Bathroom photos were No. 4 with 9.75%. Front exterior photos rounded out the top 5 most popular real estate listing photos with 8.70%. "When you scroll through listings of homes for sale online, typically, you see an exterior shot," said Joe Jesuele, founder and CEO of HomeJab. "But that's not the most popular photo that real estate photographers capture. Instead, professionally shot photos of the kitchen and bedroom are the most common ones used to help sell homes," he said. HomeJab enlisted the help of real estate's leading computer vision firm, Restb.ai, to automatically sort through thousands of photographs from homes currently for sale, use its computer vision technology to identify the type of photo, and then classify and sort the images. "What would take a research team hundreds of total people hours to accomplish manually, Restb.ai was able to provide these research results in minutes," noted the founder and CEO of Restb.ai, Xavi Hernando. HomeJab's Jesuele explains that using only professionally shot real estate photos improves the quality of the study findings because research shows that high-quality, professional real estate photos are more effective in selling homes. He notes that past research from the Center for Realtor Development shows that professional real estate photography helps homes sell 32 percent faster. Homes with more professional photos sell for more, too. Homes in the $200,000 to $1 million price range net sellers $3,000 to $11,000 more when using professional images. The new HomeJab real estate photo study also shows that rounding out the Top 15 listing photos were: Dining area – 4.48% Aerial – 4.32% Yard – 3.00% Back exterior – 2.48% Patio terrace – 2.10 Home office – 1.84% Laundry room – 1.81% Deck – 1.72% Hallway – 1.39% Foyer – 1.26% The bottom six were Basement (1.22%), Garage (1.12%), Front door (1.11%), Pool (1.11%), Stairs (.93%) and Walk-In closets (.66%). Other miscellaneous photos comprised the remaining 16.38%. Jesuele added, "It will be interesting to see if these numbers change over time – especially with the increased accessibility and use of drone footage for aerial photography and video. And because of the pandemic, will we see more photos of home offices in the future? Time will tell." A summary report on this new HomeJab study is available here. About the Study For this study, HomeJab, which has real estate photography professionals available in every major US market and all 50 states, worked with real estate's leading computer vision firm Restb.ai. The study used 14,000 photographs of 600 homes for sale, shot by professional real estate photographers hired by the listing agent in early June 2022. Restb.ai used its AI technology to identify, categorize and sort the real estate listing photos. About Restb.ai Born in 2015 and operating across 5 continents, Restb.ai is the leading computer vision solution for the Real Estate market. Their AI-powered plug-n-play services identify, analyze, and categorize real estate specific insights at the image, listing, and market level with an accuracy of up to 99%. Imagine having a real estate expert analyze each of the 1 million property photos uploaded every day… Well, now you can. Learn more at Restb.ai. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states, Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.

New HomeJab study shows impact of COVID-19 on real estate agent marketing spending trends
Study reveals stark geographic differences for real estate photography orders Cherry Hill, NJ - March 17, 2022 -- A new study of real estate photography data from HomeJab finds a significant geographic difference in the amount of marketing dollars agents spent before the pandemic for listings and the amount they spent coming out of the height of the COVID-19 outbreak. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 43,000 real estate photography assignments from 2017 to 2021 in five regions: Midwest, Northeast, Southeast, Southwest, and West. The new HomeJab research found: Real estate agents in the West, Northeast, and Midwest are spending more for real estate listing photography services coming out of the pandemic than before the start of the pandemic: West: Up nearly 9 percent (8.7%) Northeast: +7.5% Midwest: +5.6% Real estate agents in the Southwest and Southeast either spent more or modestly less for real estate listing photography services since the pandemic began: Southwest: -0.6% Southeast: +2.8% Nationwide, the average real estate listing photography services order was up 5.9% from post-pandemic orders, and now average $229 per order. Real estate agents in the West spend the most for real estate listing photography services, averaging $279 per order. Midwest real estate agents spend the least, averaging $200 per order, or nearly 40% less than real estate agents in the West. Northeast real estate agents spend the second least amount, averaging $225 an order. Southeast and Southwest real estate agents' average spend for real estate listing photography services average $229 and $235, respectively. "Professional real estate listing photography orders by real estate agents clearly remained a vital marketing investment in many of the hottest markets during the COVID-19 outbreak," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that during a time when homes were flying off the shelves, and multiple offers hit a new high, agents still understood the power of visual images for their real estate marketing," Jesuele added. The HomeJab study also examined trends in all 50 states and found: Prominent "Blue states"* show significant increases in marketing spend for real estate listing photography services since the pandemic began, including: New York: +27.9% Massachusetts: +18.5% California: +9.7% Illinois: +7.7% Prominent "Red states"* show either decreases or modest increases in marketing spend for real estate listing photography services since the pandemic began, including: South Carolina: -23.4% North Carolina: -16.5% Texas: -0.1% Florida: +6.3% For Jesuele, the fact that prominent Red states spent less was not surprising. "The banning of Open Houses happened faster and lasted longer in Blue states," he observed. "Red states were not as dependent on 3D tours and other photography services that helped remote buyers make home purchases. Buyers and sellers in Blue states it appears needed these services," he added. Another recent HomeJab study revealed that COVID-19 dramatically impacted the popularity of video/3D shoots for new property listings. A free copy of the new HomeJab study is available here. *Note: State classification is based on the last US Senate election in 2021 and includes only states where HomeJab had at least 400 comparison orders from 2017-2021. About the Study HomeJab, which has professional photographers available in all 50 states, studied over 43,000 real estate photography assignments placed by real estate agents between 2017 and 2021. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.

HomeJab study shows Wednesdays are the most popular day for taking real estate listing photos
Study also reveals the impact of COVID-19 on video/3D and aerial photography Cherry Hill, NJ - February 16, 2022 -- A new study of real estate photography data from HomeJab finds that Wednesday is the most popular day of the week for real estate photographers to take photos for a new property listing. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services in every major US market and all 50 states, studied nearly 60,000 real estate photography assignments over the last four years. The HomeJab study found: The most popular day of the week for real estate photography was Wednesday. 20% of all listing photos are shot on Wednesday. Tuesday and Thursday are tied for the second most popular day of the week for shooting real estate listing photos with 18% each. The least popular day of the week for real estate photos? Sunday. Just 4% of real estate listing photos are shot on a Sunday. "Most professional real estate photography shoots don't happen on weekends, even though home sellers are typically more available," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that only about 1 out of 10 listing photo shoots occur on a Saturday and Sunday," Jesuele added. The HomeJab study also revealed that COVID-19 had a dramatic impact on the popularity of both video/3D shoots for new property listings and aerial photography footage. In 2020, when the pandemic shuttered almost all Open Houses, the percentage of video and 3D virtual tours ordered by agents jumped significantly from 37% to 53% of photo shoots. Last year, as Open House returned, this percentage went down slightly to 48% but remained higher compared to pre-pandemic levels for 2019. HomeJab found the opposite was true with aerial photography. A little more than 15% of real estate listing photo shoots included aerial photography in 2018 and 2019. That number dropped in 2020 to 12%. Last year aerial photography orders rebounded to about 14% for all listings. Jesuele observed, "Agents typically have a fixed budget for photography, so an increase in one service would cause a decrease in the other service." "We expect real estate agents using HomeJab to continue to build-in video and 3D tours as part of their 'go-to' photo package for all listings, and that aerial photography will continue to rebound," Jesuele said. "Increasing visual content satisfies sellers and helps potential buyers, especially those who still don't want to tour physically as many houses as they once did." A summary report on this new HomeJab study is available here. About the Study For this study, HomeJab, which has real estate photography professionals available in every major US market and all 50 states, studied nearly 60,000 real estate photography assignments placed by real estate agents between 2018 and 2021. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.

75% of recent home buyers have regrets about their new home
Nearly three-quarters of successful buyers wish they had done at least one thing differently; nearly 40% wish they had taken more time searching for a home or weighing their options. SEATTLE, Feb. 8, 2022 -- Purchasing a home in a rapidly appreciating and hypercompetitive housing market can feel like winning the lottery. But a new Zillow survey finds even those who are successful often make compromises and can suffer from buyer's remorse. Current and aspiring home shoppers can learn from the regrets of these pandemic-era buyers with help from new technology and a housing market that could offer buyers a bit more breathing room. Zillow's survey finds three-quarters of those who successfully purchased a home in the past two years say they have at least one regret about the home they bought (75%). About one-third of new buyers regret buying a home that needs more work or maintenance than expected (32%). A similar percentage regret buying a home that is too small (31%). "The pandemic-driven feeding frenzy in the for-sale market added challenges for buyers, especially those purchasing for the first time," said Zillow population scientist Manny Garcia. "This research suggests many of those buyers ended up in a home that was less than ideal. It's important to remember that even in a balanced market, most buyers have to make compromises to stay within their budget. However, to minimize regret, aspiring buyers would be wise to establish where they're willing to compromise and what's a deal breaker before shopping." A checklist can help home shoppers establish their needs versus their wants. When shopping with a partner, the right home should meet the needs of both people to avoid regrets and resentment. On the Zillow app, buyers can add a shopping partner to share listings and use SharePlay to make collaborative shopping easier. Most successful buyers (74%) wish they had done at least one thing differently during the shopping process, with 38% wishing they had spent more time searching for a home or weighing their options. About one-quarter would have shopped for and purchased a home in a different area (28%). A vast majority of successful buyers say they had to make at least one compromise in order to afford their home (81%). Nearly 2 in 5 say they ended up in a location that increased their commute time (39%), while 32% purchased a home that was smaller than they initially planned to buy. "Buyers can get distracted by a pretty kitchen or great staging when they should concentrate instead on a home's two biggest factors: its layout and location. It's very tough to change both," said Seattle-based Zillow Premier Agent partner Lucas Pinto, team lead at the Lucas Pinto Real Estate Group, Compass. "A great agent can reframe a buyer's home search and keep them focused on their priorities, helping them make a confident, informed purchase decision." New tech tools are making it easier for home buyers to understand a home's layout before touring it in person. Interactive floor plans and virtual 3D Home® tours can give buyers a more accurate sense of the spatial relationship between rooms in a home, so they can winnow their options without leaving their sofa. To help choose a location they'll love, shoppers can also take advantage of Zillow's Travel Time function, Walk Scores and Transit Scores, which are featured on all for-sale listings. Buyer burnout has become increasingly common amid rapid home price appreciation. Nearly 60% of successful buyers say they took a break from their home search (59%), while 72% of prospective buyers say they have done the same. Both prospective and successful buyers who paused their search were most likely to do so because the type of home they wanted to buy became too expensive. These pandemic-era buyers faced unprecedented conditions. They had far fewer homes to choose from and far more competition for the homes that were listed for sale. Inventory fell to a new low, down more than 40% compared to pre-pandemic levels, while home values surged nearly 20% in 2021. Today's buyers face similar challenges, but in a calmer market, they should have more time to assess their options before making one of life's biggest financial investments. In June 2021, the typical U.S. home flew off the market in just one week. That time frame has expanded every month since, to roughly 13 days in December 2021. Home values are expected to keep climbing, but Zillow economists predict those values will rise at a slightly slower rate than last year's blistering pace — 16.4% versus 19.6% in 2021. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.

Looking for Space and Willing to Pay for It: Realtor.com Survey Shows Shifting Priorities for First-Time Homebuyers
These buyers are increasingly willing to up their budget and pay over asking price to land a home in this competitive market SANTA CLARA, Calif., Dec. 16, 2021 -- Millennials are settling down, starting families and looking for more space -- and they know that it won't come cheap. A new Realtor.com survey suggests shifting priorities among first-time homebuyers who are increasingly looking for flex space such as finished basements, guest rooms and guest houses. These home shoppers have also increased their budgets since the spring, and are more willing to bid over asking price and use other tactics to get ahead of the competition. Realtor.com® and HarrisX surveyed first-time homebuyers in spring 2021 and again in fall 2021 to understand how their priorities have shifted in a competitive housing market. The survey found that while more than a quarter of hopeful first-time homebuyers were unsuccessful at purchasing a home in 2021, 72% are aiming to buy in 2022. And after months of trying, home shoppers have a better understanding of what it will take to write a winning offer. "Despite a challenging year, aspiring first-time homebuyers are surprisingly optimistic about 2022," said George Ratiu, manager of economic research, Realtor.com. "They're looking at the new year as a fresh opportunity to make their dreams of owning a home come true and our survey suggests that they're armed with information and ready to compete for their first home." First-time homebuyers know what it takes to win Home sales are expected to hit their highest level in 16 years in 2022 according to the Realtor.com® 2022 Housing Market Forecast. In this fast-paced, competitive market there are a number of tactics that buyers can use to get ahead such as checking online listings every day, putting more than 20% down and making an offer quickly. In the spring, 79% of first-time homebuyers were planning to use these tactics to win a home, but that number jumped to 91% in the fall, indicating that buyers know what it takes to win. First-time homebuyers have also become more willing to offer over asking price. In the spring 39% said they would not pay over asking, but that number fell to 24% in the fall. In the fall, three percent of first-time buyers were willing to offer 30% over asking (in the spring, no respondents selected this option), which equates to more than $110,000 on a typical home -- a significant premium. Expanding budgets to match the market With the median home price in the U.S. hitting $380,000, many first-time homebuyers found that they needed to up their budget to land a home. In the spring, 75% of first-time shoppers were looking for a home at or below $350,000, but that number fell to 62% by the fall, as budgets increased. While those shopping in the $350,000 - $500,000 range held relatively steady, the number of first-time shoppers in the $500,000 - $750,000 range doubled, jumping from 6% in the spring to 13% in the fall. Staying closer to home During the pandemic, many people moved from cities to suburbs to find more space and affordability. As we head into 2022, survey respondents are planning to stay closer to their current location. First-time homebuyers planning to stay in their current city or town increased from 40% in the spring to 47% in the fall. Those planning to move to a different city or town within their state decreased from 42% in the spring to 36% in the fall. Those planning to move to a different state held relatively steady at 17% in the spring and 16% in the fall. "Our survey data suggests that many people have found the location they'd like to settle down in, and are now focused on landing the right home. And with more homes expected to hit the market in the coming months, there should be plenty of opportunity for prepared buyers to find their dream home," said Ratiu. Methodology: The survey was conducted online from Sept. 23 - Oct. 1, 2021 among 2,583 adults by HarrisX (which includes an oversample achieving 502 respondents buying a house for the first time in the next year). The sampling margin of error of this poll is +/- 1.9 percentage points for all respondents, and 4.4 percentage points for first-time homebuyers. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, income, and the status of those first-time homebuyers where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.

Americans Are Willing to Get Ghoulish to Snag a Home in This Monsterish Market, According to Realtor.com Survey
One third of Americans would live with a friendly ghost if it means being able to afford their dream home in the current market SANTA CLARA, Calif., Oct. 26, 2021 -- In the most hair-raising housing market the country's ever seen, Americans aren't spooked by the prospect of living with things that go bump in the night. According to Realtor.com's annual Halloween survey, ghostly happenings and nightmarish neighbors are all fair game if it means being able to afford their dream home in the current market. The survey of 2,583 U.S. adults, conducted online in Sept. 2021 by HarrisX, found that Americans are willing to live not only with a ghost, but also with other ghoulish going-ons. Almost one third (30%) would be willing to live with a friendly ghost. Twenty percent would live in a home where a murder has taken place. 17% would live in a haunted house, and that jumps to 46% if they're able to get the haunted home at a discounted price. Plus, they're willing to have nightmarish neighbors, with 30% of survey respondents saying they would live next to a cemetery, while one quarter (25%) say they would live next door to a haunted house. "In today's ultra-competitive housing market, buyers are looking for a break," said Realtor.com® Deputy News Editor Clare Trapasso. "The majority are willing to consider homes that are rumored to be haunted, especially if they can get these properties at a discount. Nearly half of those surveyed would live in a haunted house if they can get a good discount, which to many buyers is more than half off of the market price." Those looking to buy in the next 12 months are even more open to living with spooky spirits, especially if that means they can get their new home for less. 63% are willing to live in a haunted house at a discounted price, with most looking for a discount that's more than 20% off market price. Americans are also open to living in a home where a murder has taken place, but they're looking for a discount here too. Three quarters (75%) say they'd require a discount to buy a home where someone was murdered, with most (69%) wanting more than 10% off market price. Some want even more money off: one quarter (24%) would need a discount of more than 50% to buy a home where someone was murdered. For those willing to live in creepy quarters, they'll be in good company. Almost one third (30%) of Americans say they've lived in a house they believed was haunted. Fifty-four percent of those looking to sell their home within the next 12 months have lived in a house they believed was haunted. Buyers should look out for spooky signs before they move in. About one quarter (27%) of Americans who've lived in a house they believe was haunted say they learned the house was haunted before moving in (and still moved in), while 73% only learned the house was haunted after moving in. Mostly, they believe their house was haunted due to strange noises (58%), the feel of certain rooms (44%) and shadows (42%). Other reasons include feeling touched (37%), pet behavior (37%), items moving (35%), hot/cold spots (34%), ghost sightings (33%), lights turning on/off (31%) and levitating objects (12%). "Homebuyers who are concerned about a home's past should be sure to ask questions and do some research before they buy a new house. Only a few states require sellers to inform house hunters if someone died on the property. Some people who find themselves living in a home they believe to be haunted turn to specialists -- like paranormal investigators, spiritual healers, and even church-sanctioned religious leaders," said Trapasso. Methodology: This survey was conducted online within the U. S. from Sept. 23 - Oct. 1 among 2,583 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.9 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, income. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.

