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Realtor.com June Housing Report: For-Sale Home Supply Grows Faster than Ever as New Seller Activity Rebounds
In June, active inventory jumped 18.7% year-over-year as new listings surpassed typical pre-COVID levels, while the national median listing price hit a new high of $450,000 SANTA CLARA, Calif., June 30, 2022 -- The inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time (+18.7%), according to the Realtor.com Monthly Housing Trends Report released today. Among key factors driving June's jump in active listings were new sellers, who entered the market at a higher rate than in 2017-2019 prior to the pandemic. "Our June data shows the inventory recovery accelerated, posting the second straight month of active listings growth in nearly three years. We expect these improvements to continue, as predicted in our newly-updated 2022 forecast," said Danielle Hale, Chief Economist for Realtor.com. "While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quickly selling homes and record-high asking prices. However, a deeper dive into June's inventory gains by square footage reveals potential opportunities for move-up buyers, as newly-listed homes skewed larger. In other words, this first wave of supply improvements may be particularly opportune for summer sellers looking to upgrade from their starter homes, which could mean more equity to put towards purchasing a bigger property." Hale added, the increase in larger, more expensive homes as a share of new listings is one reason that overall asking prices continue to soar despite moderating demand. In June, homes with at least 1,750 square feet accounted for more new listings (54.3%, up from 52.7% in 2021) than relatively smaller homes (45.7%, down from 47.3% in 2021). June 2022 Housing Metrics – National Inventory climbs as buyer demand cools and seller activity rebounds The inventory recovery from 2021 declines continued to accelerate in June, due to the combination of rebounding new listings growth and moderating demand, reflected in recent home sales trends. While still-hot housing competition is motivating more new sellers to list, some buyers are being priced out of the market by rising mortgage rates and record-high asking prices that have driven up typical mortgage payments by 58% from a year ago. In June, the U.S. inventory of active listings grew 18.7% year-over-year, a faster pace than last month (+8.0%). However, there are still fewer than half (-53.2%) as many for-sale homes compared to June 2019. One factor behind June's accelerated inventory improvement was pending listings declines (-16.3% year-over-year), which means fewer for-sale homes under contract with a buyer. Additionally, new seller activity rebounded to 1.0% greater than its 2017-2019 pace, with new listings up 4.5% year-over-year. Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas (+144.5%), Phoenix (+113.2%), and Raleigh, N.C. (+111.7%). June's biggest new listings gains were posted in southern markets (+11.0%): Raleigh (+37.6%), Nashville, Tenn. (+37.2%) and Charlotte, N.C. (+30.1%), as well as Las Vegas, Nevada (+34.8%). Home shoppers are still snatching up homes quickly, but there are early signs of relief Despite cooling demand, June time on market trends relative to last year show that buyers continued to snatch up homes at a near-record-fast pace. However, month-to-month data tells the beginnings of a different story, with overall time on market growing from May to June for the first time since 2019. Additionally, while homes moved more quickly than in June 2021 across all size tiers, declines were greater among larger for-sale homes. These trends suggest that one potential reason why the overall pace of time on market remains competitive, despite softening demand, could be a shift in the mix of home shoppers, such as an increase in move-up buyers. The typical U.S. home spent 32 days on market in June, nearly a full month (-27 days) faster than usual June 2017-2019 timing. Time on market held close to May's record-low, but posted a slightly smaller yearly decline month-to-month (-4 days vs. -6 days). Among June's active inventory, some listings with more square footage, such as those with 3,000-6,000 square feet sold faster year-over-year (-8.5 days) than relatively smaller homes like those with 750-1,750 square feet (-5 days). In June, 34 of the 50 largest markets posted annual declines in time on market, led by southern (-4 days) and northeastern (-2 days) metros: Miami (-22 days), Hartford, Conn. (-8 days) and Jacksonville, Fla., Orlando, Fla. and Atlanta, Georgia (-7 days). Meanwhile, time on market was flat year-over-year in six markets and grew in ten metros, led by Austin (+6 days), Denver and Detroit (+4 days each). Typical asking prices soar to latest record, reflecting still high seller expectations Nationally, typical asking prices again soared double-digits over 2021 levels in June, reaching their latest new high, suggesting that many sellers still have great expectations of the market. At the same time, a number of June trends indicate that sellers are beginning to compete for fewer buyers who have more options. Both active and pending listing prices posted smaller yearly gains than last month, while the share of total inventory with price reductions increased. In June, the U.S. median listing price hit its latest record-high of $450,000, up 16.9% year-over-year. However, active listing prices posted a slightly smaller gain than last month (+17.6%), as did pending listing prices (to 13.9% from 16.2%). Relative to June's national rate, listing prices grew at a faster annual pace in 15 large markets, led by: Miami (+40.1%), Orlando, Fla. (+30.6%) and Nashville (+30.6%). Four markets posted year-over-year declines: Pittsburgh (-8.6%), Rochester, N.Y. (-5.9%), Cincinnati (-5.7%) and Buffalo, N.Y. (-2.0%). However, in all of these metros aside from Pittsburgh, the price per square foot grew on an annual basis, indicating that a change in the mix of homes has pushed the median listing price lower. The share of total homes with a price reduction grew year-over-year nationwide (+7.6 percentage points) in June, as well as in all 50 but one of the largest metros, most significantly in: Austin (+24.7), Phoenix (+22.2) and Las Vegas (+20.1). Roughly one-in-seven homes in June had a price reduction, up from roughly one-in-13 in June 2021, but still below the one out of every four-to-five that was typical in 2017-2019. Spotlight On: Condos offer relative affordability in most U.S. counties Despite recent supply improvements, affordability remains a significant obstacle to homeownership for many Americans. Home shoppers are feeling the strain on their budgets due to higher-than-anticipated inflation, mortgage rates, home and rental prices, down payments and more. In this context, Realtor.com® recently compared 2021 home sales trends among single-family homes versus condos2 to identify potential opportunities for buyers to find relatively affordable housing, with key findings including: Nationwide, the typical condo sold for an average of 6.7% less than the typical single-family home in 2021. Location explains this understated trend. Common to crowded big cities where real estate typically comes at a premium, the vast majority (84.1%) of condos were sold in just 6% of counties. Drilling down to the county-level in New York, Massachusetts, Illinois and Washington, states with high levels of 2021 condo sales, reveals that condo prices were an average 13.5% lower than single-family homes. In the cities of New York, Boston, Chicago and Seattle, condo buyers paid an average of 33.2% less. While these opportunities are driving demand for condos, recent data shows home shoppers may still find relatively affordable condo listings. In June, condos made up 20.2% of active inventory and were listed at 17.5% lower prices (on average across the 50 largest metros) than single-family homes. "As big city buyers looked for ways to stay on budget in 2021, our analysis shows opting for a condo offered a solution in some counties. And there may still be opportunities going forward, even as condos' relatively lower price point is driving up their popularity and prices. If demand leads builders to ramp up condo construction, and the resulting increase in supply may help keep condo prices more manageable than those of single-family homes," said Hannah Jones, Economic Research Analyst for Realtor.com®. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Hartford active listing count growth is not available while data is under review. Methodology Realtor.com® housing data as of June 2022. Listings include active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Condo analysis: Based on full-year 2021 home sales data on condos/townhomes, referred to as condos in this release, for counties in the New York City, Boston, Chicago and Seattle areas, and the states of N.Y., Mass., Ill. and Wash. County-level analysis focuses on areas with at least 15 condo sales to ensure data quality. See more details here. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
Chicago and New York City Areas Most Exposed to Downturns in First Quarter of 2022; East Coast, Midwest and Inland California Have Other At-Risk Markets; South Region Less Vulnerable IRVINE, Calif. - June 22, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the first quarter of 2022. The report shows that New Jersey, Illinois, and inland California had the highest concentrations of the most at-risk markets in the first quarter of 2022 – with the biggest clusters in the New York City and Chicago areas. Most southern states were less exposed. The first-quarter 2022 patterns – based on home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 34 of the 50 counties most vulnerable to the potential declines. The 50 most at-risk included eight counties in the Chicago metropolitan area, six near New York City and 10 sprinkled throughout northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast and in the Midwest. They included three each in the Cleveland, OH, and Philadelphia, PA, metropolitan areas, plus two of Delaware's three counties. At the other end of the risk spectrum, the South had the highest concentration of markets considered least vulnerable to falling housing markets. "While the housing market has been exceptionally strong over the past few years, that doesn't mean there aren't areas of potential vulnerability if economic conditions continue to weaken," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Housing markets with poor affordability and relatively high rates of unemployment, underwater loans, and foreclosure activity could be at risk if we enter a recession or even face a more modest downturn." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 586 counties around the United States with sufficient data to analyze in the first quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The wide disparities in risks come at a time when the U.S. housing market remains relatively strong but shows signs that a decade-long boom may be easing. Home prices have climbed more than 15 percent in most of the country over the past year, with new highs hit in about half the nation, boosting homeowner equity to record levels. But as interest rates on 30-year mortgages rates have climbed to 6 percent, worsening affordability for prospective homebuyers, home sales have declined every month in 2022, and home price appreciation is showing signs of retreating rapidly. "The housing market has been one of the strongest components of the U.S. economy since the onset of the COVID-19 pandemic," Sharga noted. "But Federal Reserve actions aimed at bringing inflation down from its 41-year high are having an immediate impact on home affordability, sales, and pricing. Whether the Fed can execute a relatively soft landing, or inadvertently steers the economy into a recession will determine the fate of the housing market over the next 12-18 months." Amid that backdrop, the national median home value rose up just 3 percent from late-2021 through early-2022, seller profits are starting to dip and home affordability is inching downward. Lender foreclosures against delinquent mortgages also are up. Most-vulnerable counties clustered in the Chicago, New York City, Cleveland and Philadelphia areas, along with Delaware and sections of California Thirty-two of the 50 U.S. counties most vulnerable in the first quarter of 2022 to housing market troubles (from among 586 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; Cleveland, OH, and Philadelphia, PA, and as well as in Delaware and interior California. They included eight in Chicago and its suburbs (Cook, De Kalb, Kane, Kendall, Lake, McHenry and Will counties in Illinois and Lake County, IN) and six in the New York City metropolitan area (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey). The three in the Philadelphia, PA, area were Philadelphia County, plus Camden and Gloucester counties in New Jersey, while the three in the Cleveland area were Cuyahoga, Lake and Lorain counties in Ohio. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the first quarter. In other states, California had 10 counties in the top 50 list: Butte County (Chico), San Joaquin County (Stockton), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto) and Stanislaus County (Modesto) in central California, and Kern County (Bakersfield) in the southern part of the state. Maryland had also three among the top 50. They were Baltimore County, Charles County (outside Washington, DC) and Prince George's County (outside Washington, DC). Counties most at-risk have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 25 of the 50 counties that were most vulnerable to market problems in the first quarter of 2022. The highest percentages in those markets were in San Joaquin County, (Stockton), CA (48.9 percent of average local wages needed for major ownership costs); Bergen County, NJ (outside New York City) (48.3 percent); Solano County, CA (outside Sacramento) (46.6 percent); Passaic County, NJ (outside New York City) (46.5 percent) and Ocean County (Toms River), NJ (42.5 percent). Nationwide, major expenses on typical homes sold in the first quarter required 26.3 percent of average local wages. At least 10 percent of residential mortgages were underwater in the first quarter of 2022 in 22 of the 50 most at-risk counties. Nationwide, 6.5 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (20.6 percent of mortgages underwater); Kings County, CA (outside Fresno) (19.9 percent); Lake County, IN (outside Chicago) (18.3 percent); Rock Island County (Moline) IL (18.1 percent) and La Salle County, IL (outside Peoria) (17.8 percent). More than one in 1,000 residential properties faced a foreclosure action in the first quarter of 2022 in 29 of the 50 most at-risk counties. Nationwide, one in 1,795 homes were in that position. Foreclosure actions have risen since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the virus pandemic. The moratorium ended July 31 of last year and foreclosures are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cumberland County, NJ (outside Philadelphia, PA) (one in 402 residential properties facing possible foreclosure); Cuyahoga County (Cleveland), OH (one in 426); Gloucester County, NJ (outside Philadelphia, PA) (one in 484); Ocean County (Toms River), NJ (one in 496) and De Kalb County, IL (outside Chicago) (one in 510). The March 2022 unemployment rate was at least 5 percent in 29 of the 50 most at-risk counties, while the nationwide figure stood at 3.6 percent. The highest levels among the top 50 counties were in Merced County, CA (outside Modesto) (8.4 percent); Winnebago County (Rockford), IL (8.3 percent); Lorain County, OH (outside Cleveland) (7.9 percent); Kern County (Bakersfield), CA (7.8 percent) and Kings County, CA (outside Fresno) (7.6 percent). Counties least at-risk concentrated in South Twenty-six of the 50 counties least vulnerable to housing-market problems from among the 586 included in the first-quarter report were in the South. Just five were in the Northeast. Tennessee had eight of the 50 least at-risk counties, including five in the Nashville metropolitan area (Davidson, Rutherford, Sumner, Williamson and Wilson counties), while Virginia also had five, including three in the Washington, DC area (Arlington, Fairfax and Loudoun counties), and Wisconsin also had four – Brown County (Green Bay), Dane County (Madison), Eau Claire County and Winnebago County. Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin), TX, and Hennepin County (Minneapolis), MN. Lower levels of underwater mortgages, foreclosure activity and unemployment in least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the first quarter of 2022 (with owners owing more than their properties are worth) in 31 of the 50 least at-risk counties. Among those counties, those with the lowest rates among those counties were Williamson County, TN (outside Nashville) (1.5 percent of mortgages underwater); San Mateo County, CA (outside San Francisco) (1.6 percent); Chittenden County (Burlington), VT (1.7 percent); Santa Clara County (San Jose), CA (1.9 percent) and Travis County (Austin), TX (1.9 percent). Less than one in 5,000 residential properties faced a foreclosure action during the first quarter of 2022 in 27 of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Washington County, RI (outside Providence) (one in 32,847); Johnson County (Overland Park), KS (one in 22,880); Boone County, KY (outside Cincinnati, OH) (one in 17,156) and Arlington County, VA (outside Washington, DC) (one in 17,012). The March 2022 unemployment rate was more than 5 percent in none of the 50 most at-risk counties. The lowest levels among the top 50 counties were in Shelby County, AL (outside Birmingham) (1.6 percent); Chittenden County (Burlington), VT (1.6 percent); Davis County, UT (outside Salt Lake City) (1.9 percent); Limestone County, AL (outside Huntsville) (1.9 percent) and Williamson County, TN (outside Nashville) (1.9 percent). About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
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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.
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Apartments.com Announces New 'Listing of the Future'
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U.S. Foreclosure Activity Increases Slightly in May 2022
Foreclosure Starts Decrease 1 Percent from Last Month, While Completed Foreclosures Increase 1 Percent IRVINE, Calif. - June 14, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its May 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 1 percent from a month ago but up 185 percent from a year ago. Illinois, New Jersey and Delaware had the highest foreclosure rates Nationwide one in every 4,549 housing units had a foreclosure filing in May 2022. States with the highest foreclosure rates were Illinois (one in every 2,000 housing units with a foreclosure filing); New Jersey (one in every 2,346 housing units); Delaware (one in every 2,426 housing units); Ohio (one in every 2,667 housing units); and Florida (one in every 2,788 housing units). "While there's some volatility in the monthly numbers, foreclosure activity overall is continuing its slow, steady climb back to normal after two years of government intervention led to historically low levels of defaults," said Rick Sharga, executive vice president of market intelligence at ATTOM. "But with inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest." Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units). Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units). Florida, California and Texas had the greatest number of foreclosure starts Lenders started the foreclosure process on 22,099 U.S. properties in May 2022, down 1 percent from last month but up 274 percent from a year ago. States that had the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts). Those major metropolitan areas with a population greater than 1 million and that had at least 100 foreclosure starts in May 2022 and saw increases from last month included: Miami, FL (up 81 percent); Washington, DC (up 60 percent); Birmingham, AL (up 56 percent); Cincinnati, OH (up 54 percent); and Jacksonville, FL (up 54 percent). "It's interesting that there were almost ten times more foreclosure starts than foreclosure completions," Sharga added. "This suggests that financially-distressed borrowers may be finding ways to avoid losing their home to a foreclosure sale." Foreclosure completion numbers increase 1 percent from last month Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1 percent from last month and up 117 percent from last year. States that had the greatest number of REOs in May 2022, included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2022 included: Chicago, IL (289 REOs); New York, NY (133 REOs); Detroit, MI (124 REOs); Philadelphia, PA (98 REOs); and Pittsburgh, PA (79 REOs). Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Zillow expands and improves AI-powered interactive tours, helping home shoppers move with speed and confidence
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Realtor.com 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
Active listings will grow 15.0% year-over-year as the inventory recovery accelerates in 2H 2022; higher home sales prices (+6.6%) and mortgage rates (to 5.5%) add to affordability issues SANTA CLARA, Calif., June 13, 2022 -- As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, Realtor.com®'s newly-updated 2022 forecast predicts inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home. Home sales will hit the second-highest level in 15 years, trailing only the 2021 pace, as rising incomes combined with higher housing costs continue to present a mixed bag of affordability issues. The updated forecast anticipates a summer break from a feverish pace of home sales that will provide space for active listings to grow at a faster year-over-year pace than originally projected (+15.0% vs. +0.3%). Combined with returning seasonality and builders ramping up production, these trends could lead to a refresh of the housing market by as early as this fall. "Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly. As Americans grapple with higher prices for everyday expenses while today's buyers face housing costs that are up 50% from a year ago, recent home sales data shows some are taking a step back from the market," said Danielle Hale, Chief Economist for Realtor.com®. "Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home – for both first-time and repeat buyers alike. Still, preparation will be key throughout 2022, as it continues to be a seller's market and asking prices remain high. For buyers who choose to wait until later in the year, take that time to assess your budget so you're set up with a strong financial footing whenever you're ready to move forward." Realtor.com® 2022 Housing Forecast – Mid-Year Update While Americans have faced a whirlwind of changes so far this year, a changing economic landscape is the biggest driver of updates to Realtor.com®'s 2022 housing forecast. Inflation has made a more significant and long-standing impact on real estate markets than was anticipated six months ago, and is reflected in trends like rapidly-climbing mortgage rates. Combined with record-high home listing prices and rents, home shoppers are feeling the strain on their budgets. As a result, buyer demand has been softening this Spring from its early 2022 surge. Higher costs will continue to challenge 2022 buyers, as mortgage rates have already far surpassed Realtor.com®'s earlier prediction of 3.6% and home sale price growth year-over-year is expected to more than double its originally-forecasted pace (+6.6% vs. 2.9%). At the same time, Realtor.com®'s updated projection for year-end 2022 mortgage rates (5.5%) anticipates that rates have largely adjusted for the bulk of expected 2022 Fed hikes. The rapid shifts in the economic landscape have some silver linings when it comes to housing affordability. With the unemployment rate near 50-year lows, employers are feeling the pressure to compete for talent, driving wage growth upwards from earlier year-over-year predictions (+3.8% vs. +3.3%). The competitive labor market may also give some buyers more negotiating power on workplace flexibility, creating more opportunities to relocate to relatively affordable housing markets. In fact, data from the first quarter of 2022 showed that 40.5% of Realtor.com® home shoppers viewed listings located outside of their current state, up from 33.4% in 2020. Overall, the updated 2022 forecast reflects a housing market that is charting a path toward more sustainability, relative to the past two years of ups and downs. Home sales are still projected to hit a near record-high pace in 2022 despite trailing 2021 levels (-6.7%) and their original forecast (+6.6%), while the projected homeownership rate will hold roughly steady (65.6% vs. 65.8%). For many Americans, housing affordability will remain a significant obstacle as demand continues to outmatch supply, although by a smaller margin than in recent years. Buyers struggling with higher housing costs can find resources via sites like Realtor.com®, including its down payment assistance tool. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Properties Online Adds New Real Estate Trends Feature to Its Award-Winning Real Estate Website Builder
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Realtor.com Acquires UpNest
UpNest's platform allows people to compare agents and select the one that's best for their situation; acquisition advances Realtor.com's seller strategy SANTA CLARA, Calif., June 8, 2022 -- Move, Inc., the operator of Realtor.com, one of the most visited real estate sites in the U.S., announced today it has acquired San Mateo, Calif.-based UpNest. UpNest operates a marketplace that connects home sellers with highly qualified local agents who compete for their business. Move, Inc. is a subsidiary of News Corp. More than 5 million homes are sold each year, according to 2018-2022 data from the National Association of Realtors®, and 9 out of 10 sellers use an agent to assist them in the transaction (NAR 2021 Profile of Home Buyers and Sellers). Realtor.com® already connects many of these home sellers with agents who can help them through the ReadyConnect Concierge℠ referral network. The UpNest acquisition will help Realtor.com® further expand its services and support for home sellers and the agents and brokers who can help them succeed. "Our open marketplace approach is all about empowering people with choices. While some of our competitors try to funnel buyers, sellers and real estate professionals into a specific set of services in a closed system, Realtor.com helps homeowners choose how they want to find and connect with an agent, and agents and brokers can decide which methods work best for them," said Realtor.com® CEO David Doctorow. "UpNest has a proven track record of successfully connecting homeowners looking to sell with the right agent for them, and we believe that its innovative model complements our existing ReadyConnect Concierge℠ program." Consumers who submit leads through UpNest's marketplace receive proposals from three to five agents within 12 hours. Those consumers can then decide to contact and interview any of those agents and select the agent they believe can best support them. Since launch, approximately 1 million agent proposals have been submitted on UpNest's marketplace, representing reputable brokerages such as Keller Williams, Re/Max, Compass, and many more. Sellers who prefer to be connected directly with an agent in Realtor.com®'s ReadyConnect Concierge℠ network can do so directly from the "List your home with an agent" link on the Sell tab on the Realtor.com® landing page. ReadyConnect Concierge℠ applies a proven process to screen and convert online leads, and 7 out of 10 of Realtor.com®'s concierge customers have said the program was critical or important to their business. More than 190,000 agents and 20,000 brokers in all 50 states participate in ReadyConnect Concierge℠. Realtor.com® also connects sellers with agents through Seller's Marketplace. Nearly a dozen companies in the Seller's Marketplace offer selling options that allow homeowners to sell their homes to an iBuyer; buy now, sell later; sell now, move later; or access equity. Visitors can compare the selling options available in their area, including listing their home on the open market with an agent. "Realtor.com has been growing momentum among seller audiences with products like Seller's Marketplace and MyHome," said Doctorow. "The addition of UpNest to our stable of seller-focused offerings is a key element of our strategy to deliver the best experience and value to home sellers as well as our agent and broker customers." "UpNest has helped hundreds of thousands of people sell their homes with the help of top agents over the past eight years," said UpNest Founder and CEO Simon Ru. "We're excited to join the Realtor.com® family. Realtor.com®'s audience reach and strong customer base will help us connect even more sellers with the agents who can best help them." Simon Ru and the company's 50+ person team will join Move, Inc. Terms of the acquisition were not made public. 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. About Move, Inc. Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including Realtor.com®. Move licenses the Realtor.com URL from the National Association of REALTORS®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry. About UpNest Launched in 2013, UpNest is a real estate agent marketplace that matches home buyers and sellers with top local agents who compete for their business. Buyers and sellers receive personalized quotes offering competitive listing commissions, buyer refunds (when applicable), and services. UpNest was ranked on INC 500 Fastest Growing Private Companies and on Deloitte Tech 500.
