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[Free eBook] The Homeowner's Guide to Staging
Staged listings typically sell faster and for a higher price than comparable, unstaged homes, so it makes sense to put some effort into making your listings look, smell, and feel their best. In this new eBook, we share tips and techniques from staging basics such as decluttering and cleaning, to seasonal touches that will make your listings standout any time of year. Complete the form here to download the free eBook. Then, just and add your contact information so you can share it with your leads and clients via email, social media, or just print it and share it. To view the original post, visit the Homes.com blog.
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IXACT Contact Introduces Text Marketing
IXACT Contact is very excited to announce the release of Text Marketing, the next step in our evolution as a leading-edge real estate marketing solution. Our smartphones have become an extension of who we are. If you leave it in the car while you're in line for a coffee, you're instantly bored. If you forget it at home and you're on the road, you feel panicked and lost. When a device has such an impact on our lives, does it not make sense that we should use it to our businesses' full advantage? Text marketing with IXACT Contact is exactly what it sounds like: we give you the ability to connect with your leads, current clients and past clients via convenient and automated text messages right to their mobile phones. By partnering with a real estate CRM that is already integrated with text messaging, you can quickly and easily organize your business, manage your database and capitalize on a current, quickly-growing marketing avenue. Did you know that approximately 82% of text messages are read within 5 minutes and the average response takes place in 90 seconds? On the flip side, consumers only open 1 in 4 emails they receive! The reality is, today over 80-90% of homebuyers start their search online and about 30% of them are on a mobile phone. You don't have time to waste. We get it. And that's why IXACT Contact's reputation for an easy-to-use, user-friendly, simple-to-learn CRM translates to its latest text marketing add-on too. Within a few minutes, you and your database will be fully integrated. Give it a try! 60-Day FREE Trial of IXACT Contact Have any additional questions or want to see a quick demo? Contact us at 1-866-665-0018 or [email protected]
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Open House Connector Helps You Avoid Missing Another Lead
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West Coast Buyers are Now More Likely to Win the 1st Home They Bid On
San Jose, Seattle and San Diego Saw Big Year-Over-Year Gains in the Share of Homebuyers Winning the First Home They Make an Offer on SEATTLE, April 16, 2019 -- Fifty-six percent of buyers nationwide who purchased a home in the first quarter closed on the very first home they made an offer on, according to a report from Redfin, the technology-powered real estate brokerage. This is up from 52 percent a year earlier, and is the highest first-offer success rate in three years. The report is based on an analysis of home offer and purchase data from thousands of people who bought homes with Redfin agents nationwide over the past five years. The biggest year-over-year increases in first-offer success rates were seen in some of the West Coast markets that were uber-competitive last year. Nearly two-thirds (63%) of people who purchased a home in the San Jose metro area in the first quarter of 2019 successfully purchased the first home they made an offer on. A year earlier, only 25 percent of San Jose homebuyers successfully purchased the first home they made an offer on. More than half (53%) of San Diego homebuyers last quarter closed on the home that was the first one they bid on, up from 38 percent a year earlier. In Seattle, the first-offer success rate increased to 59 percent last quarter, up from 45 percent in the same period last year. "Last year homebuyers had to pull out all the stops to land a home in competitive West Coast markets, but this year there are more homes for sale and the odds are more in the buyer's favor," said Redfin chief economist Daryl Fairweather. "In San Jose, the market has dramatically slowed from a year ago, and it's actually now easier to get an offer accepted in San Jose than in many other parts of the country." San Jose now has the second-highest first-offer success rate in the nation, behind Charlotte (70%). Below is a ranking by first-offer success rate of the 25 largest metro areas Redfin agents serve: Not every market is moving in buyers' favor. In San Antonio, Austin and Phoenix, the first-offer success rate fell from over 50 percent last year to under 50 percent this year. Both Austin and Phoenix were top migration destinations in the latest Redfin Migration Report. Austin and San Antonio saw the largest decreases in the nation, each falling 12 points. As more people continue to move to affordable inland markets, buyers in those areas can expect to encounter more competition in their search for a home. To view the full report, complete with additional charts and insights, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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RPR Unveils New Learning Menu
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Spring Home Buyers Eye Homes in Need of Renovation
Nearly 60 percent of 2019 home buyers are considering a home that needs renovations; 95 percent expect a little TLC will result in a positive return on their investment SANTA CLARA, Calif., April 15, 2019 -- Nearly 60 percent of all spring home shoppers are considering a home that needs renovating, as rising home prices and limited entry-level inventory continue to be a hurdle, according to realtor.com®'s spring home buyer survey announced today. Just over half of home buyers considering a home that needs some TLC are willing to spend more than $20,000 on the renovation, while the vast majority - 95 percent of them - are optimistic they will get a positive return on their renovation investment. Realtor.com® conducted the online survey through Toluna Research in March, consisting of 1,015 respondents planning to purchase a home in the next 12 months. "The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to consider homes that need renovating," said Danielle Hale, realtor.com®'s chief economist. "Replete with inspiration at their fingertips - like Pinterest, Instagram, and various home renovation TV shows - some home shoppers are comfortable tackling home renovation jobs to find a home that balances their needs with their budget." According to the survey, roughly three out of five home shoppers under 55 years-old are considering a home this spring that needs renovating. Middle-aged shoppers, 35-54 years-old, were the most likely to consider a home that needs renovating, at 65 percent. Middle-aged shoppers are more likely to be current homeowners and their experience with maintaining and improving their existing home may give them the confidence to tackle renovations, especially when motivated by trying to find a home that fits their needs within their budget, Hale noted. Just 59 percent of younger home shoppers aged 18-34 years-old, who are less likely to be current owners, are considering a home in need of renovation. Less than a third of buyers older than 55 years-old would consider a home that needs renovations. Just over half of spring home shoppers considering homes in need of renovation - 51 percent - are willing to spend more than $20,000 on their home renovation. Twenty eight percent are willing to spend up to $10,000, and 22 percent are willing to spend between $10,001 and $20,000. According to realtor.com data, a major kitchen remodel will cost around $66,000, while a minor remodel will cost around $22,000. Similarly, an upscale bathroom remodel will cost you around $64,000, while a midrange bathroom remodel runs about $20,000. While home renovations can be costly, home shoppers are optimistic they will get a positive return on their investment. According to the survey, 95 percent of home shoppers considering a home that needs renovations expect a positive return of some sort on their investment. Nearly a quarter - 24 percent - expect a positive return of more than 50 percent. A kitchen upgrade was the No.1 home renovation chosen by nearly 30 percent of respondents considering homes that need to be renovated. This is not particularly surprising since both this year and last year an updated kitchen was first among the top three features sought by potential home shoppers. A kitchen upgrade was followed by a bathroom renovation at just over a quarter - 26 percent, and new wood flooring at 20 percent. Eighteen percent considered a hardwood flooring refinish, and the same share considered a complete overhaul kitchen renovation. Among spring home shoppers considering a home in need of renovation, nearly 60 percent said home renovation television has made them more optimistic regarding home renovations, according to realtor.com's survey. Whether it is seeing the project unfold in a tidy 30 minute segment, or just getting inspired by the before and after shots, home shoppers are turning to home renovations to make their dream home when finding one as-is turns out to be difficult. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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zipLogix Announces Addition of OfferPlace Solution to EliteAgent by zipLogix Premium Technology Suite
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U.S. Foreclosure Activity Decreases 15 Percent in Q1 2019 to Lowest Levels Since Q1 2008
Foreclosure Activity Below Pre-Recession Levels in 60 Percent of U.S. Markets; Foreclosure Starts Up Seven Percent From a Year Ago; Average Foreclosure Timeline Increases 5 Percent From Last Year IRVINE, Calif. – April 11, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q1 2019 U.S. Foreclosure Market Report, which shows a total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008. The report also shows a total of 58,550 U.S. properties with foreclosure filings in March 2019, up 7 percent from the previous month but down 21 percent from a year ago — the ninth consecutive month with a year-over-year decrease in U.S. foreclosure activity. "While some markets saw a slight uptick in foreclosure filings, that is above pre-recession levels, the majority of the major markets are well below pre-recession levels," said Todd Teta, chief product officer at ATTOM Data Solutions. "While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all-time low in the first quarter of 2019, showing continuing signs of a strong housing market." Markets below pre-recession levels include San Jose, Memphis, Dallas-Fort Worth The 132 out of the 220 markets (60 percent) with a population greater than 200,000 in the first quarter foreclosure activity below pre-recession averages included San Jose (79 percent below); Memphis (77 percent below); Dallas-Fort Worth (77 percent below); Las Vegas (74 percent below); and Phoenix (68 percent below). Other major markets with first quarter foreclosure activity below pre-recession averages were San Francisco, Riverside-San Bernardino in Southern California, Chicago, Detroit and Seattle. Markets still above pre-recession levels include Baltimore, Washington D.C., Philadelphia In 88 out of the 220 markets analyzed (40 percent), first quarter foreclosure activity levels were still above pre-recession averages, including Baltimore (189 percent above); Washington D.C. (26 percent above); Philadelphia (20 percent above); New York (13 percent above); and Hartford (4 percent above). Other major markets with first quarter foreclosure activity above pre-recession averages included Richmond, Virginia; Virginia Beach, Providence, Rhode Island; and New Orleans. Foreclosure starts increase 7 percent from last quarter Lenders started the foreclosure process on 91,397 U.S. properties in Q1 2019, up 7 percent from the previous quarter but down 3 percent from a year ago — the 15th consecutive quarter with a year-over-year decrease in foreclosure starts. Counter to the national trend, 15 states posted year-over-year increases in foreclosure starts in Q1 2019, including Florida (up 65 percent); Georgia (up 30 percent); Texas (up 27 percent); Louisiana (up 20 percent); Washington (up 12 percent); and Maryland (up 11 percent). Bank repossessions down in 48 states and DC Lenders repossessed 35,787 U.S. properties through foreclosure (REO) in Q1 2019, down 21 percent from the previous quarter and down 45 percent from a year ago — the 14th consecutive quarter with a year-over-year decrease in U.S. REOs. Along with the District of Columbia, 48 states posted year-over-year decreases in REOs in the first quarter, including Arizona (down 77 percent); California (down 41 percent); Florida (down 33 percent); New Jersey (down 59 percent); and Texas (down 43 percent). Atlantic City, Lakeland, Trenton highest metro foreclosure rates in Q1 2019 Nationwide one in every 836 U.S. housing units had a foreclosure filing in the first quarter of 2019. States with the highest foreclosure rates in the first quarter were New Jersey (one in 333 housing units with a foreclosure filing); Delaware (one in 364); Maryland (one in 412); Florida (one in 487); and Illinois (one in 489). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2019 were Atlantic City, New Jersey (one in every 177 housing units with a foreclosure filing); Lakeland, Florida (one in 338); Trenton, New Jersey (one in 345); Columbia, South Carolina (one in 372); and Philadelphia, Pennsylvania (one in 373). Along with Philadelphia, other major metros with a population of at least 1 million and foreclosure rates in the top 25 highest nationwide included Jacksonville, Florida at No. 7, Baltimore at No.9, Cleveland at No. 13, Chicago at No. 14, Tampa at No. 17, Miami at No. 18, and Orlando at No. 21. Average foreclosure timeline increases 5 percent in first quarter Properties foreclosed in the first quarter of 2019 had been in the foreclosure process an average of 835 days, up 3 percent from an average 811 days for properties foreclosed in the fourth quarter of 2018 and up 5 percent from an average of 791 days for properties foreclosed in the first quarter of 2018. States with the longest average foreclosure timeline for properties foreclosed in Q1 2019 were Indiana (1,806 days), Hawaii (1,565 days), Arizona (1,385 days), New Jersey (1,212 days), and Florida (1,196 days). States with the shortest average time to foreclose in Q1 2019 were West Virginia (159 days), Virginia (206 days), Minnesota (251 days), Alaska (262 days), and Wyoming (269 days). March 2019 Foreclosure Activity High-Level Takeaway Nationwide in March 2019 one in every 2,312 properties had a foreclosure filing States with the highest foreclosure rates in March 2019 were Delaware (one in every 999 housing units with a foreclosure filing); New Jersey (one in every 1,021 housing units); Maryland (one in every 1,077 housing units); Florida (one in every 1,345 housing units); and South Carolina (one in every 1,379 housing units). 32,280 U.S. properties started the foreclosure process in March 2019, up 9 percent from the previous month but down 2 percent from a year ago. March 2019 marked the third consecutive month with a month-over-month increase in foreclosure starts. Lenders completed the foreclosure process on 12,167 U.S. properties in March 2019, up 7 percent from the previous month but down 53 percent from a year ago. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Detroit, Indianapolis and Buffalo Among the Least Disaster-Prone and Most Affordable Places to Live
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CVR MLS Launches New Technology to Help REALTORS Generate Leads Online
SavvyCard for Real Estate provides every CVR MLS REALTOR with a Progressive Web Application (PWA) for themselves and each of their listings to easily generate new leads for their business. RICHMOND, VA. -- Central Virginia Regional Multiple Listing Service (CVR MLS) and SavvyCard, a member of the CoreLogic Alliance Network, launched the SavvyCard for Real Estate consumer engagement platform this past Tuesday, March 5th. CVR MLS member REALTORS receive SavvyCard for Real Estate accounts at no cost. Realtors can use "SavvyCards" to provide value to consumers and generate leads by marketing their services and listings online through email, text, Google search, and social media. SavvyCards are progressive web apps created for both Realtors (Agent SavvyCards) and their listings (Property SavvyCards) by the SavvyCard for Real Estate platform using CVR MLS data. SavvyCard leverages the valuable relationships in a Realtor's personal and professional contact network, and the contacts in their customers' networks, as well. Realtors and Brokerages who have integrated SavvyCard into their daily routine have reported beneficial results. "SavvyCard is the best Real Estate tool I have. In fact, I am closing on a property this weekend because of it. I also love that it reports referrals back to me. This is how I got my last customer," noted regular SavvyCard user Lee Childress, a Realtor with Premiere Homes Group. Broker Tim Gupton of Realty One agrees. "To be able to text someone a tool with an integrated MLS search right to their phone is a great way to keep them locked in with me as their agent. The ability to have a home seller share their listing to their circle of friends reaches a whole new level of clients for me through social media." "SavvyCard for Real Estate has been designed to make it simple for consumers to connect with trusted Realtors," notes SavvyCard CEO David Etheredge. "It aggregates important information and tools in one place, does not display distracting advertising, and makes it easy to share information to other people. This creates more leads for Realtors and gives the customer a better overall experience." CVR MLS Realtors are welcome to contact SavvyCard to learn more about SavvyCard for Real Estate and sign up for free training at SavvyCard.com. A general version of the product (SavvyCard for Business) is also available for non-real estate users. About SavvyCard SavvyCard® is a platform that aggregates industry data to create Progressive Web Applications for thousands of businesses and products at minimal cost. SavvyCard PWAs are used by businesses to automate many marketing activities and generate high quality / low cost leads from their digital and social media spheres of influence. For more information on SavvyCard, visit SavvyCard.com. About CVR MLS The mission of the Central Virginia Regional Multiple Listing Service (CVR MLS) is to provide users (REALTORS®) with the resources and services they need to conduct ethical, professional, and profitable businesses. CVR MLS covers 16 jurisdictions and has approximately 6,000 users. About the CoreLogic Alliance Network The CoreLogic Alliance Network is a curated selection of third-party solutions that build upon and complement CoreLogic real estate products. For more information please visit: https://www.corelogic.com/landing-pages/alliance-network.aspx
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for January in at Least 20 Years
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Redfin and Rover Name the 20 Most Dog-Friendly Cities of 2019
Seattle, Chicago and Denver are the Best Cities for Dog Lovers, Labs and Mixes are the Most Popular Breeds SEATTLE, April 3, 2019 -- Seattle, Chicago and Denver are this year's top cities for dog lovers, according to a new ranking from Redfin, the tech-powered real estate brokerage, and Rover, the largest network of five-star pet sitters and dog walkers in the country. Rover ran the numbers on over 14,000 cities across the country, compiling a list with the highest counts of walks, dog walkers and sitters, along with total hours, minutes and distance per walk by each dog walker or sitter on Rover. Because each top city needs a top dog, Rover also uncovered the most popular breed in each area. Redfin then coupled Rover's insights with data on homes for sale to take a closer look at what life as a dog is like in each city. Redfin analyzed how often the keyword 'dog' appeared in the online listing descriptions of homes for sale, often to note that a property was dog-friendly or close to dog parks. The company also included each dog-friendly city's Walk Score® to highlight how easy it is to treat your dog to his or her favorite activity. "Dogs are part of the family, so it's important to factor in our furry friends when choosing a place to live," said Daryl Fairweather, Redfin's chief economist and a Seattle dog owner. "Highlighting dog-friendly amenities like a spacious yard or a mudroom for dirty paws in your listing can make it easier for buyers to find the home of their dog's dreams." Here's Redfin and Rover's definitive ranking for the most dog-friendly cities of 2019: Despite the notion that some people may wait to move to the suburbs to adopt a dog, urban cores still rank highest in dog friendliness. Cities renowned for leafy parks and outdoor activities like Seattle, Chicago and Denver claimed the top spots. And while New York City, Brooklyn and San Francisco rank highest for walkability, a seemingly significant factor when deciding to get a dog, they rank lower for overall dog friendliness, perhaps due to a higher cost of living, and housing inventory of typically smaller apartments. Other highlights include Washington, D.C., and its Virginia suburbs of Arlington and Alexandria, all making the list, possibly aligned to an influx of interest in the area following Amazon's arrival to town. When it comes to breed, all dogs are adored equally, but Rover sees the highest intake of mixed breeds and Labrador Retrievers nationwide. And ever the cosmopolitan hubs, New York City and Los Angeles stand out with Frenchies and Chihuahuas, respectively. Across the river from Manhattan, Brooklyn marches to its own beat, and prefers pit bull mixes, as does Philadelphia. However, no matter where you live or what dog you own, if you've opened your home to love and care for a dog, we're guessing it's as dog friendly as it gets. For the full report, visit: https://www.redfin.com/blog/most-dog-friendly-cities/. About Redfin Redfin is the tech-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $60 billion in home sales.
