Redfin Survey: Most Respondents Support More Homebuilding, But Many Don't Want a Complex in Their Neighborhood
Nearly 80% of respondents to a recent Redfin survey support policies that promote homebuilding. But just one-third of those respondents would feel positive about a large new apartment complex built near their home.
SEATTLE -- Nearly four of every five (78%) respondents to a recent housing survey support policies that promote building more housing, according to a new report from Redfin, the technology-powered real estate brokerage. But just one-third (32%) of the respondents who are pro-building would feel positive about an apartment complex built in their neighborhood, and 20% of them would feel negative about it. Nearly half (48%) would feel neutral.
Broken down by homeowners versus renters, 74% of owners support policies that promote building more housing, compared with 80% of renters. One-quarter (25%) of owners would feel positive about a new apartment complex built in their neighborhood, about on par with 28% of renters. Two in five (40%) owners would feel negative about a new apartment complex built in their neighborhood, and 35% would feel neutral. That's compared with about one-quarter (24%) of renters feeling negative about the prospect of a new apartment complex nearby, and nearly half (49%) who would feel neutral.
This is according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. The survey was fielded to 5,079 U.S. residents who either moved in the last year, plan to move in the next year, or rent their home. This report focuses mainly on the 3,949 respondents (78% of the total) who indicated they are "for" policies that promote building more housing.
The U.S. had an estimated housing shortfall of 3.8 million units as of 2021, and both buying and renting a home is more expensive in 2023 than it's ever been. Prices continue to rise even in the midst of elevated mortgage rates and low demand because there aren't enough homes for sale. Building more housing would narrow the gap between supply and demand, and help make housing more affordable. Policies that promote building include loosening zoning restrictions, allowing accessory dwelling units (ADUs) and enacting tax incentives that would encourage developers to build.
"Personal preferences for things like a quiet neighborhood or old-fashioned charm are often at odds with building new housing," said Redfin Chief Economist Daryl Fairweather. "Even though so many Americans believe in building new dense housing in theory, that ideology isn't strong enough to outweigh their own desires–especially when they don't stand to directly benefit from the building. That's why it's so difficult to overcome community opposition to dense new housing, even during a time when so many Americans believe in the Yes In My Backyard (YIMBY) movement."
Most Democrats and Republicans are pro-building–but not necessarily in their neighborhood
Broken down by political affiliation, the majority of both Democrats and Republicans support policies that promote building more housing. But a minority of both Democrats and Republicans would feel positive about a new apartment complex built in their neighborhood.
More than eight of every 10 (83%) of respondents who identify as Democrats are pro-building, compared with three-quarters (75%) of respondents who identify as Republicans.
Roughly one-third (34%) of Democrats would feel positive about a large new apartment complex to be built in their neighborhood, compared with 24% of Republicans. Just under one-quarter (23%) of Democrats would feel negative about a large complex built in their neighborhood, versus 37% of Republicans. Roughly two in five Democrats (43%) and Republicans (40%) would feel neutral.
While Republicans are more likely than Democrats to be against a large new complex in their neighborhood, the South–which is made up largely of Republican-leaning states–is building far more homes than other parts of the country. States in the South issued 576,000 single-family building permits in August, more than twice as many as any other region and up 10% year over year. That's compared to 4% increases in the West and Midwest and a 5% decline in the Northeast.
"There are YIMBYs and NIMBYs on both sides of the aisle," Fairweather said. "That's part of the reason it's so difficult to push through policies that promote dense housing. But all types of building ultimately help with housing supply and affordability, even building more single-family homes. The more homes that exist, the more likely it is a person can find one to fit their needs and their budget. So even though Republicans are more likely to oppose dense housing, the South is doing more than other regions to create more housing and help with affordability. Looking forward, governments in some red and blue states are prioritizing affordable housing. In Montana, for instance, a wave of bipartisan legislation to reform zoning is making its way through the government, and California lawmakers have eliminated barriers to building ADUs."
Democrats are nearly twice as likely as Republicans to feel more positive if the apartment complex being built in their neighborhood was for low-income residents. About one-third (34%) of Democrats say they would feel more positive if that were the case, compared to 19% of Republicans. About half of both groups would feel neutral.
View the full report, including charts and more details on the survey, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
RETECHNOLOGY PREMIUM MARKETPLACE RELATED PRODUCTS | WEBINARS | SPECIAL OFFERS
Aayaam Kapoor of Real Estate Webmasters Honored with HousingWire's 2023 Insiders Award
Thank you to Real Estate Webmasters for sponsoring this article on RE Technology:
Real Estate Webmasters' VP of Product and Agency, Aayaam Kapoor, was recently named one of HousingWire's 2023 Insiders. This award highlights the people working behind the scenes to drive their companies to success, and Aayaam has done remarkable work to deserve this award. His 15 years of valuable experience in product and project management in India, UK, and Canada helped bring a global perspective to Real Estate Webmasters.
Accomplishments and Contributions
Aayaam's six years at Real Estate Webmasters have been marked by transformative and innovative changes:
Improving Project Management - Established a Project Management Office (PMO) to elevate best practices, communication, and governance tools.
Streamlining Operations - Aayaam's 2019 Resourcing model set a new standard for efficiency and customer satisfaction, affecting over 500 clients.
Spearheading Renaissance - 350+ top brokerages in North America adopted Renaissance, Real Estate Webmasters IDX-powered real estate platform that loads 1TB of data.
Boosting Customer Satisfaction - Response times were significantly reduced, and customer satisfaction rose by 20%.
Setting New Industry Benchmarks - Under Aayaam's direction, Real Estate Webmasters became the only real estate website to score 100 in WPO, SEO, and Accessibility.
What's Next?
Industry experts like Aayaam, whether working in the shadows or with a spotlight shining on them, will undoubtedly move the Real Estate industry forward. We can only wait in anticipation of what revolutionary changes Aayaam and Real Estate Webmasters will roll out in the near future.
This is a summarized version of the original blog hosted on Real Estate Webmasters' website.
MORE >
A Homebuyer on a $3,000 Budget Has Lost $71,000 in Purchasing Power Since Last Year
Daily average mortgage rates are sitting at about 7.4%, close to their highest level in more than two decades
SEATTLE -- Historically high mortgage rates are cutting into buyers' budgets, according to a new report from Redfin, the technology-powered real estate brokerage. A homebuyer on a $3,000 monthly budget, for instance, can afford a $429,000 home with a 7.4% mortgage rate, roughly the daily average on August 23. That buyer has lost $71,000 in purchasing power since August 2022, when they could have bought a $500,000 home with an average rate of about 5.5%.
The daily average 30-year mortgage rate was 7.36% on August 23, down slightly from a peak the day before but still close to its highest level in more than 20 years.
To look at affordability another way, the monthly mortgage payment on the typical U.S. home, which costs about $380,000, is roughly $2,700 with a 7.36% mortgage rate. The monthly payment would be $400 lower—around $2,300—with last year's 5.5% rate.
The combination of high monthly mortgage payments and historically low housing inventory has pushed many would-be homebuyers out of the market. Home-purchase applications dropped to their lowest level in nearly 30 years during the week ending August 18, and Redfin's Homebuyer Demand Index—a measure of requests for home tours and other buying services from Redfin agents—was down 7% year over year.
"The buyers out there right now are the ones who need to move," said Phoenix Redfin Premier agent Kim Lotz. "I'm working with one couple from out of state who are coming to Phoenix because of a job transfer; they don't have the luxury of waiting for mortgage rates to come down."
There's more demand in some parts of the country than others. In Nashville, TN, for instance, Redfin Premier agent Kristin Sanchez says there are more buyers than sellers.
"Some buyers are hoping they can get a home for under asking price to make up for high interest rates because they're hearing the housing market is slow. But what's happening nationally isn't necessarily true here," Sanchez said. "Tennessee is a hot spot for people relocating from other states. There are plenty of jobs, and the area is starving for inventory. So despite high rates, there are more house hunters than houses for sale. Homes that are priced competitively and in good condition are typically selling at or just over asking price with two or three offers."
Leading indicators of homebuying activity:
The daily average 30-year fixed mortgage rate was 7.36% on August 23, near a two-decade high. For the week ending August 17, the average 30-year fixed mortgage rate was 7.09%, the highest level in more than 20 years.
Mortgage-purchase applications during the week ending August 18 declined 5% from a week earlier, seasonally adjusted. Home-purchase applications dropped to their lowest level since 1995. Purchase applications were down 30% from a year earlier.
The seasonally adjusted Redfin Homebuyer Demand Index was down about 2% from a month earlier. It was down 7% from a year earlier, the biggest decline since April.
Google searches for "homes for sale" were down 7% from a month earlier during the week ending August 19, and down about 14% from a year earlier.
Touring activity as of August 20 was up 2% from the start of the year, compared with a 6% decrease at the same time last year, according to home tour technology company ShowingTime.
Editor's note: This report and press release excludes the national housing-market data we typically report on every week, including prices, pending sales and listings. An outage impacted several multiple listing services in various parts of the country during the second week of August; as a result, we are unable to accurately report on our typical housing-market metrics at this time.
View the full report, including charts, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
Adwerx and Reliance Create Innovative Partnership for Real Estate Leaders
Brokerages and their agents can use the integration to target key audiences with personalized digital advertising
Adwerx, an industry-leading localized digital advertising platform, in collaboration with Reliance, which powers many of the world's most prestigious luxury brands with designer websites, CRM and marketing solutions, announces a strategic partnership that provides cutting-edge marketing efficiency and impact for brokers.
Through its industry-leading advertising automation platform, Adwerx provides real estate firms and their producers with digital ad campaigns that nurture existing relationships while boosting brand visibility in targeted markets. Personalized at scale for every agent at the firm, ads are targeted by location to consumers who have shown demonstrated interest in buying or selling real estate, or directly to the agent's CRM audience.
Reliance specializes in the unique challenges of building and integrating business technology in the real estate industry. Its extensive catalog of products and services is purposely designed to help modern real estate brokerages and professionals realize the added financial, competitive and operational benefits afforded by specialized technology integration.
This partnership amplifies the strengths of both companies by allowing real estate professionals to seamlessly integrate their database and websites developed with Reliance into their automated brand and nurture campaigns run through Adwerx, creating a comprehensive and powerful process of connecting with key audiences.
"We already use both Reliance and Adwerx and have for many years," said Dan Mirsky, Chief Marketing Officer at HUNT Real Estate. "Both companies provide essential services for our brokerage and our agents' businesses. This new partnership is exciting because it offers a seamless way for our top sales professionals to advertise and grow their brand, tying in all the different components of their online presence."
Both companies are actively working to automate advanced digital marketing campaign processes and build a seamless customer experience. As more of the world becomes digital, designing campaigns to reach consumers where they spend their time is becoming increasingly important.
"At Reliance, we see Adwerx as our full-service, premium advertising solution for agents, teams, and brokers; one that allows our clients to have total turn-key advertising," said Sean McRae, CEO at Reliance. "Many of our clients are already using Adwerx, so our integration simplifies their workflow and saves them a ton of time. The decision to collaborate with Adwerx was easy and a benefit for our many mutual clients."
"Combining the strengths of Reliance and Adwerx will create a marketing platform that is as powerful as it is easy to use," said Michael Collins, CEO of Adwerx. "Our process was already easy, and this integration means there is one less step for brokerage leaders to execute a broad range of data-driven marketing services."
For more information on Adwerx please visit adwerx.com, and for Reliance visit reliancenetwork.com.
About Adwerx
Adwerx is an industry-leading digital advertising automation platform that provides personalized, hyper-targeted, and fully-automated digital advertising solutions for real estate and mortgage companies. Scalable for businesses of any size, Adwerx executes advertising with the power needed for large enterprises and the simplicity expected for an individual agent.
As a trusted partner to thousands of real estate and mortgage firms and their top producers, Adwerx enables its customers to stay ahead of the competition by reaching new audiences and nurturing existing relationships. For more information about Adwerx and its suite of digital advertising solutions, visit www.adwerx.com.
About Reliance
Reliance is a privately owned and operated marketing and software engineering firm based in Lake Oswego, Ore. The company takes great pride in being 100% Made in America, providing meticulous design standards and exceptional reliability for our clientele's websites and marketing automation systems. Today Reliance powers more than 200 of real estate's top luxury and independent full-service brokerages across more than 400 MLS boards. Services span the United States, Canada, the Caribbean and resort communities in Mexico and Central America. Learn more about Reliance here: www.reliancenetwork.com.
MORE >
Constellation Real Estate Group Acquires Showcase IDX, Expanding Portfolio of Industry Leaders in Real Estate Technology
The Constellation Real Estate Group enhances its suite of real estate software with a leader in WordPress IDX and property search technology.
BELLEVUE, Wash., Aug. 16, 2023 -- The Constellation Real Estate Group ("CREG") and Romulus, a portfolio of vertical market software companies within the Perseus Operating Group of Constellation Software, Inc., announced today that it has acquired the Showcase IDX business ("Showcase IDX"). Showcase IDX offers a full suite of essential tools for real estate professionals, including state-of-the-art mapping IDX and property search tools, lead capture, a powerful CRM, and listing marketing functionality.
Showcase IDX has steadily grown since it was founded in 2003, becoming a leader in the real estate technology space. Last year, more than 12 million consumers used its IDX search on agent and broker websites.
The Showcase IDX WordPress plugin is a multifaceted IDX solution which fits alongside the other powerful products offered by the Constellation Real Estate Group, while also expanding its presence in an important space within the real estate technology marketplace—helping agents using the world's most popular website content management system to generate more business from their online presence.
"Showcase IDX is a natural fit for us," said Robert Vickers, President, Agent Group at Constellation Real Estate Group. "They offer a host of strong, well-developed products that will allow us to better serve our customer base. We're happy to have their industry-leading technology as part of our portfolio. Showcase IDX has a similar vision to the 22 other brands in the Constellation Real Estate Group—delivering exceptional experiences for consumers and industry partners and building meaningful relationships. We'll continue to do that together, and this acquisition is certainly a value add for all involved. We're excited to work with Showcase IDX's employees and customers and to bring them in as part of the family."
"We are so pleased to welcome Showcase IDX, its customers and its employees, to the Constellation Real Estate Group. This acquisition is another testament to our long-term approach to purchasing and nurturing leading real estate technology companies," remarked Andrew Binkley, President, Constellation Real Estate Group.
Powering over 500,000 agents, brokerages, franchises, and MLSs across the U.S. and Canada, the Constellation Real Estate Group portfolio continues to offer the real estate industry's broadest set of technology solutions year after year. The terms of the deal were not disclosed.
About Constellation Real Estate Group
The Constellation Real Estate Group acquires and invests in real estate software companies that are committed to providing long-term solutions and partnerships with franchises, brokers, agents, MLSs, and associations. The Constellation Real Estate Group provides market-leading technology solutions designed specifically for the real estate industry through its portfolio of brands. For more information, visit ConstellationREG.com and CSIRomulus.com.
About Showcase IDX
Showcase IDX empowers real estate professionals to grow their businesses by providing innovative, cloud-based tools, including the leading IDX integration plugin for WordPress. Showcase IDX's state-of-art technology is trusted by thousands of agents from some of North America's most successful brokerages.
For more information about Showcase IDX, visit ShowcaseIDX.com.
MORE >
SERHANT. Chooses Constellation1 Data Services to Aid in Its Rapid National Expansion
Tech Partnership Promises to Help Fuel Growth by Delivering Data and Back End Services to Support Sales and to Scale
Laguna Beach, CA (August 2, 2023) -- Constellation1, the preferred provider of real estate technology and data services, including robust listing aggregation and data normalization, along with compliance services, today announced that it was selected to support the strategic growth of SERHANT., a multidimensional real estate brokerage that sits at the intersection of media, entertainment, education and technology.
Founded in 2020 in New York City, SERHANT. has quickly become one of the fastest growing and top-ranking tech-enabled real estate firms nationwide. Under the guidance of its Chief Technology Officer, Ryan Coyne, SERHANT.'s tech-forward approach has helped differentiate the brokerage as it continues to grow and expand into new markets nationwide.
Under Coyne's vision and plan for how technology can assist the leading brokerage's expansion, SERHANT. evaluated various companies' offerings and the first company it spoke to referred SERHANT. to Constellation1. Ryan Coyne says, "In terms of value proposition, everything was there, due to Constellation1's 25+ years of MLS data expertise, well-established MLS relationships, and contract and compliance management experience."
"We're excited to support SERHANT. in its continued growth," said Andrew Binkley, President of Constellation1. "It's impressive to see the dedication to technology and innovation that the SERHANT. team demonstrates. Access to industry-leading, normalized data will further support SERHANT.'s continued expansion, while delivering exceptional service to its agents and customers."
"We've continued to invest in our center of data excellence and data services offerings," said Rick Herrera, Vice President, Research and Development, Data Services at Constellation1. "Partnerships like this one with SERHANT., solidify our investment and dedication to continuing to improve data delivery to the real estate industry."
Constellation1 has secured its foothold as the leading provider of nationwide data services to the real estate industry.
Recently, Inman named both Constellation1 and SERHANT. to the list of nominees for the 2023 Inman Innovator Awards. SERHANT. is nominated in the categories of Top Marketing or Branding Campaign and Top Video or Podcast, and Constellation1 is nominated in the category of Top Technology and Innovator of the Year for its President, Andrew Binkley.
To learn more about SERHANT.'s growth and expansion with Constellation1 Data Services, read the full story here.
About Constellation1
Constellation1 is a long term partner to the real estate industry and provides front office, back office and data services to real estate brokerages, franchises, associations, MLSs, and proptech companies across North America. Constellation1 is your source for real estate technology. Constellation1 is a division of Constellation Web Solutions Inc., and its subsidiaries, and is part of Constellation Real Estate Group. For more information, visit constellation1.com.
About SERHANT.
SERHANT. is a multidimensional real estate and media company designed for the marketplace of tomorrow. The company grew from the #1 ranked sales team in New York City into a full-service brokerage, digital education platform, and creative film studio that develops content for social, sharing and streaming. This model is revolutionizing the real estate industry and transcending in to the tech, media, education, entertainment industries. The SERHANT. real estate brokerage includes residential real estate and specialty divisions SERHANT. Signature, focused on high net-worth clientele and properties priced over $10 million USD, and SERHANT. New Development, focused on the sales and marketing of new construction projects, complete with ID Lab which forms the brand identity and marketing for developments. SERHANT. Studios, its full-service film studio and production division, concepts and distributes all content from social assets to the streaming channel LISTED on YouTube. SERHANT. Ventures, the education and innovation arm of the company, manages the global Sell It Like Serhant digital educational system which innovates and invests in EdTech. Today, SERHANT. operates in six states. SERHANT. was founded in September 2020 by top real estate broker and star of Bravo's Million Dollar Listing New York Ryan Serhant, with a commitment and vision to amplify the success of others: executives, brokers, developers, clients, global course members, and the industry as a whole. Learn more at https://www.serhant.com.
MORE >
Computer Vision Leader Restb.ai Launches New Valuation Product Suite to Boost Appraisal Modernization
BARCELONA, Spain, Aug. 03, 2023 -- Leading computer vision and AI solutions provider Restb.ai will unveil its innovative Valuation Product Suite at the 20th Annual Valuation Expo, August 7-9, at the Mirage Hotel in Las Vegas. Restb.ai is leveraging its deep expertise in the use of computer vision in real estate to pioneer a valuation suite of solutions designed to expedite the modernization of property appraisals.
With the introduction of the new GSE standards (PDR/PDC), requiring more detailed data for each property report, the efficient processing and handling of inspections is paramount. Restb.ai's latest venture dovetails with a significant shift by Fannie Mae, which now evaluates photos for condition and has been rejecting appraisals when comparables are used without the appropriate adjustments.