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Down Payment Resource analysis finds that 33% of declined mortgage applications are declined for reasons addressable with homebuyer assistance
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Realtor.com May Housing Report: Inventory Stages a Comeback While Home Prices Soar to All-Time High
In May, active inventory increased year-over-year (+8.0%) for the first time in nearly three years, but remained 48.5% lower than at the start of the pandemic SANTA CLARA, Calif., June 2, 2022 -- New data suggests the U.S. housing market hit a turning point in its supply struggle in May, as active inventory recorded the first year-over-year increase since June 2019, according to the Realtor.com Monthly Housing Trends Report released today. At the same time, the median national home price soared to an all-time high of $447,000 and buyers snatched up listings a week faster than last year. "Among key factors fueling the inventory comeback are new sellers, who are listing homes at a rate not seen since 2019, as well as moderating demand, with pending listings declining year-over-year in May," said Danielle Hale, Chief Economist for Realtor.com. "While this real estate refresh is welcome news in a still-undersupplied market, it has yet to make a dent in home price growth, partially due to increases in newly-listed, larger homes and because the typical seller outlook is quite high, likely shaped by recent experiences of homeowners who sold. Importantly, as 72% of this year's sellers also plan to purchase a home, seller expectations will likely start to reflect buyers' needs. In an early sign, the rate of sellers making price cuts accelerated in May." May 2022 Housing Metrics – National Inventory grows for the first time in three years, as more new sellers enter the market The U.S. inventory of active listings grew year-over-year for the first time since June 2019, with this comeback driven by two key trends. First, new listings reached the highest level of any month in nearly three years, as rising numbers of sellers might be more confident in pursuing plans to list than last Spring when COVID vaccines were just rolling out. Second, higher housing costs are spurring a moderation in buyer demand. This is reflected in May's bigger year-over-year declines in pending listings – those at various stages of the selling process that are not yet sold – compared to April, a sign of softening in the turnover rate of for-sale homes. Nationally, the number of active listings increased 8.0% year-over-year in May, but remained 48.5% below typical levels in May 2020 at the onset of COVID. Compared to last month's year-over-year changes, May's national data showed a significant improvement in the new listings trend (+6.3% vs. 1.3%) and a bigger decline in pending listings (-12.6% vs. -8.7%). Among May's new listings, the share of smaller homes (up to 1750 square feet) declined year-over-year (to 45.7% from 47.3%), while those with 1,750-plus square feet increased from 52.7% to 54.3%. On average in the 50 largest U.S. markets, active inventory grew by double-digits (+14.9%) over May 2021 levels, with the biggest increases in the West (+33.6%) and South (+18.3%), led by Austin, Texas (+85.8%), Phoenix (+67.1%) and Sacramento, Calif. (+54.6%). Active listings declined on a year-over-year basis in just 8 markets. Thirty markets posted annual gains in newly-listed homes, with the biggest increases registered in southern metros: Raleigh, N.C. (+27.9%), Nashville, Tenn. (+22.8%), and Las Vegas (+20.7%). Asking prices for homes break another record, as seller expectations remain high May's increase in for-sale home options combined with softening buyer demand would typically drive a cooldown in home prices, but data shows that is not yet the case. In fact, the yearly growth rate in the U.S. median listing price accelerated from last month's pace as the median listing price approached $450,000 after just crossing the $400,000 threshold in March. From asking prices per square foot to pending listing prices, May housing trends suggest that a few factors are potentially driving the continued home price surge. These include a rising share of newly-listed, larger homes by square footage and some sellers not yet adjusting to shifting supply and demand dynamics, including buyer interest in less expensive homes. The U.S. median listing price hit an all-time high of $447,000 in May, rising at a faster year-over-year pace (+17.6%) than last month (+14.2%). On a square foot basis, asking prices for active listings increased 16.2% over May 2021 levels. In a potential sign of softening buyer demand at the national level, the median listing price of a typical pending listing actually decelerated in May over April, to a yearly rate of 16.2% from 17.2%. Additionally, the national share of listings that had their price reduced jumped to 10.5% in May from 7.0% in April, but the rate remains well below typical pre-COVID levels. Active listing prices in the nation's largest metros grew by an average of 13.0% compared to last year in May, with the biggest gains recorded in Miami (+45.9%), Nashville (+32.5%), and Orlando, Fla. (+32.4%). In May, median listing prices were down year-over-year in just six large markets, which were: Pittsburgh (-10.5%), Rochester, N.Y. (-9.7%), Cincinnati (-9.6%), Cleveland (-2.3%), Detroit (-1.8%), and Buffalo, N.Y. (-1.2%). Buyers are still quickly snatching up homes, at a week faster than last year Similar to norms one would expect to see in home price trends, the increase in for-sale home options combined with softening buyer demand would typically drive a deceleration in time on market. However, time on market data did not yet show this trend in May, as buyers snatched up listings more quickly than in any month in the Realtor.com® data history going back to July 2016 – a record that typically isn't hit until the Summer season. For some homebuyers who have yet to be priced out of the market but can't afford to compete by making a larger down payment, acting quickly might give them an edge. In May, the typical U.S. home spent 31 days on the market , a full week less (-6 days) than last year and down 27 days compared to typical May 2017 to 2019 timing. Across the 50 largest U.S. metros, the typical home spent 26 days on market, down six days year-over-year, with the biggest declines registered in the South (-7 days). At the market level, homes saw the greatest yearly decline in time spent on market in Miami (-28 days), followed by a three-way tie between Hartford, Conn., Seattle and San Jose, Calif. (-12 days). Just one market posted a year-over-year increase in time on market: Detroit (-1 day), where homes still moved at a close to record-fast pace. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Oklahoma City new listing count growth and Hartford active listing count growth are not available while data is under review. Methodology Realtor.com® housing data as of May 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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April Slowdown in Showing Activity 'Unusual,' Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
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Pending Home Sales Descend 3.9% in April
WASHINGTON (May 26, 2022) -- Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors reported. Only the Midwest region saw signings increase month-over-month, while the other three major regions reported declines. Each of the four regions registered a drop in year-over-year contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, slid 3.9% to 99.3 in April. Year-over-year, transactions fell 9.1%. An index of 100 is equal to the level of contract activity in 2001. "Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings," said Lawrence Yun, NAR's chief economist. "The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade." With mortgage rates rising, Yun forecasts existing-home sales to wane by 9% in 2022 and home price appreciation to moderate to 5% by year's end. "The escalating mortgage rates have bumped up the cost of purchasing a home by more than 25% from a year ago, while steeper home prices are adding another 15% to that figure." In some cases, these higher rates increase mortgage payments by as much as $500 per month. Yun notes that such price hikes are already a burden, but they become even more problematic to a family on a budget contending with rapid inflation, including surging fuel and food costs. "The vast majority of homeowners are enjoying huge wealth gains and are not under financial stress with their home as a result of having locked into historically low interest rates, or because they are not carrying a mortgage," Yun explained. "However – in this present market – potential homebuyers are challenged and thus may attempt to mitigate the rising cost of ownership by opting for a 5-year adjustable-rate mortgage or by widening their geographic search area to more affordable regions." Yun cites that more work-from-home opportunities have allowed would-be buyers to expand their home search. There are scenarios in which the market soon improves for buyers, as well, according to Yun. "If mortgage rates stabilize roughly at the current level of 5.3% and job gains continue, home sales could also stabilize in the coming months," Yun said. "Home sales in 2022 are expected to be down about 9%, and if mortgage rates climb to 6%, then the sales activity could fall by 15%. "Home prices in the meantime appear in no danger of any meaningful decline," he continued. "There is an ongoing housing shortage, and properly listed homes are still selling swiftly – generally seeing a contract signed within a month." April Pending Home Sales Regional Breakdown Month-over-month, the Northeast PHSI fell 16.20% to 74.8 in April, a 14.3% drop from a year ago. In the Midwest, the index rose 6.6% to 100.7 last month, down 2.8% from April 2021. Pending home sales transactions in the South dipped 4.7% to an index of 119.0 in April, down 10.3% from April 2021. The index in the West slipped 4.3% in April to 85.9, a 10.5% decrease from a year prior. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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National Rents Hit their 14th Straight Month of Record-Highs
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Pricey suburbs top Zillow's list of most popular markets this year
Home value growth in the suburbs began to speed ahead of urban home value growth last summer SEATTLE, May 24, 2022 -- Woodinville, Washington, is Zillow's most popular market of early 2022, leading a list of fast-growing suburbs as the most in-demand places to start off the year. As more evidence emerges that remote work is a driving force behind fast home value growth in the suburbs, expensive suburban markets are seeing strong demand. Zillow analyzed its page-view traffic, home value growth and for-sale inventory for more than 1,000 cities to come up with the site's most popular U.S. markets. Woodinville, located outside of Seattle, topped the list. Following close behind were Burke, Virginia, in the Washington, D.C., area; Highlands Ranch, Colorado, outside of Denver; Westchase, Florida, near Tampa; and Edmonds, Washington, also in the Seattle metro. "The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape," said Zillow economist Nicole Bachaud. "Demand for suburban homes found an extra gear last summer, perhaps as buyers gained more clarity in their employers' return-to-office policies. Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future." Especially strong home buyer interest has caused suburban home values to grow faster than home values in urban areas, a reversal of previous norms and from the first 15 months of the pandemic. Remote work is a driving force behind this shift, prompting home buyers to prioritize affordability and space over a short commute. More than half of the gain in U.S. home prices since late 2019 can be attributed to remote work, according to research from the National Bureau of Economic Research. The suburbs that beat out all others to top Zillow's latest list of the most popular markets are seeing home values grow faster on a quarterly basis than the principal city in their metro area, indicating stronger demand. Eight of the top 10 have a typical home value higher than their nearby principal city, and seven of those have a typical home value that's more than $150,000 higher. Regionally, Havertown, Pennsylvania, outside of Philadelphia, is Zillow's most popular market in the Northeast, edging out four Boston suburbs: Billerica, Framingham, Waltham and Arlington. In the central region, Ballwin, Missouri, near St. Louis, is joined in the top five by Grand Rapids, Michigan, and three pricey Dallas suburbs: Coppell, Plano and Prosper. Denver suburbs dominated the mountain region, taking the top eight spots in Zillow's rankings. If a buyer has their eye on a home in one of Zillow's most popular markets, they can likely expect competition. Zillow's five tips for winning a competitive bid can help. Mortgage rates are also changing quickly and can have a significant impact on a home buyer's monthly mortgage payment. Zillow's mortgage calculator is a tool that can help buyers stay on top of their finances during their home shopping experience. Zillow's Top 10 Most Popular Markets Woodinville, Washington (Seattle) Burke, Virginia (Washington, D.C.) Highlands Ranch, Colorado (Denver) Westchase, Florida (Tampa) Edmonds, Washington (Seattle) Yorba Linda, California (Los Angeles) Johns Creek, Georgia (Atlanta) Tustin, California (Los Angeles) Ballwin, Missouri (St. Louis) Golden, Colorado (Denver) *Ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Existing-Home Sales Retract 2.4% in April
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Home buyers may find less competition near city centers for the first time in years
Suburbs are generally seeing home values grow more than urban areas, indicating more competition SEATTLE, May 18, 2022 -- For the first time since the Great Recession, buyers may have an easier time buying a home in the city than in nearby suburbs this home shopping season. That's because homes in the suburbs recently have been appreciating faster than urban homes, a new Zillow analysis shows, indicating stronger demand and fiercer competition. While competition is strong in most of the country, there are pockets of opportunity for home buyers. Home values in suburban ZIP codes have been growing faster than those in urban areas since July 2021. The typical home in the suburbs gained $66,490 in value in the past year, compared to $61,671 for the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic. From January 2013 — about the time when home values began to recover following the housing crash — through June 2021, urban homes were generally gaining value more quickly. "In the beginning of the pandemic, home values in urban areas generally outpaced suburban areas, counter to what many expected during the rush for more space," said Zillow economist Nicole Bachaud. "And while urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory. That could mean competition for homes will be lighter near city centers this home shopping season, something we haven't been able to say for nearly a decade. That's not to say shopping for a home in the city will be a leisurely affair, but any sliver of opportunity for buyers is welcome in this market." Faster home value growth in the suburbs comes as remote work has changed the U.S. housing landscape. Research from the National Bureau of Economic Research found the shift to remote work is responsible for more than half of the gain in U.S. home prices since late 2019, and that the evolution of remote work is likely to have a major impact on the future path of home values. To be sure, urban real estate has seen incredible growth, as well. This is not a case of housing in the suburbs gaining value at the expense of urban real estate; rather, it's something akin to one world-class sprinter edging out another. And there are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk. Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March. The shift has been more pronounced in a few metro areas where suburban home values grew especially fast compared to urban home values in 2021: San Francisco, Columbus, Seattle and Boston. This may reflect home buyers reacting to employers' return-to-office plans, realizing that the cost savings of a move to the suburbs are not as big as they once were, or sensing that competition may not be as stiff for homes in urban parts of the metro. Nashville and Raleigh are two notable counterexamples. In both metros, urban home values rose more than those in the suburbs in 2021. However, after the first three months of 2022, those positions have been reversed. In the year ending March 2022, the typical suburban home in Nashville gained $7,350 more than the typical urban home, and in Raleigh, the typical suburban home gained about $9,800 more. This could signal a shift in demand in these markets, with home shoppers searching for more-affordable options in the suburbs, especially as mortgage rates keep rising. In today's hot sellers market, buyers should consider Zillow's tips to win a competitive bid. Hiring the right local agent and embracing new real estate technology for a speed advantage can help during the home search. Securing mortgage pre-approval and using strategies such as submitting an offer before the offer review date can help an offer stand out. *Table ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®,, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Realtor.com Now Helps You Understand a Home's Wildfire Risk
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HomeActions eRelationship Platform Integrates with ATTOM's Enhanced Navigator 3.0
Subscribers to HomeActions enable deep data dive into 155 million street addresses GREEN COVE SPRINGS, Fla., May 11, 2022 -- HomeActions, a leading email marketing platform in the real estate space, has tapped ATTOM, a leading curator for nationwide real estate data, for its enhanced Navigator 3.0 solution offering best-in-class neighborhood demographics, home/market data and other local amenities for its users. Albert Clark, HomeActions president, commented, "We strive to get our subscribers as hyper-local as possible. For the past few years, we have been integrated with ATTOM's Address Report. The new Navigator 3.0 service will help us get and keep our subscribing agents top of mind with their clients and prospects." HomeActions excels at building allegiances with the agents' spheres of influence. The powerful HomeActions e-newsletter widget covers: Neighborhood Demographics School Information Compare Communities Housing Snapshot Cost of Living Comparisons Home Sales Trending Home Sales Transactions Home Value Estimator Neighborhood Amenities The service encompasses these types of data for 155 million residential addresses. Clark added, "The new service supports HomeActions' mantra: 'content drives the conversation.' When a report is requested, alerts are sent to the agents so they can follow up quickly and get the conversation going. This data is very predictive." A live report for a random address can be found here. To request a report on your own address or another, click here. To see an Engagement Alert after a report gets delivered, click here. About HomeActions HomeActions provides custom-branded digital and print marketing solutions complete with professionally written articles for real estate professionals. HomeActions first builds a new database from all of an agent's sources such as email, MLS, CRM, iCloud, Zillow Leads and more. Once entered, email addresses become exclusive to the agent. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy.
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Zillow 3D Home tours now are automatically shared to Redfin
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Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
Homebuying is as competitive and costly as ever as soaring mortgage rates make the market less inviting for many would-be sellers SEATTLE -- The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from 9% a year earlier, and represents the largest annual gain on record in Redfin's weekly housing data back through 2015 For homebuyers, the typical monthly mortgage payment skyrocketed a record 42% to a new high during the same period. Although a growing share of sellers are responding to the palpable drop in homebuyer demand by lowering their prices, sellers remain far outnumbered by buyers, so the typical home flies off the market at the fastest pace on record and for more than its asking price. "Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market," said Redfin Chief Economist Daryl Fairweather. "Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller's territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time." Leading indicators of homebuying activity: Fewer people searched for "homes for sale" on Google—searches during the week ending April 30 were down 7% from a year earlier. The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 1% year over year during the week ending May 1. It dropped 10% in the past four weeks, compared with a 1% decrease during the same period a year earlier. Touring activity from the first week of January through May 1 was 24 percentage points behind the same period in 2021, according to home tour technology company ShowingTime. Mortgage purchase applications were down 11% from a year earlier, while the seasonally-adjusted index increased 4% week over week during the week ending April 29. For the week ending May 5, 30-year mortgage rates increased to 5.27%—the highest level since August 2009. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 1. Redfin's weekly housing market data goes back through 2015. The median home sale price was up 17% year over year—the biggest increase since August—to a record $396,125. The median asking price of newly listed homes increased 16% year over year to $408,458, a new all-time high. The monthly mortgage payment on the median asking price home rose to a record high of $2,404 at the current 5.27% mortgage rate. This was up 42%—an all-time high—from $1,688 a year earlier, when mortgage rates were 2.96%. Pending home sales were down 4% year over year, the largest decrease since mid-February. New listings of homes for sale were down 6% from a year earlier, and have been down from 2021 since mid-March. Active listings (the number of homes listed for sale at any point during the period) fell 18% year over year. 56% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. 42% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. Homes that sold were on the market for a record-low median of 15.5 days, down from 21.2 days a year earlier. A record 56% of homes sold above list price, up from 47% a year earlier. On average, 3.7% of homes for sale each week had a price drop. Overall, 14.9% dropped their price in the past four weeks, up from 11.2% a month earlier and 9.1% a year ago. This was the highest share since mid-November. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.8%. In other words, the average home sold for 2.8% above its asking price. This was up from 101% a year earlier. To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
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It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
Real estate agent breaks his own "Most annual home sales" title by selling 6,438 homes Dallas, TX -- May 4, 2022 -- Ben Caballero, a two-time Guinness World Record title holder and the No. 1-ranked real estate agent in the U.S. since 2013 by RealTrends, has been recognized for the third time by Guinness World Records, the "ultimate authority on record-breaking achievement." Caballero, a new home sales expert and owner of HomesUSA.com, works directly with 60-plus builders in Houston, Dallas-Ft. Worth, Austin, and San Antonio. He individually sold 6,438 homes worth more than $2.46 billion in 2020. He now officially holds the Guinness Worlds Record title for "Most annual home sales transactions through MLS by an individual sell side real estate agent – current" for the third time. In 2018, Caballero became a first-time Guinness World Record title holder for "most annual home sales transactions…" with 3,556 verified home sales in 2016. In 2019, he became a two-time Guinness World Record title holder, breaking his own record with 5,801 verified home sales in 2018. "One Guinness World Record title is the honor of a lifetime. But three? It's simply stunning," said Caballero. "Developing leading-edge real estate technology rewards me for doing something I love every day. This award certainly is the icing on the cake," he added. Caballero is real estate's most productive real estate agent, having sold more homes than any individual or team every year since 2016, according to research from RealTrends. Between 2004 and 2020, Caballero has 43,265 home sales totaling $15.188 billion in volume. In 2015, Ben became the first real estate agent to exceed $1 billion in total home sales. Additionally, he is the only agent to exceed $2 billion in total home sales in a single year, a feat achieved in 2018, 2019, and 2020. Caballero's new record translates into selling an average of more than 120 homes a week, or 17 home sales a day, every single day of the year. A highly acclaimed innovator and technological pioneer, he developed HomesUSA.com's proprietary SaaS listings management and marketing platform for his production builder clients. Caballero attributes his individual record-setting production to the efficiencies of the technology platform he created. Caballero was a builder for 18 years and became a real estate agent at 21. He developed his online platform in 2007. Builders interested in learning about Caballero's services can contact HomesUSA.com directly at (800) 856-2132 x300 or email [email protected] Guinness World Record Title (from the GWR website) "The most annual home sale transactions through MLS by an individual sell side real estate agent – current is 6,438, and was achieved by Ben Caballero (USA) in Dallas, Texas, USA, from 1 January-31 December 2020. Ben broke this record over the course of the entire 2020 calendar year."(A "sell side real estate agent" is the listing agent.) About Guinness World Records GUINNESS WORLD RECORDS (GWR) is the global authority on record-breaking achievement. First published in 1955, the iconic annual Guinness World Records books have sold over 141 million copies in over 40 languages and in more than 100 countries. Additionally, the Guinness World Records: Gamer's Edition, first published in 2007, has sold more than 4 million copies to date. Guinness World Records' worldwide television programmes reach over 750 million viewers annually and more than 3.7 million people subscribe to the GWR YouTube channel, which enjoys more than 328 million views per year. The GWR website receives over 20.5 million visitors annually, and we have over 15 million fans on Facebook. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is the world record holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Down Payment Resource teams up with Realtor.com to Help Home Shoppers Find Homebuyer Assistance Programs
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Over 665,000 real estate agents in the U.S. get Lone Wolf Transactions as a member benefit
Associations across the country have rallied to keep real estate's leading transaction management solution in their members' hands DALLAS and CAMBRIDGE, Ontario, May 2, 2022 -- Lone Wolf Technologies ("Lone Wolf") is thrilled to announce it has partnered with 76 associations in the U.S. to provide Lone Wolf Transactions (zipForm Edition) as a member benefit in 2022. This means over 665,000 real estate agents and counting will keep the unrivaled forms and transaction management solution in their hands. "These incredible associations have stepped up and are supporting their members at a crucial time," said Lisa Mihelcich, GM of Associations at Lone Wolf. "We're moving into a post-pandemic world and digital real estate transactions are more important than ever. Transactions is the top transaction management solution in the country, and the only one that can provide a complete and modern real estate experience for agents, brokers, buyers, and sellers. In that way, it's not only a critical tool for real estate professionals, but for real estate as a whole." Associations that are now providing Transactions as a member benefit, which features the industry's leading forms engine, transaction tools, and unlimited document storage, include the California Association of REALTORS® (C.A.R.) and Texas REALTORS®. Several associations, including the Indiana Association of REALTORS®, South Carolina Association of REALTORS®, Wisconsin REALTORS® Association, NC REALTORS®, Hawai'i Association of REALTORS® and New Jersey REALTORS®, have renewed the current member benefit plus additional time-saving solutions like zipLogix Digital Ink® and zipForm Mobile to its members at no additional cost. "Many of our members were already using Transactions as their solution of choice, so we were happy to bring the product on as a member benefit," said Travis Kessler, Chief Executive Officer at Texas REALTORS®. "Equipping our members to tackle the many moving parts of the real estate process is part of our mission, and we believe that Transactions, more than any other solution, can help them do so." Since acquiring zipLogix in 2019, Lone Wolf has made, and will continue to make, significant updates to Transactions to meet increasing digital expectations and changes in consumer behavior. The solution now boasts a complete set of digital tools to simplify an agent's workflow and bolster the client experience, including: Integrations that bring the real estate experience together in one place, connecting Transactions to leading solutions for digital marketing, CRM, and CMA Native connections to real estate's top eSignature solution, Authentisign, as well as tools for offer management and MLS integration New features for digital title and home warranty orders, forged in collaboration with the leading title and home warranty providers in the country A forthcoming upgrade of Transactions' industry-leading forms editor, featuring a new workspace, redesigned interface, and intuitive forms Transactions is available for renewal to individual agents in areas that are not providing the member benefit. Renewal at the individual-level can be completed within the solution and comes with exclusive pricing on basic and premium transaction bundles featuring real estate's top CRM, LionDesk, eSignature, zipForm mobile, and more. About Lone Wolf Technologies Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits—from transactions to back office, insights, and more, all in one place. Lone Wolf's offices are located in Cambridge, ON, Minneapolis, MN, and Dallas, TX. Find out more at www.lwolf.com.