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U.S. Property Taxes Levied on Single Family Homes in 2018 Increased 4 Percent to More than $304 Billion
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U.S. Median Home List Price Hits $300,000 for the First Time Ever
Affordability will continue to be a major hurdle for this spring's entry-level homebuyers SANTA CLARA, Calif., April 4, 2019 -- The U.S. median home listing price crossed into uncharted territory in March, increasing 7 percent year-over-year and reaching $300,000 for the first time ever, according to realtor.com®'s March 2019 monthly housing trend report released today. Although housing inventory continued to increase nationally, the pace slowed, as fewer new listings hit the market. Additionally, entry-level inventory scarcity continues; homes priced $200,000 or below decreased 9 percent year-over-year. "The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year," said Danielle Hale, realtor.com®'s chief economist. "Heading into spring, U.S. prices are expected to continue to rise and inventory is expected to continue to increase, but at a slower pace than we've seen the last few months as fewer sellers want to contend with this year's more challenging conditions. A buyer's experience will vary notably depending on the market and price point they're targeting." The U.S. housing market has seen years of increasing home prices and has already surpassed 2018's summer high of $299,000 as the spring home-buying season launches. The continued, albeit slowing, rise in the national median home price in the midst of a market slowdown is likely driven by inventory growth in the high-end of the market. According to realtor.com®'s analysis, the inventory of for-sale homes priced above $750,000 increased 11 percent year-over-year, while the number of entry-level homes priced $200,000 or below declined 9 percent during the same period. Housing inventory continued to increase in March, but the rate of growth slowed compared to the last few months and this slower-growth trend could continue into April, especially if fewer new listings hit the market, according to Hale. Approximately 56,000 additional homes were for sale in March compared to last year, amounting to a 4 percent increase year-over-year. This growth was primarily driven by the U.S.'s 50 largest markets, which grew by a more substantial 9 percent on average year-over-year. However, the number of newly listed properties hitting the market declined by 0.4 percent from last year, suggesting that while buyers may have more options to choose from, the share of fresh properties coming up for sale has not increased. Of the U.S.'s 50 largest metros, those that saw the biggest inventory decreases were St. Louis, Washington, D.C., and Oklahoma City, where inventory declined by 19 percent, 14 percent and 11 percent, respectively. Metros where inventory continued to increase were primarily pricey, West Coast markets. The list was topped by San Jose, Calif.; Seattle, and San Francisco, growing by 114 percent, 77 percent and 44 percent, respectively. Nationally, homes in the U.S. sold in an average of 65 days in March, two days slower than a year ago. Kansas City, Mo.; Hartford, Conn.; and Indianapolis, saw the largest increases in days on market with properties spending an average of 16, 12 and 12 more days on the market year-over-year, respectively. On the flip-side, properties in Pittsburgh, Birmingham, Ala., and Oklahoma City sold an average of 10, eight and five days more quickly, respectively. Metros Seeing the Largest Gains in Inventory About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Pending Home Sales Dip 1.0 Percent in February
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CoreLogic Reports February Home Prices Increased by 4 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4 percent year over year from February 2018. On a month-over-month basis, prices increased by 0.7 percent in February 2019. (January 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, after some initial moderation in early 2019, the CoreLogic HPI Forecast indicates home prices will begin to pick up and increase by 4.7 percent on a year-over-year basis from February 2019 to February 2020. On a month-over-month basis, home prices are expected to decrease by 0.5 percent from February 2019 to March 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "During the first two months of the year, home-price growth continued to decelerate," said Dr. Frank Nothaft, chief economist for CoreLogic. "This is the opposite of what we saw the last two years when price growth accelerated early. With the Federal Reserve's announcement to keep short-term interest rates where they are for the rest of the year, we expect mortgage rates to remain low and be a boost for the spring buying season. A strong buying season could lead to a pickup in home-price growth later this year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of February 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of February 2019, 27 percent of the top 100 metropolitan areas were undervalued, and 38 percent were at value. When looking at only the top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value in February 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. During the first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. In all, 62 percent of residents in high-priced markets acknowledged that housing in these markets was unaffordable, compared to only 11 percent of respondents across all markets surveyed last year. Nearly three quarters of renters (71 percent) in these high-priced markets felt their housing costs were unaffordable, compared to just 16 percent of renters across all markets last year. High-priced markets were identified as the 15 metropolitan areas with the highest median home prices. The study focused on the dynamics of housing decision making and the impact that the housing market had on the attitudes and perceptions of residents in high-priced markets. "About 40 percent of the top 50 largest metropolitan areas in the country are now categorized as overvalued and we expect that percentage to grow over the remainder of 2019. The cost of either buying or renting in expensive markets puts a significant strain on most consumers," said Frank Martell, president and CEO of CoreLogic. "Our research tells us that about 74 percent of millennials, the single largest cohort of homebuyers, now report having to cut back on other categories of spending to afford their housing costs." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1 percent at the total respondent level with a 95 percent confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Average 2019 Homebuyer Spends 3 Fewer Days Searching, Tours 1 Less Home Than Last Year
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Gen Xers' Adult Children Influence Their Buying Decisions, Younger Millennials Become Buying Force According to Realtor Report
WASHINGTON (April 1, 2019) – One in six Gen Xers purchased a multi-generational home, overtaking younger boomers as the generation most likely to do so; with 52 percent of those Gen X buyers indicating that they did so because their adult children have either moved back or never left home. This is according to the National Association of Realtors®' 2019 Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent homebuyers and sellers. The report also found that older millennials who bought a multi-generational home, at 9 percent, were most likely to do so in order to take care of aging parents (33 percent), or to spend more time with those parents (30 percent). "The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents' homes either out of necessity or an attempt to save money," says Lawrence Yun, NAR chief economist. "While these multi-generational homes may not be what a majority of Americans expect out of homeownership, this method allows younger potential buyers the opportunity to gain their financial footing and transition into homeownership. In fact, younger millennials are the most likely to move directly out of their parents' homes into homeownership, circumventing renting altogether." Millennials as a whole accounted for 37 percent of all buyers, making them the most active generation of buyers for the sixth consecutive year. 2019 is the first year the report separated younger and older millennials, accounting for 11 and 26 percent of buyers respectively. This separation was deemed necessary as younger millennials now account for a larger buying share than the silent generation (7 percent). Gen X buyers were the second largest group of buyers (24 percent), followed by younger boomers (18 percent) and older boomers (14 percent). Dividing millennials into younger and older cohorts highlights the disparities between the two age groups, and paints a picture of older millennials that is much closer to Gen Xers and younger boomers. Older millennials have a median household income of $101,200 and purchase homes with a median price of $274,000, comparable to Gen Xers ($111,100 income, $277,800 median home price) and younger boomers ($102,300, $251,100 respectively). Yun says this is to be expected as millennials continue to age and advance through various stages of their lives and careers. "Older millennials are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts." Younger millennials, meanwhile, are purchasing the least expensive homes and smallest homes ($177,000 and 1,600 square feet), meaning they face the greatest challenge in finding affordable inventory. They also report a median household income of $71,200. Downsizing to a smaller home is not currently common among any of the generations. Sellers over the age of 54 only downsize by a median of 100 to 200 square feet. Gen Xers and boomers who may have been interested in downsizing could have been hindered by a lack of smaller inventory; or may have been impeded by the increase in multi-generational living these generations are reporting to accommodate the needs of adult children and aging parents. Student loan debt remains a barrier to homeownership Older millennials and Gen Xers carry the most substantial amount of student loan debt, with a median amount of $30,000. Younger millennials rank second with a median amount of $21,000. However, younger millennials are the most likely to have student loan debt, with 47 percent indicating that they carry some amount of student loan debt, while only 42 percent of older millennials and 27 percent of Gen Xers report student loan debt. Younger and older boomers also report carrying student loan debt but a lower amount, 10 and 4 percent respectively. Younger millennials were the most likely to say saving for a down payment was the most difficult task in the home process, 26 percent. Among them, student loan debt delayed their home purchase (61 percent); however, they indicated that this particular debt only delayed them a median of two years − the shortest delay of all generations. "These buyers are the most likely to receive some or all of their down payment as a gift from family or friends, usually their parents," says Yun. "This could explain why their debt is not holding them back from homeownership as long as other generations, who are less likely to receive down payment assistance." Homebuyer household compositions shift from married couples While the majority of buyers in all age groups are married couples, single buyers and unmarried couples continue to make a mark on the real estate market. Single females accounted for 25 percent of all younger boomers and silent generation buyers. "Many of these buyers are entering the market after a divorce, which is the case for younger boomers, or the death of a spouse in the case of those in the silent generation," says Yun. While only 8 percent of buyers as a whole were unmarried couples, they accounted for 20 percent of all younger millennial homebuyers, compared to 13 percent for older millennials, 8 percent for Gen Xers, 4 percent for both younger and older boomers and 3 percent for the silent generation. A majority of buyers and sellers work with a real estate agent, regardless of age. Buyers and sellers across all age groups continue to seek the assistance of a real estate agent when buying and selling a home. At 92 percent, younger millennials were the most likely to purchase a home through a real estate agent. "Help understanding the buying process" was cited as the top benefit younger millennials said their agent provided (87 percent). Across all generations, 87 percent of all buyers purchased their home through a real estate agent. Gen Xers were the largest group of sellers, accounting for one-quarter of all sellers. They were also most likely to have wanted to sell earlier but could not because their home was worth less than their mortgage; 15 percent reported they were in this situation. Ninety-two percent of all sellers used an agent during their home selling process, with older millennials and Gen Xers most likely to have used a full-service agent who offered a broad range of services and managed most aspects of the sale. "Consumers of all ages understand that working with a Realtor® is the advantage they need to compete in this fast-moving, constantly evolving real estate market," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Buying a home is an exciting, complicated and sometimes daunting process, and Realtors® have the knowledge and expertise to guide buyers and sellers through this experience." NAR mailed a 129-question survey in July 2018 using a random sample weighted to be representative of sales on a geographic basis to 155,250 recent homebuyers. Respondents had the option to fill out the survey via hard copy or online; the online survey was available in English and Spanish. A total of 7,191 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 5.6 percent. The sample at the 95 percent confidence level has a confidence interval of plus-or-minus 1.10 percent. The recent homebuyers had to have purchased a home between July 2017 and June 2018. All information is characteristic of the 12-month period ending in June 2018 with the exception of income data, which are for 2017. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Home Shoppers Remain Optimistic but Believe a Recession is on the Horizon
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Thursday is the Best Day to List Your Home, Says Redfin
Homes listed on Thursday sell for $3,015 more than those listed on Monday and go under contract in 5 fewer days than those listed on Sunday, on average SEATTLE, March 28, 2019 -- Homes listed on Thursday tend to sell for more money and in less time than homes listed on other days of the week, according to a report from Redfin, the technology-powered real estate brokerage. Homes listed on Thursday sold for an average of $3,015 more than homes listed on Monday (the worst day to sell, by relative price advantage), according to Redfin's analysis of more than 2 million home sales across 148 metro areas that were both listed and sold in 2018. Homes listed on Wednesday did second best in terms of price advantage, selling for $2,620 on average more than homes listed on Monday. Homes listed on Thursday sold for 0.74 percent more relative to the list price than homes sold on Monday. For a home listed at $500,000, listing on a Thursday instead of Monday could mean a difference of $3,700 in the final sale price. Homes listed on Thursday sell the fastest, with the typical Thursday-listed home going under contract 5 days faster than homes listed on Sunday. Homes listed on Sunday take the longest to find a buyer. Wednesday and Friday-listed homes were second-best, with the typical home finding a buyer 4 days faster. Why does Thursday perform so well? Most homebuyers have the greatest availability to see homes for sale during the weekend. Homes listed on Thursday are fresh in buyers' minds when they are planning their weekend. "Psychologists have found that people tend to remember the last information they saw the best," said Redfin chief economist Daryl Fairweather. "If you list on a Thursday, buyers will be more likely to see your listing as a 'new home for you' right before they go out and tour over the weekend." If a seller lists on Friday it might be too late for a buyer to find time to see the home. If they list earlier in the week, newer listings that hit the market just as they're making weekend plans might grab buyers' attention instead. Thursday just hits that perfect sweet spot. From 2017 to early 2018, the market heated up significantly, with homes selling at their fastest pace on record last June (median 35 days on market) and prices up nearly 10 percent. While Thursday retained its speed and price advantage, the day of the week homes were listed mattered less in spring 2018's hotter seller's market. When homebuyer demand far outpaces the supply of homes and nearly every home sells quickly and at or above list price, factors like which day a home is listed are less important. However, the market this year is not as easy for sellers—the median time on market has shot up to 59 days as of February, bidding wars have become much more rare and home prices are up less than 1 percent. If sellers want to maximize their chances of selling quickly and for the most money, it will become more important to pay attention to the little details. To view the full report, complete with charts and methodology, please click here. About Redfin Redfin is the technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Realtors Offer Perspectives on Data Privacy to Senate Commerce Committee
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Realtor.com Launches New 'Price Perfect' Tool to Help Buyers Find Specific Homes that Match Their Needs
First solution to help people understand their buying power by adding or subtracting home features SANTA CLARA, Calif., March 27, 2019 -- Realtor.com, the Home of Home Search, today announced a new feature that equips this spring's home buyers with a deeper understanding of their buying power by providing a tool that allows them to add or subtract the cost of specific home features. Price Perfect helps home buyers to configure their ideal home, within a desired price range, in their neighborhood of choice – the first-of-its-kind in the digital real estate industry. "Our research shows 'how much can I afford' is one of the biggest pain points for home shoppers," said Brad Sivert, general manager and head of mortgage for realtor.com.® "With Price Perfect, buyers have more insight into their spending power by showing them the impact of adding or subtracting specific home features, such as an extra bedroom, bathroom or adding a garage. It empowers them to find the right home that is both affordable and has the features that are most important to them." After entering a basic search of bedrooms, bathrooms and location, buyers are able to view how much adding or subtracting specific features would impact the price of their home and adjust their search accordingly. For example, when searching for a three-bedroom, two-bathroom home in Madison, Wis., the cost of expanding the search to include another bedroom would add $62,500 and another bathroom $24,045 to the median listing price of $369,900. But subtracting a bathroom could save a buyer $10,000 and considering a condo instead of a single family home could save another $5,000 off the median listing price. Once the buyer decides on their desired features, they are shown the monthly payment for the median-priced home broken down by mortgage, property taxes and insurance. With a quick click of the "See Homes" button, they can view all the homes on realtor.com® that meet all their specific search criteria. Price Perfect assigns costs to individual home features based on an algorithm of listing prices and characteristics of homes currently on the market in a specific neighborhood. This ensures all costs reflect market conditions in real time, making these insights incredibly relevant to buyers currently in the market. Home buyers are able to access Price Perfect on realtor.com® at https://www.realtor.com/mortgage/tools/price-perfect?iid=global_nav. To access Price Perfect from the realtor.com® homepage, simply click "Mortgage" and select "Find My Buying Power." Realtor.com®'s Price Perfect feature is available on mobile web and the realtor.com® website and will be expanding to the company's iOS and Android app. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Median-Priced Homes Not Affordable for Average Wage Earners in 71 Percent of U.S. Housing Markets
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Top Real Estate Agents of 2018 Announced by Rate-My-Agent.com
(Kamloops, BC March 22, 2019) The top real estate agents for 2018 have been announced by Rate-My-Agent.com. The review site compiled and published a list of the top agents for 49 Canadian cities based on ratings and reviews received during the past year. Unlike other agent ranking sites, agents can't pay to have negative reviews removed or hidden and cannot pay to be included on the list of top-rated agents. The company says the reviews are verified through a process they wouldn't disclose in order to protect the integrity of the process. When asked if they've had agents try to cheat, a spokesperson confirmed, "Yes, there have been many attempts by agents to game the system and rankings, which is why we keep our algorithms a closely held secret." The list will be published annually based on that year's verified reviews. Agents with top rankings on the rating site report getting a lot of qualified clients from it. One REALTOR team estimated 30 percent of their yearly business came from Rate-My-Agent.com once they achieved a top 3 ranking. Rate-My-Agent.com is a rating and review website for Canadian and American markets. It's free for the general public and real estate professionals. The company pledges 50 percent of profit to worthy causes.