Impacts of Student Loan Debt on Homebuying Uncovered at Realtor Policy Forum
WASHINGTON (October 13, 2021) -- Top experts from the housing and higher-education fields joined policy thought leaders from the National Association of Realtors on Wednesday to discuss the current student loan debt crisis and how it affects the economy, housing market, and debt holders. The event explored the findings of NAR's September report, The Impact of Student Loan Debt. For the past eight years, NAR has been collecting and examining research to measure the impact of student loan debt on future homebuyers. The report uncovered that student loan debt is one of the most significant hurdles for potential buyers and their ability to purchase a home. "Today's millennials are drowning in student loan debt. After our research, we can now say with certainty that student loan debt is making it difficult to buy a home," said NAR Vice President of Policy Advocacy Bryan Greene to open the event. "We know that homeownership is the ticket to wealth and equity. Many are concerned that to address student loan debt, we would have to take the load off students and on put it on taxpayers. Others advocate help from private employers. We need to talk about all options and explore what reforms are possible." Fifty one percent of student loan holders say their debt delayed them from purchasing a home. NAR's Vice President of Demographics and Behavioral Insights, Jessica Lautz, took the time to explore and explain the research the association has recently done. "We first started researching this topic because of NAR member's children – they couldn't afford a home because of the burden of student loan debt. We knew they weren't alone because there are 40 million Americans holding student loan debt," said Lautz. "Half of non-owners say student loan debt is delaying them from buying a home. We asked participants in our research to pretend they paid off their student loan debt – they said the first thing they would invest in is long-term savings and the second would be buying a home. So, we know they want to get into homeownership, but they are having a hard time getting there." The Mortgage Bankers Association (MBA) spoke about today's competitive housing market. Detailing that in the current market candidates are faced with other buyers offering all-cash offers and a competitive bidding process. In result of intense competition, MBA supports assistance in down payment which is clearly needed for first time homebuyers specially in low-income areas. Senior Vice President of Public Policy for the National Fair Housing Alliance, Nikitra Bailey, went on to outline how student loan debt has a disproportionate effect on people of color. NAR's research shows White student debt holders (30%) are less likely than Black (47%) or Hispanic (47%) debt holders to say they are currently incurring student loan debt for themselves. "Today Black homeownership is as low as it was when discrimination was legal," said Bailey. "After 20 years of taking out student loans, Blacks still owe 95% of the balance of the debt and are more likely to default. Post-secondary education is now a necessity to succeed, yet a degree is not a shield from racial disparity. Our proposed Down Payment Targeted Assistance Program addresses student loan debt as a burden that leads to the lack of ability to save for a down payment, mostly among Blacks and Latinos. And our Keys Unlock Dreams Initiative will help close the racial wealth and homeownership gap." Rachel Fishman, Deputy Director for Research, Higher Education at New America was able to explain to the audience the burden on parents who take out Parent PLUS loans. These federal loans continue to be an in between space where parents take on the student loan debt of their child. "When we talk about student loan debt we talk about the student, but we need to start correlating the family," said Fishman. "My hope is to raise awareness about this issue… to start addressing the root cause of debt – food insecurity, housing affordability, childcare. Families are juggling these things on balance sheets along with student loan debt. Among other recommendations, we seriously need to address college affordability for a four-year degree." The last speaker for the event was Ben Kaufman, Head of Investigations & Senior Policy Advisor at the Student Borrower Protection Center. He closed the forum with statistical intel that outlined the chronological timeline showing the increasing financial instability that student loan debt is creating in this country and how it is standing in the way of people being able to purchase a home. "Student loan debt has exploded in the US. There are more people borrowing, and they are borrowing more. People think of a student loan debt holder as young person, but actually two-thirds of borrowers are over the age of 30," said Kaufman. "Even before COVID, the rate of delinquency on student loans was higher than the delinquency on mortgages at the peak of the financial crisis. Before COVID, a borrower was defaulting on a student loan every 26 seconds. So much of this is policy choices, for generations every single day in Washington all levels of government have been making decisions on this. It is imperative to claim your seat at the table so your voices can be heard. If your voices were heard from the onset, I don't think we would see the consequences we see today." The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Affordable Housing Concerns and Food Insecurity Linked, NAR Report Finds
NAR continues calls for more affordable housing while expanding partnership with Food Recovery Network to combat hunger WASHINGTON (August 24, 2021) -- Households burdened by housing costs are more likely to need food assistance, according to a new analysis by the National Association of Realtors. NAR's Housing Affordability and Food Sufficiency report examines the connection between families that struggle with rent or mortgage payments and food insecurity. From June 23 to July 5, 2021, nearly two-fifths of homeowner households (38% or 23.3 million) and two-thirds of renter households (66% or 17.8 million) reported having difficulty paying for the usual household expenses, including food, rent or mortgage, auto and student loans, medical expenses and utilities. Nearly six million households received free food offered by food pantries, churches or other charitable organizations. "Housing affordability and food sufficiency are inseparable to families' balance sheets," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "The pandemic has only highlighted many families' struggle to secure stable housing and food security. This report shows how critical it is for NAR to continue its work to increase the access to stable and affordable housing in America." One in four households that spent more than 50% of their income on housing in 2019 – including one in three renters – received food stamps from the Supplemental Nutrition Assistance Program. The percentage of gross monthly income spent on housing costs serves as an indicator of housing affordability. Housing costs can include a combination of mortgage or rent payments, utilities, insurance and property taxes. Households that spend more than 50% of their monthly income on housing are considered severely burdened by housing costs. Louisiana, South Carolina and Georgia have the largest shares of households that are both behind on rent or mortgage payments and without enough food to eat. The states where households are most likely to receive free grocery donations while also struggling with housing costs are New York, Louisiana, Georgia, South Carolina and New Jersey. NAR has partnered with the Food Recovery Network since 2019 to fight hunger and food insecurity across the nation. FRN provides guidance and resources that have ensured a number of NAR and its state and local affiliates' meetings and events are Food Recovery Verified, which allows the group to recover surplus food from various events and donate it to hunger-fighting non-profits. NAR and FRN extended the partnership this year as the association again began hosting in-person events. Since June, NAR has donated 500 pounds of surplus food from three national events. NAR CEO Bob Goldberg and FRN's Executive Director Regina Anderson spoke yesterday about the collaboration during the association's Leadership Summit, an annual gathering of state and local Realtor® association presidents-elect and association executives. "As the financial impacts of the pandemic are still being felt by far too many families across the country, I'm grateful to be continuing our partnership with the Food Recovery Network to fight the unacceptably high levels of food insecurity in America," said Goldberg. "Last month alone, more than eight million households reported not having enough food to eat. The need is great, but so are the philanthropic spirit and actions of Realtors®." NAR's efforts will add to the work of FRN and its affiliates, which has to date recovered 5.3 million pounds of food, equivalent to 4.4 million meals donated since 2011. "Powerful partnerships like the one FRN and NAR have fostered ensures people have access to the food they deserve. It's important that people can see themselves as part of a simple solution to changing the current process of tossing perfectly good food to one of recovering good food and ensuring it can go to those experiencing hardship," said Anderson. View NAR's Housing Affordability and Food Sufficiency report here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the "Research and Statistics" tab.

Realtors Believe Drones, Cyber Security Are Real Estate Industry's Most Impactful Emerging Technologies
Drones, cyber security, 5G and virtual reality are expected to have the biggest impact on the real estate business in the next two years. WASHINGTON (August 3, 2021) -- Realtors view drones and cyber security as the most impactful emerging technologies to their business, according to a new report from the National Association of Realtors®. NAR's 2021 Technology Survey examined NAR members' current tech usage and attitudes about the future of real estate technology. In addition to drones (37%) and cyber security (34%), Realtors® believe that 5G (31%) and virtual reality (30%) will also have a significant impact on their business in the next 24 months. "The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate," said NAR CEO Bob Goldberg. "The great work being done by NAR, including our Strategic Business, Innovation and Technology group, has ensured that Realtors® will continue to have access to the latest technology and remain at the forefront of the innovations driving the market forward." The survey also examined the current use of technology by Realtors®, finding that the most valuable tools used in the past 12 months were eSignature (78%), local MLS apps/technology (54%), social media (53%), lockboxes (48%) and video conferencing (39%). Many brokerages are providing these technologies to their agents. Thirty-seven percent of respondents agreed that their brokerage provides them with all the technology tools they need to be successful, and 27% strongly agreed. The top tools provided by brokerages were eSignature (57%), personal websites (54%), customer relationship management (54%) and transaction management (50%). Roughly one out of three Realtors® – 36% – said that their broker does not charge any technology fees, and 50% said that the price their broker charged was reasonable. NAR's report found that Realtors® are willing to pay for this technology, even if their brokerages do not. Thirty-six percent of Realtors® spend on average between $50-$250 per month on technology to use in their business. Eighteen percent spend between $251-$500, and nearly one out of four Realtors® – 23% – spend more than $500 monthly on technology. When asked about desired technology tools that are not currently provided by their broker, cyber security topped the list at 19%, followed by lead generation (16%), eNotary (11%), CRM (10%) and personal websites (10%). According to the survey, Realtors® are using social media now more than ever in their businesses. The top social network is Facebook, used by 90% of Realtors®, followed by Instagram (52%), LinkedIn (48%), YouTube (24%) and Twitter (19%). Video has also played an ever-increasing role in the marketing of properties on social media. Thirty-seven percent use video in their marketing and 35% do not use video but hope to in the near future. "There is no denying that social media has become an integral tool to promote a listing," Goldberg said. "The pandemic has caused more of our members to use social media and video to creatively market themselves and their properties." The top reasons Realtors® cited for using social media in their business included that they are expected to have a presence on social media (54%), it helps build and maintain relations with existing clients (49%) and they use it to promote listings (49%). Additionally, 36% of Realtors® use social media to find new prospects and 33% say it helps them network with other real estate pros. Social media also topped the list when it comes to lead generation. The top three tech tools that have given respondents or their agents the highest number of quality leads in the last 12 months were social media (52%), CRM (31%) and their MLS site (28%). These current and future real estate tech topics will be front and center at NAR's iOi Summit, taking place August 17-18 in Dallas, Texas. Over 500 real estate practitioners, technologists and investors will convene to share insights and unveil cutting-edge real estate products and ideas. "iOi is all about innovation," Goldberg said. "This event brings together proptech leaders and thinkers whose products, services and solutions will help shape the real estate industry and drive it forward." Learn more about and register for the iOi Summit. The 2021 Technology Survey is available to download here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Home Shoppers Are Looking for More Flexibility in Their Home Space and Are Willing to Swap Short Commute Time for Affordability, According to Realtor.com Survey
Room for extended family and pets, home office and internet rise in importance for buyers who realize the need to compromise in today's competitive market SANTA CLARA, Calif., June 17, 2021 -- Life is beginning to return to normal throughout the U.S. with many companies announcing their return to office strategies and cities beginning to open up. However, for many 2021 home shoppers who spent the majority of 2020 confined to their homes, the COVID pandemic has influenced what they are looking for in their next house, while the hyper-competitive housing market has them strategizing about how to get ahead, according to a new Realtor.com® survey released today. The need for more space was the top reason driving home shoppers' decision to purchase a new home in the coming year, according to the online survey of 1,200 home shoppers conducted this spring by HarrisX. Although the majority of today's buyers are looking for three bedrooms and two baths, their responses indicate they are looking for more flexibility in their home space and affordability in exchange for a shorter commute -- the new realities of a post-COVID world. "The COVID pandemic ushered in a new way of thinking about what home means, and that is influencing much of what today's home shoppers are looking for," said George Ratiu, senior economist, Realtor.com®. "Garages, large backyards and space for pets always rank high on buyers' wish lists, but those features have grown in importance. The survey results highlight that the pandemic has elevated our relationship with family as well as the need for our home to serve multiple purposes, especially the ability to work remotely. As a result, we are placing a premium on the need to accommodate extended family, and features like a home office and broadband internet." What's in and what's out for post-COVID home shoppers When asked which home features have become a priority as a result of the pandemic, quiet location (28%), updated kitchen (25%), garage and large backyard (24% each) topped the list. Outdoor living area (20%), space for pets (18%), updated bathrooms (19%), home office and broadband internet capabilities (17% each) and open floor plan (16%) rounded out the top 10 pandemic-induced most desired home features. Sixty-five percent of respondents indicated that they are considering extended family when they shop for a home, with nearly a quarter stating that they are planning to buy near family members. One-fifth of those surveyed said they would have extended family living with them full-time and 30% said their new home would need to accommodate extended family staying with them part-time or visiting. Consistent with the desire for outdoor space, terms such as "fenced yard," "acres," "backyard," "front porch," "garage" and "three-car garage" have all seen a significant uptick in searches on Realtor.com® over the past year. With reports of pets being adopted at record rates during the pandemic, the term "pet friendly" also saw a large increase in searches. Decreasing in importance from prior surveys was the need for a short commute time and a home with smaller square footage. Only 9% indicated a short commute time was a priority and 4% were looking for smaller square footage. This was down from 11% and 8%, respectively, in early March 2020 prior to the pandemic. Perhaps due to rising home prices, searches for "remodeled" homes on Realtor.com® were down 88% year to date through May. It appears that motivated buyers are making concessions in their home search, with fewer searches for otherwise-popular features such as granite countertops (-58%), theater/media rooms (-65%), and bars (-52%). Today's buyer is prepared and willing to compromise Again, pragmatic about the competitive housing market, 35% of home shoppers said that they were checking listing websites every day and 25% had set a price alert to get notified when new homes hit the market to stay ahead of the competition. From a financing perspective, 28% indicated that they were planning to offer more than a 20% cash payment, 21% plan to increase their earnest money deposit and 17% plan to either offer above asking price or all cash. While a third said they would not offer above asking price, nearly half were prepared to offer up to 10% above asking. "In today's competitive housing market, it is not uncommon to submit an offer above the home's list price. At the same time, knowing what you can spend and sticking to your budget is one of the most important things a home buyer can do. One way to ensure that you don't go over budget is to limit your search by using price filters to homes under your budget. That way, if you submit an offer that is over the list price, you'll still be within your maximum budget," said Realtor.com® Housing and Lifestyle Expert Lexie Holbert. When buyers were asked to select which features they would sacrifice if they had to reduce their budget, several COVID-coveted features would be the first to go with man cave and pool/spa tied at 24%, followed by guest house and mother-in-law suite both 23% and new construction at 22%, Rounding out the top 10 features to fall by the wayside were solar panels (21%), finished basement (20%), home office (18%), large backyard and guest room (both 17%). Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers, including 1,218 adults over the age of 18 who plan to purchase a home within the next 12 months.This survey was conducted online within the United States from March 26 - April 7, 2021. The sampling margin of error of this poll is plus or minus 1.6 percentage points. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, the survey oversampled 1,218 potential buyers with a margin of error of plus or minus 2.8 percentage points. The search information contained in the release is based on an analysis of the most commonly searched keywords on Realtor.com® from Jan. 1 - May 31, 2021. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.

Nearly Three-Quarters of Pandemic Homebuyers Are Happy With Their Purchase, According to Realtor.com Survey
More than 70% who bought a home in the last year feel it was a good decision and nearly half wish they had moved sooner SANTA CLARA, Calif., May 26, 2021 -- Despite the frenzied nature of today's housing market, prompting conversations about buyer's remorse, more than two-thirds of pandemic homebuyers have found happiness in their new home, according to a new Realtor.com® survey released today. Those surveyed say their new home better fits their family's needs and wish they moved sooner. Realtor.com® surveyed 1,000 homeowners who purchased a new home during the last 12 months between March 26 - April 7 via HarrisX. In the face of the last year's obstacles, including a competitive housing market and limitations on open houses and showings, 71% of those surveyed feel buying was a good decision and 75% say their new home meets their needs. "Most of us spent more time at home during the pandemic than ever before. So it's no surprise that it changed what many people want from their homes and neighborhoods, and created a greater sense of urgency to find a home that satisfied those needs," said George Ratiu, senior economist, Realtor.com®. "With the number of available homes for sale in short supply, buyers didn't have many choices over the past year, or a lot of time to consider their options in a very competitive market. However, as our survey shows, pandemic buyers generally feel good about the choices they made, and while the homebuying process itself is stressful, new homeowners feel their new homes meet their needs and do not regret the choices they made." Finding happiness in a new home More than half (55%) of the homeowners surveyed found a new home that is exactly what they need for working or schooling from home. However, even more are satisfied with elements of their new home that are important to everyday life during and after the pandemic. When asked how they feel about their home, neighborhood and area, more than 70% of new homeowners report feeling "happy." Based on their reported satisfaction, 45% of new homeowners wish they had moved sooner, while only 19% say they should have waited. Not rushed, on-budget, and no regrets Three-quarters of the new homeowners surveyed were planning to buy prior to the onset of COVID, while the remaining quarter decided to purchase because of the pandemic. With pandemic buyers in many regions having to do more of their home search virtually and the need to make quick decisions, buyer's remorse could have been a common outcome. Despite the frenzy, buyers have no regrets when it comes to how quickly they made their purchase and how much they paid. Less than one-third said they wished they'd spent more time on their home search before buying and nearly half (48%) did not feel rushed or pressured into making a home-buying decision. They also didn't feel as if they overpaid, with 61% of those surveyed reporting that the purchase price of their new home was either at or under their original budget. Prioritization is key in a fast-paced market With a lack of available inventory and homes selling at record pace and prices, buyers not only need to move quickly, but they have to be prepared to compromise. Trade-offs are an inevitable part of the process, especially for first-time buyers who don't have equity from a previous home sale to use as a down payment. "Buying a home is the biggest financial decision most people make and, while there's pressure to move more quickly, especially today, it's not a decision you want to make lightly," said Lexie Holbert, home and living expert at Realtor.com®. "Nothing in life is perfect, and a new home is no exception, so compromises are always part of the buying process. The best place to start is with a budget, and from there you can prioritize what's important to you. Is it square footage, number of bedrooms, outdoor space or location? Once you have an idea of what's most important, you're ready to make confident decisions." Home shoppers who use Realtor.com® can find tips on how to compete in today's market on its News & Insights site and Home Made blog. Users also can download the Realtor.com® Real Estate app to sign up for custom search alerts that notify them about new listings in their desired area and price drops on saved homes so they know as soon as a home that matches their criteria hits the market. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. This survey was conducted online within the United States from March 26 - April 7, 2021. The survey was conducted among 3,998 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.6 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, an oversample was collected for new homeowners. The oversample was weighted to align with the original sample. There are 1,000 new owners who bought a home in the last 12 months with a margin of error of plus or minus 3.1 percentage points. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.