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NAR Announces Inaugural Fair Housing Champion Award Winners
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121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
Among the 25 busiest markets, Bloomington-Normal, Ill., at 63% and Burlington, Vt., at 41% recorded the largest year-over-year increases in showing activity, joining perennial leaders Denver and Seattle as the nation’s three busiest markets for showings CHICAGO, Apr. 28, 2022 -- The number of markets seeing double-digit showings per listing jumped 46% in the past two months as buyer demand continues to outpace slightly rising inventory, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. That's despite March seeing a slight slowdown in showing traffic nationwide compared to last year’s unprecedented numbers. March’s showing activity stands in contrast to March 2021’s torrid pace, in which each of the four regions in the U.S. saw year-over-year growth in foot traffic of at least 40%. The 25 busiest individual markets averaged more than 16 showings per listing, including Burlington, Vt.; Bridgeport, Conn.; Fort Collins, Colo.; and Bloomington-Normal, Ill. The growth in the number of markets with double-digit showings jumped from 83 in January to 109 in February and 121 markets in March of this year. "We are sensing a slight slowdown in the Western region of the U.S. in year-over-year Showing Index values, although there is still very strong activity," said ShowingTime Vice President and General Manager Michael Lane. "The demand per listing is still at historically unprecedented levels, but for the first time in the last 12 months it is neutral." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. By region, the Midwest’s 5.9% year-over-year increase in showings per listing led the country, while demand in the South was flat compared to March 2021. The Northeast dropped slightly by 0.9%, with the West’s 18.5% year-over-year dip in traffic marking the third consecutive month the region has recorded a decline, attributable in large part to its heavy activity in March 2021. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime’s technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
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Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
The Eastern region of the U.S. had the highest average closing costs in 2021, with Washington, D.C. topping the list at $29,888 Irvine, Calif., April 21, 2022 -- CoreLogic's ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today released its most recent Purchase Mortgage Closing Cost Report which showed that in 2021, the national average for mortgage closing costs for a single-family property were $6,905 including transfer taxes and $3,860 excluding transfer taxes. These amounts represent a 13.4% and 11.2% year-over-year increase, respectively. Key Takeaways: The average U.S. home price increased by more than $50,000 last year, while the average purchase closing costs increased by $818 including taxes and $390 excluding taxes. Despite an increase in the absolute dollar amounts of closing fees, closing costs as a percentage of home sales prices were down slightly from 2020. Average purchase fees as a percentage of the average sales price in 2021 were 1.81% compared to 1.85% in 2020 and when taxes are excluded, were 1.01%, down from 1.06% in 2020. "As the mortgage industry comes off two years of record-low interest rates and red-hot consumer demand, lenders are now pivoting to address increasing headwinds from higher loan origination costs and lower origination volumes," said Bob Jennings, executive, CoreLogic Underwriting Solutions. "The Mortgage Bankers Association recently reported lender origination costs show a 13.2% year-over-year increase, which corresponds closely to the 13.4% increase we are seeing on purchase mortgage closing costs. As the market tightens in 2022, it will be interesting to see how lenders and borrowers respond and how these key metrics move." State and Metro Takeaways: The 2021 report shows the states with the highest average closing costs, including transfer taxes, were Washington, D.C. ($29,888), Delaware ($17,859), New York ($16,849), Maryland ($14,721) and Washington ($13,927). The states with the lowest closing costs, including taxes, were Missouri ($2,061), Indiana ($2,200), North Dakota ($2,501), Wyoming ($2,589) and Mississippi ($2,756). The most significant drivers to differences in closing costs were the types and percentages of imposed specialty and transfer taxes. The states with the highest average closing costs, excluding taxes, were Washington, D.C. ($6,502), New York ($6,168), Hawaii ($5,879), California ($5,665) and Massachusetts ($4,904). The states with the lowest closing costs, excluding taxes, were Missouri ($2,061), Indiana ($2,200), Nebraska ($2,210), Arkansas ($2,281) and West Virginia ($2,465). At the metro level, those with the highest average fees with taxes were primarily in the Eastern region of the United States including Vineyard Haven, Massachusetts ($28,724); Bremerton-Silverdale-Port Orchard, Washington ($16,003) and Salisbury, Maryland ($15,723). Comparatively, metros with highest average fees without taxes were in Santa Maria-Santa Barbara, California ($7,063); Kahului-Wailuku-Lahaina, Hawaii ($7,016) and San Jose-Sunnyvale-Santa Clara, California ($6,412). Cost calculations include the lender's title policy, owner's title policy, appraisal, settlement, recording fees, land surveys and transfer tax. The calculations use home price data from CoreLogic to estimate closing costs for an average home at the state, core-based statistical area (CBSA) and county levels. Ranges, rather than single values, are used to more accurately capture fees associated with the real transactions. On May 5, 2022, CoreLogic's ClosingCorp will be releasing the annual 2021 Refinance Mortgage Closing Cost Report. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic, Inc., All rights reserved. Methodology CoreLogic's ClosingCorp average closing costs are defined as the average fees and transfer taxes required to close a conventional purchase transaction in a geographical area. These costs consist of fees from the following service types: title policies (both owners and lenders), appraisals, settlement fees, recording fees, land surveys and transfer tax. Actual closing fees for 4.4 million single-family home purchases from January 1 through December 31, 2021 were analyzed. Homes within a $100,000 range of the average home price (source CoreLogic) were used to estimate closing costs for an average single family residential home at the state, core-based statistical area (CBSA) and county levels. The average service type component fee was computed for every geographical area where at least 10 transactions occurred in the specified range during the period under review. Total cost to close was then computed as the sum of the service type averages. Land survey fees only were included for Florida and Texas single-family homes where land surveys are required. Cost to close was computed with and without transfer taxes. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
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Earnnest Is Now Integrated with Form Simplicity
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BoomTown Introduces Expanded Success Assurance Program, Manages Both New Registrations and Database Opportunities
Concierge service now monitors the entirety of an agent's database for meaningful behavior and proactively reaches out on an agent's behalf, further differentiating the program's ability to create more opportunities and drive conversions. CHARLESTON, S.C., April 19, 2022 -- BoomTown, the leading cloud-based sales and marketing automation platform for real estate professionals, announced the next evolution of its Success Assurance program, offering full database monitoring and engagement in addition to qualifying and engaging new leads on an agent's behalf. "Any effective website or CRM should be monitoring behavioral data, but it's the actions taken on those insights that drives success and realizes ROI for real estate businesses," said Grier Allen, CEO and President of BoomTown. "Success Assurance provides a dedicated resource to not only track and monitor opportunities on an agent's behalf, but to leverage those insights to reach out and engage each opportunity with the right message, at the right time, creating meaningful conversations that ensure clients never miss an opportunity to work with a new or past homebuyer or seller." The expanded offering allows the Success Assurance concierge to not only handle the qualification and management of new lead registrations, but to also monitor each lead in an agent's database, tracking unique and predictive behaviors that indicate a readiness to transact, and reaching out on an agent's behalf. Their outreach is triggered by specific behaviors, actions taken on insight, that most likely correlate to conversion, because they are reaching a homebuyer or seller at the right time, with the right message. This type of meaningful outreach yields a connection rate of almost 50%. "BoomTown's Success Assurance Program is a massive advantage versus using a text bot to engage leads," says Andrew Undem of SURE Group of Berkshire Hathaway Homesale Realty. "You have an actual person working on your behalf, leveraging data and behaviors for each opportunity, and ensuring they are reaching out at the right moment and relaying the right information to build rapport and create a connection."  About BoomTown BoomTown exists to make real estate agents successful. Nearly 100,000 of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint and MyAgentFinder. For more about BoomTown visit boomtownroi.com.
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RentSpree Debuts Holistic Agent Tools to Streamline the Rental Process
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Real Estate Startup Revive Named to 2022 US REACH Program
Revive selected by NAR investment arm's REACH startup accelerator IRVINE, Calif. - April 11, 2022 -- Revive, a leading provider of presale home renovation services for sellers and all-cash offer programs for buyers, announced its selection to the 2022 US REACH growth accelerator program. Revive joins eight other firms in the 2022 REACH program, operated by Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global real estate technology fund. The US REACH program focuses on helping technology companies accelerate growth throughout the real estate, finance, banking, home services and insurance industries. "Our selection to the coveted US REACH program signals the enormous growth potential of Concierge services, especially Revive," said Michael Alladawi, Revive CEO and founder. "By already enhancing homeowners' sale profits by more than $28 million, REACH can exponentially help us grow our business, maximizing success for homeowners and buyers– which can be life-changing for those consumers, and game-changing for their agents." Revive offers turnkey presale renovation services for homeowners and all-cash offers for buyers, helping maximize their success. Revive brings a unique process, technology, financing, and exclusive contractor network that provides certainty within the experience for homeowners, buyers, and real estate agents nationwide. "Revive offers an innovative approach to presale renovation," said Kia Nejatian, Executive Director, NAR REACH. "The burgeoning Concierge category shows how fast technology moves forward, creating new ways agents can help their clients. "Supporting Revive will bring valuable opportunities to families by helping them maximize their biggest asset – their home," he added. Alladawi, a veteran real estate professional and seasoned home renovation expert, teamed with renowned technology entrepreneur Dalip Jaggi in 2019 to create Revive. Based in Irvine, California, and offering its services nationwide, Revive is among the fastest-growing Proptech presale renovation startups. "Our mission at Revive," said Jaggi, "is to bring certainty to the experience for homeowners, buyers, and real estate agents nationwide. If Revive helps you fix up your home and it sells for$100,000 more, or Revive gives you the ability to buy the home you want with an all-cash offer, we are doing more than just helping with a home sale. Working with real estate agents, we are improving buyers' and sellers' lives," he added. Learn more at iloverevive.com. About Revive Revive's mission is to guide home sellers through presale home renovations. By providing interest-free money and a Revive-supported contractor, home sellers on average obtain an additional $186,000 in profit when selling their home. Revive homes sell for more, and help you move ahead by maximizing your sales value. Learn more at www.iloverevive.com.
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New Realtor.com Survey Finds 64% of 2022 Sellers Plan to List by Summer's End
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Matterport Axis Now Available for Purchase, Enabling Hands-Free Precision 3D Capture for Smartphones
Designed for the Matterport Smartphone Capture app, Matterport Axis motorized mount makes digital twin creation easier, faster, and more precise SUNNYVALE, Calif. -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced that Matterport Axis™, a motorized mount for smartphones, is now available for purchase. Matterport Axis, which holds either an iOS or Android device, and can be used with the Matterport Capture app, creates 3D digital twins of any physical space with increased speed, precision, and consistency. This convenient, remote-controlled solution produces reliable results with ease. Starting at $79, Matterport Axis is now available for purchase today through Matterport, Adorama, B&H, and Amazon. "We are excited to introduce Matterport Axis, which when combined with our Capture app, allows anyone to create a 3D digital twin with the phone in their pocket," said Japjit Tulsi, Chief Technology Officer of Matterport. "Whether it's creating a digital twin to help sell your home, capturing your work environment to collaborate with team members, or capturing and sharing your business to attract new customers, there are countless uses for people and businesses to use Matterport. Our Capture app along with Matterport Axis now makes that process easier and faster for anyone to digitize their spaces with greater precision." Businesses embrace smartphone capture with Matterport Axis Business customers across a variety of industries use Matterport to virtually promote, operate, document, manage, and measure their properties online. Now, with Matterport Axis, organizations can scale up their efforts to affordably create high-fidelity digital twins at multiple locations simultaneously via employees and their smartphones. Matterport worked with multiple organizations with distributed field personnel to trial Matterport Axis together with the Capture app. One customer, Eberl, a top 4 U.S.-based insurance claims adjusting firm, used Matterport Axis to create digital twins to document insurance claims. By using Matterport Axis with the Capture app and other Matterport solutions, Eberl adjusters reduced their time spent in the field, improving its total claims cycle time by 15 percent, and increased new customer acquisition by 200 percent with the convenience of their smartphone. "Using Matterport, Eberl adjusters can easily access rich, visual data and precise measurements that reduce the need for return trips, reinspection requests, phone calls and follow-up emails," said Chris Cowan, Vice President, Operational Strategy at Eberl. "Digital twins have helped our adjusters work smarter, and their agility enhances the experience of our clients and subsequent policyholders. When we outline the value of digital twins to new and existing insurance carriers, they are eager to engage and adopt, which has had a tremendous impact on the growth of our business." Real Estate partner Avail sees Matterport Axis as transformative for landlord clients Matterport partner Avail, part of the Realtor.com network, is an end-to-end Rental Management Platform for independent Landlords that provides best-in-class tools, and educational content to help landlords optimize their marketing and streamline their operations. They understand the wide range of challenges landlords face, which includes finding affordable ways to make their listings stand out and to get in front of tenants everywhere. Avail saw value in partnering with Matterport to bring Matterport Axis and the Matterport Capture app to their users. Avail participated in the pre-launch trial where Avail landlords used Matterport Axis to successfully create digital twins of their properties. "We are excited to give our landlords an easy and accessible way to create professional-quality 3D virtual experiences by using Matterport Axis and their Matterport Capture app," said Ryan Coon, CEO / Co-Founder, Avail. "The ability to view properties virtually is increasingly important in the rental market and can lead to more eyes on listings, less vacancy time, and even more homes being rented out virtually, sight unseen. We were eager to participate in the Matterport Axis pre-launch trial, giving our landlords the resources to create their own 3D virtual experiences and it was great to see such positive adoption." To learn more about Matterport Axis or to purchase today, visit matterport.com/axis. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Home Prices Hit $405,000 for the First Time Ever
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RESAAS Rolls Out Payment System to 500,000 Real Estate Agents
RESAAS Agents Become First to Access RESAAS Pay, the Real Estate Industry's First KYC and AML Compliant Broker-to-Broker Payment System VANCOUVER, BC, March 30, 2022 - RESAAS Services Inc., a technology platform for the real estate industry, today announced the successful rollout of RESAAS Pay to all real estate agents using RESAAS. RESAAS has more real estate agents than any real estate brokerage, agency or franchise, with more than 500,000 agents members of RESAAS globally. Referral business constitutes the single biggest source of business for real estate agents, according to the National Association of REALTORS®. RESAAS delivers a best-in-class referral platform which facilitates brokerage-agnostic referrals between real estate agents on a global basis. "RESAAS Pay brings real estate payments into the 21st Century," said Tom Rossiter, CEO of RESAAS. "From this week onwards, RESAAS agents are now able to take advantage of the many benefits RESAAS Pay provides." About RESAAS Services Inc. RESAAS is a technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis. Visit www.resaas.com for more information.
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Women could afford 18% more of the housing market if they made as much money as men
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The first NFT platform for real estate images -- 'real' -- launched by HomeJab
New marketplace for one-of-a-kind images offers higher compensation for professional real estate photographers to "disrupt" the $4B stock photo industry Cherry Hill, NJ - March 29, 2022 -- A new non-fungible token or NFT marketplace for real estate images called "real" – launched by HomeJab – offers an innovative alternative to stock photo services. Participating professional real estate photographers receive 96 percent of all sales proceeds – the highest compensation available from a major stock photo platform. Photographers currently earn as little as 2 cents to 25 cents per month per photo through stock photo agencies, according to Phototutorial. "We're flipping the model upside down," said Joe Jesuele, head of HomeJab.com, who led the development of real estate's first NFT platform of images. HomeJab provides real estate agents on-demand professional real estate photography and other visual production services in every major US market and all 50 states. "Buyers such as real estate agents and their web and marketing agencies can purchase unique images with nearly all the compensation going to the artist – the photographer. That's the way it should be," he added. Jesuele explains that one of the most significant advantages of this new NFT marketplace is its "real-world utility." "Too many NFT projects today are designed to help the founders make money. The real NFT marketplace supports the hard work and gives new visibility to professional real estate photographers' artistry while properly supporting their creative efforts," he explained. "By bridging the physical world and the metaverse, 'real' can help cut through the current clutter of NFT scams and pump and dumps of (worthless) coins that have no real utility. While other NFTs' value will collapse, we know from experience that good images will always have value and utility," Jesuele said. The new real NFT marketplace is designed for real estate agents and digital marketers to purchase one-of-a-kind iconic real estate images. The real platform also enables clients to order custom NFTs to be shot and produced by professional real estate photographers for their exclusive commercial use as they will own the image. Unlike images provided by stock photo agencies, which allows the same image to be used by anyone who pays a fee, images purchased on real are unique and owned by the buyer. Real estate agents and brokerages avoid having the same photos on their websites by purchasing one-of-a-kind images on the real NFT marketplace. If the NFT resells, royalties flow back to the original photographer. "Buying an NFT through real provides agents and brokers one-of-a-kind images that only you can use versus licensing a repetitive stock image that any of your competitors can use. Marketing agencies know that using unique imagery helps agents and brokers create stronger brand recognition and avoid brand confusion," he added. The real NFTs currently available include images of destinations in the public domain, such as historical landmarks, streetscapes, downtown areas, commercial hot spots, parks, bridges, buildings, and beaches. "Think of the one single image that best describes where you live. What image would that be? That's the type of NFTs we expect to be the most popular as we launch," Jesuele said. "We are disrupting the old, legacy stock image model to become a completely decentralized ‘Web3' solution powered by NFTs with the financial benefits going back to the photographers," Jesuele said. To learn more about NFTs in real estate imaging, Jesuele published a blog explaining both the terms and the process here. To learn more about the new real NFT marketplace, go to nft.homejab.com. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Real Estate Nexus acquires Amarki marketing automation technology company
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Affordability Issues Rise as National Rents Reach 30% of Americans' Incomes
In February, national rents grew 17.1% year-over-year to a new high of $1,792 per month, representing a higher share of household incomes (29.7%) than in 2021 (24.8%) SANTA CLARA, Calif., March 23, 2022 -- New rental data shows affordability issues are on the rise, as Americans spent 30% of their monthly budgets on rents in February on average, according to the Realtor.com Monthly Rental Report released today. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros like Miami, Tampa, Fla. and San Diego, Calif. In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002. "Whether it's rent or mortgage payments, the general rule of thumb is to keep monthly housing costs to less than 30% of your income. And with rents surging nationwide, February data indicates that many renters' budgets may be stretched beyond the affordability limit," said Realtor.com® Chief Economist Danielle Hale. "With rents up by nearly 20% over the past two years, rental prices are likely to remain high, but we do expect some cooling from the recent accelerated pace. In light of mounting economic uncertainties and the conflict in Ukraine, some households will prefer to buy, in an effort to lock-in a largely fixed monthly payment as a hedge against further inflation. But fast-rising mortgage rates and still-limited numbers of homes for sale could mean some would-be buyers may stick with the flexibility of renting. With rental demand already outmatching supply, rental affordability will remain a challenge. For renters eager to make the transition to first-time buying, finding a relatively affordable rental is key to saving for a downpayment. Tools like the Realtor.com® Rent vs. Buy Calculator can help you frame the numbers in a meaningful way and make the choice that is right for you." February 2022 Rental Metrics – National Affordability issues soar nationwide, led by Sun Belt metros February data indicates that rents are increasingly straining Americans' budgets, representing roughly 30% of typical household incomes. Year-over-year rent growth in February 2022 was four-times higher when compared to March 2020, before the onset of COVID, highlighting limited supply relative to demand. The acceleration in rents is largely driven by a growing segment of young households, many of whom are turning to renting in the face of the for-sale inventory crunch, record-high listing prices and climbing mortgage rates. In turn, many of the least affordable rental markets are also some of the most competitive areas for buying. These trends are illustrated in Sun Belt metros like Miami, Tampa and San Diego, which topped February's lists of fastest-growing and least affordable rental markets, as well as the hottest homebuying destinations. February rents made up 29.7% of the typical household income in the 50 largest U.S. metros, a higher share than during the same month in 2021 (25.3%). The rental share of income was even greater in 14 of these markets, led by Miami, at 59.5%; Los Angeles, at 46.0%; and Riverside, Calif., at 45.9% (see table below). Representing nearly half of the country's largest markets, the Sun Belt claimed half of February's least affordable areas and all 10 of the fastest-growing rental markets, including four in Florida. The state's low vacancy rates highlight rising rental affordability, with the Florida supply of vacant rental units (6.6%) declining drastically since 2009 (17.9%). In Miami, the median rental price spiked 55.3% year-over-year in February, bringing it to the top of February's least affordable markets. Although buying a starter home is more affordable than renting one in Miami, the local for-sale home market is also exploding. Compared to February 2021, listing prices were up 31.6% in Miami, which jumped 25 spots on the latest Realtor.com® Hottest Markets Ranking. Least Affordable Rental Markets (Feb. 2022) Middle America rental markets offer relative affordability Although rental affordability is dwindling at the national level, February data offers some good news for some renters, depending on where they live. In many large markets in Middle America, for instance, February rents came in below the recommended max share of monthly paychecks. Additionally, the area accounted for more than half of February's most affordable rental markets, including Kansas City, Oklahoma City and St. Louis. Still, with February rent growth outpacing incomes even in these relatively affordable areas, renters devoted more of their monthly paychecks towards housing costs than in 2021. After making a swift recovery from earlier COVID setbacks, rents grew over 2021 in each of the 50 largest U.S. metros in February, up by double-digits in 39 markets. February rent growth was in single-digit territory in the remaining 11 metros, keeping rental costs to a lower share of incomes in many of these areas. At No. 8 on the February list of most affordable rental markets, Minneapolis posted the country's second lowest annual rental price gains, up just 4.5% year-over-year. Compared to a metro like Miami, where rental affordability has dropped dramatically, Minneapolis rents were significantly lower in February ($1,558 vs. $2,929). In February, Middle America dominated the top 10 list of most affordable rental markets, with rents taking up less than 30% of typical household incomes in metros like Kansas City, at 19.9%; Oklahoma City, at 21.1%; and St. Louis, at 22.3%. At the same time, with housing affordability declining and mortgage rates climbing nationwide, Middle America renters might consider putting their monthly savings on rent towards buying a first home. In the No. 1 most affordable rental market of Kansas City, monthly starter home costs were 21.7% lower than rents in January, but also grew double-digits over 2021. Most Affordable Rental Markets (Feb. 2022) January 2022 Rental Metrics – 50 Largest U.S. Metros About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Transactly Expands Home Connections with Acquisition of 360 Home Connect
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OKMOVEME Announces April Launch of its Consumer-First Website to Help People Move to Nashville
A true one-stop for: Planning, Moving, Getting Organized and Everyday Living NASHVILLE, TN, March 11, 2022 -- OKMOVEME, the premier one-stop website for anyone planning or managing a move to a new home, has launched a consumer-first website to help people move to Nashville. The free version of the company website now features exclusive content to help families and friends learn more about the area, get in touch with important local resources, purchase goods and professional services for the move, and ways to save money and time. Much has been written about the so-called "Great Resignation," and this newfound economic flexibility means millions of American families can now move to new locations that better meet their budget, lifestyle and future aspirations. "Housing is a major financial stressor. Companies who allow location flexibility and pay attention to their employees' financial stress are seeing a higher number of qualified applicants with increased retention for current employees," notes money and wellness expert Ilyce Glink, founder and CEO of Best Money Moves, an award-winning financial wellness company that helps employees and consumers measure their level of financial stress and take concrete steps to reduce it. While many companies are willing to allow employees to work-from-home, "there's rarely or ever any relocation benefits package offered, so it's a true DIY move," says John Heithaus, managing partner of OKMOVEME and a 30+ veteran of the corporate relocation industry. Tennessee is a top-10 destination for corporate and personal relocation, according to 2021 US Census data and OKMOVEME company research. In addition to thousands of employees moving to Nashville for companies like Amazon, Bridgestone, and Facebook, the Nashville region is seeing a huge influx of people moving here from both coasts for its affordability, climate and entertainment-oriented culture. Glink adds: "After two years of a pandemic, amid rising inflation and housing costs, employee financial stress is becoming a serious concern. When you add a relocation to a new and unfamiliar area, it becomes more complex and difficult to manage, especially if the employee has a family. A website like OKMOVEME brings down that level of stress, helps people save time and money, and keeps them focused on their financial wellbeing." OKMOVEME, the premier one-stop website for anyone planning or managing a move to a new place and settling-in thereafter with research, budget and planning tools to efficiently manage the moving and relocation process. We provide curated resources, direct links to trusted professionals and brands, a Nashville-specific Job Search engine, the shopping site Myokmoveme, and the company's blog with reviews and deals for anyone making a move and settling-in.