"Restb.ai's computer vision solution empowers the appraisal industry with what it needs for this change by Fannie Mae," said Tony Pistilli, General Manager, Valuations for Restb.ai and one of the appraisal industry's most respected voices.
"The new products we are launching for the appraisal industry are all about modernization," added Nathan Brannen, Chief Product Officer for Restb.ai. "Our AI solutions enable appraisers to more quickly analyze properties and markets so they can spend more time using their expertise to produce better valuations," he added.
For example, Restb.ai's computer vision can automatically pre-populate and/or validate most required fields for appraisal reports.
Its new Valuation Product Suite features an innovative product lineup designed explicitly for the appraisal industry. It encompasses advanced Restb.ai technology for Comparable Properties, Data Collection, Form Pre-Population/Validation, and Restb.ai's proprietary Appraisal Complexity Score.
Key features of the suite include:
Comparable Properties: The API delivers up to 200+ recently sold comparable properties when provided with a subject property address, distinguished by Restb.ai's proprietary image-based condition and quality analysis.
Data Collection: A solution crafted for mobile data collection apps, enabling real-time image analysis and auto-populating of relevant features within the app. It is also capable of validating client-entered details with corresponding photos.
Form Pre-Population/Validation: Restb.ai's APIs can pre-populate and/or validate common appraisal and inspection forms based on public records data, property data, and most importantly, the property photos included in the report.
Appraisal Complexity Score: Prior to an appraiser being assigned, Restb.ai's complexity score provides instant clarity on the intricacy of a property based living areas and lot sizes, as well as image insights like its condition or unique style.
Brannen, one of real estate's most experienced artificial intelligence veterans, also will speak at the Valuation Expo on Wednesday, August 9, at 8:30 am on the main stage about "Valuation Modernization."
Learn more about Restb.ai's new Valuation Product Suite here.
About Restb.ai
Restb.ai, the leader in AI and computer vision for real estate, provides image recognition and data enrichment solutions for many of the industry's top brands and leading innovators. Its advanced AI-powered technology automatically analyzes property imagery to unlock visual insights at scale that empowers real estate companies with relevant and actionable property intelligence. Restb.ai is like having a real estate expert instantly research and provide a deep insight into each of the 1 million property photos uploaded daily.
MORE >
Computer Vision leader Restb.ai named 2023 Innovation Award Finalist for Technology
BARCELONA, Spain, July 27, 2023 -- Restb.ai, a global leader in computer vision and artificial intelligence (AI) solutions for the real estate industry, today announced its selection as a 2023 Inman Innovator Award Finalist in the category honoring top Technology firms.
"As a global firm now blanketing nearly the entire US MLS industry with advanced computer vision technology, it is especially rewarding because of the stellar reputation of these awards as they are to the real estate industry what the Oscars are to the movie business," said Xavi Hernando, Restb.ai CEO and co-founder. "Simply being nominated is a top honor and a powerful endorsement of our team and technology," he said.
Since 1998, the Inman Innovator Awards have honored companies, individuals and new technology that increases productivity, efficiency and transparency for consumers and real estate professionals alike.
According to Inman News, Inman Innovators include entrepreneurs "pushing the old ways aside, data scientists discovering new ways to examine behavior, marketers reimagining how to showcase properties, teams reinventing how to communicate with clients, companies building advanced technologies and brokerages and teams creating groundbreaking business models."
Finalists for the Inman Innovator Awards were selected from among nearly 300 nominations. Winners will be honored at the upcoming Inman Connect Las Vegas on Thursday, August 10. The full list of finalists can be found on Inman's website.
About Restb.ai
Restb.ai, the leader in AI and computer vision for real estate, provides image recognition and data enrichment solutions for many of the industry's top brands and leading innovators. Its advanced AI-powered technology automatically analyzes property imagery to unlock visual insights at scale that empowers real estate companies with relevant and actionable property intelligence. Restb.ai is like having a real estate expert instantly research and provide a deep insight into each of the 1 million property photos uploaded daily.
MORE >
Milestones Shannon Baldwin and Rivers Pearce Shine as Marketing Leaders: HousingWire 2023 Honors Awarded
AUSTIN, Tex. – July 12, 2023 – Milestones Labs (Milestones), the all-in-one homeowner portal making it easier for consumers to buy, move, own, sell, manage and access mortgage services for their home, is thrilled to announce that Milestones marketing leaders Shannon Baldwin and Rivers Pearce have been recognized as marketing leaders in the prestigious HousingWire 2023 Awards.
HousingWire, a trusted source of news and information for the mortgage and real estate industries, honors individuals who demonstrate exceptional marketing prowess and make significant contributions to the industry. This year, Shannon Baldwin and Rivers Pearce have stood out among a pool of highly talented real estate marketing professionals, securing their well-deserved spots on the esteemed list of award recipients.
Shannon Baldwin, Vice President of Marketing at Milestones, has showcased remarkable skills in leveraging emerging digital platforms and technologies to create engaging and memorable marketing experiences. Her exceptional leadership and ability to drive results will be instrumental in the success of numerous campaigns, propelling Milestones and its clients to new heights.
Rivers Pearce, Chief Evangelist at Milestones, has consistently demonstrated his expertise and creativity in crafting impactful marketing strategies for the company's clients. His innovative ideas and keen understanding of market trends have consistently helped Milestones stay ahead of the curve and exceed client expectations.
The HousingWire 2023 Marketing Leaders awards are a testament to the outstanding contributions made by Shannon Baldwin and Rivers Pearce to the marketing landscape within the mortgage and real estate industries. Their dedication, passion, and ability to deliver exceptional results have not only elevated their own careers but have also strengthened Milestones' reputation as a premier homeowner portal in the real estate industry.
"We are immensely proud of Shannon and Rivers for their remarkable achievements and well-deserved recognition," said Dustin Gray, CEO of Milestones. "Their commitment to excellence and their ability to consistently deliver outstanding results are an inspiration to us all. This recognition by HousingWire underscores their exceptional talents and the value they bring to our clients and our organization."
As marketing leaders at Milestones, Shannon Baldwin and Rivers Pearce have played pivotal roles in driving innovation, fostering client relationships, and achieving measurable results. Their contributions will continue to prepare Milestones to become a leading force in the homeowner management sector of real estate.
Watch this introductory video to Milestones by CEO, Dustin Gray:
About Milestones
Milestones is dedicated to helping real estate industry professionals break free from the transaction mindset by focusing on Homeowner Management. The integrated and open platform creates private client portals to stay connected and deliver ongoing personalized value — regardless of whether customers are buying, moving, owning, or selling. Instant access to verified trusted service partners ensures that clients never have to worry during any life event. The payoff from staying connected and helping customers solve problems: Fiercely loyal customers for life. Learn more at Milestones.ai.
MORE >
Rainbows, Stars and Stripes: How 13 Different Flags Impact Where Homebuyers Want to Live
Redfin reports nearly 1 in 3 surveyed homebuyers said seeing a rainbow flag in their neighborhood would make them more likely to make an offer. Roughly half of respondents would be less likely to make an offer if they saw a Confederate flag.
SEATTLE — Nearly one-third (29.5%) of U.S. homebuyers said that seeing a rainbow flag in a neighborhood would make them more likely to make an offer on a home there, according to a new survey from Redfin, the technology-powered real estate brokerage. But respondents were divided: 22.3% of buyers said the presence of a rainbow (LGBTQ+ pride) flag would make them less likely to submit an offer, and roughly half (48.2%) said it would have no impact on their decision.
That's according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. The survey was fielded to 5,079 U.S. residents. This report focuses on the 1,256 respondents who indicated that they're likely to buy a home in the next year, who we refer to as "homebuyers" and "buyers" throughout this report.
The following question was posed to respondents: "Imagine you were touring a home and you were able to afford the down payment and mortgage payments. If you saw each of the following on or around one of the neighbor's homes, how would that impact your likelihood of making an offer on that home?" Participants were asked about 13 different flags, the rest of which will be discussed further down in the report.
Results differed widely by political preference and age, with younger people and Democrats most likely to indicate that they prefer to live in a LGBTQ+ friendly area. Roughly two of every five (41.4%) homebuyers who identified as Democrat said they'd be more likely to make an offer on a home in a neighborhood where they saw a rainbow flag. Meanwhile, more than one-third (34.6%) of Republican buyers said seeing a rainbow flag would make them less likely to make an offer.
Nearly two of every five (37.9%) Gen Z respondents said they'd be more likely to make an offer on a home in a neighborhood where they saw a rainbow flag—a higher share than any other generation surveyed. That compares with 30.9% of Millennials, 19.7% of Gen Xers and 17.7% of Baby Boomers.
"In today's divided nation, living amongst likeminded people could be considered a neighborhood amenity, just like highly rated schools and walkability," said Redfin Chief Economist Daryl Fairweather. "Remote work has allowed scores of people to move to new areas and deprioritize proximity to the office. Oftentimes, that means homebuyers self-sort into areas where their neighbors think and vote like them."
A record 25.2% of Redfin.com users nationwide looked to move out of their current metro area during the three months ending April 30, up from 22.8% a year earlier and roughly 19% just before the pandemic. Many buyers are leaving their hometowns for more affordable areas—especially as mortgage rates rise.
Homebuyers were most put off by the idea of Confederate flags in their neighborhood. Roughly half (47.7%) said seeing a Confederate flag in a neighborhood would make them less likely to make an offer on a home there—the highest "less likely" share among the 13 flags respondents were asked about. Next came pro-life flags (31.1%) and anti-gun flags (27.5%).
Buyers were most drawn to American flags. More than two in five (44.8%) said seeing an American flag in a neighborhood would make them more likely to make an offer on a home there—the highest "more likely" share among the flags respondents were asked about. It was followed by Black Lives Matter flags (35.7%) and pro-choice flags (34.8%).
Homebuyers were most divided on Gadsden ("don't tread on me") flags: 25.6% said seeing one would make them more likely to make an offer, while roughly the same share (26.8%) said it would make them less likely to make an offer. Respondents were also divided when asked about anti-gun flags (29.7% vs 27.5%) and Second Amendment flags (30.3% vs 27.3%).
View the full report, including charts, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
The Spring 2023 Homebuying Season Never Happened
Near-7% mortgage rates are preventing both would-be homebuyers and would-be sellers from entering the market. Construction of new single-family homes is near its highest level in almost two decades, providing some hope for an uptick in inventory by next year.
SEATTLE — As spring turns into summer, it's official: The traditionally hot spring homebuying season didn't come to fruition in 2023. That's according to a new report from Redfin, the technology-powered real estate brokerage. This year, instead of the calendar determining the homebuying season, the Federal Reserve is dictating when people buy and sell. And so far, the Fed's actions are suggesting they wait.
Pending home sales fell 16% from a year earlier during the four weeks ending June 18. But even though sales are relatively tepid, Redfin's Homebuyer Demand Index—a measure of requests for tours and other early-stage buying services from Redfin agents—is up 11% year over year. Additionally, there are more house hunters than there are homes hitting the market. New listings of homes for sale are down 24% from a year ago, and the total number of homes for sale is down 8%, the biggest drop in over a year.
Elevated mortgage rates are responsible for the drops on both the demand and supply sides. With average rates sitting above 6% all spring, pushing the typical U.S. monthly housing payment up near record highs, many would-be buyers are sitting on the sidelines, waiting for rates to come down. And the buyers who are out there are having a hard time finding listings, with many prospective sellers staying put, hanging onto their relatively low rates: Nearly all homeowners with a mortgage have a rate below 6%.
The continuing inventory shortage is bolstering home prices. The median U.S. home-sale price dropped just 1% year over year this week, the smallest decline in more than three months. On a local level, prices have started leveling off: They fell in 25 of the 50 most populous metros, compared with 29 a month ago. In San Jose, CA, for instance, the median sale price is up roughly 2% year over year, marking the first increase after eight straight months of declines.
"There are two things that would jumpstart the housing market: A big drop in mortgage rates and/or a big surge of new listings," said Redfin Deputy Chief Economist Taylor Marr. "Neither of those things happened this spring; instead, rates rose and new listings dropped to record lows. And with one or two more interest-rate hikes expected this year, mortgage rates are likely to remain elevated at least through the summer, continuing to limit both demand and supply."
"But even though there wasn't much of a spring homebuying season this year, there was a spring building season," Marr continued. "That means there's hope for more listings somewhat soon, with homebuilders working to fill the inventory bucket. Builders broke ground on more single-family homes in May than almost any month in nearly two decades, which could expand buyers' options by the end of the year."
Leading indicators of homebuying activity:
The daily average 30-year fixed mortgage rate was 6.9% on June 21, down from a half-year high of 7.14% a month earlier. For the week ending June 15, the average 30-year fixed mortgage rate was 6.69%, down slightly from 6.71% the week before but still close to the highest rate since November.
Mortgage-purchase applications during the week ending June 16 rose 2% from a week earlier, seasonally adjusted, marking the second straight week of increases. Purchase applications were down 32% from a year earlier.
The seasonally adjusted Redfin Homebuyer Demand Index was down slightly from a week earlier during the week ending June 18. It was up 11% from a year earlier, the fourth consecutive annual increase. Demand was dropping at this time in 2022 as mortgage rates rose.
Google searches for "homes for sale" were up 13% from a month earlier during the week ending June 17, and down about 11% from a year earlier.
Touring activity as of June 18 was up 14% from the start of the year, compared with a 4% decrease at the same time last year, according to home tour technology company ShowingTime. Tours increased slowly during this time last year as mortgage rates shot up.
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending June 18. Redfin's weekly housing market data goes back through 2015. For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
The median home sale price was $382,861, down 1% from a year earlier, the smallest decline in more than three months. Price declines have been shrinking for the last two months.
Home-sale prices declined in 25 metros, with the biggest drops in Austin, TX (-11% YoY), Las Vegas (-9.1%), Detroit (-8%), Los Angeles (-7.1%) and Phoenix (-6.8%).
Sale prices increased most in Fort Lauderdale, FL (8.6%), Miami (8.5%), Providence, RI (5.5%), Milwaukee (5.2%) and Virginia Beach, VA (5.1%).
The median asking price of newly listed homes was $397,225 up 0.3% from a year earlier.
The monthly mortgage payment on the median-asking-price home was $2,628 at a 6.69% mortgage rate, the average for the week ending June 15. That's down slightly from the record high hit three weeks earlier, but up 8% ($190) from a year earlier.
Pending home sales were down 15.7% year over year, continuing a 13-month streak of double-digit declines.
Pending home sales fell in all metros Redfin analyzed. They declined most in Milwaukee (-28% YoY), Providence (-26.3%), Seattle (-25.6%), Portland, OR (-24.8%) and San Diego (-23.4%).
New listings of homes for sale fell 24% year over year, roughly on par with the declines over the last two months.
New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-42.3% YoY), Phoenix (-42%), Oakland, CA (-38.8%), Seattle (-37.4%) and San Diego (-36.2%).
Active listings (the number of homes listed for sale at any point during the period) dropped 8.1% from a year earlier, the biggest drop in over a year. Active listings were up slightly from a month earlier; typically, they post month-over-month increases at this time of year.
Months of supply—a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace—was 2.5 months, the lowest level in nearly a year. Four to five months of supply is considered balanced, with a lower number indicating seller's market conditions.
32.9% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 36% a year earlier.
Homes that sold were on the market for a median of 27 days, the shortest span since August. That's up from a near-record low of 19 days a year earlier.
36.3% of homes sold above their final list price. That's the highest share since last August but is down from 53% a year earlier.
On average, 5.3% of homes for sale each week had a price drop, up from 4.8% a year earlier.
The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 100%. That means homes are selling for exactly their asking price, on average, for the first time in 10 months. That's down from 102.2% a year earlier.
View the full report, including charts, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
LeadingRE Welcomes DirectOffer to Solutions Group Program
DirectOffer provides multilingual audio sound bites paired with listing photos.
CHICAGO – (June 12, 2023) – Leading Real Estate Companies of the World® adds DirectOffer to its Solutions Group program of preferred business resources for its global network of 550 market-leading real estate firms. DirectOffer presents audio marketing to the current visual realm of real estate listings. Audio tours are a compelling marketing tool for listings, while producing strong lead generation for brokers and agents.
"DirectOffer has revolutionized marketing and lead generation in the real estate industry. By combining audio sound bites with captivating listing photos, these tours create a powerful and immersive experience for potential buyers. Additionally, by providing automated multi-language support and closed captioning, DirectOffer enhances accessibility and ensures strong ADA and DEI compliance," said LeadingRE Vice President, Sales/Partnerships Jeff Kennedy.
"LeadingRE is a recognized leader in both the national and international real estate world. We are excited to be aligning with LeadingRE and its member brokerage companies," states Katie Lappe, Founder and CEO of DirectOffer.
Learn more about DirectOffer at directoffer.com. Learn more about Leading Real Estate Companies of the World® at LeadingRE.com.
About DirectOffer
DirectOffer, Inc. patented DO AudioTours™ is a marketing and lead generation tool providing brokers and their agents audio sound bites paired with the agent's listing photos. The Audio Tours include automated multi-language and closed captioning; all providing for strong ADA and DEI benefits and compliance. Audio Tours add audio marketing to the current visual realm; it is a strong marketing tool for listings while providing referral-free (my-listing-my-lead) lead generation for brokers and agents.
About Leading Real Estate Companies of the World®
Chicago-based Leading Real Estate Companies of the World® (LeadingRE.com) is a global network of top independent real estate firms, with 550 companies and 138,000 sales associates in over 70 countries. LeadingRE supports its members with powerful connections to other market leaders and access to innovative, performance-driven programs. LeadingRE is also active in commercial real estate, with over 200 firms in 20 countries specializing in the commercial arena.
MORE >
eXp Realty Names Chime as Trusted eXp Solution Provider
Fast-growing brokerage adds Chime as preferred CRM
PHOENIX, June 07, 2023 -- Chime Technologies, an award-winning real estate tech innovator, today announced it has been named a Trusted Solution Provider for eXp Realty, "the most agent-centric real estate brokerage on the planet™". With a global community of more than 88,000 agents, eXp Realty is committed to empowering real estate professionals with cutting-edge technology, purpose-built to help agents work smarter, not harder. In this spirit, eXp will now add Chime's award-winning CRM as a trusted solution, proven to help real estate professionals close more deals faster. Powered by intuitive AI and featuring a breadth of unique features from IDX to Chime's Smart Plans to social media marketing, Chime was identified as a market-leading innovator, ideally positioned to support the growing needs of eXp Realty. To learn more visit HERE.
A visionary in the real estate industry, eXp Realty is a cloud-based brokerage powered by Virbela, an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive no matter where they are located. As a result, eXp Realty agents keenly understand the power of innovative technology tools to streamline and automate time-consuming tasks, increase productivity, and grow their business more effectively. Innately powered by AI and featuring essential time-saving automation, Chime is widely recognized as a powerful lead conversion platform trusted by more than 40,000 agents nationwide.
Chime's innovative CRM drives exceptional results, making it a powerful tool for brokerages like eXp seeking to recruit and retain top talent. With new features unveiled monthly, eXp Realty agents can feel confident they have access to the most cutting-edge technology needed to be successful and its easy-to-use interface ensures agents are up and running quickly.
"Today's agents are under intense pressure, from shifting market conditions to increased industry competition, making their day-to-day jobs harder than ever," said Joe Daee, Vice President, Global Enterprise Sales, Chime. "Since our inception, we have been razor-focused on serving the unique needs of the real estate industry and consistently invest in our suite of products to support this community. We are thrilled to extend our relationship with eXp and empower even more agents to focus on doing what they do best – service their clients."
To learn more, visit HERE.