Help Is on the Way for Hopeful Homebuyers, According to Realtor.com Survey
Ten percent of homeowners plan to list this year and more than a quarter (26%) within the next 3 years, offering relief to frustrated home shoppers SANTA CLARA, Calif., April 26, 2021 -- The lack of homes for sale has hit a crisis-level in recent months, igniting fierce competition, bidding wars and driving prices to an all-time high -- but there's hope on the horizon for weary buyers, according to new survey data from realtor.com®. Findings show 10% of homeowners are planning to put their home on the market this year and an additional 16% are planning to list in 2-3 years. Furthermore, 58% of the homes that owners plan to list this year are valued below $350,000, which should provide some relief for first-timers who have had trouble breaking into the market. Of those who plan to sell this year, 63% have already listed or plan to list within 6 months and 76% have already taken steps to begin the process. Realtor.com® surveyed 657 potential home sellers the week of March 29 via HarrisX. "In a typical year, we see about 8% of the nation's homes hit the market, and we're expecting about 25% more this year," said George Ratiu, senior economist, realtor.com®. "This signals that many homeowners who were wary to list during the pandemic are getting ready to do so, and this much-needed inventory -- especially for starter homes -- will begin to relieve buyers' challenges in a very competitive market. Despite this good news, we were in an inventory shortage, for both new and existing homes, well before the pandemic and COVID made it worse. It's going to take a while for us to get back to a more balanced 'normal' even with an increase in new construction on the horizon." The housing market's catch-22 Of those who are planning to put their home on the market in 2-3 years, a quarter of respondents said they aren't listing this year because they can't find a new home within their price range, creating a catch-22 for inventory. Other reasons that homeowners aren't planning to sell this year include: not sure where they want to move (23%); the current economic climate (22%); logistics of buying and selling at the same time (22%); and concerns about showing a home during the pandemic (20%). What it will take to move the needle Nearly all potential sellers (91%) looking to sell in the next 2-3 years said that they would be more likely to list their home if they knew they could time buying and selling perfectly. Additionally, 37% of homeowners with plans to sell in the next 2-3 years said that if they knew they could make a lot of money on their home sale, they would be motivated to list sooner. And with the median home listing price currently up 18.7% over last year, many homeowners are likely to see a significant profit if they list now. Other factors that could prompt future sellers to list sooner include: more affordable homes on the market (33%); not having to handle the logistics of buying and selling at the same time (29%); not having to prepare the home for sale (27%); and if the health risks of COVID-19 were lower (24%). "With home prices at historic highs, now is a great time to sell a home and many first-time sellers might be surprised to learn how much equity they have," said Rachel Stults, deputy editor for realtor.com®. "For consumers who are worried about the stress and planning involved, there are a number of resources available to help with everything–from perfectly timing buying and selling to removing the hassles of doing repairs and staging." Home sellers can take advantage of realtor.com® tools such as local market stats and the My Home portal, to see what their home is worth, how much equity they have and potential proceeds from a sale. Those who haven't sold a home recently might be surprised by how many selling options are available. With realtor.com®'s Seller's Marketplace, consumers can compare different selling methods including instant offers, sale-leasebacks and listing with an agent. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 3,998 adults. The survey was carried out online. The sampling margin of error of this poll is ±1.6 percentage points. The figures represent a national view of US adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the population of US adults, an oversample was collected for potential sellers. The oversample was weighted to align with the original sample of US adults. There are 657 potential sellers with a sampling margin of error of ±3.8 percentage points. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

The American Dream is the No. 1 Reason Why Millennials Want to Buy a Home
Not having enough money for down payment is holding 44% of first-timers back SANTA CLARA, Calif., March 25, 2021 -- Homeownership is very much a part of the American Dream, even for millennials, long considered "the rent generation," a new realtor.com survey finds. However, rising prices and a shortage of available homes for sale is making it more difficult for people to achieve their goal. The realtor.com HarrisX survey of more than 800 prospective homebuyers who plan to purchase their first home in 2021 sheds light on the aspirations and challenges facing those who are embarking on one of life's biggest financial decisions. "Americans, even millennials who many thought would never buy, have a strong preference for homeownership for the same reasons many generations before them have -- to invest in a place of their own and in their communities, and to build a solid financial foundation for themselves and their families," said realtor.com® Senior Economist George Ratiu. "However, today's first-time homebuyers face unprecedented challenges brought on by a lack of available homes for sale and double-digit price growth. They are resilient though, with many in the market searching for their home for more than a year." The survey found 43% of those queried have been searching for their home for more than a year. One-third (33%) of the respondents have been in the market between six and 12 months, an indication that buying a home in today's market is not easy. Approximately one in seven -- 14% -- have been searching for three to six months and 10% just entered the market in the last three months. I want to be a homeowner and build equity Long considered an important fabric of the American Dream, becoming a homeowner remains the No. 1 reason this year's first-time homebuyers are in the market. Three of the top four responses centered on the financial benefits of owning a home. When asked, "Why are you planning to buy a home?" The top response, at 59%, was "I want to be a homeowner". "I want to live in a space that I can invest in improving" ranked second at 33%, followed by the "need for more space" at 31% and "I want to build equity" at 22%. Homeownership ranked as the top choice across all generations surveyed -- Gen X and older (40+) at 68%, millennials (aged 24-39) at 62% and Gen Z (18-23) at 45%. Millennials ranked the need for more space second among their reasons for buying a home, while Gen X and Gen Z both cited being able to invest in a property at 34%. A needle in a haystack When asked why they have yet to purchase a home, 44% responded that they don't have enough for a down payment and 34% stated that they haven't been able to find a home within their budget. This points to affordability and lack of homes on the market as significant challenges facing first-time homebuyers, especially this year when inventory is at an all-time low and listing prices have been growing at double digits for more than six months. Millennials -- many of whom have been saddled with student loans -- are struggling the most to save, with 47% responding that the biggest obstacle to finding a home has been coming up with money for a down payment. This also was true for 44% of Gen X and 38% of Gen Z respondents. Millennials also are having the hardest time finding a home within their budget at 37%, followed by 33% for Gen X and 30% for Gen Z. Location, quiet location... The old adage when it comes to real estate is it's all about location, and this year's first-time buyers reinforced that. At 38%, location ranked as the top feature potential homebuyers are looking for, followed by a quiet location at 33%, a large backyard at 32% and a garage at 29%. Gen Z ranked location as their No. 1 choice at 37%, followed by garage at 35% and updated kitchen at 26%. Quiet location and large backyard tied for fourth with the youngest cohort of buyers at 25%. For millennials, location tops the list at 40%, followed by a large backyard at 37% and quiet location at 32%. Potential buyers aged 40 and over are looking for a quiet location (43%), location (35%) and a good community/neighbors (33%). Despite the popularity of reality home improvement shows, only 11% of this year's first-time homebuyers say they are willing to take on a fixer-upper with 43% indicating they want a move-in ready home. The remaining 46% said they would be willing to take on some repairs. Searching online, saving are important first steps When asked what they did first when they decided to purchase a home this year, 29% said they started searching online with nearly a third checking listings at least once a day, if not more. Finances are top of mind for many first-time homebuyers with nearly a quarter (24%) responding that they began saving money and changed their spending habits, while 20% figured out their budget. The most common way to save is setting aside a certain amount from each paycheck (50%), while 45% said they also cut out discretionary expenses, such as gym memberships and eating out for lunch. Twenty-nine percent put away lump sums from annual bonuses, tax returns and gifts. With a majority of respondents having been in the market since last spring, they are fully aware of the competition they are facing. Fifty-three percent expect a lot or some competition with one in five first-time homebuyers expecting a lot of competition. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 830 adults. The survey was carried out online. The figures are representative of all U.S. adults (aged 18+) who were identified as likely first-time buyers. The sampling margin of error of the survey was +/- 3.6 percentage points. Results were weighted for age, gender, region, race/ethnicity and income where necessary to align them with their actual proportions in the population. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.

15% of U.S. Consumers Experienced Housing Discrimination: Homes.com Survey
All Ethnicities and Income Levels Report Encountering Bias in Rental or Purchase Efforts NORFOLK, VA - (November 17, 2020) -- More than 15% of U.S. consumers have personally experienced housing discrimination as they attempted to rent or purchase a property, according to a new Homes.com survey of 2,000 adults. The poll comes at a time when a federal rule establishing stricter requirements to bring discrimination claims under the Fair Housing Act is being challenged by civil rights groups. Survey respondents reported encountering bias in one or more scenarios including rental applications (7%), home financing (4%), home searching with an agent (3%), home appraisals (3%) and/or other residential purchase services (3%). Of those who disclosed their racial identities, 56% of Black or African American respondents expressed that they have faced housing bias (56%), followed by biracial or multiracial respondents (45%), those of Latino or Hispanic heritage (45%), American Indians or Alaskan Natives (31%) and non-Hispanic whites (12%). The problem also spanned every income level from less than $100,000 to more than $500,000. The survey also revealed that: Two-thirds of respondents believe housing discrimination exists in their community in varying degrees, with just 33% saying it is "not common at all." The "not common" response was highest in the Northeast with 40% expressing that opinion. 60% do not know how to report Fair Housing law violations or concerns, despite the fact that one-fifth of that group indicated they had experienced housing discrimination. 30% are unfamiliar with any of six key federal housing programs including Federal Housing Administration loans, Section 8 housing vouchers, private mortgage insurance, the Truth in Lending Act, the Making Home Affordable program and the Quality Housing and Work Responsibility Act. More than half of the respondents unfamiliar with any of these programs have annual household incomes of less than $100,000 a year. 37% cited down payment assistance programs as the most useful strategy to help low-income families buy homes, followed by mortgage assistance programs (34%), home repair grants (23%), tax credits for buying homes in certain areas (21%) and housing voucher programs (17%). 31% believe the #1 hurdle to home ownership for low-income families is insufficient affordable housing, with 38% of those respondents residing in the West. Other obstacles cited included down payment costs (30%), lack of access to stable employment (16%), mortgage payment costs (15%) and not enough housing inventory (9%). 62% believe that federal housing policies should actively encourage diverse communities, highlighting the nation's growing social desire to challenge existing remnants of community segregation in favor of inclusivity and equality. "Homes.com is passionate about, and committed to, providing education and resources that champion equal access to housing for all," stated Dave Mele, President of Homes.com. "These survey insights highlight how the real estate industry can help consumers achieve their housing needs, which is why Homes.com is launching a platform to provide those resources." Earlier this year, Homes.com formed a Fair Housing work group, dedicated to understanding the history of fair housing, the current status of fair housing progress, and providing those educational resources to consumers. In the coming weeks, Homes.com will launch a dedicated resource page to provide consumers with the latest news in Fair Housing, guidance on how to submit Fair Housing concerns, information on existing programs to assist renters and buyers, and more. This is one of the first projects to reinforce Homes.com's commitment to equipping consumers in a readily accessed way. About Homes.com Homes.com offers today's demanding homebuyers, renters, and those somewhere in between a simply smarter home search with a more personalized and conversational way to find their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online. For more information, visit Homes.com.

Real estate agent survey reveals how home builders can increase sales
Dallas area agents want the same access to new homes they have for existing homes DALLAS, TX - September 2, 2020 -- A new study shows real estate agents would sell more new homes if they were as easy to show as other homes listed for sale. HomesUSA.com, America's number one brokerage for new home sales, polled more than 4,000 agents who sold both new and resale homes in the Dallas-Ft. Worth area. A vast majority (86 percent) of agents responding said they would sell more new homes if they could show them outside of regular builder hours. The survey also found that two digital real estate tools widely used to expedite showings by agents of existing homes are needed to increase agent sales of new homes. Three-in-four agents (74 percent) said if builders provided electronic key boxes and an online scheduling service, they would sell more new homes. HomesUSA.com CEO Ben Caballero is a current Guinness World Record title holder who set a new record for home sales in Dallas-Ft. Worth last year. He says builders are missing a massive opportunity by not offering agents easier access. "Real estate agents are nearly unanimous in what builder can do to help them sell new more homes. Agents need more flexibility scheduling and showing new homes," said Caballero. Agents pay additional fees to use these digital products, as these showing technologies enable them to be more productive. However, builders do not use these digital services with their new home offerings. This puts an unnecessary obstacle that discourages agents from showing new homes, the survey found. "The first rule of selling is to make buying easy," Caballero, who has sold more new homes than any other real estate agent in history, said. "Every impediment an agent encounters in showing a home reduces the foot traffic in that home. Unfortunately, some builders tell me that they would rather lose a sale than lose control of access to their homes." Caballero notes that it wasn't too long ago when as buyer's agent had to call the listing agent to schedule showings and then pick up a key from them. Today, these outdated practices have been replaced by technology that is used universally in real estate, except for home builders. Online showing services can allow agents to schedule showings before or after builder hours and at times builders typically make homes available to buyers. HomesUSA.com's Caballero, says that based on his experience working with 60+ builder clients throughout Texas, most builders choose the wrong agent incentives. "Builders spend a tremendous amount of money on bonuses, trips, and other perks to encourage agents to sell their homes," Caballero said. "Most overlook a simple, easy, and inexpensive way to motivate agents to sell their homes. Builders can save a lot of money by allowing agents the same flexibility they have when selling existing homes." The survey found that 91 percent of agents agreed that "a scheduling service is the best way to schedule showings." Nearly nine out of ten (89 percent) agreed that "electronic boxes are the most convenient way to access homes." "It's common for builders to offer a financial incentive – a bonus – to a real estate agent for selling a new home. But the survey shows that access to a new home is far more important to an agent than a bonus," Caballero added. Over half of agents surveyed say they are not strongly influenced by a bonus to show a home. "Bonuses are expensive. It's much less expensive for a builder to allow agent to use keyboxes and online scheduling services that agents are accustomed to using," he added. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Play. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.

W+R Studios announces results of inaugural '2020 Survey of Best Practices for CMAs and Listing Presentations'
With over 3,300 respondents, the survey touches fundamental questions on Comparative Market Analysis (CMA) creation, and the future of listing presentations in a post COVID-19 era. July 28, 2020 (HUNTINGTON BEACH, CA) - W+R Studios, a leading real estate software company, and creators of Cloud CMA, announced today the completion of a nationwide survey of real estate agents and brokers. Survey participants spanned 46 states and included 3,325 agents and brokers. The company plans to run the survey annually going forward. "Any agent creating a comparative market analysis wonders whether they are 'doing it right' or is curious about what other agents include or don't include in their CMA. This survey gives agents an inside peek at the best practices of what goes into creating a winning CMA," stated Frances Wiseman, Director of Marketing for W+R Studios. The survey ran during the current global pandemic from May 18th to May 31st. Agents were also asked about the virtualization of listing presentations and the relevance of CMAs in the future. "The goal of this survey was to dig deep and get answers to many questions a working agent may be curious about, such as how many comps are too many for a CMA? But it also seeks to bring light to the best practices of agents when doing a listing presentation," stated W+R Studios co-founder Greg Robertson. "At W+R Studios, our goal with Cloud CMA is to make agents look awesome in front of their clients. We hope to help move the entire industry forward with these survey results. We would like to thank the thousands of agents who participated in this survey and helped make that happen," concluded Mr. Robertson. You can find more information and a link to the survey by visiting: cloudagentsuite.com/blog About W+R Studios Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 27 years of experience each developing and marketing real estate software solutions.