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New HomeJab study shows impact of COVID-19 on real estate agent marketing spending trends
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Let the Countdown to Realtor.com Listapalooza Begin! April 10-16 Is the Best Week to List a Home in 2022
With strong buyer demand, high prices, quick sales and less seller competition, April 10-16 will be the sweet spot for sellers who want to put their home on the market this year SANTA CLARA, Calif., March 14, 2022 -- With 2022 anticipated to be a whirlwind year for buyers, it can be hard for sellers to know when the optimal time is to put a home on the market. Realtor.com crunched the numbers in its fourth annual Best Time to Sell Report and found this year's best week to list nationwide is April 10-16. Sellers who list during this week – newly named Realtor.com® Listapalooza – will take advantage of the Spring buying season's top lineup of strong demand, high asking prices, quick home sales and less competition from other sellers. "Every year, to help sellers better navigate the spring buying season, we take a look at recent market conditions to determine the optimal week to put a home on the market. And that perfect moment is just weeks away for 2022 sellers, with data indicating that home prices and demand are rising earlier than in a typical year," said Realtor.com® Chief Economist Danielle Hale. "Homeowners who are thinking about selling this Spring still have time to get ready, with the majority of recently surveyed sellers indicating that listing preparations took 2-12 weeks. A good first step when selling your home is to understand your options, such as those available via the Realtor.com® Seller's Marketplace, and find the best approach based on your family's needs. This way, you'll be able to immediately start your listing process as soon as you're ready. Preparation is especially important this year, since market dynamics could shift quickly along with factors like rising mortgage rates, inflation and the ongoing conflict in Ukraine." By listing April 10-16, sellers can expect a top lineup of Spring buying competition With buyer interest accelerating weeks before the usual start of the Spring buying season, getting a head start on the competition will likely pay off for 2022 sellers. Mortgage rates have been rising more quickly than expected, adding fuel to the fire for buyers hoping to find the right home and lock-in relatively affordable monthly payments. While a high number of home sales are expected throughout the Spring, Realtor.com® found that the seasonal sweet spot to list a home in 2022, or Realtor.com® Listapalooza, is April 10-16, based on: Surging buyer demand: With buyer activity typically rising heading into the Spring, homes added to the market during the same week in 2021 received 29% more views on Realtor.com® than the average week in 2021 and 18.6% more interest than the average home listed in 2018-2021. As a result, sellers who list their homes during Listapalooza may be able to expect more offers and bidding wars, which can result in higher asking prices and a faster sale than later in 2022. High home prices: Home prices already broke the 2021 record in February, accelerating earlier in the Spring buying season than in previous years. As a result, sellers who list from April 10-16 could secure asking prices that are 10.9% (+$39,000) higher than at the start of the year and 1.4% (+$5,000) above the average annual listing price, based on 2021 trends. Fast-moving homes: So far in 2022, homes have been flying off the market at an increasingly fast pace, reflecting early signs of Spring seasonality. In fact, the year kicked off with the fastest-moving January ever (61 days), followed by even lower time on market in February (47 days). During the week of April 10, homes sold six days more quickly than the 2021 average and nearly a month faster than in 2019 (-27 days), before the onset of COVID. Less competition from other sellers: With demand outpacing supply, inventory continues to fall short of previous years, but also reflects regular seasonal patterns. From April 10-16, there were fewer sellers with homes actively listed than in the average week in 2021 (-12.9%). With the number of for-sale home options available to buyers historically rising further into the year, seller competition will increasingly be a key factor to consider. Key trends for sellers to watch moving further into the 2022 buying season Sellers can generally expect to hold the upper hand when the right time for them comes along this Spring, as 2022 buyers have been largely accepting of higher asking prices and quick sales. Even so, sellers' odds of success are greater if they list during Listapalooza compared to later in the year, due to a number of shifting market dynamics. Some of the factors sellers should keep an eye on are: Buyers price sensitivity rises along with mortgage rates: Mortgage rates remained historically-low throughout 2021, giving home shoppers more flexibility to meet higher asking prices. However, mortgage rates have jumped significantly since the start of this year and are expected to continue rising, particularly with the Fed planning on an interest rate hike as soon as March. As buyers grapple with higher monthly costs, some may tighten their budgets or take a break from the market, resulting in cooling price trends. For instance, by early May in 2021, the number of sellers making price adjustments climbed by 17.8% from the start of the year. New supply gives home shoppers more negotiating power: While supply will remain historically low relative to demand in 2022, buyers are expected to have more options later in the year. Builders are accelerating production and will begin to make progress against the new home supply gap. Additionally, new listings trends are improving in line with the typical seasonality, as warmer weather and upcoming summer breaks attract more homeowners into the market. Historically, by mid-August, the number of sellers with actively-listed homes increased 17.4% over the beginning of the year, which means more options for buyers and therefore more competition among sellers. Sellers also buying face trade-offs: As conditions become more favorable for sellers, those who are also buying face a cart-before-the-horse dilemma: Holding out for peak asking prices on their listing could also mean paying a premium for the home they buy. Listing prices typically reach each year's highest level in the Summer, as they did in July of 2021. Realtor.com® analysis indicates a similar timeline in 2022, with historical data suggesting home prices will be up double-digits over the start of the year by late May (+12.3%). However, with new sellers historically rising 48.4% over the start of the year by late May, seller-buyers who delay also face more competition from other sellers and the possibility of missing out on buying opportunities. "We all know that homes are selling lightning fast right now. But that doesn't necessarily mean your house will sell itself," said Rachel Stults, Managing Editor at Realtor.com®. "Before you list your home this spring—or any other time this year—make sure you've taken steps to get ready, including cleaning and decluttering, getting cost estimates on repairs you might need to make, and talking to agents to see who would be a good fit for your needs. No matter when you decide to list, whipping your home into shape beforehand will help you sell faster and for more money." Methodology Listing metrics (e.g. list prices) from 2018-2019 and 2021 were measured on a weekly basis, with each week compared against a benchmark from the first full week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Please note: The Realtor.com® Listapalooza described in this release is based on the national best week to list, which overlaps with 31 of the 50 largest U.S. metros (see details here). About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Middle-income Households Gain $2.1 Trillion in Housing Wealth in a Decade
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MoveEasy Launches New Homeowner Dashboard, Empowering Real Estate Partners and Their Clients to Seamlessly Manage All Their Moving and Home Management Needs
MoveEasy's platform is now used by more than 100,000 real estate agents, with more than a million homeowners now having access to MoveEasy's dashboard through real estate partners COLUMBUS, OHIO - MARCH 08, 2022 -- MoveEasy, the No. 1 platform for brokers, agents, and homeowners in the moving space, is taking the next step in its evolution to become a 360° solution for every home-related service you can imagine. Today, MoveEasy announced the launch of its homeowner dashboard, empowering homeowners and real estate partners like never before. The company also announced partnerships with RE/MAX, Howard Hanna, and Schmidt Family of Companies, as well as an expanded relationship with Berkshire Hathaway HomeServices, further accelerating the growth of its platform. "The moving process and home management over time can be a royal pain for homeowners," shared MoveEasy CEO Venkatesh Ganapathy. "But it doesn't have to be that way. That's why we started MoveEasy - to empower real estate partners to deliver value to their clients throughout their lifetime as homeowners. Today we're thrilled to announce the launch of our new dashboard, providing exclusive discounts on services and a dedicated concierge to ease the burden for homeowners - from their initial move to home maintenance and updates they need to make over time." In contrast to other solutions in the industry that are limited in terms of breadth and functionality, MoveEasy's dashboard provides homeowners with access to a growing marketplace of service providers across categories including home insurance, internet and cable providers, home protection, energy, utilities, and home improvement. The new dashboard also features a built-in savings calculator to compare prices, apply exclusive discounts, and discover local contractors or service providers. "Our new post-move dashboard provides real estate agents with a powerful tool to differentiate and broaden the value they deliver clients while increasing client referrals and repeat business," notes Ganapathy. "Now for the first time ever, agents have a fully integrated platform to stay in touch with clients old and new at any point throughout their lifetime as a homeowner." Building on its enterprise relationships with Century 21, Realty ONE Group, and Berkshire Hathaway HomeServices, which uses the MoveEasy platform to power its Forever Concierge service, MoveEasy is announcing national partnerships today with RE/MAX, Howard Hanna, and Schmidt Family of Companies. Each partner will utilize MoveEasy's new dashboard and concierge platform on a white-label basis with their clients with their own unique branding. In total, MoveEasy's platform is supporting more than 100,000 agents, with more than a million homeowners now having access to MoveEasy's dashboard through real estate partners. "Our goal has always been to deliver value to our franchise network clients across their entire journey and lifetime as homeowners," said Christy Budnick, CEO, Berkshire Hathaway HomeServices. "We're excited to further build on our partnership with MoveEasy. The launch of their new homeowner dashboard enhances our Forever Concierge service powered by MoveEasy and creates stronger engagement and loyalty with clients." The new homeowner dashboard further builds on what is perhaps MoveEasy's most unique feature: a dedicated lifetime concierge. With a simple call or text, homeowners can outsource the mundane tasks associated with moving such as sitting on hold with utility and cable companies. The concierge service will also help to manage subscriptions with service providers, or even search for better deals to save homeowners money. In addition to providing real estate agents with an invaluable tool to stay engaged with current and past clients, they can also leverage contextual insights available through the dashboard to deliver even more value to clients. For example, if a client is replacing a roof, the platform will not only assist with discovering contractors. It will also recognize how that project may impact the cost of other services such as home insurance, and automatically surface new insurance quotes to save the homeowner money. If the client needs a new appliance, the dashboard can tell them if their home warranty covers it, and seamlessly allow them to file a claim. To keep up with the rapid growth of the business, Move Easy is also announcing $3.5M in funding today from investors including New Valley Ventures, Breaktrail Ventures, Loud Capital and Pete Kight. The new capital will be used to accelerate the expansion of its platform into new categories. MoveEasy continues to build momentum with hundreds of service providers and partner integrations being added to its homeowner dashboard every month. Notable platform partners at launch include direct integrations with AT&T, Front Door, and Travelers Insurance, among many others. MoveEasy will also be adding additional Energy, Solar and Home Warranty providers to its platform in early 2022. The flexibility of the platform also allows real estate partners to add preferred vendors that homeowners can view live within minutes on the dashboard. The platform also includes a "My Next Move" feature, which allows clients to alert their agent or broker when they're ready to move again. About Move Easy MoveEasy is the country's first full-service homeowner concierge platform designed to help the 139M homeowners in the US with all their moving and home management needs. MoveEasy's 360° dashboard provides access to service providers across multiple categories, a built-in savings calculator, a concierge service, and more. For real estate partners, MoveEasy is a fully white-labeled turnkey concierge solution that helps brokers customize and brand the platform to offer a true end-to-end lifetime concierge service for their clients. Today MoveEasy works with real estate brokers across the country representing more than 100,000 agents. For more information, visit www.moveeasy.com.
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Realtor.com February Housing Report: Home Prices Hit All-Time High Ahead of Spring Buying Season
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Florida Realtors Tech Helpline Debuts Mobile App
Tech frustration? Help is a finger-tap away. Florida Realtors Tech Helpline's new app works on all mobile devices. Find it in Google Play or Apple's App Store. ORLANDO, Fla. -- Florida Realtors Tech Helpline offers free and easy service to members who need help with their technology projects – but the "easy" part just became easier thanks to a new app that allows members to connect with an advisor while on the road. The app works only on mobile devices. iPhone and iPad users can find it in the App Store by searching for "Tech Helpline." It's also offered on Google Play. The app gives users three options: They can directly call a Tech Helpline analyst or chat via the app. They also can choose to "open a case." The analyst who works on the case will then email them a response. The menu bar provides more information about the Tech Helpline and the services offered, including: About Tech Helpline What we support How can this be free? How we help you Account settings Share this app Sign out "We're here when you need us," says Florida Realtors Vice President of Technology Services Eric Forsman. "And now, thanks to the new Tech Helpline app, it's faster and easier to reach us no matter where you are when a technology issue arises."
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U.S. Home Buyer Activity Leaps in January as 83 Markets Hit Double-Digit Showings Per Listing
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Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High
Redfin's chief economist predicts the share of Americans relocating will keep increasing as the year goes on, with rising mortgage rates and skyrocketing rents making affordable metros more attractive than ever SEATTLE - Feb. 22, 2022 -- A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate. The share of homebuyers looking to move has grown during the pandemic as remote work and low mortgage rates have allowed many Americans to relocate to more affordable regions with more indoor and outdoor space. "I predict the share of homebuyers looking to move to a different area will continue to rise throughout the year," said Redfin Chief Economist Daryl Fairweather. "With mortgage rates going up and rents skyrocketing, moving somewhere more affordable is one of the only ways for many Americans to stay within their housing budget. Even workers who are unable to work from home should feel confident about finding a job in a new location with the tight labor market." Permanent remote-work policies and the ongoing housing shortage will also likely keep Americans moving. If a buyer becomes frustrated by a lack of inventory in one metro, they may relocate to a place with more affordable homes to choose from. Miami is the most popular destination for relocating homebuyers Miami was the most popular migration destination of all the major U.S. metros in January, unchanged from the third and fourth quarters of 2021. Popularity is determined by net inflow, a measure of how many more Redfin.com home searchers looked to move into a metro than leave. Miami was followed by Phoenix, Tampa, Sacramento and Las Vegas, all of which are perennial favorites for relocators. Relatively affordable metros with warm weather are typically the most popular destinations among Redfin.com home searchers. Although the five most popular metros are still affordable compared with coastal job centers like the Bay Area and New York, home prices are rising rapidly. In Miami, the typical home sold for $436,900 in January, up 18.1% year over year and above the national median of $376,200. Still, that's more affordable than the $655,000 median sale price in New York, the top origin of people moving to Miami. "While Sun Belt cities like Miami and Phoenix aren't likely to lose their luster anytime soon, rising prices may soon render them slightly less popular for relocators," Fairweather said. "Home prices–and the costs of other goods and services–are skyrocketing in a lot of these destinations precisely because they're so popular with out-of-towners. Some homebuyers who prioritize affordability may start searching in less expensive northern cities." Top 10 Metros by Net Inflow of Users and Their Top Origins Homebuyers are leaving San Francisco, Los Angeles and New York San Francisco, Los Angeles, New York, Seattle and Washington, D.C. were the top metros homebuyers looked to leave in January, unchanged from the fourth quarter. That's based on net outflow, a measure of how many more Redfin.com home searchers looked to leave a metro than move in. Redfin.com home searchers who are looking to relocate typically leave expensive cities, a trend that has become more widespread with remote work. With a median sale price of roughly $1.4 million, San Francisco is the most expensive place to buy a home in the country. Los Angeles, New York and Seattle aren't far behind. Top 10 Metros by Net Outflow of Users and Their Top Destinations To read the full report, including methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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U.S. Homeownership Rate Experiences Largest Annual Increase on Record, Though Black Homeownership Remains Lower Than a Decade Ago, NAR Analysis Finds
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Transactly Launches Connect with Acquisition of Cake
Expanding our human-centered PropTech platform into home connections market Transactly is excited to announce the launch of our new brand, Connect, a home connections service. The launch of Connect follows our acquisition of Rent Engine LLC (DBA Cake), a Dallas-based home connections service company, in September 2021. Now, in addition to streamlining the transaction process, we are offering a better way to set up home utilities and services in five minutes or less through Connect. Our entrance into the home connections market is a giant leap forward in creating a fully-connected home-buying experience, united with human expertise. "While venture capital has poured into the real estate industry with the intentionof removing the human element and one of the most successful gig economies in the world, Transactly keeps real estate agents front and center," said Bryan Bowles, Transactly's founder and CEO. "Homebuyers are people who want help from other people. The real challenge has been a lack infrastructure to support how people facilitate real transactions across the industry. That's what we're solving for, and it's working." Transactly is an online platform designed to help real estate professionals efficiently manage transactions through automation, integrations, and tech-enabled services. Our products are currently used by thousands of real estate agents, teams, brokers, homebuyers and sellers across the United States. We have been revolutionizing the process for real estate agents, resulting in consistent and steady growth since our launch in 2018. We began with two employees and have grown to 79 full-time employees and 138 transaction coordinators as independent contractors. That growth has accelerated in recent years, as we have tripled our revenue in 2021 over the previous year. In addition, we have raised a total of $13 million in investor funding. "Purchasing a home is an immensely personal experience. Homebuyers have relationships with the agents, lenders, and title companies in their communities," said Bowles. "Transactly doesn't replace any of those roles, but instead makes it easier for all those participants to work together for a better homebuying experience." Now Connect, powered by Transactly, introduces a better way to set up home utilities and services. Connect empowers agents to be able to provide a one-stop home-buying experience for their clients. Transactly has retained the six employees of Cake, the Dallas-based home connection services company it acquired in 2021. "It has been an absolute pleasure working with the Transactly executive team," said Tony Neely, operations manager for Connect and former operations manager for Cake. "Joining Transactly has given us the ability to grow our service exponentially. We could not have asked for a more dynamic leadership team to take our mission to the next level or a better support team to execute on it." Transactly is headquartered in St. Louis, Missouri, and was founded in 2017 by Bryan Bowles. Our mission is to be the platform of choice for the people and companies involved in real estate transactions. Our platform provides the largest team of tech-enabled transaction coordinators in North America. To view the original post, visit the Transactly blog.
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Vacant Zombie Properties Inch Down Again in First Quarter of 2022 Even as Foreclosure Activity Rises
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Existing-Home Sales Surge 6.7% in January
WASHINGTON (February 18, 2022) -- Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January. However, year-over-year, activity was mixed as two regions reported sagging sales, another watched sales increase and a fourth region remained flat. Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — climbed 6.7% from December to a seasonally adjusted annual rate of 6.50 million in January. Year-over-year, sales fell 2.3% (6.65 million in January 2021). "Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher." Total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December and down 16.5% from one year ago (1.03 million). Unsold inventory sits at a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months in January 2021. "The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low," Yun said. According to Yun, homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range. He noted that such increases will continue to shift the mix of buyers toward high-income consumers. "There are more listings at the upper end – homes priced above $500,000 – compared to a year ago, which should lead to less hurried decisions by some buyers," Yun added. "Clearly, more supply is needed at the lower-end of the market in order to achieve more equitable distribution of housing wealth." The median existing-home price for all housing types in January was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in each region. This marks 119 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 19 days in January, equal to days on market for December, and down from 21 days in January 2021. Seventy-nine percent of homes sold in January 2022 were on the market for less than a month. First-time buyers were responsible for 27% of sales in January, down from 30% in December and down from 33% in January 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments. "First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage," he said. "Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates." Individual investors or second-home buyers, who make up many cash sales, purchased 22% of homes in January, up from 17% in December and from 15% in January 2021. All-cash sales accounted for 27% of transactions in January, up from 23% in December and from 19% in January 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in January, equal to the percentage seen in both December and January 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.45% in January, up from 3.10% in December. The average commitment rate across all of 2021 was 2.96%. Single-family and Condo/Co-op Sales Single-family home sales jumped to a seasonally adjusted annual rate of 5.76 million in January, up 6.5% from 5.41 million in December and down 2.4% from one year ago. The median existing single-family home price was $357,100 in January, up 15.9% from January 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 740,000 units in January, up 8.8% from 680,000 in December and down 1.3% from one year ago. The median existing condo price was $297,800 in January, an annual increase of 10.8%. "The market is still thriving as an abundance of home sales took place in January," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "We will continue to beat the drum for more inventory, which will give buyers additional options and will also help alleviate increasing costs." Regional Breakdown Existing-home sales in the Northeast grew 6.8% in January, posting an annual rate of 780,000, an 8.2% decline from January 2021. The median price in the Northeast was $382,800, up 6.0% from one year ago. Existing-home sales in the Midwest rose 4.1% from the prior month to an annual rate of 1,510,000 in January, equal to the level seen from a year ago. The median price in the Midwest was $245,900, a 7.8% rise from January 2021. Existing-home sales in the South jumped 9.3% in January from the prior month, reporting an annual rate of 2,940,000, a gain of 0.3% from one year ago. The median price in the South was $312,400, an 18.7% surge from one year prior. For the fifth straight month, the South witnessed the highest pace of appreciation. "The migration to the Southern states is clearly getting reflected in higher home sales and fast rising home prices compared to other regions," Yun said. Existing-home sales in the West increased 4.1% from the previous month, registering an annual rate of 1,270,000 in January, down 6.6% from one year ago. The median price in the West was $505,800, up 8.8% from January 2021. The National Association of Realtors is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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HomeJab study shows Wednesdays are the most popular day for taking real estate listing photos
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Two-Thirds of Metros Reached Double-Digit Price Appreciation in Fourth Quarter of 2021
In the fourth quarter of 2021, fewer markets -- 67% of 183 metro areas -- had a double-digit increase in the median single-family existing-home sales price (78% in the prior quarter). WASHINGTON (February 10, 2022) -- The fourth quarter of 2021, much like the third quarter, saw home prices continue to increase, although at a slower pace. Fewer markets in the last quarter experienced double-digit price gains. According to the latest quarterly report from the National Association of Realtors®, out of 183 measured markets, 67% of the metros reached double-digit price appreciation compared to 78% in the prior quarter. Nationally, the median single-family existing-home price rose at a slower rate of 14.6% year-over-year to $361,700 compared to the year-over-year pace in the previous quarter (15.9%). While the third quarter of 2021 witnessed all regions achieve double-digit price gains, the fourth quarter saw only the South experience double-digit price appreciation (17.9%), and single-digit price gains in the Northeast (6.8%), Midwest (8.6%), and the West (7.7%).1 "Homebuyers in the last quarter saw little relief as home prices continued to climb, albeit not as fast as earlier in the year," said Lawrence Yun, NAR chief economist. "The increasing prices are indicative of a seller's market, with an abundance of eager buyers and very limited supply." Metros in the Sunbelt and Mountain states topped the list of areas with the highest yearly price gains: Punta Gorda, Fla. (28.7%); Ocala, Fla. (28.2%); Austin-Round Rock, Texas (25.8%); Phoenix-Mesa-Scottsdale, Ariz. (25.7%); Sherman-Denison, Texas (25.1%); Tucson, Ariz. (24.9%); Las Vegas-Henderson-Paradise, Nev. (24.7%); Ogden-Clearfield, Utah (24.7%); Salt Lake City, Utah (24.4%); and Boise City-Nampa, Idaho (24.3%). The top 10 most expensive markets in the fourth quarter witnessed prices surge, with nine of them doing so by double-digit percentages. California led the way with five metros in the top 10, along with five other areas, including: San Jose-Sunnyvale-Sta. Clara, Calif. ($1,675,000; 19.6%); San Francisco-Oakland-Hayward, Calif. ($1,310,000; 14.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,150,000; 23%); Urban Honolulu, Hawaii ($1,054,500; 16.8%); San Diego-Carlsbad, Calif. ($845,000; 14.2%); Los Angeles-Long Beach-Glendale, Calif. ($797,900; 15.9%); Boulder, Colo. ($775,100; 17.2%); Seattle-Tacoma-Bellevue, Wash. ($700,000; 13.9%); Naples-Immokalee-Marco Island, Fla. ($685,000; 21.2%); and Nassau County-Suffolk County, N.Y. (644,600; 9%). "The strength of price gains are associated with the strength of the local job market, but the escalating prices took a toll on home shoppers, compelling many to come up with extra cash, and forcing others to delay making a purchase altogether," said Yun. "A number of families, especially would-be first-time buyers, are increasingly being forced out of the market, and this is why supply is critical to expanding homeownership opportunity." While mounting housing costs were problematic for the entire year, affordability worsened in the fourth quarter compared to one year ago. Making the marketplace even more of a challenge was the certainty of increasing mortgage rates. In the fourth quarter, the average monthly mortgage payment on an existing single-family home –valued at $361,700 and financed with a 20% down payment, 30-year loan at a mortgage rate of 3.13% – rose to $1,240. This was an increase of $201 from one year ago (median price of $315,700; mortgage rate of 2.81%). Families typically spent 16.9% of their income on mortgage payments, while one year ago families spent 14.7%. During this same period, a home purchase was unaffordable for a typical first-time buyer who was intending to purchase a home. The typical mortgage payment on a 10% down payment loan on a typical starter home valued at $307,400 increased to $1,224, a rise of $198 from one year ago (starter home price of $268,300; mortgage rate of 2.81%). First-time buyers generally spent 25.6% of their household income on mortgage payments, making a home purchase unaffordable. A mortgage is considered affordable if its payment (principal and interest) amounts to 25% or less of a family's income.2 "The good news is that home prices should begin to normalize later in 2022 as more homes come on the market," said Yun. In 20 markets where the median home sales price ranged from $537,400 to $1.675 million, a family needed more than $100,000 to afford a 10% down payment mortgage (17 markets in the previous quarter). These metros were found in California (San Jose-Sunnyvale-Santa Clara, San Francisco-Oakland-Hayward, Anaheim-Santa Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora-Lakewood, Fort Collins), Washington and Oregon (Seattle-Tacoma-Bellevue, Portland-Vancouver-Hillsboro), Florida (Naples-Immokalee-Marco Island), Massachusetts and New Hampshire (Barnstable Town, Boston-Cambridge-Newton), New York, New Jersey, and Pennsylvania (Nassau County-Suffolk County, New York-Newark-Jersey City, New York-Jersey City-White Plains), Connecticut (Bridgeport-Stamford-Norwalk), Nevada (Reno), and the Washington, D.C.-Arlington-Alexandria metro area.3 Conversely, in 81 other markets – where the median sales price was at least $267,700 or less – a family needed less than $50,000 to afford a home (83 markets in the prior quarter). In 12 metro areas where the median home sales price was less than $160,000, a family generally needed less than $30,000 to purchase a home. Those areas were in Illinois and Iowa (Decatur, Peoria, Davenport-Moline-Rock Island, Waterloo-Cedar Falls, Springfield, Rockford), Ohio and Pennsylvania (Youngstown-Warren-Boardman, Toledo, Erie), New York (Binghamton, Elmira), and Maryland and West Virginia (Cumberland). The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Mortgage, but Hold the Marriage: Survey Finds One-third of Americans Have Bought a Home Together without Getting Hitched
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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.