About Chime Technologies
Chime is an all-in-one sales acceleration platform for the real estate industry headquartered in Phoenix. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a U.S. subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me.
MORE >
Rent. Launches Integrated Tour Scheduling, Radically Simplifying the Renter Journey
RentMarketplace. Empowers Renters to Easily Schedule and Confirm Tours Directly from Listings
ATLANTA -- Rent., a leading provider of integrated marketing solutions to the multi- and single-family rental industries, today announced another transformative addition to its RentMarketplace. listings product. The Tour Calendar feature debuts today across four major listings sites within the Rent. network: Rent.com, ApartmentGuide.com, Rentals.com and Redfin.com. This new feature allows prospective renters to schedule and automatically confirm tours at their convenience, based on predetermined tour availability as set by the property team. This means they no longer have to worry about coordinating with busy leasing teams.
Finding the perfect place can be a challenge, but RentMarketplace. is here to make the process easy and convenient for both renters and its property management clients. According to extensive data collected by Rent., almost 90% of renters prefer to tour a community before signing a lease. With the Tour Calendar feature, prospective renters can easily schedule tours at a time that suits their busy lifestyle.
This represents the third major upgrade to the RentMarketplace. network in two months, following the recent launch of Google Aerial View on listings and the announcement of a strategic agreement with Realtor.com® in April, vastly increasing the reach and potential exposure of Rent. listings to 350M+ monthly website visits.
"Tours are a critical driver of securing leases and some Rent. clients with tour capabilities see up to 5x more high-quality leads than clients without tour capabilities," said Rent. CEO Jon Ziglar. "Our new Tour Calendar solution provides properties, regardless of size, the ability to seamlessly capture qualified leads and improve conversion."
The Tour Calendar feature greatly benefits property management teams, who are frequently overburdened with the critical tasks of day-to-day operations. The Tour Calendar seamlessly connects a live calendar of tour availability to a property's listing and the leasing teams' email, facilitating better communication and vastly improving the renter experience, all from a single dashboard. This means that leasing teams can spend more time on strategic priorities and avoid unnecessary administrative back-and-forth on rental inquiries.
"At Rent. our focus is not only on generating quality leads for our clients. The end goal has to be leases. And, as such, every new enhancement to our listing products is optimized for lead-to-lease conversion," said Nishant Phadnis, Chief Product Officer at Rent. "Making the tour booking process straightforward is crucial to getting leases signed, and it could also bring a boost to your reputation. New residents love to share in reviews how effortless renting was for them."
The Tour Calendar feature is now available exclusively for all current and new RentMarketplace. packages at no additional cost. RentMarketplace. is also compatible with leading tour calendar platforms, including AnyoneHome, Entrata, Funnel, MaxLeases, Knock, and Rently.
The RentMarketplace. Tour Calendar will be showcased at the Rent. booth during the NAA Apartmentalize conference, taking place in Atlanta, June 7-9, 2023, where clients and prospects can activate the Tour Calendar real-time and explore its features.
RentMarketplace Tour Calendar is the latest feature to enhance the listing experience and offer renters easy ways to discover and experience a listed property. It joins features such as Google Aerial View, Places Nearby, Walk Score®, Transit Score® and Profile Sync with Google Business Profile. 2023 has been a year of frequent innovation on the Rent. platform. The company also recently launched the multifamily industry's only automated solution for TikTok advertising and is the first and only rental marketplace network to provide access to two of the country's largest real estate sites, Redfin.com and Realtor.com.
About Rent.
Rent. is a two-sided marketing platform that simplifies the entire renter experience by matching the right property with the right renter, at the right time. Through the Rent. network of websites, mobile apps and partnerships, Rent. clients can reach over 350 million site visits per month. In addition, Rent. services the property side of the market with scaled marketing solutions such as search engine marketing, lead nurturing through chatbots and client automation tools, and reputation management through ratings and reviews, as well as social media monitoring and marketing. This, paired with advanced search filtering and an optimized consumer app and site experience, enables Rent. to offer renters an ideal home-finding experience. Rent. exists to help people find the perfect place. Rent. is operated by Rent Group Inc., a subsidiary of Redfin Corporation.
MORE >
LeadingRE Adds Tongo to Solutions Group Program
Tongo provides a private, flexible business line of credit for agents.
CHICAGO – (May 24, 2023) – Leading Real Estate Companies of the World® welcomes Tongo to its Solutions Group program of preferred business resources for its global network of 550 market-leading real estate firms. Tongo specializes in developing liquidity-focused products that assist agents in stabilizing their cash flow. Agents can use this liquidity as working capital, such as funding to invest in staging and marketing homes. Tongo can also be used to bridge financial gaps between closings.
"Tongo's innovative products provide agents with the flexibility required to seize opportunities, invest in their businesses, and achieve financial continuity, paving the way for financial success," said LeadingRE Vice President, Sales/Partnerships Jeff Kennedy.
"It's important that we align ourselves with companies that hold the utmost level of integrity and professionalism. After working with hundreds of brokerages over the years, I can tell you that LeadingRE and its members are exactly that. Those who are part of the network truly reflect why they are considered as the best in the business. Our team couldn't be more excited to be working closely with the brokers and agents who are at the forefront of the industry," explained Brandon Wright, CEO of Tongo.
Learn more about Tongo at gettongo.com/LeadingRE. Learn more about Leading Real Estate Companies of the World® at LeadingRE.com.
About Tongo
Tongo is a unique financial platform that caters to the specific needs of real estate professionals, providing a low-friction, low-priced, and private solution to align their income and expenses. By addressing the challenges of cyclical, delayed, and volatile income, Tongo empowers professionals to invest in growth and stabilize their personal cash flows between closings. With our innovative product, a line of credit based on future income, agents can freely invest in their businesses and choose when to pay themselves, ensuring greater flexibility and financial control.
About Leading Real Estate Companies of the World®
Chicago-based Leading Real Estate Companies of the World® (LeadingRE.com) is a global network of top independent real estate firms, with 550 companies and 138,000 sales associates in over 70 countries. LeadingRE supports its members with powerful connections to other market leaders and access to innovative, performance-driven programs. LeadingRE is also active in commercial real estate, with over 200 firms in 20 countries specializing in the commercial arena.
MORE >
LeadingRE Welcomes CRM Innovator Chime to Solutions Group Program
CHICAGO – (May 15, 2023) – Leading Real Estate Companies of the World® has added Chime, an award-winning real estate technology innovator, to its Solutions Group program of preferred business resources for its global network of 550 market-leading real estate firms.
Featuring a powerhouse CRM system underpinned by AI-driven applications and innovative tools like the automated social media marketing offering, Social Studio, the Chime platform is known for its ease of adoption. Built from the ground up to help drive more leads to close, the all-in-one solution ensures no matter how many years agents have been in the business or their level of technical skill, they can easily start using Chime to generate results.
Users can manage lead generation through PPC, SEO, and Facebook with direct feeds for both short- and long-term nurturing. The platform also includes:
A personalized IDX website;
Google-based AI Assistant that interacts with your leads while you sleep;
Automated email and text communications via Smart Plans;
Fully branded and customizable Comparative Market Analysis reports;
AI-based smart lists for lead nurturing and more.
"We are thrilled to align with Chime for the Solutions Group program. Chime offers an intuitive, powerful platform. Chime's CRM is ever-evolving, adopting the latest features in technology," said LeadingRE Vice President, Sales/Partnerships Jeff Kennedy.
"Technology has become a 'must have' for real estate firms across the country as they look to drive new opportunities and streamline operations. Influential organizations like LeadingRE are paving the way as they encourage their members to adopt innovations that can drive real business growth," notes Joe Daee, Vice President, Enterprise Sales at Chime. "We are thrilled to be a trusted provider for their organization and look forward to expanding our relationship."
Learn more about Chime at learn.chime.me/partners/leadingre. Learn more about Leading Real Estate Companies of the World® at LeadingRE.com.
About Chime
Chime is an all-in-one Sales Acceleration Platform for the real estate industry. Their award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit chime.me.
About Leading Real Estate Companies of the World®
Chicago-based Leading Real Estate Companies of the World® (LeadingRE.com) is a global network of top independent real estate firms, with 550 companies and 138,000 sales associates in over 70 countries. LeadingRE supports its members with powerful connections to other market leaders and access to innovative, performance-driven programs. LeadingRE is also active in commercial real estate, with over 200 firms in 20 countries specializing in the commercial arena.
MORE >
Realty Connect Expands and Enlists Happy Grasshopper to Power Agent Communication
Now licensed in 29 states, Realty Connect offers their agents a White Label version of Happy Grasshopper's platform
TAMPA, Fla. - PrZen -- Realty Connect, an innovative real estate brokerage for "referral only" agents, announces their licensing in 29 states (only one to do so) and integration with HappyGrasshopper, the #1 content platform for agents and brokerages, to nurture their database and content.
As the market shifts, many agents and brokerage models are being put to the test in a challenging market. During this time, an alternative brokerage has experienced significant growth in the last year and has aligned their strengths with Happy Grasshopper to serve their 3,200 agents. Realty Connect is a "referral only" brokerage that provides non-practicing agents a place to hang their license and maintain the ability to generate income. Although Realty Connect agents hold active real estate licenses, they do not engage in helping clients buy or sell a home personally. They simply refer their clients into our nationwide network of over 50,000 top-rated agents, who represent the client and conduct the entire transaction. In exchange, Realty Connect agents typically earn 25%-75% referral fees.
"When I originally started the expansion process, I started in Virginia and expanded to Maryland, North Carolina and Georgia," said Dana Jensen, CEO of Realty Connect. "After I was able to prove the model, I wanted to focus my efforts on growth in a few key states like Texas, Florida and California, as those three states alone represent almost 40 percent of all agents in the US. Once I had all 6 states and about 50 percent of agents covered, my next expansion plan gave priority to states that had the most licensed agents. Right now, we're up to 29 states, so we still have a few more to go."
Every Realty Connect agent will receive a Happy Grasshopper White Label Version of their platform. This will allow agents to generate even more referral opportunities through Realty Connect. Happy Grasshopper gives Realty Connect agents the ability to nurture their database, with an emphasis on email and ringless voicemail drops.
"I couldn't be more excited about the opportunity to power agent communication for Realty Connect agents. I've known Dana for a couple years and mentoring alongside him has been a great opportunity for both of us. This integration between our companies is to help agents be able to connect with their clients in meaningful ways, which will lead to even more referral opportunities. It's all about cultivating relationships, and I'm honored to be a part of that process," said Dan Stewart, CEO of Happy Grasshopper.
About Happy Grasshopper
Happy Grasshopper is a technology-leveraged marketing company that creates and delivers content that fosters conversations with prospects, customers, and others through a variety of media (email, text, ringless voicemail drops, handwritten cards, and social media posts!). For more information, visit happygrasshopper.com.
Realty Connect
Realty Connect is an innovative brokerage for "referral only" agents. Their model allows agents to keep their license Active for only $100 a year without having to pay MLS fees, Association dues or Realtor expenses. Although Realty Connect agents hold Active licenses, they do not engage in helping clients buy or sell a home personally. Rather, when they know someone who would like to buy or sell a home, they simply refer that client to another agent that represents the client and handles all details of that transaction. In exchange, Realty Connect agents can earn 25%-75% referral fees by helping friends, family and people they know connect with top local agents in all 50 states. To learn more, please visit www.RealtyConnect.com.
MORE >
Redfin Reports Home Prices Fell 3% in March–Biggest Annual Drop in Over a Decade
Pending home sales dipped to the lowest level since the start of the pandemic as elevated mortgage rates curtailed buyer demand and a lack of homes for sale limited purchases
SEATTLE — The median U.S. home price fell 3.3% in March to $400,528, the largest year-over-year drop since 2012, according to a new report from Redfin, the technology-powered real estate brokerage.
Pandemic boomtowns and pricey Bay Area markets led the price declines in March. In Boise, ID, prices fell 15.4% from a year earlier, more than any other U.S. metro area Redfin analyzed. Next came Austin, TX (-13.7%), Sacramento, CA (-11.9%), San Jose, CA (-10.5%) and Oakland, CA (-9.7%). Boise also saw the largest drop in pending home sales, with a 78.8% year-over-year decline. Nationwide, pending sales fell 26.6% on a seasonally-adjusted basis to the lowest level since the onset of the pandemic (April 2020).
"I was consistently busy in the fall, but things got really quiet in March after the collapse of Silicon Valley Bank," said Boise Redfin real estate agent Shauna Pendleton. "That killed the buyer momentum that had been building and brought us right back to where we were last year when mortgage rates shot up. There's this fear that everything will crash. There are bank failures, inflation, recession fears, mortgage-rate volatility, a war in Ukraine, spy balloons—some people are wondering if they should pull their money out of the bank and park it in a safe rather than spend it on a new home."
Pendleton continued: "The irony is that it's actually a pretty good time to buy in Boise. The dropoff in homebuyer demand means that prices are falling and many sellers—especially homebuilders—are offering concessions. It's not uncommon for a buyer to get a home for less than the list price."
Pandemic boomtowns and expensive coastal markets are seeing their housing markets slow quickly because home prices overheated in recent years and are now coming back down to earth after many buyers were priced out. Prices in Boise, for example, surged a record 40.9% in May 2021 as low mortgage rates, remote work and relatively affordable housing brought in scores of homebuyers from more expensive parts of the country. That compares with a national record increase of 26% the same month. Redfin's records date back to 2012.
Markets that didn't heat up as much in recent years are holding up relatively well. Pending sales fell the least in Fort Worth, TX, Dallas, Indianapolis, Cincinnati, and Buffalo, NY. And prices rose more than 10% year over year in March in Milwaukee, El Paso, TX, Omaha, NE, Camden, NJ and Knoxville, TN—the biggest gainers in the country. When nationwide price growth hit a record 26% in May 2021, Milwaukee prices were up just 12.5%—meaning they had less room to fall.
In Nashville, the housing market has slowed from its pandemic peak, but demand is stable, according to local Redfin real estate agent Jennifer Bowers. Prices are up about 1% from a year ago and pending sales are down slightly less than the country as a whole.
"Nashville's housing market is steady," Bowers said. "We're still seeing a lot of folks move in from Chicago, Texas, California and Colorado—places people haven't historically come to Nashville from. Some are moving in for political reasons, some for our low taxes, and many for our relatively affordable home prices. Prices are high in the eyes of many locals, but we're still pretty affordable compared to a lot of parts of the country. We also have a solid job market and a lot of newly-built houses coming on the market, which is supporting home sales."
There Aren't Enough Homes for Sale Even Though Fewer People Are Buying
Elevated mortgage rates are prompting both buyers and sellers to stay put. New listings fell 23.3% year over year in March to the lowest level on record aside from the start of the pandemic on a seasonally-adjusted basis.
Many homeowners are hesitant to sell because moving would mean taking on a higher mortgage rate when they buy their next home. The average 30-year-fixed mortgage rate was 6.54% in March, up from 4.17% a year earlier. Others are staying put because they already bought their dream home in recent years or fear they won't be able to find another home they like given the shortage of listings.
A lack of homes on the market is contributing to the decline in sales, preventing home prices from falling further and leading to bidding wars in some markets. More than two of every five (44.3%) home offers written by Redfin agents faced competition in March. The bidding-war rate has hovered around that level for the past five months following nearly a year of month-over-month declines.
"Low inventory is driving the market and causing bidding wars to intensify. I have two listings that have each received around 10 offers in the past few weeks," said Dan Close, a Redfin real estate agent in Chicago. "Buyers' agents are trying so hard to find homes for their clients that they're calling me before my listings even hit the market. I did a consult with a seller recently and before we had anything in ink, three brokers phoned to say they'd heard about the home through word of mouth and wanted to know more. We had two above-asking offers on the $2 million home within 24 hours. There weren't even any photos online yet."
"One of my sellers recently got multiple offers on their home, but pulled the listing off the market when they found out their interest rate was going to double," said Bowers, the Nashville agent. "There are a lot of homeowners who don't want to give up their 2.5% or 3% rate for a 6.5% rate. Both buyers and sellers are having a tough time adjusting because rates are swinging up and down so quickly."
Roughly 55,000 home-purchase agreements were canceled in March, equal to 14.8% of homes that went under contract. That's down from the 2022 peak of 16.8% in October, but up from 11.2% a year earlier.
"This year's spring homebuying season is lackluster," said Redfin Chief Economist Daryl Fairweather. "There are some signs of the typical seasonal uptick—homes are selling faster than they were in the winter—but that's partly because there are so few new listings. Normally we see homebuyers come out in throngs at this time of year, which isn't happening."
March Highlights
Metro-Level Highlights: March 2023
Pending sales: In Boise, pending sales fell 78.8% year over year, more than any other metro Redfin analyzed. It was followed by Baton Rouge, LA (-66.3%), Allentown, PA (-60.8%), Honolulu (-56.6%) and Greensboro, NC (-53.4%). The smallest declines were in Fort Worth (-2.6%), Dallas (-4.3%), Indianapolis (-5.3%), Cincinnati (-8.7%) and Buffalo (-12.2%).
Closed sales: In San Jose, closed sales dropped 39.1% year over year. The next biggest declines were in San Francisco (-39%), Oakland (-38.7%), New York (-37.2%) and Portland, OR (-36.9%). Closed sales fell the least in North Port, FL (-3.4%), Dallas (-3.5%), Indianapolis (-5.2%), Grand Rapids, MI (-5.6%) and Forth Worth (-7.8%).
Prices: Median sale prices fell from a year earlier in 37 metros. The biggest declines were in Boise (-15.4%), Austin (-13.7%), Sacramento (-11.9%), San Jose (-10.5%) and Oakland (-9.7%). The biggest increases were in Milwaukee (11.7%), El Paso (11.1%), Omaha (10.7%), Camden (10.2%) and Knoxville (10.2%)
Listings: New listings fell the most from a year earlier in Allentown (-57.1%), Boise (-55.2%), Stockton, CA (-46.8%), Greensboro (-46.5%) and Sacramento (-44.8%). They rose in just one metro—Charlotte, NC (4.3%)—and fell least in North Port (-0.2%), McAllen, TX (-2.3%) Austin (-3%) and Fort Worth (-4.1%).
Supply: Active listings rose most from a year earlier in North Port (90.7%), Austin (65.8%), Nashville (58.7%), Fort Worth (54.3%) and New Orleans (50.6%). They fell most in Allentown (-41.7%), Cincinnati (-34.8%), Greensboro (-34.3%), Lake County, IL (-29%) and Milwaukee (-28.1%).
Competition: In Las Vegas, 26.5% of home offers written by Redfin agents faced competition, down from 74.8% a year earlier. That 48.4-percentage-point decline is the largest decline among the metros Redfin analyzed. Next came Olympia, WA (-40.7 ppts), Colorado Springs, CO (-40.4 ppts), San Antonio (-36.7 ppts) and Phoenix (-33.9 ppts). Competition rose in just one metro Redfin analyzed: Worcester, MA (4.5 ppts). It fell the least in Washington, D.C. (-4.1 ppts) Detroit (-5.6 ppts), Atlanta (-5.8 ppts) and Baltimore (-7.2 ppts).
View the full report, including charts, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
LeadingRE Adds New American Funding to Solutions Group Program
NAF helps brokerages develop sustainable revenue streams while helping people achieve homeownership.
CHICAGO – (March 13, 2023) – Leading Real Estate Companies of the World® welcomes New American Funding (NAF) to its Solutions Group program of preferred business resources for its global network of 550 market-leading real estate firms. NAF offers a range of specialized joint venture models tailored to the unique needs and sizes of their partners.