Nearly 3 in 4 Realtors This Week Report Sellers Haven't Lowered Listing Prices to Attract Buyers, Suggesting Calmness and No Panic Selling by Homeowners
WASHINGTON (April 23, 2020) -- Nearly 3 in 4 Realtors currently working with sellers this week -- 74% -- reported their clients haven't reduced listing prices to attract buyers, according to a new survey from the National Association of Realtors. This suggests interested home sellers are remaining calm and avoiding panic selling during the uncertain economic environment brought about by the coronavirus pandemic. "Consumers are mostly abiding by stay-in-shelter directives, and it appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple of months," said NAR Chief Economist Lawrence Yun. "The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy." NAR's latest Economic Pulse Flash Survey – conducted April 19-20, 2020 – asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets. Several highlights include: More than a quarter of Realtors® – 27% – said they were able to complete nearly all aspects of transactions while respecting social distancing. The most common technology tools used to communicate with clients are e-signatures, social media, messaging apps and virtual tours. Residential tenants are facing rent payment issues, but many delayed payment requests are being accommodated. Forty-seven percent of property managers reported being able to accommodate tenants who cannot pay rent, a 6% increase from a week ago. Nearly a quarter of individual landlords – 24% – said the same, unchanged from last week. NAR also today released its 2020 Animal House: Pets in the Home Buying and Selling Process report, which analyzes Realtor® recommendations and actions taken by home buyers and sellers to best accommodate their pets and present their homes in the best light. Several highlights include: More than 4 in 10 U.S. households – 43% – would be willing to move to better accommodate their pets, demonstrating that this is a priority among consumers. Almost 1 in 5 recent home buyers – 18% – said it was very important that their new neighborhood is convenient to a vet or near outdoor space for their pets. A majority of Realtors®' clients – 68% – said a community's animal policy influenced their decision to rent or buy. "As households in the U.S. pursue comfort, companionship, and home entertainment, animal shelters were cleared out in many cities," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "These pet adoptions could lead to future home sales as families seek to accommodate the best living spaces for their four-legged family members." View NAR's 2020 Animal House: Pets in the Home Buying and Selling Process report. View NAR's Economic Pulse Flash Survey full report. View NAR's Weekly Housing Market Monitor here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

NAR Survey Finds Nearly Half of Realtors Say Home Buyer Interest Has Decreased Due to the Coronavirus Outbreak
WASHINGTON (March 19, 2020) -- Nearly half of Realtors -- 48% -- said home buyer interest has decreased due to the coronavirus outbreak, according to a new survey from the National Association of Realtors. That percentage tripled from a week ago when it stood at 16%. Almost seven in 10 Realtors -- 69% -- said there's no change in the number of homes on the market due to the coronavirus outbreak, down from 87% a week ago. "The decline in confidence related to the direction of the economy coupled with the unprecedented measures taken to combat the spread of COVID-19, including major social distancing efforts nationwide, are naturally bringing an abundance of caution among buyers and sellers," said NAR Chief Economist Lawrence Yun. "With fewer listings in what's already a housing shortage environment, home prices are likely to hold steady. The temporary softening of the real estate market will likely be followed by a strong rebound once the economic 'quarantine' is lifted, and it's critical that supply is sufficient to meet pent-up demand." NAR's latest Economic Pulse Flash Survey – conducted March 16-17, 2020 – asked members questions about how the coronavirus outbreak, including the significant declines in stock market values and mortgage interest rates, has impacted home buyer and seller interest and behavior as well as new commercial clients who want to lease and purchase property. With respect to the coronavirus, several highlights of the member survey include: 45% of members said the stock market correction and lower mortgage rates roughly balanced out, noting no significant change in buyer behavior. The majority of members, 61%, reported no change in sellers removing homes from the market, down from 81% a week ago. Four in 10 members said home sellers have not changed how their home is viewed while it remains on the market. One week ago, nearly eight in 10 members – 77% – said the same. More than half of commercial members, 54%, have seen a decline in leasing clients, up from 18% of commercial members last week. Eighty-three percent of commercial buildings have changed practices, with the most common being offering more hand sanitizer, more frequent building cleanings, and increasing numbers of tenants working remotely. View NAR's Economic Pulse Flash Survey full report here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

New Study Shows Property Buyers and Sellers Overwhelmingly Prefer Listings with 3D Tours
Nearly 80 percent would switch to a real estate agent who offers listings with immersive virtual walk-throughs SUNNYVALE, Calif. -- Matterport, the market leader for spatial data capture, today announced the results of a new study that shows U.S. real estate buyers and sellers are no longer satisfied with static photos and would overwhelmingly opt for a more immersive experience. The survey polled 1,000 U.S. property buyers and 1,000 U.S. property sellers. Nearly 80 percent of property buyers and sellers would switch to a real estate agent offering immersive 3D tours of listed properties. Millennial and Gen Z respondents are overwhelmingly in favor of more immersive listings. For instance, 83 percent of Millennials and 94 percent of Gen Zs would switch to an agent offering these services, compared to 63 percent of Gen Xers. Not only would they switch, but 87 percent of sellers and 86 percent of buyers would recommend these agents to their friends. "It's clear that property listings with only static photos will no longer be viable options," said Jay Remley, Chief Revenue Officer of Matterport. "An immersive 3D experience is what buyers and sellers want—and it pays off. Properties sell 20 percent faster and close up to nine percent higher price with a Matterport 3D tour." Buyers Want Digital Measurements Respondents of both groups agreed that offering 3D tours would improve the competitive edge of a listing. In fact, 92 percent of prospective buyers would be more likely to buy a home if the property they were interested in had an immersive 3D tour available. Buyers are also interested in online measurements. Nearly 90 percent of prospective buyers reported that an immersive 3D tour that allows them to take digital measurements of rooms, walls, doors, windows, etc. would make them more interested in a listing. Additionally, over half (55 percent) of potential buyers said they would buy a property sight-unseen if there was a 3D tour available online. Sellers Seek Competitive Edge Similarly, an extraordinary 99.4 percent of sellers reported that offering an immersive 3D tour would improve the competitive edge of their property listing. Moreover, 89 percent of sellers believe their listings would perform better (i.e. sell faster) if it featured an immersive virtual walk-through tour. Of the sellers surveyed, 88 percent reported that they would prefer to work with a realtor who could offer an immersive 3D tour of their property over ones that couldn't. These sellers are ready to take actual steps today, with 80 percent saying they would switch to an agent/agency who offered 3D capture services over ones who could only offer photography services. See the highlights of the study here. To learn how anyone in real estate can use Matterport to attract prospects, increase engagement and earn higher commissions, go to here. About Matterport Matterport is the leading spatial data company digitizing and indexing the built world. Its unique 3D capture technology creates the spatial data layer on which the industry can interoperate, and the company's all-in-one 3D data platform makes it fast and easy to turn any physical space into an accurate and immersive digital twin. The Matterport platform helps customers realize the full potential of a space at every stage of its lifecycle including planning, construction, appraisal, marketing, and operations. Learn more at matterport.com.

Fourth Quarter Good Time to Buy and Sell Home, Realtor Survey Says
WASHINGTON (January 9, 2020) -- More than half of Americans recently polled believe that now is a good time to make a home purchase, according to the latest consumer findings from the National Association of Realtors. The 2019 fourth-quarter survey revealed that 63% of people believe now is a good time to buy a home (equal to the 63% who said the same in 2019), with 33% saying they strongly believe now is a good time to buy. Moreover, as to selling, 74% of those polled believe that now is a good time to sell (identical to the percentage in quarter three). Lawrence Yun, NAR's chief economist, said these positive sentiments can be linked to the strong job market and favorable economic conditions. "The mobility rate has been very low as many have opted to stay put for longer," said Yun. "However, this latest boost – Americans saying now is a good time to move – is good news. With mortgage rates low, the timing is indeed ideal for those who want to enter into homeownership and for those looking to move on to their next home." Respondents from the silent generation (those born between 1925 and 1945) were most likely to state that now is a good time to buy (73%), while younger boomers (those born between 1955 and 1964) also overwhelmingly viewed the market favorably in terms of now being a good time to purchase (70%). NAR's fourth quarter Housing Opportunities and Market Experience (HOME) survey found that 82% of those who earn $100,000 or more said now is a good time to sell a home, with 81% of those in the West region agreeing. "The Western region has seen home prices increase to the point that costs have outpaced income," said Yun. "So, it is no wonder that those living in the West would think that now is a perfect time to place a home on the market. California especially is seeing some of the highest prices ever." The NAR study concurrently asked about home prices over the past year. Sixty-four percent of those polled said they believe prices have increased within their communities within the last 12 months. Thirty percent answered that they believe prices have remained about the same, while only 6% believe prices have decreased over that period. Respondents were asked to share expectations of community home prices over the next six months. Forty-one percent predicted that prices will remain the same in their communities during that period, while 48% said they believe prices will rise and 11% said they expect prices to fall in the next six months. Millennials at 47% were most likely to believe prices will increase in their communities. Out of the four major regions, the South had the highest number of residents who said home prices would climb over six months. Finally, the NAR survey found that 52% of those polled believe the U.S. economy is improving. This is consistent with the third quarter of 2019. For the fourth quarter, optimism is highest among individuals who earn $100,000 compared to other income levels, as well as for those who reside in rural areas compared to other locations. Forty-seven percent of millennials said they believe the economy is improving, the lowest of all age groups. Forty-one percent of those in urban areas said they believe the economy is improving, compared to 66% in rural areas. Yun took note of the contrasts of viewpoints. "Whether it is a reflection of politics or true economic conditions, there is a difference of views between rural and urban areas," he said. About NAR's HOME Survey From October through December, a sample of U.S. households was surveyed via a random-digit-dial, including a mix of cell phones and landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,707 household responses. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Families Using Creativity When Buying, Selling Homes: 2019 Buyer and Seller Survey
One-third of first-time buyers used down payment help from family, friends SAN FRANCISCO (November 8, 2019) – With housing costs rising and no signs of a deceleration, first-time buyers are turning to family for help when embarking on homeownership. In spite of this, the percentage of first-time buyers remain at historic lows. This is according to a new report from the National Association of Realtors®, the 2019 Profile of Home Buyers and Sellers, a yearly report which covers demographics, preferences and experiences of buyers and sellers across America. The full report will be released the afternoon of Friday, November 8, at NAR's Annual Meeting. Initial results from this year's report revealed that a third of first-time home buyers used down payment help from family and friends. Also, it showed that the share of first-time home buyers remained at 33% in 2019. This figure continues to be below the historical norm of 40% of recent primary residence home buyers in the market. "Prerecession, the number of first-time buyers was higher, in part, because buyers had more options," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "However, over the past few years, we have unfortunately experienced a scarcity in housing inventory, especially at the middle- and lower-end of the market. Citing the NAR survey, NAR chief economist Lawrence Yun notes that buyers report the most difficult step in the home buying process is just finding the right home to purchase, and what buyers want most from their real estate professional is to help them find the right home to purchase. "Low inventory conditions hurt would-be first-time buyers most," said Yun. "Their homeownership dream and the opportunity to build wealth gets delayed until more inventory choices reach the market." Although tightened inventory has taken a toll on home seekers and caused steeper housing prices, home sellers in many areas of the country have been able to take advantage of these conditions. Sellers saw a very favorable market this year. In fact, home sellers received a median of 99% of their asking price this year and sold their homes typically within three weeks. The increase in home prices lowered the amount of home sellers who reported delaying selling because their home was worth less than their mortgage. This particular share of sellers declined from 9% in the 2018 report to 7% in 2019. However, 20% of sellers who bought their home 11 to 15 years ago continue to report stalling their home sale. A Change in Home Buyers' Behaviors The NAR report found that the share of new homes purchased dropped to an all-time low of 13%. This reality offers yet another indication of a significant deficiency in inventory. Also, 23% of first-time buyers moved from a family or friend's residence directly into the home they purchased. This figure represents nearly twice the historic rate of 12%. It serves as another example of home buyers adjusting to the current housing market and shows they're finding ways to save for a down payment while saving on market value rent. Additionally, the age of repeat buyers – which has steadily increased over the course of several decades – continues to show a striking trend. The average repeat buyer age was in the mid-30s in the 1980s, and has climbed to the mid-50s today. Yun says there is no area that has seen a more rapid and consistent increase than the median age of repeat buyers – which hit a record-high of 55 years old in both 2018 and 2019. Moreover, the median age for first-time buyers increased to 33 years old in 2019, the highest share recorded in the series history. Still, the share of senior-related housing purchases was 12% in 2019, a slight decline from one year ago. As prices crept higher, Yun says the demographics of home buyers shifted as well. "Buyers and sellers, individuals and families – they all had to adjust to changing market conditions." Underscoring Yun's point of a shift in demographics, the survey revealed that 35% of all buyers had children under the age of 18 living at home. This is an increase from 34% last year, but a drop from a high of 58% in 1985. Twelve percent of home buyers purchased a multi-generational home, which consists of a home with adult siblings, adult children over the age of 18 and parents or grandparents – or both – within the same household. Respondents gave varying reasons for buying multi-generational homes, including 44% to accommodate aging parents and 34% to accommodate adult children in the home. Another 29% referenced cost savings as their reasoning. The share of married couples who purchased their first home, continued the decline from a historical high of 75%. Although the percentage of married repeat buyers remained constant at 67%, the share of first-time buyers who were unmarried couples rose to a historical high of 17%. Those purchasing first homes as roommates jumped to 4% from 2% – another example of buyers seeking ways to enter ownership with affordability constraints. Survey results show that 14% of recent home buyers own more than one home, down from 17% in 2018. Home buyers who generate higher incomes and own more than one property are more commonly making home purchases, the report said. Owning more than one property was the most common for home buyers 65 years old and older, at 19%. Overall, the internet has become the main source for buyers in terms of finding a home that they ultimately purchase. Today, 52% of recent buyers found their home while searching online, an increase from last year's 50% share. In 2001, only 8% of buyers found their home this way. Finding a home through a Realtor® or an agent has shifted from being the most common source for finding a property to the second most common. While more traditional sources – yard signs, relatives and neighbors, friends and home builders – remain at last year's levels, they all have declined as a primary source throughout recent years as the internet has become the go-to information source. Embracing Industry Changes While the housing market has certainly endured its share of changes and transitions, especially over the last year, the NAR report shows that many of these changes have had positive impacts. This is especially true in regard to the home down payment requirement. In 2019, the median down payment was 12% for all buyers, 6% for first-time buyers, and 16% for repeat buyers. Lower down payments among home buyers are another result of rising home prices as buyers find it difficult to save for a down payment. Seventeen percent of all buyers and 25% of first-time buyers used an FHA loan to purchase, likely taking advantage of low down payment programs. NAR's survey asked home buyers about their personal experience with securing a mortgage. In 2019, 31% said obtaining a mortgage "was more difficult than expected." Although a considerably higher amount of people had this same answer in 2009 and in 2010, fewer respondents have this response every year since, including this year, according to the report. "Today, repeat buyer behavior is more similar to first-time buyer behavior as tenure in home has increased," said Jessica Lautz, vice president of demographics and behavioral insights at NAR. "All buyers are doing their homework – going to open houses, following housing news – and are more reliant than ever on the expert advice of real estate agents and brokers." Lautz's observation about Realtors®' contributions is echoed in the report's findings. Eighty-nine percent of those who sold a home worked with a real estate agent in the transaction. In addition, personal relationships and connections were said to be the most important feature of the agent-buyer/seller bond in both 2018 and 2019. Realtors® and real estate agents were most commonly referred by friends, neighbors or relatives, according to the report. In the midst of a housing shortage, buyers said what they wanted most from their agent was help in finding the right home to purchase. Buyers were also looking for assistance in negotiating the terms of sale and help with price negotiations. Home buyers reported that they typically interviewed only one real estate agent before deciding to work with them, and said the most important factor was that the agent was honest and trustworthy. In addition, another important factor was the agent's experience. Recent buyers reported that they were overall pleased with their real estate agent's skills and qualities, with an overwhelming 90% saying that they "very satisfied," and would use their agent again or recommend the agent to others. Characteristics of Sellers The typical home seller this year was 57 years old, with a median household income of $102,900. Home sellers said they ultimately sold their homes for a median of $60,000 more than they purchased it. For all sellers, the most frequently cited reason for selling, according to 16% of those surveyed, was a desire to move closer to family and friends, which is the first time this has been the top-cited reason in the series' history. The next most common reason was that the home was too small, and the third was job relocation at 11%. Sellers typically lived in their home for 10 years before selling it, an increase from last year's share, and elevated from the historical tenure of six years. Sixty-six percent of sellers reported being "very satisfied" with the overall selling process. Only 8% of recently sold homes were for-sale-by-owner sales, or FSBO. This total is near the lowest share recorded since the NAR began collecting records in 1981. The median age for FSBO sellers is 60 years, while 65% of FSBO sales were by married couples that have a median household income of $94,000. FSBOs typically sell for less than other residences, with last year selling at a median of $200,000, while agent-assisted homes sold at a median at $280,000. Forty-eight percent of all sellers said they bought a home that was newer than their previous home, while 28% purchased a home the same age and 24% said they purchased a home that was older. Forty-four percent of sellers said they "traded-up" and purchased a home that was more expensive than the one they just sold. Thirty percent purchased a less expensive home and 26% purchased a home that was similar in cost. Sellers who are 64 years of age and younger generally bought a more expensive home than the one they just sold. Those aged 18 to 34 purchased the most expensive trade-ups in 2019, recording an increase of $110,000. Conversely, sellers aged 65 and over typically bought a less expensive home. About NAR's Survey NAR mailed a 125-question survey in July 2019 using a random sample weighted to be representative of sales on a geographic basis to 159,750 recent home buyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 5,870 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.7%. The sample at the 95% confidence level has a confidence interval of plus-or-minus 1.28%. Recent home buyers had to have purchased a home between July 2018 and June 2019. All information is characteristic of the 12-month period ending in June 2019 with the exception of income data, which are for 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Locations Close to Public Transit Boost Residential, Commercial Real Estate Values
New Joint APTA and NAR Study Examines the Relationship between Real Estate Value and Public Transportation in Seven U.S. Metropolitan Regions WASHINGTON (October 14, 2019) -- Neighborhoods located within a half-mile of public transit services outperformed those in areas farther from public transit based on a number of factors, according to a report released today by the American Public Transportation Association and the National Association of Realtors®. "The Real Estate Mantra – Locate Near Public Transportation" highlighted the critical role public transportation plays in determining real estate values, revealing that commercial and residential real estate market sales thrive when residents have mobility options close by. The report explored seven metropolitan regions – Boston; Hartford; Los Angeles; Minneapolis-St. Paul; Phoenix; Seattle; and Eugene, OR – that provide access to heavy rail, light rail, commuter rail and bus rapid transit. Residential properties within these areas had 4-24% higher median sale prices between 2012 and 2016, the report found. Commercial property near public transit also witnessed value gains in the studied cities, where four of the regions saw median sales prices per square foot increase between 5-42%. Transportation costs in transit-oriented areas are significantly lower than in other regions, with an average annual savings of $2,500 to $4,400 for the typical household. One in four households in close proximity to transit does not own a vehicle, according to the study. The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions and housing affordability. "Public transit's benefits go beyond moving people from point A to point B," said APTA President and CEO Paul P. Skoutelas. "Public transportation is a valuable investment in our communities, our businesses, and our country. Public transportation gets people to jobs and educational opportunities and helps businesses attract employees and customers." "Access to public transportation is an extremely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work and raise a family," said NAR 2019 First Vice President Charlie Oppler, who spoke at Monday's press conference along with 2019 New York State Association of Realtors® President Moses Seuram. "The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world." Neighborhoods with high-frequency public transportation are in high demand. While property values and rents have risen, contributing to healthy local economies, the rapidly increasing demand for housing near public transit has resulted in constrained housing supplies. "As the conversation surrounding housing affordability continues, public transportation agencies are critical allies in working with elected officials and community leaders in the effort to increase housing opportunities and maximize value around stations," said Skoutelas. To read the full study, visit: NAR.realtor/transportation-and-infrastructure.