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Matterport Introduces Axis, a New Hands-Free Motor Mount for Precision 3D Capture for Smartphones
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Homebuying Competition Kicks Off 2022 with the Fastest-Moving January Ever
The typical U.S. home spent 61 days on market in January, 10 days less than last year and nearly a month (-29 days) faster than the typical 2017-2020 pace SANTA CLARA, Calif., Feb. 8, 2022 -- It's early days for the 2022 housing market, but new data shows homebuyers are already off to the real estate races. In the first month of the year, the typical U.S. home sold faster than in any prior January, according to the Realtor.com® Monthly Housing Report released today. Compared to January's national pace, homes sold even more quickly in the 50 largest U.S. metros, with listings flying off the market in 36 days or less in Nashville, Tenn., San Diego, San Jose, Calif., Denver and Raleigh, N.C. "We're forecasting a whirlwind year ahead for buyers and, if January housing trends are any indication, 2022 competition is already heating up. Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year," said Realtor.com® Chief Economist Danielle Hale. "But it's a different story on the other side of the closing table, with new seller listings continuing to decline in January. Factors like Omicron uncertainties could be causing sellers to hesitate even when they know housing conditions are favorable. Another key barrier is the inventory 'chicken-and-egg' dilemma that may vex sellers who are also buying: Do you list now when home shoppers are hungry for more options, or do you wait for more inventory to hit the market in the spring? Ultimately, only you know the best time for your family to make a move, but preparation is key to acting quickly when the right opportunity comes along. Sites like Realtor.com® offer information and tools to help homeowners keep a pulse on local activity in today's fast-paced market." January 2022 Housing Metrics – National 2022 kicks-off with the all-time fastest-moving January housing market Reflecting the mixed impact of 2021's pent-up buyer demand and feverish home sales pace, time on market both hit a new record and offered buyers a first glimmer of relief in January. On one hand, the typical U.S. home spent less time on the market than in any prior January and a full month less than in the pre-pandemic period from 2017-2019 alone. At the same time, with recent trends following typical seasonal patterns, national time on market increased in January over the final month of 2021. The typical U.S. home spent 61 days on the market in January, moderating from the December pace (54 days). However, homes spent less time on the market than in January 2021 (-10 days) and compared to the same month in 2017-2020, on average (-29 days). Homes spent less time on the market than the national rate in the 50 largest U.S. metros, at an average of 52 days in January. Southern metros posted the biggest yearly declines in time on market, down 10 days across the region as a whole and led by Miami (-29 days), Orlando, Fla. (-24 days), and Raleigh, N.C. (-17 days). In January, time on market increased over last year in just four large markets: Hartford, Conn. (+10 days), Minneapolis (+2 days), and Richmond, Va. (+1 day) and Washington, D.C. (+1 day). Limited inventory creates challenges for buyers and prospective sellers alike While buyer activity is accelerating earlier in 2022 than in prior years, January data suggests sellers aren't on the same timeline. The yearly decline in inventory grew for the fourth straight month as new listings continued to fall short of prior years' levels. This is partly due to typical seasonality, as sellers have historically waited until closer to the spring to enter the market. However, January's new listings declines could indicate that some prospective sellers are delaying their original plans to list earlier in the year, as 65% of those surveyed in the fall expected to list by March 2022. A number of potential factors may be behind seller hesitation, from Omicron uncertainties to the decade-long new construction shortage, with the many sellers who also need to buy a next home finding limited options in January. Nationally, the inventory of active listings was down 28.4% year-over-year in January, worsening from last month's rate (-26.8%). Although there were fewer for-sale homes than in January 2020 in all of the 50 largest metros, more than half (26) posted smaller inventory declines than the national rate. New listings lagged behind prior year's levels for the second consecutive month in January, down 9.1% nationwide. However, Realtor.com® Weekly Housing Trends show the annual rate of new listings declines improved steadily over the course of the month. If this trend continues, buyers may start to see more options ahead of the competitive spring season. Among the 50 largest U.S. metros, 19 experienced smaller new seller declines than the national rate in January. Additionally, four markets posted annual new listings gains: Cleveland (+7.6%), Orlando, Fla. (+2.3%), Indianapolis (+1.6%) and Houston (+0.9%). Home price growth continues at a double-digit pace as rate hikes fuel competition As demand further outpaced supply in January, the U.S. median listing price held near record-highs and continued to rise at a double-digit annual pace. While 2022 is forecasted to be a seller's market, annual home price growth is expected to moderate from the 2021 pace. This is partly due to looming rate hikes, which will cut into buyers' ability to meet high asking prices and have already begun to rise more quickly than anticipated. Listing price data is already showing some loss of momentum, as the acceleration was smaller in January over December compared to December over November. Still, the affordability of monthly housing costs will increasingly challenge buyers – especially first-timers, who typically have less flexible budgets and face the added financial burden of skyrocketing rents. For the second month in a row, the U.S. median listing price held at $375,000. Listing prices increased at a slightly faster annual pace in January (+10.3%) than in December (+10.0%), but the change was smaller than from November (+8.6%) to December. Relative to the national rate, home prices posted smaller yearly gains (+6.1%) in the 50 largest U.S. metros, partially due to inventory gains in smaller-sized homes. Price growth was similar on a square foot basis, up 11.8% year-over-year in large metros and 13.5% year-over-year nationwide. Listing prices grew at a double-digit annual pace in the southern (+11.2%) and western (+10.0%) regions, which dominated the top 5 list of markets with the biggest annual home price increases: Las Vegas (+35.3%), Tampa, Fla. (+28.7%), Austin, Texas (+28.2%), Orlando, Fla. (+25.0%) and Miami (+24.8%). January 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of January 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. In this release, price adjustments are defined as home listings that had their price reduced in January 2022; listings that had their prices increased during the month are excluded. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics (see more details here). As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Record-High Prices and Record-Low Inventory Make It Increasingly Difficult to Achieve Homeownership, Particularly for Black Americans
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Homebuyer's Agent Commission Rate Dips to 2.63%, the Lowest Since at Least 2017
While the buy-side commission has fallen in percentage terms, it has risen in dollar terms—a function of surging home prices; the typical seller pays the buyer's agent $12,415, up from $11,608 in 2020 and $9,610 in 2017. SEATTLE - Feb. 2, 2022 -- The typical commission rate paid to brokerages representing homebuyers has fallen to its lowest point in at least four years, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin found the typical U.S. buyer's agent commission was 2.63% of the home-sale price during the three months ending Nov. 30, 2021—down from 2.69% a year earlier and the lowest rate in Redfin's records, which date back to 2017. In a typical home sale transaction, the seller covers the cost of the fees of both their agent and the buyer's agent. Redfin's analysis focuses on the commission rate offered to the brokerage representing the buyer. Data on the typical commission rate paid to brokerages representing sellers is not available. Fierce Competition May Be Contributing to the Falling Commission Rate Today's competitive housing market may be accelerating the decline in the buy-side commission rate, Redfin agents say. Sellers and their agents understand they'll likely be able to find a buyer regardless of the commission they offer to the buyer's agent. "We're experiencing a historic shortage of houses for sale. Sellers know their home is a hot commodity and will likely attract multiple offers no matter what, so they've started offering the buyer's agents a 2% or 2.5% fee instead of 3%," said Joe Hunt, Redfin's market manager in Phoenix. "Why would you offer 3% when you know you could offer less and sell your home for the same price?" Another factor at play is increasing transparency. Some real estate websites, including Redfin, last year started publishing buyer's agent commission rates in select markets. In November, the National Association of Realtors passed a policy to allow brokerages and agents to display buyer's agent commissions on their websites, which will bring commission transparency to even more markets in 2022. Consequently, more consumers may discover that some home sellers and home-selling companies, like iBuyers, are already paying lower commissions, and follow suit. In Dollar Terms, Commissions Earned by Buyers' Agents Have Climbed While the average commission rate has been declining, the dollar value of buy-side commissions has been on the rise. At $12,415, the average commission fee a buyer's agent received during the three months ending Nov. 30 was up 6.9% from a year earlier and up 29.2% from the same period in 2017. That's a function of rising home prices. The median sale price of U.S. homes surged 15% year over year to $383,100 in November. "One might think the surge in home prices that's driving up commissions in dollar terms is also what's causing sellers to offer lower commission in percentage terms, but that's likely not the case," Fairweather said. "Instead, sellers are probably offering lower commission rates because they realize that a well-priced home in this extreme seller's market will likely attract buyers on its own." Fairweather continued: "With home prices so high, the seller, their agent and the buyer's agent are splitting a pie of funds that's bigger than ever. So even though the buyer's agent is technically getting a smaller share of the pie, their check is 6.9% bigger than it was a year ago. That could change if home prices start to level off." New York and Massachusetts Have Relatively Low Commission Rates In Nassau County, NY, home sellers paid a 1.98% average commission to the buyer's agent during the three months ending Nov. 30—the lowest rate among the 32 metros in Redfin's analysis. Nassau County was the only metro with an average commission rate below 2%. Next came Boston (2.21%), Riverside (2.22%), Anaheim (2.25%) and New Brunswick (2.3%). At 2.94%, Kansas City, MO and Columbus, OH had the highest commission rates. Next came Austin, TX (2.92%), Virginia Beach, VA (2.91%), Houston (2.90%) and Dallas (2.88%). To view the full report, including charts, local data and methodology, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
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More than a third of recent movers say it's harder to find a house than a spouse
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CoreLogic Reports Upward Trend in Annual Home Price Appreciation Continues; Up 18.5% in December
Home price gains averaged 15% in 2021, up from 6% in 2020 IRVINE, Calif., February 1, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for December 2021. Consumer desire for homeownership against persistently low supply of for-sale homes created one of the hottest housing markets in decades in 2021 — and spurred record-breaking home price growth. Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%. Home price growth in 2021 started off at 10% in the first quarter, steadily increasing and ending the year with an increase of 18% for the fourth quarter. While there have been questions surrounding whether we are currently in a housing bubble, the CoreLogic Market Risk Indicators suggest a small probability of a nationwide price decline, and points to the larger likelihood that a fall in price will be limited to specific, at-risk markets (Table 2). Still, the CoreLogic HPI Forecast shows the national 12-month growth steadily slowing over 2022. During the early months of the year, it's projected to remain above 10% while decelerating each month to a 12-month rise of 3.5% by December 2022. Comparing the average projected National HPI for 2022 with the previous year, the CoreLogic HPI Forecast shows the annual average up 9.6% in 2022. "Much of what we've seen in the run-up of home prices over the last year has been the result of a perfect storm of supply and demand pressures," said Dr. Frank Nothaft, chief economist at CoreLogic. "As we move further into 2022, economic factors – such as new home building and a rise in mortgage rates – are in motion to help relieve some of this pressure and steadily temper the rapid home price acceleration seen in 2021." Top Takeaways: Nationally, home prices increased 18.5% in December 2021, compared to December 2020. On a month-over-month basis, home prices increased by 1.3% compared to November 2021. In December, annual appreciation of detached properties (19.7%) was 5.5 percentage points higher than that of attached properties (14.2%). Home price gains are projected to slow to a 3.5% annual increase by December 2022. In December, Naples, Florida, logged the highest year-over-year home price increase at 37.6%. Punta Gorda, Florida, had the second-highest ranking at 35.7%. At the state level, the Southern, Southwest and Mountain West regions continued to dominate the top three spots for national home price growth, with Arizona leading the way at 28.4%. Florida ranked second with a 27.1% growth and Utah followed in third place at 25.2%. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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NAR Calls on Realtors Who Give Back to Apply for the 2022 Good Neighbor Awards
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U.S. Home Seller Profits Soar Again in 2021 as Prices Shoot to New Records
Profits on Typical Sales Nationwide Rise from 34 percent to 45 Percent; National Median Home Price Jumps 17 Percent to $301,000; Homeowners Staying In Their Homes Before Selling for Shortest Period in 10 Years IRVINE, Calif. - Jan. 27, 2022 -- ATTOM, curator of the nation's premier property database, today released its Year-End 2021 U.S. Home Sales Report, which shows that home sellers nationwide realized a profit of $94,092 on the typical sale in 2021, up 45 percent from $64,931 in 2020 and up 71 percent from $55,000 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2008. The $94,092 profit on the median-priced home sale in 2021 represented a 45.3 percent return on investment compared to the original purchase price, up from 33.6 percent last year and from 30.6 percent in 2019. The latest profit margin also stood out as the largest since at least 2008. Both raw profits and ROI have improved nationwide for 10 straight years. Moreover, last year's gain in ROI – up nearly 12 percentage points – was the biggest annual increase since 2013. Profits shot up as the national median home price rose 16.9 percent in 2021 to $301,000, another annual record. The combination of rising prices and profits came during a year when a decade-long boom in the national housing market steamed ahead both because of and in spite of the Coronavirus pandemic that caused widespread economic damage in 2021 and continued to threaten a recovery that began to took hold in 2021. A surge of buyers financially unscathed by the pandemic continued flooding the market throughout 2021. They were driven heavily by a combination of historically low interest rates and a desire by many households to trade congested virus-prone areas for the perceived safety and wider spaces of a single-family home and yard. As they chased a tight supply of homes for sale, prices spiked and so did seller profits. A few signs that prices could flatten out in 2022 emerged late last year in the form of declining affordability, lower investor profits and rising foreclosure activity. That was layered over rising inflation and likely increases in mortgage rates this year. But the current imbalance in demand and supply suggests that there is room for at least some additional price gains. "What a year 2021 was for home sellers and the housing market all around the U.S. Prices went through the roof, kicking profits and profit margins up at a pace not seen for at least a decade. All that happened as the virus pandemic raged on, which actually helped drive the increases instead of stifle them," said Todd Teta, chief product officer at ATTOM. "Households that escaped job losses from the pandemic dove into the market, in large part as a response to the crisis. And the rising demand led the market boom onward. No doubt, there are warning signs that the surge could slow down this year. But 2021 will go down as one of the greatest years for sellers and one of the toughest for buyers." Among 173 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data in 2021, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The West region had 16 of the 20 metro areas with the highest ROIs on typical home sales last year, led by Boise, ID (121.8 percent return on investment); Spokane, WA (86.5 percent); Bremerton, WA (82.7 percent); Prescott, AZ (81.2 percent) and Salem, OR (81.2 percent). Prices rise at least 10 percent in three-quarters of the country as most markets again hit new highs The U.S. median home price increased 16.9 percent in 2021, hitting an all-time annual high of $301,000. The annual home-price appreciation in 2021 outpaced the combined increases of 9.5 percent in 2020 plus 5.9 percent in 2019. Since 2011, when the U.S. housing market was mired in the aftermath of the Great Recession of the late 2000s, the national median home price has risen 109 percent. The latest price spike came as more than 5.7 million single-family houses and condominiums sold in 2021, the highest number since at least 2005. All but four of the 173 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data in 2021 saw median prices increase from 2020 while 124 saw prices jump at least 10 percent. Those with the biggest year-over-year increases in median home prices were Worcester, MA (up 39.6 percent); Barnstable, MA (up 39.2 percent); Boston, MA (up 28.8 percent); Boise, ID (up 27.2 percent) and Phoenix, AZ (up 26 percent). Aside from Boston and Phoenix, the largest median-price increases in metro areas with a population of at least 1 million in 2021 came in Austin, TX (up 25.4 percent); Nashville, TN (up 22.2 percent) and Las Vegas, NV (up 21.5 percent). Home prices in 2021 reached new peaks since the Great Recession in 168 of the 173 metros analyzed (98 percent), including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX, and Houston, TX. The four metro areas among the 173 where median prices dropped in 2021 were Gulfport, MS (down 4.9 percent); Peoria, IL (down 1.8 percent); Beaumont, TX (down 1.4 percent) and Kansas City, MO (down 0.7 percent). The smallest increase among the 173 metros was in Fort Wayne, IN (up 1.8 percent). Profit margins up in almost 90 percent of nation Profit margins on typical home sales rose from 2020 to 2021 in 150 of the 173 metro areas with sufficient data to analyze (87 percent). The largest increases in investment returns came in Salisbury, MD (margin up 267.2 percent); Lafayette, LA (up 227.4 percent); Montgomery, AL (up 195.4 percent); Mobile, AL (up 179.9 percent) and Augusta, GA (up 167.7 percent). Among metro areas with a population of at least 1 million in 2021, the largest ROI increases from 2020 to 2021 were in Raleigh, NC (ROI up 80.6 percent); Oklahoma City, OK (up 64.4 percent); Virginia Beach, VA (up 62.6 percent); Washington, DC (up 60.2 percent) and Chicago, IL (up 59.4 percent). The biggest decreases in investment returns in 2021 came in Kansas City, MO (ROI down 33.2 percent); Gulfport, MS (down 23.3 percent); Harrisburg, PA (down 22.8 percent); Columbus, GA (down 20.4 percent) and Myrtle Beach, SC (down 17.8 percent). Aside from Kansas City, metro areas with a population of at least 1 million and declining profit margins in 2021 included Los Angeles, CA (down 11.9 percent); Houston, TX (down 11.5 percent); Cleveland, OH (down 11.4 percent) and Las Vegas, NC (down 10.4 percent). Homeownership tenure dips to nearly 10-year low Homeowners in the U.S. who sold in the fourth quarter of 2021 had owned their homes an average of 6.14 years, down from 6.34 years in the previous quarter and from 8.03 years in the fourth quarter of 2020. The latest figure represented the shortest average home-seller tenure since the first quarter of 2012. Average seller tenures were down, year over year, in 102, or 95 percent, of the 107 metro areas with a population of at least 200,000 and sufficient data. The biggest declines in average seller tenure from the fourth quarter of 2020 to the fourth quarter of 2021 were in Lakeland, FL (down 79 percent); Tucson, AZ (down 54 percent); Cleveland, OH (down 49 percent); Knoxville, TN (down 47 percent) and Torrington, CT (down 46 percent). The longest tenures for home sellers in the fourth quarter of 2021 were in Bellingham, WA (10.03 years); Manchester, NH (9.87 years); Kahului-Wailuku, HI (9.71 years); Rockford, IL (9.27 years) and Lake Havasu City, AZ (8.33 years). Cash sales hit six-year high in 2021 Nationwide, all-cash purchases accounted for 30.3 percent, or one of every three single-family house and condo sales in 2021 – the highest level since 2015. The latest figure was up from 22.8 percent in 2020 and from 25 percent in 2019, although still off the 38.5 percent peaks in 2011 and 2012. Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2021 were Detroit, MI (59.8 percent of sales); Macon, GA (54.1 percent); Flint, MI (53.7 percent); Buffalo, NY (52.1 percent) and Salisbury, MD (48.8 percent). Lender-owned foreclosure purchases in U.S. at lowest level in at least 16 years Foreclosure sales to lenders accounted for just 1.4 percent, or one of every 69 single-family home sales in 2021 – the lowest level since at least 2005. The 2021 figure was down from 3.5 percent of sales, or one in 29, in 2020 and 5.1 percent, or one in 20, in 2019. States where lender-purchased (REO) foreclosure sales comprised the largest portion of total sales in 2021 were Illinois (3.5 percent of sales), Michigan (2.4 percent), Maryland (2.4 percent), New Jersey (2 percent) and West Virginia (2 percent). Institutional investing at eight-year high Institutional investors nationwide accounted for 6.9 percent, or one of every 14 single-family home and condo sales in 2021 in the U.S., the highest level since 2013. The latest figure was up from 2.7 percent in 2020 and 3.6 percent in 2019. Among 190 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2021 were Atlanta, GA (19.5 percent of sales); Jacksonville, FL (18.8 percent); Charlotte, NC (18.6 percent); Memphis, TN (16.8 percent) and Phoenix, AZ (16.3 percent). FHA sales at lowest level in 14 years Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 8.4 percent, or one of every 12 single-family house and condo purchases in 2021. That was down from 11.9 percent in 2020 and from 12 percent in 2019 to the lowest point since 2007. Among 190 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA- buyer data in 2021, those with the highest share of purchases made with FHA loans were McAllen, TX (19.2 percent of sales); Hagerstown, MD (18.1 percent); Bakersfield, CA (17.9 percent); El Paso, TX (17.7 percent) and Yuma, AZ (17.7 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to investors, institutional investors and cash buyers, at state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Annual Existing-Home Sales Hit Highest Mark Since 2006
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Housing Markets at Risk from Pandemic Downturns Concentrated in New Jersey, Illinois and California
Chicago and New York City Areas Still Most At-Risk from Damage Connected to Coronavirus Pandemic in Fourth Quarter of 2021; Other Vulnerable Markets Again Mainly Along East Coast; West Region Outside Pockets of California Remain Least Exposed IRVINE, Calif. - Jan. 20, 2022 -- ATTOM, curator of the nation's premier property database, today released its fourth-quarter 2021 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to damage from the ongoing Coronavirus pandemic still endangering the U.S. economy. The report shows that New Jersey, Illinois and parts of California had the highest concentrations of the most at-risk markets in the fourth quarter – with the biggest clusters still in the New York City and Chicago areas. The West, meanwhile, remained far less exposed outside of California. The fourth-quarter trends, which generally continued patterns from throughout the past year, revealed that New Jersey, Illinois and California had 31 of the 50 counties most vulnerable to the potential economic impact of the pandemic. The 50 most at-risk included eight counties in the Chicago metropolitan area, eight near New York City and seven sprinkled through northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast, including two of Delaware's three counties and three counties in the Philadelphia, PA, metropolitan area. Outside of California, no other western counties made it into the top 50 during the fourth quarter of last year. On the contrary, the West region again had the highest concentration of markets considered least vulnerable to pandemic-related damage. Markets were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values and the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Rankings were based on a combination of those three categories in 575 counties around the United States with sufficient data to analyze in the third and fourth quarters of 2021. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. Disparities in pandemic-related risks to housing markets across the country remained in place during the fourth-quarter of last year even as a decade-long boom in the broader U.S. market continued roaring ahead. Prices climbed more than 10 percent in most of the nation last year, both because of and in spite of the ongoing pandemic that slowed or idled major sectors of the economy in 2020. Throughout the past year, a surge of buyers has flooded the housing market amid a combination of historically low home-mortgage rates and a desire by many to trade congested virus-prone areas for the perceived safety and larger space offered by a house or condominium. As they have chased a tight supply of homes choked further by the pandemic, prices have soared. Despite the continued price runups, a few signs of a possible market slowdown have emerged recently in the form of declining home affordability, slumping investor profits and rising inflation. The pandemic also remains a threat to the market as a third wave surges across the U.S. With that danger still looming, the risk of a downturn remained higher in the fourth quarter of 2021 in counties with some combination of three warning signs: housing that is unaffordable for average workers, higher levels of foreclosures and larger portions of homeowners who are underwater on their mortgages. "The U.S. housing market keeps powering on despite of the Coronavirus pandemic that's still raging across the country. Indeed, home prices keep rising in part because of the crisis," said Todd Teta, chief product officer with ATTOM. "Nevertheless, the virus remains a potent threat to the broader economy and the housing market, with some of the same counties we've seen in the past continuing to look vulnerable to potential downturns. No immediate warning signs hang over any one part of the country, but pockets are more vulnerable to the market taking a turn for the worse." Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas, as well as Delaware and parts of California Twenty-eight of the 50 U.S. counties most vulnerable in the fourth quarter of 2021 to housing market troubles connected to the pandemic (from among 575 counties with enough data to be included in the report) were in the New York, NY, Chicago, IL, and Philadelphia, PA, metropolitan areas, as well as in Delaware and California. They included eight in Chicago and its suburbs (Cook, De Kalb, Du Page, Kane, Kendall, Lake, McHenry and Will counties) and eight in the New York City metropolitan area (Bergen, Essex, Hunterdon, Middlesex, Ocean, Passaic and Sussex counties in New Jersey and Rockland County in New York). The three in the Philadelphia, PA, area were Burlington, Camden and Gloucester counties in New Jersey. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the fourth quarter. In other states, California had seven counties in the top 50 list: Butte County (Chico), El Dorado County (east of Sacramento), Humboldt County (Eureka) and Shasta County (Redding) in the northern part of the state; as well as Kern County (Bakersfield), Madera County (outside Fresno) and Riverside County (east of Los Angeles) in the central and southern sections of the state. Florida had also three among the top 50. They were Bay County (Panama City), Flagler County (Palm Coast) and Lake County (outside Orlando). Counties most at-risk have higher levels of unaffordable housing, underwater mortgages and foreclosures Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 32 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the fourth quarter of 2021. The highest percentages in those markets were in Rockland County, NY (outside New York City) (57.9 percent of average local wages needed for major ownership costs); El Dorado County, CA (east of Sacramento) (52.5 percent); Riverside County, CA (east of Los Angeles (52 percent); Bergen County, NJ (outside New York City) (47.6 percent) and Passaic County, NJ (outside New York City) (44.7 percent). Nationwide, major expenses on typical homes sold in the fourth quarter required 25.2 percent of average wages. At least 10 percent of residential mortgages were underwater in the third quarter of 2021 (the latest data available on owners owing more than their properties are worth) in 18 of the 50 most at-risk counties. Nationwide, 7.1 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Kennebec County (Augusta), ME (29.6 percent of mortgages underwater); Webb County (Laredo), TX (23.3 percent); Kankakee County, IL (outside Chicago) (19 percent); Saint Clair County, IL (outside St. Louis, MO) (18.3 percent) and Cumberland County (Fayetteville), NC (18.1 percent). More than one in 1,500 residential properties faced a foreclosure action in the fourth quarter of 2021 in 36 of the 50 most at-risk counties. Nationwide, one in 2,446 homes were in that position. (Foreclosure actions have risen over the past few months since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the virus pandemic. The moratorium ended July 31 and foreclosures are expected to spike over the coming year.) The highest rates in the top 50 counties were in Saint Clair County, IL (outside St. Louis, MO) (one in 121 residential properties facing possible foreclosure); Camden County, NJ (outside Philadelphia, PA) (one in 606); Sussex County, NJ (outside New York City) (one in 709); Cumberland County, NJ (outside Philadelphia, PA) (one in 743) and Cook County (Chicago), IL (one in 757). Counties least at-risk spread throughout South, Midwest and West Forty-two of the 50 counties least vulnerable to pandemic-related problems from among the 575 included in the fourth-quarter report were in the South, Midwest and West. Just eight were in the Northeast. Oregon had eight of the 50 least at-risk counties, including three in the Portland metropolitan area (Multnomah, Washington and Yamhill counties), while Washington had four, including King County (Seattle) and Spokane County. Colorado had three, including two in the Denver metropolitan areas (Denver and Arapahoe counties). Also on the list of least-vulnerable counties were Blount and Knox counties in the Knoxville, TN, metro area; Erie and Niagara counties in the Buffalo, NY, metro area and Kent and Ottawa counties in the Grand Rapids, MI, area. Others among the top-50 least at-risk counties that had a population of 500,000 or more included Maricopa County (Phoenix), AZ; Hennepin County (Minneapolis), MN); Travis County (Austin), TX; Mecklenburg County (Charlotte), NC, and Suffolk County (Boston), MA. Lower levels of unaffordable housing, underwater mortgages and foreclosure activity in least-vulnerable counties Major home ownership costs (mortgage, property taxes and insurance) on median-priced single-family homes consumed less than 30 percent of average local wages in 35 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the fourth quarter of 2021. The lowest percentages among those counties were in Kenton County, KY (outside Cincinnati, OH) (16.1 percent of average local wages needed for major ownership costs); Washington County, PA (outside Pittsburgh) (16.6 percent); Saint Louis County (Duluth), MN (16.7 percent); Richmond City/County, VA (17.5 percent) and Madison County (Huntsville), AL (18 percent). More than 10 percent of residential mortgages were underwater in the third quarter of 2021 (with owners owing more than their properties are worth) in only one of the 50 least at-risk counties. Those with the lowest rates among those counties were Deschutes County, (Bend) OR (2 percent of mortgages underwater); Chittenden County (Burlington), VT (2 percent); Travis County (Austin), TX (2.2 percent); Maricopa County (Phoenix), AZ (2.4 percent) and Lane County (Eugene), OR (2.5 percent). More than one in 1,500 residential properties faced a foreclosure action during the fourth quarter of 2021 in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (one in 69,734 residential properties facing possible foreclosure); Yamhill County, OR (outside Portland) (one in 39,069); Lane County (Eugene), OR (one in 32,522); Marion County (Salem), OR (one in 31,553) and Deschutes County (Bend), OR (one in 29,571). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's fourth-quarter 2021 residential foreclosure and home affordability reports and third-quarter 2021 underwater property report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of residential properties with a foreclosure filing during the fourth quarter of 2021, the percentage of average local wages needed to afford the major expenses of owning a median-priced home in the fourth quarter of 2021 and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values in the third quarter of 2021. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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NAR Releases Its Inaugural ESG+R Sustainability Report