NAF is one of the nation's top mortgage lenders and takes pride in being the largest woman-owned and Hispanic-owned mortgage company in the country. NAF is an industry leader in serving underserved communities, originating billions in loans each year and servicing 95% of them. This model allows NAF to help brokerages diversify revenue streams, build customer loyalty, and successfully adapt to any market. With an extensive range of loan programs, competitive rates, and industry-leading turn times, NAF helps brokerages cater to the diverse needs of clients, while increasing homeownership among underserved communities.
"NAF is a company that values diversity and inclusivity, and it shows in their commitment to providing a wide range of loan programs and their dedication to serving underserved communities. With a strong focus on customer service and a management team with decades of experience, NAF is a top choice for anyone seeking a reliable and trustworthy mortgage lender," said LeadingRE Vice President, Sales/Partnerships Jeff Kennedy.
Learn more about New American Funding at www.newamericanfunding.com. Learn more about Leading Real Estate Companies of the World® at www.LeadingRE.com.
About New American Funding
New American Funding is an independent mortgage lender with a servicing portfolio of 244,700+ loans for approximately $64.5 billion and more than 165 nationwide locations. In 2022, New American Funding was ranked #1 by J.D. Power in Customer Satisfaction among Mortgage Servicers. The company was also named #18 on the Fortune 100 Best Companies to Work For® in 2022. The company offers state-of-the-art career training and provides its branch Loan Officers with innovative technologies to streamline the mortgage process.
About Leading Real Estate Companies of the World®
Chicago-based Leading Real Estate Companies of the World® is a global network of top independent real estate firms, with 550 companies and 136,000 sales associates in over 70 countries. LeadingRE supports its members with powerful connections to other market leaders and access to innovative, performance-driven programs. LeadingRE is also active in commercial real estate, with over 200 firms in 20 countries specializing in the commercial arena.
MORE >
Rent. Group, Inc. Greatly Expands the Reach of Its Client Listings to 350M+ Monthly Visits with New Strategic Agreement with Realtor.com
ATLANTA & SANTA CLARA, Calif. -- Rent., a leading provider of integrated marketing solutions to the multifamily and single-family rentals industry, and Realtor.com®, today announced a rental content listing distribution agreement. RentMarketplace. listings now will be distributed to the large Realtor.com® audience in addition to the current exposure on the Rent. family of sites: Rent.com, ApartmentGuide.com, Rentals.com and Redfin.com.
A first in the industry, RentMarketplace. is the only listing network providing multi-family properties access to two of the nation's largest real estate listing sites: Redfin.com and Realtor.com®.
"At Rent., we are committed to simplifying the rental experience by connecting the right people with the right properties. In teaming up with Realtor.com®, we have significantly expanded the reach of our clients' listings," said Jon Ziglar, CEO of Rent. "RentMarketplace. is the only multi-family listing network to cover two of the largest real estate networks in the country, which brings incredible value to our partners and makes it easier for properties to connect with their next renter."
The rental listing data provided by Rent. complements Realtor.com®'s current rental content derived from direct relationships with single-family and low-rise rental owners, residential property management companies, and multiple listing services nationwide. The addition of the listing data from Rent. provides a more comprehensive experience for people looking for a home or apartment to rent.
Laurence Jankelow, Realtor.com®'s Vice President of Rentals added: "As we continue to invest in and grow Realtor.com®'s open rentals marketplace, we are excited to work with new content partners of all shapes and sizes that allow us to create a better consumer experience for renters on our site. Millions of consumers search Realtor.com® each month for their next home or apartment, and as we continue to expand our audience and listings content to include the widest selection of quality rentals and more choices than ever before, we are helping drive greater results for our partners."
With this agreement to expand content to the Realtor.com® audience, active subscription client property listings on Rent., which represent a subset of total inventory, will now receive access to over 350 million visits each month, vastly expanding their reach and exposure to potential renters, increasing leads and filling more vacancies.
About Rent.
Rent. is a two-sided marketing platform that simplifies the entire renter experience by matching the right property with the right renter, at the right time. Rent. services the property side of the market with scaled marketing solutions such as search engine marketing, lead nurturing through chat bots and client automation tools, and reputation management through ratings and reviews as well as social media monitoring and marketing. This, paired with advanced search filtering and an optimized consumer app and site experience, enables Rent. to offer renters an ideal home-finding experience. Rent. exists to help people find the perfect place. Rent. is operated by Rent Group Inc., a subsidiary of Redfin Corporation.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >
Form Simplicity and Tech Helpline win top real estate awards
Orlando, FL – March 27, 2023 – Florida Realtors Form Simplicity and Tech Helpline are both individual winners of the coveted 2023 HW Tech100 Real Estate Award, announced by HousingWire, a leading source for US mortgage and housing news. Form Simplicity also is featured as one of the "Top 5 Transaction Management" systems listed on the 2023 Tech 200, an analysis of the best-in-class technology products for the real estate industry by real estate consulting firm T3 Sixty.
The Tech100 Real Estate Award recognizes 100 technology companies "that are changing the home sales process forever – from home search to lead management solutions, and remote closing to transaction management software," according to HousingWire. The new list of winners includes real estate's most innovative and influential real estate companies and products.
The Tech 200 identifies the residential real estate brokerage industry's best-in-class tech products designed to help brokers, teams, and agents, helping them grow and streamline their businesses. Through extensive research, T3 Sixty selected leading products from 78 companies for the 2023 Tech 200.
Wholly owned and operated by the Florida Realtors, the largest state Realtor association, Form Simplicity serves the real estate industry by providing real estate professionals with an end-to-end, digital real estate transaction management solution to expedite real estate transactions to create more deals and less paperwork. Form Simplicity gives real estate agents and brokers the tools to create, manage, share, and store transactions digitally in the cloud, the key to fully digital transactions. In addition, users can create and edit transactions on mobile devices.
Form Simplicity's cloud-based platform is a cost-effective solution available to Realtor associations, MLS systems, and brokerage firms nationwide, managing nearly 2 million transaction sides annually.
Tech Helpline is real estate's No. 1 tech support service, accessible to 750,000 members across the US and Canada. Known for its no-nonsense technical advice and warm, friendly customer service, Tech Helpline offers its service to other REALTOR Associations and organizations, Multiple Listing Services (MLSs), and real estate brokerage firms.
"These honors and recognition from a highly respected and influential trade news organization and a top consulting firm validate the hard work and dedication of everyone who works for both Form Simplicity and Tech Helpline," says 2023 Florida Realtors President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Apopka. "It also shows the impact of continuous innovation as Florida Realtors strives to make sure every real estate professional who uses Form Simplicity and the Tech Helpline has what they need to succeed in business." Florida Realtors® serves as the voice for real estate in Florida and is the largest state Realtor association in the US. It provides programs, services, continuing education, research, and legislative representation to more than 238,000 members in 51 boards/associations.
MORE >
Revive wins the prestigious HW Tech100 Real Estate Award
IRVINE, Calif. — March 16, 2023 — Revive, the most complete presale home renovation solution for sellers, is a winner of the highly-coveted HW Tech100 Real Estate Award by HousingWire, the nation's most influential source of news and information covering the multi-trillion dollar US housing and mortgage markets. The 2023 list of winners includes real estate's most innovative real estate companies and products.
According to HousingWire, "the Tech100 Real Estate Award recognizes the 100 technology companies that are changing the home sales process forever."
Selected by a selection panel of industry leaders and practitioners and a committee of HousingWire editors and executive leaders, the winners are featured in the March issue of HW Magazine.
"Being recognized by one of the most respected real estate news organizations is a testament to the hard work and dedication of everyone at Revive," said Michael Alladawi, Revive CEO and founder.
"This honor also recognizes the vital importance of presale renovations and validates our mission to help every homeowner maximize their home equity through renovations," added Dalip Jaggi, Revive co-founder.
The Revive award submission noted, "Revive technology is powering a new way that homes are sold. The recent market shift is ushering in an era of move-in-ready homes. Presale renovation has become a movement, emerging as the hottest way to sell a home. Sellers are no longer rushing to list but renovating and listing to maximize their sales. Today, as-is homes remain on the market unsold. Revive homes sell 72% faster. Most sellers who sell their homes as-is leave 15-20% of potential profits on the table, leaving behind hundreds of thousands of dollars in built-up equity. That is life-changing money."
The entry also shared, "Every year, $300+ billion is left on the table because the homes that sellers bring to market are not move-in-ready. Most sellers who sell their homes as-is leave 15-20% of potential profits on the table, leaving behind hundreds of thousands of dollars in built-up equity," noting that Revive home sellers have gained an average of $186,000 more in profit when selling their renovated homes, earning an average ROI of over 250%, and increasing total profits by an additional $60 million.
Learn more at www.revive.realestate.
MORE >
MoveEasy Offers a Lifetime Engagement Homeowner Service for RE/MAX Agents
The concierge platform and approved supplier of RE/MAX is helping agents stay connected with their clients
COLUMBUS, Ohio -- MoveEasy, a comprehensive, all-in-one, moving and home management system for brokerages and homeowners, has been an approved RE/MAX supplier since 2021 and offers their agents a better way to stay connected with their clients.
"We've enjoyed our partnership and successes with RE/MAX for the last year, and are excited to continue working with their agent base. With the addition of our home management system, combined with our white glove concierge services, RE/MAX agents have a unique opportunity to help their clients create wealth, and reduce home expenses, ultimately leading to lifetime customers. We are looking forward to continuing our partnership with RE/MAX," said Venkatesh Ganapathy, CEO and Co-Founder of MoveEasy.
MoveEasy offers RE/MAX clients a free, fully automated, white labeled moving and home management concierge service. The home management service offers a platform and a dedicated human concierge that can assist with anything from booking their movers, setting up internet and cable, getting home security, switching utilities, even changing addresses, and much more. MoveEasy is a Concierge Service for the entire homeownership journey - whether it's six months or six years down the road, if they need any trusted service providers, they can always access an agent's branded online portal or call their concierge. This service allows RE/MAX agents to stay connected and top of mind with their clients by providing ways to help homeowners save money, track the value of their homes, and explore home projects to help increase the value of their homes.
RE/MAX's program offers comprehensive business services for the Real Estate industry. All services and materials are available through the RE/MAX Marketplace, the online portal exclusively available to RE/MAX agents in the U.S. and Canada.
Learn more about MoveEasy: https://www.moveeasy.com
About MoveEasy
MoveEasy is the country's first full-service homeowner concierge platform designed to help the 139M homeowners in the US with all their move and home management needs. MoveEasy powers enterprise clients such as BHHS, Century 21, Howard Hanna, Realty ONE Group and Douglas Elliman.
MoveEasy's 360° dashboard provides access to service providers across multiple categories, a built-in savings calculator, a concierge service, and more. For real estate partners, MoveEasy is a fully white-labeled turnkey concierge solution that helps brokers customize and brand the platform to offer a true end-to-end lifetime concierge service for their clients.
Today MoveEasy works with real estate brokers across the country representing more than 140,000 agents.
MORE >
Redfin Reports The Typical U.S. Home Changes Hands Every 12 Years, Down From 2020 Peak
Homeowner tenure is down from the peak reached in 2020, but it has nearly doubled over the last couple decades, contributing to the lack of for-sale inventory
SEATTLE — The typical U.S. homeowner has spent 12.3 years in their home, according to a new report from Redfin, the technology-powered real estate brokerage. That's down from the peak of 13.4 years hit in 2020 and 12.9 years in 2021.
But the typical American is still living in their home much longer than before, with median homeowner tenure sitting at about 10 years in 2012 and 6.5 years in 2005.
Older people aging in place are driving the general trend toward longer homeowner tenure. Most Americans 65 and older have owned their home for at least 23 years, and most Americans aged 35 to 64 have owned theirs for at least eight years. Compare that with homeowners under 35: Nearly half (49%) have owned their home for three years or less, and another 37% have owned theirs for four to seven years.
Overall homeowner tenure has ticked down from its peak largely because so many people moved from one home to another in 2021 and the first half of 2022. Record-low mortgage rates during that period motivated many Americans to buy homes, either becoming homeowners for the first time or selling their home to move to a better one. Pandemic-fueled remote work prompted many Americans to relocate to a different part of the country, too.
But Americans are staying put much longer now than in the past couple decades. There are several reasons why that's true, and why homeowner tenure is likely to stay elevated in the coming decade:
Older Americans are aging in place. Long homeowner tenure is driven by older generations and the population is aging. Roughly 17% of people in the U.S. are 65 or older, up from about 13% in 2010, and the share is expected to continue increasing.
Lack of affordability. Typical monthly mortgage payments are near their record high, discouraging many people from moving.
Lack of move-up buyers. Roughly 85% of mortgage holders have an interest rate far below 6%, disincentivizing them from giving up their comparatively low rate and moving.
Historically high rental prices. Asking rents are still higher than they were before the pandemic. That's motivating some homeowners to become landlords rather than sell.
Shortage of homes for sale. The supply of homes for sale is near historic lows and very few new listings are coming on the market. Even if a homeowner were considering a move, there's not much to choose from.
"Even though the length of time Americans are staying in their homes has ticked down from the peak it reached in 2020, it's likely to head back up again in the next few years," said Redfin Senior Economist Sheharyar Bokhari. "Today's mortgage rates are more than double the lows reached during the pandemic homebuying frenzy, which means people have extra incentive to hang onto their homes. Even if rates dip down to 4% or 5%, that's still significantly higher than the sub-3% rates many homeowners have now. That lock-in effect, combined with older Americans' desire to stay put in their homes, points to lengthening tenure in the future."
"But although that limits the number of homes hitting the market, competing forces could help the supply shortage," Bokhari continued. "Remote work is still much more popular than before the pandemic, so more people have the freedom to relocate or move further away from city centers. Plus, millennials—the largest generation in the U.S.—are in prime moving years, pushed to sell their homes by things like growing families and new jobs."
Renters move much more often than homeowners, which creates a mismatch between the number of homes for sale and the people who want to buy one
The scarcity of homes for sale is contributing to double-digit homeowner tenure, and the reverse is also true: Long tenure is holding back supply.
That's problematic for people who want to buy a home but are unable to find one they can afford. The fact that renters move much more often illustrates the issue. The typical renter stayed in their home for two years in 2021, versus 13 years for homeowners. Most renters have to move to another rental rather than buy a home because of the mismatch between the number of people moving and the number of homeowners listing their home during any given year.
That's especially true for younger Americans because they move more often. Nearly three-quarters (72%) of renters under 35 years old spend three years or less in a rental property, compared with 39% of 35-64 year olds and 27% of people aged 65 and older.
Overall, the typical length of time renters stay in any one rental home hasn't fluctuated much over the last decade. The median has bounced between one, two and three years for the last decade.
Californians keep their homes longest; homeowners in Louisville and Las Vegas hold on less than half as long before moving
Homeowners stay put longest in expensive parts of California. The typical Los Angeles homeowner has owned their home for 18.2 years, followed by 17.3 years in San Jose. Cleveland (17.1 years), San Francisco (16.3 years) and Memphis (16.2 years) round out the top five.
Tenure is shortest in relatively affordable migration destinations in the southern half of the country. It's shortest in Louisville, KY (6.9 years), followed by Las Vegas (7.6 years), Nashville (8.2 years), Raleigh (8.3 years) and Charlotte (8.3 years).
View the full report, including charts, full homeowner and renter tenure data by age bracket and metro-level data, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
Mutual of Omaha Mortgage Announces Strategic Acquisition of Keller Mortgage
Mutual of Omaha Mortgage has announced the strategic acquisition of the assets of Keller Mortgage LLC, a member of the Keller Williams (KW) family of companies, the world's largest real estate franchise by agent count, the companies announced.
Mutual of Omaha Mortgage, a subsidiary of Fortune 400 insurance and financial services company Mutual of Omaha, will operate Keller Mortgage, alongside its existing forward and reverse mortgage divisions, said Mutual of Omaha Mortgage President Terry Connealy.
"This transaction brings together two leaders in the mortgage industry, leveraging the strengths of each to provide outstanding products and services to homebuyers from coast to coast," Connealy said. "With shared values that emphasize integrity, teamwork, customer focus, innovation and accountability, Keller Mortgage is a strong cultural fit with Mutual of Omaha Mortgage."
Gary Keller, co-founder and executive chairman, KW, said: "We're excited to announce how our two leading brands are coming together."
"Our KW customers will have access to an even more comprehensive slate of mortgage services from a trusted brand with more than a century of business experience," said Keller. "It's truly a win-win for all involved."
Keller Mortgage is a part of Mutual of Omaha Mortgage and is co-owned by Mutual of Omaha Mortgage and Keller.
The terms of the transaction were not disclosed.
About Mutual of Omaha Mortgage
A subsidiary of Mutual of Omaha, Mutual of Omaha Mortgage offers a variety of home financing and refinancing options as well as industry-leading reverse mortgage products to help its customers through life's transitions. For more information about Mutual of Omaha Mortgage, visit www.mutualmortgage.com.
About Mutual of Omaha
Founded in 1909, Mutual of Omaha is a highly rated, Fortune 500 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. As a mutual company, Mutual of Omaha is owned by its policyholders and committed to providing outstanding service to its customers. For more information about Mutual of Omaha, visit www.mutualofomaha.com.
About Keller Williams
Austin, Texas-based Keller Williams, the world's largest real estate franchise by agent count, has more than 1,100 offices and 200,000 associates. The franchise is also No. 1 in units and sales volume in the United States.
Since 1983, the company has cultivated an agent-centric, technology-driven and education-based culture that rewards agents as stakeholders. For more information, visit headquarters.kw.com.
MORE >
ATTOM Integrates Propensity to Default Analytics into Its U.S. Property Data Warehouse
Discover the probability of a home going into foreclosure; Utilizing various property datasets and AI-powered algorithms to determine propensity to default
IRVINE, Calif. – February 7, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today announced it has integrated propensity to default analytics into its U.S. property data warehouse. With this news, the ATTOM Table of Data Elements expands even further with yet another layer of details to enhance market intelligence, while enabling various industries powerful investment insight and mitigation strategies.
This integration combines ATTOM’s comprehensive foreclosure and mortgage data with Powerlytics – a predictive analytics solution provider with a proprietary database of anonymized tax returns covering over 150 million U.S. households, to score properties across the nation on the likelihood of going into foreclosure.
“What started as a focus in fueling real estate industry customers with premium property data, has exploded into powering various industries across all spectrums,” said Rob Barber CEO at ATTOM. “In today’s volatile housing market, being armed with predictive analytics that will allow real estate investors, brokers, mortgage servicers, and more the ability to zero in on properties that have the highest probability of going into foreclosure, is essential for competitive data-driven decision making.”
By joining the power of the ATTOM Data Warehouse – which houses historical property characteristics data along with deed, mortgage, foreclosure and more for over 155 million U.S. properties — with Powerlytics’ consumer and business financial data, and then applying machine learning techniques, a propensity of default score for properties across the nation is accurately predicted.
“We are excited to leverage Powerlytics proprietary dataset to deliver insights and value across the residential real estate ecosystem,” said Powerlytics CEO, Kevin Sheetz. “Combining our accurate, granular and comprehensive financial data and predictive modeling expertise with ATTOM’s rich property insights proved to be a powerful combination in predicting mortgage default propensity.”
This proprietary model identifies the probability that a residential property will become a mortgage default (aka pre-foreclosure) within the next 12 months and allows customers to zero in on the properties that have the highest propensity to default.
Enabling industry professionals, the ability to:
Find homeowners motivated to sell.
Curate targeted marketing lists.
Limit portfolio losses.
Develop mitigation strategies.
“With the recent lift in foreclosures across the nation, insights into the financial health of homeowners offers a powerful and unique solution for understanding who might be in distress,” notes ATTOM Chief Product & Technology Officer, Todd Teta. “Along with the value of a home and a homeowner’s equity position, the overall financial health of the homeowner creates a full picture of the borrower’s willingness and ability to stay current on their mortgage and out of default. Combining these data points yields a much more predictive solution than the individual data points do on their own.”