More than Half Say 'Now Is a Good Time to Buy,' According to Realtor Survey
WASHINGTON (September 23, 2019) – New consumer findings from a National Association of Realtors® survey show that more than half of polled Americans believe that now is a good time to buy a home. Optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase, with 34% of those respondents saying they believe that strongly. NAR's chief economist Lawrence Yun said the favorable outlook also contains a degree of caution. "Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading," he said. "However, the fact that slightly fewer are expressing strong intensity compared to recent prior quarters is implying some would-be buyers have concerns about the direction of the economy." Among those that stated that now is a good time to purchase a home, the silent generation (those born between 1925 and 1945) were most likely to express that belief. Seventy-five percent from that demographic said that now is a good time to buy. They were closely followed by older boomers (those born between 1946 and 1954), as 72% from that age group agreed that now is a good time to purchase a home. When NAR's third quarter Housing Opportunities and Market Experience (HOME) survey asked whether now is a good time to purchase a home, of those who have an income under $50,000, 54% answered "yes." Answers in the affirmative increased as household incomes increased. In the $50,000 to $100,000 bracket, 64% said now is a good time to buy a home, and among those polled who have an income of $100,000, 72% said that it is currently a good time to buy. "Not surprisingly, as incomes increase, the process of buying a home is less of a strain," said Yun. "This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home." The NAR survey also asked respondents about their thoughts on selling a home in the current market. Seventy-four percent of those polled said that now is a good time to sell a home – a modest increase over 73% last quarter. Of those respondents, 45% said they "strongly" believe now is a good time for selling a home, while the remaining 29% said they hold that belief "moderately." Those in the West region were most likely to hold this sentiment, as 81% of the region's respondents said "now is a good time to sell." In comparison, in the Northeast, 67% said now is a good time to sell a home. In regard to household income and thoughts on selling a home, the poll found that those in the higher wage brackets were more likely to state a belief in favor of now being a good time to sell a home. Among the surveyed who answered that now is a good time to sell, 82% of them earn more than $100,000. However, of those who earn less than $50,000, only 64% said now is a good time to sell. Respondents were also questioned about their outlook toward the U.S. economy. Fifty-two percent of those surveyed said they believe the U.S. economy is improving. This is a decrease from the second quarter of 2019, when 55% said they believed the economy is improving. Millennials (those born between 1980 and 1998) were the most pessimistic, only 49% said the economy is improving and 51% said it is not improving. Fifty-four percent of the silent generation – in this case, the most optimistic group – said the economy is improving. Forty percent of those in urban areas also believe the economy is improving, compared to 62% in rural areas. About NAR's HOME Survey From July through September, 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 2,705 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.

Home Buyers Gear Up for Potential 2020 Recession
Buyers are increasingly optimistic it will be better than 2008, but more than half plan to put their home search on hold when it hits SANTA CLARA, Calif., Aug. 28, 2019 -- An increasing number of home buyers expect a U.S. recession in the next three years, according to new survey data released today from realtor.com, the Home of Home Search. Although they remain optimistic that it will be milder than the Great Recession, more than half of current home shoppers expect to put their home search on hold until the economy recovers. More than 36 percent of the 755 active buyers surveyed by Toluna Research this month expect the next recession to begin sometime in 2020. When the same question was presented to 1,015 home shoppers in March 2019, just under 30 percent indicated they expected a recession in 2020. Additionally, 17 percent of current shoppers expect a recession to hit sometime in 2019, 14 percent expect sometime in 2021, and 7 percent expect sometime in 2022. Eight percent expect sometime in 2024 or later and 17 percent reported they didn't know. Active buyers are defined as consumers who are currently shopping for a home. As anxiety over a potential recession continues to rise in the U.S., the home shoppers recently surveyed are prepared to hit the pause-button on their home search until the clouds clear. Nearly 56 percent reported that if a recession hit they would halt their home search until the economy improved. "Economic activity is cyclical, so yes, undoubtedly we will face another recession at some point in the future, but we do not expect it to be anything like 2008," said George Ratiu, senior economist at realtor.com®. "The next recession will likely be driven by factors outside of housing, such as a prolonged trade war, cutbacks in corporate spending or contagion from a European recession. Unlike 2008, mortgage underwriting has been more disciplined and regulated, which should provide a more secure foundation for housing during the economic ups and downs." Despite recession concerns, home shoppers also believe a future downturn will be less severe than the housing crisis. Earlier this spring, 36 percent of home buyers were concerned that a future recession would be worse than 2008. However, that number has dropped slightly to 35 percent since then. News of trade wars and weakening economies globally dominate the headlines, but overall home buyers are more optimistic than they were in March 2019. Nearly 44 percent of current shoppers feel an upcoming recession will be less severe than 2008, up from 40 percent this past spring. Twenty-two percent feel it would be the same. Moreover, home shoppers' views toward homeownership have become more optimistic. According to the survey, nearly 50 percent of home shoppers revealed they think more favorably about homeownership after the 2008 recession. This is up from nearly 45 percent earlier this spring. The share of home shoppers who said they felt very or slightly pessimistic toward homeownership following the 2008 recession dropped slightly from nearly 22 percent in March to 21 percent this August. While potential buyers are becoming more confident and hopeful toward housing, those who are not currently shopping for a home have a much more bleak view of homeownership. According to the survey, 32 percent of active buyers indicated they are a lot more optimistic toward homeownership following 2008, whereas only 7 percent of non-buyers felt this way. In similar fashion, non-buyers are nearly twice as likely, at 11 percent, to feel very pessimistic or slightly more pessimistic toward homeownership following 2008, versus just 6 percent for active buyers. "When warned about an incoming storm, Americans know to prepare by stocking up on necessities and reinforcing their shelter. Similarly, given the cyclical nature of economic activity, consumers can and should prepare for the next downturn now. Taking steps to shore up their financial well-being, strengthening their professional networks and having adequate savings would provide cushioning during the slowdown," Ratiu noted. 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®.

Redfin Releases National Survey on the State of the Real Estate Profession
99% of agents are proud of their service, yet just 1 in 5 would recommend their careerReal estate agents report the internet has increased marketing costs and decreased productivity, while commissions remain stable SEATTLE, July 24, 2019 -- Redfin, the technology-powered real estate brokerage, released findings today from a national survey of real estate agents. The comprehensive survey sought to uncover the state of the real estate agent profession in the United States in terms of career fulfillment and growth, commissions, income, feelings about technology, and the pervasiveness of racial bias and sexism in the industry. "As a company that has long aspired to be the best employer in real estate, Redfin commissioned this survey to understand, at a time when billions in private and public capital is being invested in U.S. real estate brokerages, how the life of an agent has changed, and what we can do to attract a new generation of talent to our profession," Redfin CEO Glenn Kelman said. "What we learned is that agents love the customer relationships and entrepreneurial independence of being an agent but question whether internet technology has made them more productive, and still worry about finding enough customers to earn a steady living." Among the key findings: Nearly half of respondents have a second job; a third outside of real estate. Millennials were the customers agents were least likely to identify as easy to serve. 41% of agents who advertised on lead-generation sites had a positive return on investment. 33% of agents said the internet had increased the amount of work associated with a sale compared to 32% who claimed a decrease. 21% of agents would recommend their career to others. Of agents with five years of experience or more, 49% said commissions have remained about the same over the past five years, 31% said commissions had declined. 33% of non-white agents believe bias is pervasive, compared to 18% of white agents. 13% of female agents report sexism or harassment from customers, 6% from colleagues. Survey Methodology The survey was done in March; 500 U.S. agents who sold at least one home in the last year participated. Respondents were affiliated with a wide variety of brokerages and were not aware that Redfin commissioned the survey. More than 80 percent of respondents had four or more years of experience. Respondents reported a median of 7 to 9 closed sales in 2018, and a median income between $25,000 and $50,000 after work-related expenses, similar to findings from the National Association of Realtors. Career Satisfaction: Agents Like Serving Customers, Dislike Prospecting Relationships with customers and entrepreneurial independence are what agents enjoy most about their job, with 86 percent of respondents selecting those responses. Eighty-one percent said their favorite thing about being a real estate agent was helping people whose lives are in transition. And 99 percent of respondents said they're proud of the service they provide. But just one in five real estate agents would recommend their career to others. The most disliked parts of the job include income unpredictability (42%) and difficulty finding customers (38%). Sixty percent of experienced agents said their incomes had increased in the past five years, while 14 percent said it decreased. Nearly half of all respondents worked other jobs to supplement their income. Agents Feel the Internet Has Decreased Productivity while Increasing Costs The findings also revealed that agents are spending more money than they were five years ago on the costs of finding customers like advertising and online lead-generation, despite their increased pervasiveness. The survey findings also suggest that the internet has not led to increased productivity for agents, most of whom said the internet has either caused them to spend more time and effort to close a sale (33%) or hasn't affected the amount of time they spend (33%). Meanwhile, commissions have been mostly stable, according to agents with five-plus years' experience, 49 percent of whom reported no major change. More than half of respondents said Gen-Xers were the easiest clients to serve. Millennials and Baby Boomers were deemed the toughest, with just 23 and 25 percent of respondents indicating that those generations were easy to serve. "The lessons for the broader industry are first that rumors of the agent's demise are greatly exaggerated. But we should also pay heed to agents' broad frustration with technology, their struggle to make new lead-generation channels profitable and to meet the demands of a new, more fickle set of young homebuyers," wrote Kelman. Racism and Bias in the Industry Redfin asked several questions about diversity and racial bias in the industry with input from Elizabeth Korver-Glenn, assistant professor of sociology at the University of New Mexico, who has focused her research on how real estate agents connect with customers of different races and ethnicities. Professor Korver-Glenn has researched how white agents often have privileged access to listings, lenders, builders and other resources that benefit white clients, unwittingly perpetuating the segregation that exists in many neighborhoods across the U.S. Asked about the races and ethnicities of their last 10 clients, the survey found white agents were far more likely to work with white clients compared to non-white agents. White agents said an average of two of their clients were not white, compared with an average of four non-white clients served by non-white agents. Non-white agents were also nearly twice as likely to agree with the statement 'bias is pervasive' at 33 percent compared with 18 percent of white agents. "Our hope has been that the internet will mitigate some of the effects caused by the differing social networks of white and non-white agents," wrote Kelman. "We've found that a white customer who might have hired a white agent from her social network is perfectly comfortable hiring an agent of color on Redfin.com, particularly when we can show that agent's reviews and sales performance." To read the full white paper, complete with charts and methodology, please visit: https://www.redfin.com/blog/the-next-generation-of-real-estate-agents/ About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.

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.

Gap Widens Between What Buyers Want and What's for Sale
Half of all buyers are looking for homes priced at least 9 percent below the nation's median list price of $315,000 SANTA CLARA, Calif., June 26, 2019 -- There is a wide gap between what buyers want and what's currently available for sale, according to new research released today from realtor.com, the Home of Home Search. According to the study, half of all home shoppers are currently looking for a home priced under $288,000, which is 9.1 percent below the median list price of homes currently on the market. "The price differences between what buyers are searching for, closing on, and what's available on the market demonstrates just how big the gap is for entry level home buyers," said Danielle Hale, chief economist for realtor.com®. "Buying a first home has always been a challenge, but with such a slim number of entry-level homes available, it's especially difficult now." According to realtor.com® home search data, half of all home shoppers are currently looking for a home under $288,000, which is 9.1 percent or $27,000 below today's median price of $315,000 for homes currently on the market. This is supported by the fact that the median sales price of homes purchased in April was $267,000 (NAR, Existing Home Sales data*), which is about 15 percent or $48,000 lower than the price of inventory on the market. Based on the analysis, currently, the only price range where supply is meeting demand for homes is between $340,000 and $350,000, with an imbalance below and above. The gap between what buyers are looking to purchase and current available inventory can be attributed to the 4 percent year-over-year decrease in the pace of home sales so far in 2019, according to Hale. In order to promote sales growth and satisfy the imbalance between what buyers want and what is available, realtor.com® estimates approximately 94,000 homes priced $100,000-$340,000 would need to be added to the market. That would mean a 15 percent increase in the number of listings currently available in the entry- to mid-price-tier, which is no small feat, especially considering inventory growth is currently flat in this category. By comparison, homes above $750,000 -- the tier where inventory is growing the most -- only saw an 11 percent yearly increase in April. "Entry-level homes continue to be difficult to come by as the inventory composition shifts more and more toward higher priced homes. This is causing smaller and more affordable homes to appreciate rapidly, resulting in a mismatch between what buyers are able to spend and what sellers expect to receive." This year, smaller homes (750-1,750 sqft.) have appreciated 12.1 percent, or 3.5 times faster than mid- to large-sized homes (3,000-6,000 sqft.), which have appreciated 3.4 percent year-over-year. Markets where buyers can find what they want As the gap between what buyers want and what is available continues to widen, buyers are beginning to search other parts of the market in an effort to close. The best U.S. markets where buyers can find what they want is topped by Buffalo, N.Y., with a median list price of $194,950. It is followed by Memphis, Tenn. ($219,950), Baltimore ($329,050), Pittsburgh ($189,950), and Philadelphia ($279,950). On average, buyers in the top 10 markets with the smallest imbalance search for homes that are 8.9 percent above the median listing price, demonstrating the average buyer can afford more than the median home for sale. Lower barriers to entry mean these markets have high home ownership rates on average of 66.6 percent and a relatively low median search price of $245,000, as well as a relatively small income percentage requirement of 25 percent of a buyer's salary. Markets with the largest discrepancy In contrast, the top 10 metros with the largest imbalance are associated with larger barriers to entry. The U.S. top markets where there is the largest discrepancy between what buyers want and what is available is topped by Cincinnati with a median list price of $275,045, followed by Houston ($324,950), Minneapolis ($370,050), Indianapolis ($284,950), and Atlanta ($339,050). On average, the top 10 metros with the largest discrepancies have typical home buyers who are searching 15.3 percent below the median asking price, demonstrating the vast discrepancy of what people are looking for and what's available for sale. Buyers in these markets also have a low average home ownership rate at just 64.6 percent, as well as a relatively high entry price point of $442,000. This price point has the largest income percentage requirement of 35 percent, which sits above the recommended 30 percent. * National Association of REALTORS® (NAR) Existing Home Sales Data for April. May data published by the NAR shows the median search price of existing homes rose to $277,700. Research Portal link: https://www.realtor.com/research/entry-level-demand-surplus-remains-sizable/ 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®.

HOME Survey: More Say Now Is a Good Time to Sell a Home
WASHINGTON (June 19, 2019) - The latest consumer findings from a National Association of Realtors® survey reveal that many more Americans believe that now is a good time to sell a home. The second quarter of 2019 saw a jump in optimism in selling, as 46% strongly held that belief, up from 37% in the first quarter. NAR's chief economist Lawrence Yun notes that home prices have increased only moderately and says that is a contributing factor as to why the overwhelming majority feel that now is a good time to sell. "With home price appreciation slowing, home sellers understand that the days of large price gains from holding an extra year are over." An increased number of Americans also think that now is a good time to buy a home, and of those respondents, 38% answered that they strongly believe that notion, and 27% said they moderately believe the present is a good time to buy. Thirty-five percent disagreed, stating that now is not a good time to make a home purchase, which is unchanged from 2019's first quarter. NAR's second quarter Housing Opportunities and Market Experience (HOME) survey also took a look at consumer attitudes regarding the nation's economy. Fifty-five percent of those polled said that the economy is improving; that is up from 53% in the previous quarter. Second quarter optimism was greatest among those who earn $100,000 or more and those who reside in rural areas. Fifty-three percent of Gen Xers said they believe the economy is improving, which is also up from 50% last quarter. Yun said Gen Xers might have more financial pressures compared to other age groups. "Many in the Generation X population find themselves needing to purchase multi-generational homes. Also, they may be feeling financial stress from caring for aging parents and children of all ages. Nonetheless, they have an optimistic outlook about the future," he said. To that point, 63% of those polled said they believe home prices have increased within their communities in the last 12 months, a slight jump from the first quarter's 61%. Respondents were also asked to share their thoughts on future home prices in their neighborhoods. Forty-three percent said they believe prices will remain the same in their communities over the next six months, a figure which is consistent with the previous quarter. Forty-nine percent said they expect to see a price increase in their communities over the coming six months. Among those surveyed who do not currently own a home, 27% said they believe it would be very difficult to qualify for a mortgage due to their financial state; 30% said it would be somewhat difficult to qualify. Yun said that mortgage affordability was promising over the second quarter, and he predicts this trend will continue. "Lower mortgage rates, along with job and wage growth, will lead to an increase in sales and thereby contribute positively to economic growth in the upcoming quarters." About NAR's HOME Survey From April through June, 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 2,708 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.