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Sellers Hope for a Spring Thaw as Sluggish February Real Estate Showing Activity Continues Seven-Month Decline Foretelling a Buyer's Market
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Existing-Home Sales Surge 11.8 Percent in February
WASHINGTON (March 22, 2019) – Existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015, according to the National Association of Realtors®. Three of the four major U.S. regions saw sales gains, while the Northeast remained unchanged from last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, shot up 11.8 percent from January to a seasonally adjusted annual rate of 5.51 million in February. However, sales are down 1.8 percent from a year ago (5.61 million in February 2018). Lawrence Yun, NAR's chief economist, credited a number of aspects to the jump in February sales. "A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound." The median existing-home price for all housing types in February was $249,500, up 3.6 percent from February 2018 ($240,800). February's price increase marks the 84th straight month of year-over-year gains. Total housing inventory at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year ago. Unsold inventory is at a 3.5-month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018. "It is very welcoming to see more inventory showing up in the market," says Yun. "Consumer foot traffic consequently is rising as measured by the opening rate of SentriLock key boxes." NAR's SentriLock data, for key access to unlock a home, was measurably higher in January and February compared to the second half of 2018. Properties remained on the market for an average of 44 days in February, down from 49 days in January but up from 37 days a year ago. Forty-one percent of homes sold in February were on the market for less than a month. Yun, who has called for more inventory over the course of 2018, says the market would benefit greatly in 2019 with additional new housing. "For sustained growth, significant construction of moderately priced-homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains." A typical homeowner accumulated an estimated $8,700 in housing equity over the past 12 months and $21,300 over the past 24 months. Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in January were Midland, Texas; Chico, California; Colorado Springs, Colorado; Spokane-Spokane Valley, Washington; and San Francisco-Oakland-Hayward, California. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.37 percent in February from 4.46 percent in January. The average commitment rate across all of 2018 was 4.54 percent. "We're very happy to see homebuyers returning to the market, as the beginning of Spring represents a prime time to purchase a new home," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Potential buyers and sellers should seek out a local Realtor to stay abreast of the market and take advantage of the various housing benefits that are currently being extended during housing transactions." First-time buyers were responsible for 32 percent of sales in February, up from last month and a year ago (both 29 percent). NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33 percent. All-cash sales accounted for 23 percent of transactions in February, equal to January's percentage, but marginally down from a year ago (24 percent). Individual investors, who account for many cash sales, purchased 16 percent of homes in February, identical to January's 16 percent, but a tick up from a year ago (15 percent). Distressed sales – foreclosures and short sales – represented 4 percent of sales in February, equal to both the 4 percent represented in January and at this time a year ago. One percent of February sales were short sales. Single-family and Condo/Co-op Sales Single-family home sales sit at a seasonally adjusted annual rate of 4.94 million in February, up from 4.36 million in January and down 1.4 percent from 5.01 million a year ago. The median existing single-family home price was $251,400 in February, up 3.6 percent from February 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 570,000 units in February, unchanged from last month and down 5.0 percent from a year ago. The median existing condo price was $233,300 in February, which is up 3.1 percent from a year ago. Regional Breakdown February existing-home sales numbers in the Northeast were identical to last month. The annual rate of 690,000 is 1.5 percent above a year ago. The median price in the Northeast was $272,900, which is up 3.8 percent from February 2018. In the Midwest, existing-home sales rose 9.5 percent from last month to an annual rate of 1.27 million, roughly even to February 2018 levels. The median price in the Midwest was $188,800, which is up 5.4 percent from last year. Existing-home sales in the South grew 14.9 percent to an annual rate of 2.39 million in February, down 0.4 percent from last year. The median price in the South was $219,300, up 2.5 percent from a year ago. Existing-home sales in the West rocketed 16.0 percent to an annual rate of 1.16 million in February, 7.9 percent below a year ago. The median price in the West was $379,300, up 3.0 percent from February 2018. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Spring Home Shoppers No.1 Competitor: Their Budget
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Vast Majority Think 2019 First Quarter is Good Time to Buy Home, says Realtor Survey
WASHINGTON (March 20, 2019) – New findings from a National Association of Realtors® survey show that more Americans believe that now is a good time to purchase a home. Consumer opinions about home buying bounced back in the first quarter of 2019, with 37 percent stating that they strongly believe now is a good time to buy, up from 34 percent in the last quarter of 2018 but down from 38 percent one year ago. Only 35 percent of respondents said that now is not a good time to buy a home, compared to 37 percent in 2018's fourth quarter. NAR's first quarter Housing Opportunities and Market Experience (HOME) survey also found that a majority of those polled, 53 percent, said that the economy is improving – down slightly from 59 percent at the end of last year. In 2019, optimism is the greatest among those who earn $100,000 or more and those who reside in rural areas. Fifty percent of Generation X said the economy is improving, while 42 percent of urban area residents reported the same. NAR's chief economist Lawrence Yun says several factors are helping to improve the attitudes of potential homebuyers. "First, inventory has been rising, so those buyers interested in making a purchase will not be limited in choices. Additionally, more stable home price trends are leading to more foot traffic at various open house gatherings." Quarter four of 2018 broke the trend for respondents who thought home prices had been steadily increasing over the last 12 months. The first quarter of 2019 followed that trend, as 61 percent of respondents said they think home prices in their communities have increased over the last 12 months; a drop from 63 percent in 2018's fourth quarter. Thirty-one percent said prices within their community had remained the same, unchanged from a year ago. This quarter's survey asked respondents to look ahead regarding local housing prices in the near future. Forty-three percent said they expect prices in their communities to stay the same over the next six months, up 2 percent from last quarter. However, 47 percent believe prices will rise in the coming six months, while 10 percent believe prices will drop in the next six months. Those who live in the Northeast and South, those who earn $50,000 to $100,000, or those who rent are most likely to believe prices will increase in their communities. Yun says the West is experiencing the most variation in expectations surrounding home prices. "A high percentage of the Western population believes that prices increased in the past year, while – possibly for the same reason – a higher segment from the West compared to other regions say prices could fall in the next 12 months," Yun said. "As to the broader economy, the perception is weaker and showing cracks in the Midwest." Amid those polled who do not presently own a home, 27 percent believe it would be very difficult to qualify for a mortgage given their current financial situation; 28 percent said it would be somewhat difficult to qualify. Twenty-four percent of that group said they expect no difficulty at all in qualifying for a mortgage; up significantly from 21 percent last quarter and 19 percent this time last year. Nonetheless, Yun notes that mortgage affordability in 2019's first quarter has been more favorable for would-be homebuyers than it has been in recent quarters. "The Federal Reserve's decision to refrain from any foreseeable rate hikes was beneficial to potential buyers," Yun said. "That move directly contributed to mortgage rates declining in quarter one, which provided a second-chance opportunity to those looking to buy who were priced out last quarter." About NAR's HOME Survey From January through March, a sample of U.S. households was surveyed via a random-digit dial, including a mix of cell phones and landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,710 household responses. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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zavvie Launches First National iBuyer Instant Offer Comparison Tool
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OJO Labs Raises $45 Million in Series C Funding to Accelerate Product Development and Fuel Expansion
Powerful technology offers the best home buying, selling experience for millions of consumers AUSTIN, Texas, March 19, 2019 -- OJO Labs, which empowers consumers to make better decisions by providing the AI-based personal assistant "OJO," has raised $45 million in Series C funding to accelerate its development and market expansion. The company will further increase its market-leading position with significant hiring in its data science, engineering, product and design teams. The round is funded by a group of participants deeply committed to both consumers and real estate industry professionals, including LiveOak Venture Partners, Realogy Holdings Corporation, Royal Bank of Canada and Northwestern Mutual Future Ventures. OJO is a leading-edge virtual assistant that engages home buyers and sellers through natural conversations using mobile messaging and innovative web experiences that reimagine the home search and transaction experience. OJO Labs noted the new financing was made possible due to massive traction the company has been gaining with both consumers and partners. Its product has been live in 12 U.S. markets and Toronto, Canada, and is now being rolled out at a large scale nationwide. "We have utilized a unique combination of AI technology and human operations to solve some very hard technical challenges," said John Berkowitz, CEO of OJO Labs. "Our early investments and willingness to be first to market with this type of product gave us a significant head start in building our now-patented technology. We have been incorporating valuable learnings into our product. Doubling down on our investments now will further accelerate our competitive edge and, more importantly, will enable us to deliver a truly incredible experience for millions of consumers." OJO is the only AI-based digital assistant that can understand a home buyer's or seller's needs, preferences and goals, giving it the ability to create a personalized experience during the entire process. Partnering with real estate agents and brokerages, OJO is available for consumers 24/7 to help with listing information, home discovery, neighborhood selection, budget or financing guidance, and education surrounding one of the largest purchases consumers make. When consumers are ready, OJO matches them with highly qualified agents who can best serve their needs. By providing both parties with a foundation of information through a warm hand off, OJO helps to establish trust between the agent and the consumer from the start. OJO's ability to engage consumers with a conversational interface in tandem with rich visual experiences powered by photo-recognition technology, data analytics and personalized insights makes it the most relevant and engaging home shopping platform available. Behind the scenes, OJO is supported by an extensive network of industry experts who supplement the platform's data with knowledge. Continuous data training improves the OJO platform to be smarter and more effective with every interaction. This patented combination of machine learning and human interaction is unlike any other industry technology. According to Berkowitz, the firm's revenue is ramping up fast. They are quickly expanding teams in each of their three offices - Austin, where OJO Labs is based; Minneapolis-St. Paul, where last fall, OJO Labs joined forces with leading real estate data services provider WolfNet; and St Lucia, where they operate their AI training and customer service teams. OJO Labs and WolfNet expect to add more than 50 new jobs in the two U.S. markets in the coming months. OJO Labs Executive Vice President of Engineering Qingqing Ouyang says she is looking to rapidly grow their data science, engineering, product and design operations. "We're hiring exceptional individuals who are energized by collaborating with talented peers, motivated by solving hard technical challenges and committed to providing the best experience for our customers," said Ouyang. "This is an exciting time for the OJO team. We are wholeheartedly embracing the challenges of using AI to help our customers to make one of the most important decisions of their lives." About OJO Labs Inc. OJO Labs is on a mission to empower people to make better decisions through the fusion of machine and human intelligence. The company's unique, patented AI technology products can conduct text conversations with consumers at scale. By combining natural language understanding with data and personalization, the products allow consumers to deeply engage in a purchase process before interacting with a salesperson. OJO Labs is backed by the two most active VC firms in Texas, leaders in real estate and financing industries, as well as key industry executives. OJO Labs has been recognized as a Best Places to Work in Austin by the Austin Business Journal, an Austin A-List and 50 On Fire winner, recognized in Comparably's 2018 Best Company Culture Awards, named a Built In Austin 2019 Best Company to Work For and is a 2019 Artificial Intelligence Excellence Awards recipient. The OJO team has decades of combined success scaling businesses and deep experience in data science, engineering, product marketing and operations.
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More Than 80 Percent of Realtors Say Staged Houses Help Buyers Visualize Them as Homes
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LionDesk launches innovative AI technology, Lead Assist, ahead of refreshed platform
Nicknamed “Gabby,” the LionDesk Lead Assist feature will automatically engage with new leads to increase speed to lead while agents focus on revenue-producing activities Carlsbad, March 14, 2019 -- LionDesk, the leading Real Estate CRM platform that helps sales professionals connect, communicate and close leads faster, is proud to announce Lead Assist, an automated lead conversion assistant. Nicknamed, "Gabby," Lead Assist will qualify incoming leads with the goal of booking appointments, while agents focus on current business activities. Closely mimicking true artificial intelligence, Gabby will engage with incoming leads and existing clients via text message to further determine lead quality and speed response to general customer needs with the ultimate goal of qualifying the lead for the agent. Built into its highly conversational discourse is the ability to recognize terms such as "divorce" or "just married" as they relate to reasons why homeowners often need to buy or sell. Gabby probes for specific reasons for contact, such as timelines for buying and selling, financial qualifications, price ranges, and locations. "Giving LionDesk users the ability to turn on Lead Assist to qualify incoming leads will increase their conversion, and more importantly give them more time to spend on important life moments and highest revenue producing activities," said David Anderson, Founder and CEO of LionDesk. LionDesk bases much of its product innovations on the power of "follow-up," that is, helping agents stay in touch with people during the decision-making process, whether that decision is who to work with or what to buy. Thus, Lead Assist maintains an outreach effort for 90 days, ensuring at least 15 touches after initial engagement. LionDesk worked closely to develop Lead Assist with Structurely, a provider of automated chat and follow-up technologies for the real estate industry. The product is now available to add by all existing LionDesk customers. "This is the next step in many new product innovations coming out in 2019 from LionDesk," Anderson said. LionDesk is preparing to launch a comprehensively updated version of its product. Learn more about Lead Assist here: LionDesk.com/lead-assist About LionDesk LionDesk is a customer relationship management system (CRM) that makes it easy and affordable for sales professionals to connect, communicate with, and close more leads using leveraging todays’ most sophisticated technlogy. Most popular features include video email and texting, automated lead follow up, task reminders and database segmentation. LionDesk is an open API platform that integrates with 100s of the best business building and management tools so professionals can run their operation from one system. For more information visit www.liondesk.com.
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Attention Sellers: The First Week of April Is the Best Time to List a Home
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ReferralExchange Brings Expert Real Estate Agent Matching and Referral Service to Canada
Company launches the first of its agent success services in Toronto, Vancouver, and Calgary ahead of a nationwide expansion SAN FRANCISCO--ReferralExchange, the leader in real estate referrals, has expanded the company's popular agent-matching service to Canada, beginning in Vancouver, Calgary, and Toronto. In the United States, ReferralExchange is known as one of the most trusted sources of referrals and lead-gen management to experienced real estate agents. "We are very excited to be entering the Canadian market," said Scott Olsen, CEO of ReferralExchange. "By combining our matching algorithms with a seasoned and licensed outreach team, we have connected agents and clients around the United States. We've been asked by many agents to bring our service to Canada. We know it will be a real benefit to consumers searching for a trusted agent." The Greater Toronto Area, Calgary, and Vancouver markets have seen record prices and sales during the past several years. Activity in these markets has remained strong and although sales were down in 2018, the Canadian Real Estate Association reported that sales were up by 3.6 percent in January 2019, making this an ideal time for ReferralExchange to enter the marketplace. The first referred sale took place in Mississauga, Ontario in the greater Toronto area. Through the website TopAgentsRanked.ca, consumers can easily share what they are looking for and what location they are looking in, and then be matched with agents who fit their specific needs. Each agent in the network has been personally selected for their skill level and experience. ReferralExchange matches over 200,000 leads a year and completes over three million calls. By devoting time and care to each individual inquiry, ReferralExchange is able to present agents with verified prospects. Agents looking to be part of ReferralExchange's Canadian network should email [email protected] to apply. About ReferralExchange ReferralExchange, the nation's top real estate referral and lead-gen management company, is dedicated to creating great real estate experiences between real estate professionals and customers. Founded in 2005, ReferralExchange has built an invite-only network of over 25,000 top-performing Realtors. In 2018, the network created nearly 250,000 agent-to-consumer matches. Learn more at www.referralexchange.com.
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Redfin Determines the Value of a Swimming Pool in 20 Major U.S. Metros
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IXACT Contact: The Best Replacement For Contactually
You may have heard of a recent announcement in real estate news; Compass acquired real estate CRM provider Contactually. This acquisition is raising a lot of red flags with existing Contactually users who are worried about data privacy, the rate of Compass' technology development, and the potential conflicts of using a CRM owned by a rival company. Inman reports that Contactually users may not have access to marketing tools as well as access to their data. Users also worry about "Contactually innovations going to Compass products, leaving Contactually users behind." Worse still, Contactually has not guaranteed existing brokerage contracts beyond the end of the year, leaving brokerages with very little time to find, select, and implement a Contactually alternative. With a primary competitor now taking the reins, Contactually's existing clients are growing wary of the fact that their CRM tool may no longer be as easily accessible. Compass may even attempt to recruit agents away from other brokerages using their newly acquired CRM as a source of agent data and leverage. IXACT Contact to the Rescue IXACT Contact is the best replacement for Contactually. IXACT Contact helps agents keep in touch with their Sphere and build relationships just as effectively as Contactually, while offering far more in the way of marketing automation and content. And we typically charge a lot less at both the agent and brokerage levels. IXACT Contact is a 'next generation' real estate CRM that is truly intuitive and easy to use, while offering a much broader range of real estate functionality and marketing automation. IXACT Contact includes these stand-out features you won't find in Contactually: A powerful 'no limits' email marketing platform that includes Campaign Reporting. A professionally designed and written monthly e-Newsletter that's fully automated. A wide range of automated lead nurture campaigns and templates. The ability to manage all your Active Business. Goal setting and performance tracking. A customizable dashboard that makes it easy to manage all aspects of your business. Automated social media marketing and professional agent websites. A unique Setup Wizard and Concierge service to get you up and running right away. IXACT Contact's mission is quite simply to provide THE best real estate CRM that helps you grow your business while being better organized, getting more done in less time, and feeling more confident and excited about your business than ever before! For brokerages, the search for the best Contactually replacement is particularly urgent. IXACT Contact is the strategic CRM partner for hundreds of brokerages across North America, and we have no intention of selling to your competition – ever. BROKERS: Take back control! Let's talk about how IXACT Contact can help your brokerage move off Contactually ASAP. 1.866.665.0018 or [email protected] AGENTS: Give us a try...start your FREE 5 week trial of IXACT Contact now. To view the original post, visit the IXACT Contact blog.
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National Association of Realtors Builds Marketing and Creative Capabilities
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in December 2018, representing a 1.2 percentage point decline in the overall delinquency rate compared with December 2017, when it was 5.3 percent. As of December 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from December 2017. The December 2018 foreclosure inventory rate tied the November 2018 rate as the lowest for any month since at least January 2000. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2 percent in December 2018, down from 2.4 percent in December 2017. The share of mortgages that were 60 to 89 days past due in December 2018 was 0.7 percent, down from 0.8 percent in December 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in December 2018, down from 2.1 percent in December 2017. The serious delinquency rate has been steady at 1.5 percent since August 2018 – the lowest level for any month since March 2007 when it was also 1.5 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9 percent in December 2018, down from 1.2 percent in December 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Our latest home equity report found that the average homeowner saw a $9,700 increase in their equity during 2018," said Dr. Frank Nothaft, chief economist for CoreLogic. "With additional 'skin in the game,' rising equity reduces the chances of a foreclosure, helping to push the foreclosure rate down to its lowest level since at least 2000." Since the beginning of 2018, the nation's overall delinquency rate has fallen to pre-housing crisis levels, not seen since early 2006. However, several metropolitan areas in Florida, Georgia and North Carolina are still struggling to recover from natural disasters that impacted those areas. In December 2018, 10 out of the 12 metropolitan areas that logged increases in their serious delinquency rate were located in the Southeast, with the largest gains occurring in the Panama City, Florida metropolitan area. "On a national basis, income and home-price growth continue to support strong loan performance," said Frank Martell, president and CEO of CoreLogic. "Although things look good across most of the nation, areas that were impacted by hurricanes and other natural hazards are experiencing a sharp increase in the numbers of mortgages moving into 60-day delinquency or worse. One specific example is Panama City, Florida, which was devastated by Hurricane Michael, where 60-day delinquencies rose to 3.5 percent in December." The next CoreLogic Loan Performance Insights Report will be released on April 9, 2019, featuring data for January 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Redfin Unveils the Best U.S. Cities for Public Transit in 2019
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NEW: Bring Your Listing to Life with Homesnap Stories
Homesnap is excited to announce our newest feature: Homesnap Stories! With Homesnap Stories, you can add unique, engaging marketing content right to your active listings through the Homesnap Pro app. Think of all the selling points about a home that are tough to get across in a photo. Now, you can take your own photos and videos and add them directly to your Homesnap listing. Add text, emojis, and even use augmented reality to create one-of-a-kind marketing content that you can also share on Facebook and Instagram. Record a voice-over or add music to personalize your Stories even more. We want agents to have an easy, engaging way to create marketing content (especially video) on their own, and that's the benefit of Homesnap Stories. Here's how you can add one to your listing: 1. Find the "Add Story" button near the top of any of your active listings. 2. Upload a photo from your phone, or take a new photo/video in real time. Swing by the property once it's on the market to add your Story, and add more content ahead of an open house to get potential buyers excited about visiting. Your Stories will stay on the listing until it's off the market. 3. Add text to make your photo or video pop. A few ideas: the name of the neighborhood, the time of your next open house, or a feature you want to highlight. 4. Add emojis or real estate stickers to call out important selling points We have a custom set of real estate-themed stickers — in addition to traditional emojis — so you can easily call out big selling points. New roof? Walk-in closet? Call 'em out in a fun way with our emoji stickers! 5. Add 3D effects with augmented reality mode Get really creative by adding personalized 3D effects — like a for-sale or open house sign — that become virtual objects in your Story! 6. Add voice-over or music You can record a voice-over if you want to explain specific features, or choose from our music library. The voice-over feature is a great opportunity to showcase your expertise on camera. If you don't want either, no worries — skip ahead! 7. Post that Story! When your Story is complete, hit the button to post and it'll appear right on your listing. If you want to share it on your own Facebook or Instagram Stories page, you can easily do that as well. After your Story is published, you can also see when your branded clients and connected agents have viewed your Story. It's a great way to follow up with clients who might be interested in your listing. Want a deeper dive into how to make Homesnap Stories and why every agent should be marketing their listings with them? Click here to sign up for our FREE webinar! Currently, Homesnap Stories is available on web and iOS — Android users will be able to add stories through their devices soon! To view the original post, visit the Homesnap blog.
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U.S. Home Flipping Returns Drop to Seven-Year Low in 2018
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CoreLogic Reports January Home Prices Increased by 4.4 Percent Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for January 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 4.4 percent year over year from January 2018. On a month-over-month basis, prices increased by 0.1 percent in January 2019. (December 2018 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Looking ahead, the CoreLogic HPI Forecast indicates that the 2019 annual average home price will increase 3.4 percent above the 2018 annual average. On a month-over-month basis, home prices are expected to decrease by 0.9 percent from January 2019 to February 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "The spike in mortgage interest rates last fall chilled buyer activity and led to a slowdown in home sales and price growth," said Dr. Frank Nothaft, chief economist for CoreLogic. "Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago. With interest rates at this level, we expect a solid home-buying season this spring." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of January 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of January 2019, 27 percent of the top 100 metropolitan areas were undervalued, and 38 percent were at value. When looking at only the top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value in January 2019. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. "The slowing growth in home prices was inevitable in many respects as buyers pull back in the face of higher borrowing and ownership costs," said Frank Martell, president and CEO of CoreLogic. "As we head into 2019, we can expect continued strong employment growth and rising incomes which could support a reacceleration in home-price appreciation later this year." About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Tech Glitch? Why It's Not the Time for DIY
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How 3D Tours Help Sell Properties for Even More
When real estate agents sell homes, their clients are relying on them to get the best possible price. Real estate marketing and skilled real estate photography can help you stand out, but you can't invest too much time in one property without sacrificing your bottom line. Now, there's a tool that allows you to sell homes for more money: 3D virtual tours like iGUIDE. iGUIDE is proven to sell homes for more money. It creates virtual 3D home tours that immerse potential home buyers in the property. The tour also communicates other pertinent information about the home that helps buyer assess it quickly, such as a floor plan and measurements. Perhaps the most impressive part of the tour is the experience. Through it, viewers get a real feel for the home and understand what it would be like to step inside. This experience often leads to an emotional attachment to the home which, in turn, means faster and higher offers. Agents that offer iGUIDE Help Sellers Get More A recent 2018 study assessed the iGUIDE's performance. Researchers surveyed 9,079 homes placed for sale in Waterloo Region, in Ontario, Canada. The study found that homes advertised with only still photos sold, on average, slightly above list price. Homes with iGUIDE's 360° virtual tour sold for 1.3 percent more than the list price. This 1.3 percent increase is substantial. The average home in the survey was $500,000. It would fetch, on average, $7,500 more with an iGUIDE virtual tour than if it had been marketed with only photos. The benefits only increase in higher priced markets. A million dollar home will sell for a whopping $13,000 more, on average, when marketed with iGUIDE. Homeowners will easily see the benefit from an increased sale price, winning you more listings. Selling your client's homes for more makes your business more robust overall. A real estate agent who can consistently make homeowners thousands more on their homes will quickly develop a reputation for success. You can use the iGUIDE and its 360° virtual tours to maximize your value to your clients and strengthen your business. Increasingly, real estate agents recognize the power of virtual tours in real estate marketing. There are now many 3D virtual tour options available to you. If you're investing in a virtual tour, choose the one that performs the best. Homes with iGUIDE sell for more than even homes with other virtual tours. In fact, the same study found that homes with iGUIDE sold for 0.6 percent more of list price than homes with other virtual tours and videos. Real estate marketing is competitive. It's tough to stay modern and to make your listings stand out from the crowd. The iGUIDE is the single most powerful marketing tool you can use to do both and to sell your homes for more. Brought to you by Sara Penny, Communications and Marketing Manager at Planitar Inc., the makers of iGUIDE, and the iGUIDE® Team. Follow the link for more information on how iGUIDE 3D Virtual Tours can help you save time and connect more with your clients.
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Showcase IDX Launches Lucrative Agent Affiliate Program
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Pending Home Sales Jump 4.6 Percent in January
WASHINGTON (February 27, 2019) – Pending home sales rebounded strongly in January, according to the National Association of Realtors®. All four major regions saw growth last month, including the largest surge in the South. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.6 percent to 103.2 in January, up from 98.7 in December. Year-over-year contract signings, however, declined 2.3 percent, making this the thirteenth straight month of annual decreases. Lawrence Yun, NAR chief economist, had expected an increase in January home sales. "A change in Federal Reserve policy and the reopening of the government were very beneficial to the market," he said. Of the four major regions, three areas experienced a decline compared to one year ago, while the Northeast enjoyed a slight growth spurt. Yun also said higher rates discouraged many would-be buyers in 2018. "Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers." Additionally, Yun noted year-over-year increases in active listings from data at realtor.com® to illustrate the potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Diego-Carlsbad, Calif., Los Angeles-Long Beach-Anaheim, and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in January compared to a year ago. Yun says positive pending home sales figures in January will likely continue. "Income is rising faster than home prices in many areas and mortgage rates look to remain steady. Furthermore, job creation will help lift home buying." January Pending Home Sales Regional Breakdown In 2019, Yun forecasts for existing-home sales to be around 5.28 million – down 1.1 percent from 2018 (5.34 million). The national median existing-home price this year is expected to increase around 2.2 percent. In 2018, existing sales declined 3.1 percent and prices rose 4.9 percent. The PHSI in the Northeast rose 1.6 percent to 94.0 in January, and is now 7.6 percent above a year ago. In the Midwest, the index rose 2.8 percent to 100.2 in January, 0.3 percent lower than January 2018. Pending home sales in the South jumped 8.9 percent to an index of 119.8 in January, which is 3.1 percent lower than this time last year. The index in the West increased 0.3 percent in January to 87.3 and fell 10.1 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Inventory Growth Points to Cooler Spring Market
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January's 9% Drop in Real Estate Showing Activity Marks 6th Consecutive Month of Year-Over-Year Declines
Sluggishness portends slower spring showing and sales activity in key markets across U.S. Feb. 21, 2019 – If January is any indication, home sellers are bracing themselves for a tenuous start to 2019, as the first month of the year saw a nine percent drop across the U.S. in year-over-year residential showing activity, according to data from the ShowingTime Showing Index®. In a notable contrast to January 2018, when the 12-month average year-over-year increase in showing traffic nationwide was 7.7 percent, January 2019 saw the 12-month average decline to almost one percent. The decrease in showing activity has been felt throughout the country but most noticeably in the West Region, which experienced an 18.8 percent year-over-year drop last month. The Midwest Region recorded a year-over-year decline of 12.4 percent in January, with the South Region not far behind with a year-over-year drop of 11.5 percent. The Northeast Region saw a more modest drop of 2.4 percent in January. "Showing traffic continues to subside from last year's impressive heights," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "In January, we did not see an influx of home shoppers to reverse year-over-year declines in showings, which suggests that we may see slower traffic this spring compared to last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released during the third week every month, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Introducing Secrets to Success Using Market Analytics
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Marketing and Innovation Executive Joins Showcase IDX as Chief Marketing Officer
Kurt Uhlir Joins Showcase IDX to Help Fuel Rapid Growth and Drive Innovation Atlanta, GA -- Showcase IDX, the leading real estate search and consumer engagement platform, has tapped Kurt Uhlir as its new Chief Marketing Officer (CMO). Based in Atlanta, Uhlir will lead all brand, marketing, strategy, and communication programs aimed to help Showcase IDX achieve accelerated growth, secure new partnerships, and drive innovation. With more than fifteen years of experience with high-growth technology companies, Uhlir served most recently as Managing Partner with Ethereal Innovations, a boutique marketing agency responsible for leading marketing for numerous high-growth B2B technology companies over the past five years. He previously served as CEO and co-founder at Sideqik, one of the first influencer marketing platforms, and as the COO for The Made in America Movement, which represents 20,000 American-based companies. Earlier in his career, Uhlir was on the front lines at HERE where they formed the location-based and spatial data industries that we know today. "It's clear that Kurt is a master of his craft and has a proven track record growing and driving marketing performance for some of the fastest growing companies around," said Scott Lockhart, CEO at Showcase IDX. "His experience working with high-growth SaaS businesses is a strategic fit for Showcase IDX as we continue to help the 1.3 million real estate professionals in the United States. And as an experienced CMO, he is intimately familiar with the challenges that real estate agents and marketers face to deliver digital experiences that meet ever-rising customer expectations." "It is an honor to join an innovative company like Showcase IDX, especially given their market, customer, and partner focus as well as an inspiring company culture," said Kurt Uhlir, CMO at Showcase IDX. "I look forward to continuing Showcase IDX's momentum of building loyalty with our existing customers and engaging with new customers for future growth." Uhlir believes real estate agents and brokers need to change the narrative and improve how they share their unique value proposition in order to be more successful, considering the experience many buyers and sellers expect when working with an agent. He believes agents, teams, and brokers must be able to deliver exceptional experiences through their websites that position them as local experts that can help solve customer challenges when buying or selling a home. "Our purpose is to activate the authentic storyteller in all of us," adds Uhlir. "The best agents rely more on human connection than automation. More on teaching and serving than technology. At the same time, technology plays a more valuable role than ever in assisting great real estate agents to engage and builder stronger relationships with even more customers and with less effort than ever before. I'm excited about being a part of a leadership team and company that's doing this better than anyone else in the market today." Showcase IDX raised a round of investment from a private equity source in October of last year, after having been self-funded and growing through increasing revenues for over 12 years. They have relocated to an expanded office in Atlanta's Inman Park neighborhood. About Showcase IDX Showcase IDX is the leading real estate search and consumer engagement platform, helping agents, teams and brokers generate leads, improve their websites, and stand out. The cloud-based offering integrates with residential property listings and numerous local data sources from around the country to give real estate professionals the tools they need to drive more traffic, conversions, and revenue.
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Existing-Home Sales Drop 1.2 Percent in January
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National Association of Realtors Unveils "That's Who We R," a Campaign to Distinguish Realtors from Other Real Estate Agents
Content seeks to educate consumers on the value of a Realtor®, who abides by a Code of Ethics, practices advocacy and is backed by the nation’s largest trade association. WASHINGTON (February 25, 2019) – While many people know that a Realtor® helps buy and sell homes, what they may not know is that only a Realtor® is a member of the National Association of Realtors® and subscribes to its Code of Ethics. It's the Realtor® Code of Ethics that inspired the association's powerful new "That's Who We R®" campaign, which launched today. The campaign aims to reinforce the value of Realtors® as advocates for property owners, engaged community members and trusted advisors with in-depth knowledge of the industry. "Our story is a century in the making as we began to set NAR members apart from the rest by establishing a Code of Ethics in 1913. This code is as relevant now as it was one hundred years ago; it's our pledge of honesty, integrity, professionalism and community service as a true partner for buying or selling a home, or property," said John Smaby, 2019 President, NAR. "'That's Who We R®' reinforces that partnering with a Realtor®, delivers the peace of mind that can only come from working with a real person who is committed to their clients' futures and neighborhoods just as much as they are." "That's Who We R®" serves as a reminder of what NAR has always stood for, while signaling where the organization is heading. For Realtors®, the campaign is a rallying cry that instills pride in their everyday actions. For consumers, it's an education about the Realtor® difference. The integrated marketing campaign from Havas features a cinematic world inspired by the Realtor® mark that serves as a beacon throughout. Everything from the larger than life "R" at the beginning, to the angles and geometry used as transitional elements and across the numerous sets was inspired by the mark that sets Realtors® apart. The agency partnered with Director X, known for his visually distinctive style, to create something distinct and modern. "That's Who We R®" features compelling stories about humans helping humans find homes and property, build communities and turn business dreams into realities. "Our society has created trusted symbols from 'Verified' Instagram accounts to the Good Housekeeping Seal," said Karen Goodman, Group Creative Director at Havas Chicago. "As we dug into this brand, we knew Realtors® were the real deal and needed to find a way to telegraph that to everyone. We needed to turn the 'R' into the trusted symbol you should look for when buying and selling property." The campaign content will be brought to life through strategic partnerships reflecting the modern ways in which our target audience consumes media, including linear and online video, streaming and terrestrial audio, social media, branded partnerships with multi-channel content makers such as VICE, Apartment Therapy, The Atlantic, HULU and more. The :30 "That's Who We R®" TV spot can be viewed below, and more information about NAR is available at www.nar.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. Havas Creative, North America is a progressive creative agency network focused on being the most meaningful partner to the modern CMO. It offers a comprehensive mix of capabilities within three distinct networks; Havas, Arnold and The Annex, including creative, experience design, cognitive, data and technology as well as unique access to other Vivendi-owned properties. With agencies in NY, Chicago, Boston, Los Angeles, Atlanta and others, Havas North America brings nearly 2,700 of the most talented people in the business. As the most modern, flexible and agile network in the North America, Havas reinforces the following five key pillars in everything it does: creativity, culture, community, consumer experience and commerce. We are creators. We are data. We are social. We are ideas. For more information, visit havas.com. Havas Media North America drives meaningful connections between brands and people to deliver growth via award-winning marketing solutions. Fully integrated specialty units empower big agency resources while maintaining a bespoke, client-focused approach. Havas Media employs the "Havas Village" model, which unites all disciplines together under one roof: media, performance, analytics, digital, mobile, social, experiential, strategy, and creative. Named MediaPost's 2017 Media Agency of the Year and Adweek's 2016 U.S. Media Agency of the Year, Havas Media North America is a proud member of Havas Group, which operates in over 140 countries. Find us online at www.havasmedia.com.
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VHT Studios Introduces Industry-Changing Professional Photography Suite to Provide More Flexibility for Realtors
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National Association of Realtors Announces New Technology Team Leader
WASHINGTON (February 21, 2019) – The National Association of Realtors® announced today that Glenn Shimkus has been named vice president of strategy & innovation, effective immediately. Shimkus will work to establish a new strategy & innovation group, which will be housed within the strategic business, innovation & technology group (SBIT), launched last year to drive industry innovation and benefits to NAR members. Shimkus will report to Mark Birschbach, senior vice president of SBIT. "Glenn has been heavily involved in the technology, real estate and investor communities for a large part of his career, and we are excited to put his knowledge to work for NAR," said Bob Goldberg, CEO of NAR. "Glenn's addition to SBIT will help push technological innovation that is beneficial to NAR members and the real estate industry." Shimkus's strategy & innovation group will help to build and lead two teams announced at the end of 2018: the emerging technology team and strategy team. The emerging technology team will identify and evaluate emerging technologies and their potential impact on real estate. It will also identify opportunities to partner and build relationships with other organizations, companies and institutions researching and developing new technologies. The strategy team will be closely aligned with the emerging technology team and work on strategic projects involving NAR's investment companies and large technology players. "As a long-time technology enthusiast and entrepreneur, I look forward to positioning NAR to foster innovative technology growth," said Shimkus. "Our focus on building key relationships with emerging technology partners, academic and government researchers and private technology corporations will allow us to drive innovation in the real estate industry and keep our members at the forefront of technological change." Shimkus will be instrumental in launching NAR's forthcoming strategic think tank, a network of world class business leaders and innovators from inside and outside of real estate. The think tank is a key component of the strategic vision Goldberg set for NAR when he was named CEO in 2017; it will provide insights to keep NAR at the forefront of emerging technologies and business trends that will guide the association into the future. Shimkus will also build on the success of NAR's 2018 inaugural Innovation, Opportunity and Investment (iOi) Summit when it returns later this summer. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Millennials Now Taking on More Mortgages than Any Other Generation
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Second Century Ventures Launches REach Commercial Accelerator
WASHINGTON (February 19, 2019) — Second Century Ventures, the National Association of Realtors®' strategic investment arm, has launched REach® Commercial, its first commercial real estate technology accelerator. Applications for the 2019 REach® Commercial class will be accepted through March 31, 2019, at narreach.com/apply. "Expanding the REach® accelerator program will further NAR’s vision outlined last summer at the iOi conference in San Francisco, creating a dynamic, competitive real estate market that will help NAR advance our members-first mission for years to come," said Bob Goldberg, CEO of the National Association of Realtors®, and President of Second Century Ventures. "REach® Commercial will continue to leverage an exceptional network of real estate industry professionals, strategic partners, investors, and mentors to increase the depth of the commercial real estate field." With the foundation of the REach® Accelerator curriculum, which has graduated 48 companies that have collectively raised over $350M in financing during or after program acceptance, and the recent acquisition of select Elmspring accelerator assets, REach® Commercial will offer its 2019 class unparalleled access to the commercial real estate industry. Co-founded by Elmdale Partners' Adam Freeman and Tom Bretz, the Elmspring accelerator was uniquely incepted to drive innovative concepts in housing, smart home automation, multifamily, hospitality, space arbitrage, smart office planning, construction and more. "Venture capital is flowing into real estate technology at an exponential rate, driving innovation in every corner of the industry," said Mark Birschbach, NAR's Senior Vice President of Strategic Business, Innovation & Technology. "REach® Commercial enables us to invest in the entrepreneurs and companies that are revolutionizing the commercial real estate landscape while positioning Realtors® to be the first to embrace these changing technologies." REach® Commercial will offer its 2019 class a robust curriculum including: Mentorship from a roster of commercial and housing industry professionals, investors and strategic partners; Access to NAR's Insight Panel, a group of more than 50,000 real estate professionals who provide feedback on user experience, product viability and pricing; Education on how to navigate the multi-trillion dollar commercial real estate marketplace with the backing of the nation’s largest trade association and a $5 billion brand; Networking opportunities at local, national and international industry events; and Significant Exposure through NAR’s marketing and communication channels. Applications for the 2019 REach® Commercial class will be accepted through March 31, 2019, at www.narreach.com/apply. Selected companies will be announced at the REALTORS® Legislative Meetings & Trade Expo, May 13-18, 2019, in Washington, D.C. REach® is a unique real estate technology accelerator created by Second Century Ventures, a strategic technology investment fund backed by NAR to leverage the association’s more than 1.3 million members and its unparalleled network of executives within real estate and adjacent industries. The REach® Accelerator is a nine month program designed to help technology firms launch into the real estate vertical and its adjacent markets by providing education, mentorship and market exposure to one of the world’s largest industries. For more on REach®, visit www.narreach.com. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Redfin Report: Home Price Growth Edged Up Nationally in January While the West Coast Began Seeing Red
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Piecing Together a Commercial Market
When it comes to commercial real estate, REALTORS® need access to accurate and reliable data. Pulling together bits of market data here and there can be frustrating as well as time-consuming. Commercial agents need it all in one place, at the touch of a button. RPR gives REALTORS® access to the nation's largest property database. As a commercial practitioner, all this data, and RPR's tools and reports, offer a distinct edge when it comes to serving real estate business and investment clients. The ability to reference reliable data that backs up their advice is critical to getting a deal done. At RPR, we only work with the top data providers in the commercial space and are constantly researching new ones to ensure REALTORS® have the best data at their fingertips. In 2018 we partnered with SMR Research to provide tenant records, and a big focus for 2019 will be to expand our listing partners to some of the top national listing platforms. Below you can see a list of all our major partners. This will hopefully give you a better understanding of how each partner plays an integral part in helping REALTORS® "piece" together their knowledge of the markets they work in. All of this data outside of the MLS/CIE listing data is available nationwide. This truly makes RPR Commercial one of the top research systems in the country! Public Record Property Data – Black Knight – 43,000,000 commercial properties Listing Property Data – MLS, CIE and National Platforms – 700,000 total listings with 652,000 for sale and 118,000 for lease Trade Area Data – ESRI – 1 Billion data points highlighting key economic, demographic and spending indicators along with ESRI's Tapestry Segmentations. Employment Data – 3DL – Updated monthly down to the county level Business Points – ESRI –12,487,119 Traffic Counts – Kalibrate – Over 2,000,000 plus traffic points Tenant Records – SMR Research – 8,531,568 FEMA Flood Maps – 3DL – Nationwide coverage Get started with RPR commercial today. And please help us spread the word about the data available in RPR for REALTORS® working with commercial clients by sharing this flyer. Get started with this RPR Commercial quick start flyer. To view the original post, visit the RPR blog.
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Realtor.com Selects Huge as New Advertising Agency of Record
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CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Are Lowest for November Since at Least 2000
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November 2018, representing a 1.1 percentage point decline in the overall delinquency rate compared with November 2017, when it was 5.2 percent. As of November 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4 percent, down 0.2 percentage points from November 2017. The November 2018 foreclosure inventory rate was the lowest for any month since at least January 2000. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 2 percent in November 2018, down from 2.2 percent in November 2017. The share of mortgages that were 60 to 89 days past due in November 2018 was 0.7 percent, down from 0.9 percent in November 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in November 2018, down from 2 percent in November 2017. November 2018 marked the lowest serious delinquency rate for the month since 2006 when it was also 1.5 percent. It ties with August, September and October 2018 as the lowest for any month since March 2007 when it was also 1.5 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.9 percent in November 2018, down from 1 percent in November 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground," said Dr. Frank Nothaft, chief economist for CoreLogic. "All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 11 consecutive months. However, loan vulnerability in several metropolitan areas in North Carolina are still struggling from Hurricane Florence. In November 2018, seven metropolitan areas logged an increase in their serious delinquency rates, with the largest gains occurring in the Wilmington and New Bern metropolitan areas. "On a national basis, we continue to see strong loan performance," said Frank Martell, president and CEO of CoreLogic. "Areas that were impacted by hurricanes or wildfires in 2018 are now seeing relatively large annual gains in the share of mortgages moving into 30-day delinquency. As with previous disasters, this is to be expected and we will see the impacts dissipate over time." The next CoreLogic Loan Performance Insights Report will be released on March 12, 2019, featuring data for December 2018. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Homes.com Study: Romantic Breakups Tie with Joblessness in Triggering 'Boomerang' Behavior
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Metro Home Prices Jump 4 Percent in 2018's Fourth Quarter
WASHINGTON (February 12, 2019) – Inventory increased and metro market prices rose at a slower pace in the fourth quarter of 2018, according to the latest quarterly report by the National Association of Realtors®. The national median existing single-family home price in the quarter was $257,600, up 4.0 percent from the fourth quarter of 2017 ($247,800). Single-family home prices increased in 92 percent of measured markets last quarter, with 163 out of 178 metropolitan statistical areas (MSAs) showing sales price gains in the fourth quarter compared to a year ago. Fourteen metro areas (8 percent) experienced double-digit increases, down from 18 in the third quarter. Lawrence Yun, NAR chief economist, says in light of the various hurdles for 2018, the close of the fourth quarter was promising. "Home prices continued to rise in the vast majority of markets but with inventory steadily increasing, home prices are, on average, rising at a slower and healthier pace," he said. Total existing-home sales, including single family homes and condos, decreased 1.8 percent to a seasonally adjusted annual rate of 5.180 million in the fourth quarter, down from 5.273 million in the third quarter. That number is 7.4 percent lower than the 5.593 million-pace during the fourth quarter of 2017. Yun said the West Coast needs more homes built. "The West region, where home prices have nearly doubled in six years, is undergoing the biggest shift with the slowest price gain and large buyer pullback." At the end of the fourth quarter, there were 1.55 million existing homes available for sale, 6.2 percent above the 1.46 million homes for sale at the end of the fourth quarter in 2017. The average supply during the fourth quarter was 4.0 months – up from 3.5 months in the fourth quarter of 2017. National family median income rose to $77,392 in the fourth quarter, while overall affordability decreased from a year ago due to higher mortgage rates and home prices. To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $62,954, while a 10 percent down payment would require an income of $59,640, and $53,013 would be necessary for a 20 percent down payment. The five most expensive housing markets in the fourth quarter were the San Jose-Sunnyvale-Santa Clara, California metro area, where the median existing single-family price was $1,250,000; San Francisco-Oakland-Hayward, California, $952,400; Urban Honolulu, $812,900; Anaheim-Santa Ana-Irvine, California, $799,000; and San Diego-Carlsbad, $626,000. The five lowest-cost metro areas in the fourth quarter were Decatur, Illinois, $89,300; Youngstown-Warren-Boardman, Ohio, $97,200; Cumberland, Maryland, $109,100; Elmira, New York, $111,400; and Erie, Pennsylvania, $113,300. Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing-condo price was $237,900 in the fourth quarter, up 0.3 percent from the fourth quarter of 2017 ($237,100). Seventy-five percent of metro areas showed gains in median condo prices from a year ago. "Housing affordability will be the key to sustained healthy growth in the housing market in the upcoming years. That requires more homebuilding of moderately priced homes," Yun said. "Housing starts fell far short of historically normal levels, with only 9.6 million new housing units added in the past decade; compared to 15 to 16 million that would have been needed to meet our growing population and 20 million new job additions. "Local zoning law changes, expanding construction worker training programs at trade schools and promoting the use of tax breaks for developers in the designated Opportunity Zones will all play an important role in assuring an adequate future supply of housing," Yun said. Regional Breakdown Total existing-home sales in the Northeast sat at an annual rate of 707,000 (up 3.9 percent from last quarter) and are down 5.4 percent from a year ago. The median existing single-family home price in the Northeast was $286,000 in the fourth quarter, up 6.5 percent from a year ago. In the Midwest, existing-home sales fell 0.3 percent in the fourth quarter and are 5.9 percent below a year ago. The median existing single-family home price in the Midwest set at $196,900, a 1.6 percent increase from the fourth quarter of 2017. Existing-home sales in the South declined 2 percent in the fourth quarter and were 5.4 percent lower than the fourth quarter of 2017. The median existing single-family home price in the South was $228,200 in the fourth quarter, 3.3 percent above a year ago. In the West, existing-home sales in the fourth quarter decreased by 6.5 percent and are 13.9 percent below a year ago. The median existing single-family home price in the West increased 1.8 percent year over year to $383,100. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Homesnap Launches 'Flashback Photos' Feature for Pro+ Members
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EliteAgent by zipLogix, the Ultimate Suite of Transaction Software, Will Bring Real Estate Professionals Next-Level Success
#1 Real estate professionals, meet your #1 transaction technology suite FRASER, Mich., Feb. 12, 2019 -- zipLogix™, the industry leader in transaction management software and creators of zipForm®, today announced the release of its exciting new premium transaction management technology suite, EliteAgent by zipLogix™. EliteAgent by zipLogix™ helps successful real estate professionals deliver the elegant buying or selling experience their clients demand. This premium suite is a curation of all the best new and existing zipLogix™ technology and priority services that support top producing real estate professionals. This elite suite of technology empowers agents to increase their speed to sale with zipForm Record-Connect™, instantly broadcast just-signed listings with ListFlash®, make signing convenient and reliable with zipLogix Digital Ink®, keep their clients' data secure with CyberSafe, stay connected anywhere business calls with zipForm® Mobile and adds a special zipForm® seat license for a transaction coordinator or assistant that will boost productivity. In addition to these powerful products, EliteAgent by zipLogix™ also includes superior services to help elite agents go the extra mile for their business and clients. EliteAgent Customer Care by zipLogix™ provides priority support with a dedicated VIP call line. With EliteAgent Onboarding by zipLogix™, top producers can get up to speed quickly with high-velocity training, helpful tools, tips and reminders. "In this competitive industry, top agents need to continually differentiate themselves and offer a unique, highly efficient digital process for their clients," said zipLogix™ Chief Executive Officer Scott Strong. "We are thrilled for the release of this unparalleled product. Today's clients demand an exceptional experience from their real estate professional, and this premium technology suite delivers all the necessary products and services to meet these demands." "Top producing agents, and those aspiring to be, typically demand more. To be the best, successful agents need top technology," said zipLogix™ Chairman of the Board and Broker/Owner of RE/MAX Masters Realty Mark Peterson. "EliteAgent by zipLogix™ delivers the exceptional product features and services needed to succeed in this demanding market." To discuss this empowering new product in more detail or to purchase, please contact the EliteAgent by zipLogix™ team at 866-429-2503. For more information, visit https://ziplogix.com/. Look for future enhancements to EliteAgent by zipLogix™ by visiting https://ziplogix.com/eliteagent/. Fraser, Mich.-based zipLogix™, creators of zipForm®, is a technology company created by, owned by and working for REALTORS® to improve productivity and efficiency industry wide. Its transaction management software, which includes zipForm® Plus, zipTMS® and zipVault®, automates and simplifies the repetitive and complex steps of real estate transactions, and is available as a National Association of REALTORS® (NAR) Transaction Management Benefit to more than 1.3 million REALTORS® nationwide.
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Sales of $2 Million-Plus Homes Decline for First Time in 2 Years as Prices Tick Up
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New E-Book: How to Start a Blog for Your Real Estate Business (Part One)
Real estate agents have the potential to make a difference in their clients' lives in several ways. Whether it's by helping them sell a home and move elsewhere or purchase their first property, agents make great things happen for their clients every day. One way you can improve this process for your clients while also growing your reputation with them is to start a real estate blog. Homebuyers and sellers want easy-to-read, quality information that can help them on their new buying and selling journeys. According to the National Association of REALTORS® (NAR), over 90% of homebuyers use online searches during the buying process, and if you're an agent trying to reach any buyer audience (especially millennials), a blog will keep you ahead of the curve and answer their important questions with your real estate knowledge and expertise. Our latest e-book, "How to Start a Blog for Your Real Estate Business – Part One" dives into what the biggest benefits are, how to start blogging, creating your blogging strategy and why blogging is so important. Click here to read "How To Start a Blog for Your Real Estate Business – Part One" To view the original post, visit the WolfNet blog.
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Equity Rich U.S. Properties Increase to New High in 2018
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Owning a Home Could Help You Get a Date with That Special Someone
Nearly 60 percent of millennial singles indicate homeownership makes a potential mate more attractive SANTA CLARA, Calif., Feb. 7, 2019 -- Realtor.com, the Home of Home Search, today released new survey data that shows owning a home might make you more attractive to that special someone you've had your eye on, especially if they are a millennial or a woman. Singles looking to boost their chances of dating a homeowner may want to considering living in the South or in the Midwest because they are home to the biggest shares of single female and male homeowners, respectively, according to the analysis. "Attractiveness is in the eye of the beholder, and this survey data suggests that many beholders find homeownership attractive, perhaps using it as a signal for financial savviness and success," said Danielle Hale, realtor.com®'s chief economist. "Single Millennials seem to find homeownership in a potential partner especially attractive, even if only one quarter feels that it is important." The survey, which included 500 people who identified as single and was conducted in late January, found that 46 percent of all singles thought homeownership made a potential partner attractive or very attractive. Women were more likely than men to agree with this, as 48 percent of women found it made a potential partner more attractive, versus 43 percent of men. Men, however, were slightly more likely to say that it made their potential partner very attractive. The survey also asked singles how important it was for a potential partner to be a homeowner. Similar to before, women were more likely than men to agree it was either important or very important that their partner was a homeowner. But the gap between genders was wider than when asking about attractiveness of homeowners, coming in at 29 and 19 percent for women and men, respectively. As a whole, 24 percent of single respondents felt it was important for their partner to be a homeowner. Millennials show strong desire for homeownership in their partner Millennials were the most likely to feel that homeownership boosted someone's attractiveness, with nearly 60 percent of the generation agreeing with the statement. Millennials also were the generation most likely to agree that it was either important or very important for their partner to be a homeowner, as indicated by 26 percent. Single male homeownership highest in the Midwest For those looking to find a potential home-owning male partner, the Midwest is going to be the best bet. The market with the greatest share of single male homeowners is Detroit, where they make up 23.4 percent of all males. It was followed by St. Louis with 21.3 percent, Minneapolis with 21.3 percent, Cleveland with 21.2 percent, and Pittsburgh with 19.9 percent.* Detroit, the top market for single men homeowners, has a median home price of $220,000, followed by St. Louis at $198,000, Minneapolis at $353,000, Cleveland at $170,000, and Pittsburgh at $170,000. On average, homes in these markets sell in 82 days, five days faster than the national median of 87 days. These markets have a high volume of young people, and relatively low median listing prices. In markets such as Detroit and St. Louis, with median list prices of $220,000 and $198,000, respectively, the lower price point has helped boost homeownership among singles. Single female homeownership strong in the South and Midwest Single women are one of the fastest growing demographics in the housing market, according to a recent realtor.com analysis. This trend can be seen strongest in Detroit, where single women homeowners makeup 23.1 percent of all women, followed by 21.4 percent in Baltimore, 21.2 percent in Charlotte, N.C., 20.7 percent in Philadelphia and 20.7 percent in Minneapolis. Detroit, the top market for single women homeowners, has a median home price of $220,000, followed by Baltimore at $297,000, Charlotte, N.C. at $320,000, Philadelphia at $250,000, and Minneapolis at $353,000. On average, homes in these markets sell in a rapid 75 days, 12 days faster than the national median of 87 days. Strong job opportunities and growing economies that draw many young professionals to the areas are also helping keep them in these markets as homeowners. Affordable home prices have also helped singles achieve homeownership in these markets. *Homeownership data by gender and relationship status sourced from IPUMS-USA, University of Minnesota, www.ipums.org. Calculations based on ownership among household heads aged 18-54. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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SOLD.com Launches First-Ever Educational Resource and Comparison Engine to Empower Home Sellers
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Contactually's 2018 State of Customer Relationship Management Report Reveals Best Practices for Real Estate Agents
Analysis of user behavior provides guidance on how agents can successfully manage their accounts WASHINGTON D.C., Feb. 5, 2019 -- Contactually, the real estate CRM of choice for many of the country's top real estate brokerages, has released its 2018 CRM Usage Report which details how Contactually users successfully used the platform to manage their networks. "We developed Contactually out of a desire to help people strengthen their business relationships," said Zvi Band, CEO of Contactually. "By looking at 2018 user data and surveying active customers, we can see how our customers used the CRM to build successful connections." Most salespeople and business professionals start using a CRM to get organized and work smarter. A database on its own is simply a collection of names. By dividing a network into segments such as with the Contactually Bucket system, users can better allocate time and resources to focus on the people that are most important to business development. Real estate agents and brokers surveyed reported that 27 percent of their network brings in business and referrals — when using a CRM, you can easily find and prioritize these individuals. On average, real estate agents spend more than 60 percent of their day away from their desks. Because of this, they can find following up with leads and existing customers difficult. While the majority of agents ranked responsiveness as very important, most felt they could be better at follow-up. Current clients require at least two attempts to get a response, while it may take four tries to reach a new lead. This need for effective follow-up is top of mind for brokers and technology managers. Keenly aware that 2019 will present a competitive market environment, these leaders expressed that having agents both develop stronger relationships and also keep up with new prospects are essential for continued success. "Real estate agents are constantly adding to their networks," added Band. "With all of that activity finding technology that doesn't just keep contacts but actively monitors and surfaces relationships in need of attention is critical." To download the complete report, please visit www.contactually.com. About Contactually Contactually provides a SaaS-based intelligent customer relationship management (CRM) platform for real estate agents and brokerages. In simply minutes a day, Contactually's easy-to-use platform enables personal engagement at scale, resulting in more leads, referrals, and increased business. Proudly located in Washington, DC, Contactually employs approximately 70 people and has raised $12 million in capital to date from Grotech Ventures, Rally Ventures, Bull City Venture Partners, Middleland Capital, and others. Contactually has been named to Inc's 5000 Fastest Growing Companies and the HousingWire Tech 100. For more information, please visit us at https://www.contactually.com/.
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Pending Home Sales Dip 2.2 Percent in December
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Migration Trend Reaches a Record High as 1 in 4 People Searching for a Home Looks to Change Metros
Seattle reclaims its migration-destination status while Denver secures its spot on the 'moving out' list SEATTLE, Jan. 30, 2019 -- Twenty-five percent of home searchers looked to move to another metro area in the fourth quarter of 2018, up from 23 percent the year before, according to a new report from Redfin, the next-generation real estate brokerage. The national share of home searchers looking to relocate has been steadily increasing since Redfin began reporting on migration in early 2017 and currently sits at its highest level on record. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from October through December. Moving Out – Metros with the Highest Net Outflow of Redfin Users San Francisco, New York, Los Angeles, Washington, D.C. and Denver posted the highest net outflows in the fourth quarter. Net outflow is defined as the number of people looking to leave the metro minus the number of people looking to move in to the metro. A net outflow means there are more people looking to leave the area than people looking to move in, while a net inflow means more people are looking to move in than leave. Outflows on the upswing In San Francisco, New York, Denver and Washington, D.C., outflows were up dramatically from a year earlier. Of all San Francisco Bay Area residents using Redfin, 24 percent were searching for homes in another metro, up from 19 percent during the same time period a year earlier. Denver made the biggest move up the list from a year earlier, flipping from modest net inflows and outflows throughout 2017 to strong net outflows through late 2018. Last quarter, 24 percent of Denverites on Redfin.com searched for homes outside the area, up from 17 percent a year earlier. Moving In – Metros with the Highest Net Inflow of Redfin Users Seattle's net inflow surged to make it the fifth-most popular migration destination in the fourth quarter, behind nearby Portland and the relatively affordable metros--Sacramento, Phoenix and Atlanta--that have long dominated this list. Although the number of home sales in Seattle was sharply declining at the end of the year (down 22 percent in December), search interest is still high. Washington State's lack of an income tax may be helping Seattle to continue attracting people, as new tax policies enacted just over a year ago favor areas where homebuyers can avoid hitting the $10,000 SALT cap. "In both Seattle and Denver prices were growing rapidly in 2017 and early 2018 to the point that buyers backed off in the second half of 2018," said Redfin chief economist Daryl Fairweather. "However, people looking to leave high-tax metros for a city with mountain views and top-notch hiking are more likely to pick Seattle over Denver because Washington State doesn't have an income tax. In fact, the top destination for Denverites looking to leave is Seattle." In Sacramento, which has been at number one or number two on the inbound migration list every quarter since our inaugural 2017 report, "the biggest thing is the affordability of homes here, especially compared to markets like the Bay Area," said Redfin agent Jim Hamilton. "The market has softened in the Bay Area, but not as much yet in Sacramento, so buyers are moving here to capitalize on their equity and put a substantial down payment or even pay cash." To read the full report, complete with additional data, interactive migration maps and methodology, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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Generation Z Needs to Start Saving $304 a Month Now to Buy a Home By Age 30
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Average U.S. Home Seller Profits at 12-Year High of $61,000 in 2018
Median Home Sale Prices Hit an All-Time High at $248,000 in 2018; Homeowners Staying Put Longer as Average Homeownership Tenure Rises to New High IRVINE, Calif. – Jan. 31, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2018 U.S. Home Sales Report, which shows that home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006 — a 12-year high. That $61,000 average home seller profit represented an average 32.6 percent return on investment compared to the original purchase price, up from 27.0 percent last year and up from 21.9 percent in 2016 to the highest average home seller ROI since 2006. "While 2018 was the most profitable time to sell a home in more than 12 years, those along the coasts, reaped the most gains. However, those are the same areas where homeowners are staying put longer," said Todd Teta, chief product officer at ATTOM Data Solutions. "The economy is still going strong and home loan rates remain historically low. But there are potential clouds on the horizon. The effects of last year's tax cuts are wearing off as limits on homeowner tax deductions are in place and mortgage rates are ticking up ever so slowly, so this could dampen the potential for home price gains in 2019." Among 217 metropolitan statistical areas with a population greater than 200,000 and sufficient historical data, the highest returns on investment were almost exclusively in western states, with concentrations along areas of the west coast. Those with the highest average home seller ROI were San Jose, California (108.8 percent); San Francisco, California (78.6 percent); Seattle, Washington (70.7 percent); Merced, California (66.4 percent); and Santa Rosa, California (66.1 percent). "Home price growth in the Seattle area has started to soften, something that home buyers have been waiting for, and a trend that we can expect to continue in the coming year," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "Seattle is still benefitting from buyers moving here from more expensive markets, such as California, but the market cannot solely depend on this demographic. My forecast for 2019 is that it will be a year of movement back to balance, which is a very positive thing." Historical U.S. Home Seller Gains San Jose and Las Vegas lead major metros in home price appreciation The U.S. median home price in 2018 was $248,000, up 5.5 percent from 2017 to a new all-time high. Annual home price appreciation in 2018 slowed slightly compared to the 7.1 percent in 2017. Among 127 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data, those with the biggest year-over-year increase in home prices were Mobile, Alabama (up 21 percent); Flint, Michigan (up 19 percent); San Jose, California (up 18.9 percent); Atlantic City, New Jersey (up 16.4 percent) and Las Vegas, Nevada (up 13.5 percent). Along with San Jose and Las Vegas, other major metro areas with a population of at least 1 million with a double-digit percentage increase in home prices in 2018 were Grand Rapids, Michigan (up 10.6 percent); San Francisco, California (up 10.3 percent); Columbus, Ohio (up 10.1 percent); and Atlanta, Georgia (up 10.1 percent). 88 of the 127 metros (69 percent) reached new record home price peaks in 2018, including Los Angeles, Dallas-Fort Worth, Houston, Atlanta, and Boston. Homeownership tenure at new record high nationwide, down in Vallejo, Reno, Tucson Homeowners who sold in the fourth quarter of 2018 had owned their homes an average of 8.30 years, up from 8.13 years in the previous quarter and up from 7.95 years in Q4 2017 to the longest average home seller tenure as far back as data is available, Q1 2000. Average U.S. Homeownership Tenure Counter to the national trend, 16 of the 108 metro areas analyzed in the report posted a year-over-year decrease in average home seller tenure including: Vallejo-Fairfield, California (down 5 percent); Reno, Nevada (down 3 percent); Redding, California (down 2 percent); Panama City, Florida (down 2 percent); Chattanooga, Tennessee (down 2 percent); Eugene, Oregon (down 2 percent); Crestview-Fort Walton Beach, Florida (down 1 percent); Tucson, Arizona (down 1 percent), Punta Gorda, Florida (down less than 1 percent); Manchester-Nashua, New Hampshire (down less than 1 percent); and Truckee, California (down less than 1 percent). Nearly three in 10 home buyers made all-cash purchases in 2018 Nationwide all-cash purchases accounted for 27.8 percent of single-family home and condo sales in 2018, unchanged from 2017 but down from its peak in 2011 at 38.4 percent. However, this is still well above the pre-recession average of 18.7 percent between 2000 and 2007. Among 200 metropolitan statistical areas with a population of at least 200,000 and sufficient cash sales data, those with the highest share of all-cash purchases in 2018 were Montgomery, Alabama (53.6 percent); Naples, Florida (52.5 percent); Macon, Georgia (50.8 percent); Cape Coral-Fort Myers, Florida (45.4 percent); and North Port-Sarasota, Florida (45.4 percent). U.S. distressed sales share drops to 11-year low, up in 8 states Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 12.4 percent of all U.S. single family home and condo sales in 2018, down from 14.0 percent in 2017 and down from a peak of 38.6 percent in 2011. Counter to the national trend, the share of distressed sales increased in 2018 in Kansas (up 13 percent); Louisiana (up 13 percent); Wisconsin (up 2 percent); Kentucky (up 2 percent); Maine (up 1 percent); Colorado (up 1 percent); Indiana (up 1 percent); and West Virginia (up 1 percent). Among 209 metropolitan statistical areas with a population of at least 200,000 those with the highest share of distressed sales in 2018 were Atlantic City, New Jersey (37.2 percent); Montgomery, Alabama (25.2 percent); Trenton, New Jersey (23.8 percent); Youngstown, Ohio (23.6 percent); and Rockford, Illinois (22.1 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest share of distressed sales in 2018 were Philadelphia, Pennsylvania (20.7 percent); Baltimore, Maryland (19.9 percent); Cleveland, Ohio (19.4 percent); Memphis, Tennessee (19.1 percent); and Providence, Rhode Island (18.3 percent). U.S. Total Distressed Sales Institutional investors dropped for the fifth straight year Institutional investors nationwide accounted for 2.7 percent of all single-family home and condo sales in 2018, down from 3.0 percent in 2017. Among 200 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional investor sales data, those with the highest share of institutional investor sales in 2018 were Montgomery, Alabama (9.6 percent); Memphis, Tennessee (8.1 percent); Columbia, South Carolina (7.6 percent); Birmingham, Alabama (7.1 percent); Atlanta, Georgia (7.0 percent); and Charlotte, North Carolina (6.5 percent). Historical U.S. Home Sales By Type Texas metro areas dominated list with the most FHA sales in 2018 Nationwide buyers using Federal Housing Administration (FHA) loans accounted for 10.6 percent of all single-family home and condo purchases in 2018, down from 13.6 percent in 2017 to the lowest level since 2007. Among 200 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA buyer data, 6 out of the top 10 metro areas with the highest share of FHA sales were in Texas. Those with the highest share of FHA buyers in 2018 were McAllen, Texas (26.3 percent); El Paso, Texas (25.3 percent); Amarillo, Texas (23.0 percent); Beaumont-Port Arthur, Texas (22.7 percent); and Elkhart, Indiana (21.5 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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January Housing Data Shows Uptick in Seller Price Cuts
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Moderne Ventures Announces Its Newest Passport Class
Moderne Ventures accepts eight new companies into its Passport program; companies address seismic shifts in real estate, finance, insurance and home services CHICAGO--Moderne Ventures, a venture investment fund, announced today the eight new companies accepted into its 2019 Moderne Passport Program, an intensive 7-month industry immersion program where companies receive strategic guidance, participate in over 100 one-on-one mentor meetings with senior executive leaders and administer pilots with corporations in the Moderne Network. The 2019 Passport Class companies are marketplaces, services and solutions using technologies, like blockchain and artificial intelligence, to help progress 100+ year old industries. This class has collectively raised over $150M in funding with collective valuations north of $700M. The new companies are: ByteGain — Los Altos, CA: Artificial Intelligence platform that increases lead quantity, quality and performance Eusoh — Los Angeles, CA: Spread the Love - the only community-based care plan for insuring pets Payfully — New York, NY: Get commissions paid while in contract Porch — Seattle, WA: Porch gets the Job Done: home service and maintenance for residential homes and buildings Sagegreenlife — Chicago, IL: Green living walls for greater spaces, places and life Snappt — Los Angeles, CA: Instant identity and financial verification to prevent fraud StreetWire — New York, NY: A data network for faster transactions and operational efficiency WattBuy — Washington, DC: We empower residents to find the best rates and take charge of their electricity "With every Passport class, we bring in the most innovative solutions addressing our industries. We help companies understand complexities, optimize their products and services and connect partners that can benefit most from them," said Constance Freedman, Moderne Ventures founder and managing partner. "This is one of the most interesting classes we have had yet, and we are excited to help them make an impact." About Moderne Ventures Moderne Ventures invests in technology companies in and around real estate, finance, insurance. Moderne operates both a Venture Fund and the Moderne Passport, an Industry Immersion Program designed to foster innovation, partnership and growth between industry partners and new emerging technology companies. Moderne works with over 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Its principals have invested in over 80 companies including DocuSign, Updater, August, Better, Hello Alfred, TaskEasy, Homesnap and Leaselock.
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Matterport Unveils New Cloud Platform, Unlocking Ubiquitous Access to 3D Technology
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Number of Homes for Sale Is Up, But Fewer Homes Are Affordable to Middle Class Buyers
Affordability Keeps Many Homes Out of Reach for the Average Homebuyer, Even As Inventory Rises SEATTLE, Jan. 23, 2019 -- Although the supply of homes for sale is up in many markets, both the number and share of homes that are affordable to a typical household has decreased from a year ago, according to a new report from Redfin, the next-generation real estate brokerage. The report considers all homes that were active on the market at any point in 2018 and 2017 and calculates the share of homes in each metro area that were affordable during each year to a household making the median income in that metro area. Just 14 percent of homes that were on the market in 2018 in the San Jose metro area were affordable on the median household income in the area of $117,000. This is a big drop from 2017, when 26 percent of homes that were for sale were affordable. In Los Angeles, 16 percent of homes for sale were affordable in 2018, down from 20 percent in 2017. In Seattle the share of affordable homes for sale dropped from 58 percent in 2017 to 46 percent in 2018. Home price gains and interest rate increases through 2018 combined to considerably reduce home affordability. Although the number of homes for sale is increasing, the number of affordable homes on the market has decreased in most metro areas. "Homeownership is increasingly out of reach for the typical American," said Redfin chief economist Daryl Fairweather. "Over the last few years builders have focused on luxury homes, and there hasn't been enough construction of affordable starter homes." In many metro areas, even as the number of homes for sale has increased, the number of affordable homes for sale has shrunk over the past year. In the San Diego area, there were 10 percent more homes for sale during 2018 than 2017, but the number of affordable homes for sale fell 16 percent. In the Seattle metro, there were 4 percent more homes for sale, but the number of affordable homes for sale fell 17 percent. Although the share of homes for sale that were affordable on a median income fell from 2017 to 2018 in all 49 of the metro areas we analyzed, there were a few metro areas where the number of affordable homes for sale increased, including Hartford, CT (+19%), Jacksonville, FL (+9%) and Nashville, TN (+4%). Homebuyers looking for affordable options still have plenty of choices in metro areas like St. Louis (84%), Minneapolis (82%) and Pittsburgh (82%). Strong growth in jobs and wages may also help buyers make up some lost ground as well. "We expect builders to shift their attention to more affordable homes during 2019," added Fairweather, "which along with rezoning efforts by local governments should reduce this pressure to some degree over time." To read the full report, including a table of the number and share of affordable homes for sale in each major metro area, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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SmartZip Automates Collection of Testimonials for the Real Estate Industry with Integration to Popular Transaction Management Systems
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ReferralExchange Launches LIVE Product to Help Agents Maximize the Value of Real Estate Leads
New Service Makes Lead Verification Simple and Easy so Agents Can Focus on Clients San Francisco, California, January 23, 2019 -- ReferralExchange, the leader in real estate referrals, has expanded the company's referral offerings with ReferralExchange LIVE, a service that helps agents make the most of their network by verifying and qualifying contacts acquired through their third-party lead generation efforts. The service makes it easy to see at a glance which contacts should be pursued. After the verification process, agents can decide whether to work the leads themselves, or have ReferralExchange either qualify or refer them on their behalf. "ReferralExchange network members told us that they were 'drowning' in leads from third party sources and one of their biggest challenges was identifying which ones were truly interested in transacting," said Scott Olsen, CEO of ReferralExchange. "We have used the power of our data science combined with our well-trained outreach team to support the lead-to-close process — helping agents manage their business at all points in a lead's lifecycle -- with much less stress and aggravation." Many agents purchase third-party leads but aren't always able to spend the time developing these contacts to their maximum value. By saving agents the first steps of lead verification, ReferralExchange LIVE enables agents to immediately hone their focus. For those who want to have leads developed or referred, ReferralExchange seamlessly works as an extension of an agent's brand, giving every agent the benefit of a licensed professional at their service to further qualify and nurture leads. ReferralExchange consistently closes three times the national average of leads because it combines proprietary data science with the power of a well-trained team who make over five million calls each year. This service gives agents more time to build relationships and serve clients. ReferralExchange LIVE has three primary components: Lead verification: ReferralExchange uses proprietary scrubbing technology to quickly figure out which of an agents' third party, raw leads are real and which are not. Lead readiness: ReferralExchange's licensed customer service team calls leads using a proven system that qualifies them and determines their readiness to transact. A live transfer sends them directly back to the agent via phone. Lead transaction: Once a lead has been verified as real and ready to transact, the agent may decide whether or not to complete the deal themselves, or refer it to ReferralExchange's network. ReferralExchange has over 25,000 experienced agents around the country. "We've designed this system for maximum flexibility and control," added Olsen. "It augments an agent's existing lead generation programs and the agent can decide how they want to handle each lead." About ReferralExchange ReferralExchange, the nation's top real estate referral company, is dedicated to creating great real estate experiences between real estate professionals and customers. Founded in 2005, ReferralExchange has built an invite-only network of over 25,000 top-performing Realtors. In 2018, the network created over 250,000 agent-to-consumer matches. Learn more at www.referralexchange.com.
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Existing-Home Sales See 6.4 Percent Drop in December
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RPR Introduces New 'Getting Started' eBook Series
Now is a great time to take your RPR knowledge to the next level by checking out these new eBooks. The new Getting Started series of ebooks will introduce you to the many facets and features of RPR. See for yourself... Create Your Account New to RPR? Start with this ebook and learn how to create your RPR account, review the data sets and tool you'll have access too, and check out the top ways REALTORS® are using RPR in their business. Download eBook Getting Started With RPR With hundreds of different datasets at your fingertips, you'll learn to research properties, markets, neighborhoods and schools. We'll show you how to gain a competitive edge by creating branded property, seller's, and market activity reports; as well as valuation workbooks and flyers. And through it all, we'll show you how to gain anytime, anywhere access via the RPR app. Download eBook How to Create RPR Reports In this third ebook of the Getting Started series, we will walk you through the steps to easily create, customize and share RPR reports. After reading this ebook, you will be able to instantly respond to client needs with professional real estate reports, customize the elements of your reports to suit client interests, and brand each RPR report with your name, photo, logo and contact information. Download eBook To view the original article, visit the RPR blog.
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Virtual Properties Releases iPad Listing Presentation App
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Frosty December Real Estate Showing Activity Results in Fifth Consecutive Month of Year-Over-Year Declines Nationwide
Flagging showing numbers point to a potentially favorable 2019 market for would-be homebuyers across the U.S. Jan. 21, 2019 – Home sellers across the country are happy to leave 2018 behind as December marked the fifth consecutive month of year-over-year declines in real estate showing activity nationwide, a 7.2 percent drop, according to data from the ShowingTime Showing Index®. Continuing a nearly year-long span of decreasing demand for available residential real estate, the West Region saw a 20.1 percent drop in showing traffic year-over-year in December. The South Region followed that trend, recording a 10.9 percent decline in activity. The Midwest Region also experienced a decline with a 7.9 percent year-over-year drop, as did the Northeast Region, which had a modest 1.5 percent drop compared to showing activity in December 2017. The news is not all dour, however; as ShowingTime Chief Analytics Officer Daniil Cherkasskiy noted, falling showing activity could make for appealing conditions for prospective buyers in 2019. "Buyer traffic continues to subside across all regions of the U.S. compared to the record numbers recorded at the same time last year," said Cherkasskiy. "In some markets this is happening despite a stabilization of prices, but this is potentially good news for buyers, who are seeing less competition in the market when trying to buy a home." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released during the third week every month, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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U.S. Foreclosure Activity Drops to 13-Year Low in 2018
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HomeSpotter Acquires Open House Innovator Spacio
Acquisition adds open house lead generation to the HomeSpotter software-suite of real estate products. Minneapolis, MN and Vancouver, BC -- January 17, 2019 -- HomeSpotter, the leading real estate software platform for agents to manage and grow their customer relationships, today announced it has acquired Spacio, the #1 open house lead generation system. The move extends HomeSpotter's reach within the real estate industry and bolsters its position as a relationship technology leader. Spacio's intuitive mobile-first platform provides agents with a digital toolset to automate lead capture and follow up, replacing outdated paper sign-in forms at open houses and helping convert more open house visitors into customers. Spacio offers comprehensive data analytics on open houses that, for the first time, give visibility to a process that has always been manual and impossible for agents, brokerages, and franchises to track. Spacio integrates with dozens of CRM and marketing platforms, and is used by over 100k agents across the U.S. and Canada. "With the addition of Spacio we now serve the four largest brokerage firms in the U.S., and have a combined footprint of more than 450k registered agents across North America." "Marketing activities for open house lead generation have 3 parts — before, during, and after. We spent the past 4 years building, iterating, and perfecting the during and after pieces and we do those very well, better than anyone else." said Spacio co-founder and CEO Melissa Kwan. "However, we always knew that in order to complete our product offering, we needed to give agents a way to market their listings before their open houses; this wasn't something we had the expertise to build on our own. With HomeSpotter's digital advertising product, Boost, we can finally deliver the complete solution to agents that allows them to do all three: advertise their open houses before, capture leads during, and automatically follow up after, all within a single platform." "We've been thinking about the open house opportunity since 2013, as open house visitors represent some of the most motivated buyers in market that aren't always captured through other lead gen sources." said HomeSpotter founder and CEO Aaron Kardell. "We considered building a registration product internally and also looked at solutions in market that address this need. The combination of the founding team at Spacio, their proven track record of delivering a best-in-class solution, and resoundingly supportive customer feedback — there's such strong alignment that it makes sense to bring our businesses together. We believe we will go further and faster together, and are excited about how the company will continue to evolve to help agents, brokers, and the consumers they service facilitate better relationships around real estate." The addition of Spacio allows HomeSpotter to expand its existing agent, brokerage, and MLS service offerings to deliver an end-to-end solution across all touchpoints in the agent-to-consumer relationship cycle. With a combined footprint of over 450k agents, 250 brokerage firms, 300 MLS connections, and now servicing the four largest brokerage firms in the U.S., HomeSpotter is cementing its industry-leading position as the real estate relationship engine. All of Spacio's employees and technology are joining the HomeSpotter family, with the combined teams now operating out of offices in both Minneapolis and Vancouver. About HomeSpotter HomeSpotter is the industry-leading software product suite for real estate agents, brokers, and MLS providers to build and strengthen customer relationships. Boost automates digital marketing at scale, enabling agents to expand their spheres and impress sellers. Connect gives buyers amazing branded search and agent collaboration tools to carry in their pocket. Spacio's intelligent open house solution streamlines outdated real estate processes and captures every opportunity. HomeSpotter is headquartered in lovely Minneapolis, MN, with offices in Los Angeles, New York, and Vancouver.
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Realtors Property Resource Releases the 2018 State of the Listing Presentation
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Redfin Ranks the 10 Hottest Affordable Neighborhoods of 2019
Most of the Country's Most Popular Affordable Neighborhoods are in Baltimore and Philadelphia SEATTLE, Jan. 15, 2019 -- Expensive coastal hubs remain the most coveted places to live, but neighborhoods in Baltimore and Philadelphia are gaining popularity as the most desired affordable neighborhoods in 2019, according to new reports from Redfin, the next-generation real estate brokerage. Redfin's Hottest Affordable Neighborhoods report is an adaptation of the annual Hottest Neighborhoods report, which tracks year-over-year growth in listing views and favorites on Redfin.com and incorporates Redfin agent insights to see which neighborhoods are growing in popularity. The Hottest Affordable Neighborhoods report determines which hot neighborhoods are within reach for the average homebuyer by incorporating a price cap of $294,000, the national median home price. This year, the hottest neighborhoods within reach are concentrated mostly in Baltimore and Philadelphia, two metro areas that are often considered affordable alternatives to Washington, D.C. and New York. Neighborhoods in Chicago, the Portland, Oregon and Boston metro areas and San Antonio also show up in the rankings. In the Baltimore area, the neighborhoods that appear in the rankings this year are all on the outskirts of the city in areas that are attractive to move-up buyers. "A lot of people are moving away from the city center into places that feel more like suburbs," said Redfin agent Rebecca Hall. "They're moving to areas that don't feel as dense; they have more of a neighborhood feel and that's really appealing to homebuyers. You can get larger single-family homes rather than the row houses Baltimore is known for, and they're less expensive. Some of these pockets are also known for desirable charter schools." Below is the complete list of Redfin's hottest affordable neighborhoods of the year. All statistics on median sale price, average sale-to-list price ratio and percent of homes that sold above list price are from November 2018. 1. McKinley Park, Chicago, IL Median sale price: $270,000Median sale price for metro area: $230,000Average sale-to-list price ratio: 97.9%Percent of homes that sold above list price: 35.1% "Homebuyers are flocking to McKinley Park because it's just south of Pilsen, which is one of the trendiest neighborhoods in the country, and it's just west of long-established Bridgeport. People who are priced out of Pilsen are looking in McKinley Park," said Redfin agent Niko Voutsinas. "People who live there have have excellent connectivity to downtown because it's right off the L and the expressway. The neighborhood has a beautiful park with public amenities, a pond and an outdoor swimming pool." 2. East Mount Airy, Philadelphia, PA Median sale price: $200,000Median sale price for metro area: $199,000Average sale-to-list price ratio: 98%Percent of homes that sold above list price: 28.1% "East Mount Airy is attractive to homebuyers because it's close to the center of the city and transit options. It's also near Fairmount Park, which is one of the largest urban green spaces in the country. Compared to other neighborhoods in Philadelphia, homes tend to be reasonably priced and they're larger with lots of character," said Elizabeth Tumasz, a Philadelphia Redfin agent. "Easy access to cafes, shopping, co-ops and bookstores is an added bonus." 3. Parkville, Baltimore, MD Median sale price: $204,900Median sale price for metro area: $270,000Average sale-to-list price ratio: 98.2%Percent of homes that sold above list price: 24% "Parkville is popular for people who want to live slightly outside the city of Baltimore. People appreciate that they're not too far from downtown, but the property taxes are less expensive and the homes tend to be larger," said Redfin agent Juliana Weaver. "There are also a lot of cute Cape Cod style homes in the area, so I always recommend Parkville to people looking for that type of home." 4. Hamilton, Baltimore, MD Median sale price: $159,500Median sale price for metro area: $270,000Average sale-to-list price ratio: 98.5%Percent of homes that sold above list price: 31.6% "Over the last few years, a lot of homes in the Hamilton area have been renovated and that trend is expected to continue. There's still a lot of room for it to grow," said Redfin agent Juliana Weaver. "The neighborhood is known for smaller single-family homes with small yards at a slightly lower price point than is typical for Baltimore. People love the neighborhood because there are a lot of local restaurants and small business." 5. Fircrest, Vancouver, WA (Portland, OR metro area) Median sale price: $282,500Median sale price for metro area: $385,000Average sale-to-list price ratio: 100.1%Percent of homes that sold above list price: 20% "This area is a mix of new construction and older homes with large yards that have been fixed up, and both options tend to be affordable," said Redfin agent Rebecca Thompson. "It's an easy commute for people who work in Portland, the homes aren't cookie-cutter and it's definitely getting more popular among buyers." 6. Bustleton, Philadelphia, PA Median sale price: $248,250Median sale price for metro area: $199,000Average sale-to-list price ratio: 98.1%Percent of homes that sold above list price: 29.4% "Bustleton is located in the far northeastern part of Philadelphia. It's attractive because properties tend to be priced lower than those in the center of the city. It's close to shopping centers and it's also close to public transportation and major highways, which makes for an easy commute to the center of the city," said Redfin agent Elizabeth Tumasz. "Homebuyers like the area because they can stay in the city and still get that suburban feel. Homes in Bustleton tend to have nice, grassy yards, and there are a lot of coffee shops, restaurants and parks in the area." 7. Linthicum, Baltimore, MD Median sale price: $271,000Median sale price for metro area: $270,000Average sale-to-list price ratio: 99.4%Percent of homes that sold above list price: 37% "Linthicum is a small suburb located just outside Baltimore, and it's becoming increasingly popular for homebuyers," said Redfin agent Debra Morin. "It's a quiet, well-established community with a small-town feel and several walking and running trails, including Andover Park and the BWI trail. Linthicum has relatively affordable housing and it's close to Baltimore Washington International Airport, with easy access to public transit and major highways." 8. Lowell, Boston, MA Median sale price: $249,250Median sale price for metro area: $471,100Average sale-to-list price ratio: 102.5%Percent of homes that sold above list price: 38.9% "Lowell is an interesting area because it was known for textile mills back in its heyday, but it has struggled to find its footing in more recent times. But now we're seeing investors putting their money back into the area, with UMass and big-name local investors putting millions to work," said Redfin agent David Pollack. "It has a great downtown area with a lot of restaurants and bars, and it's home to a folk festival, a favorite in the summer. There's a commuter rail that takes you right into Boston, and it's also home to a minor league baseball team that brings in crowds. But you still get a lot of bang for your buck in Lowell, especially compared to bordering towns." 9. Fox Chase, Philadelphia, PA Median sale price: $219,000Median sale price for metro area: $199,000Average sale-to-list price ratio: 98.4%Percent of homes that sold above list price: 30.2% "Fox Chase is in Philadelphia, but it definitely has a suburban feel with a lot of ranch-style houses and twin homes with front yards. A lot of them have garages, too" said Redfin agent Michael Severns. "The neighborhood is perfect for people who commute into the city because it has easy access to main thoroughfares like the Roosevelt Corridor and Highway 611. A lot of people who grew up closer to the city in places like Fishtown and Kensington eventually search for homes a little bit further out in Fox Chase." 10. Beacon Hill, San Antonio, TX Median sale price: $213,264Median sale price for metro area: $220,000Average sale-to-list price ratio: 98.5%Percent of homes that sold above list price: 46.2% "Beacon Hill combines old San Antonio charm with 21st century urban living," said Perry Sanders, a Redfin agent who works in the area. "The architecture includes a mix of single-family homes, condominiums and townhouses. Combine that with Beacon Hill's plentiful shops and eateries, and you quickly understand why the neighborhood has gained popularity in recent years—a trend that's likely to continue." The full Hottest Affordable Neighborhoods report, complete with research methodology, is available here. To read the full Hottest Neighborhoods report, including a list of the top three neighborhoods in each of 41 major metro areas, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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Homeownership Part of American Dream; Housing Costs Deterrent for Non-Owners
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Renting a Home More Affordable than Buying in 59 Percent of U.S. Housing Markets
Home Prices Outpacing Wages in 80 Percent of the U.S. Housing Markets IRVINE, Calif. – Jan. 10, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its 2019 Rental Affordability Report, which shows that renting a three-bedroom property is more affordable than buying a median-priced home in 442 of 755 U.S. counties analyzed for the report — 59 percent. The analysis incorporated recently released fair market rent data for 2019 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 755 U.S. counties with sufficient home sales data (see full methodology below). "With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream, "said Jennifer von Pohlmann, director of content and PR at ATTOM Data Solutions. "With home price appreciation increasing annually at an average of 6.7 percent in those counties analyzed for this report and rental rates increasing an average of 3.5 percent, coupled with the fact that home prices are outpacing wages in 80 percent of the counties, renting a home is clearly becoming the more attractive option in this volatile housing market." Renting more affordable than buying in nation's most populated counties Renting is more affordable than buying a home in the nation's 18 most populated counties and in 37 of 40 counties with a population of 1 million or more (93 percent) — including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston. Among the 40 U.S. counties analyzed in the report with a population of 1 million or more, the three where it is more affordable to buy a home than rent were Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio. Buy or Rent in 2019 Heat Map Least affordable rental markets in Northern California, Hawaii, D.C. The report shows that renting a three-bedroom property requires an average of 38.0 percent of weekly wages across the 755 counties analyzed for the report. The least affordable markets for renting are Santa Cruz County, California (81.7 percent of average wages to rent); Honolulu County, Hawaii (74.4 percent); Spotsylvania County, Virginia (73.0 percent); Maui County, Hawaii (69.5 percent); San Benito County, California (68.6 percent); Monroe County, Florida (67.3 percent); Sonoma County (Santa Rosa area), California (66.0 percent); Marin County (San Francisco area), California (65.6 percent); and Kings County, New York (63.7 percent). Most affordable rental markets in Ohio, North Carolina, Wisconsin, Pennsylvania The most affordable markets for renting are Roane County (Knoxville area), Tennessee (19.7 percent of average wages to rent); Peoria County, Illinois (23.8 percent); Mcminn County (Athens), Tennessee (23.8 percent); Green County (Dayton), Ohio (24.2 percent); and Rhea County (Dayton area), Ohio (24.6 percent). Among counties with a population of 1 million or more, those most affordable for renting are Allegheny County (Pittsburgh), Pennsylvania (25.1 percent); Cuyahoga County (Cleveland), Ohio (25.6 percent); Saint Louis County, Missouri (26.4 percent); Oakland County (Detroit area), Michigan (26.7 percent); and Wayne County (Detroit), Michigan (27.7 percent). Rent growth outpacing wage growth in 52 percent of markets Average fair market rents rose faster than average weekly wages in 394 of the 755 counties analyzed in the report (52 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Average weekly wages rose faster than average fair market rents in 361 of the 755 counties analyzed in the report (48 percent), including Kings County (Brooklyn), New York; Queens County, New York; Clark County (Las Vegas), Nevada; Tarrant County (Dallas-Fort Worth), Texas; Santa Clara (San Jose), California; Broward County (Miami), Florida; and Alameda (San Francisco), California. Home prices rising faster than wages in 80 percent of markets Median home prices rose faster than average weekly wages in 601 of the 755 counties analyzed in the report (80 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Average weekly wages rose faster than median home prices in 154 of the 755 counties analyzed in the report (20 percent), including Kings County (Brooklyn), New York; Queens County, New York; King County (Seattle), Washington; Suffolk County, New York; and Bronx County, New York. Home prices rising faster than rents in 70 percent of markets Median home prices rose faster than average fair market rents in 531 of the 755 counties analyzed in the report, including Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Kings County (Brooklyn), New York; Queens County, New York; and Riverside County, California. Average fair market rents rose faster than median home prices in 224 of the 755 counties analyzed in the report (30 percent), including Los Angeles County, California; San Diego County, California; Orange County, California; Miami-Dade County, Florida; Dallas County, Texas; and Kings County (Seattle), Washington. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Tom Ferry International Partners with REAL Trends on The Thousand and America's Best Top Agents Programs
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Women, Millennials, and Hispanics Will Shape the Future of Housing
Ten of the top 20 and seven of the top 10 fastest-growing buyer first names are predominantly millennial female names SANTA CLARA, Calif., Jan. 9, 2019 -- The future of real estate will be significantly influenced by women, millennials and Hispanics, according to realtor.com®'s analysis of first names on 2018 home sales deeds. Single women are one of the fastest-growing demographics in the housing market, according to the data. Although older Baby Boomer and Silent Generation women are leading the charge, the increase in deeds with female names is particularly visible when comparing genders within the millennial generation. Looking solely at names with a peak year between 1981 and 1997, millennial female names are outpacing millennial male names, with home sales with female names beating male name home sales by 1.5 percent (6.9 percent versus 4.4 percent on average year-over-year, respectively). Seven of the top 10 fastest growing buyer names are predominately millennial female names, and all of them peak in the 1980s and 1990s.   Overall, Hannah, Austin, Alexis, Logan, and Taylor -- of which three are predominantly female names -- were the top five fastest growing first names on home sales deeds in 2018, with their frequency seeing an average increase of 22 percent from 2017. While Michael, John, David, James, and Robert were still the top five first names on sale deeds by sheer volume, these names saw a 3 to 5 percent decline over 2017. "First names associated with women -- especially millennial women -- saw a significantly faster level of home sales growth in 2018, giving us a sneak peek of homeownership trends in 2019," said Javier Vivas, director of economics research at realtor.com®. "Hispanics and millennials names overall also saw a surge in home purchases last year. If these buyers can continue to break through the affordability barrier, they are likely to make up a larger share of owners than ever before and dominate the market for years to come." Millennials are NOT the rent generation In 2018, home sales with millennial names increased 5.3 percent, followed by Gen X names at 0.8 percent. Names of Boomers (born 1946 to 1964) and the Silent Generation (born before 1945) fell 2 percent and 3.5 percent, respectively. Geographically, millennial buyer names are particularly overrepresented in Kansas, Indiana, Louisiana, Missouri, and Utah - states where housing affordability remains above national levels - confirming that jobs and availability of entry level homes act as magnets for young buyers. The rise of Hispanic influence Deed data also shows a growth in Hispanic names. In 2018, home sales associated with traditionally Hispanic names and partially Hispanic names increased 4.1 percent and 3.7 percent, respectively year-over-year. While sales with non-Hispanic names remained virtually flat at 0.1 percent year-over-year. Notably, 26 of the top 100 fastest-growing names are traditionally of Hispanic origin. Within this category, Hispanic buyer names skew slightly older than their non-Hispanic counterparts, with a median birth year of 1979 and 1982 respectively. Geographically, Hispanic buyer names are naturally concentrated in the South and Southwest. California, Texas, Nevada, New Mexico, and Arizona are among the top states, unsurprising given their proximity to Central America. On the East Coast, sales to buyers with Hispanic names are overrepresented in Florida, Illinois, and New Jersey, where demand for homes from domestic and international buyers of South American and Caribbean origin tends to be concentrated. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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CoreLogic Loan Performance Insights Find Delinquency Rates in October Dropped to the Lowest Level in at Least 18 Years
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in October 2018, representing a 1 percentage point decline in the overall delinquency rate compared with October 2017, when it was 5.1 percent. This was the lowest for the month of October in at least 18 years. As of October 2018, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.5 percent, down 0.1 percentage point since October 2017. The October 2018 foreclosure inventory rate tied with the April, May, June, July, August and September rates this year as the lowest for any month since September 2006 and also marked the lowest rate for an October since 2005. In both instances, the foreclosure inventory rate was 0.5 percent. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.9 percent in October 2018, down from 2.3 percent in October 2017. The share of mortgages that were 60 to 89 days past due in October 2018 was 0.7 percent, down from 0.9 percent in October 2017. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.5 percent in October 2018, down from 1.9 percent in October 2017. This serious delinquency rate was the lowest for an October since 2006 when it was 1.5 percent. It ties August and September 2018 as the lowest for any month since March 2007 when it was also 1.5 percent. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8 percent in October 2018, down from 1.1 percent in October 2017. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent, while it peaked in November 2008 at 2 percent. "While the strong economy has helped families stay current and push overall delinquency rates lower, areas that were hit hard by natural disasters have seen a rise in loan defaults," said Dr. Frank Nothaft, chief economist for CoreLogic. "The 30-day delinquency rate in the Panama City, Florida metro area tripled between September and October 2018 as a result of Hurricane Michael. Two months after Hurricane Florence made landfall in the Carolinas, 60-day delinquency rates doubled in the Jacksonville, Wilmington, New Bern and Myrtle Beach metro areas. And buffeted by Kilauea's eruption in the Hawaiian Islands, serious delinquency rates jumped on the Big Island by 9 percent between June and October 2018, while falling by 4 percent in the rest of Hawaii." Hurricane Irma and Hurricane Florence (2017 and 2018, respectively) continue to impact some metropolitan areas, with mortgages transitioning from current to 30 days past due. This October, 18 metropolitan areas posted an annual increase in overall delinquency rate, seven of which were either in North or South Carolina. In the coming months, CoreLogic will continue to monitor these and other metros struck by natural disaster for potential increase in delinquencies. "Despite some regional spikes related to hurricane and fire impacted areas, overall delinquency rates are near or at historic lows," said Frank Martell, president and CEO of CoreLogic. For ongoing housing trends and data, visit the CoreLogic Insights Blog. Methodology The data in this report represents foreclosure and delinquency activity reported through October 2018. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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U.S. Army Veteran Wins New Home for the Holidays $200K Veteran Homebuyer Giveaway
Former United States Army Sgt. Amy Jo McDonald is planning to purchase new home for her family SANTA CLARA, Calif., Jan. 3, 2019 -- Realtor.com® and Veterans United Home Loans today announced that former United States Army Sgt. Amy Jo McDonald of Pella, Iowa, has won the Veterans United Home Loans and realtor.com® New Home for the Holidays $200K Veteran Homebuyer Giveaway. "Sgt. Amy McDonald and her husband, Scott, have both given so much in their service to our country," said Kris Farmer, chief marketing officer at Veterans United. "At Veterans United, we strive each and every day to help Veterans and service members achieve the American dream of homeownership. We are incredibly excited to partner with realtor.com® in making the McDonald's dream home become a reality for this deserving military family." Originally from Brocton, N.Y., McDonald was stationed at Fort Bragg, N.C., from 1998 to 2002, serving in the U.S. Army as a petroleum laboratory specialist. McDonald's husband, Scott, is also a Veteran of the U.S. Army and Marine Corps. McDonald and her husband have two children, and she will use the giveaway's $200,000 prize (less tax withholding) toward purchasing their new home. "We are sincerely grateful for the gift that Veterans United has given to our family in collaboration with realtor.com®, and we appreciate the recognition you have given to Veterans," said Amy Jo McDonald. "Winning this sweepstakes means a lot to our family. It will lift the burden of having a monthly mortgage payment and will allow us to be more financially prepared for our children's future. We couldn't be more grateful for that opportunity." Tricia Smith, senior vice president of channel sales and operations at realtor.com®, said, "We are delighted to help Amy, Scott and their two girls get one step closer to having a new home to call their own. Realtor.com® is proud to work with Veterans United again this holiday season to support the military families that give so much to protect our freedom and our country." About the Giveaway Veterans United Home Loans is the sponsor of the sweepstakes, and retained realtor.com® to support the sweepstakes with hosting, administration and promotion services. About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®. About Veterans United Home Loans Based in Columbia, Missouri, the full-service national lender financed more than $10.2 billion in loans in 2017. Its mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. In 2018, Veterans United was named No. 32 of the Fortune 100 Best Companies to Work For, according to Great Place to Work® and Fortune Magazine. Learn more at veteransunited.com. | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203. NMLS ID #1907 (www.nmlsconsumeraccess.org). A VA approved lender; not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC
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Housing Market Cooldown Continues as Inventory Increases in December
Time on Market Grows in Some Large Metros SANTA CLARA, Calif., Jan. 3, 2019 -- The U.S. housing market showed continuing signs of cooling in many of the nation's largest metros in December. According to realtor.com®'s December housing report today, the largest markets saw a 10 percent increase in inventory, compared to a nationwide average of 5 percent, as time on market decelerated, listing price growth slowed and price cuts increased. Homes sold at a pace of 80 days in December, three days faster than last year. However, this rate is decelerating, as December 2017 saw homes sell six days faster compared to the previous year. On average, typical properties on the list of 45 top metros* spent the same amount of time on the market as the previous year, while 19 markets saw the typical property actually spend more time on the market than last year. Properties in San Jose, Calif., Seattle and Nashville, Tenn., typically spent 14, 10 and six more days on the market this December, respectively. On the flipside, properties sold more quickly than last year in Birmingham, Ala., Milwaukee and Richmond, Va. at 12, 11 and 10 days, respectively. "Sellers are adjusting their strategies, especially in slowing, pricey markets with growing availability of homes for sale," said Danielle Hale, chief economist for realtor.com®. "Although buyers may not find a bargain, the price discounts and recently lower borrowing costs may entice upper-tier buyers back into the market. By contrast, entry-level shoppers continue to contend with declining availability of homes for purchase, albeit at a slower rate." Nationally, the percentage of listings that saw price reductions increased to 15 percent in December, up from 13 percent a year ago. The increase is being driven by the nation's largest markets. In fact, 38 of the 45 top markets saw an increase in the share of price reductions. Charlotte, N.C., topped the list with the share of price reductions growing by 10 percent, from 14 percent last year to 24 percent in December. It was followed by San Jose (+10 percent), Tampa (+9 percent), Phoenix (+9 percent) and Seattle (+8 percent). The median U.S. listing price grew 7 percent year-over-year to $289,000 in December, lower than last year's increase of 8 percent. Of the 45 top metros reviewed, 32 still saw year-over-year gains in their median listing price, but only 11 markets outpaced the national growth rate of 7 percent. Milwaukee (+14%), Indianapolis (+12%), and Kansas City, Mo. (+12%) are some of the larger markets that posted the highest year-over-year median list price growth. The steepest declines in median listing prices were felt in San Jose, Calif., and San Francisco, which were down 12 percent and 4 percent, or $130,000 and $33,000, respectively. Austin, Texas, Houston, Dallas, Nashville, Tenn., Charlotte, N.C., and Jacksonville, Fla. also saw declines. However, selling prices in some of these markets are not yet reflecting these declines. *Columbus, Ohio, Denver, Las Vegas, Providence-Warwick, R.I., and Sacramento, Calif. were excluded due to data revisions or data unavailability. About realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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CoreLogic Reports November Home Prices Increased by 5.1 Percent Year Over Year
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Housing Inventory Up 5% in November--Fastest Growth in 3 Years--as Sales Decline 8%
Prices post sub-4% growth for third consecutive month; Balance of supply and demand is shifting toward homebuyers' favor in markets like San Francisco, Seattle, Denver, Dallas, and Portland, Oregon SEATTLE -- U.S. home-sale prices increased 3.3 percent year over year to a median of $298,800 in November, according to Redfin, the next-generation real estate brokerage. November marked the third straight month of annual home price gains under 4 percent after a 77-month-long streak of annual home price gains exceeding 4 percent. "The tide has turned," said Redfin Chief Economist Daryl Fairweather. "Sellers are now competing for buyers, but they haven't all realized it yet. Sellers who have adjusted their price expectations downward are still finding plenty of willing buyers. Sellers holding out for high prices are contributing to declining home sales and growing inventories. We see few signs that buyers are likely to reward their patience." The number of completed home sales fell faster than it has in over two years, down 8.3 percent from November 2017. Home sales declined in 65 of the 74 largest metro areas that Redfin tracks. The only metro areas that saw more than a 5 percent year-over-year increase in sales in November were New Orleans (+9.4%), Tampa (+7.2%), Long Island (+7.1%), and Orlando (+6.5%). Mortgage rates, which were a full point higher in November 2018 (4.9%) than the 2012-2017 average (3.9%), may be putting a damper on sales. As home sales continue to decline, the number of homes on the market is on the rise, shifting the balance of supply and demand back toward buyers' favor. The number of homes for sale in November was up 4.9 percent from a year earlier. This was the highest level of inventory growth since June 2015, and the eighth straight month that the year-over-year figure increased. However, the national figure masks a wide variation among individual metro areas, with inventory skyrocketing in places like San Jose (+123.2%), Seattle (+96.5%) and Oakland (+60.3%) but still falling fast in other areas such as Philadelphia (-24.0%), Camden (-19.8%) and New Orleans (-19.1%). The number of homes newly listed in November rose 0.3 percent year over year. Across Redfin metros, the typical home that sold in November went under contract in a median of 44 days, two days faster than last year. Earlier this year the fastest markets saw homes go under contract in less than 10 days, but spring's fastest markets are slowing down the most this fall. This November, 19 percent of homes sold above the list price, down from 22.2 percent last November. Meanwhile the share of homes with a price drop declined slightly from an all-time high of 31.2 percent in October to 24.6 percent in November. Nationwide, the number of homes newly listed in November rose 0.3 percent year over year. To read the full report, complete with graphs, charts and market-level data, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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