Learn more about propensity to default.
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
About Powerlytics
Powerlytics provides the most comprehensive, accurate and granular consumer and business financial data available in the U.S. Our proprietary big data analytics platform provides a comprehensive financial view of the over 200 million adults and 33 million businesses that comprise the American economy. Major U.S. corporations and financial services providers are using Powerlytics’ data and solutions to stay on the cutting edge with predictive analytics, frictionless verification and estimation of consumer income, consumer wealth and business revenue, enhance digital and direct marketing for both consumers and businesses, manage risk with both individual business and consumer customers and portfolios and benchmark performance. Visit www.powerlytics.com for more information.
MORE >
Pilot Home Purchased on Nation's First Owner-Occupied Fractional Equity Housing Finance Platform Saves Buyer 50% vs. Mortgage
BOULDER, Colo., Feb. 02, 2023 -- Quarter, Inc., the nation's owner-occupied first fractional equity home funding program and technology platform, announced the first home purchased using the innovative financing service. The pilot home was purchased by the company CEO, Shannon Diesch, for $740,000 in Longmont, Colorado with monthly housing payments 50% cheaper vs. a 30-year mortgage.
"I can't tell you how important this first fractionally-funded home is to me personally, and to every other Millennial like me who's frustrated by how unaffordable homes are today," said Diesch. "I live in a high-cost, urban market like so many of my peers who are stuck renting. Using Quarter's fractional funding model took 50% of my monthly out-of-pocket cost away compared to a traditional mortgage — making this home affordable to buy. Our mission at Quarter is to bring this housing affordability to millions of young people like me and millions of underserved families who have been priced out of the American dream of home ownership."
The Quarter fractional equity program is an innovative funding model based on investors purchasing financial interests, that are linked to the home through a special purpose entity, that becomes a tenants-in-common with the homeowner when the property is acquired. Quarter was advised by DLA Piper LLP (US) on establishing a regulatory compliance framework for its operations. Quarter's capital is equity/co-ownership based vs. traditional debt-based mortgage capital used exclusively to finance homes today.
"The affordability crisis facing Millennials like me, and other traditionally underserved communities, is largely the result of interest-rate driven mortgages combined with out of reach home prices," explained Diesch. "If you're a first-time buyer, with no equity to trade in for down payment, and mortgage rates are the highest they've been since Friends was on NBC — then millions of us are simply out of luck and stuck in apartments or rental homes.
"Quarter offers us a chance at home ownership by enabling Investors to invest in owner-occupied homes for the first time in history. Sourcing purchase capital from co-owner investors allows them to enjoy monthly cash flows from their investment while sharing appreciation gains proportionally with homeowners like me. And I take care of the house as an owner, not a renter.
"When you add it all up, Quarter's fractional investors enjoy economics similar to whole-home ownership while home buyers like me enjoy up to 50% or more in savings every month vs. mortgage. This changes everything."
About Quarter
Quarter is America's first owner-occupied fractional equity-based home funding program and technology platform, with the aim of providing homeownership to millions who cannot afford a home using traditional debt-based. Fully vetted for regulatory compliance, Quarter directly unites fractional housing investors — preferring passive returns from a portfolio of fractional home assets vs. costly whole home ownership — with consumers who need an alternative to high-cost mortgages in order to own a home.
MORE >
Real estate startup zavvie lands $3.65 million in new funding as consumer change will drive company growth through 2023
BOULDER, Colo. – January 11, 2023 – zavvie, a software technology company providing real estate brokerages customized marketplaces for buying and selling solutions, announced the completion of a $3.65 million funding round led by existing investors, including Second Century Ventures, the startup incubator backed by the National Association of Realtors.
Zavvie also announced that Tyler Thompson, Managing Partner at Second Century Ventures, is joining its Board of Directors. Thompson brings more than 15 years of strategic, startup and operational experience to the zavvie Board.
The funding round illuminates how consumers have dramatically changed the way they bought and sold homes in 2022, using solutions such as Power Buying (cash offers), Modern Bridge (buy before you sell), Listing Concierge (presale renovations), Instant Sales (iBuyers), and Homeownership Accelerator (rent-to-own). The new funds include $1.5 million in cash and $2.15 million in convertibles.
"At zavvie, we believe 2023 will be a breakout year for Power Buying because cash offers will particularly help first-time buyers," said Lane Hornung, zavvie CEO and Co-Founder. "Also poised for explosive growth are two more categories: Listing Concierge or presale renovations, which help consumers sell their homes faster and at a higher sales price, and Homeownership Accelerators. Most renters still want to buy a home, and with a Homeownership Accelerator program, they can rent their starter home today and own it tomorrow," Hornung said.
Hornung notes that the massive shift in buyer and seller behavior in 2022 benefited zavvie's business momentum and growth: zavvie increased its total number of brokerage-assisted transactions by more than 400 percent over 2021 transactions, and grew its revenue by more than three times, year-over-year.
"As brokerages face shifting real estate markets head on, zavvie is poised for continued growth in 2023 as they need more ways to unlock inventory and increase transactions," Hornung said. "More consumers are embracing a better way to buy and sell a home, and that's why we our best brokerage partners are increasing their business exponentially. We're looking forward to doing more with our newest partners in 2023," Hornung added, noting zavvie recently announced its partnership with Windermere Real Estate to power Windermere Offers.
Moreover, in the last year, zavvie's operational nationwide footprint grew in 2022 to nearly 50 states. Agent growth on zavvie powered platforms grew to serve more than 75,000 agents today, and potentially reach more than 400,000 agents through partnership integration.
Zavvie recently announced a major integration with MoxiWorks and teamed up with several leading local and regional brokerage firms, including Windermere Real Estate, Kentwood Real Estate - a Berkshire Hathaway Affiliate, Helen Adams Realty, and Crye-Leike Real Estate Services.
In addition, a year ago, zavvie expanded its brokerage marketplace, adding buyer services from Divvy Homes, Feeasy, Flyhomes for Agents (now Sailbridge), HALO, Homeward, Knock, Landis, Ribbon, and Super. This year, zavvie joined forces with UpEquity and Revive.
"Consumers are driving the real estate industry to change rapidly," said Mike DelPrete, a leading industry analyst. "New buying and selling solutions became more commonplace than ever in 2022, and smart brokerages know that to compete today — and tomorrow — they must offer consumers all the options while keeping their agents at the center of the transaction for any solution a consumer chooses."
Hornung also notes that the recent launch of zavvie 2.0 software with its updated dashboard is helping agents streamline assisting their clients, and driving new business because of increased efficiency. He adds, "zavvie 2.0 sets the stage for incredible new software we will launch in 2023."
More information about zavvie is available at zavvie.com.
About zavvie
zavvie is a software technology company that provides real estate brokerages with a marketplace for buying and selling solutions via a white-labeled platform that keeps agents at the center of the transaction. Over 65,000 real estate agents in 47 states leverage zavvie's software technology to serve their clients better. Discover more at zavvie.com.
MORE >
Redfin Reports a Record Share of Home Sellers Are Giving Concessions to Buyers
Buyers received concessions—such as money for repairs and mortgage-rate buydowns—in a record 42% of home sales in the fourth quarter, up from 31% a year earlier
SEATTLE — Home sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter—the highest share of any three-month period in Redfin's records, according to a new report from Redfin, the technology-powered real estate brokerage.
That's up from just over 30% in both the previous quarter and the fourth quarter of 2021, and outpaces the prior 40.8% high from the three months ending July 2020, when the housing market nearly ground to a halt due to the onset of the coronavirus pandemic. Redfin's concessions records date back to July 2020 and are based on data submitted by Redfin buyers' agents.
Concessions have made a comeback as rising mortgage rates, inflation and economic uncertainty have dampened homebuying demand, giving the buyers who remain in the market increased negotiating power.
That's a stark shift from the pandemic homebuying frenzy of late 2020 and 2021, when record-low mortgage rates fueled fierce competition, forcing most buyers to bid over the asking price and waive every contingency just to have their offers taken seriously.
"Buyers are asking sellers for things that were unheard of during the past few years," said Van Welborn, a Redfin real estate agent in Phoenix. "They're feeling empowered, partly because their offer is often the only one, and partly because they know sellers have built up so much equity during the pandemic that they can afford to dole out sizable concessions."
Welborn continued: "I recently helped one of my buyers negotiate a $10,000 credit for a new roof and a handful of other repairs. We originally asked for $15,000, but were happy with $10,000 because the homeowner also agreed to sell for less than their asking price."
Homeowners are increasingly selling for below their desired price as the housing market slows. A record 22% of home sales recorded by Redfin buyers' agents in the fourth quarter included both a concession and a final sale price below the listing price, while a record 19% included both a concession and a listing-price cut that occurred while the home was on the market. A record 11% included all three.
Phoenix Saw the Biggest Jump in Concessions
In Phoenix, sellers gave concessions to buyers in 62.9% of home sales in the fourth quarter, up from 33.2% a year earlier. That 29.7-percentage-point increase is the largest among the 25 U.S. metropolitan areas for which data was available. Next came Seattle (25.6 ppts), Las Vegas (22.2 ppts), San Diego (20.7 ppts) and Detroit (20.4 ppts).
Phoenix and Las Vegas are among the fastest cooling markets after they soared in popularity during the pandemic as scores of remote workers moved in, searching for relative affordability and warm weather.
"It took a while, but seller expectations are coming back down to earth. Concessions were common before the pandemic, and we may be returning to that norm," Welborn said. "Sellers realize they're not going to get $80,000 over the asking price like their neighbor did last year."
Welborn said he has recently seen sellers offer credits of as much as $25,000 to cover repairs and closing costs, and that they're also offering to pay for 2-1 mortgage-rate buydowns and warranties on household appliances.
There were four metros in which concessions were less common compared with a year ago. In Austin, TX, sellers gave concessions to buyers in 33.3% of home sales, down from 38.1% a year earlier (-4.8 ppts). Next came Philadelphia (-2.7 ppts), New York (-2.4 ppts) and Chicago (-1.6 ppts).
Concessions Are Most Common in San Diego
In San Diego, sellers gave concessions to buyers in 73% of home sales in the fourth quarter—the highest share among the metros Redfin analyzed (San Diego also had the highest share a year ago). Next came Phoenix (62.9%), Portland, OR (61.6%), Las Vegas (61.3%) and Denver (58.4%).
In New York, sellers gave concessions to buyers in 13.4% of home sales—the lowest share among the metros Redfin analyzed. It was followed by San Jose, CA (14.4%), Boston (17.5%), Philadelphia (22%) and Austin (33.3%).
To view the full report, including charts, methodology and a metro-level breakdown, please visit this page.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
Relitix Announces New Partnership with BHHS California Properties
Lake Geneva, IL – 12/20/2022 – Relitix, the industry's leading provider of AI-driven agent metrics and management tools, announced today that it has entered into a partnership with BHHS California Properties, a leading real estate brokerage with more than 60 offices across southern California.
Through this partnership, BHHS California Properties will gain access to Relitix's AgentIntel.AI software, an enterprise-level brokerage management solution that provides real-time, detailed agent data and AI-powered insights to guide management to the areas of greatest opportunity. In addition to providing in-depth office detail and complete market insights, Relitix will also offer its state-of-the-art data visualization tools to help BHHS California Properties better manage its agent pool, the company's most important asset.
"We are thrilled to partner with BHHS California Properties, a company known for its excellence and distinction in the real estate industry," said Rob Keefe, Founder, and President of Relitix. "The combination of our groundbreaking analytics with BHHS California Properties' expertise is a perfect match, and we are confident that this partnership will bring great value to both organizations."
Founded in 2016, Relitix has established itself as the industry leader in AI-driven real estate agent analytics, helping brokers, managers, and large team leaders better understand and manage their agents. Using advanced data techniques to assess agent skill levels and make individual agent-level predictions, Relitix profiles over 1.1 million agents monthly and has helped its clients collectively close nearly $200B in annual sales. With a presence in most major markets across the United States, Relitix is well-positioned to help BHHS California Properties achieve its business objectives and drive growth in the competitive southern California market.
MORE >
Redfin Reports Supply Posts Record Increase as Homes Linger on the Market
Redfin's Homebuyer Demand Index ticked up this week as steadily declining rates lured some buyers back in. But many would-be buyers are waiting for lower rates and prices, with the typical home's time on market rising at its fastest annual pace on record and supply increasing.
SEATTLE -- The total number of homes for sale increased 15% year over year during the four weeks ending December 4, the biggest uptick since at least 2015, according to a new report from Redfin, the technology-powered real estate brokerage.
New listings declined by more than 20%, which means homes are sitting on the market as prospective buyers stay on the sidelines and wait for mortgage rates and home prices to decline further from their peaks. That's also evidenced by a slowing market: The typical home that sold was on the market for 37 days, up from a record low of 17 days in June and up from 28 days a year earlier, the biggest year-over-year slowdown on record. Just 30% of homes sold within two weeks, the lowest share since January 2020.
But Redfin's Homebuyer Demand Index is rebounding from its low point, up 5% from a week earlier, as mortgage rates continue to decline from their early-November peak. Rates dropped to 6.33% from 6.5% a week earlier, cutting the typical U.S. homebuyer's monthly housing bill by about $50.
"This week has been relatively calm and quiet as we approach the end of one of the most volatile years in housing history," said Redfin Deputy Chief Economist Taylor Marr. "But it's not over yet. Next Tuesday's inflation report is the 500-pound gorilla in the room, and the Fed's press conference the next day will bring us much more clarity on how soon and how quickly we can expect mortgage rates to come down in the new year. Since we expect only a small decline in prices next year, mortgage rates will dictate housing affordability, and as a result, demand and sales, in 2023. If rates continue declining, more buyers may wade back into the market, as they'll have lower monthly payments."
Home prices fell from a year earlier in 11 of the 50 most populous U.S. metros, mostly in California
Home-sale prices fell from a year earlier in 11 of the 50 most populous U.S. metros, six of which are in California. Prices fell 7.8% year over year in San Francisco, 3.6% in San Jose, CA, 2.2% in Los Angeles, 1.4% in Detroit, 1.2% in Sacramento and 1.1% in Pittsburgh. They declined less than 1% in Oakland, CA, Anaheim, CA, Austin, Philadelphia and Phoenix.
Although the decline was small, this marks the first time Phoenix home prices have fallen on a year-over-year basis since at least 2015, as far back as this data goes. It's the first time Anaheim prices have fallen since October 2019.
Leading indicators of homebuying activity:
For the week ending December 8, 30-year mortgage rates ticked down to 6.33%, the fourth straight weekly decrease. The daily average was 6.29% on December 7.
Mortgage purchase applications during the week ending December 2 declined 3% from a week earlier, seasonally adjusted. Purchase applications were down 40% from a year earlier.
The seasonally adjusted Redfin Homebuyer Demand Index–a measure of requests for home tours and other homebuying services from Redfin agents–was up 5% from a week earlier but down 29% from a year earlier during the four weeks ending December 4.
Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending December 3 were down about 34% from a year earlier, but up slightly from the week before.
Touring activity as of December 4 was down 37% from the start of the year, compared to a 12% decrease at the same time last year, according to home tour technology company ShowingTime.
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending December 4. Redfin's weekly housing market data goes back through 2015.
The median home sale price was $355,500, up slightly from the week before and up 1.9% year over year, the slowest price growth since June 2020 (with the exception of the prior four-week period).
The median asking price of newly listed homes was $357,470, up 4.4% year over year, the slowest growth rate since May 2020.
The monthly mortgage payment on the median-asking-price home was $2,297 at the current 6.33% mortgage rate. That's down slightly from a week earlier and down more than $200 from a month earlier, when mortgage rates were around 7%. Still, monthly mortgage payments are up 38% from a year ago.
Pending home sales were down 34.9% year over year, one of the largest declines since at least January 2015, as far back as this data goes.
Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-65.4%), Austin (-60.7%), Phoenix (-56.8%), Jacksonville, FL (-55.6%) and Portland, OR (-53.5%).
New listings of homes for sale were down 21.6% from a year earlier, the largest decline since May 2020.
Active listings (the number of homes listed for sale at any point during the period) were up 15% from a year earlier, the biggest annual increase since at least 2015
Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.9 months, flat from a week earlier but up sharply from 3.4 months two weeks earlier.
30% of homes that went under contract had an accepted offer within the first two weeks on the market, down two percentage points from the prior four-week period and down from 38% a year earlier.
Homes that sold were on the market for a median of 37 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June.
25% of homes sold above their final list price, down from 42% a year earlier and the lowest level since June 2020.
On average, 6% of homes for sale each week had a price drop, down slightly from a week earlier and down sharply from 7.5% a month earlier. It's up from 2.8% a year earlier.
The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.4% from 100.3% a year earlier. That's the lowest level since June 2020.
To view the full report, including charts, please click here.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
MORE >
MoveEasy Raises $7 Million in Series A Funding to Accelerate Momentum for Its Home Management Platform
MoveEasy announced $7 million in Series A funding, led by Moderne Ventures with a strategic investment by The Travelers Companies, Inc. Today more than a million homeowners and 130,000 real estate agents have access to MoveEasy, the country's first fully integrated platform for all things home
COLUMBUS, OHIO (DECEMBER 07, 2022) -- MoveEasy, the country's leading home management platform and concierge service, today announced $7 million in Series A funding, led by Moderne Ventures with a strategic investment by The Travelers Companies, Inc. MoveEasy previously raised $3.5M in seed funding from investors including Breaktrail Ventures, New Valley Ventures, Loud Capital and Pete Kight. The new capital will be used to accelerate product development, talent and expansion of its platform into new categories.
MoveEasy is the nation's first fully integrated white labeled home management platform, empowering real estate brokerages, agents and mortgage partners to deliver unmatched value to clients. MoveEasy's platform and app provide clients with a holistic view of every decision that they make as homeowners – whether they are buying, selling, moving or managing their existing home.
"While there are a number of personal finance apps that help homeowners manage subscriptions and save money, until now there hasn't been a way for people to manage their most valuable asset," said MoveEasy CEO Venkatesh Ganapathy. "That's what we've created with MoveEasy, an all-in-one platform simplifying every aspect of homeownership. With this new capital, we're investing deeply in innovation and people that extend our leadership position in the real estate industry, while also empowering partners across mortgage, insurance, and other sectors to deliver more value to clients."
Why MoveEasy
With new client acquisition costs at an all-time high, client loyalty efforts have never been more important for real estate agents and brokers. And yet, the real estate industry continues to have a loyalty gap — with just 12% of homeowners choosing to work with the same agent again.
MoveEasy solves these challenges, allowing real estate partners to personalize their client experience by anticipating every homeowner decision. Agents can automate communications, share timely reminders on home-related tasks, and surface insights and exclusive discounts for top service providers across categories.
Using MoveEasy's 360 dashboard and app, homeowners can compare hundreds of service providers including home insurance, internet and cable, home protection, energy, utilities, solar, and home improvement. MoveEasy's savings monitoring tool also automatically searches for the best prices, driving enhanced savings.
Clients can also apply for new loans or refinance through their brokerage's mortgage partners, instantly check their home value, budget for home-related expenses, and see how every home update they make improves their home value and equity over time.
All this builds on what is perhaps MoveEasy's most unique feature: every client is provided with a dedicated human concierge – available via phone, text or email to help with any moving or home management request while fully white labeled for the brand across all platforms.
"In today's shifting market, real estate firms have an imperative to embrace innovation and adopt new ways to deliver value to clients across their entire journey as homeowners," said Constance Freedman, Founder and Managing Partner at Moderne Ventures. "MoveEasy is at the forefront of this change, delivering a best-in-class solution for home management that empowers brokerages and agents like never before. We are thrilled to lead this investment round and partner with MoveEasy as they continue to reshape the industry and provide homeowners with the tools they need to manage all things home."