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.

Realtors Survey Shows Median Income Jumped 5%, More Women Joining Industry
WASHINGTON (May 9, 2019) – Realtor median net income increased 5% from 2017 to 2018, and 67% of all Realtors were female, an increase from 63% last year, according to key findings in the 2019 National Association of Realtors Member Profile. While overall membership grew from 1.23 million in 2016 to 1.36 in 2018, membership remained steady at 1.32 million as of April 2019, according to the report. The median tenure in real estate decreased from 10 to eight years and the median time spent at a real estate firm was recorded at four years, the same as 2018. "As the real estate industry continues to feel the impact of limited inventory, the typical number of transactions Realtors® make in a year remained at 11 in 2018, the same as in the previous report. In addition, because of rising home prices across the country, the median brokerage sales volume increased to $1.9 million in 2018 from $1.8 million in 2017," Lawrence Yun, NAR chief economist, stated. The survey's results are representative of the nation's 1.3 million Realtors®; members of NAR account for about half of all active real estate licensees in the U.S. Realtors® go beyond state licensing requirements by subscribing to NAR's Code of Ethics and standards of practice while committing to continuing education. Demographic Characteristics of Realtors® The report identified the typical Realtor® as a 54-year-old white female who attended college and was a homeowner. Sixteen percent of Realtors® had a previous career in management, business, or finance, and 15% worked in sales or retail. Realtors® continue to see an overall growth in diversity of membership while a growing number of women are entering the profession. Since 2001, there has been a 20% increase in females and a 120% increase in minorities. Only 4% of Realtors® reported real estate was their first career. Seventy-two percent of Realtors® said that real estate was their only occupation, and that number increased to 82% among members with 16 or more years of experience. Business Activity of Realtors® "Limited inventory continues to cause headaches in markets across the country and is preventing potential homebuyers from finding a home. For the sixth year in a row, Realtors® cited the difficulty in finding the right property surpassed the difficulty of obtaining a mortgage. "However, rental business has been strong with more members involved in property management," said Yun. The typical property manager supervised 47 properties in 2018, up from 35 properties in 2017. The typical Realtor® earned 13% of their business from repeat clients and customers and 17% through referrals from past clients and customers. Business Characteristics of Realtors® Sixty-eight percent of Realtors® were licensed sales agents, 20% held broker licenses and 14% held broker associate licenses. Fourteen percent of members had at least one personal assistant. Fifty-one percent of Realtors® reported having a website for at least five years, 9% reported having a real estate blog, 73% of members were on Facebook and 58% are active on LinkedIn for professional use. The most common information found on Realtor® websites was the member's own listings and home buying and selling information. Income of Realtors® The median gross income of Realtors® was $41,800 in 2018, an increase from $39,800 in 2017. Realtors® with 16 years or more experience had a median gross income of $71,000-down from $78,800 in 2017. In comparison, Realtors® with two years or less experience had a median gross income of $9,300, a slight increase from $8,330. Median business expenses were reported at $4,600 in 2018, similar to the $4,580 recorded last year. In 2018, 36% of Realtors® were compensated under a fixed commission split (under 100%), followed by 23% with a graduated commission split (increases with productivity). Office and Firm Affiliation of Realtors® The survey looked at office and firm affiliation for members and found that over half of Realtors® were affiliated with an independent company. Nearly nine in ten 10 members were independent contractors at their firms. The median tenure for Realtors® with their current firm was four years again in 2019. Nine percent of Realtors® worked for a firm that was bought or merged in the past two years. 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. Survey Methodology In March 2019, NAR e-mailed a 92-question survey to a random sample of 174,242 Realtors®. Using this method, a total of 12,700 responses were received. The survey had an adjusted response rate of 7.2%. The confidence interval at a 95% level of confidence is +/- 0.87% based on a population of 1.3 million members. Information about compensation, earnings, sales volume and number of transactions is characteristic of calendar year 2018, while all other data are representative of member characteristics in early 2019.

Realtors Report Value in Promoting Green Features in Both Residential and Commercial Listings
WASHINGTON (April 19, 2019) - With Earth Day right around the corner, members of the National Association of Realtors® are doubling down on their commitment to promote environmentally friendly home features, adopt green business practices and encourage a culture of sustainability in real estate. With this in mind, NAR is releasing the REALTORS® and Sustainability 2019 Report, which found that consumer demand in real estate continues to trend eco-friendly. The report is in its third iteration and stems from NAR's Sustainability Program. It surveyed Realtors® about sustainability issues in the residential and commercial real estate markets and the preferences they are seeing in consumers in their communities. According to the report, 59% of respondents found that residential consumers were very or somewhat interested in sustainability. Seven in 10 residential and commercial agents and brokers reported that promoting energy efficiency in listings is either somewhat or very valuable. "The state of the environment is important to our members and their business practices, and the report shows that sustainability impacts consumers' home buying decisions as well," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Realtors® remain on the cutting edge of sustainability and continue to lead the conversation about energy efficiency in real estate." A large majority of respondents (83%) said that solar panels were available in their markets, and 36% said that solar panels increased the perceived property value. However, only 8% of those surveyed said that solar panels decreased the perceived amount of time a home spent on the market. Solar panels are most prevalent in Northeast (available in 94% of markets) and respondents in the West were the most likely to report they increase perceived property value (41%). Twenty-five percent of brokers indicated that tiny homes - homes that are 600 square feet or less - are available in their markets, a 2% increase from 2018. Only 13% of respondents said that wind farms were available in their markets. The transportation and commuting features that Realtors® stated are very or somewhat important to their clients include: easy access to highways (82%), short commute times and distance to work (81%) and walkability (51%) - the same as 2018. Forty-one percent of respondents were aware that their Multiple Listing Service, or MLS, has green data fields, compared to only 14% that were unaware. Among those that do have green data fields, 35% of respondents use them to promote green features, 26% use to promote energy information and 14% use to promote green certifications. Realtors® also revealed how comfortable they are answering questions about home performance and efficiency; 39% said they are comfortable or extremely comfortable. Forty percent of respondents say they are confident or extremely confident in their ability to connect clients with green lenders; only 6% responded that they are not at all confident. When asked what they consider as the top market issues and considerations regarding sustainability, agents and brokers named understanding lending options for energy upgrades or solar panels (38%), the lack of information and materials provided to real estate professionals (32%) and improving the energy efficiency of existing housing stock (31%). Respondents were also asked about sustainability in commercial real estate. Seventy percent of agents and brokers indicated that promoting energy efficiency in their commercial listings was very or somewhat valuable. Sixteen percent of respondents reported that their Commercial Information Exchange had green data fields and that those fields promote energy information and green features. The top building features that clients specified as very or somewhat important to their agents or brokers were utility/operation costs (81%), efficient use of lighting (67%) and indoor air quality (64%). NAR initiated the Sustainability Program as a platform for dialogue on sustainability for Realtors®, brokers, allied trade associations, and consumers. The program's efforts focus on coordination and articulation of NAR's existing sustainability resources, while also supporting a growing area of interest for consumers, helping members to assist home buyers and sellers. The REALTOR® Sustainability Program invited a sample of 112,035 active Realtors® to participate in an online survey pertaining to sustainability issues facing consumers and the industry, resulting in 6,047 usable responses. NAR plans to use this report to better benchmark Realtor® understanding of sustainability and create resources to help Realtors® better serve clients surrounding sustainability topics. 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.

U.S. Property Taxes Levied on Single Family Homes in 2018 Increased 4 Percent to More than $304 Billion
Average Property Tax Was $3,498, Up 3 Percent and Effective Tax Rate of 1.16 Percent; Highest Effective Tax Rates in New Jersey, Illinois, Texas, Vermont, Connecticut IRVINE, Calif. – April 4, 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 2018 property tax analysis for more than 87 million U.S. single family homes, which shows that property taxes levied on single family homes in 2018 totaled $304.6 billion, up 4 percent from $293.4 billion in 2017 and an average of $3,498 per home — an effective tax rate of 1.16 percent. The average property taxes of $3,498 for a single-family home in 2018 was up 3 percent from the average property tax of $3,399 in 2017, and the effective property tax rate of 1.16 percent in 2018 was down from the effective property tax rate of 1.17 percent in 2017. View 2018 Property Taxes by County Heat Map The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. "Property taxes levied on homeowners rose again in 2018 across most of the country," said Todd Teta, chief product officer for ATTOM Data Solutions. "While many states across the country have imposed caps on how much taxes can go up, which probably contributed to a slower increase in 2018 versus 2017. There are still many factors at play that can contribute to local property tax hikes, and without major changes in the way a community runs public services, tax rates must rise to pay for them." New Jersey, Illinois, Texas, Vermont, Connecticut post highest property tax rates States with the highest effective property tax rates were New Jersey (2.25 percent), Illinois (2.22 percent), Texas (2.18 percent), Vermont (2.16 percent), and Connecticut (2.02 percent). Other states in the top 10 for highest effective property tax rates were New Hampshire (1.99 percent), New York (1.86 percent), Pennsylvania (1.79 percent), Ohio (1.69 percent), and Wisconsin (1.58 percent). Among 219 metropolitan statistical areas analyzed in the report with a population of at least 200,000, those with the highest effective property tax rates were Binghamton, New York (3.19 percent); Syracuse, New York (2.89 percent); Rochester, New York (2.88 percent); Rockford, Illinois (2.83 percent); and Atlantic City, New Jersey (2.74 percent). Property taxes increase faster than national average in 58 percent of markets Out of the 219 metropolitan statistical areas analyzed in the report, 120 (55 percent) posted an increase in average property taxes above the national average of 3 percent, including Los Angeles (5 percent increase), Dallas-Fort Worth (8 percent increase), Washington D.C. (4 percent increase), Atlanta (7 percent increase), and San Francisco (7 percent increase). Other major markets posting an increase in average property taxes that was above the national average were Riverside-San Bernardino (up 5 percent), Seattle (up 14 percent), Minneapolis (up 6 percent), San Diego (up 5 percent), and Tampa (up 4 percent). Hawaii, Alabama, Colorado, Nevada, Utah post lowest property tax rates States with the lowest effective property tax rates were Hawaii (0.37 percent), Alabama (0.48 percent), Colorado (0.51 percent), Nevada (0.57 percent), and Utah (0.57 percent). Other states in the top 10 for lowest effective property tax rates were West Virginia (0.58 percent), Delaware (0.61 percent), Arizona (0.64 percent), Tennessee (0.65 percent), and Wyoming (0.66 percent). Among the 219 metro areas analyzed for the report, those with the lowest effective property tax rates were Laredo, Texas (0.35 percent); Honolulu (0.36 percent); Montgomery, Alabama (0.37 percent); Tuscaloosa, Alabama (0.39 percent); and Colorado Springs, Colorado (0.42 percent). 9 counties with average annual property taxes of more than $10,000 Among 1,408 U.S. counties with at least 10,000 single family homes, those with the highest average property taxes on single-family homes were largely located in the greater New York metro area, led by Westchester County, New York ($17,392); Rockland County, New York ($12,925); Marin County, California ($12,242); Essex County, New Jersey ($12,161); and Bergen County, New Jersey ($11,771). 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).

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.

Contactually's 2018 State of Customer Relationship Management Report Reveals Best Practices for Real Estate Agents
Analysis of user behavior provides guidance on how agents can successfully manage their accounts WASHINGTON D.C., Feb. 5, 2019 -- Contactually, the real estate CRM of choice for many of the country's top real estate brokerages, has released its 2018 CRM Usage Report which details how Contactually users successfully used the platform to manage their networks. "We developed Contactually out of a desire to help people strengthen their business relationships," said Zvi Band, CEO of Contactually. "By looking at 2018 user data and surveying active customers, we can see how our customers used the CRM to build successful connections." Most salespeople and business professionals start using a CRM to get organized and work smarter. A database on its own is simply a collection of names. By dividing a network into segments such as with the Contactually Bucket system, users can better allocate time and resources to focus on the people that are most important to business development. Real estate agents and brokers surveyed reported that 27 percent of their network brings in business and referrals — when using a CRM, you can easily find and prioritize these individuals. On average, real estate agents spend more than 60 percent of their day away from their desks. Because of this, they can find following up with leads and existing customers difficult. While the majority of agents ranked responsiveness as very important, most felt they could be better at follow-up. Current clients require at least two attempts to get a response, while it may take four tries to reach a new lead. This need for effective follow-up is top of mind for brokers and technology managers. Keenly aware that 2019 will present a competitive market environment, these leaders expressed that having agents both develop stronger relationships and also keep up with new prospects are essential for continued success. "Real estate agents are constantly adding to their networks," added Band. "With all of that activity finding technology that doesn't just keep contacts but actively monitors and surfaces relationships in need of attention is critical." To download the complete report, please visit www.contactually.com. About Contactually Contactually provides a SaaS-based intelligent customer relationship management (CRM) platform for real estate agents and brokerages. In simply minutes a day, Contactually's easy-to-use platform enables personal engagement at scale, resulting in more leads, referrals, and increased business. Proudly located in Washington, DC, Contactually employs approximately 70 people and has raised $12 million in capital to date from Grotech Ventures, Rally Ventures, Bull City Venture Partners, Middleland Capital, and others. Contactually has been named to Inc's 5000 Fastest Growing Companies and the HousingWire Tech 100. For more information, please visit us at https://www.contactually.com/.

Homeownership Part of American Dream; Housing Costs Deterrent for Non-Owners
WASHINGTON (January 14, 2019) – Homeowners and non-homeowners both strongly consider homeownership part of the American Dream. That is according to new consumer survey data from the National Association of Realtors®, which revealed that among those polled, approximately 75 percent of non-homeowners believe homeownership is part of their American Dream, while nine in 10 current homeowners said the same. NAR's Aspiring Home Buyers Profile analyzed 2018 quarterly consumer insights from its Housing Opportunities and Market Experience (HOME) survey to capture the housing expectations and sentiments of non-homeowners – both renters and those living with a family member. When non-homeowners were asked for the chief reason why they currently do not own a home, most respondents said it was because they were currently unable to afford a mortgage. Over the last quarter of 2018, 43 percent of non-owners said they did not own a home because they were not in a position to purchase, which was down from the third quarter of 2018, when 49 percent of non-homeowners answered the same. Also in the 4th quarter, 33 percent of non-homeowners said they do not own because current life circumstances are not suitable for ownership, while 16 percent said they need the flexibility of renting. In addition, the survey looked at the main reason why non-homeowners would buy a home in the future. Throughout 2018, 28 to 31 percent of non-owners each quarter said an improvement in their financial situation would be the top reason that would encourage them to buy a home in the future. In each quarter, 26 to 30 percent of non-owners said a change in lifestyle – such as getting married, starting a family or retiring – would be the primary reason they would make a future home purchase. Lawrence Yun, NAR chief economist, says unaffordable housing has caused a number of potential buyers to hold off on purchasing a new home. "The lack of affordable and moderately priced homes has forced non-homeowners to delay achieving that part of the American Dream. However, as the survey confirms, significant lifestyle changes like marriage or starting a family often spur non-owners to pursue home-ownership." For this year's survey, homeowners and non-owners were also asked about adult family or friends moving into their homes, the span of time this individual(s) lived within the household, and if they thought about moving to a new home because of the change. According to the survey, 11 percent of homeowners had an adult child move into their residence, while 5 percent of non-owners had an adult move into their home. Of those who had someone move into their home, 44 percent said that the individual intended to live with them for over one year or to stay permanently. Forty-four percent of non-owners reported that the individual planned on living with them for between six months to one year. Eighty-eight percent of those surveyed who had someone move into their home reported that their living situation remained acceptable and therefore did not warrant consideration of moving into a different home. Twelve percent said they did consider moving or ultimately did move due to their home situation changing. "While home sales were slightly down in 2018, there is still a sizable pent-up housing demand. Economic growth, interest rates, and the supply of moderately priced-homes will dictate how well the real estate industry will do this year," said Yun." About NAR's HOME survey In each quarter of 2018, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via landlines. The survey was conducted by established survey research firm, TechnoMetrica Market Intelligence. A total of 8,140 household responses are represented. 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.