Report provides comprehensive review of the association's major sustainability activities in 2021 WASHINGTON (January 11, 2022) -- The National Association of Realtors today released its inaugural ESG+R Report, highlighting the association's top sustainability accomplishments in 2021 within four categories: environment, social, governance and resilience. In the coming years, this annual report will offer a snapshot of NAR's current state of sustainability activity – existing programs, resources and services – while tracking the association's progress over time on stated goals within the context of NAR's multiyear Sustainability and Resilience Plan. "Leading by example, NAR is driving the real estate industry toward a more efficient and sustainable future," said NAR CEO Bob Goldberg. "As part of this responsibility, we are strengthening the association's support of sustainability efforts and increasing engagement on policies and programs that prioritize viability, resiliency and adaptability. We are working to generate meaningful, lasting change that will benefit both current and future generations." Some of NAR's major sustainability achievements in 2021 included the following (by category): Environment Actionable items that brought specific and positive impacts, reduced energy use and environmental footprint and helped raise awareness among stakeholders through reports and educational opportunities. The Chicago Headquarters' Master Vision Project: Initiated in 2018, this project has brought forth the most significant updates to the building in 60 years. Under normal operations, these changes will bring up to 25% in energy savings from the installation of new mechanical systems and a 75% reduction in energy consumption from the new elevator system. Materials, resources, and waste tracking all aim to meet LEED standards. The Incorporation of Sustainability into C2EX: NAR members earning their C2EX Endorsement will now have enhanced opportunities to learn about sustainability concepts and how they relate to real estate. Social Activities, initiatives, and events the association undertook to engage employees and communities promoting the growth of sustainability by unlocking opportunities for health, equity and well-being. NAR's New Core Value for All Employees – Advance Diversity and Inclusion: This new Core Value established for all NAR employees solidifies NAR's commitment to respecting diversity throughout the organization and supports the commitment to an inclusive workplace environment where everyone feels safe to express their authentic self. NAR Partnership with the Food Recovery Network: In 2021, NAR continued its partnership with FRN to donate any unused food portions from major meetings to those most in need. To date, NAR has provided more than 4,170 pounds of unserved meals to local organizations. NAR is asking state and local Realtor® associations to join this effort by pledging to donate unserved meals at events in their local communities. The Home Performance Counts joint initiative with NAR and NAHB: This initiative connects Realtors® and builders and provides first-hand experience and resources on collaboration and working with clients on high-performance homes. Governance Introducing the concepts of sustainability to members, state, and local associations, using an approach that integrates sustainability into all areas of the association. Partnership with National Oceanic and Atmospheric Administration: NAR and NOAA developed a partnership that keeps members informed on how weather events affect housing and markets. 2021 Sustainability Summit: This event was hosted virtually in 2021 and included members, industry affiliates and external partners. Select sessions were streamed to make content more available, accessible, and transparent. Changes to Sustainability Advisory Group: This group now includes all Chairs who sit on the Public Policy Coordinating Committee and NAR's Vice Presidents of Advocacy and Association Affairs. Resilience Short- and long-term actions that help Realtors® and communities respond to and prepare for extreme weather and a changing climate. Flood Factor on Realtor.com®: Realtor.com® now includes flood risk data from Flood Factor on each listing to help assess flood risk on individual properties, allowing property owners to accurately assess their risk and better prepare for future flooding events. NAR's Smart Growth Grants and Placemaking Program: This program supported state and local associations in the creation of parks, trails, and community gardens. The natural surface of these projects enhances stormwater absorption and the gardens can provide a source of food in times of need, improving a community's resiliency. NAR Supports FEMA's Risk-Rating 2.0: On October 1, FEMA began phasing in a new flood insurance pricing system called "Risk Rating 2.0: Equity in Action." NAR supports this new system, which prices flood insurance for each home individually rather than by flood zone. By adopting modern insurance industry technologies, standards, and practices, FEMA can rate more precisely and accurately by using more flood risk factors and property-specific characteristics – allowing consumers to make better, more informed decisions about the risks and costs of insuring a property. For the complete list of 2021 achievements, view NAR's ESG+R Report here. For more information on NAR's sustainability efforts, visit nar.realtor/sustainability. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Realtor.com Forecasts the Best Markets for First-Time Homebuyers in 2022
Struggling to buy your first home? Try Magna, Utah; Chalco, Neb. or Mauldin, S.C., where young homebuyers have a better shot at success SANTA CLARA, Calif., Jan. 10, 2022 -- With 2022 shaping up to be another challenging year for hopeful homebuyers, Realtor.com ran the numbers to find the best markets for people looking to buy their first home this year. The first annual Best Markets for First-Time Homebuyers Report predicts the cities and towns with the best combination of quality of life and affordability that young homebuyers are looking for. What is it that makes these markets great for first-time homebuyers? They have strong job markets, short commute times, plenty of places to eat and drink, a younger population, affordability, and more homes to choose from. The 2022 top 10 markets, in ranked order, are: Magna, Utah, Chalco, Neb., Mauldin, S. C., Beech Grove, Ind., Portsmouth, Va., Cottage Grove, Wis., Grimes, Iowa, Kuna, Idaho, Ferndale, Mich. and Maitland, Fla. "Buying a first-home is always a challenging undertaking, and it's been an especially tough couple years for first-time buyers, many of whom are struggling to find a home that's within their budget or win in a competitive bidding situation," said Realtor.com® Chief Economist Danielle Hale. "With this in mind, and the fact that remote work has given people more flexibility in where they live, we wanted to identify markets where first timers have a chance to become homeowners and find a great quality of life." Here are some of the reasons these markets are attractive to first-time homebuyers: More homes to choose from – The best markets boast almost twice the number of homes for sale than the national average, in 2021 these markets had 72.9 active listings per 1,000 households compared to the national rate of 44.9. Buyers looking for lots of options should check out Kuna, Idaho, which has the most choice on the list with 160 active listings per 1,000 households. Lots of young people – The 10 best markets for first-time homebuyers all have a younger population than the country overall. Specifically, these areas have an average of 15.2% of residents who are between the ages of 25-34 years old compared to 13.5% of the country overall. The youngest city on the list is Maitland, Fla. where you'll find that 17.5% of the population are young adults. Plenty to eat and drink – Lifestyle is important to a lot of first-time homebuyers and the best markets also include plenty of options for a night out on the town nearby. Our top places for first time homebuyers are located in metros that have an average of 5.3 food and drink establishments per 1,000 households in the broader metro area, higher than other affordable places on our list, which average 5.0. Foodies can head to Magna in the Salt Lake City metro area, which has the most spots to dine out or grab a drink at 5.8 per 1,000 households. More affordable homes – Sticking to a budget can be tricky for many first-time homebuyers, but the best markets have options for the cost-conscious. By comparing the typical home list price to the average income for young adults, Realtor.com® determined that the home-price-to-income ratio in the best markets (3.9) was much lower than the national rate (5.0). Home shoppers who are looking for affordability can head to Chalco, Neb. or Ferndale, Mich., which offer the most affordability on the list. Lots of good jobs – A healthy job market is important when finding a place to settle down, and the best markets are in metro areas that have lots of jobs to offer. These metro areas have a forecasted unemployment rate of just 2.7%, well below the national average of 3.6%. If job selection is at the top of the wish-list, buyers can check out Chalco, Neb. in the Omaha metro area and Cottage Grove, Wis. in the Madison metro area which both have a forecasted unemployment rate of just 2.2%. Strong local housing markets – All of the cities on the list are located within metro areas that are forecasted to have strong home sales and price growth. Sales in these surrounding metro areas are projected to grow at 10.2% in 2022, much faster than the national average of 6.6%. Prices are expected to rise by 5.4%, which is significantly higher than the national average rate of 2.9%. Magna, Utah, which is in the Salt Lake City metro, has the highest expected sales growth rate of 15.2% and the highest expected price growth of 8.5%. Shorter commutes – No one wants to spend hours a day in the car or on a train, and the best markets offer jobs that are close to home. In fact, the average commute time in these markets is 26 minutes – that's 4 minutes faster than the national average. If you're looking for a short commute, try Grimes, Iowa, where locals typically get to work in just 23 minutes. First-time homebuyers can visit Realtor.com® to learn more about the buying process, find out how much they can afford, and even get connected to a lender to get pre-approved for a mortgage. And to stay competitive in this fast-moving market, shoppers can set a price alert so they know as soon as a home that fits their wish list hits the market and use Realtor.com®'s collaborate and share features to quickly get feedback from friends and family. Realtor.com® 2022 10 Best Markets for First-Time Homebuyers: 1. Magna, Utah Coming in at No. 1, Magna, Utah is located near Salt Lake City, which was named Realtor.com®'s No. 1 Top Market for 2022. Magna's easy access to the lakes and mountains are a huge draw for outdoor enthusiasts and its close proximity to the city offers lots of jobs without a long commute. New home construction is booming in Magna, providing more options for home shoppers. The area has a fast-growing tech industry and is also an attractive destination for nature lovers who have the ability to work remotely. As such, it has seen a large influx of out-of-state transplants since the pandemic began. 2. Chalco, Neb. In the No. 2 spot, Chalco, Neb., is located just outside of Omaha. The Omaha area is home to 4 Fortune 500 companies including Berkshire-Hathaway, offering lots of job opportunities. Locals enjoy leisure time at the Chalco Hills Recreation Area, a popular destination for hiking, biking and kayaking. There are also 9 universities and colleges in the area, including University of Nebraska Omaha and Creighton University. 3. Mauldin, S. C. At No. 3 on the list is Mauldin, South Carolina, where first-time buyers will find small town southern charm and natural attractions combined with a short commute to Greenville's downtown area, airport and strong jobs market. Residents have plenty to do in Mauldin itself, from its Sports and Cultural Centers to a booming restaurant scene, including local favorites Wholly Smoke BBQ and Dillard's Ice Cream. For young families, Mauldin also has top-rated schools like Monarch Elementary. 4. Beech Grove, Ind. Landing at the No. 4 spot is Beech Grove, Ind. Known for a strong sense of community, Beech Grove is a city in its own right – literally – as the market is an "excluded city" with a separate government and police department from the nearby Indianapolis metro area. Home shoppers looking for a sense of nightlife will find plenty of restaurants in the Main Street downtown area, 24/7 bowling at Beech Grove Bowl and local craft breweries like Scarlet Grove. For families, Beech Grove has good public schools like Acton Elementary, as well as top-rated private schools, including Cathedral High. 5. Portsmouth, Va. Taking the No. 5 place on the list is Portsmouth, Va. Located just across the Elizabeth River from Norfolk, Va., this little town offers affordable home prices at $215,000 – well below the national average of $332,000 – and is within driving distance of a variety of outdoor activities such as water sports, boating, skiing, snowboarding, and hiking. Home to the Norfolk Naval Shipyard and The U.S. Coastguard Portsmouth, it has a large military population and offers many job opportunities in defense and related industries. Norfolk Southern and NASA Langley Research Center are two big employers in the area. 6. Cottage Grove, Wis. The sixth best market for first-time homebuyers is Cottage Grove, Wis. Just 15 miles outside Madison, this hidden gem offers residents close proximity to city jobs with a slower pace of life. The town itself offers a variety of charming shops and restaurants and is within a few minutes of the two prominent golf courses in the area – The Oaks Golf Course and Door Creek Golf Course. When looking for nightlife, residents turn to Madison for its restaurant and bar scene and daytime activities such as boating on Lake Mendota and Lake Monona and visiting the popular Olbrich Botanical Gardens. 7. Grimes, Iowa Landing in the No. 7 spot, Grimes, Iowa is located just west of Des Moines. The area's low cost of living and strong job market make it an attractive spot for young people. Many residents are pleased to learn that they can buy a home for not too much more than the cost of renting. Popular activities include cheering on the Iowa State University football and basketball teams. Grimes is just a short trip to Des Moines where locals can enjoy the arts and many cultural activities. Those looking to start a family will appreciate the highly rated schools such as Webster Elementary School. 8. Kuna, Idaho No. 8 on the list is Kuna, Idaho, located just outside of Boise. Locals love the area's great access to outdoor activities, beautiful surroundings and friendly people. While the Boise housing market has been booming, young homebuyers are likely to have better luck in Kuna than some of the surrounding towns. The area experienced an influx of transplants from areas like Calif. and Wash. who are drawn to the lower cost of living, great quality of life and good schools including Falcon Ridge Public Charter. 9. Ferndale, Mich. In 9th place is Ferndale, Mich. This city is attractive to first-time buyers because of its diversity, vibrant downtown area and great restaurants. It is well-known to locals for its thriving LGBTQ+ community. Ferndale's proximity to Detroit and low price point make it attractive to first-time buyers looking to break into the housing market. Ferndale has recently experienced an influx of buyers from nearby states like Illinois and Ohio who appreciate the low cost of living. 10. Maitland, Fla. Rounding out the top 10 is Maitland, Fla. Located near Orlando, Maitland is home to a number of popular lakes and offers a wide range of homes, many of which are on large lots. The town's good schools, such as Dommerich Elementary, are a draw for first-time homebuyers who often have young children. During the pandemic the area saw a lot of transplants from places such as Calif., N.Y. and Boston, many of whom are taking advantage of remote work – the area is also home to a number of workers from Disney and Amazon. Realtor.com® Best Markets for First-Time Homebuyers Ranked *Methodology Realtor.com® ranked 1,112 cities and places with a population of more than 5,000 based on the following criteria, capping the list at one city per metro to allow for a greater diversity of options across the country: The share of 25-34 year-olds in the local population. The availability of homes for sale, measured by active listings per 1,000 existing households. A measure of affordability, estimated by the ratio of listing prices to gross incomes of 25-34 year-olds in each city. A measure of job opportunities, estimated by the unemployment rate of each city's surrounding metro area. The average commute time to work. A measure of the amenities in an area, estimated by the count of food and drink establishments per 1,000 households in the city's surrounding metro area. Forecasted metro home sales and home price growth in 2022. The inventory of homes for sale and local median listing prices are from Realtor.com® December 2020 to November 2022 listing data. The cities and towns are defined as postal codes mapped to Census Designated places and reflect approximate but not true city or town boundaries. The population, household count, household income, and average commute time data were sourced from 2021 and 2022 Claritas estimates based on Census Bureau data. The stated forecasted unemployment rates are Moody's Analytics projections of U.S. Bureau of Labor Statistics Local Area Unemployment Statistics. Counts of food and beverage establishments are from 2018 County Business Patterns data. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Pending Home Sales Subside 2.2% in November
WASHINGTON (December 29, 2021) - Pending home sales slipped in November, receding slightly after a previous month of gains, according to the National Association of Realtors. Each of the four major U.S. regions witnessed contract transactions decline month-over-month. Year-over-year activity mostly retreated too, as three regions reported drops and only the Midwest saw an increase. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 2.2.% to 122.4 in November. Year-over-year, signings slid 2.7%. An index of 100 is equal to the level of contract activity in 2001. "There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices," said Lawrence Yun, NAR's chief economist. "While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability." Yun notes that housing demand continues to be high, explaining that homes placed on the market for sale go from "listed status" to "under contract" in approximately 18 days. "Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year," he said. "These aspects, along with the exorbitant prices and a lack of available homes, have created a much tougher buying season." Yun adds that a countrywide surge of the omicron variant poses a risk to the housing market's performance, as buyers and sellers are sidelined, and home construction is delayed. Realtor.com®'s Hottest Housing Markets most recent data showed that out of the largest 40 metros, the most improved markets over the past year were Orlando-Kissimmee-Sanford, Fla.; Tampa-St. Petersburg, Fla.; Dallas-Fort Worth-Arlington, Texas; Jacksonville, Fla.; and Denver-Aurora-Lakewood, Colo. November Pending Home Sales Regional Breakdown Month-over-month, the Northeast PHSI declined 0.1% to 99.4 in November, an 8.5% drop from a year ago. In the Midwest, the index fell 6.3% to 116.8 last month, up 0.2% from November 2020. Pending home sales transactions in the South ticked down 0.7% to an index of 148.2 in November, down 1.3% from November 2020. The index in the West slipped 2.2% in November to 105.5, down 4.6% from a year prior. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Homeownership in U.S. Again Less Affordable in Fourth Quarter as Prices Keep Soaring
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'First-Time Buyer' Season 2 Now Available on Hulu
CHICAGO (December 28, 2021) -- The second season of First-Time Buyer by the National Association of Realtors is now available to stream on Hulu. The docuseries was created by NAR to provide the most realistic portrayal of the American homebuying process while highlighting the vital role that Realtors® play in helping U.S. consumers achieve the dream of homeownership. "First-Time Buyer gives viewers a genuine, inside look into the emotions our clients face as they go through the homebuying process," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "This series does a fantastic job of showing how Realtors® help their clients navigate all the challenges that can pop up during a transaction to ensure a successful and secure first home purchase." Like season one, each of the eight new episodes follows different individuals, couples and families through their first homebuying journey. The new season was filmed in different locations across Colorado, Kansas, Missouri, New Jersey, New York, North Carolina and South Carolina. "The appeal in these stories is that they feature people that you can relate to," said NAR Head of Production Alicia Bailey. "They face many of the common first-timer fears that can often prevent someone from starting or continuing their home search. We also see firsthand how Realtors®' expertise is invaluable when facing the unexpected. Sometimes you need an expert to help make a milestone decision with confidence." First-Time Buyer is an extension of NAR's consumer advertising campaign, which works to elevate the Realtor® brand by highlighting unique differentiators, such as Realtors®' commitment to the association's Code of Ethics and how that distinguishes Realtors® from non-member real estate agents and listing apps. Third-party market research conducted in Fall 2021 showed that roughly 89% of viewers were more likely to use a Realtor® as a result of NAR's "That's Who We R" campaign. All episodes from season one are also currently available to stream for free on YouTube, Facebook and firsttimebuyer.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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ShowingTime Data Reveals Impressive Year-Over-Year Demand Across the U.S. as Holiday Home Showing Traffic Heats Up
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America's favorite pastime, Zillow surfing, is now a group sport with SharePlay on iPhone and iPad
Zillow announces new feature that enables home shoppers to browse listings, photos and maps together on FaceTime SEATTLE, Dec. 21, 2021 -- Americans love to Zillow surf -- most of them alongside someone else -- and now they have a new way to do it. Using the Zillow app on an iPhone or iPad, home shoppers are now able to search and browse for-sale home and rental listings in a seamless, synchronous experience together with family, friends or a real estate agent. Collaborative shopping is enabled by a new feature for FaceTime called SharePlay. During a FaceTime call, Zillow app users can start a SharePlay session in order to search together, explore maps and view listing photo galleries in sync on Apple mobile devices. SharePlay is available to anyone on an iPhone or iPad running iOS 15.1 or iPadOS 15.1 or later. "Whether you're shopping for a home or a rental, this new feature makes it easier and a lot more fun," says David Beitel, Zillow chief technology officer. "The ability to browse together on separate mobile phones allows people to take their Zillow surfing to the next level. It's also a great new way for real estate agents to connect with customers and guide them in their home-shopping journeys." According to customer research, 86% of Zillow users report shopping with a partner, spouse or housemate. That's why Zillow provides tools that make shopping with others simple, such as the Shopping Partner feature, which allows each user to see another's saved homes and tags on the "saved homes" tab. SharePlay powers collaboration that happens in real time and allows input from loved ones that can help buyers winnow their options and save time. Home shoppers, especially millennials, value input from others. Zillow research finds most millennial and Generation Z home shoppers say they discuss their housing decisions with parents (71%) and friends (61%). Among millennials and Gen Z homeowners, a majority say they chose not to buy a particular home because of the opinion of a significant other (60%) or a parent (54%). "This new feature is the perfect addition to the suite of technology-based tools — which includes Zillow 3D Home tours and interactive floor plans — Zillow provides to help make people's moving journey easier, less stressful and more fun," says Beitel. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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RE Technology's Top 10 Articles of 2021
Over the past 10 days, we've been counting down our top 10 articles of the year. These articles are an exclusive breed--at RE Technology, we publish over 1,000 articles each year. So which types of articles were among the 1 percent that made it into our top 10? No surprise here: articles that touched on the economic issues currently driving the real estate market took three spots in our top 10. Our #10 article took a look at low inventory issues, while #6 confronted worries about a wave of foreclosures following the end of forebearance. Our #1 article explored the (seemingly endless) upward trajectory of home prices. Our list isn't all economic anxiety, though. RE Technology readers drove two Friday Freebies onto this year's top 10. Check out articles #4 and #7 for free resources that can help you level up your real estate business in 2022. What else made it into this year's hall of fame? Check out the full list of our most-read articles below: When Will U.S. Buyers See Relief From Skyrocketing Home Prices? What Salary Can You Expect to Make as a Real Estate Agent? The 4 Biggest Mistakes Agents Make When Working with Buyers Friday Freebie: Absentee Owner Prospect List The Big Lie: 'The House Is Not in a Flood Zone' 4 Reasons Why the End of Forbearance Will Not Lead to a Wave of Foreclosures Friday Freebie: Homebuyer Packet Template The Top 5 Reasons Real Estate Agents Get Sued Best Closing Gifts Under $100 Low Inventory Won't Last Forever. Two Reasons to Be Optimistic
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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.
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Zillow Adds Down Payment Assistance Information to For Sale Listings
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ShowingTime's New Offer Manager Software Streamlines the Offer Process Freeing up Agents Time to Focus on their Clients
The Intuitive Platform and App Managed Over 120,000 Offers in 2021 CHICAGO, Dec. 14, 2021 -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, announced today its Offer Manager tool facilitated over 120,000 offers in 2021. Fueled by automation and supported by an easy-to-use app, Offer Manager provides agents with a single platform for offer management, freeing up their time to focus on clients. Without Offer Manager software, agents usually need to work across email, text and calls to make and receive offers on behalf of their clients, juggling multiple documents, offers - all in different formats and without a central way to organize and evaluate the offers quickly. "Even though technology has transformed many other areas of real estate, the process of sending and receiving offers hasn't changed in decades," explained Michael Lane, Vice President & General Manager of ShowingTime. "Manually handling offers can be stressful and inefficient, especially if a seller's agent has several listings. Our Offer Manager platform has been used to manage more than 120,000 offers in the past year, giving users one central place to go while providing sellers' agents and the buyers' agents they work with a streamlined experience," he added. Seller's agents simply include a "Submit an Offer" button in the showing confirmation or a feedback request email and the buyer's agents can submit an offer directly from their device. The seller's agent receives the offer within the ShowingTime platform, which facilitates quick and easy communication between both parties. When an offer is submitted, the seller's agent receives a notification via app, email or text so they can review it immediately. The buyer's agent who submitted the offer gets a read receipt so they know it has been received. Sellers' agents can view offers 24/7 on mobile or desktop; they are automatically organized by listing making it easy to share and evaluate offers with their clients in one simple view. With such a positive response, Lane says "ShowingTime plans to continue adding innovative solutions and app features to better serve the growing real estate market." About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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Realtor.com Forecasts the Top Housing Markets of 2022
Salt Lake City, Utah; Boise, Idaho and Spokane, Wash. are anticipated to see the highest home price appreciation and sales growth in 2022 SANTA CLARA, Calif., Dec. 7, 2021 -- Driven by strong local economies, tech sector job growth and relative affordability, Realtor.com forecasts its Top Housing Markets of 2022 will lead the nation in listing price appreciation and home sales growth next year. Concentrated in the Mountain West, Midwest and New England, this year's top 10 in rank order are: Salt Lake City, Utah, Boise, Idaho, Spokane, Wash., Indianapolis, Ind., Columbus, Ohio, Providence, R.I., Greenville, S.C., Seattle, Wash., Worcester, Mass. and Tampa, Fla. (See below for full ranking of the 100 largest U.S. markets). Based on the 2022 Realtor.com® local housing forecast, the areas on this list are expected to see the strongest combined growth in home sales and listing prices among the 100 largest U.S. metros. In fact, home sales across the top 10 markets are forecasted to grow by 11.6% year-over-year in 2022, which is nearly two-times the national home sales growth projection (6.6%). Additionally, average home prices in the top 10 are expected to increase 7.4% – more than double the national pace (+2.9%). "This year's list spans a variety of geographic hotspots, reflecting how pandemic trends like the rise in remote work are enabling many homebuyers to explore new areas where their budgets stretch further. The top 10 markets share a number of commonalities that are driving demand from millennial remote workers to retirees alike, including those from major coastal metros," said Realtor.com® Chief Economist Danielle Hale. "With thriving local economies, low unemployment rates, convenient access to the outdoors and relatively affordable housing, many of the top markets offer the best of both small town quality of life and big city job security. Home shoppers in these areas may still be able to find good value even as listing prices are expected to climb in 2022, but getting a leg up on the competition will be key. For buyers with more flexible timelines – such as those making a move from a big city – offering a couple extra months on the closing date could sweeten the deal for sellers who also need to buy their next home." Key trends expected to drive growth in housing hotspots Tech jobs without the crowds: Homebuyers can find more breathing room in this year's top housing markets relative to the 100 largest U.S. metros, at an average 60 fewer people per square mile, without having to sacrifice big city job opportunities. A common trend among the top 10 markets is a strong job market, with a lower average unemployment rate (4.1%) than the top 100 overall (5.1%) and higher average job growth (3.4% vs. 2.5%). Additionally, half of the top 10 have a higher share of STEM jobs than the 100 metro average (6.5%), at over 7% each in emerging hubs like Salt Lake City, Boise and Columbus, as well as in more traditional tech city, Seattle. Magnets for big city remote workers: On top of having strong local job markets, the top 10 markets are attracting remote workers. In fact, LinkedIn data shows the share of job seekers applying for remote work roles in metros like Boise and Spokane is at least 6.8% higher than the national average. With the rise in workplace flexibility during the pandemic, these workers are likely looking for a chance to escape city life while continuing to make a big city salary. In six of the top 10 markets, over half of recent home shopping traffic on Realtor.com® originated from outside the market, including from major metros like New York, San Francisco and Boston. Hotspots for both millennials and retirees: With more than 45 million Americans at typical first-time buying ages, millennials will be key drivers of 2022 housing demand nationwide and the top markets are no exception. In fact, those aged 25-34 represent a slightly higher share of the population in the areas on this year's list (15.6%) compared to the top 100 (14.9%). Top markets Seattle, Columbus and Salt Lake City have an 18% share of younger millennials each. At the same time, many of these areas are popular retirement destinations, which means older generations will also play a key role in these markets. In four of the top 10, seniors aged 65-plus account for nearly one-third of households, led by Tampa at 32%. Relatively affordable home prices that are projected to rise: When compared to the 100 largest U.S. metros, median listing prices in the top 10 markets are an average of 8.6% higher and 2021 sales prices are projected to rise at a double-digit pace over 2020 (+14.1%). Despite this, half still have more affordable prices than the typical U.S. home, and the other half have lower-prices than key big-city feeder markets of home shoppers in the top 10. Additionally, because homes in these markets are relatively larger than the 100-metro average, by as much as 297 square feet in an area like Spokane, some buyers could potentially still find more house for their money. Even so, with top 10 home prices expected to rise 7.4% in 2022, affordability will be increasingly important to buyers in these areas. Realtor.com® 2022 Top Housing Markets 1. Salt Lake City, Utah 2021 median home price1: $564,062Forecasted 2022 home sales change: +15.2%Forecasted 2022 home price change: +8.5%Forecasted 2022 combined sales and price change: +23.7% Salt Lake City took the No. 1 spot on this year's top market list. Located on the Northern side of the state, Salt Lake is an outdoor enthusiast's dream with its close proximity to some of the best skiing, hiking, fishing, mountain biking in the country. Since the beginning of the pandemic, remote work has prompted an influx of transplants from California and Colorado looking for affordable homes, low cost of living and good schools. Lehi, Utah, also known as Silicon Slopes for its booming tech industry, is just 25 miles away from Salt Lake and home to SanDisk, Adobe and eBay facilities. 1 For the 12-month period ending November 30, 2021 2. Boise, Idaho 2021 median home price: $503,959Forecasted 2022 home price change: +17.9%Forecasted 2022 home sales change: +7.9%Forecasted 2022 combined sales and price change: +20.8% Boise, Idaho is No. 2 on Realtor.com®'s top markets of 2022 list. Also, driven by a combination of remote work and a desire for outdoor activities such as hiking, skiing, snowshoeing, Boise has become a relocation destination for California transplants. It has a booming job market with employers like Micron Technology, Albertsons, and Boise State University. Great restaurants, bars, and shops line its vibrant downtown area which draws a crowd of all ages and walks of life. The Boise River Greenbelt runs through the east side of the city and includes a series of tree-dotted trails and parks hugging the water's edge. 3. Spokane, Wash. 2021 median home price: $419,803Forecasted 2022 home sales change: +12.8%Forecasted 2022 home price change: +7.7%Forecasted 2022 combined sales and price change: +20.5% Located near the Idaho border, Spokane takes the No. 3 spot on this year's list. With the Spokane River running through the city, residents can take part in an abundance of waterfront activities, while less rain and more sun than nearby Seattle means the best of warmer months and winter fun. With easy access to amenities, restaurants and nightlife in downtown areas like Riverside, Spokane offers homebuyers both the luxuries of a bigger city and a relatively low cost of living, including more affordable housing, than nearby Seattle, Portland and Tacoma. It has a concentration of well-ranked public schools, including Libby Center and Wilson Elementary, making it an attractive option for young families – perhaps those settling down after attending one of the many surrounding universities like Gonzaga, or Whitworth. 4. Indianapolis, Ind. 2021 median home price: $272,401Forecasted 2022 home sales change: +14.8%Forecasted 2022 home price change: +5.5%Forecasted 2022 combined sales and price change: +20.4% Like many of the cities on Realtor.com®'s 2022 ranking, No. 4 market Indianapolis has a small town feel despite being the 15th largest U.S. city. The market has an 8% lower cost of living than the national average, including low taxes, as well as the ability to get pretty much anywhere in the entire city within about an hour. It is also home to the top-rated Indianapolis Colts and annual big-draw sporting events like the Indianapolis 500 and the NCAA tournaments, and multiple universities like Indiana-Purdue and Butler. With relatively spacious homes and affordable prices, Indianapolis is drawing in buyers who are finding a good sense of community in areas like Carmel, Zionsville and Noblesville, as well as property investors. 5. Columbus, Ohio 2021 median home price: $298,523Forecasted 2022 home sales change: +13.7%Forecasted 2022 home price change: +6.3%Forecasted 2022 combined sales and price change: +20.0% Coming in at No. 5, Columbus is Ohio's capital and its fastest-growing city. The market is attracting a number of transplants from more expensive areas in the West, a trend that has accelerated with the rise in remote work. Also home to Realtor.com®'s No. 6 Hottest ZIP Code in 2021 (ZIP 43228 Lincoln Village), people are drawn to Columbus's booming job market, low cost of living and top-rated schools like New Albany High. Large employers in the area include L Brands, the parent company of Victoria's Secret and Bath & Body Works, as well as Nationwide Insurance. Locals enjoy cheering on the Ohio State Buckeyes and visiting parks like Hoover Reservoir and Alum Creek for water sports. 6. Providence, R.I. 2021 median home price: $419,813Forecasted 2022 home sales change: +8.1%Forecasted 2022 home price change: +9.5%Forecasted 2022 combined sales and price change: +17.7% Providence has landed in the No. 6 spot on this year's list. Rhode Island's capital city is known for its hospitals and universities, being home to eight of each, including Ivy League Brown University. Providence also has great public schools including Classical High School. Residents enjoy the city's central location with easy access to Boston and New York without the high price tags. Providence is also known for great restaurants, nightlife and art, including its famous WaterFire installation. 7. Greenville, S.C. 2021 median home price: $305,078Forecasted 2022 home sales change: +11.4%Forecasted 2022 home price change: +5.7%Forecasted 2022 combined sales and price change: +17.1% Greenville, at No. 7, offers low income and property taxes, small-town flavor, incredible weather and access to the great outdoors, with multiple local spots for walking, kayaking and hiking. In the center of downtown Greenville, Falls Park is host to restaurants, breweries and shopping, and offers spectacular views of Reedy River Falls from the Liberty Bridge. Greenville offers easy access to popular vacation destinations like the Smoky Mountains, Hilton Head and Myrtle Beach. While the area is experiencing lots of new construction growth, home prices are still relatively affordable. Plus, Greenville has its own booming economy, including big employers like BMW and Michelin, and a variety of public, charter, private and religious schools. 8. Seattle, Wash. 2021 median home price: $666,754Forecasted 2022 home sales change: +9.6%Forecasted 2022 home price change: +7.5%Forecasted 2022 combined sales and price change: +17.1% Landing on the list of homebuyer hotspots for the second year in a row is Seattle, which has seen an influx of Californians. As the headquarters of big companies like Amazon, Starbucks and Expedia, many new residents have relocated to Seattle for high-paying job opportunities during the pandemic. Perhaps making up for a higher-than-average cost of living, the "Emerald City" offers great weather across seasons and easy access to nature, with multiple lakes, islands, the Puget Sound, and even ski resorts and nearby wine country. While the Seattle suburbs are drawing in buyers who want more space, schools across the region are top notch. Plus, the city boasts the top-ranked University of Washington. 9. Worcester, Mass. 2021 median home price: $397,188Forecasted 2022 home sales change: +8.4%Forecasted 2022 home price change: +8.2%Forecasted 2022 combined sales and price change: +16.6% At No. 9 on this year's list is Worcester, the second largest city in Mass and home to Realtor.com®'s No. 7 Hottest ZIP Code in 2021 (ZIP 01757). At the heart of the state, Worcester offers easy access to interstate highways via the Mass Pike as well as a commuter train to Boston, as well as relatively affordable housing, top-rated schools and easy access to the outdoors. The city is also going through a massive redevelopment surrounding the opening of the Worcester Red Sox's Polar Park. Combined with a vibrant cultural and arts scene and a strong jobs market fueled by local employers like UMass Medical School, Worcester is attracting young buyers, including graduates from surrounding colleges like Clark and Holy Cross. 10. Tampa, Fla. 2021 median home price: $335,814Forecasted 2022 home sales change: +9.6%Forecasted 2022 home price change: +6.8%Forecasted 2022 combined sales and price change: +16.4% Rounding out Realtor.com®'s 2022 top markets is Tampa at No. 10. Located along Florida's Gulf Coast, Tampa's beautiful beaches, great weather and year-round living make it a popular destination for vacationers and retirees. But Tampa also has plenty to offer young professionals and families, from good schools and low-cost of living, including no state income taxes, to relatively affordable housing and plentiful new construction within reasonable commuting distance of the downtown area. With the rise of remote work during the pandemic, Tampa real estate activity is booming as buyers migrate from big cities like New York and Chicago. Realtor.com® 2022 Housing Forecast – 100 Largest U.S. Metros (Ranked) *Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate 2022 values for these variables for the 100 largest U.S. metropolitan statistical areas by population size. These markets are then ranked by combined forecasted growth in home prices and sales. In cases of a tie, forecasted year-over-year sales growth was used as a tiebreaker. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Mortgage Lending Declines Aat Unusually Fast Pace Across U.S. During Third Quarter of 2021
Overall Loan Activity Down 8 Percent, Marking Second Straight Quarterly Decrease; Mortgage Lending Down in Both Second and Third Quarters for First Time This Century; Refinance Mortgages Drop 13 Percent Quarterly, Purchase Loans Off 2 Percent IRVINE, Calif. - Dec. 2, 2021 -- ATTOM, curator of the nation's premier property database, today released its third-quarter 2021 U.S. Residential Property Mortgage Origination Report, which shows that 3.59 million mortgages secured by residential property (1 to 4 units) were originated in the third quarter of 2021 in the United States. That figure was up 3 percent from the third quarter of 2020, but down 8 percent from the second quarter of 2021 – the largest quarterly dip in over a year. The quarterly decline also was the second in a row and pointed to two unusual patterns developing in the lending industry. It marked the first time in more than two years that total lending decreased in two consecutive quarters. More notably, it was the first time in any year since at least 2000 that lending activity declined in both the second and third quarters, which usually are peak buying seasons. That pattern emerged amid declines in both refinance and purchase lending which more than made up for a bump up in home-equity lines of credit. Overall, with average interest rates remaining below 3 percent for 30-year home loans, lenders issued $1.15 trillion worth of mortgages in the third quarter of 2021. That was up annually by 11 percent, but down quarterly by 6 percent. The quarterly decrease in the dollar volume of loans was the first since the early part of 2020. On the refinance side, 1.99 million home loans were rolled over into new mortgages during the third quarter of 2021, a figure that was down 13 percent from the second quarter and down 3 percent from a year earlier. The total number of refinance mortgages has declined for the second straight quarter, while the quarterly decrease was the largest in three years. The dollar volume of refinance loans was down 10 percent from the second quarter of 2021, to $624.1 billion, although still up annually by 1 percent. Refinance mortgages remained a majority of all residential lending activity during the third quarter of 2021. But that portion dipped to 55 percent, down from 59 percent in both the second quarter of 2021 and the third quarter of 2020. The number of purchase loans also declined in the third quarter of 2021 as lenders issued 1.36 million mortgages to buyers. That was down 2 percent quarterly, although still up annually by 17 percent. The dollar value of loans taken out to buy property dipped to $482.6 billion, down 1 percent from the second quarter of this year but still up 30 percent from the third quarter of 2020. Home-equity lending, meanwhile, rose for the second straight quarter, which last happened in mid-2019. The tally of home-equity lines of credit, while down annually by 9 percent, rose 2 percent between the second and third quarters of 2021, to about 238,500. The continued dip in total loan activity during the third quarter represented a growing sign that the nation's appetite for new home loans is easing – and that the nation's decade-long housing market boom could even be cooling off. The latest trends have reversed patterns seen from early 2019 through early 2021, when total lending activity nearly tripled amid various forces that pushed a frenzy of refinancing and purchasing. That surge came as interest rates dropped to historic lows and the Coronavirus pandemic which hit early last year spurred a rush of home buying among households looking for larger spaces and the perceived safety offered by a house and yard. That spike in buying has driven home prices to record highs. "The overflow stack of work that was hitting lenders for several years shrank again in the third quarter across the U.S. amid a few emerging trends," said Todd Teta, chief product officer at ATTOM. "It looks more and more like homeowner's voracious appetites for refinance deals has eased notably, while purchase lending also dipped. It's still too early to say if the trends point to major shifts in lending patterns or the broader housing market boom. But the drop-off is significant, especially for home buying, which could suggest an impending housing market slowdown. We will be watching the lending trends extra closely in the coming months." Total mortgages drop for second straight quarter in a pattern not seen this century Banks and other lenders issued 3,591,794 residential mortgages in the third quarter of 2021. That was down 8.4 percent from 3,922,248 in second quarter of 2021, although still up 3.2 percent from 3,479,655 in the third quarter of 2020. The quarterly decrease was the second in a row, which had not happened since a period running from late 2018 into early 2019. It also stood out as the first time since at least 2000 that total lending activity went down from both the first to the second quarter and from the second to the third quarter of any year. The $1.15 trillion dollar volume of all loans in the third quarter remained up 10.7 percent from $1.04 trillion a year earlier, but was down 6 percent from $1.23 trillion in the second quarter of 2021. Overall lending activity decreased from the second quarter of 2021 to the third quarter of 2021 in 186, or 86 percent, of the 216 metropolitan statistical areas around the country with a population greater than 200,000 and at least 1,000 total loans in the third quarter. Total lending activity was down at least 5 percent in 126 metros (58 percent). The largest quarterly decreases were in Pittsburgh, PA (down 52.3 percent); Charleston, SC (down 48.2 percent); Myrtle Beach, SC (down 46.8 percent); Provo, UT (down 39.5 percent) and Peoria, IL (down 33.9 percent). Aside from Pittsburgh, metro areas with a population of least 1 million that had the biggest decreases in total loans from the second quarter to the third quarter of 2021 were Buffalo, NY (down 29.8 percent); Baltimore, MD (down 20.9 percent); New Orleans, LA (down 20.4 percent) and Atlanta, GA (down 17.5 percent). Metro areas with the biggest increases in the total number of mortgages from the second to the third quarter of 2021 were Ann Arbor, MI (up 122.7 percent); Des Moines, IA (up 70.5 percent); Sioux Falls, SD (up 51.5 percent); Yakima, WA (up 31.4 percent) and Dayton, OH (up 30.6 percent). The only metro areas with a population of at least 1 million and an increase in total mortgages from the second quarter to the third quarter of 2021 were Jacksonville, FL (up 5.5 percent); Memphis, TN (up 4.3 percent) and Columbus, OH (up 2.7 percent). Refinance mortgage originations down 13 percent from second quarter Lenders issued 1,993,407 residential refinance mortgages in the third quarter of 2021, down 13.4 percent from 2,301,654 in second quarter of 2021 and down 2.9 percent from 2,053,918 in the third quarter of last year. The total was down for the second straight quarter, which had not happened since late 2018 into early 2019, while the latest decrease was the largest since the first quarter of 2018. The $624.1 billion dollar volume of refinance packages in the third quarter of 2021 was down 10.1 percent from $694.3 billion in the prior quarter, while it remained up 1.4 percent from $615.6 billion in the third quarter of 2020. Refinancing activity decreased from the second quarter of 2021 to the third quarter of 2021 in 199, or 92 percent, of the 216 metropolitan statistical areas around the country with enough data to analyze. Activity dropped at least 10 percent in 121 metro areas (56 percent). The largest quarterly decreases were in Pittsburgh, PA (down 61.5 percent); Myrtle Beach, SC (down 54.7 percent); Charleston, SC (down 49.9 percent); Tuscaloosa, AL (down 48.8 percent) and Buffalo, NY (down 47.5 percent). Aside from Pittsburgh and Buffalo, metro areas with a population of least 1 million that had the biggest decreases in refinance activity from the second to the third quarter of 2021 were Rochester, NY (down 28.2 percent); Baltimore, MD (down 26.8 percent) and New York, NY (down 25.8 percent). Counter to the national trend, metro areas with the biggest increases in refinancing loans from the second quarter of 2021 to the third quarter of 2021 were Ann Arbor, MI (up 128.8 percent); Des Moines, IA (up 91.3 percent); Sioux Falls, SD (up 36.6 percent); Dayton, OH (up 13.4 percent) and Yakima, WA (up 9.9 percent). The only metro area with a population of at least 1 million where refinance mortgages increased from the second to the third quarter of 2021 was Jacksonville, FL (up 5.9 percent). Refinance lending still represents at least 50 percent of all loans in two-thirds of metros Refinance mortgages accounted for at least 50 percent of all loans in 151 (70 percent) of the 216 metro areas with sufficient data in the third quarter of 2021. But that was down from 83 percent in the second quarter of 2021 and 80 percent a year earlier. By the end of the third quarter, refinance mortgages took up a smaller portion of all loans issued in 174 (81 percent) of the metros analyzed. Metro areas with a population of at least 1 million where refinance loans represented the largest portion of all mortgages in the third quarter of 2021 were Atlanta, GA (72.2 of all mortgages); Detroit, MI (66.9 percent); Kansas City, MO (63.2 percent); New Orleans, LA (62.2 percent) and New York, NY (62.1 percent). Metro areas with a population of at least 1 million where refinance loans represented the smallest portion of all mortgages in the third quarter of 2021 were Rochester, NY (40.9 percent of all mortgages); Oklahoma City, OK (43.2 percent); Pittsburgh, PA (48.1 percent); Miami, FL (48.2 percent) and Cleveland, OH (48.6 percent). Purchase originations decrease 2 percent in third quarter Lenders originated 1,359,888 purchase mortgages in the third quarter of 2021. That was down 2 percent from 1,387,307 in the second quarter, although still up 16.8 percent from 1,163,790 in the third quarter of last year. The $482.6 billion dollar volume of purchase loans in the third quarter was down 0.7 percent from $486 billion in the prior quarter, but remained up 29.9 percent from $371.6 billion a year earlier. Residential purchase-mortgage originations decreased from the second to the third quarter of 2021 in 111 of the 216 metro areas in the report (51 percent). The largest quarterly decreases were in Jackson, MS (down 57.1 percent); Charleston, SC (down 43.8 percent); Provo, UT (down 43.6 percent); Pittsburgh, PA (down 42.2 percent) and Myrtle Beach, SC (down 38.4 percent). Aside from Pittsburgh, metro areas with a population of at least 1 million and the biggest quarterly decreases in purchase originations in the third quarter of 2021 were New Orleans, LA (down 21.4 percent); Atlanta, GA (down 18 percent); Austin, TX, (down 16.9 percent) and San Jose, CA (down 15.7 percent). Residential purchase-mortgage lending increased from the second quarter of 2021 to the third quarter of 2021 in 105 of the 216 metro areas in the report (49 percent). The largest increases were in Tuscaloosa, AL (up 553.7 percent); Ann Arbor, MI (up 120.6 percent); Yakima, WA (up 66.2 percent); Dayton, OH (up 63.3 percent) and Sioux Falls, SC (up 61.7 percent). Metro areas with a population of at least 1 million and the largest increases in purchase originations from the second to the third quarter of 2021 were Rochester, NY (up 50.4 percent); Buffalo, NY (up 37.4 percent); Philadelphia, PA (up 25.2 percent); Columbus, OH (up 24.5 percent) and Detroit, MI (up 20.1 percent). Metro areas with a population of at least 1 million where purchase loans represented the largest portion of all mortgages in the third quarter of 2021 were Oklahoma City, OK (51.9 percent of all mortgages); Miami, FL (46.7 percent); Las Vegas, NV (45 percent); Virginia Beach, VA (43.7 percent) and San Antonio, TX (41.9 percent). Metro areas with a population of at least 1 million where purchase loans represented the smallest portion of all mortgages in the third quarter of 2021 were Detroit, MI (25.8 percent of all mortgages); Salt Lake City, UT (26.9 percent); Atlanta, GA (27.4 percent); Kansas City, MO (29.2 percent) and Boston, MA (30.1 percent). HELOC lending up for second straight quarter A total of 238,499 home-equity lines of credit (HELOCs) were originated on residential properties in the third quarter of 2021, up 2.2 from 233,287 during the prior quarter, but still down 9 percent from 261,947 in the third quarter of 2020. HELOC activity rose for the second straight quarter – the first time that happened since the middle of 2019. The $46 billion third-quarter volume of HELOC loans, though, was still down 0.8 percent from the second quarter and down 15 percent from the third quarter of 2020. HELOC mortgage originations increased from the second to the third quarter of 2021 in 60 percent of metro areas analyzed for this report. The largest increases in metro areas with a population of at least 1 million were in Jacksonville, FL (up 45.6 percent); San Diego, CA (up 25.4 percent); Houston, TX (up 24.7 percent); Riverside, CA (up 23.1 percent) and Tucson, AZ (up 22.2 percent). The biggest quarterly decreases in HELOCs among metro areas with a population of at least 1 million were in Atlanta, GA (down 58.9 percent); Buffalo, NY (down 30.9 percent); Pittsburgh, PA (down 29.9 percent); Hartford, CT (down 29.3 percent) and New Orleans, LA (down 19.5 percent). FHA and VA loan shares inch down Mortgages backed by the Federal Housing Administration (FHA) accounted for 336,483, or 9.4 percent of all residential property loans originated in the third quarter of 2021. That was down slightly from 9.6 percent in the second quarter of 2020. It also was down from 10.5 percent in the third quarter of 2020. Residential loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 229,456, or 6.4 percent, of all residential property loans originated in the third quarter of 2021, down from 6.9 percent in the previous quarter and 8.8 percent a year earlier. Median down payments and loan amounts rise again The national median down payment, the amount borrowed and the ratio of down payments to median home prices during the third quarter of 2021 again hit the highest levels since at least 2005. The median down payment on single-family homes purchased with financing in the third quarter of 2021 stood at $27,500, up 5.8 percent from $26,000 in the previous quarter and up 41 percent from $19,502 in the third quarter of 2020. The median down payment of $27,500 represented 8 percent of the nationwide median sales price for homes purchased with financing during the third quarter of 2021, up from 7.8 percent in the previous quarter and 6.5 percent a year earlier. Among homes purchased in the third quarter of 2021, the median loan amount was $295,954. That was up 2.8 percent from the prior quarter and up 13 percent from the same period last year. Report methodology ATTOM analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Realtor.com 2022 Housing Forecast Reveals a Whirlwind Year Ahead for Buyers, Especially First-Timers
2022 will be very competitive as home sales hit a 16-year high and trends like workplace flexibility enable more homebuyer success SANTA CLARA, Calif., Dec. 1, 2021 -- Americans will have a better chance to find a home in 2022, but will face a competitive seller's market as first-time buyer demand outmatches the inventory recovery, according to the Realtor.com 2022 Housing Forecast. Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities. "Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth at a more sustainable pace than in 2021," said Realtor.com® Chief Economist Danielle Hale. "Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive." Realtor.com® forecasts strong 2022 home sales and competition, as first-time buyers overwhelm recovering inventory levels Realtor.com® forecasts 2022 home sales (+6.6% year-over-year) will hit their highest level in 16 years as buyers remain active and for-sale inventory begins to recover from recent steep declines. 2022 buyers will face a competitive seller's market, with record-high listing prices, fast-paced sales and limited for-sale home options as existing-home listings continue to lag behind pre-COVID levels. The new construction supply gap of 5.2 million new homes may shrink somewhat in 2022 as builders continue to ramp up production with a projected increase of 5% year-over-year. With prospective sellers planning to increasingly enter the market this winter, Americans can look forward to more opportunities to make a successful home purchase. Affordability will be a growing consideration as mortgage rates and home prices rise, but a growing economy, strong employment market and workplace flexibility will enable more home shoppers to successfully buy their first homes without breaking their budgets. Additionally, with rents forecasted to grow at a faster annual pace (+7.1%) than for-sale home prices (+2.9%) in 2022, homebuying may become the more affordable option, when compared to renting, in many markets. Despite the challenging market, the homeownership rate is expected to grow slightly in 2022 (65.8%). 2022 housing trends reflect new homebuying opportunities combined with the past decade of growing challenges Millennials fuel fierce first-time buying competition for limited inventory through 2025: Millennial housing demand has been rising for years, but the pandemic ignited a first-time buying frenzy as the decade-long housing shortage converged with new opportunities for young buyers to pursue their first homes. Recent survey data shows millennials account for over half (53%) of prospective buyers who plan to purchase their first home within the next year. Despite positive signs of inventory's return to growth in 2022, this first-time buyer demand is expected to outmatch both new and existing-home inventory. As a result, home shoppers will face fierce competition in 2022 – and for at least the next three years as millennials finish their first time buying years, the relatively smaller Gen Z population increasingly enters the housing market, and more older Americans begin downsizing for retirement. Housing affordability issues will be a mixed bag: While historically-low mortgage rates helped buyers better manage monthly housing costs in 2021, affordability will be an important consideration in 2022 as mortgage rates climb and home prices continue to rise 2.9%. However, a number of factors will help keep homeownership in reach for many buyers, including expected income growth of 3.3% by year end and declining unemployment, expected to drop from a projected 4.8% in the last three months of 2021 to 3.5% during the same time period in 2022. Additionally, with rental prices expected to surge in 2022 as they catch-up from below-average growth seen during COVID, many markets may offer more affordable monthly first-time buying costs relative to rents. Shifting workplace dynamics create new homebuying opportunities: From workplace flexibility to higher incomes, 2022 will see employees call the shots on issues that will play an increasingly important role in the housing market. As the economy grows and unemployment declines, bigger paychecks will enable buyers to compete even as housing costs rise, while more power to negotiate flexible workplace arrangements will allow home shoppers to explore lower-priced housing markets further from expensive city centers. In fact, recent survey data shows nearly one-in-five prospective sellers (19%) are looking to move because they no longer need to live near the office, up from just 6% in the spring. COVID compounds demand for more space – both inside and outside the home: Demand for more space has been a consistent trend throughout the pandemic and one that is expected to carry into 2022. With the number of Realtor.com® viewers of suburban home listings rising 42.1% since the onset of COVID, the suburbs will continue to be more popular than big urban metros as home shoppers search for relatively affordable and larger homes. Recent data suggests builders will account for buyer preferences for more space in their 2022 production plans as new single-family homes have begun to get larger. However, with demand expected to outpace new construction growth and the typical 2,000 square foot single-family home price still rising at a double-digit annual pace in October (+16.7%), buyers may have to sacrifice extra space in order to afford a home in their desired area. Homeowner diversity will play an increasingly important role in the market: With U.S. demographic diversity increasing in younger generations, populations like Hispanic Americans will play a growing role in the 2022 housing market. Although they are underrepresented among homebuyers relative to their share of the population, the number of hispanic home shoppers is rising at a faster pace than non-Hispanics. Additionally, as the majority of new hispanic homeowners fell in the critical first-time buyer category, the population will increasingly drive housing demand and impact the homeownership rate in 2022 and beyond. "Our Housing Forecast suggests that we're in store for another dynamic year of activity, but 2022 will also come with growing pains as we navigate the path forward from the height of the pandemic toward a new normal," said George Ratiu, Manager of Economic Research for Realtor.com®. "With most real estate markets expected to be competitive in 2022, it's important to remember that you're in the driver's seat of your real estate journey. The bottom line for buyers is to make sure you're comfortable with your timeline and budget – and especially for younger buyers making this massive financial decision for the first time. For sellers, take into account your local market conditions as well as the likely increase in the number of homes for sale, and price yours competitively. The good news is that sites like Realtor.com® provide more advanced digital real estate tools than ever before, including personalized matching to high-quality real estate agents in your local area, to help you chart the best path forward for you and your family." Homebuyers can use Realtor.com® tools like its affordability calculator to get a sense of how much they can afford in the 2022 housing market, as well as the Realtor.com® app to set up personalized searches and price alerts on new listings matching their criteria. Additionally, sellers can use Realtor.com® resources like My Home and Seller's Marketplace to explore multiple home valuations, instant offers from Opendoor, the Knock Home Swap™ for those buying a next home at the same time, and more. Realtor.com® 2022 Housing Forecast – 100 Largest U.S. Metros (in alphabetical order) Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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'For Sale By Owner' Listings Tend to Be Used by Rural and Lower-Income Sellers
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Chime Partners with Dubb to Bring Power of Video to Lead Engagement and Conversion
Seamless integration provides real estate professionals with an easy way to build trust, differentiate themselves, and increase response rates PHOENIX, Nov. 16, 2021 -- Chime Technologies, an award-winning sales acceleration system for the real estate industry, today announced a partnership with video communication provider, Dubb. By integrating Dubb's feature rich and easy-to-use video solution directly into the Chime platform, real estate professionals can quickly build trust and establish expertise with their network to nurture and convert leads more effectively. To learn more about the partnership and to watch a 2-minute demo, click here. Video Proven to Build Trust and Engagement As agents and brokerages continue to face steep competition from both online and local competition, standing out from the crowd, showcasing expertise, and building trust among potential clients has never been more important. Video provides a powerful way for busy real estate professionals to authentically connect with their pool of leads and turn them into clients. According to Wyzowl's annual "State of Video Marketing" report, 84% of marketers said video has helped them generate leads and 74% noted it has resulted in a direct sales increase. Extending Chime's video capabilities with Dubb will enable agents to increase response rates, differentiate, and generate long-term, profitable relationships. "As professional salespeople, one of the biggest factors you need to address is trust. This is especially true for real estate professionals who are often helping people with the single largest transaction of their lives," noted Ruben Dua, Dubb Co-Founder. "Prospects and customers need to understand your unique value and what you bring to the table and video is one of the best ways to do that. By working in tandem with Chime's powerful platform to nurture and convert leads through the real estate process, video can add another level of authenticity into your communications and improve lead engagement." Seamless Integration Bolsters Lead Nurturing Through the partnership, customers will be able to create and send Dubb videos directly from the Chime platform. Each interface inside of Chime where users have the option to create a message, such as a one-to-one email, one-to-one text message, or both, will feature a Dubb video element built right in. This video capability is also included in Chime's Smart Plans feature which creates automated lead nurturing campaigns. Users will have access to their library of videos or can record a brand-new video from within the Chime platform and can then seamlessly insert the video into an email, text, or any communication channel through Chime. In addition, video activity – including views and other metrics – is also tracked in real-time and synched directly into the activity feed of Chime's contact record. "We place a premium on integration partners that can not only deliver critical functionality but help us deliver on our mission of helping real estate professionals convert more leads. By partnering with Dubb, we can continue to provide our customers with the powerful video capabilities they need to move beyond a transaction mentality and build long-term relationships that contribute directly to bottom line growth," noted Randy Carroll, Head of Strategic Partnerships at Chime. To see how easy it is to use Dubb within the Chime platform, visit https://dubb.com/chime About Chime Technologies Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, visit www.chime.me.
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Flyhomes for Agents expands to Idaho
Flyhomes Cash Offer Helps More Homebuyers Win Deals, Buy Faster Seattle - November 18, 2021 -- Flyhomes for Agents today announced its expansion into Idaho as it rapidly builds its growing network to provide Flyhomes Cash Offer to help local homebuyers buy homes faster and pay less. Flyhomes for Agents is now available for real estate brokerages and their agents statewide in California, Colorado, Idaho, Maryland, Oregon, Texas, Washington State, and Washington D.C., with more to come in 2022. The Flyhomes Cash Offer helps real estate agents and their homebuyers solve one of the greatest challenges in today's market: most buyers can't make an all-cash offer, when they often need one in order to present the winning bid. With a Flyhomes Cash Offer, homebuyers pay cash for a new home, reducing the typical time to close after an offer is accepted from 45 days to 10 days. Real estate agents receive their commissions at closing, 35 days sooner than in a typical process. Last year, 53% of Flyhomes cash offer buyers won against higher offers. The average difference between a winning cash offer and the highest bid was 2.35%, which nearly pays for the entire buyer's agent commission. "A Flyhomes Cash Offer provides certainty, speed, and simplicity for buyers throughout Idaho," said Adam Hopson, Flyhomes VP of Growth & Strategy. "For a seller and their listing agent, it's the difference between knowing your home is sold and wondering if it will fall through, as every Flyhomes Cash Offer is backed by a 100% guarantee that Flyhomes will buy the home if the buyer backs out." By removing the hurdles of the traditional process, like financing and appraisal contingencies, Flyhomes Cash Offers help buyers both to win and close faster. This leads to happier clients, who will send more client referrals, and it frees up agents' time to serve more clients. "It's a win-win for everyone," Hopson adds. Flyhomes for Agents is working with brokers and agents to level the playing field by enabling more cash offers across U.S. markets, expanding into new states throughout the rest of this year and into 2022. "Best of all, a Flyhomes Cash Offer can effectively be free for buyers, and there is no cost for agents to participate," said Tim Cooke, Flyhomes Director of Sales, who heads up the Flyhomes for Agents expansion effort. Idaho agents can enroll with Flyhomes for Agents at flyhomes.com/agent. Cooke explains that agents never pay anything to use Flyhomes for Agents while buyers can use a Flyhomes Cash Offer with an effective fee of $0 when they close their long-term mortgage with Flyhomes Mortgage. If clients choose another lender, they will pay a convenience fee of just 1% of the loan amount. With other lenders typically charging a fee of 2-3% of the purchase price. Flyhomes for Agents can save home buyers $9,300-$13,950, which is 2-3% of the typical value of homes in Idaho ($465,000). For Idaho agents and their clients, the 3-step Flyhomes Cash Offer process is simple: Buyers get pre-underwritten: Flyhomes Mortgage's in-house, rapid pre-underwriting service prepares clients to start making offers quickly. Clients know their home buying budget with certainty. Buyers receive funding fast: Once a buyer is ready to make an offer, Flyhomes provides a short-term loan for their all-cash offer to be funded in 10 days - or later if the seller prefers. There are no financing or appraisal contingencies, and agents receive 100% of their commission. Buyers secure final financing: Once the buyers move in, Flyhomes Mortgage refinances their short-term loan into a standard mortgage within 30 days and guarantees to close on time. The 1% convenience fee for the short-term loan is credited back, so the buyer's cost for short-term financing is zero. If the buyer chooses to select another lender for their mortgage loan - and they have up to three months to do so – the 1% convenience fee will not be credited back. In addition to recently receiving its Mortgage Broker/Lender license in Idaho, Flyhomes is also licensed in California, Colorado, Maryland, Oregon, Texas, Washington State, and Washington D.C as Flyhomes Mortgage and is an Equal Housing Lender. Licensing information is available at www.nmlsconsumeraccess.org. Buyers, sellers, and real estate agents can learn more about Flyhomes for Agents at flyhomes.com/agents. About Flyhomes for Agents Flyhomes for Agents helps brokers and their agents nationwide to empower their clients with modern selling and buying options to close more deals faster, ultimately earning them more client referrals and commissions. By providing competitive services like the Flyhomes Cash Offer, agents can close deals 4.5 times faster than the industry average while keeping 100 percent of their commission. And, because life happens, Flyhomes backs its services with a one-of-a-kind guarantee so their agents' clients can buy with confidence. Learn more at flyhomes.com/agents.
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An Easier Way to Organize Your Home Search: Partners and Roommates Can Now Search Together on Realtor.com
New features let you share feedback and work together to find the perfect home with those you trust most SANTA CLARA, Calif., Nov. 16, 2021 -- Choosing a home is a big decision, and no one should have to go it alone. In fact, 70% of first-time homebuyers are couples buying together. To help ease this process, Realtor.com today released new features that streamline and simplify the process of finding the perfect home together. Online shopping, wish lists and shared shopping carts have simplified the process of buying nearly everything in our lives. And now there is a better home search process that doesn't involve having to keep track of various texts and emails or trying to remember all the details. New features on Realtor.com® let people work together with a partner and ask for input from friends and family, all while keeping track of the details in one place. Finally, an easier way to work together to narrow down choices and find a home that's perfect for everyone. "If you've ever looked for a new home with a partner or roommate, then you understand the struggle of keeping track of all the listings. There are endless texts and emails and trying to remember who liked which home and why -- the process was difficult and ripe for innovation," said Brett Collinson, vice president of product, Realtor.com®. "Realtor.com®'s new features make it easy to organize and simplify a joint home search, keep track of everyone's opinion in a central location, and work together to find the perfect home." Realtor.com® now empowers home shoppers to bring those they trust into their search process -- and while partner Paul might get to veto a property, Aunt Mabel only gets to leave a rating and comment. Realtor.com®'s new collaboration feature lets shoppers work with a partner or roommate who has full access to saved listings. The new sharing feature sends one-off requests for input to extended friends and family for a second, third or even fourth opinion. And because privacy is important, comments are never posted publicly and can only be viewed by the requestor and their shopping partner. A recent survey from Realtor.com® and HarrisX found that 79% of people home shop with someone else and 44% text or email listings back and forth. In addition, 85% of home shoppers think that it's important to get a second opinion on homes they are considering and 35% found it difficult to keep track of all the listing details they shared with a partner. Users can invite a co-buyer or renter from the "buyer profile" tab in their Realtor.com® account or by clicking the "collaborate" button on any saved home. No co-buyer? No problem. To request one-off input from friends, family, and even your real estate agent, simply click "share" on a listing and enter the email addresses, phone numbers or social media handles. New collaboration and sharing features are now available on Realtor.com® across web, mobile web, iOS and Android. To learn more, visit: https://www.realtor.com/collaborate/ To help users better understand the benefits of these new features, Realtor.com® also unveiled a new campaign, featuring a certain star-crossed couple you may have heard of. Realtor.com®. To each their home. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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ShowingTime Introduces Three Exclusive Features for Agents to Further Streamline Showings at No Additional Cost
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Buffini & Company Launches Dynamic Coaching for Real Estate Teams
Leaders will work with a Buffini & Company Certified Team Coach and utilize training courses, a real estate CRM for teams, monthly live broadcasts and more. CARLSBAD, Calif., Nov. 10, 2021 -- Buffini & Company has launched Team Coaching to accommodate the real estate industry's fastest-growing segment of teams. Team Coaching provides leaders of real estate teams with the structure, accountability, strategies and tools needed to increase production and maximize earnings. "Teams are the future of real estate, and we want to help agents get ahead of the game," says Brian Buffini, founder and chairman of Buffini & Company. "Our Team Coaches will analyze what agents are doing and how they're doing it, while identifying any obstacles or gaps. Leaders in this program will learn to identify the most effective team structure for their business so they can build a rock-solid productive team." For 25 years now, Buffini & Company has been a leader in real estate training and coaching worldwide. While One2One Coaching™ helps agents successfully navigate their own business, the Team Coaching program is designed to cater to the unique needs of a leader running a real estate team. "Team Coaching is unlike any program we've launched," says Dermot Buffini, CEO of Buffini & Company. "While the fundamentals remain the same as other programs offered by Buffini & Company, the structure, coaching and model of Team Coaching is intentionally designed to strengthen leaders and build stronger teams." This newest level of Buffini & Company membership includes several premier benefits. Team leaders work with a Certified Team Coach and gain access to training modules to ensure their continued success. Buffini & Company REALStrengths™ personality assessment tool helps leaders understand, manage and leverage their business communication, selling and serving styles as well as their team members' styles. Once a month, leaders are invited to participate in the "7 Figure Club — Live," an interactive broadcast where peers from top-performing teams share one-of-a-kind best practices, tips and leadership guidance. Referral Maker® CRM | Team allows leaders to monitor the team's progress and success to guarantee everybody is on the right track. Team leaders also get certified to lead Buffini & Company 100 Days to Greatness®, a training program geared toward new agents. This program will help agents on the team sharpen their skills to boost profits. To learn more about Buffini & Company Team Coaching, pricing and all of the included benefits, visit: buffiniandcompany.com/teamcoaching. About Buffini & Company Buffini & Company is the largest coaching and training company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company's comprehensive business coaching, training programs and cutting-edge content have helped more than 3 million professionals in 41 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California.
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