MoveEasy continues to build momentum with homeowners and partners across industries
Since the beginning of 2020, MoveEasy has rapidly grown its customer base with more than 130,000 real estate agents and 1M homeowners now having access to its platform – leading to a 400% increase in revenue. Berkshire Hathaway HomeServices, Century 21, Howard Hanna, Douglas Elliman and RE/MAX are just some of major real estate partners nationwide that have adopted MoveEasy to deliver stellar service to clients.
"Improving client engagement and loyalty starts with delivering value across every step in the homeowner journey" said Ganapathy. "MoveEasy empowers partners to create a stronger loyalty connection for their brand, while providing clients with an intuitive UI offering the broadcast spectrum of home related services on one platform."
Cutting costs in the current economic environment has become increasingly difficult for companies and consumers alike. In addition to saving each homeowner an average of $420 a year, MoveEasy helps partners achieve an 18-20% lift to their core ancillary services as well as revenue for ancillary services directly integrated through the platform while providing significant improvements in client engagement, loyalty and referrals.
About MoveEasy
MoveEasy is the industry's first comprehensive home management and concierge platform designed to help the 139M homeowners in the US with all their moving and home management needs. MoveEasy's 360° dashboard provides access to service providers across multiple categories, a built-in savings calculator, a concierge service, and more. For real estate partners, MoveEasy is a fully white labeled turnkey concierge solution that helps partners customize and brand the platform to offer a true end to end lifetime concierge service for their clients. Today MoveEasy works with several national and regional clients in the real estate, insurance, mortgage, moving and corporate relocation sectors. For more information, visit http://www.moveeasy.com
About Moderne Ventures
Moderne Ventures is a strategic venture capital firm approaching $450 AUM. Moderne invests in technology companies in and around the multi-trillion-dollar industries of real estate, finance, insurance, ESG, and home services. It has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and new emerging technology companies. Moderne has built an extraordinary network of over 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Moderne most often looks outside its industries to find technologies that can be applicable within them, and it has invested in over 135 companies across its funds. Moderne has built a stellar track record investing in companies like DocuSign, Porch, Hippo, Homesnap, Caribou, Xeal and ICON. For more information, visit http://www.moderneventures.com.
MORE >
HomeZada Selected as the Winner in Wells Fargo Innovation Challenge
Consumer Fintech Application Empowering People to Manage Their Home
SACRAMENTO, CALIFORNIA, UNITED STATES, November 29, 2022 -- HomeZada was selected as the winner in the Wells Fargo Innovation Challenge among seven finalists that presented at a recent Wells Fargo Innovation Summit. HomeZada's digital home management platform empowers consumers to manage, maintain, protect, and improve their largest financial asset. HomeZada addresses three of Wells Fargo's Multi X Innovation focused categories that include Assets, Commerce and Care.
A home is most consumers' largest financial asset and consumers spend approximately 35% of their income on a myriad of home expenses such as home maintenance and improvement products and services. In addition, residential property is a large wealth generator and approximately $68 trillion in generational wealth transfer is expected over the next 10 to 20 years. HomeZada makes it easy for homeowners to view all the financial aspects of their home in one platform.
"We are very appreciative for being selected the winner in the Wells Fargo Innovation Challenge," stated John Bodrozic, co-founder of HomeZada. "HomeZada is applicable for every generation of homeowner from Millennials and GenZ who expect innovative apps to help them manage their home to Boomers and GenX who are looking at aging in place, estate planning, and wealth management regarding their homes."
"Wells Fargo is looking for solutions that delight consumers and can reimagine a new financial services relationship," said Madhu Narasimhan, EVP and Head of Innovation, Wells Fargo. "HomeZada presented their platform that enables deeper relationships with consumers throughout their continuous journey of homeownership while connecting our lending, payments and wealth management businesses in engaging ways."
Over multiple weeks leading up to the finale of the innovation challenge, HomeZada and Wells Fargo mutually shared their visions for an interconnected financial world. This led to a great proof of concept that was presented to the judges. HomeZada looks forward to taking its platform to the next level.
About HomeZada
HomeZada is a Digital Home Management platform that empowers consumers to manage their largest financial asset, their home. The online and mobile solution combines apps, content, and data to help homeowner's mange a home inventory, a home maintenance schedule, home improvement projects and home finances. A Professional version helps companies in insurance, mortgage, real estate, home building, and home services the ability to create digital home information for their clients to increase renewals and referrals.
MORE >
US Mortgage Delinquencies Remain Near Historic Low in September
The overall delinquency rate dropped for the 18th straight month on an annual basis
IRVINE, Calif., November 23, 2022—CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for September 2022.
For the month of September, 2.8% of all mortgages in the U.S. (approximately 1.4 million loans) were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.1 percentage point decrease compared to 3.9% in September 2021.
To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In September 2022, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows:
Early-Stage Delinquencies (30 to 59 days past due): 1.2%, up from 1.1% in September 2021.
Adverse Delinquency (60 to 89 days past due): 0.4%, up from 0.3% September 2021.
Serious Delinquency (90 days or more past due, including loans in foreclosure): 1.2%, down from 2.4% in September 2021 and a high of 4.3% in August 2020.
Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, up from 0.2% in September 2021.
Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, unchanged from September 2021.
Overall U.S. mortgage delinquencies again hovered near record lows in September, with every state and all but one metro in Illinois posting at least slight annual declines. However, with a potential recession and projected increase in the national unemployment rate looming, some uptick in delinquency rates could be expected in 2023. That said, 99% of homeowners with a mortgage have locked in rates below 6%. As a result, even if delinquency activity posts a minor increase, it is unlikely to cause the type of housing downturn seen during the Great Recession, when questionable underwriting practices allowed buyers to take out mortgages that exceeded their budgets.
"All stages of delinquency remained low in September," said Molly Boesel, principal economist at CoreLogic. "Early-stage, overall and serious delinquencies were either at or below their pre-pandemic rates. Low unemployment, which has also returned to the level seen before the COVID-19 outbreak, is contributing to strong mortgage performance. However, if the U.S. enters a recession, increases in delinquency rates can be expected."
State and Metro Takeaways:
In September, all states posted annual declines in overall delinquency rates. The states with the largest declines were Louisiana (down 2.9 percentage points); as well as Hawaii, Nevada and New Jersey (all 1.8 percentage points). The remaining states, including the District of Columbia, registered annual delinquency rate drops between 1.7 percentage points and 0.3 percentage points.
All but one U.S. metro area posted at least a small annual decrease in overall delinquency rates, with only the Decatur, Illinois metro registering a 0.2 percentage point gain since September 2021.
All U.S. metro areas posted at least a small annual decrease in serious delinquency rates, with Odessa, Texas (down 4.1 percentage points), Laredo, Texas (down 3.2 percentage points) and Midland, Texas (down 2.9 percentage points) posting the largest decreases.
The next CoreLogic Loan Performance Insights Report will be released on December 29, 2022, featuring data for October 2022. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog.
About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
LeadingRE Adds HomeStack to Solutions Group Program
HomeStack offers a custom branded mobile app tailored to real estate teams of all sizes.
CHICAGO – (November 1, 2022) – Leading Real Estate Companies of the World® has added HomeStack to its Solutions Group program of preferred business resources for its global network of 550 market-leading real estate firms. HomeStack codes, develops, distributes and maintains white-labeled mobile applications for real estate teams and brokerages.
HomeStack's tailored app can be utilized by brokers, agents and buyers. Brokers can use the application for recruiting, retention and tracking agent productivity. Agents can utilize the app to improve communication and collaboration with clients. HomeStack provides consumers with easy-to-use mobile application for a personalized home search experience.
"In our mobile world, having a powerful app is essential. HomeStack makes it easy for brokerages to build their own user-friendly app with powerful tools for brokers, agents and clients. HomeStack helps drive productivity and leads for brokers and agents, while simplifying the home search process for consumers," said LeadingRE Vice President, Sales/Partnerships Jeff Kennedy.
Operating in over 30 states with exclusive listings feature that allows users to input inventory, HomeStack is well-positioned to serve LeadingRE's membership.
"Since inception, HomeStack has cultivated strong relationships with the best independent real estate companies in the world. When we reflect on these relationships, there are a few traits that separate them from the rest. These brokerages all have tremendous leadership and disciplined agents, and they are a part of LeadingRE. We value our relationship with LeadingRE and the real estate community that is a part of it. As Henry Ford puts it, 'Coming together is a beginning, staying together is progress, and working together is success,'" explained Will Grewal, CEO of HomeStack.
Learn more about HomeStack at www.homestack.com. Learn more about Leading Real Estate Companies of the World® at www.LeadingRE.com.
About HomeStack
HomeStack is the leading mobile application development company in the real estate tech space. We provide a comprehensive branded app tailored to brokerages and teams of all sizes. HomeStack's white labeled mobile apps empower millions of people – from buyers and sellers to individual real estate agents, teams, and brokerages. HomeStack provides clients with the most impactful, stylish and easy to use mobile application for a personalized home search experience.
About Leading Real Estate Companies of the World®
Chicago-based Leading Real Estate Companies of the World® (LeadingRE.com) is a global network of top independent real estate firms, with 550 companies and 136,000 sales associates in over 70 countries. LeadingRE supports its members with powerful connections to other market leaders and access to innovative, performance-driven programs. LeadingRE is also active in commercial real estate, with over 200 firms in 20 countries specializing in the commercial arena.
MORE >
Inside Real Estate Acquires AmpStats, offering brokerages access to new data-driven recruiting, retention and talent development technology to expand market share
Inside Real Estate’s acquisition of AmpStats represents their ongoing commitment to innovation leadership for their 400k customer base
MURRAY, UTAH - OCTOBER 24, 2022 -- Inside Real Estate, one of the fastest-growing independently owned real estate software companies and a trusted technology partner to over 400,000 agents, teams, brokerages and top franchise brands, announced the acquisition of AmpStats, a modern technology focused on harnessing data to drive intelligent decisions for brokerages around recruiting, retaining and talent development.
AmpStats enables real estate brokerages to simplify agent recruiting, retention and talent growth across multiple markets and offices. AmpStats delivers unprecedented visibility into key performance metrics, helping brokerage leaders stay one step ahead to ensure maximum productivity and loyalty amongst their existing agent base.
When it comes to recruiting new talent, brokers can quickly identify the right candidates with search features that show production data, a transaction heat map, and agent movement to pinpoint the best recruiting targets. Once the conversation is started, brokers can easily demonstrate their impact and value to prospective recruits through a compelling, visual net income comparison that breaks down agent earnings like never before.
“AmpStats arms brokerages and their leadership with the actionable intelligence they need to increase productivity and strategically expand market share,” says Joe Skousen, CEO at Inside Real Estate. “We are thrilled to welcome AmpStats to the Inside Real Estate family. Jay has done a fantastic job building a product that at its core addresses one of the most important growth components for brokers which is managing overall talent. We look forward to integrating AmpStats into our ecosystem, creating a truly seamless, data-driven recruiting & retention solution to help our clients maximize business growth.”
“With real-time access to data, brokers have business and competitive intelligence at their fingertips like never before,” says Jay Teresi, Founder & CEO at AmpStats. “I’m thrilled to join such a great organization, where, together, we can expand the reach of AmpStats tremendously, helping even more real estate brokers achieve higher profitability.”
The acquisition represents Inside Real Estate’s ongoing commitment to providing the most innovative, high-value solutions to help their 400k+ agents, teams and brokerages succeed. Just recently, the company announced the industry’s first-ever lifetime homeownership technology, CORE Home, giving Inside Real Estate customers a simplified solution to maintaining customers for life.
Jay Teresi will join the Inside Real Estate family as a member of the leadership team supporting back-office initiatives. AmpStats will continue to be available as a standalone product offering for brokerages in select markets. In the coming months, AmpStats will also be integrated into the kvCORE Platform and available to purchase by new and existing brokerage customers.
About Inside Real Estate
Inside Real Estate is a fast-growing, independently-owned real estate software firm that serves as a trusted technology partner to over 400,000 top brokerages, agents, and teams. Their flagship product, kvCORE Platform, is the most modern and comprehensive solution in the industry known for delivering profitable growth at every level of a brokerage organization. Built on a modern, scalable, and flexible architecture, kvCORE enables every brokerage to create its own unique technology ecosystem through custom branding, robust integrations, and high-quality add-on solutions. With an accomplished leadership team and its talented staff of 250 employees, Inside Real Estate brings the resources, scale, and vision to deliver ongoing innovation and success to their growing customer base.
MORE >
CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market
Agency seeks information on refinances, mortgage products to promote competition and support household financial stability
Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households. The CFPB seeks insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances. The agency also seeks public input on ways to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. The CFPB will use this information as it considers steps to support household financial stability and address refinance market gaps. Today's initiative is part of a broader CFPB effort to promote competition and innovation in consumer finance markets.
"The mortgage market has not provided products that allow all households to save money by refinancing at a lower interest rate," said CFPB Director Rohit Chopra. "We are eager for input on ways that borrowers taking out loans today can refinance to lower rates in the future."
Mortgage payments are often a household's single largest expenditure, so the terms of a mortgage greatly impact a household's financial stability. When interest rates decline, many borrowers benefit from the lower rates by refinancing their loans. For example, researchers at the Federal Reserve Bank of Boston found that total consumer savings from mortgage refinancing from January 2020 to October 2020, during the refinancing boom, was $5.3 billion annually. The typical consumer saved nearly $300 a month ($279) from refinancing during that period. The savings from refinancing a mortgage at a lower rate can translate into increased wealth and equity for borrowers. However, mortgage refinancing can be harder to access for borrowers with smaller loan balances. Black and Hispanic borrowers, who on average have smaller loans, have not participated in recent refinance booms at the same rate as white borrowers.
Refinancing volume has dropped dramatically, down almost 70% from last year, as interest rates have risen. New streamlined and automatic refinancing mortgage products could make sure that those buying a home now, or refinancing to cover other needs, are able to benefit from the next interest rate drop.
Periods of economic turmoil can pose significant challenges for mortgage borrowers. At the height of the COVID-19 pandemic, for example, millions of borrowers lost jobs and income and were at risk of losing their homes. Forbearance protections, passed by Congress via the CARES Act, allowed millions of homeowners with federally-backed mortgages to temporarily stop their monthly mortgage payments. Many servicers of mortgages that did not qualify for CARES Act protections followed the government's lead and offered similar protections. Over the course of the pandemic, 8.2 million borrowers entered a forbearance program, and as of July 2022, 93% have exited. Of those who have exited forbearance, only 5% are delinquent or in active foreclosure. The CFPB is interested in the features of these pandemic-related forbearance programs that should be made more generally available to borrowers, and in particular, if there are ways to automate and streamline the offering of long-term loss mitigation assistance.
Specifically, the CFPB is requesting information about:
Targeted and streamlined refinance programs: Targeted and streamlined refinance programs have been used to improve refinancing, typically with lower transaction costs than traditional refinances. Refinance programs can lead to lower monthly payments and interest rates for homeowners who previously would have been unlikely or unable to refinance.
Innovative refinancing products, such as automatic refinancing: Such products might automatically trigger an offer to refinance or automatically reduce a loan's interest rate in certain circumstances. This could help homeowners who currently face barriers to refinancing, including those with lower-balance mortgages, access beneficial refinancing.
Automatic forbearance and long-term loss mitigation assistance: Mortgage products with automatic forbearance features may help ensure that homeowners whose incomes or financial situations are affected by events, such as natural disasters, are able to receive timely payment relief that could help them avoid foreclosure and provide increased household financial stability. Additionally, such automatic forbearance features could provide benefits for mortgage servicers and holders as well.
Competitive mortgage markets promote opportunities for wealth creation and promote broader household financial stability. Today's request for information seeks innovative and timely ideas to address persistent market failures and to help borrowers access beneficial refinancing along with short- and long-term loss mitigation assistance. Public input will help inform future policy initiatives, rulemaking, and other mortgage competition and innovation initiatives.
The request for information announced today is an example of the CFPB's new approach to promoting competition and new products. As announced in May, rather than providing special regulatory treatment of individual firms, the CFPB will seek to identify stumbling blocks for those seeking to challenge the status quo with new products or services. The Paperwork Reduction Act authorization for the CFPB's Compliance Assistance Sandbox and No Action Letter Policies expires on September 30, 2022, so the CFPB will no longer be accepting or processing applications submitted through those Policies after that date.
Read the Request for Information Regarding Mortgage Refinances and Forbearances. The deadline for submitting comments is 60 days after publication in the Federal Register.
Read Director Chopra's prepared remarks at the Exchequer Club, discussing today's announcement.
Read the Statement on Competition and Innovation.
Learn more about refinancing and loss mitigation.
Learn more about CFPB's Office of Competition and Innovation.
Consumers having an issue with a consumer financial product or service can submit a complaint with the CFPB online or by calling (855) 411-CFPB (2372).
About The Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.
MORE >
Redfin Reports Lurching Mortgage Rates Spook Homebuyers
Homebuyers have lost 29% of their purchasing power since rates bottomed out in early 2021. Home prices remain elevated due to low supply, but early demand signals weakened sharply last week.
SEATTLE -- Early indicators of homebuying demand show an accelerated pullback last week as mortgage rates shot up to a 15-year high, according to a new report from Redfin, the technology-powered real estate brokerage.
This chart was made by analyzing Freddie Mac's Primary Mortgage Market Survey. The chart assumes a 20% down payment, annual property tax of 1.25% of the purchase prices and annual insurance of 0.5% of the purchase price. (Graphic: Redfin Analysis)
Home tours fell 7% and mortgage purchase applications declined 13%. Redfin’s Homebuyer Demand Index, a measure of requests for home tours and other home-buying services, fell 6% last week to its lowest level since mid-June, when mortgage rates first jumped toward 6%.
Homebuyers have lost 29% of their purchasing power as the average 30-year-fixed mortgage rate climbed from 2.65% at the start of 2021 to 6.66% today.
"Mortgage rates well over 6% are spooking homebuyers,” said Redfin Deputy Chief Economist Taylor Marr. “Sellers are pulling back in this market, but buyers are pulling back even more. Home prices are holding steady for now. It will take a few months before the prices of closed sales start to reflect this shock to the market. However, there is evidence of sizable price declines in parts of the market that aren't accounted for by MLS data, such as home builders offloading homes in bulk at a 20% discount."
Leading indicators of homebuying activity:
For the week ending October 6, 30-year mortgage rates declined slightly to 6.66%.
Fewer people searched for “homes for sale” on Google. Searches during the week ending October 1 were down 33% from a year earlier.
The seasonally adjusted Redfin Homebuyer Demand Index declined 10% in the past three weeks to its lowest point since the week ending June 19. The index was down 26% year over year, and fell below the level at the same time in 2020.
Touring activity as of October 2 was down 26% from the start of the year, compared to an 8% increase at the same time last year, according to home tour technology company ShowingTime.
Mortgage purchase applications during the week ending September 30 were down 13% week over week, seasonally adjusted, to the lowest level since October 2015. Purchase applications were down 37% from a year earlier.
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending October 2. Redfin’s weekly housing market data goes back through 2015.
The median home sale price was $367,652, up 7% year over year.
Home sale prices in San Francisco fell 1.4% year over year. Neighboring Oakland, CA, where prices fell 3.4% and New Orleans (-9%) were the only other metro areas that saw year-over-year median-sale-price declines.
The median asking price of newly listed homes increased 9% year over year to $383,000.
The monthly mortgage payment on the median-asking-price home climbed to a record $2,528 at the current 6.66% mortgage rate, up 49% from $1,701 a year earlier, when mortgage rates were 2.99% and up from a recent low of $2,209 during the four-week period ending August 14.