Homeowners Love Their D.I.Y. Remodels, Says Realtor Survey
WASHINGTON (January 3, 2019) – Homeowners looking to add personality and individuality to their home are more likely to undertake a do it yourself remodel than hire a professional, according to the National Association of Realtors®' 2019 Remodeling Impact Report: DIY. The report also shows that cash-strapped millennials are the most likely of any generation to take on a DIY project. The report examines the differences between remodeling when hiring a professional compared to homeowners who pursue "do it yourself" projects. The report also differentiates between projects that were undertaken to benefit the homes of consumers and those that benefit consumers' pets. According to the report, homeowners reported a "Joy Score" of 9.9 for projects done themselves (Joy Scores range from 1 and 10, and higher figures indicate greater joy from the project). That is compared to a score of 9.6 for projects completed by professionals. DIYers also expressed a greater sense of accomplishment with a finished project, with 97 percent of respondents indicating a major or minor sense of accomplishment, compared to 93 percent of those who hired a professional. Respondents indicated that the number one reason for undertaking a project was to increase functionality and/or livability of their home (35 percent for DIYers and 41 percent for those hiring a professional). That is followed by increasing the home's beauty and aesthetics (19 percent and 18 percent, respectively) and adding durable and long lasting materials and appliances (15 percent and 18 percent). Projects which were designed to add personality to a home were twice as popular among DIYers than among those hiring a professional (10 percent and 5 percent). "One of the pleasures of homeownership is the ability to take on projects to customize a house that truly make it your own. With plenty of owners taking on renovation projects as New Year's resolutions, this report is a great place to search for projects others have undertaken successfully," said John Smaby, a second-generation REALTOR® from Edina, Minnesota and broker at Edina Realty. "Specifically, those taking on remodeling projects to get the most bang for their buck on resale should speak to a local Realtor®, as they have unique and instrumental insights into which projects and upgrades bring the most value to homes in your area." Nearly three-fourths of Generation Y and Millennial consumers (73 percent,) over half of Generation X (51 percent) and 50 percent of Younger Boomers choose to DIY home projects. Seventy percent of the Silent Generation indicated that they hired a professional to complete their project – the highest of any generation. Pet Projects When it comes to projects undertaken for the benefit of the consumer's pet, marginally more respondents indicated complete satisfaction when they hired a professional, 65 percent compared to 61 percent. However, consumers are more likely to DIY a project for a pet (56 percent) than a general home project (47 percent). Respondents who hired a professional to complete a remodeling project for their pet indicated a Joy Score of 9.3, while DIYer's reported a Joy Score of 9.4. The most popular animal-driven renovations were fence and laminate floor installation, along with the additions of dog doors, with fences earning the highest Joy Score (9.4 for professional, 9.5 for D.I.Y.). 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.

Technology, Realtor Use: Both Large Part of Home Buyer Process
WASHINGTON (December 12, 2018) – Consumers retain the internet as a critical tool during their home buying process, while buyers continue to utilize the knowledge and expertise of a real estate agent, according to the National Association of Realtors®' Real Estate in a Digital Age report. The report examines the process home buyers go through in the initial online search and the role Realtors® play connecting with customers in the digital space. "Consumers have the ability to do more home buying research online than ever before. Still, Realtors® present tremendous value to buyers from every generation and every background. While consumers have more technological tools at their fingertips, Realtors® continue to be a large part of the home buying and selling equation," said John Smaby, a second-generation REALTOR® from Edina, Minnesota and broker at Edina Realty. The report found that finding the right property was ranked as the most difficult step in the home buying process. Since the internet is now the first place many people go for information, it is not surprising that 44 percent of buyers looked for properties online as a first step in the home buying process (the same as 2017). However, 87 percent of buyers in 2018 purchased their home with assistance from a real estate agent, a share that grows higher for millennials at 90 percent. While 99 percent of millennials and 90 percent of older boomers used online websites in their home search, only 70 percent of the silent generation - those ages 69 to 89 years - did the same. Older boomers used a mobile device at over half the rate of millennials (21 percent compared to 58 percent). When it comes to website listing features, photos and online property information were more important to millennials, while virtual tours and direct contact with a real estate agent were more important to baby boomers. Despite visual content growing in popularity and importance, older home buyers found virtual tours more useful than younger buyers. All buyers typically spent 10 weeks looking for a home, whereas millennials, members of generation X and the silent generations typically spent 8 weeks looking for a home. Younger and older boomers typically searched for 10 weeks. The Real Estate in a Digital Age report also found greater technology use by Realtors® and real estate firms to serve the needs of clients. Realtors® prefer to communicate with their clients via email (93 percent) as well as text messages (92 percent) and instant messaging (37 percent). Over 90 percent of Realtors® are also using e-mail, laptops/desktop computers, and smartphones daily. "Realtors® continue to find ways to make home buying and selling more efficient and accessible for their clients. As technology use continues to transform and modernize the real estate industry, Realtors® are focused on adapting to and remaining at the forefront of this change," said Smaby. Social media continues to be popular with Realtors®, with 76 percent of females active on social media compared to 72 percent of males. Facebook and LinkedIn are the most utilized social media platforms among Realtors® (at 97 percent and 59 percent, respectively) compared to Instagram at 39 percent. The top technology tools that provide the highest quality of leads are social media (47 percent), MLS suite (32 percent), a brokerage's website (29 percent) and a listing aggregator site (29 percent), according to the report. Realtors® found that the three most valuable technology tools used in their business, excluding email and cell phones, were local MLS websites/apps (64 percent), lockbox/smart key devices (39 percent), and social media platforms (28 percent). Nearly 50 percent of all real estate firms cited keeping up with technology as one of the biggest challenges they face in the next two years. For commercial firms, 46 percent cite keeping up with technology as a challenge, while 51 percent of firms with three or more offices said the same. The report looked at the use of drones in real estate and found that 5 percent of Realtors® personally use drones, while 23 percent hire a professional, and 17 percent said that someone in their office uses drones. 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.

Single Females Remain a Force in Market, While First-time Buyers Continue to Struggle, According to Realtor 2018 Buyer and Seller Survey
WASHINGTON (October 29, 2018) – Single female buyers continue to be a powerful force in the market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home. This is according to the National Association of Realtors®' 2018 Profile of Home Buyers and Sellers, which also identifies numerous current consumer and housing trends, including mounting student debt balances; the impact of pets on home buying decisions; increases in down payments for all buyers; the rising age of repeat buyers; and the fact that a vast number of respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low. "With the lower end of the housing market – smaller, moderately priced homes – seeing the worst of the inventory shortage, first-time home buyers who want to enter the market are having difficulty finding a home they can afford," said NAR Chief Economist Lawrence Yun. "Homes were selling in a median of three weeks and multiple offers were a common occurrence, further pushing up home prices. These factors contributed to the low number of first-time buyers and the struggles of would-be buyers dreaming of joining the ranks of homeownership." Here are some additional key trends of buyers and sellers detailed in this year's 150-page report. Single Female Buyers continue to be a strong force in the market For the second year in a row, single female buyers accounted for 18 percent of all buyers. The group was the second most common household buyer type behind married couples (63 percent). Single male buyers came in third and accounted for half the number of buyers as their female counterparts (9 percent). However, single males tended to purchase more expensive homes, with a median price of $215,000, compared to single females with a median price of $189,000 (the lowest of all household buyer types). Share of first-time buyers continues to fall The share of first-time home buyers continued a three-year decline, falling 33 percent (34 percent last year). This number has not been 40 percent or higher since the first-time home buyers credit ended in 2010. "Low inventory, rising interest rates and student loan debt are all factors contributing to the suppression of first-time home buyers," said Yun. "However, existing home sales data shows inventory has been rising slowly on a year-over-year basis in recent months, which may encourage more would-be buyers who were previously convinced they could not find a home to enter the market." Buyers continue to rely on agents and the internet to find the right home For the third year in a row, 95 percent of buyers used the internet at some point during their home search process, and 50 percent said that they found the home they eventually purchased online. Eighty-six percent of buyers used a real estate agent in their home search, and repeat buyers were more likely to use an agent than first-timers (87 percent to 86). Overall, 87 percent of buyers ended up purchasing their home through a real estate agent (the same as 2017), as finding the right home and negotiating terms of sale were the top factors buyers desired from their agent. Ninety percent of respondents said they would definitely or probably use their agent again or recommend them to someone else. "With inventory so low, buyers are relying on their agent's knowledge of markets and neighborhoods to find listings, rather than relying only on online searches," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "A Realtor® has years of experience, generating insight and expertise that can help buyers navigate a tight market where buyers are forced to move fast and make competitive bids in order to get their dream home." Student loan debt continues to be an issue Once again, student loan debt stands out as a challenge keeping would-be buyers out of the market. Among the 13 percent of buyers who said saving for a down payment was the most difficult part of the buying process, 50 percent reported that student loan debt had inhibited their ability to save for a home purchase or down payment. Twenty-four percent of all buyers indicated that they have student loan debt, at a median of $28,000, and 40 percent of first-time buyers indicated that they have student loan debt at a median of $30,000. "Even with a thriving economy and an abundance of job opportunities in many markets, monthly student loan payments coupled with sky-high rents and rising home prices make it exceedingly difficult for potential buyers to put aside savings for a down payment," said Yun. Down payments higher for all buyers Overall, buyers paid a median 13 percent down payment, up from 10 percent last year and the highest since 2005. First-time buyers paid a median 7 percent down payment, up from 5 percent last year and the highest since 1997 (9 percent), while repeat buyers paid a median 16 percent, up from last year's 14 percent and the highest since 2010. A majority of buyers ranked their personal savings as the primary source of their down payment (58 percent). Repeat buyers were most likely to use the proceeds from the sale of the previous primary residence (56 percent), while first-time buyers were the most likely to use a gift from a friend or relative (24 percent). Nearly all buyers choose a single-family home A majority of buyers continue to choose a detached, single-family home (82 percent) as opposed to a townhouse or row house (8 percent) or a condo/duplex/apartment unit (4 percent). Median age of repeat home buyers skyrockets; stays flat for first-time buyers For the third straight year, the median age of first-time home buyers was 32 years old. A majority of first-time buyers were married couples (54 percent), followed by single females (18 percent). Their median income was the same as last year's at $75,000, and they spent a median of $203,700 on a home. These buyers were more likely to purchase smaller homes than repeat buyers, with a median size of 1600 square feet. The age of repeat buyers increased to an all-time high of 55 years old (up from 54 last year). A majority of repeat buyers were also married couples (57 percent), followed by single females (18 percent). Their median income increased from $97,500 last year to $100,000 and they spent a median of $280,000 on a home. The median home size remained the same as last year, at 2000 square feet. Pets Influencing Home Buying Decisions Fifteen percent of all buyers said that convenience to vets and/or outdoor space for their pet was a critical factor in determining where they wanted to purchase their home. That number rises to 20 percent, or one-fifth of buyers, for unmarried couples. "NAR conducted a survey on the important role pets play in our home buying decisions and the unique considerations that pet owners face," said Mendenhall. "Realtors® understand that when someone buys a home, they are buying it with the needs of their whole family in mind. And any pet owner will tell you that their animals are an important and beloved part of their family." Downsizing not a trend Only 9 percent of buyers listed downsizing as a factor in their decision to move. In fact, 73 percent of buyers purchased a home that was either larger or similar in size to what they previously owned. "Homeowners that may be looking to downsize tend to be competing for the same homes as first-time buyers, and we are experiencing a scarcity of inventory in those smaller sized, moderately priced homes," said Yun. "These buyers, not finding the smaller home they are looking for, may decide to purchase an equivalently sized home or simply stay put in their current home." FSBOs at record low For-Sale-By-Owner sales accounted for 7 percent of all sales – the lowest number recorded in this survey's history. This number has been steadily declining since a high of 15 percent in 1981, with more and more owners relying on the expertise of an agent to help navigate the complicated process and intricacies of a home sale. NAR mailed a 129-question survey in July 2018 using a random sample weighted to be representative of sales on a geographic basis to 155,250 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 7,191 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 4.6 percent. The sample at the 95 percent confidence level has a confidence interval of plus-or-minus 1.15 percent. Recent home buyers had to have purchased a home between July 2017 and June 2018. All information is characteristic of the 12-month period ending in June 2018 with the exception of income data, which are for 2017. 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.

Realtors View Technology as Increasingly Valuable for Business, Competition
WASHINGTON (September 18, 2018) — As technology continues to transform and modernize the real estate industry, Realtors®, members of the National Association of Realtors®, are focused on adapting to and remaining at the forefront of this change. Last month, NAR kicked-off the inaugural Innovation, Opportunity & Investment Summit in San Francisco, where Realtors® joined real estate technology companies and the investment community to discuss evolutions in real estate technology and strategies for Realtors® to keep up with these trends. "During the iOi Summit, Realtors® collaborated with leading technology firms to identify Realtor®-friendly technology tools and resources. The summit is a part of an ongoing process of creating a dynamic, competitive real estate market that will help NAR advance our members-first mission for years to come," said NAR CEO Bob Goldberg. Following the iOi Summit, NAR developed a survey focused on Realtors® day-to-day use of technology and analyzed ways technology continues to change how Realtors® and real estate businesses operate. According to the 2018 REALTOR® Technology Survey, Realtors® have spent countless hours and millions of dollars advancing real estate technologies and keeping up with the latest trends in order to further their business. "The iOi Summit and the Realtor® Technology Survey are both initiatives that help us better understand Realtors® use of technology, embrace change and identify the business technology tools of the future. Both are part of my vision as CEO, advocating for technologies that are Realtor®-centric and ensure a competitive market for consumers throughout the real estate transaction," said Goldberg. According to the survey, Realtors® continue to find the most value in current technology tools that increase efficiency and enhance remote work capabilities. The three most valuable technology tools Realtors® used in their businesses, excluding email and cell phones, were local MLS websites/apps (64 percent), lockbox/smart key devices (39 percent), and social media platforms (28 percent). As the real estate market becomes more dynamic and competitive with advances like smart technology, Realtors® are becoming more familiar with smart home and Internet connected devices. Realtors® always stay in touch with the latest trends buyers want in their homes. The survey found that Realtors® are most familiar with security devices (19 percent), home-connected wearable devices (12 percent), and home comfort devices (12 percent). While the majority of agents are satisfied with the technology tools provided by their broker, they do want some additional tools. When asked what additional technology tools Realtors® would like to see their broker provide in the future, respondents most wanted to see predictive analytics (36 percent), CRM tools (35 percent), and transaction management software (25 percent). According to the survey, 41 percent of Realtors® were somewhat satisfied with MLS-provided technology and nearly 29 percent were extremely satisfied with their MLS's technology offerings. Only two percent of respondents do not use any of the technology tools or services that their MLS offers. The tech tools that have given respondents or their agents the highest number of quality business leads in the last year were social media (47 percent), their MLS site (32 percent), their brokerage's website (29 percent), and listing aggregator sites (29 percent). The 2018 Realtor® Technology Survey was based on data collected in March 2018. The survey was e-mailed to NAR members, including Realtor® brokers, managers and agents, and generated 2,525 usable responses. The survey is available at https://www.nar.realtor/reports/realtor-technology-survey. 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.

Home Buyers Forego Garages for School Districts
SANTA CLARA, Calif., July 24, 2018 -- Today's seller's market is forcing buyers to make compromises, but new survey data from realtor.com®, The Home of Home Search, shows buyers remain steadfast in their desire for their preferred school districts. In fact, they are willing to give up two of their most desired home features -- a garage and updated kitchen -- to get into the school district they want. "Most buyers understand that they may not be able to find a home that covers every single item on their wish list," said Danielle Hale, chief economist for realtor.com®. "But our survey shows that school districts are an area where many buyers aren't willing to compromise. For many buyers, 'location, location, location,' means 'schools, schools, schools.'"   The online survey was conducted earlier this month by Harris Research of more than 1,000 people who closed on a home in 2018. Three-quarters of respondents indicated schools were important in their search The majority of successful buyers surveyed, 73 percent, indicated school boundaries were important to their search, with 39 percent indicating very important and 34 percent important. Only 18 percent said they were unimportant or very unimportant, and 9 percent of buyers were neutral on the question. The desire for particular schools varied significantly by life stage and age. Ninety-one percent of buyers with children said that school boundaries were important or very important, compared to 34 percent of those without children. Similarly, younger buyers were more likely to say that schools were important. Eighty-four percent of those 35-54 years old and 86 percent of those 18-34 years old indicated they were important, compared to 37 percent of buyers 55-plus. More than half of older buyers 55-plus said school boundaries were unimportant or very unimportant. Buyers compromise on their top home features for good schools Seventy-eight percent of buyers for whom schools were important and who were able to get into their preferred district said they had to compromise on home features; 22 percent did not. The features they most commonly reported giving up were a garage (19 percent), a large backyard (18 percent), an updated kitchen (17 percent), desired number of bedrooms (17 percent), and an outdoor living area (16 percent). According to realtor.com's spring home buyer survey a garage was the No. 1 feature home buyers were looking for this year, followed by an updated kitchen, and an open floor plan. Older buyers were less likely to say they had to compromise with 42 percent of buyers 55-plus reporting they made no compromises, compared to 21 percent of 35-54 year-old buyers and 17 percent of buyers aged 18-34. Buyers define good schools by test scores and accelerated programs Test scores were the factor most often selected by buyers as a hallmark of a good school (59 percent), followed by having accelerated programs (53 percent), arts and music (49 percent), diversity (43 percent), and before- and after-school programs (41 percent). Younger buyers were more likely than older buyers to cite diversity as a factor that makes for a good school -- 49 percent for 18-34 year-olds, compared to 37 percent for 55-plus. More older buyers placed importance on whether a school has accelerated programs -- 62 percent for 55-plus vs. 50 percent for buyers under 55. Buyers looking for homes in a specific district or school boundary, can search specifically within these parameters on realtor.com.® Buyers simply enter the name of a school or district into the search box on the realtor.com® home page. Homes within the area are then presented on a map with a "pin" showing the school name and location. For more information about the survey, please visit: https://www.realtor.com/research/home-buyers-forego-garages-for-school-districts About realtor.com® Realtor.com®, The Home of Home SearchSM, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to 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 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®.

The Marketing Divide: 2018 Real Estate Marketing Analysis
Adwerx and REAL Trends Survey Reveals Brokers and Agents Differ On Primary Marketing Priorities DURHAM, N.C., June 6, 2018 -- Real estate agents and brokers both know that marketing is essential to the success of their business. A new study from Adwerx, the leaders in real estate advertising, shows that a divide exists in what marketing tactics these two groups see as most valuable. The study, commissioned by Adwerx and administered by REAL Trends, a real estate consulting and publishing company based in Colorado, revealed that while brokers are often focused on long-term growth and invest their dollars in branding and community awareness, agents prioritize the need to drive commissions on an individual level. "When looking at the long term trends and new challengers to the industry, it's clear we are in the beginning stages of an industry-wide change in how brokers support their agents," said Jed Carlson, CEO of Adwerx. When it comes to investing in their brand, both agents and broker/owners spend on websites, social media, yard signs and listing portals. Agents see open houses and direct mail as representing additional opportunities to gather leads, while brokerages are more likely to prioritize efforts that build brand awareness, such as print advertising and community involvement. The top three marketing channels agents are likely to spend their money on include listing portal leads; social media, and direct mail indicating a focus on generating leads. Broker/owners by comparison looked to print advertising, outdoor signage, and radio, with an eye toward building long-term awareness. Brokers often take on the expense of branding through a company website and yard signs while agents shoulder the costs for activities that generate immediate business. One thing both agents and broker owners prioritize is social media. Social networking is affordable, easy to set-up, and provides immediate, easy to measure audience reaction. "This research points at some differences between agent and broker priorities but also shows opportunities where agents and brokers can work together on shared goals," added Carlson. "Alignment on branding standards and strategies that deliver both short-term and long-term results are key." To download the complete report, please visit www.adwerx.com/2018marketinganalysis. About Adwerx One of the fastest growing companies in real estate technology, Adwerx automates digital advertising for brokerages to delight the seller and increase agent satisfaction. Adwerx helps individual agents promote themselves and their listings online, working with over 100,000 real estate customers across the US, Canada and Australia. Adwerx is comprised of a team of savvy marketers, experienced software developers, and advertising veterans who are bound together by the simple belief that online marketing should work for everyone. For more information, visit www.adwerx.com.

Millennial Buyers Feel the Brunt of Rate and Price Hikes
Debt and smaller down payments leave millennials vulnerable to an already challenging market SANTA CLARA, Calif., April 4, 2018 -- As interest rates and home prices continue to rise, millennial home buyers are more likely than older buyers to adjust what they are shopping for, according to a new survey released today from realtor.com®, a leading online real estate destination. Two factors contributing to this market sensitivity are millennials' likelihood to carry more student loan and other debt and put less down than other buyers. According to the online survey of more than 1,000 active buyers conducted in March by Toluna Research, 79 percent and 83 percent of respondents of all ages, respectively, said rising interest rates and home prices will impact their home search. That rises to 92 and 93 percent for buyers ages 18 to 34 years old. Only 17 percent and 21 percent of all buyers indicated prices and rates would have no impact. "Existing debt and lower down payments leave younger shoppers more exposed than others to the impact of rising mortgage rates and record-high home prices," said Danielle Hale, chief economist for realtor.com®. "These obstacles won't prevent millennials from finding and buying homes, but most will have to adapt to these challenging market conditions by adjusting their home search." Rising prices and interest rates impact the majority of buyers When asked how their search would be impacted by rising prices, 41 percent indicated they have to buy a smaller home, 35 percent need to look for a less expensive home, 34 percent have to look in a different neighborhood, 33 percent need to put down a larger down payment, and 31 percent have to increase their monthly mortgage budget. Survey data also shows rising rates have a greater impact on millennials than on buyers 55 years or older. As a result of rising rates, 37 percent of millennials said that they have to look for a less expensive home, compared to 24 percent of buyers 55 and older. Thirty-five percent of millennials have to look in a different neighborhood, compared to 18 percent of those 55+. Thirty-three percent of millennials have to look for a smaller home, compared to 23 percent of boomers. Millennial buyers carry more debt than others Millennial buyers are also more likely to report carrying each of the seven categories of debt realtor.com® inquired about – often by a significant margin. Of those between the ages of 18 and 34 years old, 78 percent have credit card debt, 68 percent have a car loan, 62 percent have a personal loan, 62 percent have mortgage debt, 57 percent have home equity loans, and 61 percent have student loans. This is notably higher than 35-54 years old who reported: 72 percent credit card debt, 59 percent car loan, 55 percent have a personal loan, 60 percent mortgage debt, 49 percent home equity loan, and 49 percent student loans. Or those 55+ who indicated: 45 percent credit card debt, 30 percent car loan, 12 percent personal loan, 32 percent mortgage debt, 11 percent home equity loans and 9 percent student loans. Millennials put the least amount down When all respondents were asked how much cash they are planning to put down on their purchase, 32 percent indicated they are putting down less than 10 percent of their purchase price. Seventeen percent said 16 to 20 percent of the price and 15 percent indicated 11 to 15 percent of the purchase price. A down payment of less than 10 percent was most common for the millennial generation with 37 percent of buyers aged 18-34 reporting this. They were followed by 34 percent of 35-54 year-olds and 20 percent of those 55 years or older. Millennials were also the least likely to put more than 20 percent of their purchase price down with roughly one in four among 18 to 34 year-olds putting more than 20 percent down, followed by one in three among 35 to 54 year-olds, and one in two among 55+ buyers. Full results are available here. Realtor.com® also recently surveyed house hunters about what they are looking for in a home. It also surveyed buyers about the hotly competitive spring buying season. 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®.

HOME Survey: Housing and Economic Sentiment on Divergent Paths in Early 2018
WASHINGTON (March 26, 2018) — New consumer findings from the National Association of Realtors® surprisingly show that while a growing share of households in the first three months of the year feel more confident about the economy and their financial situation, those positive feelings are not translating to positive views that now is a good time to buy a home. That's according to NAR's first quarter Housing Opportunities and Market Experience (HOME) survey, which also found that homeowners are increasingly positive about selling, and non-homeowners have anxieties about saving for a down payment and qualifying for a mortgage. Heading into the busy spring buying season, optimism that now is a good time to buy a home is at its lowest share in the past two years (68 percent; 72 percent last quarter). Among renters, feelings about buying are further diminished (55 percent; 60 percent last quarter). Conversely, those most optimistic about buying are homeowners, older respondents and those living in the more affordable Midwest and South regions. NAR Chief Economist Lawrence Yun says extremely challenging market conditions to start the year are chipping away at homebuyer optimism. "The critical shortage of listings in most markets continues to spark a hike in home prices that is not easy for many buyers – and especially first-time buyers – to overcome," he said. "Adding more fuel to the affordability fire is the fact that mortgage rates have shot up to a four-year high in just a few months. Many house hunters are telling Realtors® that they are dispirited by the stiff competition for the short number of listings they can afford." Amidst the ongoing climb in home prices in most markets, the share of homeowners who believe now is a good time to sell increased to 77 percent in the first quarter (76 percent last quarter), which is second only to last year's third quarter (80 percent) as the highest overall share since the HOME survey began in December 2015. A year ago, 69 percent of homeowners thought it was a good time to sell. "There's no question that a majority of homeowners have amassed considerable equity gains since the downturn. Home prices have grown a cumulative 48 percent since 2011 and are up 5.9 percent through the first two months of this year," said Yun. "Supply conditions would improve measurably, and ultimately lead to more sales, if a growing number of homeowners finally decide that this spring is the time to list their home for sale." Consumers feeling more upbeat about the economy and their financial situation Although optimism was a tad higher a year ago (62 percent), more households in the first quarter of this year (60 percent) believe the economy is improving compared to the fourth quarter of 2017 (52 percent). Homeowners, residents from the South and those from rural areas were the most optimistic about the direction of the economy. Stronger economic confidence this quarter also led to households having improved feelings about their financial situation. The HOME survey's monthly Personal Financial Outlook Index, showing respondents' confidence that their financial situation will be better in six months, rose from 59.1 in December to 62.0 in March. A year ago, the index was slightly higher (62.6). "The jump in optimism to start the year can be attributed to the robust job creation in most of the country, as well as the larger paychecks households are enjoying because of faster wage growth and the recent tax cuts," said Yun. "These three positives should further ignite buyer demand. However, several metro areas with the healthiest labor markets also have the most severe supply and affordability pressures. This troublesome reality is what's dampening moods and keeping many would-be buyers at bay." Income, debt and anxiety hold back some non-homeowners from buying In this quarter's survey, non-homeowners were also asked about the barriers preventing them from saving for a down payment. Limited income (47 percent), student loan debt (30 percent), and rising rents (28 percent) were the top three obstacles cited, followed by health and medical costs (14 percent). Only 14 percent also said that nothing was holding them back from saving for a down payment. Non-homeowners were also asked for the potential reasons why qualifying for a mortgage would be difficult. Income uncertainty (45 percent), a low credit score (34 percent) and too much debt (26 percent) were mentioned the most. Twenty-nine percent said they lacked the financial knowledge or did not know the first step needed to qualify. "It's never too early for those wanting to own a home in the future to sit down with a lender to discuss their current financial situation," said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "Homeownership could be a more attainable goal once an interested buyer finds out how much they can afford to buy, as well as what steps, if any, are needed to improve their chances of obtaining a mortgage." About NAR's HOME survey In January through early March, a sample of U.S. households was surveyed via random-digit dial, including a mix of cell phones and land lines. 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 and a total of 2,702 household responses are represented. 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.

CoreLogic Special Report: Evaluating the Housing Market Since the Great Recession
A Review of the United States Real Estate Economy from 2006-2017 CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released "Evaluating the Housing Market Since the Great Recession." This report details the remarkable 11-year economic cycle surrounding the last U.S. housing market downturn, examining the boom and bust years between 2006 and 2011 and the ensuing recovery, with data through December 2017. Residential home prices began to peak in some parts of the country as early as 2005 (Figure 1). Home prices collapsed in 2007 (Figure 2), when Wall Street began to back out of residential mortgage-backed securities. After falling 33 percent during the recession, prices in most markets have returned to peak levels, growing 51 percent nationally since bottoming out in March 2011. The average home price is now 1 percent higher than it was at the peak in 2006, and the average year-over-year home equity gain was $14,888 in the third quarter of 2017*. This indicates the housing market has widely recovered. While the nation's average home price has stabilized, not all of the 50 states are back to their pre-recession price levels. Nevada suffered the biggest drop during the recession, with a 60 percent peak-to-trough decline in home prices (Figure 3). Even after experiencing a 93 percent increase from its trough-to-current home price level, Nevada home prices are still 23 percent below the pre-recession peak, and 9 percent of mortgaged properties remained underwater in the third quarter of 2017. Some states faired relatively well through the national housing downturn, with 10 posting peak-to-trough declines of less than 10 percent. North Dakota's peak-to-trough declinewas the smallest at 2 percent. Due in part to the energy boom, North Dakota home prices have risen 48 percent above the prior peak in July 2008. Similarly, Nebraska and Iowa home prices both dropped by 5 percent during the recession. Nebraska now stands 27 percent higher than its lowest home price level during the recession, and Iowa is now 15 percent above its prior peak in 2006. "Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011," said Dr. Frank Nothaft, chief economist for CoreLogic. "After reaching bottom in 2011, our national price index is up more than 50 percent. West Coast states, such as California, Washington and Oregon are seeing some of largest trough-to-current growth rates in home prices. Greater demand and lower supply ­– as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels." Local job market dynamics and other factors helped determine the severity of the housing downturn at the regional level. Las Vegas, Miami and Chicago each arrived at their respective peaks at different times during the boom and experienced significant peak-to-trough home price declines during the recession. These markets have been slower to recover and their home prices are below their pre-recession peaks. Other metro areas such as San Francisco and Denver, which both have technology sectors and low unemployment, have experienced consistent home price growth. In the third quarter of 2017, the average year-over-year equity gain in San Francisco and Denver was $73,217, and $22,102, respectively, and only 1 percent of homes in those markets remained underwater. *December 2017 equity data was revised. Revisions are standard, and to ensure accuracy CoreLogic incorporates newly released data to provide updated results. 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 and 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.

Redfin Survey: Just 6% of Homebuyers Would Cancel Plans to Buy if Mortgage Rates Surpassed 5%
27% Would Slow Their Home Search; 25% Said the Rate Increase Would Have No Impact on their Home-buying Plans SEATTLE, Feb. 12, 2018 -- Just 6 percent of prospective homebuyers would halt their home search if mortgage rates rose above 5 percent, according to a late-2017 survey commissioned by Redfin, the next-generation real estate brokerage. This represents a modest one-point increase in the portion of buyers who responded this way to a similar survey question in May, revealing that buyers remain unfazed by the prospect of rising mortgage rates. After hovering below 4 percent at the end of 2017, the average 30-year fixed mortgage rate surpassed 4 percent in January and has been steadily rising, reaching 4.32 percent at the time of this report's publication. Mortgage rates are expected to continue to rise in the coming year. Twenty-seven percent of respondents who plan to buy a home in the coming year said that a 5 percent mortgage rate would cause them to slow their plans to buy, down two points from May. A quarter said such a hike would have no impact on their plans, consistent with the May survey findings. Among prospective buyers responding to the late-2017 survey, 21 percent said a rate bump to 5 percent would cause them to increase their urgency to buy, while another 21 percent said they would instead look in more affordable areas or buy a smaller home. The second in a series of three reports on a November/December survey of more than 4,000 people who bought or sold a home last year, attempted to do so, or planned to do so soon revealed the following key findings related to the housing market and the economy: The tax reform debate may have fueled anxiety as high taxes were the most common economic concern, cited by 38% of respondents. Respondents in California , where residents pay among the highest state, local and property taxes in the country, were even more likely to name high taxes as a top concern, with more than 40 percent of respondents in San Francisco , San Diego and Sacramento citing it. However, less than one-third of Los Angeles -based respondents cited high taxes as a top concern, though it was still the most common response. By contrast, affordable housing was the most frequently cited economic concern among respondents in other parts of the country including Seattle (45%) and Portland (44%), where the income gap between the rich and poor ranked second and high taxes ranked third. Affordable housing also ranked highest among Denver -based respondents (46%), with high taxes following behind (30%). 77% of respondents said they expect home prices in their area to rise in the next year. The vast majority of respondents agreed that home prices will continue to rise in 2018. Only 6 percent of respondents said they expect any decline in prices, and only 1 percent said they expect prices to fall significantly. Most respondents (52%) said they expect prices to rise slightly, while another 25 percent said they expect a significant increase in prices and 17 percent said they expect no change at all. "Tight credit, lack of inventory and high demand are the major factors that tell us there's no housing bubble, despite rapid price increases," said Redfin chief economist Nela Richardson. "There are still many more buyers than the current housing supply can support, with no major relief in sight. Strict lending regulations make it much harder to buy a house you can't afford than during the housing boom a decade ago. Finally, still-low interest rates somewhat offset high prices for some buyers." To read the full report, complete with data, charts and a full methodology, please click here.

Most Renters Want to Own a Home; Lifestyle Changes Are Top Motivation to Buy
WASHINGTON (February 7, 2018) — Despite weakening optimism from non-homeowners at the end of last year that now is a good time to buy, an overwhelming majority said they do want to own a home in the future and believe homeownership is part of their American Dream. That is according to new consumer survey data from the National Association of Realtors®, which additionally found that non-homeowners' lifestyle changes and improvements in their financial situation outweigh seeing their rent increase as the main motivators for deciding to buy a home. NAR's Aspiring Home Buyers Profile analyzed 2017 quarterly consumer insights from its Housing Opportunities and Market Experience (HOME) survey to capture the housing expectations and sentiment of non-homeowners – both renters and those living with a family member. When asked for the primary reason non-homeowners currently do not own, an increasing share of them over the past year said it was because they are unable to afford it. Over half of non-owners indicated they could not afford to buy a home each quarter, with the share feeling this way reaching its highest in the last three months of the year (56 percent). The swift price growth and painfully low supply levels in much of the country in 2017 also appeared to have dealt a blow to the confidence among non-owners that now is a good time to buy. After reaching a high of 62 percent in the third quarter, the share of non-owners who believed now is a good time to buy slipped to 58 percent at the end of the year. Lawrence Yun, NAR chief economist, says severe inventory shortages are making homebuying less affordable and are dimming optimism among many renters who desire to be homeowners. "A tug-of-war continues to take place in many markets throughout the country, where consistently solid job creation is fueling demand, but the lack of supply is creating affordability constraints that are ultimately pulling aspiring buyers further away from owning," he said. "These extremely frustrating conditions continue to be most apparent at the lower end of the market, which is why the overall share of first-time buyers remains well below where it should be given the strength of the job market and economy." Even with the dip in morale about buying over the past year, respondents' views about homeownership are still overwhelmingly positive. Roughly three-quarters of non-owners each quarter said that they eventually want to own a home and also believe that owning a home is part of their American Dream. Shifts in lifestyle, finances exceed rent hikes as deciding factor to buy As for the main reasons non-owners would buy a home in the future, a change in lifestyle such as getting married, starting a family or retiring was the top choice (24 to 32 percent each quarter), followed by an improvement in their financial situation (26 to 30 percent each quarter) and the desire to settle down in one location (12 to 16 percent each quarter). According to the survey, roughly half of current renters expect their rent to increase this year (51 percent). If in fact their rent does increase, most indicated that they would resign their lease (42 percent) or move to a cheaper rental (25 percent). Only 15 percent of renters said they would consider purchasing a home. "Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher," said Yun. "However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner." About NAR's HOME survey In each quarter of 2017, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. A total of 10,823 household responses are represented. 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.

Why teams are flourishing and what the top ones do differently
If you are in a team, or teams are a big force in your market, this is worth your attention. We are sharing information with hundreds of teams, their agents and those who compete with teams. The focus is on how they outpaced other segments in growth and the impact on the real estate profession. We'll be sharing what we learn on new team structures, systems and geographic expansion. We'll also unpack what is making teams thrive - and the best strategies to compete with teams, join one or grow one. Take the MVP team quiz today, and get the findings, attend a private webinar and receive a discount coupon from realtor.com!