Pending home sales were down 25% year over year, the largest decline since May 2020.
New listings of homes for sale were down 18% from a year earlier.
Active listings (the number of homes listed for sale at any point during the period) fell 1% from the prior four-week period. On a year-over-year basis, they rose 3%.
Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—increased to 3.0 months, the highest level since July 2020.
35% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier.
24% of homes that went under contract had an accepted offer within one week of hitting the market, little changed from the prior four-week period but down from 28% a year earlier.
Homes that sold were on the market for a median of 32 days, up a full week from 25 days a year earlier and the record low of 17 days set in May and early June.
31% of homes sold above list price, down from 45% a year earlier and the lowest level since February 2021.On average, 7.7% of homes for sale each week had a price drop, a record high, and up from 3.9% a year earlier.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, fell to 99.1% from 100.7% a year earlier. This was the lowest level since August 2020.
View the full report, including charts, here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
Chime Acquires Rentancy to Extend Application of Award-Winning Platform to Property Management Market
Addition of property management software and services enhances back-office capabilities to support end-to-end real estate process
Phoenix, AZ - September 28, 2022 -- Chime Technologies, an award-winning real estate technology innovator, today announced it has acquired Rentancy, a provider of innovative property management software and services. With a shared mission to streamline and automate the time consuming, manual tasks typically associated with the real estate process and an unwavering commitment to innovative technology development, Chime and Rentancy will deliver a more comprehensive platform to address the entire real estate process from end to end. To learn more about Chime's platform, visit HERE.
Designed to improve property rent collection, accounting, and cash flow management for both residential and commercial properties, Rentancy's unique software and services help real estate professionals stay focused on delivering stellar client service and growing their business. Rentancy's flexible business model has proven to help boost profits, unleash cash flow, and simplify operations for customers across the UK. The addition of Rentancy to the robust Chime platform will enhance and streamline back-office capabilities and tenant sourcing operations to support the entire real estate lifecycle. Through this integration, Chime is well poised to deliver the technology solutions agents need to be successful in property management, a global market projected to grow to nearly $20 billion in 2022.
This news comes on the heels of several new Chime products unveiled this year including the Enterprise Platform, Active Recruiting, and Social Studio, to support the unique needs of Chime's nearly 40,000 active users. The acquisition provides opportunity for geographic expansion across EMEA and underscores a commitment to delivering an end-to-end real estate business platform, purpose-built to help strategic real estate professionals succeed in an increasingly competitive market.
"Our mission is to provide the best technology tools and collaboration platform to help EVERY real estate professional globally thrive and prosper in today's highly competitive, technology-enhanced world," said Joe Chen, CEO, Chime. "With Rentancy, we are at the beginning of a long-term product and business development journey expanding into European markets and global property management SaaS space."
"The natural synergy between Rentancy and Chime was clear from the start and we are delighted to be part of the team," said Kurt Lyall, Founder & CEO Rentancy. "By combining our property management software and services with Chime's award-winning sales acceleration platform, we can offer a complete real estate business solution that streamlines operations and empowers our clients to focus on building their business."
To learn more about Chime, visit HERE.
About Chime Technologies
Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. For more information, visit www.chime.me.
MORE >
MoxiWorks continues to grow open platform through their partner program with new partners and deeper integrations
In an effort to build a faster and easier real estate experience, MoxiWorks continues to grow and evolve their MoxiCloud offering to help brokerages and their agents thrive
Seattle, WA (September 22, 2022) -- MoxiWorks, the leading real estate technology platform, announced recent updates to their open platform, also known as the MoxiCloud, by welcoming a deeper integration with Union Street Media and MoveEasy and ushering in a new face to the partner network with Honely.
The MoxiCloud is the industry's first and only truly open platform allowing brokerages to build the tech stack that is right for them. With more than 150 partners MoxiWorks is continuously working to bring more integrations and new partners to give brokerages choice when building their tech stack.
"We believe every brokerage should have the power to plug and play the solutions they want, to build the tech stack that will meet their needs and the needs of their agents," said MoxiWorks COO, Jim Crisera. "We are thrilled to be deepening our integration with Union Street Media and MoveEasy, two long-time MoxiCloud partners, and we're excited to welcome Honely into the fold. The more high-quality integrations and partners we can add to the mix, the better for the industry as a whole."
Union Street Media provides full-service digital marketing and website solutions for real estate brokerages, teams and agents. They have been part of the MoxiCloud for more than 4 years and have worked to deepen their integration to offer MoxiWorks brokerages customized solutions that allow them to compete in an ever-changing market.
"We've found that brokerages and teams simply want more," said Ted Adler, Founder & President. "Union Street Media and MoxiWorks's reimagined partnership combines custom digital marketing solutions and award-winning websites with best-in-class tools for a true lead to close solution. When a brokerage really wants to stand out and be more profitable Union Street Media and MoxiWorks are a perfect match."
MoveEasy's mission is to take all the overwhelming and stressful moments of being a homeowner and make them easy through technology and the support of a personal assistant.
"As a long-standing partner, MoveEasy has a shared focus and vision with MoxiWorks around empowering real estate agents to build lifelong client relationships," said MoveEasy CEO Venkatesh Ganapathy. "Now we're thrilled to further expand on our partnership with one of the deepest integrations with MoxiEngage in the industry. Brokers who use MoxiWorks to nurture sales leads can now access MoveEasy's industry-leading moving and home management platform. Agents can engage with their entire sphere of influence and deliver unprecedented value to current and past clients as well as prospects, creating stronger engagement, loyalty, and referrals."
Honely harnesses the transformative power of predictive analytics to deliver real estate data analysis instantaneously to investors and home buyers alike.
"Honely is excited to partner with MoxiWorks and begin assisting their impressive network of agents. Honely offers a unique, effective, and low-cost tool for capturing buyer and seller leads organically rather than overpaying."
To learn more about how the MoxiCloud can help your brokerage visit moxiworks.com/how-it-works. Interested in becoming part of the open network? Check out moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks' customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents' repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions.
MORE >
RentSpree Partners with Form Simplicity to Boost Rental Tech Tool Offerings
LOS ANGELES (Sept. 13, 2022) -- RentSpree, the industry's premier end-to-end rental management software provider, officially announced its partnership with Form Simplicity, a digital real estate transaction management platform owned and operated by Florida Realtors®.
Integrating RentSpree's online standard rental application and screening platform with Form Simplicity will further enhance each companies' ability to help expedite the still often fragmented leasing process.
Form Simplicity gives real estate agents and brokers the tools to create, manage, share, sign and store transactions digitally in the cloud. Users can also create and edit transactions on their mobile devices such as creating time-saving templates, and grouping and populating frequently used forms with pre-populated data.
"The integration of RentSpree into Form Simplicity helps boost the power of the digital transaction," said Florida Realtors CEO Margy Grant. "Renters are the largest group of future homeowners, and with RentSpree, agents can seamlessly assist and connect the various steps within the rental process to help clients find their way home."
RentSpree offers an all-in-one suite of tools, including background and credit checks, rent estimates, renters' insurance and rent payment. Its Agent Tools feature supports holistic rental management for agents, from advertising and nurturing leads to seamlessly diversifying their client portfolio, as well as supporting their rental clients' transition to homeownership in due time.
"Our continued mission is to simplify the often discombobulated and outdated rental process," said RentSpree CEO and Co-Founder MIchael Lucarelli. "Partnering with Form Simplicity helps us to provide additional services to agents' and brokers' repertoire of tools that help them cut down on the time wasted on inefficient processes and paperwork."
He added, "In order to provide the highest services to agents, owners and renters alike, we are continuously looking to identify partnerships not just in the MLS & association space but also with proptech innovators, such as Form Simplicity."
About Form Simplicity
Form Simplicity's cloud-based digital transaction management platform is a cost-effective solution available to Realtor Associations, MLS systems, and brokerage firms nationwide. Tech Helpline, the real estate industry's number one tech support service, supports Form Simplicity. Form Simplicity and Tech Helpline are wholly owned and operated by Florida Realtors based in Orlando, Fla. Learn more at formsimplicity.com.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to more than 225,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at floridarealtors.org/newsroom.
About RentSpree
Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit www.rentspree.com for more information.
MORE >
Matterport Reinvents the Digital Twin with the Revolutionary Pro3 Camera and New Cloud Platform
Breakthrough innovations in 3D capture technology and AI-powered digital twin software create new ways for enterprises to market and manage properties digitally
SUNNYVALE, CA -- Matterport, Inc. today introduced the all-new Matterport Pro3 Camera along with major updates to its industry-leading digital twin cloud platform. The Pro3 is a breakthrough in 3D capture technology, ready to digitize every aspect of the physical world, indoors and outdoors. Matterport's next-generation digital twin platform builds on the company's groundbreaking immersive virtual experiences to enable advanced workgroup collaboration and productivity, delivering cost savings and revenue growth for organizations of all sizes, from small businesses to global enterprises.
These new offerings arrive as global demand for digital twins – visually immersive, interactive 3D models of buildings and spaces – continues to rise. Forrester Research reports 55% of global software technology decision makers are already adopting digital twins. As an industry leader, Matterport saw 52% growth in total subscribers in the second quarter compared to the year ago period, and already serves 23% of the Fortune 1000 with its digital twin platform.
"Today marks a pivotal breakthrough in 3D technology with the introduction of the most powerful products Matterport has ever created," said RJ Pittman, Chairman and Chief Executive Officer, Matterport. "Our new Pro3 camera and cloud platform create some of the world's most accurate, immersive, and stunning digital twins. The opportunity has never been greater for companies to embrace the power of Matterport digital twins to transform their business."
Matterport for Enterprise
Digital twins empower business leaders to confidently navigate an uncertain economic environment while accelerating the productivity of a mobile and remote-first workforce; 79% of business leaders cite cost savings and 71% point to operational efficiencies as the key drivers of their digital twin investments. It's why the new Pro3 camera and cloud platform were built for the demands of enterprises with scalability, reliability, and security at the core, making Matterport's digital twin platform one of the most trusted in the industry.
The new Pro3 camera and cloud platform advancements make it easier than ever for customers to create immersive digital twins. Customers across sectors – factories, retailers, hotels and airlines – report digital twins have reduced project times by 30% and cut travel expenses by up to 50% through greater remote collaboration. One commercial real estate customer reported closing sales up to 85% faster. Hospitality customers find bookings and occupancy rates increase 14% for properties with a digital twin. The benefits aren't just for large enterprises – real estate agents using digital twins win up to 74% more listings and 71% of residential buyers say they would buy a home sight unseen if it had a 3D digital tour.
The Matterport Digital Twin Platform
Matterport has reimagined the cloud software platform that creates, publishes, and manages digital twins of buildings and spaces of any size or shape, indoors or outdoors. All of these new capabilities integrate seamlessly so customers can securely create immersive environments for their employees, customers and partners to collaborate and explore.
Maximize productivity from a single digital twin with a new workgroup collaboration framework called Views, to enable groups and large organizations to create separate, permissions-based workflows to manage different tasks with different teams such as: virtual inspections, remote training, space planning, personalized virtual tours, and so much more.
Views create separate, permissions-based workflows from a single digital twin
Increase customer engagement, productivity and sales conversions with all-new Guided Tours and Tags to elevate the visitor experience. Now marketing and sales teams can create directed virtual tours of any commercial or residential space tailored to the interests of their visitors, and operations teams can create guided virtual training courses for remote workers.
Go further with Matterport Capture Services, now supercharged with the new Pro3 camera to get the highest quality professional digital twin from an on-demand capture technician in major cities around the world. Capture Services for Enterprise can now digitize a single space to a portfolio of thousands of buildings, indoors and out. From retail chains to hotel property groups and corporate campuses – it has never been easier to get a dimensionally accurate, photorealistic Matterport digital twin to manage properties online.
Matterport Capture Services brings your property to life, available on-demand globally
Take the entire Matterport platform wherever you go with a fully enabled mobile solution that brings together capture, customization, view, edit, publish and restore capabilities to digital twins with the new Matterport App for iOS and Android devices.
Immersive collaboration available anywhere with the Matterport App
The Matterport Pro3 Camera
The Matterport Pro3 Camera provides the highest accuracy digital twins of indoor and outdoor spaces
The Matterport Pro3 Camera is the most advanced Matterport 3D capture device with a powerful combination of sensors working in harmony to create stunning images, both indoors and outdoors. No other camera combines the incredible power of this device at this price point, making 3D capture more widely accessible.
With a custom 20 megapixel sensor and 12-element lens covering an ultra-wide angle, the Pro3 camera produces accurate, detailed digital twins in brilliant, life-like color. Breakthroughs in the high-precision LiDAR sensor enable the capture of millions of measurements in various conditions, from dim light to direct sunlight, up to a range of 100 meters at less than 20 seconds per sweep.
The custom 20MP Pro3 lens covers an ultra-wide angle for life-like digital twins in any environment
The Pro3 camera revolutionizes 3D capture, setting new standards for speed, fidelity, versatility and accuracy. Where interactive mesh previously had a 50k polygon limit, it is now unlimited and the mesh for large spaces can easily exceed one million polygons. New digital twins are now streamed on demand as the user moves through a space, available on mobile and web platforms for all users for faster load times, quicker frame rates, and much more detail without compromising performance.
Matterport's Cortex AI engine is upgraded to capture 5x higher range, enabling customers to transform their interior and exterior spaces, even when encountering difficult foliage, lighting and reflective surfaces. The combined power of the new Matterport Digital Twin platform, Pro3 and upgraded Cortex AI result in some of the most accurate, immersive and stunning digital twins ever created.
"The Pro3 camera reflects years of advanced R&D and listening closely to our customers. The result is a breakthrough in 3D capture technology," said Lou Marzano, Vice President of R&D and Manufacturing. "The demands of the digital-first industry push our product standards to new levels, making precision, range, and mobility critical to our customers' success. We put all of this together into a portable device that achieves a new threshold for price-to-performance of commercial LiDAR capture. Some of our largest enterprise customers have already put Pro3 to the test – capturing large outdoor venues from stadiums to campuses with speed and accuracy never before seen. Like the Pro1 and Pro2 that came before it, the Pro3 camera is in a class by itself and I am so proud of the team behind yet another industry first."
The Pro3 camera is Matterport's lightest and most compact camera, designed for maximum portability
With a striking new design that's uniquely Matterport, Pro3 is packed with groundbreaking features including:
Custom built 20 megapixel sensor and 12-element lens for ultra-wide capture of large spaces
Captures 100k points per second at depths ranging from 0.5m to 100m
High-precision LiDAR sensor for unparalleled precision in various light conditions
Camera boot time of less than 40 seconds
Removable battery packs for continuous scanning, batteries fully recharge in 3.5 hours
Weighing under five pounds, Pro3 is 30% smaller and 35% lighter than the Pro2 camera
New tripod mount engineered for Pro3 and new cases for maximum portability and protection
Pricing and Availability
The Matterport Pro3 Camera is available for purchase at matterport.com/pro3 or through one of Matterport's partners, including: Amazon, B&H Photo and Video, and Adorama.
Matterport Pro3 Camera is priced at $5,999 USD and includes:
Pro3 Camera in Carry Case
One Tripod Mount
One Battery and Charging Kit
One Year Warranty
The Matterport Pro3 Acceleration Kit offers the best value at $7,995 USD. This bundle includes everything needed for a full day of capture:
Pro3 Camera in Carry Case
10 Matterport E57 high density point cloud files to complete large projects quickly ($890 USD value)
10 MatterPaks to extract floor plans, point cloud files, and OBJ files from digital twins ($500 USD value)
One Tripod Mount
Two Batteries with One Charging Kit
One Tripod, Wheeled Dolly, Two Door Stops, One Hard Case, and One Backpack
3-year Warranty on Pro3 Camera and Tripod Mount ($2,000 USD value)
Accessories available separately in the US, UK and European Union through Amazon. For pricing information, visit Matterport's website.
Pro3 camera availability varies by region.
Customers in North America may place orders today with estimated shipments in early September 2022.
Customers in the UK & EU region can place orders with estimated shipments in early October 2022.
Customers in the APAC region can place orders online with estimated shipment of early October 2022.
For more information about the Pro3 camera and Matterport's new digital twin platform, visit matterport.com.
About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.
MORE >
Keller Williams Launches New Global Brand Tagline
"Where Entrepreneurs Thrive" symbolizes KW's commitment to real estate agent business success
AUSTIN, TEXAS AUGUST 24, 2022 -- Keller Williams (KW), the world's largest real estate franchise by agent count, announced today the launch of a new brand tagline, "Where Entrepreneurs Thrive," at Mega Camp, a KW-powered annual real estate training conference.
"We went on a mission to define our decades-long purpose," said John Keller, head of transformation at KW. "And, we ended up right where we began."
"We will continue to build the place where entrepreneurs thrive," said Keller. "It's what we're built to do, what we love to do, and what the industry needs us to do."
Via a video presentation, Keller unveiled the new tagline to more than 11,300 Mega Camp attendees:
"At Keller Williams, we want to continue to earn the right to be the home of the dreamers, the doers, the entrepreneurs – the hundreds of thousands of you who have dreamed and built your own business and, in the process, built ours," said Keller.
"We are reigniting a culture of supporting entrepreneurial visionaries," said Keller.
Along with reinforcing KW's position within the real estate industry, the new tagline is part of the company's ongoing transformation and enduring commitment to fuel unlimited growth for real estate entrepreneurs via training, coaching, and solutions.
"You're living in a home built for entrepreneurs to thrive," said Keller. "And true entrepreneurs don't have to wait for doors to open for them. After all, we have our own lockboxes."
As part of a business-to-business marketing campaign, KW will roll out the new tagline in 2022.
About Keller Williams
Austin, Texas-based Keller Williams (KW), the world's largest real estate franchise by agent count, has more than 1,100 offices and 200,000 associates. The franchise is also No. 1 in units and sales volume in the United States.
Since 1983, the company has cultivated an agent-centric, technology-driven, and education-based culture that rewards agents as stakeholders. For more information, visit kwx.kw.com.
MORE >
CoreLogic's Multi-year Alliance with Google Cloud Enables New Product Launch
Discovery Platform, a property analytics ecosystem and data exchange, combines Google Cloud's secure technology with CoreLogic's industry-leading property data to power faster and more comprehensive solutions across multiple sectors
IRVINE, Calif., August 22, 2022 -- CoreLogic, a leading global property data and analytics-driven solutions provider, has announced an extended relationship with Google Cloud to support the launch of its new CoreLogic Discovery Platform™. Fully built on Google Cloud's secure and sustainable infrastructure, Discovery Platform provides a comprehensive property analytics environment and cloud-based data exchange for businesses across multiple sectors.
Discovery Platform allows businesses — including CoreLogic's core markets of property and real estate technology, mortgage lenders, marketers and insurance firms — to discover, integrate, analyze and model property insights to make critical business decisions faster. The multi-year relationship between CoreLogic and Google Cloud enables the development of a scalable platform built with several Google Cloud services including Dataproc, BigQuery, Anthos and Cloud Run to manage the data science workloads for predictive and prescriptive analytics. BigQuery is the petabyte-scale backend for the platform, enabling comprehensive property data views built from a wide array of CoreLogic and third-party data sets. Dataproc powers Discovery Platform facilitating advanced analytics and data science at scale.
Typically, companies with data engineers and scientists spend weeks and even months on data wrangling before reaching the insights needed to drive business growth or mitigate risks. Through the collaboration with Google Cloud, CoreLogic's Discovery Platform provides a fully secure and compliant environment with relevant data, tools, security, and governance. Using CoreLogic data models and insights allows companies to deploy secure and compliant data analytics workflows within minutes, thereby speeding up the delivery of mission-critical insights.
"CoreLogic and Google Cloud solved a significant challenge in the lag-time required to spin up data analytics workbenches that could be preloaded with nationwide data assets, models, libraries and software and self-service training," said John Rogers, chief innovation officer of CoreLogic. "Together, we were able to look at every part of the process—from onboarding to ingestion of data, modeling and exposure of that insight to the businesses' operational platform—and cut the lag-time down by more than 50% to give clients access to the insights they need to move the needle on their business faster and easier than ever before."
"I'm excited to see our alliance with Google Cloud flourishing," said Patrick Dodd, president and CEO of CoreLogic. "We're providing a state-of-the-art analytical platform for our client's mission-critical processes. Discovery Platform is born from a growing alliance of two major industry innovators. I see the future horizons our research and development product teams are working on, and I am excited to see what's next."
"We value working with companies like CoreLogic to develop innovative technology solutions and services that enhance customer experience and deliver insights faster," said Zac Maufe, global head of Financial Services Solutions at Google Cloud."Our collaboration will support CoreLogic's clients' needs and enable the delivery of more comprehensive and efficient solutions for businesses in the real estate finance market."
About CoreLogic
CoreLogic is a leading global property information, analytics, and data-enabled solutions provider. The company's combined data from public, contributory, and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance, and mitigate risk. Headquartered in Irvine, CA, CoreLogic operates in North America, Western Europe, and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Homebuyer Competition Falls to Lowest Level Since Early Months of Pandemic
Higher mortgage rates and home prices are pushing some house hunters out of the market, leaving those who remain with more options and negotiating power
SEATTLE -- Nationwide, 44.3% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in July, compared with a revised rate of 50.9% one month earlier and 63.8% one year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. That's the sixth-straight monthly decline and the lowest share on record with the exception of April 2020, when the onset of the coronavirus brought the housing market to a near standstill.
The typical home in a bidding war received 3.5 offers in July, compared with 4.1 one month earlier and 5.3 one year earlier, according to data submitted by Redfin agents nationwide. Redfin's bidding-war data goes back through April 2020.
Homebuyer competition is cooling as more Americans are priced out of the housing market due to higher mortgage rates and inflation. Properties are lingering on the market longer and the housing shortage is easing up, giving buyers more options to choose from and room to negotiate. Some sellers are slashing their asking prices as a result. Roughly 8% of listings on the market each week experience a price cut, the highest share on record.
"The market is wildly different than it was a few months ago. Buyers are competing with one to two other offers instead of four to eight. Some aren't facing competition at all," said Alexis Malin, a Redfin real estate agent representing buyers in Jacksonville, FL. "There's not the same sense of urgency. House hunters are scheduling tours four days in advance instead of one, and they're becoming much more selective. If a home doesn't check all of their boxes, they're waiting until they find one that does. Six months ago, buyers were taking any house they could get."
Malin continued: "Buyers have also started writing offers for less than sellers' list prices—a reversal from the height of the pandemic, when homes were going for tens of thousands of dollars over asking. I haven't written an over-asking offer in a month."
With the scales of the housing market tipping increasingly in buyers' favor, Spokane, WA Redfin agent Brynn Rea has a few tips for sellers:
"Sellers should make sure their home is move-in ready and not overpriced," Rea said. "They should do everything possible to make their property pristine for the masses—invest in updates and make it feel fresh. Doing little things like replacing faulty faucets or painting walls will help sell a home more quickly."
Phoenix, Austin and Nashville Have Among the Lowest Rates of Homebuyer Competition
In Phoenix, just over one quarter (26.6%) of home offers written by Redfin agents encountered competition in July—the lowest share among the 36 U.S. metropolitan areas Redfin analyzed. Rounding out the bottom five were Riverside, CA (31%), Seattle (31.5%), Austin, TX (31.7%) and Nashville, TN (33.3%).
Many of these areas attracted scores of out-of-town homebuyers during the pandemic, pushing up prices and rendering them prohibitively expensive for some house hunters—one reason they now have relatively low bidding-war rates. The average out-of-towner moving to Nashville last year had $736,900 to spend on a home, 28.5% higher than average budget for local buyers—the largest gap among U.S. cities recently analyzed by Redfin.
To be included in this analysis, metros must have had a monthly average of at least 50 offers submitted by Redfin agents from March 2021 to March 2022. Scroll down to the bottom of this report to see a table with data on all 36 metros.
Raleigh, NC had the highest bidding-war rate, at 63.8%. Next came Honolulu (63%), Providence, RI (60.5%), Philadelphia (60.4%) and Worcester, MA (54.8%).
Housing-Market Competition Declined Most in Orlando, Nashville and Sacramento
In Orlando, FL, 37.4% of home offers written by Redfin agents faced competition in July, roughly half of the 81.4% rate seen a year earlier. That 44-percentage-point decline was the largest among the 36 metros in this analysis. It was followed by Nashville (33.3% vs. 73.1%; -39.7 ppts), Sacramento, CA (34.3% vs. 73.3%; -39 ppts), Charlotte, NC (34.6% vs. 71%; -36.4 ppts) and Colorado Springs, CO (36.8% vs. 71.2%; -34.3 ppts).
There were no metros in which the bidding-war rate increased on a year-over-year basis.
Townhouses Are Most Likely to Encounter Competition
Townhouses were more likely than any other property type to face bidding wars, with 43.5% of Redfin offers encountering competition in July. Next came single-family homes (42.9%), condos/co-ops (39.7%) and multi-family properties (38.9%).
Some homebuyers have sought out townhouses, which are typically smaller and more affordable, because they're priced out of the market for single-family homes. The typical home that went under contract in March was 1,720 square feet, down 1.8% from 1,751 square feet a year earlier, a recent Redfin analysis found.
Bidding-War Rates by Metro Area
The table below is sorted by lowest to highest bidding-war rate in July 2022.
To read the full report, click here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
Winners of HGTV Ultimate House Hunt 2022 Named
Over 1.1 million votes cast in annual online search for the most incredible real estate listings.
CHICAGO - August 8, 2022 -- The winners of the HGTV Ultimate House Hunt 2022 have been named, based on over 1.1 million votes cast. The annual promotion held on HGTV.com features extraordinary real estate listings, with all 77 finalists represented by Leading Real Estate Companies of the World® and Luxury Portfolio International®members.
The overall winner is an elegant Florida estate on the Atlantic Ocean represented by William Raveis Real Estate, Mortgage & Insurance, which also earned top honors in the Beachfront Homes category. The artfully crafted Bermuda-style home stands 17 feet above sea level and features stunning panoramic ocean views; a modern swimming pool with a stone deck; and a stunning interior with vaulted ceilings, oversized windows, and a contemporary open plan.
Category winners include Brown Harris Stevens – NYC, Curb Appeal; Chase International, Countryside Retreats; Dave Perry-Miller Real Estate, Amazing Kitchens; Harry Norman, Realtors, Downtown Dwellings; Hawaii Life Real Estate Brokers, Outdoor Escapes and Waterside Homes; and john greene Realtor, Homes With a History.
In addition to these categories, a special Global Homes gallery featured exceptional homes from nine countries or territories around the world.
"This is our eleventh year collaborating with HGTV.com on the Ultimate House Hunt, and we are always delighted to see the enthusiastic response to our members' listings. This year's winners include a truly impressive collection of homes, representing a wide range of architectural styles. We congratulate the winners and look forward to our continued work with HGTV.com to showcase some of the most stunning real estate listings in the world," said LeadingRE President/CEO Paul Boomsma.
To view the Ultimate House Hunt winners, visit hgtv.com/ultimatehousehuntwinners.
MORE >
BoomTown Launches Full Suite of Back Office and Transaction Management Capabilities to Manage Entire Client Lifecycle
A deeply integrated front office and back office provides real estate professionals a best in class end-to-end solution. Business owners get a birds-eye view of the entire business process, agents have the tools they need to generate leads and close deals, and back-office employees enjoy efficiency gains to move quickly and accurately through transactions
CHARLESTON, S.C., August 3, 2022 -- BoomTown, the leading cloud-based sales and marketing automation platform for real estate professionals, announced the launch of back office capabilities through an expanded integration with Brokermint, real estate's leading cloud-based back office and transaction management software, which was acquired by BoomTown.
Fragmented customer relationship management and back office solutions cause duplication of effort and business inefficiencies, a problem that has plagued the real estate industry for years. Unlike other integrations, this unification of the data layer is the critical component that powers the deep integration and allows agents to seamlessly align the BoomTown and Brokermint platforms, answering the need for an end-to-end solution for real estate businesses. While agents, team leaders, and brokers utilize BoomTown's lead generation and customer relationship management solutions, administrative teams can now work in the back-office solution, which handles everything from commissions, offers, and e-Signatures, to accounting, transaction management and reporting, and all information is seamlessly synced. It provides visibility into the entire business transaction, and ensures information is accurate, and all relevant parties enjoy a streamlined and efficient process from lead-to-close.
"This enhanced integration is closing the loop on the real estate transaction process, and fostering ‘clients-for-life' for our customers by enabling offices to manage their client relationships from first click to close, and deliver more value at every step," said Grier Allen, CEO of BoomTown. "It eliminates inter-office inefficiencies, helps business owners identify opportunities, and creates a solid foundation for continued innovation between front office and back office."
"The deep integration between the front-end BoomTown solution and back-end Brokermint solution, and the efficiency gains and holistic company view that it delivers, are changing the game," said Chad Priest, Broker in Charge of The Flowertown Group. "Unlike other integrations that still require manual updates and maintenance, this includes all of our data from transactions and commissions to contact data and user information, so we can confidently manage every front-office and back-office task in one place."
About BoomTown
BoomTown exists to make real estate agents successful. Nearly 100,000 of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. BoomTown's full suite of capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, a mobile app for agents on the go, transaction management, commissions, and accounting. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint, real estate's leading back-office and transaction management software, and MyAgentFinder. For more about BoomTown visit boomtownroi.com.
MORE >
Transactly Acquires TC Solutions, LLC Further Expanding National Network of TCs
ST. CHARLES, MO. -- Transactly, a rapidly growing real estate transaction platform, has announced the acquisition of TC Solutions, LLC based in King County, Washington. With this acquisition, Transactly further expands their national network of tech-enabled Transaction Coordinators — already the largest in North America — to include TC Solutions' large team of coordinators in the Pacific Northwest.
"We are happy to welcome Genny Lee Harmon and TC Solutions onto the team here at Transactly," says Transactly founder and CEO Bryan Bowles. "Genny has built a great team of talented coordinators at TC Solutions. This acquisition significantly increases our ability to serve agents, teams, and brokerages in the larger market of Washington state."
Genny launched TC Solutions, LLC because she loves helping people achieve their goals. She developed a strong team that is dedicated to providing real estate professionals with the Real Estate Transaction Coordinating Solutions they need to work at their best so they can focus on what matters most. Now with the acquisition by Transactly, Genny's team will see this mission come to fruition at an even larger scale.
Transactly is enrolling all transaction coordinators and clients into their technology platform to ensure an ever-improving digital client experience — something that is otherwise lacking in the real estate industry.
The St. Charles-based real estate technology startup has been on a rapid growth clip, tripling its annual revenue and expanding the scope of its businesses. Transactly provides real estate agents and brokerages with tech-enabled transaction coordinators and services to assist in processing and closing real estate transactions. It used its acquisitions to create a new business segment called Connect, which focuses on providing homebuyers with a streamlined way to set up home utilities and services.
About Transactly
Transactly is headquartered in St. Louis, Missouri, and was founded in 2017 by Bryan Bowles. Transactly's mission is to be the platform of choice for the people and companies involved in real estate transactions. Transactly's platform provides the largest team of tech-enabled transaction coordinators in North America.
MORE >
Elm Street Technologies Appoints Byron McDuffee as Chief Executive Officer
Technology industry executive has proven track record and will lead company in next stage of its growth
NEW YORK, NY - July 18, 2022 -- Elm Street Technology, LLC ("Elm Street" or the "Company"), a leading provider of residential real estate technology and marketing solutions, today announced that Byron McDuffee has joined the Company as Chief Executive Officer, effective July 14th. Elm Street is backed by Aquiline Capital Partners LLC ("Aquiline"), a private investment firm based in New York and London with $8.7 billion in assets under management that invests in businesses globally across financial services and technology.
Mr. McDuffee is a long-time technology industry veteran with a strong track record of leading vertical-focused software companies. Mr. McDuffee most recently served as the COO of DealerSocket, Inc., a global software as a service (SaaS) company operating in over 100 countries that offers solutions for franchise and independent auto dealers including customer relationship management, dealership management solution, inventory management, websites and digital retailing. Previously, he served as a Senior Vice President at Equifax where his core focus areas included transformational process re-engineering and adjacent market expansion.
"I am excited to be joining Elm Street to lead the Company as it builds on its strong reputation as a technology leader in the real estate industry," said Mr. McDuffee. "I look forward to positioning the Company for continued and accelerated growth while achieving the highest levels of customer satisfaction as we work towards solidifying and expanding our market position."
"Byron is a seasoned executive with the experience and knowledge to drive strong operational and financial outcomes in competitive markets while building a positive company culture," said Jeff Greenberg, Chairman and CEO of Aquiline. "We are confident that Byron will make an immediate impact at Elm Street and help the Company continue on its growth trajectory."
About Elm Street Technology, LLC
Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, healthcare, and business services. The firm had $8.7 billion in assets under management as of March 31, 2022. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.
MORE >
Redfin Reports Balance Is Returning to the Housing Market as Competition Eases
Homebuyers are getting some relief as sellers slash their prices at a record rate and mortgage rates drop following months of increases
SEATTLE -- After months of tipping heavily in sellers' favor, the scales of the housing market are finally balancing out, according to a new report from Redfin, the technology-powered real estate brokerage.
Soaring housing costs caused many house hunters to drop out in recent months, which is now providing some relief for buyers who remain. Today's buyers are seeing the housing shortage ease, price growth slow, competition decline and mortgage rates drop from their 2022 high. The share of sellers slashing their asking prices hit a record high during the four weeks ending July 3, and the portion of homes going for above list price fell for the first time since June 2020 as sellers responded to waning homebuyer demand.
"Conditions for homebuyers are improving. Housing remains expensive, but mortgage rates just posted their biggest weekly drop since 2008, which makes buying a home a bit more affordable," said Redfin chief economist Daryl Fairweather. "One way buyers can take advantage of the shift in the market is seeking concessions from sellers. That could include asking the seller to buy down your mortgage rate, pay for repairs or cover some of your closing costs."
"The market slowdown is giving buyers more opportunities to negotiate, especially with sellers whose homes have been on the market for a while," said Columbia, SC Redfin real estate agent Jessica Nelson. "I tell my sellers that they need to price their homes realistically from the get-go. If they don't, their home may end up sitting on the market and they may have to drop their price—possibly more than once—to attract buyers."
Leading indicators of homebuying activity:
For the week ending July 7, 30-year mortgage rates fell to 5.3%—the largest 1-week drop since 2008. This was down from a 2022 high of 5.81% but up from 3.11% at the start of the year.
Fewer people searched for "homes for sale" on Google—searches during the week ending July 2 were down 2% from a year earlier.
The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 15% year over year during the week ending July 3.
Touring activity as of July 3 was down 14% from the start of the year, compared to a 7% increase at the same time last year, according to home tour technology company ShowingTime.
Mortgage purchase applications were down 17% from a year earlier during the week ending July 1, while the seasonally-adjusted index was down 4% week over week.
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending July 3. Redfin's weekly housing market data goes back through 2015.
The median home sale price was up 13% year over year to $396,000. This growth rate is down from the March peak of 16%.
The median asking price of newly listed homes increased 15% year over year to $399,973, but was down 2.1% from the all-time high set during the four-week period ending June 5.
The monthly mortgage payment on the median asking price home hit $2,342 at the current 5.3% mortgage rate, up 40% from $1,668 a year earlier, when mortgage rates were 2.9%. That's down slightly from the peak of $2,487 reached during the four weeks ending June 12.
Pending home sales were down 13% year over year, the largest decline since May 2020.
New listings of homes for sale were down 1.4% from a year earlier.
Active listings (the number of homes listed for sale at any point during the period) fell 2% year over year—the smallest decline since October 2019.
45% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 49% a year earlier.
32% of homes that went under contract had an accepted offer within one week of hitting the market, down from 35% a year earlier.
Homes that sold were on the market for a median of 18 days, flat from a year earlier and up slightly from the record low of 15 days set in May and early June.
52% of homes sold above list price, down from 53% a year earlier. This measure peaked in mid-May and has declined 3.8 points since then.
On average, 7% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 101.9%. In other words, the average home sold for 1.9% above its asking price. This was down from 102.2% a year earlier.
To view the full report, including charts and methodology, please click here.
About Redfin
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
CoreLogic Launches Property Analytics Ecosystem and Data Exchange, Discovery Platform
New solution simplifies data science challenges to help enterprises accelerate innovation, mitigate risk and identify new revenue streams
IRVINE, Calif., June 29, 2022 -- CoreLogic, a leading global property data and analytics-driven solutions provider, has announced the launch of Discovery Platform, a cloud-based data exchange and property analytics ecosystem. Powered by the industry's first integrated property identifier, CoreLogic's CLIP ID, and built on more than 50 years of data spanning 99.9% of U.S. properties, Discovery Platform provides a comprehensive property analytics solution. The platform enables businesses—including property and real estate technology (PropTech/ReTech), mortgage lenders, marketers and insurance firms—to discover, integrate, analyze and model property insights to make critical business decisions faster.
Enterprises have been investing heavily in data science to solve problems and predict outcomes across every aspect of their business, from revenue forecasts to lead generation and everything in between. They often spend significant time and resources managing this data and little time translating it to inform and improve business outcomes.
CoreLogic's Discovery Platform simplifies this challenge through:
Seamless data integration: Users can easily integrate their own business objectives and data with CoreLogic's data assets. While most data exchanges rely on generalized data sets, CoreLogic's CLIP® ID provides more granular information at the property level to help businesses derive more accurate business insights based on the most current market landscape.
A complete suite of analytics and modeling tools: Organizations have access to a suite of leading analytics and resources such as data modeling and visualization tools, all available within a secure digital workspace that can be used to extract and categorize insights.
Connected workflows: Data can be easily exported and integrated into external operational platforms to streamline workflows between data analytics teams and business decision makers to improve efficiencies and drive business outcomes faster.
"As the industry is increasingly leveraging data science and analytics to understand, improve and grow their businesses, it has never been more important to get the data strategy right," explains Patrick Dodd, President and CEO of CoreLogic. "By combining best-in-class data, enhanced analytics, and cross-functional collaboration capabilities into a unified solution, the CoreLogic Discovery Platform allows enterprise leaders to gain insights and integrate into their business activities faster than ever before."
With CoreLogic's Discovery Platform, businesses can solve use cases such as:
Lead Prospecting and Qualification: Identify and screen potential customers based on property or loan characteristics, real estate or loan transaction events, estimated equity or CoreLogic propensity models.
Market Share and Competitive Analysis: Analyze lending market share by geography or portfolio type and conduct competitive analysis on key competitors.
Risk Analysis: Assess risk of properties, including default risk, home price risk, hazard risk (e.g., flood, wildfire) and reconstruction cost risk.
Retention Modeling: Use CoreLogic's propensity models to identity at-risk customers and understand where lost customers went.
Customer Profiling & Predictive Analytics: Build customer profiles based on key property-related characteristics. Predict behavior based on trends and forecasts of the underlying property attributes (e.g., home price appreciation, new construction, etc.).
To learn more about CoreLogic's Discovery Platform and additional use cases it can help solve, visit: www.corelogic.com/discovery-platform.
About CoreLogic
CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >