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Chime Introduces Social Studio to Automate and Streamline Social Media Marketing
Latest innovation enables real estate professionals to execute low-cost lead generation programs with organic social media posts directly from the Chime platform PHOENIX and LAS VEGAS, Aug. 03, 2022 -- Today, Chime Technologies, an award-winning real estate technology innovator, introduced the company's latest natively-built platform capability, Social Studio. Designed to help real estate professionals capitalize on social media as a low-cost opportunity to build awareness and fill their pipeline, Social Studio automates the creation and execution of organic social media posts directly from the Chime system. Agents no longer need to spend countless hours developing engaging content; Social Studio provides the automation needed to streamline social media marketing efforts. To learn more, watch our video. As the housing market begins to cool amongst inflation concerns, real estate professionals must manage their operations against the rising cost of doing business. The expense of online marketing is one specific area of concern and agents are increasingly turning to organic social media to generate consistent brand awareness and provide an effective and affordable lead generation strategy. With Chime's Social Studio, users can generate engaging social content automatically. Featuring an easy-to-use rules-based system, Social Studio can automatically publish posts to your social media channels driven by things such as MLS status changes. Key features of Social Studio include the ability to: Showcase your listings, website, or blogs automatically incorporating content from both your website or the MLS; Schedule posts in advance for more consistent awareness; View detailed lead engagement metrics to build customized lead nurturing campaigns; Auto-post when the MLS status of your listing changes. "Every real estate professional knows time is money and as the market tightens it matters more than ever where you spend your time and focus. Our platform has always been designed to help automate key business functions and let agents and teams do what they do best - service the client and close deals. Social Studio is another example of that commitment. By offering a fully-automated social media management tool designed specifically for realtors, we can help our customers attract more followers and capture more leads while keeping costs low," said Stuart Sim, Head of Industry Development, Chime. To learn more, click 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/.
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Homesnap Recognizes Top Pro+ Agents With Excellence in Client Service Awards
Homesnap Pro+ was built so that real estate agents could increase productivity, dominate Google search results, and grow their business. Pro+ agents' results were so strong in 2021 that we wanted to recognize it publicly. Enter the Homesnap Excellence in Client Service Awards. Homesnap's Excellence in Client Service Awards are physical trophies awarded to Homesnap Pro+ agents who exhibited superb service to their customers, as demonstrated by the quantity and quality of the reviews featured on an agent's Google Business Profile. Excellence in Client Service Award recipients receive a physical trophy, mailed to their office address. Agents are notified via email about the award once their trophy has been shipped. Agents who receive a Excellence in Client Service Award also have their Homesnap agent profile enhanced with a gold check-mark. To qualify for a Homesnap Excellence in Client Service Award, you must be a Homesnap Pro+ member. We use a combination of factors to determine outstanding client service, including: Total number of Google reviews Average review rating Strength of online presence Want to qualify for next year's Excellence in Client Service Award? First, make sure you're a Homesnap Pro+ member. Then, use the One-Click Review Tool to make sure you have positive, plentiful reviews on your verified Google Business Profile. For reference, in 2021, Excellence in Client Service Award winners averaged more than 16 Google reviews and had an average rating of 4.9 stars out of 5. Already received an Excellence in Client Services Award? Congratulations! Remember to share a photo of your award on social media, and consider upgrading to a fully-managed digital advertising solution with Homesnap Concierge. To view the original post, visit the Homesnap blog.
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Redfin Reports an Uptick in Searches and Tours Highlight Buyers' Mortgage-Rate Sensitivity
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FTC Takes Action to Stop Online Home Buying Firm Opendoor Labs, Inc. from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service
Company Will Have to Pay $62 Million and Stop Deceiving Consumers about the Supposed Benefits of its Service August 1, 2022 -- The Federal Trade Commission today took action against online home buying firm Opendoor Labs Inc., for cheating potential home sellers by tricking them into thinking that they could make more money selling their home to Opendoor than on the open market using the traditional sales process. The FTC alleged that Opendoor pitched potential sellers using misleading and deceptive information, and in reality, most people who sold to Opendoor made thousands of dollars less than they would have made selling their homes using the traditional process. Under a proposed administrative order, Opendoor will have to pay $62 million and stop its deceptive tactics. "Opendoor promised to revolutionize the real estate market but built its business using old-fashioned deception about how much consumers could earn from selling their homes on the platform," said Samuel Levine, Director of the FTC's Bureau of Consumer Protection. "There is nothing innovative about cheating consumers." Opendoor, headquartered in Tempe, Arizona, operates an online real estate business that, among other things, buys homes directly from consumers as an alternative to consumers selling their homes on the open market. Advertised as an "iBuyer," Opendoor claimed to use cutting-edge technology to save consumers money by providing "market-value" offers and reducing transaction costs compared with the traditional home sales process. Opendoor's marketing materials included charts comparing their consumers' net proceeds from selling to Opendoor versus on the market. Those charts almost always showed that consumers would make thousands of dollars more by selling to Opendoor. In fact, the complaint states, the vast majority of consumers who sold to Opendoor actually lost thousands of dollars compared with selling on the traditional market, because the company's offers have been below market value on average and its costs have been higher than what consumers typically pay when using a traditional realtor. The agency's investigation found that Opendoor also violated the law by misrepresenting that: Opendoor used projected market value prices when making offers to buy homes, when in fact those prices included downward adjustments to the market values; Opendoor made money from disclosed fees, when in reality it made money by buying low and selling high; consumers likely would have paid the same amount in repair costs whether they sold their home through Opendoor or in traditional sales; and consumers likely would have paid less in costs by selling to Opendoor than they would pay in traditional sales. Enforcement Action Opendoor has agreed to a proposed order that requires the company to: Pay $62 million: The order requires Opendoor to pay the Commission $62 million, which is expected to be used for consumer redress. Stop deceiving potential home sellers: The order prohibits Opendoor from making the deceptive, false, and unsubstantiated claims it made to consumers about how much money they will receive or the costs they will have to pay to use its service. Stop making baseless claims: The order requires Opendoor to have competent and reliable evidence to support any representations made about the costs, savings, or financial benefits associated with using its service, and any claims about the costs associated with traditional home sales. The Commission vote to accept the consent agreement was 5-0. The FTC will publish a description of the consent agreement package in the Federal Register soon. The agreement will be subject to public comment for 30 days, after which the Commission will decide whether to make the proposed consent order final. Instructions for filing comments appear in the published notice. Once processed, comments will be posted on Regulations.gov. NOTE: When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $46,517. The Federal Trade Commission works to promote competition and protect and educate consumers. Learn more about consumer topics at consumer.ftc.gov, or report fraud, scams, and bad business practices at ReportFraud.ftc.gov.
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Home buyers with lower credit scores pay an extra $104,000 in mortgage costs
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The Wall Street Journal and Realtor.com Release Summer 2022 Emerging Housing Markets Index Report
Elkhart-Goshen, Ind., rises to No. 1 amid local economic recovery, declining unemployment and a highly competitive market with homebuyers seeking affordability and quality of life NEW YORK and SANTA CLARA, Calif., July 26, 2022 -- The Wall Street Journal and Realtor.com today released the WSJ/Realtor.com Summer 2022 Emerging Housing Markets Index, which revealed Elkhart-Goshen, Ind., is now the No. 1 emerging market in America. The index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. The 2021 inaugural spring, summer, fall and 2022 winter and spring reports captured sweeping real estate market trends amid an uneasy economy, decreasing unemployment numbers and return-to-office efforts, more Americans traveling and a highly competitive market with homebuyers returning to larger cities. Within a dynamically changing landscape, the summer 2022 index shines a light on a noticeable flight to affordability and higher quality of life. The top of the list is populated with housing markets displaying solid economic fundamentals, in-demand amenities and lifestyle options, along with a critical dose of affordable homes. The index also identifies markets that we believe are good areas in which to purchase a home for homeowners and investors alike, with expectations of price appreciation complementing vibrant and diverse communities. The Top 20 Emerging Housing Markets for Summer 2022 are: Elkhart-Goshen, Ind. Burlington, N.C. Johnson City, Tenn. Fort Wayne, Ind. Billings, Mont. Raleigh, N.C. Rapid City, S.D. North Port-Sarasota-Bradenton, Fla. Topeka, Kan. Visalia-Porterville, Calif. Fort Collins, Colo. Durham-Chapel Hill, N.C. Santa Cruz-Watsonville, Calif. Boulder, Colo. Huntsville, Ala. Vallejo-Fairfield, Calif. Eureka-Arcata-Fortuna, Calif. Jefferson City, Mo. Elizabethtown-Fort Knox, Ky. Colorado Springs, Colo. Key Trends Among the Spring 2022 Top 20 Emerging Housing Markets Affordability, Availability and Quality of Life Lead Summer Housing Despite high market demand, the latest index reveals prospective homebuyers are either pursuing affordable housing or high quality of life in areas where options are more abundant. Twelve of the markets had a median home listing price near or below the national median during the second quarter of 2022, led by Topeka, Kan. and Jefferson City, Mo., with median listing prices just over $200,000. The summer 2022 index shows young professionals and growing families are looking for better work-life balance, along with a lower cost of living. To find that, they are looking in areas with more homes for sale. On average, across the top 20 markets in our index, active listing counts were up by 33.2% year-over-year and the number of newly-listed homes was up by 11.1%, compared to the national active listing growth rate of 4.9% and new listing growth rate of 4.0%. Growing Local Economies Boost Buying Power As we saw in the spring 2022 report, the summer index’s top-ranked housing markets have diversified economies and low unemployment, a prerequisite for a healthy housing market—16 out of the top 20 metros boast unemployment rates at or below the national 3.6% average. The top metros offer a wide range of job opportunities, higher wages and shorter work commutes at a time when the cost of gasoline reached new highs. Despite surging inflation, consumers also maintained an active pace of retail and travel spending, thanks to slightly higher than average wages. Active and Outdoor Lifestyles are the New Benefit Metros like Durham-Chapel Hill, N.C., Fort Collins, Colo. and Elizabethtown-Fort Knox, Ky., offer access to outdoors amenities but are still within driving distance from larger cities. Despite a slightly lower vacation profile than the spring index, the summer index’s top 20 markets offer an active outdoor lifestyle. Whether it’s access to mountains in North Carolina, Tennessee, Colorado or Montana, or beach destinations like California or Florida, top emerging markets provide residents with easy access to the outdoors. Mid-sized Cities Lead the Emerging Pack The summer index continues to highlight mid-sized cities. Amid rising costs of living and relatively stagnant wages across industries, the index indicates a move toward middle-class jobs in mid-size Midwestern markets. The top 20 metros averaged a population of 402,000 people. Nine out of the top 20 cities have populations below the 250,000 threshold, including this quarter’s leading metro, Elkhart-Goshen, Ind. City Spotlight: Elkhart-Goshen, Ind. The index’s top emerging housing market is Elkhart-Goshen, Ind. Industry manufacturers including Jayco, Keystone and Conn-Selmer—in addition to regional healthcare and local service providers—are based in Elkhart-Goshen, contributing to one of the lowest unemployment rates among index metros (1.6%). Who’s In and Who’s Out Twelve of the summer 2022 index top markets have appeared in previous index rankings, most notably Elkhart-Goshen, Ind., and all of the top nine were ranked in the spring 2022 index. Among the repeat markets are coastal vacation destinations like North Port-Sarasota-Bradenton, Fla. and Santa Cruz-Watsonville, Calif. Eight markets fell off the spring 2022 list but remained in the top 50 metros. Spring 2022’s top-ranked Santa Rosa, Calif. and Cape Coral-Fort Myers, Fla. dropped out of the top 20, falling to spots 105 and 69 respectively. With the exception of Columbia, Mo. and Yuma, Ariz., the markets that fell off the top 20 tend to be more expensive vacation destinations. Methodology The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average unique viewers per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita "everyday splurge" stores in an area; commute (6.25%); and estimated effective real estate taxes (6.25%). Note: The Summer 2022 index is using a 12-month average for the real estate market indicators. About The Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. The Wall Street Journal engages readers across print, digital, mobile, social, podcast and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism. The Wall Street Journal is published by Dow Jones, a division of News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV). About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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RICOH360 Tours Releases Automatic Floor Plan Generator
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Texas home builders are being 'whiplashed,' says US No. 1 agent
HomesUSA.com reports "unprecedented" rate of increase in new home listings in MLSs Dallas, TX - July 20, 2022 -- Texas homes builders are being "whiplashed" again as a new homes inventory surge caused a record rate of increase in new home listings in local MLSs, according to Ben Caballero, the nation's top-ranked real estate agent and CEO of HomesUSA.com. According to the HomesUSA.com June 2022 Texas new homes report, the 3-month moving average of active listings in the local MLSs in Dallas-Ft. Worth, Houston, Austin, and San Antonio jumped from 11,224 in April to 15,131 in June – an increase of 35% in 90 days. "The whiplash began in March of last year when Texas builders were caught flat-footed by the sudden and astonishing demand for new homes," said Caballero. "Then while struggling with shortages and supply chain issues, builders pulled out all the stops to increase production, only to be whiplashed again by the sudden reduction in demand caused by cancellations due to rising mortgage rates," he added. "The result is an unprecedented and massive spike in active listings in the MLS over the last 90 days," Caballero noted, adding, "Home building is a tough business." Caballero noted that according to Freddie Mac's weekly mortgage market survey, rates went from 3.76% in the first week of March to 5.81% by late June. According to the National Association of Realtors, mortgage costs are now 30% higher than a year ago for home buyers able to buy a median priced home. Caballero also explained, "Due to its business-friendly environment, no personal income tax, and geographic location, I expect Texas to continue leading the nation in home starts. The continuing migration from large population centers in the north, northeast and west coast markets will cause those areas to experience a disproportionate share of the coming housing slowdown." The HomesUSA.com June 2022 Texas new homes report includes Dallas-Ft. Worth, Houston, Austin, and San Antonio, featuring data from the North Texas Real Estate Information Systems, Houston Association of REALTORS, Austin Board of REALTORS, and San Antonio Board of REALTORS. The report shows an overall decline in new home sales statewide for the first time this year. The 3-month moving average of Texas new home sales shows last month's sales reported to Multiple Listing Services dropped to 4,098 from 4,300 in May. Home sales were down month-over-month in Dallas-Ft. Worth, Houston, and San Antonio. Austin was the only major market to report a very small increase in new home sales last month with 584 versus 581 in May. The HomesUSA.com New Home Sales Index reports new home sales pace quickened last month as the 3-month moving average for Days on Market was 54.07 days, down from 55.38 days in May. New home prices statewide increased last month – a continuing trend. The 3-month moving average of new home sale prices in June was a record $458,448 versus $451,098 in May. The average new home price is up over $71,000 since June 2021, an increase of more than 18 percent, year-over-year. The average new home price set a record high in Dallas-Ft. Worth, breaking the half million-dollar mark at $501,327 in June versus $486,172 in May. Houston ($419,573 versus $416,787) and San Antonio ($391,577 versus $381,444) also posted record prices. However, the average new home price was slightly lower for the fourth straight month in Austin ($541,079 versus $541,842). "Despite all of the market challenges – from labor shortages to supply chain and delivery issues – Texas builders continue to show steadfastness and resilience in markets that still remain persistently strong," said Caballero, a three-time world record holder for most home sales and the No. 1 ranked real estate agent in the US since 2013 by Real Trends. Statewide pending sales also plummeted, another indication of the impact of buyer cancellations. In June, statewide pending sales were 4,379 versus 5,010. All four major new home markets in Texas – Dallas-Ft. Worth, Houston, Austin, and San Antonio – reported a drop in pending sales in June. Caballero is sharing the HomesUSA.com New Homes Report in advance of the release by the Commerce Department of its nationwide New Residential Sales Report for June, set for Tuesday, July 26 at 10:00 am Eastern. Caballero noted this monthly HomesUSA.com report includes both 3-month and 12-month moving averages for six essential market data, including Days on Market, sales volume, sales prices, a sales-to-list price ratio, pending sales, and active listings. The 3-month moving average indices track market seasonality, while the 12-month moving average removes the seasonality and tracks the longer trend. Days on Market – New Homes in Texas (Exclusive Data) The HomesUSA.com New Home Sales Index showed the 3-month moving average of Days on Market declined statewide in June. Houston's DOM was 64.75 days versus 68.14 days in May. In Austin, the DOM decreased to 26.72 days versus 27.60 days in May. In Dallas-Ft. Worth, the DOM increased to 51.42 days from 50.60 days in May. In San Antonio, the DOM was 57.03 days versus 55.01 days in May. (See Chart 1: Texas New Homes Days on Market) Texas New Home Sales Data Based on all available local MLS data, total new home sales in Texas were lower statewide and in three of the four major new home markets last month, according to the 3-month moving average. In Houston, June's total sales were 1,691 versus 1,797 in May. Dallas-Ft. Worth new home sales also decreased to 1,285 versus 1,374 in May. In San Antonio, new home sales decreased to 538 from 548 in May. Austin was the exception, as June sales totaled 584 versus 581 in May. (See Chart 2: Texas New Home Sales) Texas New Home Prices The average price of new homes in Texas shows higher prices statewide and in three of the four major new home markets last month. Dallas-Ft. Worth reported its 3-month moving average price for new homes was higher in June at $501,327 versus $486,172 in May. Houston's average new home price was also higher in June at $419,573 versus $416,787 in May. In San Antonio, the average new home price was higher in June at $391,577 versus $381,444 in May. Austin's 3-month moving average price was the exception, as it decreased in June to $541,079 from $541,842 in May. (See Chart 3: Texas New Home Prices) Texas Sales-to-List Price Ratio New home sales statewide and in Dallas-Ft. Worth, Houston, Austin, and San Antonio still hover near 100 percent of the asking price and in two markets, exceeded it. Statewide, the 3-month moving average of the sales-to-list price ratio in June was 99.954 versus 99.915 percent in May. Dallas-Ft. Worth's ratio was 100.688 versus 100.561 percent in May. In Houston, the ratio was 99.097 versus 99.147 in May. In Austin, the sales-to-price ratio in June was 100.939 versus 100.922 percent in May. San Antonio's ratio in June was 99.853 versus 99.733 in May. (See Chart 4: Texas Sales-to-List Price Ratio) Texas Pending New Homes Sales Data Based on local MLS data, pending new home sales dropped statewide and in all four Texas major new home markets last month. Statewide MLS data shows pending sales in June were 4,379 versus 5,010 in May. Houston's pending sales in June were 1,725 versus 2,083 in May. In San Antonio, pending sales last month were 467 versus 605 in May. Pending new home sales last month in Dallas-Ft. Worth were 1,593 versus 1,663 in May. Austin's pending sales in June were 594 versus 659 in May. (See Chart 5: Texas Pending New Home Sales) Texas Active Listings for New Homes MLS data shows the 3-month moving average for active listings statewide increased in June to 15,131 versus 12,432 in May. Last month, all four major Texas new home markets posted higher active listings. Dallas-Ft. Worth's active listings in June were 2,915 versus 1,613 in May. Last month's active listings in Houston were 7,900 versus 7,373 in May. June's active listings in Austin were higher at 2,129 versus 1,567 in May. San Antonio reported active new home listings in June were 2,186 versus 1,879 in May. (See Chart 6: Texas Active Listings and Chart A: 12-Month Moving Averages) About the HomesUSA.com New Home Sales Index The HomesUSA.com Index is reported as both a 3-month and 12-month moving average of the Days on Market (DOM) for new homes listed in the local Multiple Listing Services (MLSs) for the four largest Texas markets, including Dallas-Ft. Worth, Houston, Austin, and San Antonio. Created by Ben Caballero, founder and CEO of HomesUSA.com, it is the first Days on Market index to track Texas's new home market and includes homes listed while under construction. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is a three-time Guinness World Record title holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent - current." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Revive enhances its brand, becomes Revive Real Estate, changing its top-level domain destination to revive.realestate
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Down Payment Resource releases Q2 2022 Homeownership Program Index
More U.S. homebuyer assistance programs are introduced during a quarter of difficult homebuying conditions ATLANTA, Ga., July 19, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced findings from its latest Homeownership Program Index (HPI). The firm's analysis of 2,273 homebuyer assistance programs in its DOWN PAYMENT RESOURCE® database revealed that the net number of homebuyer assistance programs increased by 1.6% from Q1 to Q2 2022. This marks the third consecutive quarter the number of homebuyer assistance programs has grown. Down Payment Resource Q2 2022 Homeownership Program Index Key Findings The Q2 2022 HPI examined a total of 2,273 homebuyer assistance programs that were active as of July 5, 2022. Key findings are as follows: The net number of homebuyer assistance programs increased. The number of programs increased by 35 Q2 2022. Among them were five nationwide or multi-state programs and 12 statewide programs. Assistance for first mortgages, combined down payment and closing cost support, community second mortgages and deed restriction programs were also added. Support for manufactured homes increased again. For the third consecutive quarter the number of programs that support manufactured home purchases have increased. 625 programs now support manufactured home loans, up from 594 in Q1 2022. Programs offering veteran exemptions grew. The number of programs that waive first-time homebuyer requirements for veterans increased from 176 to 184 (4.5%) this quarter. "Despite a slight increase in the number of inactive and suspended programs, our analysis indicates that opportunities for homebuyer assistance are continuing to grow," said DPR CEO Rob Chrane. "With inflation reaching 40-year highs, aggressive interest rate hikes and limited housing inventory, connecting consumers with financial support for down payment and closing costs is more important than ever. In this especially challenging housing market, program providers are finding creative ways to help qualified homebuyers overcome economic obstacles and achieve the long-term financial benefits of homeownership." Further analysis of the Q2 2022 HPI findings, including infographics and examples of many of the programs described in this release, can be found on DPR's website here. View a complete, state-by-state list of homebuyer assistance programs here. Methodology Published quarterly, DPR's HPI surveys the funding status, eligibility rules and benefits of U.S. homebuyer assistance programs administered by state and local housing finance agencies, municipalities, nonprofits and other housing organizations. DPR communicates with over 1,200 program providers throughout the year to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages, in the DOWN PAYMENT RESOURCE® database. About Down Payment Resource Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com.
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National Association of Realtors Announces Partnership with Rental Beast
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HomeJab Debuts Novel Real Estate Agent Marketing Method that Creates Real-Estate-Backed-NFTs to Promote Home Sales
Cherry Hill, NJ - July 12, 2022 -- HomeJab, which provides real estate agents on-demand professional real estate photography services nationwide, is debuting a new and novel marketing method that gives real estate agents a new avenue to promote homes for sale -- using an NFT, or non-fungible token. Real estate agents who use HomeJab for professional real estate photography for their listing can now receive a free real-estate-backed-NFT of the home as part of their order. This new service from HomeJab includes promoting these NFT-backed homes for sale and listing them on the new HomeJab NFT site at nft.homejab.com. HomeJab founder and CEO Joe Jesuele emphasized that this new service for real estate agents supplements their traditional marketing efforts by exposing them to an NFT-interested audience. "For real estate agents, we provide an easy way to promote their listings to a new market of potential buyers and it doesn't cost them anything," explained Jesuele. "For crypto enthusiasts, we offer a way to purchase real world assets legally using blockchain," he added. The first NFT-backed home currently being marketed for sale on the HomeJab NFT site is in Detroit, at 20060 Canterbury Road owned by Daniel McDonald and listed for $415,000 by Lisa Virkus, a real estate agent and founder of Realty in the D. Team Title Services, owned by Web Raulston and based in Chattanooga, Tennessee, handles the title and settlement services. McDonald is a Key Advisor at Mortgage Token, which aims to be the first company that allows clients to leverage their home equity to invest in cryptocurrency. "I'm a firm believer that with digital assets such as NFTs, entire industries will benefit from being built on the Ethereum blockchain by increasing consumer transparency and transaction cost-effectiveness," home seller McDonald said. McDonald explained that blockchain, like the internet, is the new "great equalizer" and that "Web3 will level the playing field, making information and pricing inequalities a thing of the past." Jason Yourofsky, Mortgage Token founder said, "Mortgage Token is an autonomous modernized lending platform bridging the gap between real estate and crypto lending. We look forward to launching before the fourth quarter of 2022 as the first lender specifically investing in cryptocurrency." Jesuele noted, "Our customers will get an NFT listing for free with every photo shoot, and direct exposure to a more tech-savvy group of buyers." With the new service, an agent can bring their buyer, and the buyer would purchase the NFT, which provides them with an option to purchase the property. Buyers purchase NFTs with USD Coin (USDC), a digital currency fully backed by US dollar assets, on the Ethereum blockchain. HomeJab receives 1% on the NFT sale, with the proceeds distributed to the title company who then facilitates the closing and recording of deed. The seller and buyer agent commissions would be part of the settlement statement, like any other traditional transaction. A sample of an NFT-backed home listing on HomeJab is here. To learn more about the new real NFT marketplace, go to nft.homejab.com. About HomeJab HomeJab is America's leading on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, turnkey aerial services, and the creation of real-estate-backed NFTs. Its efficient one-stop-shop for real estate listings promotions at HomeJab.com features affordable and customizable shoots to create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available nationwide and in the U.S. and Canada. Learn more at HomeJab.com.
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Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate
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Showing Activity Continues to Slow Nationwide in May as Fewer Buyers Compete for Listings
The U.S. saw an average drop in buyer traffic of 18.2% year over year in May according to data from ShowingTime, with 35 markets recording double-digit showings per listing compared to 104 last May. For the third consecutive month, traffic was busiest in Burlington, Vt., and Bloomington-Normal, Ill. CHICAGO, June 30, 2022 -- May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, and the latest data shows a sea change in which markets are the most popular. That's according to ShowingTime, one of the residential real estate industry's leading technology providers of showing management and market statistics. The smallest drop was in the Northeast, according to the ShowingTime Showing Index®, where its 13.3% decline was relatively modest compared to the other regions: the Midwest was down 15.1% year over year, the South was off 22.2% while the West's 45.3% decline in buyer activity was the most significant. Overall, the U.S. recorded an 18.2% downturn in activity in May. Notably, the perennial leaders in buyer activity over most of the past year – Denver and Seattle – both fell out of the top 25 busiest markets, with each averaging around 10 showings per listing, breaking a streak that began in early 2021. The slowdown continued a trend that began this spring, ending what had been a months-long streak of year-over-year growth in buyer activity across the U.S. During that earlier stretch, the number of markets recording double-digit showings per listing regularly reached triple digits. Though activity has slowed, Burlington, Vt., with 15.80 showings per listing and Bloomington-Normal, Ill., with 12.39 remained at the top of the list, with both also recording year-over-year increases in buyer traffic. Bridgeport, Conn. and Cleveland, Ohio were close behind, with Richmond, Va.; Akron, Ohio; Rochester, N.Y.; and Hartford, Conn. also recording double-digit showings per listing. "Showing activity continues to be at levels lower than we're used to seeing at this time of year, pointing to a market in transition," said ShowingTime Vice President and General Manager Michael Lane. "Following the surge in mortgage rates, it's reasonable to expect that showing activity will continue to ease, especially when compared to last year's historic numbers." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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National Home Price Gains Continue to Exceed 20% in May
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Realtor.com June Housing Report: For-Sale Home Supply Grows Faster than Ever as New Seller Activity Rebounds
In June, active inventory jumped 18.7% year-over-year as new listings surpassed typical pre-COVID levels, while the national median listing price hit a new high of $450,000 SANTA CLARA, Calif., June 30, 2022 -- The inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time (+18.7%), according to the Realtor.com Monthly Housing Trends Report released today. Among key factors driving June's jump in active listings were new sellers, who entered the market at a higher rate than in 2017-2019 prior to the pandemic. "Our June data shows the inventory recovery accelerated, posting the second straight month of active listings growth in nearly three years. We expect these improvements to continue, as predicted in our newly-updated 2022 forecast," said Danielle Hale, Chief Economist for Realtor.com. "While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quickly selling homes and record-high asking prices. However, a deeper dive into June's inventory gains by square footage reveals potential opportunities for move-up buyers, as newly-listed homes skewed larger. In other words, this first wave of supply improvements may be particularly opportune for summer sellers looking to upgrade from their starter homes, which could mean more equity to put towards purchasing a bigger property." Hale added, the increase in larger, more expensive homes as a share of new listings is one reason that overall asking prices continue to soar despite moderating demand. In June, homes with at least 1,750 square feet accounted for more new listings (54.3%, up from 52.7% in 2021) than relatively smaller homes (45.7%, down from 47.3% in 2021). June 2022 Housing Metrics – National Inventory climbs as buyer demand cools and seller activity rebounds The inventory recovery from 2021 declines continued to accelerate in June, due to the combination of rebounding new listings growth and moderating demand, reflected in recent home sales trends. While still-hot housing competition is motivating more new sellers to list, some buyers are being priced out of the market by rising mortgage rates and record-high asking prices that have driven up typical mortgage payments by 58% from a year ago. In June, the U.S. inventory of active listings grew 18.7% year-over-year, a faster pace than last month (+8.0%). However, there are still fewer than half (-53.2%) as many for-sale homes compared to June 2019. One factor behind June's accelerated inventory improvement was pending listings declines (-16.3% year-over-year), which means fewer for-sale homes under contract with a buyer. Additionally, new seller activity rebounded to 1.0% greater than its 2017-2019 pace, with new listings up 4.5% year-over-year. Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas (+144.5%), Phoenix (+113.2%), and Raleigh, N.C. (+111.7%). June's biggest new listings gains were posted in southern markets (+11.0%): Raleigh (+37.6%), Nashville, Tenn. (+37.2%) and Charlotte, N.C. (+30.1%), as well as Las Vegas, Nevada (+34.8%). Home shoppers are still snatching up homes quickly, but there are early signs of relief Despite cooling demand, June time on market trends relative to last year show that buyers continued to snatch up homes at a near-record-fast pace. However, month-to-month data tells the beginnings of a different story, with overall time on market growing from May to June for the first time since 2019. Additionally, while homes moved more quickly than in June 2021 across all size tiers, declines were greater among larger for-sale homes. These trends suggest that one potential reason why the overall pace of time on market remains competitive, despite softening demand, could be a shift in the mix of home shoppers, such as an increase in move-up buyers. The typical U.S. home spent 32 days on market in June, nearly a full month (-27 days) faster than usual June 2017-2019 timing. Time on market held close to May's record-low, but posted a slightly smaller yearly decline month-to-month (-4 days vs. -6 days). Among June's active inventory, some listings with more square footage, such as those with 3,000-6,000 square feet sold faster year-over-year (-8.5 days) than relatively smaller homes like those with 750-1,750 square feet (-5 days). In June, 34 of the 50 largest markets posted annual declines in time on market, led by southern (-4 days) and northeastern (-2 days) metros: Miami (-22 days), Hartford, Conn. (-8 days) and Jacksonville, Fla., Orlando, Fla. and Atlanta, Georgia (-7 days). Meanwhile, time on market was flat year-over-year in six markets and grew in ten metros, led by Austin (+6 days), Denver and Detroit (+4 days each). Typical asking prices soar to latest record, reflecting still high seller expectations Nationally, typical asking prices again soared double-digits over 2021 levels in June, reaching their latest new high, suggesting that many sellers still have great expectations of the market. At the same time, a number of June trends indicate that sellers are beginning to compete for fewer buyers who have more options. Both active and pending listing prices posted smaller yearly gains than last month, while the share of total inventory with price reductions increased. In June, the U.S. median listing price hit its latest record-high of $450,000, up 16.9% year-over-year. However, active listing prices posted a slightly smaller gain than last month (+17.6%), as did pending listing prices (to 13.9% from 16.2%). Relative to June's national rate, listing prices grew at a faster annual pace in 15 large markets, led by: Miami (+40.1%), Orlando, Fla. (+30.6%) and Nashville (+30.6%). Four markets posted year-over-year declines: Pittsburgh (-8.6%), Rochester, N.Y. (-5.9%), Cincinnati (-5.7%) and Buffalo, N.Y. (-2.0%). However, in all of these metros aside from Pittsburgh, the price per square foot grew on an annual basis, indicating that a change in the mix of homes has pushed the median listing price lower. The share of total homes with a price reduction grew year-over-year nationwide (+7.6 percentage points) in June, as well as in all 50 but one of the largest metros, most significantly in: Austin (+24.7), Phoenix (+22.2) and Las Vegas (+20.1). Roughly one-in-seven homes in June had a price reduction, up from roughly one-in-13 in June 2021, but still below the one out of every four-to-five that was typical in 2017-2019. Spotlight On: Condos offer relative affordability in most U.S. counties Despite recent supply improvements, affordability remains a significant obstacle to homeownership for many Americans. Home shoppers are feeling the strain on their budgets due to higher-than-anticipated inflation, mortgage rates, home and rental prices, down payments and more. In this context, Realtor.com® recently compared 2021 home sales trends among single-family homes versus condos2 to identify potential opportunities for buyers to find relatively affordable housing, with key findings including: Nationwide, the typical condo sold for an average of 6.7% less than the typical single-family home in 2021. Location explains this understated trend. Common to crowded big cities where real estate typically comes at a premium, the vast majority (84.1%) of condos were sold in just 6% of counties. Drilling down to the county-level in New York, Massachusetts, Illinois and Washington, states with high levels of 2021 condo sales, reveals that condo prices were an average 13.5% lower than single-family homes. In the cities of New York, Boston, Chicago and Seattle, condo buyers paid an average of 33.2% less. While these opportunities are driving demand for condos, recent data shows home shoppers may still find relatively affordable condo listings. In June, condos made up 20.2% of active inventory and were listed at 17.5% lower prices (on average across the 50 largest metros) than single-family homes. "As big city buyers looked for ways to stay on budget in 2021, our analysis shows opting for a condo offered a solution in some counties. And there may still be opportunities going forward, even as condos' relatively lower price point is driving up their popularity and prices. If demand leads builders to ramp up condo construction, and the resulting increase in supply may help keep condo prices more manageable than those of single-family homes," said Hannah Jones, Economic Research Analyst for Realtor.com®. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Hartford active listing count growth is not available while data is under review. Methodology Realtor.com® housing data as of June 2022. Listings include active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography; new construction is excluded unless listed via an MLS. Condo analysis: Based on full-year 2021 home sales data on condos/townhomes, referred to as condos in this release, for counties in the New York City, Boston, Chicago and Seattle areas, and the states of N.Y., Mass., Ill. and Wash. County-level analysis focuses on areas with at least 15 condo sales to ensure data quality. See more details here. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
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Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
WASHINGTON (June 21, 2022) -- Existing-home sales retreated for the fourth consecutive month in May, according to the National Association of Realtors. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4% from April to a seasonally adjusted annual rate of 5.41 million in May. Year-over-year, sales receded 8.6% (5.92 million in May 2021). "Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance," said NAR Chief Economist Lawrence Yun. "Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions." Total housing inventory registered at the end of May was 1,160,000 units, an increase of 12.6% from April and a 4.1% decline from the previous year (1.21 million). Unsold inventory sits at a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021. "Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year," Yun added. "Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers." The median existing-home price for all housing types in May was $407,600, up 14.8% from May 2021 ($355,000), as prices increased in all regions. This marks 123 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 16 days in May, down from 17 days in April and 17 days in May 2021. Eighty-eight percent of homes sold in May 2022 were on the market for less than a month. First-time buyers were responsible for 27% of sales in May, down from 28% in April and down from 31% in May 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. All-cash sales accounted for 25% of transactions in May, down from 26% in April and up from 23% recorded in May 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, down from 17% in April and 17% in May 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in May, essentially unchanged from April 2022 and May 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.23% in May, up from 4.98% in April. The average commitment rate across all of 2021 was 2.96%. Realtor.com®'s Market Trends Report in May shows that the largest year-over-year median list price growth occurred in Miami (+45.9%), Nashville (+32.5%), and Orlando (+32.4%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+14.7 percentage points), followed by Las Vegas (+12.3 percentage points) and Phoenix (+11.6 percentage points). Single-family and Condo/Co-op Sales Single-family home sales declined to a seasonally adjusted annual rate of 4.80 million in May, down 3.6% from 4.98 million in April and down 7.7% from one year ago. The median existing single-family home price was $414,200 in May, up 14.6% from May 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 610,000 units in May, down 1.6% from April and down 15.3% from one year ago. The median existing condo price was $355,700 in May, an annual increase of 14.8%. "Declining home purchases means more people are renting, and the resulting rent price escalation may spur more institutional investors to buy single-family homes and turn them into rental properties – placing additional financial strain on prospective first-time homebuyers," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "To counter this trend, policymakers should consider incentivizing an inventory release to the market by temporarily lowering capital gains taxes for mom-and-pop investors to sell to first-time buyers." Regional Breakdown Existing-home sales in the Northeast climbed 1.5% in May to an annual rate of 680,000, falling 9.3% from May 2021. The median price in the Northeast was $409,700, a 6.7% rise from one year ago. Existing-home sales in the Midwest dropped 5.3% from the previous month to an annual rate of 1,240,000 in May, slumping 7.5% from May 2021. The median price in the Midwest was $294,500, up 9.5% from one year before. Existing-home sales in the South declined 2.8% in May to an annual rate of 2,410,000, down 8.4% from the previous year. The median price in the South was $375,000, a 20.6% jump from one year ago. For the ninth consecutive month, the South recorded the highest pace of price appreciation in comparison to the other three regions. Existing-home sales in the West slid 5.3% compared to the month before to an annual rate of 1,080,000 in May, down 10.0% from this time last year. The median price in the West was $633,800, an increase of 13.3% from May 2021. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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What are the most popular real estate listing photos? New HomeJab study reveals the answers
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Apartments.com Announces New 'Listing of the Future'
Reimagined listings featured on America's #1 online rental network will empower renters with detailed, unit-by-unit listing information SAN DIEGO -- Today Apartments.com, the leading online rental network in the United States, announced the launch of its Listing of the Future, an innovative new approach to listing apartments. The Listing of the Future will debut at Apartmentalize 2022 in San Diego. Since the debut of online apartment listings, renters searching for apartments in large (200 unit+) buildings have had access only to building-wide information and photos, with the majority of listings showing photos and floorplans for sample units–not the exact unit a renter is considering. With the Listing of the Future, Apartments.com will become the first online rental network to offer customers the option of presenting detailed, unit-specific information for every single unit in the community, including photos, floorplans, walkthrough videos, 3D tours, the view from the unit, and more. The Listing of the Future was developed in direct response to consumer demand. In a recent survey of 45,000 renters, Apartments.com found that 94% of renters want unit-specific floorplans and availability, while 82% say the location of a unit within a building or community matters and 63% are interested in the unit's view. The Listing of the Future provides all of this information, eliminating time consuming back and forth between prospective renters and property managers and generating higher quality leads for each listing. "Since 2014, Apartments.com has been committed to providing renters with the highest-quality listing data and the best search experience," said Stuart Richens, Vice President, Product & Operations, Apartments.com. "The Listing of the Future is the most significant innovation in online apartment search since we launched the new Apartments.com 8 years ago, and we're thrilled to announce its launch and celebrate with the multifamily industry at Apartmentalize. We're confident that our new, detailed listings will help consumers make better leasing choices while providing property managers with higher-quality leads." Apartments.com piloted the Listing of the Future with several leading property management companies, and the new unit-level listings are live for a number of large properties in Minneapolis, Boston, and San Francisco. The Listing of the Future is now available for all Apartments.com clients. Visit ListingoftheFuture.com to view these listings and learn more. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK's most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group's websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time, we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information. For more information, visit www.costargroup.com. About Apartments.com Apartments.com is the leading online apartment listing website, offering renters access to information on more than 1,000,000 available units for rent. Powered by CoStar, the Apartments.com network of sites includes Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Apartamentos.com, WestsideRentals.com, ForRent.com, ForRentUniversity.com, After55.com and CorporateHousing.com. Apartments.com is supported by the industry's largest professional research team, which has visited and photographed over 500,000 properties nationwide. The team makes over one million calls each month to apartment owners and property managers, collecting and verifying current availabilities, rental rates, pet policies, fees, leasing incentives, concessions, and more. Apartments.com offers more rental listings than any other apartments website, and innovative features including a drawing tool that allows users to define their own search areas on a map, and a "Travel Time" feature that lets users search for rentals in proximity to a specific address. Apartments.com creates easy access to its listings through a responsive website and iOS and Android apps, and provides unmatched exposure for its advertisers through an intuitive name, strategic search engine placements and innovative emerging media. The Apartments.com network reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices.
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U.S. Foreclosure Activity Increases Slightly in May 2022
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Zillow expands and improves AI-powered interactive tours, helping home shoppers move with speed and confidence
The next generation of Zillow surfing uses an AI-generated floor plan to bring together listing photos and 3D tours for a more authentic and seamless virtual home-shopping experience SEATTLE, June 15, 2022 -- Zillow surfing 2.0 is here. At a time when so many people are rethinking where and how they want to live, home shoppers in major markets across the country can get a deeper sense of a home than ever before without stepping foot inside. Zillow's AI-generated floor plan — powered by Zillow tech but available to use for free on listings anywhere — serves as a dynamic guide to give shoppers digital insight and detail so they can more quickly and easily narrow their search to only the homes they love and want to see in person. Now, Zillow uses machine learning to not only generate floor plans, but also imports each listing photo and places it on the floor plan, giving shoppers an in-person perspective of a home's shape and flow that simply scrolling through can never do. "Zillow surfing has always been about imagining all the possibilities a move could bring, and Zillow surfing 2.0 is bringing those possibilities to life in a much more interactive, realistic way," said Josh Weisberg, vice president of Zillow's Rich Media Experience team. "Now shoppers can act more quickly and confidently, whether they're searching in their own neighborhood or hundreds or thousands of miles away. We're pushing the boundaries of what home buyers and renters can expect when shopping for a home online." For buyers and renters, Zillow's AI-generated floor plan means navigating more seamlessly and naturally through photos, a 3D Home tour and other listing information, getting a remarkably accurate sense of a home's flow and space. An hour of teleporting through interactive floor plans on Zillow can replace an afternoon, or longer, of scheduling tours and driving around town to see homes in person. More than half (56%) of buyers agree they wasted time on their home search by viewing properties that they would have skipped if they had understood the floor plan before their visit. Almost three-quarters (74%) agree that a dynamic floor plan helps them determine if a home is right for them.1 The pandemic and the supercharged housing market that followed drove rapid adoption of tech tools that have fundamentally changed the way people buy and sell. With more virtual tours on Zillow listings than ever before, it's easier to explore and picture life in a home. Shoppers can evaluate homes from the comfort of their couch — assessing condition, validating details, layout, size and orientation — to make the most of their time. Or they can relive an in-person tour without traveling for a second visit. That speed is critical in today's ultracompetitive market, when homes are selling in just a week nationwide, and as quickly as four days in some areas. For agents and landlords, this new and expanded technology means bringing a listing to life and showing homes to more serious and interested shoppers. Eighty-one percent of buyers and 71% of renters said they were more likely to visit a home if the listing included a floor plan they liked. Zillow uses panoramic photos captured by an agent or photographer with the free 3D Home app and a 360-degree camera, and then applies the company's computer vision and machine-learning models to generate a 3D Home tour and interactive floor plan. This includes AI-predicted room dimensions, square footage and the location of the listing photos relative to the other media. And now, it also imports every listing photo and places them on the floor plan to more easily navigate and get a feel for the home. The floor plan, 3D tour and photos are automatically uploaded to the listing on Zillow and Redfin, and can also be added to the MLS, embedded in a website, or shared via email or social media. That's especially important for agents using Zillow's immersive virtual tours as a cost-effective way to showcase and share listings and generate more leads. In a survey this spring, 71% of sellers said they are more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services. And three-quarters of sellers said including a floor plan was a highly important characteristic for their listing. "Immersive floor plans give agents the ability to build a connection between potential buyers and listings prior to any showings," said George Laughton, founder of the Laughton Team in the Phoenix area. "They give buyers a sense of familiarity and make them feel as though they've been in the home before, helping them establish a stronger emotional connection with the home." 1 According to data from the Zillow Consumer Housing Trends Report. The survey was fielded between March and August 2021. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Realtor.com 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
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Properties Online Adds New Real Estate Trends Feature to Its Award-Winning Real Estate Website Builder
Properties Online, Inc. has launched a new module for their website builder, RealEstateSites.com, that will enable agents to build market trend reports for their local area. Santa Rosa, CA, June 07, 2022 -- Knowing what is happening in today's real estate market is critical to both home buyers and sellers. Market trends can let homeowners know if they are headed into a slowdown, and help an agent set reasonable expectations. To that end, Properties Online, Inc. has launched a new module for their website builder, RealEstateSites.com, that will enable agents to build market trend reports for their local area. Real estate professionals can create a trend report based off a zip code, a metro area, a county, a state or you can create a national trend report. Additionally, the agent can compare their primary market with other markets. For example, an a­gent can build a market trend for Sonoma, CA, and compare it to the County of Sonoma, as well as the State of California. What's great is the information will automatically update each month and show statistics from the previous month so the trend report is always current. "We are thrilled to be able to add this feature to our current list of added value items at no additional cost to our clients," says Amanda Cornelius, founder and CEO of Properties Online, Inc. "We have a several new features we hope to launch later this year to help agents capture more leads while serving their clients using our products and services." Market data is pulled from Realtor.com real estate data library and is based on the most comprehensive and accurate database of MLS-listed for-sale homes in the industry. We aggregate and analyze data from hundreds of sources and produce hundreds of metrics for multiple markets, and curate figures and trends where possible for reliability and comparability. Additional tools included with the website solution from RealEstateSites.com include: Single Property Websites Listing Videos Lead Capture Landing Pages Social Sharing Tools Video Content Buyers and Sellers Reports Unlimited Pages Optional UserWay's Accessibility Widget View the new market trends report pages here. About Properties Online, Inc. Founded in 2001, Properties Online is dedicated to helping real estate professionals grow their businesses by offering innovative and invaluable technology tools. The company's web-based software products include, ListingDomains.com, ListingsUnlimited.com, RealEstateSites.com, PropertiesOnline.com, and TextAnnounce.com. Their products are used by more than 100,000 real estate professionals nationwide.
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Realtor.com Acquires UpNest
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Down Payment Resource analysis finds that 33% of declined mortgage applications are declined for reasons addressable with homebuyer assistance
Analysis highlights profound opportunity to improve homeownership accessibility with homebuyer assistance programs ATLANTA, Ga., June 7, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced findings from an analysis showing that a substantial share of mortgage loan applications are both declined for reasons that can be addressed with homebuyer assistance and eligible for homebuyer assistance programs. Methodology Findings were derived by analyzing HMDA data for tens of thousands of declined purchase mortgage loan applications representing $3.7 billion in volume furnished by mortgage lenders. Loan applications declined for either insufficient cash-to-close or disqualifying debt-to-income (DTI) ratios were categorized as potentially recoverable with homebuyer assistance. Homebuyer assistance eligibility for this group of applications was determined by running loan application data — including location, home price, loan amount, income and homeownership history — through the DOWN PAYMENT RESOURCE® database. Matching assistance programs were then applied to each loan to determine how applying homebuyer assistance to eligible declined loan files would have impacted loan-to-value (LTV) ratios. Key Findings Key findings are as follows: A large share of declined loan files were eligible for homebuyer assistance. 33% of all declined purchase mortgage loan applications were declined for either insufficient cash-to-close or disqualifying DTI ratios and also eligible for homebuyer assistance at the time of declination. The large share of loans potentially recoverable with homebuyer assistance highlights a significant, low-cost opportunity for lenders to increase purchase volume. Declined loan applications were typically eligible for multiple programs. On average, declined loan applications were eligible for 10 homebuyer assistance programs, indicating there are often multiple options available to homebuyers financing with homebuyer assistance. Many declined loans could have been recovered with homebuyer assistance. Applying homebuyer assistance to eligible declined loan applications would have reduced LTV by an average of 5.85%, making many of the loan applications recoverable. Lowering LTV can open the door to better and more affordable first mortgage scenarios, including conventional (rather than FHA) financing, reduced mortgage insurance costs and better interest rates. "In light of National Homeownership Month and the state of the housing market, it is important for the mortgage industry to reflect on ways it can improve financing outcomes for homebuyers," said DPR CEO Rob Chrane. "Our analysis definitively shows that homebuyer assistance programs are the most promising pathway to homeownership for a sizable share of the homebuyer population. Yet, homebuyer assistance programs are seldom offered as an option. It is my hope that this information will help lenders better serve their communities by showing that qualified homebuyers who need down payment assistance are not a niche market, but a major market that continues to grow." About Down Payment Resource Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award-winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit downpaymentresource.com.
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Realtor.com May Housing Report: Inventory Stages a Comeback While Home Prices Soar to All-Time High
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April Slowdown in Showing Activity 'Unusual,' Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
Overall, the U.S. experienced a 10.7% year-over-year decline in buyer demand in April, though 103 markets still recorded double-digit showings per listing, led by Burlington, Vt., and Bloomington-Normal, Ill., for the second month in a row. CHICAGO, May 31, 2022 -- Buyer competition for listings was slightly subdued in April as 103 markets across the country recorded double-digit showings per listing, compared to 146 in April 2021 and 121 in March of 2022, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. Year-over-year declines occurred throughout most of the country, according to ShowingTime’s Showing Index®. A combination of tapering demand and comparisons to the hectic pace set last year partly explain April’s decrease, though the numbers still indicate robust buyer activity. The top 25 markets averaged more than 14 showings per listing, with Burlington, Vt., and Bloomington-Normal, Ill., leading all markets with 20.30 and 16.42 showings per listing, respectively. Other busy markets included Richmond, Va.; Denver; Akron, Ohio; Rochester, N.Y.; and Bridgeport, Conn. "April buyer activity was rather unusual, since it typically matches March levels," said ShowingTime Vice President and General Manager Michael Lane. "But this year, April traffic was slower across all markets, pointing to competition softening. It contrasts with last year's dynamic, when demand reached a feverish peak in April." Regionally, the Midwest’s 7.3% year-over-year decline in buyer demand was the lowest, followed closely by the Northeast’s drop of 8.6%. The South saw an 11.6% decline in showing activity year-over-year, with the West’s 35.3% decline rounding out the regions. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime’s technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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Pending Home Sales Descend 3.9% in April
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National Rents Hit their 14th Straight Month of Record-Highs
The majority of renters report that rental costs are their biggest financial strain and barrier to putting aside savings, according to Realtor.com's Avail Quarterly Landlord and Renter Survey SANTA CLARA, Calif., May 19, 2022 -- New data indicates that rental competition remained relentless in April, as the U.S. median rental price hit a new high ($1,827) for the 14th month in a row, according to the Realtor.com Monthly Rental Report released today. These trends spotlight the affordability struggles reported by renters in Realtor.com®'s Avail Quarterly Landlord and Renter Survey also published today, which found higher rents are increasingly cutting into households' budgets for regular expenses and savings. "April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned," said Realtor.com® Chief Economist Danielle Hale. "Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not. Avail's new survey shows rents are not only maxing out renters' housing budgets but are the biggest strain on their overall finances, even as inflation drives up expenses across the board. For renters trying to stay on budget, making a list of must-have features is key and using a tool like the Realtor.com® Rentals app can help you find (and stick to) your parameters. This will be especially important as, if recent trends continue, we expect the typical U.S. asking rent to eclipse $2,000 by August." April 2022 Rental Metrics – National April rents maintain record-breaking run, despite annual growth cooling slightly Realtor.com®'s April data showed national rents maintained their record-breaking run that began in January 2021, despite posting a slightly smaller year-over-year gain than in March. The continued rent surge is attributed to the mismatch between rental supply and rising demand, largely from would-be homebuyers. Some of these aspiring homeowners are staying in the rental market for longer than they may have intended, due to intensifying cost pressures driven by both the longstanding housing supply shortage and more recent inflationary economy. If these trends continue, national asking rents will likely surpass 2022's forecasted year-over-year growth projections (+7.1%) by end of year. The U.S. median rental price hit a new high of $1,827 in April, while the annual growth rate (+16.7%) moderated slightly from the March pace (+17.0%). Still, rents continued to rise at a double-digit annual pace, reaching 21.0% higher than in April 2020 right after the onset of COVID. Studio rents grew at a faster year-over-year pace (+17.2%) than one-bedrooms (+15.6%) and two-bedrooms (+15.9%). This is largely due to the ongoing rental market comeback in major downtowns where smaller living spaces are common, with studio rents up double-digits over April 2021 in all 10 of the biggest tech hubs, led by: New York City (29.1%), Boston (+27.4%) and Austin, Texas (+25.0%). In a potential reflection of shifting migration patterns during the pandemic, the five large markets that posted April's biggest overall rental price gains year-over-year were in the Sun Belt: Miami (+51.6%), Orlando, Fla. (32.9%), Tampa, Fla. (27.8%), San Diego (25.6%) and Las Vegas (24.8%). Avail survey finds renters are struggling to keep up with rising costs With rental demand on the rise, landlords with limited available units are able to adjust asking rents on both new and renewing leases to reflect the increasingly competitive market. In fact, the majority of landlords surveyed by Realtor.com®'s Avail reported plans to increase rental prices within the next 12 months. This could mean further rental affordability challenges, with many surveyed renters already feeling the squeeze on their finances and savings, as inflation drives up the cost of everything from rent to regular household expenses. Among renters surveyed in April, 66.1% said higher rents and related household costs are their top cause of financial strain – ahead of other expenses like food and groceries (57.3%) and auto and transportation (50.8%). Higher rents are also limiting renters' ability to save, with more than three-quarters of renters (76.1%) saving less each month than at the same time last year. The typical household surveyed reported being able to save just $50 each month. Of respondents whose rents have gone up on their current unit, 72.9% are considering a move to a more affordable rental. However, lower-cost options are dwindling, with renters who moved in the past year typically paying higher rents ($350) than they did previously. Those who are staying put are trying to cut costs, most commonly on entertainment (67.1%) and food and groceries (62.3%). Additionally, trends among surveyed landlords indicate that renters aren't likely to see relief any time soon. Nearly three-quarters of landlords (72.1%) plan to raise the rent of at least one property this year, up from 65.1% in the January survey. "Our survey data underscores how renters and landlords alike are feeling the squeeze of inflation and higher costs. For renters in particular, many may understandably feel caught between a rock and a hard place, but remember that there are resources that can help. Doing your research can go a long way in helping you prepare to navigate rent increases and their impact on your family's finances," said Ryan Coon, Avail co-founder and VP of Rentals at Realtor.com®. Renters grappling with higher costs can access free financial counseling through the Renter Advantage program, a collaboration between Realtor.com®'s Avail, the National Foundation for Credit Counseling, the Housing Partnership Network, and Wells Fargo. Learn more here. April 2022 Rental Metrics – 50 Largest U.S. Metro Areas Methodology Realtor.com® Monthly Rental Trends: Data as of April 2022 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, defined by the Core-Based Statistical Area (CBSA). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019. Note: With the release of its February 2022 Rental Report, Realtor.com® incorporated a new and improved methodology (see details here). As a result of these changes, the rental data released since March 2022 will not be directly comparable with prior publications. However, future releases, including historical data, will consistently apply the new methodology. Realtor.com®'s Avail Quarterly Landlord and Renter Survey: Survey responses collected from a nationally representative sample of more than 2,400 independent landlords and their renters. The survey was conducted between April 21st, 2022 and May 2nd, 2022. The margin of error for landlords is ± 2.9%, and ± 2.7% for renters. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Pricey suburbs top Zillow's list of most popular markets this year
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Existing-Home Sales Retract 2.4% in April
WASHINGTON (May 19, 2022) -- Existing-home sales recorded a third straight month of declines, slipping slightly in April, according to the National Association of Realtors. Month-over-month sales were split amongst the four major U.S. regions, with two areas posting gains and the other two experiencing waning in April. Year-over-year sales struggled, as each of the four regions reported dips. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, slid 2.4% from March to a seasonally adjusted annual rate of 5.61 million in April. Year-over-year, sales dropped 5.9% (5.96 million in April 2021). "Higher home prices and sharply higher mortgage rates have reduced buyer activity," said Lawrence Yun, NAR's chief economist. "It looks like more declines are imminent in the upcoming months, and we'll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years." Total housing inventory at the end of April amounted to 1,030,000 units, up 10.8% from March and down 10.4% from one year ago (1.15 million). Unsold inventory sits at a 2.2-month supply at the current sales pace, up from 1.9 months in March and down from 2.3 months in April 2021. "Housing supply has started to improve, albeit at an extremely sluggish pace," said Yun. He also noted the rare state of the current marketplace. "The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago," said Yun. "Moreover, an increasing number of buyers with short tenure expectations could opt for 5-year adjustable-rate mortgages, thereby assuring fixed payments over five years because of the rate reset," he added. "The cash buyers, not impacted by mortgage rate changes, remain elevated." The median existing-home price for all housing types in April was $391,200, up 14.8% from April 2021 ($340,700), as prices increased in each region. This marks 122 consecutive months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 17 days in April, equal to both the number of days in March 2022 and in April 2021. Eighty-eight percent of homes sold in April 2022 were on the market for less than a month. First-time buyers were responsible for 28% of sales in April, down from 30% in March and from 31% in April 2021. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. All-cash sales accounted for 26% of transactions in April, down from 28% in March and up from the 25% recorded in April 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, down from 18% in March and equal to 17% in April 2021. Distressed sales – foreclosures and short sales – represented less than 1% of sales in April, equal to the percentage seen in March and down from 2% in April 2021. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.98% in April, up from 4.17% in March. The average commitment rate across all of 2021 was 2.96%. Realtor.com®'s Market Trends Report in April shows that the largest year-over-year median list price growth occurred in Miami (+38.3%), Las Vegas (+32.6%), and Orlando (+30.7%). Austin reported the highest growth in the share of homes that had their prices reduced compared to last year (+6.8 percentage points), followed by Las Vegas (+5.3 percentage points) and Sacramento (+4.7 percentage points). Single-family and Condo/Co-op Sales Single-family home sales decreased to a seasonally adjusted annual rate of 4.99 million in April, down 2.5% from 5.12 million in March and down 4.8% from one year ago. The median existing single-family home price was $397,600 in April, up 14.8% from April 2021. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in April, down 1.6% from March and down 13.9% from one year ago. The median existing condo price was $340,000 in April, an annual increase of 13.1%. "As we find ourselves in the midst of a massive housing shortage, NAR continues to work with leaders across the private and public sectors to help close this deficit," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "As the nation's largest real estate association, we are urging policymakers to enact zoning reforms, homebuilder incentives, and other necessary regulations to help correct this situation." Regional Breakdown Existing-home sales in the Northeast rose 1.5% in April, reaching an annual rate of 670,000, a 10.7% drop from April 2021. The median price in the Northeast was $412,100, up 8.1% from one year ago. Existing-home sales in the Midwest grew 3.1% from the prior month to an annual rate of 1,310,000 in April, a 1.5% slide from April 2021. The median price in the Midwest was $282,000, an 8.7% increase from one year ago. Existing-home sales in the South fell 4.6% in April, posting an annual rate of 2,490,000, which represents a decrease of 5.7% from one year ago. The median price in the South was $352,100, a 22.2% climb from one year prior. For the eighth consecutive month, the South recorded the highest pace of price appreciation in comparison to the other three regions. Additionally, the South is the only region to report year-over-year double-digit price gains. Existing-home sales in the West dipped 5.8% compared to the previous month, registering an annual rate of 1,140,000 in April, down 8.1% from one year ago. The median price in the West was $523,000, up 4.3% from April 2021. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Home buyers may find less competition near city centers for the first time in years
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Realtor.com Now Helps You Understand a Home's Wildfire Risk
Homeowners and shoppers can view wildfire risk data from First Street Foundation and USDA Forest Service on for-sale and off-market home listings for free SANTA CLARA, Calif., May 16, 2022 -- As we enter wildfire season in much of the country, Realtor.com today announced that it is the first major real estate site to add property-specific wildfire risk information to for-sale and off-market homes free of cost. An estimated one in five single family homes in the U.S., representing $8.8 trillion in property value, are at risk of being damaged by a wildfire over the next 30 years. Listings on Realtor.com® will now include a Fire Factor™ rating from First Street Foundation, a nonprofit research and technology group, as well as information from USDA Forest Service. "Realtor.com® was the first real estate site to display flood risk data on home listings and maps, which consumers have found to be extremely helpful in the buying process. As the likelihood of natural disasters like wildfire and flood increase, we want to provide as much information as possible for families to make informed decisions about where to live and how to protect their homes," said Sara Brinton, lead product manager, Realtor.com®. "By integrating wildfire risk data directly into maps and property listings, we can help homebuyers feel confident when making one of the biggest purchases of their lives." According to a recent survey from Realtor.com® and HarrisX, 71% of recent homebuyers took natural disasters into account when considering where to move. Additionally, about half (47%) of recent buyers are more concerned about natural disasters today than they were five years ago. Wildfire risk data is not just useful for buyers; it also enables homeowners to take steps to mitigate risk and protect their property. This first-of-its-kind data integration on Realtor.com® gives homebuyers and owners easy access to previously hard-to-find information about wildfires and property risk for free. Users can explore wildfire risk on interactive maps across the Realtor.com® site. In addition, Realtor.com® listings now include a new Environmental Risk section featuring an overview of wildfire and flood risks. Wildfire risk information includes: Fire Factor™ from First Street Foundation, which is a simple risk rating on a scale of 1-10 based on the property's cumulative risk of wildfire damage over 30 years. The Fire Factor™ score considers property specific attributes such as exposure to embers, the extent and type of fuel sources, such as trees, grass and other vegetation, and the distance between a building and the nearest fuel sources. The USDA Forest Service Wildfire rating compares the wildfire risk of the county where the property is located to other counties across the country. Wildfire risk data will be coming soon to rental properties. For more information, visit www.realtor.com/wildfire-risk. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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HomeActions eRelationship Platform Integrates with ATTOM's Enhanced Navigator 3.0
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Zillow 3D Home tours now are automatically shared to Redfin
Integration provides immersive virtual tour experience regardless of platform SEATTLE, May 12, 2022 -- Zillow 3D Home tours and interactive floor plans are now automatically shared to Redfin. Real estate agents now have the ability to quickly upgrade all their listings with best-in-class immersive virtual tours across platforms, allowing home shoppers on both sites to explore their targeted house with outstanding clarity. "Zillow's goal is to give agents the best tools to allow home buyers the power to visualize themselves in a new place, regardless of what site they choose to browse with," said Josh Weisberg, VP of Zillow's Rich Media Experience team. "Customers have dramatically raised their expectations for a virtual home shopping experience over the past two years. This technology allows agents and photographers to meet those expectations with a seamless, immersive tour experience that is easily made and shared." Previously, agents needed to manually enter a 3D Home link in order for their listings to appear on Redfin. Now, Zillow will automatically syndicate agents' 3D Home tours to listings on Redfin, and will include an option to opt out if desired. Additional automatic syndications to more real estate websites and MLSs are coming soon. 3D Home tours benefit customers, agents, photographers Zillow's free-to-build tours combine ultra-clear, 360-degree views with easy navigation and interactive floor plans that show shoppers where they are in the house, the camera's direction and perspective, and the room's dimensions. In today's fast-paced real estate market — where listings linger a median of just nine days before going pending — house hunters need to be able to efficiently evaluate homes and decide where to focus their energy. Using virtual tours, customers can quickly winnow their options and gain a leg up on the competition. "My job is to make homes stand out — to build excitement about my listing and generate the best possible offer for my sellers," said Georgia Stevens, managing broker at Compass and past president of Seattle King County Realtors. "The agent with the best tools wins, and Zillow's tools make it so easy to navigate the floor plan, understand exactly what you're looking at and imagine how you'd live in that home. Perspective is everything. This is what makes a buyer call their agent and say, 'This is the home I want to see.'" Zillow's 3D Home tour provides agents a cost-effective way to showcase listings and generate more leads, while photographers benefit from additional opportunities to capture listings content. Homes on Zillow that included 3D Home tours saw improved performance compared to those without, earning 81% more views and being saved by buyers 53% more often. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
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'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
Cherry Hill, NJ - May 4, 2022 -- A new study of data from the last four years by HomeJab debunks reports that tight inventory and COVID-19 have changed real estate seasonality. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 63,000 real estate photography assignments from 2018 to 2021 nationwide. The new HomeJab research tracked the real estate photography listing assignments by month to determine patterns. A "HomeJab Curve" emerged, showing the remarkable consistency of real estate listing activity over the last four years, despite both record low inventory and the pandemic. Charting the data reveals that while activity during the pandemic diverged from the standard curve of real estate listing from March 2020 to May 2020, it corrected itself in June and then closely tracked past listing trends. "Despite what the headlines may say, real estate is still seasonal," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that real estate listings still peak in the spring and summer, begin to trail off in the fall, and decline significantly in the winter. And on a chart, when you plot the last four years, every year follows that curve – except for a short pause caused by the outbreak of COVID-19," he explained. Jesuele notes that the impact of COVID on the seasonality of real estate was short-lived. "There's also this idea that low inventory also is changing the seasonality of real estate," he added, "but the data we have does not support that theory." A free copy of the detailed data from the HomeJab study is available here. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
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Down Payment Resource teams up with Realtor.com to Help Home Shoppers Find Homebuyer Assistance Programs
Down Payment Resource's homebuyer assistance search tool adopted by Realtor.com to support its Closing the Gap initiative ATLANTA, Ga., May 3, 2022 -- Down Payment Resource (DPR), the nationwide database for U.S. homebuyer assistance programs, today announced that Realtor.com has deployed DPR's search tool that helps home shoppers find homebuyer assistance programs. DPR maintains a comprehensive catalog of all of the homebuyer assistance programs available in the United States, including down payment and closing cost programs, Mortgage Credit Certificates and affordable first mortgages. According to DPR's Q1 2022 Homeownership Program Index (HPI), there are 2,238 homebuyer assistance programs, with at least one available in each of the United States' 3,143 counties. Realtor.com® has deployed DPR's search tool on realtor.com/foreveryone/ to support its Closing the Gap initiative, which is aimed at increasing the homeownership rate of underserved and underrepresented communities. The search tool can be embedded in an organization's website and enables homeshoppers to search for homebuyer assistance programs by entering property, household and relevant eligibility information. "Record-high home prices and record-low housing inventory are making it very challenging for people, especially underserved and underrepresented communities, to become homeowners — further exacerbating the homeownership gap," said DPR CEO Rob Chrane. "The good news is that there are thousands of homebuyer assistance programs available to help with down payment and closing costs, including many designed to support people of color becoming homeowners." "Giving home shoppers the ability to find down payment assistance programs directly on Realtor.com is another step forward in our Close the Gap initiative," said Mickey Neuberger, chief marketing officer for Realtor.com. "This program brings together many different parts of our business in a focused effort to increase the home ownership rate for underserved and underrepresented groups. Systemic discrimination in real estate has held people back for far too long, it's time for us to all work together to make a change." "We commend Realtor.com for its generous gift and pledge to match donations made to the Homeownership Council of America's (HCA) Equity Down Payment Assistance Fund, which supports homebuyers of color and low to moderate income homebuyers," continued Chrane. "Now home shoppers who may be eligible for those funds will be able to discover them with the help of Down Payment Resource." About Down Payment Resource: Down Payment Resource (DPR) is a nationwide database of down payment assistance and affordable lending programs. The company tracks funding status, eligibility rules, benefits and more for approximately 2,200 programs in 11 categories. Its award winning technology helps the housing industry connect more homebuyers to the down payment help they need. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. DPR's subscription-based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit downpaymentresource.com.
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Over 665,000 real estate agents in the U.S. get Lone Wolf Transactions as a member benefit
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NAR Announces Inaugural Fair Housing Champion Award Winners
Winners recognized for making a difference in their businesses and communities as they help expand homeownership to buyers of all backgrounds. WASHINGTON (April 27, 2022) -- The National Association of Realtors and Realtor.com today honored the four inaugural winners of the first Fair Housing Champion Awards during NAR's Fair Housing Month event, "What Will it Take to Close the Racial Homeownership Gap?" Honorees were recognized for their work to increase access to homeownership in their communities. The Fair Housing Champion Award honors Realtors® who have gone above and beyond to advance fair housing and expand homeownership in underserved communities. Sponsored by Realtor.com®, the Award provides a $4,000 prize that winners can dedicate to a housing-related nonprofit organization of their choice. "NAR is committed to helping build thriving, inclusive communities in every zip code in America," said NAR President Leslie Rouda Smith. "I am so proud of all the work our winners have done to increase access to homeownership and hope their leadership can serve as an example to inspire others into action." This year's winners: Harrison Beacher is Managing Partner of the Coalition Properties group, serving the D.C. metro area, and affiliated with Keller Williams Capital Properties. Harrison currently serves as the 2022 President for the Greater Capital Area Association of Realtors® and an at-large director for the D.C. Association of Realtors®. Many of his clients are first-time buyers, and Harrison helps them succeed by connecting them with down payment assistance and other resources. Sabrina Brown is a Broker-Owner of Brown and Brown Real Estate in Fresno, California. Sabrina is a director at her local and state associations, the Madera Association of Realtors® and the California Association of Realtors®. Sabrina regularly holds homebuyer workshops that connect first-time buyers with programs to help them achieve homeownership and invest in real estate, with an emphasis on outreach to people of color. Bobbi Howe is a second-generation real estate professional with more than 24 years of experience as a Realtor®. Bobbi currently serves as the Treasurer-Elect for Missouri Realtors® and is dedicated to using her platform to spread the word about systemic racism in real estate. Bobbi works to expand opportunities for Black real estate investors in the Kansas City area. Rafael Perez has been a Realtor® since 2012 and has extensive experience as a mortgage banker, lender and educator. Rafael serves on NAR's Fair Housing Policy Committee and is a member of the National Association of Hispanic Real Estate Professionals San Diego, where he is a past Chapter President. He continues his eight plus years of service as a Commissioner for the City of San Diego on the Citizens' Equal Opportunity Commission. Rafael is passionate about helping families create household wealth through homeownership and created the Companion Unit Handbook for the City of San Diego to expand housing supply. He also helps people in San Diego who have been displaced by development to move back into their old neighborhoods. "Realtor.com® was inspired to help create and sponsor the Fair Housing Champion Awards based on our support of NAR's Good Neighbor Awards," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "Like the Good Neighbor Award winners, the Realtors® who are recognized today as fair housing champions are making a real difference in their communities as they help people overcome bias, discrimination and inequality." For more information and to read more about the award winners, please click here.
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121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
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U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
Foreclosure Starts, Bank Repossessions at Highest Numbers in Two Years, But Still Well Below Normal Levels IRVINE, Calif. - April 21, 2022 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, today released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago. The report also shows a total of 33,333 U.S. properties with foreclosure filings in March 2022, up 29 percent from the previous month and up 181 percent from a year ago — the 11th consecutive month with a year-over-year increase in U.S. foreclosure activity. "Foreclosure activity has continued to gradually return to normal levels since the expiration of the government's moratorium, and the CFPB's enhanced mortgage servicing guidelines," said Rick Sharga, executive vice president of market intelligence for ATTOM. "But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic." Foreclosure starts increase in all 50 states A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67 percent from the previous quarter and up 188 percent from a year ago. States that had the greatest number of foreclosures starts in Q1 2022 included, California (5,378 foreclosure starts), Florida (4.707 foreclosure starts), Texas (4,649 foreclosure starts), Illinois (3,534 foreclosure starts), and Ohio (3,136 foreclosure starts). Those major metros that had the greatest number of foreclosures starts in Q1 2022 included, Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts). Highest foreclosure rates in Illinois, New Jersey and Ohio Nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units). Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2022 were Cleveland, Ohio (one in every 535 housing units); Atlantic City, New Jersey (one in 600); Jacksonville, North Carolina (one in 633); Rockford, Illinois (one in 634); and Columbia, South Carolina (one in 672). Other major metros with a population of at least 1 million and foreclosure rates in the top 20 highest nationwide, included Cleveland, Ohio at No.1, Chicago, Illinois at No. 6, Detroit, Michigan at No. 10, Las Vegas, Nevada at No. 13, and Jacksonville, Florida at No. 16. Bank repossessions increase 41 percent from last quarter Lenders repossessed 11,824 U.S. properties through foreclosure (REO) in Q1 2022, up 41 percent from the previous quarter and up 160 percent from a year ago. Those states that had the greatest number of REOs in Q1 2022 were Michigan (1,592 REOs); Illinois (1,288 REOs); Florida (673 REOs); California (655 REOs); and Pennsylvania (639 REOs). Average time to foreclose decreases 3 percent from previous quarter Properties foreclosed in Q1 2022 had been in the foreclosure process an average of 917 days, down slightly from 941 days in the previous quarter and down 1 percent from 930 days in Q1 2021. States with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2022 were Montana (133 days); Mississippi (146 days); West Virginia (197 days); Wyoming (226 days); and Minnesota (228 days). March 2022 Foreclosure Activity High-Level Takeaways "March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country," Sharga added. "It's likely that we'll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won't reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse." Nationwide in March 2022, one in every 4,215 properties had a foreclosure filing. States with the highest foreclosure rates in March 2022 were Illinois (one in every 1,825 housing units with a foreclosure filing); New Jersey (one in every 2,022 housing units); South Carolina (one in every 2,299 housing units); Delaware (one in every 2,579 housing units); and Ohio (one in every 2,604 housing units). 22,360 U.S. properties started the foreclosure process in March 2022, up 35 percent from the previous month and up 248 percent from March 2021. Lenders completed the foreclosure process on 4,406 U.S. properties in March 2022, up 67 percent from the previous month and up 180 percent from March 2021. U.S. Foreclosure Market Data by State – Q1 2022 Report Methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter, or month. About ATTOM ATTOM provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, 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. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the largest online marketplace for foreclosure and distressed properties, helping individual investors and real estate agents looking to gain a competitive edge in the distressed market. Realtytrac.com enables real estate professionals the ability to find, analyze and invest in residential properties.
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Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
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Earnnest Is Now Integrated with Form Simplicity
Form Simplicity's new integration with Earnnest, the largest digital earnest money service in the United States, brings digital earnest money payments to Form Simplicity users and their homebuyers. How it works: Click Request earnest money inside your transaction within Form Simplicity. Payment details auto-fill from your transaction. Use the escrow search to choose your escrow holder. If you don't see them listed, invite them to join the Earnnest network. Click Request. After the buyer pays, a transaction notification will automatically upload to your files. Fast, Secure, and Convenient There are several benefits for homebuyers when using a digital earnest money service — it eliminates the dependency on using checks or wires for escrow payments, as well as the fraud that comes with them. Users will be able to complete earnest money transfers within minutes. Escrow Holders: How to Register with Earnnest This new integration gives users access to Earnnest directly within Form Simplicity. Form Simplicity users may invite escrow holders to join the Earnnest network. If an organization is an escrow holder, they may self register their escrow company with Earnnest as well. Low Cost Fee for Homebuyers Earnnest is free for agents and escrow holders to use. Earnnest charges a flat convenience fee of $15 to the homebuyer to transfer their funds. That is less than a wire and the same as a cashier's check but more convenient. Digital earnest money payments are fast, easy, and secure. Watch this to learn more. About Earnnest Greenville, S.C.-based Earnnest is the largest digital earnest money service in the United States, allowing buyers to securely and electronically deposit funds to an escrow holder. Earnnest keeps agents, buyers, and escrow holders in the loop with automated emails and tracking information. Visit www.Earnnest.com to learn more. To view the original post, visit the Form Simplicity blog.
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BoomTown Introduces Expanded Success Assurance Program, Manages Both New Registrations and Database Opportunities
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RentSpree Debuts Holistic Agent Tools to Streamline the Rental Process
Premier Tenant Screening Software Provider Expands Product Offerings to Support a Cohesive Rental Management for Real Estate Agents LOS ANGELES, April 14, 2022 -- RentSpree, the industry's premier end-to-end rental management software provider, today announced the release of its brand new Agent Tools solution suite. The product offering includes Rental Client Manager (RCM), Agent Profiles and Listings. These tools provide an all-in-one offering for real estate agents that supports holistic rental management, from advertising and nurturing leads to closing deals using PropTech. "The tools to thoughtfully and efficiently translate rental activity into future business have been absent in the often-overlooked rental segment," said RentSpree CEO Michael Lucarelli. "As a result, 87% of all new agents fail after five years since many lack the resources to succeed. Agent Tools was developed for new and experienced agents to be successful by enabling them to handle rentals professionally while providing value-add resources to clients over the long-term." The newly dedicated platform helps agents manage leads through these key features: Rental Client Manager — Rental Client Manager (RCM) leverages key milestones to help agents provide real estate guidance to clients. RCM automatically captures contacts from other RentSpree products, offers direct contact creation and supports CSV import, allowing agents of any experience level to supercharge their relationship management. Agent Profiles — Agent Profiles creates a personalized space for agents looking to boost their brand. Agents can use their profile to promote their experience, feature their expertise and market their listings. These detailed public profiles are designed to be discovered through search engines and shared directly to open the door for new business opportunities by capturing leads at all points of the rental lifecycle. Listings — With listing pages, RentSpree empowers agents to market their properties with a best-in-class user experience that leverages RentSpree's industry-leading tenant screening product. With several approved MLS partnerships and many more on the horizon, it has never been easier for agents to create beautiful, effective property marketing and seamlessly screen tenants. With these additions, RentSpree is equipping agents with the resources to streamline all rental processes for agents and generate new deals from existing leads. It also expands the brand's current offerings and ties back to its core competency of tenant screening. "Having a service that supports client organization and management is essential to an agent's success," said Monica Pena, CEO of GMAR. "The Agent Tools solution is one of the best tools out there for any agent reaching for that next level on their real estate journey." Agent Tools will be available to agents nationwide, but some of the most prominent partners of this platform include California Regional MLS, Lone Wolf Technologies, Bright MLS, First Multiple Listing Service, Realty ONE Group, Bridge MLS and Bridge Association of REALTORS. For more information on RentSpree, visit rentspree.com. About RentSpree Founded in 2016, RentSpree is an award-winning rental software known in all 50 states for its easy-to-use tenant screening process, renter management, partnership program and rental screening API. In just six years, RentSpree has grown its database by partnering with over 200 of the most trusted names in real estate and nearly a million agents, owners and renters across the country.
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Real Estate Startup Revive Named to 2022 US REACH Program
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New Realtor.com Survey Finds 64% of 2022 Sellers Plan to List by Summer's End
Realtor.com Listapalooza -- the best time to list -- is now a national holiday, according to National Day Archives SANTA CLARA, Calif., April 6, 2022 -- As the final countdown begins to Realtor.com Listapalooza (April 10-16), a new national holiday, the company today released survey data that shows homeowners are gearing up to sell this Spring and Summer. According to the report, 64% of prospective 2022 sellers anticipate doing so within the next six months, and with high expectations for making a profit. Still, the potential uptick in newly-listed homes indicates some much-needed relief could be on the horizon for buyers – especially first-timers. Today's sellers expect to ask for relatively affordable prices and include a higher share of millennials than last Spring, suggesting that more Americans plan to upgrade from their starter homes. The Realtor.com® survey of 3,000 consumers, which was conducted online by HarrisX in February 2022, also asked about the experiences of recent sellers, who said determining the right time to list was the longest stage of the process. "Our survey data illustrates the importance of helping empower homeowners to take control of the listing process, by providing information about market conditions, prices and seasonal trends, like the best dates to list your home. While sellers are expected to hold the upper hand in 2022, navigating the listing process remains a challenge – particularly for those also buying in today's fast-paced market," said George Ratiu, Senior Economist & Manager of Economic Research at Realtor.com®. "Homeowners who are ready to move forward with pandemic-delayed plans will find plenty of opportunity this Spring and Summer. Although accelerating inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home. At the same time, recent housing trends suggest demand is beginning to moderate as higher mortgage rates push monthly payments out of some buyers' budgets, underscoring the long-term need for more affordable inventory." Homeowners are ready to take advantage of the Spring and Summer buying seasons Survey data suggests some relief is on the horizon for Americans grappling with one of the worst housing shortages of all-time. Almost two-thirds (64%) of prospective 2022 sellers anticipate listing a home within the next six months. Whether these sellers follow-through with their plans will be key to the forecasted 2022 inventory recovery and critical for buyers hoping to find a home before mortgage rates climb even further. In a positive sign that homeowners are serious about listing, many sellers are already getting their home ready. However, they're doing so with great expectations of the current market, which means buyers should prepare for sellers asking for high offer prices, quick closes, waived contingencies and more. The majority of 2022 prospective sellers plan to list within the next six months, with 9% already listed and the remaining getting ready to list within the next 30 days (11%), 1-3 months (24%) or 4-6 months (20%). Compared to those who planned to list last Spring, this year's prospective sellers have higher expectations of the hot housing market, including asking for more than their home is worth (42% vs. 29%) and refusing to pay for repairs or improvements (28% vs. 24%). When asked why they're planning to list in 2022, surveyed sellers' top reason was wanting to profit off the current market, tied with their home no longer meeting their families needs (each at 31%). Homeowners' motivating factors behind moving also reflect the impact of pandemic trends, such as wanting different features after spending so much time at home (15%) and no longer needing to live near their office (14%). Millennials are moving on up, signaling more starter homes for first-time buyers With the oldest millennials already 40-years-old, these homeowners are playing an important role in adding to the supply of starter homes. Millennials represent nearly half (49%) of sellers who plan to list within the next six months and many anticipate selling at relatively affordable prices. This is welcome news for first-time buyers, who face fierce competition for limited available starter homes. Combined with rising affordability issues as home prices and mortgage rates climb, survey data offers some hope for first-time buyers, based on: More millennials plan to list within the next six months than in March 2021 (75% vs. 66%), and account for a higher share of all 2022 prospective sellers (42.0% vs. 26.0%). In a further sign that older millennials are moving on up from their starter homes, the share of surveyed millennials who have sold a home before was nearly as high as the overall rate (61% vs. 64%). Millennials have plenty of financial motivation to stick to their plans, with top reasons for selling reflecting the pressures of rising inflation and economic uncertainties. Compared to all survey respondents, higher shares of Gen Y sellers want a more affordable home (34% vs. 21%) and need the sale money ASAP (14% vs. 11%). In a potential sign of more starter homes coming onto the market, the majority of 2022 prospective sellers expect to list in relatively affordable price ranges: $350,000 or less (43%) and $351,000-$500,000 (22%). Recent experiences highlight the importance of preparation, even in a seller's market The COVID housing market has largely favored sellers and many who recently sold were able to take advantage of bidding wars, fast closings, waived contingencies, inspections and appraisals, and more. At the same time, sellers' experiences highlight the importance of preparation, especially as buyer demand is beginning to moderate. Even among recent sellers who found success, the majority took steps to get their home ready to list, such as making repairs, cleaning and decluttering. Additionally, although many sellers were able to list quickly, 41% said the process took longer than they originally anticipated. Over half (53%) of sellers spent less than a month preparing their home for listing, while another 26% said the process took 1-3 months. Forty-one percent of recent sellers said getting their home ready to list took longer than they expected. Determining the right time to enter the market took longer than any step of the home prep process, with 38% of respondents reporting that this decision took more than 3 months. Among steps successful sellers took to prepare their home for listing, top responses included repairs and updates (59%) and cleaning and decluttering (67%). While minor cosmetic updates were the top repair sellers made before listing, at 53% of respondents, nearly as many fully repainted interiors and replaced flooring (47% each). The majority (80%) of recent sellers sold at or above their asking price. Other top benefits of the competitive market included: buyers forgoing repair concessions (28%), offers within a week (27%), and waived contingencies like inspections (25%). Methodology This Realtor.com® survey was conducted online within the United States from February 16-18, 2022 among 3,000 adults in the United States by HarrisX. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Matterport Axis Now Available for Purchase, Enabling Hands-Free Precision 3D Capture for Smartphones
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Home Prices Hit $405,000 for the First Time Ever
Inventory is predicted to hit positive territory year-over-year in June or July and provide some much needed relief for buyers who can afford to persist in their search for a home SANTA CLARA, Calif., March 31, 2022 -- Home prices hit $405,000 for the first time ever in March, but data reveals there is some hope on the horizon for pandemic-era buyers. With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com® Monthly Housing Trends Report released today. "Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market," said Danielle Hale, Chief Economist for Realtor.com®. "Buyer demand is moderating in the face of high costs, and we're beginning to see more homeowners take price cuts on their listings and overall inventory declines lessen in response. Assuming all these factors and new construction hold steady, we could begin to see inventory increases this summer – welcome news for buyers who have endured pandemic home shopping and can continue their journey despite higher buying costs. For buyers currently in the market, there's good reason to aim to find a home before interest rates increase further. But if it takes longer than a few months, don't give up hope, as there may be more to choose from in the summer months." March 2022 Housing Metrics – National Home prices hit $405,000 with an increase in price reductions The median U.S. listing price grew to a new all-time high of $405,000 in March as prices rose 13.5% year-over-year, faster than is typical for this time of year, and about the same annual growth rate as last month. At the same time, data shows the beginnings of softening demand and sellers responding to it. The share of homes having their price reduced increased slightly from 5.8% last March to 6.0% this year, but still remains 9 percentage points below typical 2017 to 2019 levels. Twenty-five of the largest 50 metros saw an increasing share of price reductions in March, compared to 18 in February. Listing prices in the top 50 metros grew by an average of 9.1% in March over last year. Their price growth has been lower than other areas across the country, but much of this can still be attributed to new inventory bringing relatively smaller homes to the market this year. The median listing price per square foot in these large metros grew by 12.5% over the same period, not as high as, but close to, the national rate of 15.7%. Miami (+37.0%), Las Vegas (+35.2%), and Tampa, Fla. (+32.0%) posted the highest year-over-year median list price growth in March. Austin, Texas homes showed the greatest growth in the share of homes with price reductions compared to last year (+2.9 percentage points), followed by Sacramento, Calif. and Memphis, Tenn. (+2.3 percentage points). Inventory declines lessen as some buyers are priced out Nationally, the inventory of homes actively for sale on a typical day in March decreased by 18.9% over last year, a smaller rate of decline compared to the 24.5% drop in February. However, this moderation in active inventory is not a supply-driven improvement. In March, newly-listed homes decreased by 3.4% year-over-year and sellers were still listing at rates 12.2% lower than typical 2017-2019 March levels. The number of pending listings (listings that are at various stages of the closing process, but are not yet sold) has declined by 7.4% compared to last March, indicating that a moderation in demand is softening the rate of home sales. This is likely caused by the affordability one-two-punch of rising interest rates and all-time high listing prices. For buyers still actively searching for a home, this could provide some relief as competition declines. However, it indicates that some homebuyers may have put plans on hold, despite the fact that the current rental market offers little relief from high prices. The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 16.0% year-over-year in March, an improvement in the rate of decline compared to last month's 22.1% decrease. Inventory declined over March 2021 in 44 out of 50 of the largest metros, but six metros saw inventory growth, up from four last month: Riverside, Calif. (+17.8%), Sacramento (+7.6%), Kansas City (+6.0%), Austin (+3.9%), Detroit (+3.5%), and Phoenix (+0.4%). Eight metros also saw the number of newly-listed homes increase compared to last year, led by Rochester, N.Y. (+7.2%), Detroit (+6.7%), and Memphis (+5.4%). Homes Consistently Spend Less Time on the Market Than Previous Years The typical home spent 38 days on the market this March, which is 11 days less than last year. Homes spent 29 fewer days on the market than typical March 2017-2019 timing. However, while homes are selling more quickly than last year, the gap has been shrinking as demand moderates. Last month, homes spent 17 days less on the market than the previous year. In March, the gap narrowed down to 11 days. In the 50 largest U.S. metros, the typical home spent 31 days on the market, and homes spent 8 fewer days on the market, on average, compared to March 2021. Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in the southern metros of Miami (-32 days), Raleigh, S.C. (-19 days), and Orlando, Fla. (-19 days). Only Buffalo, N.Y. saw time on market increase compared to last year (+2 days). March 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of March 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. *Oklahoma City's March new listings data is currently under review. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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RESAAS Rolls Out Payment System to 500,000 Real Estate Agents
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Women could afford 18% more of the housing market if they made as much money as men
The pay equity gap is slowly shrinking, and closing the home value gap as it does so. SEATTLE, March 30, 2022 -- A new Zillow study shows how severe an impact the gender pay gap is for women in the housing market. An additional 18% of the U.S. housing market is affordable to men but is out of reach to women. This gap in access can be as wide as 22% of the housing market depending on the industry they work in. The analysis combined income data from the U.S. Census Bureau with Zillow housing data to estimate how much of the market is affordable to women and men. The study examined a number of job sectors and regions and found that across the country, women can afford far fewer homes than men without being considered cost burdened. "This study shows how severely the gender pay gap limits women in the housing market, but that's only the start of a compounding impact," said Zillow economist Nicole Bachaud. "Owning a home represents the dominant form of wealth building for most Americans. So not only are women starting from behind, but they're falling even further behind with each passing day as homes build equity." The impact of income inequality on housing affordability differs by industry. For example, women who work in the utilities industry have more homes available to them (71.1% of the market) than women working in all other industries analyzed. Women working in the leisure and hospitality industry can only afford 9.6% of the market. Men in both industries can afford 9–10 percentage points more of the market than women. In all 13 job categories analyzed nationally, men can afford more of the housing stock than women. Regionally, gender disparities by industry can become even more severe. In Denver, for example, women working in the financial services industry can reasonably afford fewer than one in five (19.1%) homes in the area, while men can expect to afford more than two-thirds (71.1%). In Portland, Oregon, the numbers for the financial industry stand at 13.9% of the market available to women and 66.0% to men. Equal Pay Day — which symbolizes how far into a new year a woman making a typical salary needs to work to make the same amount of money as a man making a typical salary in the previous calendar year — shows that the pay equity gap is slowly shrinking. This year, Equal Pay Day fell on March 15, nine days earlier than it did in 2021 and 16 days earlier than in 2020. Simultaneously, the home value gap for women is also narrowing. Homes owned by female-headed households, although still below the value of those owned by male-headed households and of median home values overall, have crept closer to parity over the past decade. "The drive to eliminate pay inequity and other biases in the workplace needs to come from senior leaders with clear and measurable goals," said Bachaud. "Taking actions like regularly evaluating salaries or reevaluating other HR benefits and policies to attract and retain women could help reduce disparities." While the tide is starting to turn, there remains much work to do to achieve pay equity, especially when taking race into account. For Asian American and Pacific Islander women, Equal Pay Day (relative to the typical pay for white men) is May 3; for Black women, it's September 21; for Native American women, it's November 30;, and for Latina women, it's December 8. Differences in Incomes and Housing Affordability by Gender and Job Sector About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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The first NFT platform for real estate images -- 'real' -- launched by HomeJab
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Real Estate Nexus acquires Amarki marketing automation technology company
Real Estate Nexus, a leading all-in-one marketing, sales, and coaching technology platform, has purchased Amarki effective March 11, 2022. The terms of the transaction were not disclosed.The Amarki acquisition is a continuation of REN's efforts to help agents and brokers simplify all the technology tools in the market. ROCHESTER, N.Y. - MARCH 26, 2022 -- Real Estate Nexus, a leading all-in-one marketing, sales, and coaching technology platform, has purchased Amarki effective March 11, 2022. The terms of the transaction were not disclosed. Amarki's real estate marketing products and services were developed based on years of research and direct feedback from agents, brokers, and other industry experts. Real Estate Nexus' (REN) broad nationwide footprint will expand the availability of these resources. REN consolidates sales and marketing tools and technology making them more accessible and easier to implement. "The Amarki acquisition is a continuation of our efforts to help agents and brokers simplify all the technology tools in the market. We develop and consolidate the best solutions within one platform so agents can get a better return on their investment in these technologies," said Isaiah Colton, Head of Growth at Real Estate Nexus. "Technology fragmentation is crushing productivity and keeping agents from realizing their full revenue potential." The REN technology hub already provides agents with automated campaigns like: Facebook retargeting Direct-to-voicemail Instant text conversations even when the agent is unavailable Consumer newsletters Drip emails The company will add several new marketing tools with the Amarki acquisition, such as: Automated customization and promotion of Just Listed/Just sold campaigns Automated property listings Social post scheduling Contact management And more REN will bring on an experienced product development and software engineering team through the deal. "The folks on our team are thrilled to be part of this transition. As a result, we'll get broader exposure and support for our products to help agents promote and grow their practices. This is a win for our teams and agents who want to enhance productivity and profitability," said Ian Francis, Amarki CEO. About Real Estate Nexus Real Estate Nexus, a RAP Success Systems company, builds powerful, simple, easy-to-use platforms to help real estate agents and brokers convert more leads and generate more revenue. The company's mission is to combine innovative solutions and modern technology to help real estate agents and brokers achieve their goals. Visit realestatenexus.io.
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Affordability Issues Rise as National Rents Reach 30% of Americans' Incomes
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Transactly Expands Home Connections with Acquisition of 360 Home Connect
Human-centered proptech platform improves home-buying and moving experience Transactly, Inc., a technology platform used by real estate professionals across the United States to streamline transactions, announces the acquisition of 360 Home Connect. This acquisition is part of Transactly's efforts to expand its home connections services under its recently launched Connect brand. 360 Home Connect is based jointly in Dallas and Austin, Tex. "We welcome the 360 Home Connect team, whose expertise will make Transactly a more prominent player in the home connections industry. Together we empower agents to provide a one-stop home-buying experience for their clients," said Bryan Bowles, Transactly's founder and CEO. "The challenge for real estate professionals, and ultimately homebuyers, has been a lack infrastructure to support how people facilitate real transactions across the industry. Transactly aims to not only own this role in the market, but also provide the best service in terms of quality, experience and efficiency." 360 Home Connect has set up over 100,000 clients with connections services since it was founded in 2013. Their business model of utilizing personal consultants to provide white glove home connection service mirrors Transactly's transaction coordinator model. Transactly is an online platform designed to help real estate professionals efficiently manage transactions through automation, integrations, and tech-enabled services. Transactly recently launched Connect to offer a better way to set up home utilities and services, in addition to streamlining the transaction process. Transactly's entrance into the home connections market is a giant leap forward in creating a fully connected home-buying experience, united with human expertise. "We are thrilled to be on board with Transactly, a company that shares our commitment to mind-blowing customer service," said Chase Harrell, former president of 360 Home Connect. "Together we offer a simpler, smoother homebuying process from contract to move-in. It's the perfect fit for our clients." Transactly has been revolutionizing the process for real estate agents, resulting in consistent and steady growth since the company's launch in 2018. The company began with two employees and has grown to 79 full-time employees and 101 transaction coordinators as independent contractors. That growth has accelerated in recent years, with the company more than tripling its revenue in 2021 over the previous year. In addition, Transactly has raised a total of $13 million in investor funding. Purchasing a home is an immensely personal experience. Homebuyers have relationships with the agents, lenders, and title companies in their communities," said Bowles. "Transactly doesn't replace any of those roles, but instead makes it easier for all those participants to work together for a better homebuying experience."
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OKMOVEME Announces April Launch of its Consumer-First Website to Help People Move to Nashville
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New HomeJab study shows impact of COVID-19 on real estate agent marketing spending trends
Study reveals stark geographic differences for real estate photography orders Cherry Hill, NJ - March 17, 2022 -- A new study of real estate photography data from HomeJab finds a significant geographic difference in the amount of marketing dollars agents spent before the pandemic for listings and the amount they spent coming out of the height of the COVID-19 outbreak. HomeJab, which provides real estate agents on-demand professional real estate photography, 3D virtual tours, aerial, and other visual production services in every major US market and all 50 states, studied more than 43,000 real estate photography assignments from 2017 to 2021 in five regions: Midwest, Northeast, Southeast, Southwest, and West. The new HomeJab research found: Real estate agents in the West, Northeast, and Midwest are spending more for real estate listing photography services coming out of the pandemic than before the start of the pandemic: West: Up nearly 9 percent (8.7%) Northeast: +7.5% Midwest: +5.6% Real estate agents in the Southwest and Southeast either spent more or modestly less for real estate listing photography services since the pandemic began: Southwest: -0.6% Southeast: +2.8% Nationwide, the average real estate listing photography services order was up 5.9% from post-pandemic orders, and now average $229 per order. Real estate agents in the West spend the most for real estate listing photography services, averaging $279 per order. Midwest real estate agents spend the least, averaging $200 per order, or nearly 40% less than real estate agents in the West. Northeast real estate agents spend the second least amount, averaging $225 an order. Southeast and Southwest real estate agents' average spend for real estate listing photography services average $229 and $235, respectively. "Professional real estate listing photography orders by real estate agents clearly remained a vital marketing investment in many of the hottest markets during the COVID-19 outbreak," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that during a time when homes were flying off the shelves, and multiple offers hit a new high, agents still understood the power of visual images for their real estate marketing," Jesuele added. The HomeJab study also examined trends in all 50 states and found: Prominent "Blue states"* show significant increases in marketing spend for real estate listing photography services since the pandemic began, including: New York: +27.9% Massachusetts: +18.5% California: +9.7% Illinois: +7.7% Prominent "Red states"* show either decreases or modest increases in marketing spend for real estate listing photography services since the pandemic began, including: South Carolina: -23.4% North Carolina: -16.5% Texas: -0.1% Florida: +6.3% For Jesuele, the fact that prominent Red states spent less was not surprising. "The banning of Open Houses happened faster and lasted longer in Blue states," he observed. "Red states were not as dependent on 3D tours and other photography services that helped remote buyers make home purchases. Buyers and sellers in Blue states it appears needed these services," he added. Another recent HomeJab study revealed that COVID-19 dramatically impacted the popularity of video/3D shoots for new property listings. A free copy of the new HomeJab study is available here. *Note: State classification is based on the last US Senate election in 2021 and includes only states where HomeJab had at least 400 comparison orders from 2017-2021. About the Study HomeJab, which has professional photographers available in all 50 states, studied over 43,000 real estate photography assignments placed by real estate agents between 2017 and 2021. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. A one-stop-shop for real estate listings, HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Let the Countdown to Realtor.com Listapalooza Begin! April 10-16 Is the Best Week to List a Home in 2022
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Middle-income Households Gain $2.1 Trillion in Housing Wealth in a Decade
WASHINGTON (March 9, 2022) -- Homeownership is widely recognized as the leading source of net worth among families. Housing wealth itself is primarily achieved by price appreciation gains, and the nation has seen home prices accelerate at a record pace during the course of the last decade. A new study from the National Association of Realtors® – Housing Wealth Gains for the Rising Middle-Class Markets – examines the distribution of housing wealth between 2010 and 2020 across income groups and in 917 metropolitan or micropolitan areas. NAR found that during those 10 years, nearly 980,000 middle-income households became homeowners. Within that timeframe, total housing wealth for this income group surged by $2.1 trillion. "Owning a home continues to be a proven method for building long-term wealth," said Lawrence Yun, NAR chief economist. "Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage." From 2010 through 2020, 529 of 917, or 58%, of metropolitan and micropolitan areas gained middle-income homeowners. NAR identifies these locations as rising middle-income class housing markets, i.e., markets that saw the largest increase in middle-class owner-occupied housing units in 2020 compared to 2010. The top 10 rising middle-income housing markets, with at least 50,000 more middle-income homeowner households, were Phoenix-Mesa-Scottsdale (103,690), Austin-Round Rock (61,323), Nashville-Davidson-Murfreesboro-Franklin (55,252), Dallas-Fort Worth-Arlington (53,421), Houston-The Woodlands-Sugarland (52,716), Atlanta-Sandy Springs-Roswell (48,819), Orlando-Kissimmee-Sanford (35,063), Portland-Vancouver-Hillsboro (34,373), Seattle-Tacoma-Bellevue (31,284) and Tampa-St. Petersburg-Clearwater (28,979). NAR defines a middle-class homeowner as one earning an income of over 80% to 200% of the area median income. "Middle-income households in these growing markets have seen phenomenal gains in price appreciation," said Yun. "Given the rapid migration and robust job growth in these areas, I expect these markets to continue to see impressive price gains." As of the fourth quarter of 2021, the largest price gains (as a percent of the purchase price) over the preceding decade were in Phoenix-Mesa-Scottsdale (275.3%), Atlanta-Sandy Springs (274.7%), Las Vegas-Henderson-Paradise (251.7%), Cape Coral-Fort Myers (233.9%) and Riverside-San Bernardino-Ontario (207.6%). Nationally, a homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth. Of this wealth gain, 86% can be attributed to price appreciation, with the median single-family existing-home sales price rising at an annual pace of 8.3% from the fourth quarter of 2011 through the fourth quarter of 2021. A small percentage of U.S. markets did record a decrease in middle-income homeowner households over the past decade, including New York-Newark-Jersey City (-100,214), Los Angeles-Long Beach-Anaheim (-73,839), Chicago-Naperville-Elgin (-34,420), Boston-Cambridge-Newton (-28,953), Detroit-Warren-Dearborn (-25,405) and Philadelphia-Camden-Wilmington (-22,129). Nevertheless, some markets saw housing wealth rise as home prices climbed, such as the Los Angeles metro area ($164.5 billion) and the New York metro area ($59.4 billion). "These escalating home values were no doubt beneficial to homeowners and home sellers," said Yun. "However, as these markets flourish, middle-income wage earners face increasingly difficult affordability issues and are regrettably being priced out of the home-buying process." While housing wealth grew among all income groups, low- and middle-income households ultimately received a smaller share of the gains. NAR found that of the $8.2 trillion amassed in housing wealth from 2010 through 2020, high-income homeowners claimed roughly 71% of all wealth accumulation. Among middle-income homeowners, total housing wealth jumped by $2.1 trillion, or 26% of the housing wealth gains, with nearly 980,000 additional middle-income homeowner households. Among low-income homeowners, housing wealth rose by $296 billion, or 4% of the housing wealth gain. Low-income homeowners comprised a smaller fraction of all homeowners in 2020, at just 27.2%. This is down from 38.1% in 2010, with nearly 5.8 million fewer lower-income households that were homeowners from 2010 through 2020. There were 979,143 more middle-income homeowners over this decade, but they consisted of a smaller fraction of homeowners in 2020, at 43%, from 45.5% in 2010. High-income homeowners made up a larger portion of owners, at 29.8%. This is an increase from 16.4% in 2010 and is 11.1 million more high-income households in 2020 compared to 2010. Since the Great Recession, the homeownership rate has declined across all income groups, with the largest drop among the middle-income homeownership rate, which fell from 78.1% to 69.7%. Low-income households observed homeownership rates fall, but to a smaller degree – two percentage points – while high-income households saw declines at four percentage points. "Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "Now, we must focus on increasing access to safe, affordable housing and ensuring that more people can begin to amass and pass on the gains from homeownership." The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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MoveEasy Launches New Homeowner Dashboard, Empowering Real Estate Partners and Their Clients to Seamlessly Manage All Their Moving and Home Management Needs
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Realtor.com February Housing Report: Home Prices Hit All-Time High Ahead of Spring Buying Season
In February, listing prices grew at a double-digit annual pace nationwide (+12.9%) and in nearly half of the 50 largest U.S. markets, led by the southern (+12.5%) and western (+12.1%) regions SANTA CLARA, Calif., March 3, 2022 -- New data suggests Spring homebuying fever has already set in, as the U.S. median listing price hit a new all-time high of $392,000 in February, according to the Realtor.com® Monthly Housing Trends Report released today. Additionally, home prices grew at an unusually-fast February pace in many of the 50 largest metros, led by Las Vegas, Miami and Tampa, Fla. with annual increases of at least 31% each. "Over the last five years, we have seen home prices break records early in the season as buyers try to get ahead of the competition. But this is the first time the record has been broken in February, signaling that competition is already heating up weeks before the start of the Spring buying season in a typical year," said Realtor.com® Chief Economist Danielle Hale. "While the number of homes on the market remains woefully behind buyer demand, in February we saw declines in new listings improve for the first time since November 2021, indicating potential hope on the horizon. Whether inventory continues to improve will depend on a variety of economic and geopolitical factors, including the conflict in Ukraine and mortgage rate hikes, which haven't impacted home sales or price growth so far, but will increasingly lessen buyers' purchasing power." February 2022 Housing Metrics – National The national listing price broke a new record in February, signaling an early start to the 2022 Spring buying season Housing affordability is increasingly an issue for 2022 buyers, partly due to climbing mortgage rates, which reached the highest level in nearly three years within the first two months of the year. With further hikes looming, February data suggests competition intensified as motivated buyers raced to lock in relatively affordable monthly payments. As a result, the national listing price exceeded the record set during the 2021 summer frenzy. While it's not uncommon for home price growth to begin accelerating in February, Realtor.com® data history shows listing prices didn't surpass previous peaks until at least March in every year from 2017-2021. In February, the U.S. median listing price increased 12.9% year-over-year to a new all-time high of $392,000, surpassing the 2021 peak (at $385,000 in July). Home prices posted smaller yearly gains in the 50 largest U.S. markets, up by an average of 7.8% year-over-year, mostly due to a larger number of smaller homes coming on the market. On average, big metro listing prices per square foot (+11.6% year-over-year) increased nearly as quickly as the overall national pace. February's biggest listing price gains were in southern (+12.5%) and western (+12.1%) metros, led by Las Vegas (+39.6%), Miami (+31.6%) and Tampa, Fla. (+31.5%). Home prices declined over last year in 13 markets, including Rochester, N.Y. (-18.2%), Detroit (-16.5%) and Pittsburgh (-14.0%). However, on a square foot basis, February listing prices were down in just five metros. Inventory improvements offer buyers a potential light in the supply shortage storm For the first time since last fall, yearly inventory declines improved slightly in February, largely due to rising numbers of new sellers. In fact, during the final two weeks of the month, more new sellers entered the market than during the same time last year. Further new listings growth, which is typical heading into the spring, will be key to inventory's forecasted recovery from 2021 lows. However, with 5.8 million new homes missing from the market and millions of millennials at first-time buying ages, housing supply faces a long road to catching up with demand. Additionally, recent bigger picture developments, like geopolitical tensions in Europe, could play a wildcard in consumer sentiment related to major financial decisions, including homebuying and selling. The U.S. inventory of active listings declined 24.5% year-over-year in February, improving slightly over last month's annual gap (-28.4%). However, there were still 122,000 fewer available listings than during a typical day in February 2021 and inventory was down 62.6% from February 2020. Relative to all active inventory, annual declines in new listings improved more significantly in February, down just 0.5% nationwide versus the 9.1% drop registered last month. Additionally, new listings grew on a year-over-year basis in the final two weeks of the month. Inventory remained below February 2021 levels in 46 of the 50 largest U.S. markets, but grew in Riverside, Calif. (+6.3%), Phoenix (+4.2%), Austin, Texas (+1.5%) and Sacramento, Calif. (+0.3%), marking the first month that supply increased in any large metro since October 2021. In another early Spring sign of rising for-sale home options, more new sellers entered the market than last year in nearly half (23) of the 50 largest markets. Furthermore, seven of these metros posted double-digit annual new listings gains: Milwaukee (+21.9%), New York (+19.5%), Oklahoma City (+16.3%), Kansas City (+15.6%), Philadelphia (+15.5%), Portland, Ore. (+12.5%) and Birmingham (+11.6%). Homes continue to fly off the market, selling a month faster than in 2017-2019 Following a record-setting first month of the year, February time on market trends showed no signs of slowing down. Likely motivated in large part by climbing mortgage rates, buyers snatched up the inventory of new and active listings more quickly than in any prior February, and over a month faster than in 2017-2019, before the onset of COVID. Relative to national time on market, home sales notched an even faster-moving February across the 50 largest U.S. metros, only three of which posted time on market gains. In February, the typical U.S. home spent 47 days on market, over two weeks faster (-17 days) than in 2021 and over a month (-38 days) faster than typical February timing from 2017-2019. Homes moved even more quickly in the 50 largest U.S. metros, at an average of 39 days on market in February. Homes sold in the least amount of time, at 16 days or less each, in Denver, San Jose, Calif. and Nashville, Tenn. Among large metros, February's biggest declines in time on market were registered in Miami (-34 days), Orlando, Fla. (-29 days) and Indianapolis (-21 days). Time on market increased in just three metros, which were Buffalo, N.Y. (+10 days), Oklahoma City (+6 days) and Cincinnati (+4 days). "It can be easy to get swept up in competition, so buyers should take the time to assess how higher mortgage rates could impact the affordability of monthly payments and consider adding a cushion at the top of their budgets. Tools like the Realtor.com® Mortgage Calculator can help you scenario plan for various rates so you're better prepared – not only for a successful buying experience, but also to comfortably afford your monthly housing costs once you have the keys in-hand," said George Ratiu, Manager of Economic Research and Senior Economist at Realtor.com®. Ratiu's advice is also relevant to the many sellers simultaneously buying a home, who can use tools like the Realtor.com® Seller's Marketplace to help them manage the many fast-moving parts of both processes and explore selling options like initial cash offers from Opendoor. January 2022 Housing Metrics – 50 Largest U.S. Metros Methodology Realtor.com® housing data as of February 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. Note: With the release of its January 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics (see more details here). As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Florida Realtors Tech Helpline Debuts Mobile App
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U.S. Home Buyer Activity Leaps in January as 83 Markets Hit Double-Digit Showings Per Listing
Top 25 markets were up an average of 14% year over year, with Seattle and Denver leading in showings per listing, followed by Salt Lake City; Boulder, Colo.; Manchester, N.H.; Dallas; and Orlando, according to ShowingTime data CHICAGO, Feb. 24, 2022 -- The latest data from ShowingTime, a residential real estate industry leading technology provider of showing management and market stats, shows a surge in home buyer demand in January, with the average number of showings per listing at double digits in 83 markets nationwide. This enormous activity occurred in a month when buyer activity typically slows and followed a historic 2021, where buyer demand across the country was extraordinarily strong. In January, the entire country experienced a 7.7% year-over-year uptick nationally in home tours, according to the latest data from the ShowingTime Showing Index®. The top 25 markets were up an average of 14% compared with the heavy traffic numbers recorded last January. As was the case in much of last year, Seattle*and Denver recorded the highest claimed the first and second spots for showings per listing in January, with 26 and 25, respectively. Of note, Seattle showed a 2 percent drop in showing year-over-year, due to phenomenal activity in January 2021. Numbers of showings outperformed all other markets nationwide, regardless. Next, Salt Lake City; Boulder, Colo.; and Manchester, N.H. trailed Seattle and Denver, all averaged 17 showings per listing, while Orlando, Fla. and Dallas each had 16 showings per listing to begin the year. "Given last year's historic flurry of activity, it's not surprising that buyers were motivated to meet their home ownership goals so shortly after the holidays," said ShowingTime Vice President and General Manager Michael Lane. "With buyer demand showing no sign of letting up, we remain committed to helping busy real estate professionals handle the ensuing surge in business, just as we did throughout last year." Regionally, the South led the country with a 12.3% year-over-year jump in showing traffic in January, with Dallas and the Florida cities of Orlando, Sarasota and Miami having enormous home touring action. The Midwest's 8.2% climb and Northeast's 7% bump in activity closely followed, while the West - despite very active traffic in Seattle and Denver - saw a 4.5% dip in showings compared to its historic January 2021 numbers. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. *Note: Seattle shows a -2% in the Y-O-Y chart below, due to a phenomenal January 2021. Numbers of showings outperformed all other markets nationwide, regardless. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High
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U.S. Homeownership Rate Experiences Largest Annual Increase on Record, Though Black Homeownership Remains Lower Than a Decade Ago, NAR Analysis Finds
Hispanic American homeownership is at an all-time high and above 50% for the first time WASHINGTON (February 23, 2022) -- The U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record. More Americans are likely to own a home now than during any year following the Great Recession (65.4% homeownership rate in 2010); however, Black Americans continue to face significant obstacles along the path to homeownership, according to the National Association of Realtors®. The homeownership rate for Black Americans – 43.4% – trails behind that of a decade ago (44.2% in 2010). Conversely, White Americans (72.1%), Asian Americans (61.7%) and Hispanic Americans (51.1%) all achieved decadelong highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50% for the first time. NAR's 2022 Snapshot of Race and Home Buying in America report examines homeownership trends and challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race. "As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "Housing affordability and low inventory has made it even more challenging for all buyers to enter into homeownership, but even more so for Black Americans." Housing affordability has eroded for many consumers since the start of the pandemic due to the combination of record-high home prices and record-low inventory. Since 2019, home prices have spiked 30% – or about $80,000 for a typical home, while housing inventory has declined to under one million units available for sale. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income. Nationwide, nearly half of all Asian households annually earn more than $100,000. However, 35% of White households, 25% of Hispanic households and only 20% of Black households have incomes greater than $100,000. NAR's analysis found that the most affordable states for Black households to purchase a home are Maryland, West Virginia, Kansas, Ohio and Indiana. Conversely, the least affordable states for Black households are Utah, Oregon, California, Nevada and Rhode Island. In terms of renter households, half of Black Americans spend more than 30% of their monthly income on rent. Almost three out of 10 Black renter households (28%) and one in five White renter households (20%) are severely cost-burdened – defined as spending more than 50% of monthly income on rent. Nationwide, NAR estimates that 47% of White renter households and 36% of Black renter households can afford to buy a typical home when comparing the qualifying income to purchase a home and the median income of renter households. "Black households not only spend a bigger portion of their income on rent, but they are also more likely to hold student debt and have higher balances," Lautz added. "This makes it difficult for Black households to save for a down payment and as a result, they often use their 401(k) or retirement savings to enter homeownership." Black households (41%) are more than twice as likely as Asian households (18%) and nearly twice as likely as White households (22%) to have student loan debt. Approximately a quarter of Hispanic households (26%) reported having student loan debt. The median student loan debt for Black households ($45,000) exceeded that of Hispanic ($35,500), White ($30,000) and Asian ($24,400) households. Student debt is often a major impediment for prospective home buyers in saving for a down payment. Black and Hispanic applicants (7% each) were rejected for mortgage loans at greater rates than White and Asian applicants – 4% and 3%, respectively. Black Americans (14%) and Hispanic Americans (12%) were at least twice as likely than White Americans (6%) to tap into their 401(k) or pension funds as a down payment source for a home purchase. Such actions can diminish future wealth growth. Conversely, almost four out of 10 White Americans (38%) used the funds from the sale of their primary residence to serve as a down payment for a home compared to only 25% of Hispanic, 21% of Black and 16% of Asian Americans. The study noted that for those who said they witnessed or experienced discrimination in a real estate transaction, nearly a third of Black respondents (32%) said they faced stricter requirements because of their race. That compares to 19% of White respondents, 16% of Hispanic respondents and 4% of Asian respondents. Approximately one-third of Black and White home buyers (32% each) and almost a quarter of Hispanic home buyers (23%) said they witnessed or experienced discrimination with the type of loan product offered. Approximately seven in 10 White Americans (69%) said they purchased a home in a neighborhood where the majority of the residents were of the same race. However, about a quarter of Hispanic Americans (26%) and less than a fifth of Black (17%) and Asian Americans (15%) said the same. NAR is working to ensure Realtors® are active leaders in the fight to close the racial homeownership gap. NAR serves on the steering committee of the Black Homeownership Collaborative, whose seven-point plan aims to increase Black homeownership by a net 3 million by 2030. NAR has also stepped up the real estate industry's efforts to end bias and discrimination. Its "ACT" plan emphasizes "Accountability, Culture Change, and Training" to advance fair housing in the industry. NAR's interactive training platform, Fairhaven, puts real estate professionals in simulated situations where discrimination in a real estate transaction can occur. Also, NAR's implicit bias video and classroom trainings offer strategies to help Realtors® override biases in their daily interactions. To increase the nation's housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this longtime problem. View NAR's Snapshot of Race & Home Buying in America report here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Transactly Launches Connect with Acquisition of Cake
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Vacant Zombie Properties Inch Down Again in First Quarter of 2022 Even as Foreclosure Activity Rises
Zombie Foreclosures Comprise Only One of Every 13,400 Residential Properties in U.S.; Number of Zombie Properties Dips Another 1 Percent in First Quarter of 2022; But Foreclosure Activity Increases for Second Straight Quarter IRVINE, CA - Feb. 24, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its first-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,354,579) residential properties in the United States sit vacant. That represents 1.4 percent, or one in 73 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology enclosed below). Vacancy data is available for U.S. residential properties here. The report also reveals that 229,864 residential properties in the U.S. are in the process of foreclosure in the first quarter of this year, up 3 percent from the fourth quarter of 2021 and up 31 percent from the first quarter of 2021. The increase marked the second straight quarter that the count of pre-foreclosure properties has gone up since a nationwide moratorium on most lender takeovers of delinquent mortgages was lifted at the end of July. Among those pre-foreclosure properties, 7,363 sit vacant in the first quarter of 2022, down quarterly by 0.9 percent but up annually by 10.3 percent. The portion of pre-foreclosure properties that have been abandoned into zombie status dropped slightly from 3.3 percent in the fourth quarter of 2021 to 3.2 percent in the first quarter of this year. Despite the year-over-year increase, zombie foreclosures continue to represent only a miniscule portion of the nation's total stock of 98.8 million residential properties. Just one of every 13,424 homes in the first quarter of 2022 are vacant and in foreclosure. That's slightly better than ratio of one in 13,292 during the fourth quarter of 2021 although worse than the one-in-14,825 level in the first quarter of last year. "Even with foreclosure activity rising, it doesn't seem likely that we'll see a significant increase in the number of zombie properties," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM company. "Zombie status is most likely during a long, protracted foreclosure process, but with $23 trillion in homeowner equity, and demand outstripping supply, most distressed borrowers should be able to sell their home at a profit before the process drags on." The first-quarter zombie foreclosure trend remains among a host of measures showing how the decade-long surge in the U.S. housing market continues both in spite and because of the ongoing Coronavirus pandemic that damaged the U.S. economy after hitting in 2020. Home prices in much of the country have soared more than 10 percent over the past year. Seller profits commonly exceed 40 percent. And a tour of most neighborhoods would not turn up a single home in the foreclosure process sitting vacant and exposed to vandalism or decay. That has happened as a glut of home buyers has flooded the market, largely driven by historically low mortgages rates and a desire by many to flee congested virus-prone areas for the relative safety and larger spaces offered by houses or condominiums. Prices continue to soar as buyers chase a tight supply of homes for sale, including those in foreclosure. However, the number of zombie foreclosures could rise this year amid the recent increase in banks and other lenders pursuing homeowners who have fallen behind on mortgages payments during the pandemic. Pre-foreclosure numbers have jumped since the federal government lifted the moratorium, imposed in 2020, on lenders taking back properties. Employment is rising as the U.S. economy slowly recovers from the pandemic's effects, which should help tamp down foreclosures. But an estimated 1.5 to 2 million homeowners were in some kind of forbearance when the moratorium ended. "The problem of empty properties in foreclosure and the blight they can cause still remains off the table almost everywhere in the country. You'd need to search far and wide in most communities to find even one," said Todd Teta, chief product officer with ATTOM. "But the rosy picture is again in danger. That's because foreclosure activity has started to kick upward since the moratorium was lifted. While it's unlikely that a tidal wave of zombie properties is headed our way as the economy improves, the number seems likely to head up to some degree this year. It will depend on how fast the courts process cases and how many delinquent homeowners can catch up on mortgages." Zombie foreclosures down quarterly but up annually A total of 7,363 residential properties facing possible foreclosure have been vacated by their owners nationwide in the first quarter of 2022, down from 7,432 in the fourth quarter of 2021 but up from 6,677 in the first quarter of 2021. The number has decreased, quarter over quarter, in 25 states. But it is up, year over year, in 30. Among states with at least 50 zombie foreclosures during the first quarter of this year, the biggest decreases from the fourth quarter of 2021 to the first quarter of 2022 are in Michigan (zombie properties down 29 percent, from 76 to 54), New Jersey (down 18 percent, from 337 to 275), Illinois (down 11 percent, from 758 to 676), Oklahoma (down 10 percent, from 104 to 94) and North Carolina (down 8 percent, from to 146 to 134). While the numbers remain low, the biggest increases from the first quarter of 2021 to the first quarter of 2022 among states with at least 50 zombie foreclosures during the first quarter of this year are in Connecticut (zombie properties up 520 percent, from 10 to 62), Iowa (up 207 percent, from 43 to 132), Maryland (up 182 percent, from 44 to 124), Maine (up 174 percent, from 23 to 63) and Nevada (up 119 percent, from 31 to 68). Largest zombie property counts remain in Northeast and Midwest Six of the seven states with the most zombie foreclosures again are in the Northeast and Midwest. New York continues to have the highest number of zombie properties (2,074 the first quarter of 2022), followed by Ohio (942), Florida (916), Illinois (676) and Pennsylvania (356). "If we do see a jump in the number of zombie properties, it will likely happen in states like New York, Illinois, and Florida," Sharga noted. "Judicial foreclosures in these states often get delayed by court backlogs, and the foreclosure process has sometimes dragged on for over 1,000 days." Overall vacancy rates down over the past year in 38 states The vacancy rate for all residential properties in the U.S. has increased to 1.37 percent in the first quarter of 2022 (one in 73 properties). That's up from 1.33 percent in the fourth quarter of 2021 (one in 75), but remains down from 1.46 percent in the first quarter of last year (one in 68). Overall vacancy rates have decreased in 38 states from the first quarter of 2021 to the first quarter of 2022. States with the biggest annual drops are Oregon (down from 1.9 percent of all homes in the first quarter of 2021 to 1.1 percent in the first quarter of this year), Mississippi (down from 2.5 percent to 1.8 percent), Tennessee (down from 2.5 percent to 1.9 percent), Wisconsin (down from 1.4 percent to 0.8 percent) and Minnesota (down from 1.5 percent to 1 percent). Other high-level findings from the first-quarter-of-2022 data: Among 163 metropolitan statistical areas in the U.S. with at least 100,000 residential properties and at least 100 properties facing possible foreclosure in the first quarter of 2022, the highest zombie rates are in Wichita, KS (14.8 percent of properties in the foreclosure process are vacant); Springfield, MO (14.7 percent); Peoria, IL (11.6 percent); Fort Wayne, IN (10.9 percent) and Cleveland, OH (10.8 percent). Aside from Cleveland, the highest zombie-foreclosure rates in major metro areas with at least 500,000 residential properties and at least 100 homes facing foreclosure in the first quarter of 2022 are in Indianapolis, IN (9.7 percent of homes in the foreclosure process are vacant); Portland, OR (9.6 percent); Baltimore, MD (8.1 percent) and Pittsburgh, PA (6.8 percent). Among the 27.7 million investor-owned homes throughout the U.S. in the first quarter of 2022, about 935,200 are vacant, or 3.4 percent. The highest levels of vacant investor-owned homes are in Indiana (7.1 percent), Kansas (6 percent), Oklahoma (5.5 percent), Ohio (5.2 percent) and Alabama (5.2 percent). Among the roughly 3,100 foreclosed, bank-owned homes in the U.S. during the first quarter of 2022, 14.4 percent are vacant. In states with at least 50 bank-owned homes, the largest percentages are in Alabama (21.6 percent vacant), Michigan (20.8 percent), Georgia (20.2 percent), Ohio (19.9 percent) and Illinois (19.7 percent). The highest zombie-foreclosure rates among counties with at least 500 properties in the foreclosure process during the first quarter of 2022 are in Broome County (Binghamton), NY (12.9 percent of pre-foreclosure homes are empty); Cuyahoga County (Cleveland), OH (12.5 percent); Pinellas County (Clearwater), FL (9.7 percent); Onondaga County (Syracuse), NY (9 percent) and Oneida County, NY (outside Syracuse) (8.2 percent). The lowest zombie rates among counties with at least 500 properties in foreclosure in the first quarter of 2022 are in Mecklenburg County (Charlotte), NC (0.3 percent of pre-foreclosure homes are empty); Mercer County (Trenton), NJ (0.3 percent); San Diego County, CA (0.4 percent); Atlantic County (Atlantic City), NJ (0.4 percent) and Lexington County (Columbia), SC (0.6 percent). Among 419 counties with at least 50,000 residential properties, those with the largest portion of total homes in zombie foreclosure status in the first quarter of 2022 are Broome County (Binghamton), NY (one of every 614 properties); Cuyahoga County (Cleveland), OH (one in 901); Suffolk County (eastern Long Island), NY (one in 1,132); Peoria County, IL (one in 1,283) and Albany County, NY (one in 1,383). Report Methodology ATTOM analyzed county tax assessor data for about 99 million residential properties for vacancy, broken down by foreclosure status and, owner-occupancy status. Only metropolitan statistical areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Vacancy data is available here. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Existing-Home Sales Surge 6.7% in January
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HomeJab study shows Wednesdays are the most popular day for taking real estate listing photos
Study also reveals the impact of COVID-19 on video/3D and aerial photography Cherry Hill, NJ - February 16, 2022 -- A new study of real estate photography data from HomeJab finds that Wednesday is the most popular day of the week for real estate photographers to take photos for a new property listing. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services in every major US market and all 50 states, studied nearly 60,000 real estate photography assignments over the last four years. The HomeJab study found: The most popular day of the week for real estate photography was Wednesday. 20% of all listing photos are shot on Wednesday. Tuesday and Thursday are tied for the second most popular day of the week for shooting real estate listing photos with 18% each. The least popular day of the week for real estate photos? Sunday. Just 4% of real estate listing photos are shot on a Sunday. "Most professional real estate photography shoots don't happen on weekends, even though home sellers are typically more available," said Joe Jesuele, founder and CEO of HomeJab. "Our research shows that only about 1 out of 10 listing photo shoots occur on a Saturday and Sunday," Jesuele added. The HomeJab study also revealed that COVID-19 had a dramatic impact on the popularity of both video/3D shoots for new property listings and aerial photography footage. In 2020, when the pandemic shuttered almost all Open Houses, the percentage of video and 3D virtual tours ordered by agents jumped significantly from 37% to 53% of photo shoots. Last year, as Open House returned, this percentage went down slightly to 48% but remained higher compared to pre-pandemic levels for 2019. HomeJab found the opposite was true with aerial photography. A little more than 15% of real estate listing photo shoots included aerial photography in 2018 and 2019. That number dropped in 2020 to 12%. Last year aerial photography orders rebounded to about 14% for all listings. Jesuele observed, "Agents typically have a fixed budget for photography, so an increase in one service would cause a decrease in the other service." "We expect real estate agents using HomeJab to continue to build-in video and 3D tours as part of their 'go-to' photo package for all listings, and that aerial photography will continue to rebound," Jesuele said. "Increasing visual content satisfies sellers and helps potential buyers, especially those who still don't want to tour physically as many houses as they once did." A summary report on this new HomeJab study is available here. About the Study For this study, HomeJab, which has real estate photography professionals available in every major US market and all 50 states, studied nearly 60,000 real estate photography assignments placed by real estate agents between 2018 and 2021. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Two-Thirds of Metros Reached Double-Digit Price Appreciation in Fourth Quarter of 2021
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Mortgage, but Hold the Marriage: Survey Finds One-third of Americans Have Bought a Home Together without Getting Hitched
Money matters more than relationship status when it comes to feeling ready to buy a home SANTA CLARA, Calif., Feb. 9, 2022 -- Love isn't in the air with every homebuyer, and many are making the decision to dive into homeownership without putting a ring on it. Realtor.com today released the results of a new survey with HarrisX which found that homebuying isn't just for married couples. Nearly one third (31%) of all Americans and 41% of 18-34 year-olds have bought a primary residence with someone they aren't married to. Perhaps even more telling – 55% of Americans and 68% of 18-34 year-olds would consider it. "With home prices skyrocketing in recent years, it's become even more challenging to break into the housing market for first-time buyers. Many buyers have needed more than one income to afford a home, especially as rising rents may be eating into their down payment savings," said Clare Trapasso, Deputy News Editor, Realtor.com®. "However, the pandemic delayed many weddings. And rising prices forced some couples to choose between saving to become homeowners versus having the big day. This has resulted in many unmarried couples, as well as extended families and friends, pooling their resources together so they can afford to become homeowners." Teaming up to break into the market More than three quarters (76%) of survey respondents said that the optimal age to buy a home is before the age of 35 – but it's not easy to go it alone. In order to break into a housing market with sky-high prices and limited homes for sale, many Americans are open to buying with friends, roommates and even extended family members. Who's buying together? The most common co-buyers are romantic partners, but friends, extended family and even roommates are buying together. Here are the most likely candidates: Romantic partner, not engaged or married (15%) Parent, grandparent or older relative (6%) Child, niece/nephew or younger relative (5%) Sibling, cousin or relative of a similar age (4%) Roommate (4%) Friend (4%) Would you buy a home with grandma? The majority of people surveyed (55%) would be open to buying a home with someone they're not married to. Here's who they would consider buying with: Romantic partner, not engaged or married (27%) Child, niece/nephew or younger relative (20%) Parent, grandparent or older relative (17%) Sibling, cousin or relative of a similar age (16%) Friend (10%) Roommate (7%) Pooling resources can make it easier to buy Two heads are often better than one, and so are two salaries. Here are the reasons that so many people are open to buying a home with someone other than a spouse: Starting to build equity sooner (32%) Buying in a better location (31%) Buying a bigger home (31%) Buying a more updated home (31%) Pooling resources to get into the housing market sooner (27%) No partner? No problem. Finances are most important in feeling ready to buy a home Americans say the most important aspect of being ready to buy a home is more about money than relationship status. The top milestones mentioned were feeling financially ready (71%), feeling stable career-wise (63%) and having enough money saved for a down payment (61%). These career- and money-oriented milestones were cited 2x to 3x more often than being married or in a serious relationship. Search together, or get feedback from friends and family Whether buying with a partner, a friend, or going solo, Realtor.com® offers unique product features to streamline and simplify the process of finding the perfect home. Collaborate & share features let home shoppers work together with a partner in a shared search or ask for input from friends and family, all while keeping track of the details in one convenient spot. Users can invite a co-buyer or renter from the "buyer profile" tab in their Realtor.com® account or by clicking the "collaborate" button at the top of their saved homes list. No co-buyer? No problem. To request one-off input from friends, family, and even your real estate agent, simply click "share" on a listing and enter email addresses, phone numbers or social media handles. Survey methodology: This survey was conducted online within the United States from Jan. 31 - Feb. 1 among 1,003 adults by HarrisX. The sampling margin of error of this poll is plus or minus 3.1 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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75% of recent home buyers have regrets about their new home
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Matterport Introduces Axis, a New Hands-Free Motor Mount for Precision 3D Capture for Smartphones
SUNNYVALE, Calif., Feb. 08, 2022 -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced Matterport Axis, a revolutionary motorized mount that works with a smartphone to capture 3D digital twins of any physical space with increased speed, precision, and consistency. This convenient, hands-free solution produces reliable high-fidelity results with just a click of a button. From homes to offices, hotels, rentals, retail locations, even a factory floor, Matterport Axis is the most affordable way to supercharge 3D capture using just the phone in your pocket. With Axis, the company aims to accelerate the digital transformation of the built world by making it effortless for anyone with a smartphone to digitize any kind of space with a new level of precision and ease of use. Starting today, Matterport Axis is available with special pre-launch pricing of just $59, by securing a place on the Axis waitlist at Matterport.com. The official launch date is April 1 when general availability pricing will start at $79. All waitlist sign-ups received by March 31 will qualify for pre-launch pricing, subject to terms and conditions. Matterport has also enlisted its premier e-commerce partners, Adorama and B&H, to bring Matterport Axis to market. The special pre-launch pricing will also be available at both of these websites starting today. Customers across a variety of industries use Matterport to virtually measure, document, manage, and promote their properties online. Now, with Matterport Axis, organizations across the globe can scale up their efforts to affordably capture high-fidelity digital twins at multiple locations simultaneously. Distributed teams get reliable, consistent results from their smartphones, and Axis helps to ensure that every scan from every location achieves the same level of precision. Matterport Axis simplifies deployments across all industries including: Real Estate. Professionals, property managers, and vacation rental owners can now create digital twins with greater speed and ease with Axis' affordable, hands-free 3D capture - to publish stunning virtual tours online in less than an hour. Retail and Hospitality. On-site employees can use Matterport Axis and the smartphone in their pocket to reliably capture a digital twin from every location across a chain of properties. This enables merchandising teams and facility managers to virtually inspect, plan, and manage multiple locations online, eliminating routine travel and on-site visits while rapidly increasing productivity. Construction and Insurance. Builders and insurance adjusters can readily deploy multiple Axis units to the field to accurately scan and share detailed digital twins from any compatible smartphone, for every stage of the job. Enabling remote inspection, tracking, and management with contractors and building specialists anywhere in the world. "At Matterport, our mission is to make every space more valuable and accessible, and with Matterport Axis, we're excited to help our customers bring their properties online so that they can manage them anytime, anywhere," said Japjit Tulsi, Chief Technology Officer of Matterport. "We have democratized 3D capture by making the Matterport Capture app available to billions of Android and iOS users. Combined with Matterport Axis, we've made it even simpler for individuals, small businesses, and large multi-property enterprises to quickly and reliably scale the digitization of their properties at an affordable price." To learn more about Matterport Axis and sign up for the waitlist, visit: www.matterport.com/axis. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 194 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Homebuying Competition Kicks Off 2022 with the Fastest-Moving January Ever
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Record-High Prices and Record-Low Inventory Make It Increasingly Difficult to Achieve Homeownership, Particularly for Black Americans
NAR and Realtor.com identify most affordable housing markets for Black households WASHINGTON (February 7, 2022) -- The surging residential real estate market of the last two years led to record-high home prices and record-low inventory. This simultaneous "double trouble" has made it increasingly difficult for consumers, particularly Black Americans, to achieve homeownership, according to a new analysis from the National Association of Realtors and Realtor.com. The Double Trouble of the Housing Market report examines the impact that rapidly escalating home prices and diminishing housing inventory has on housing affordability. Unlike previous affordability research and indices, NAR and Realtor.com® considered affordability for all income groups, accounted for the affordability of homes currently available for sale instead of homes that have already sold and provided affordability data by race for the 100 largest U.S. metro areas. Nationally, more than 400,000 fewer affordable homes are available for sale for households earning $75,000 to $100,000 when compared to the start of the pandemic (245,300 in December 2021 vs. 656,200 in December 2019). For that same income group, there's one affordable listing available for every 65 households, a significant drop in availability from one affordable listing for every 24 households in 2019. The total home valuation across the country is estimated to have risen by $8.1 trillion from the first quarter of 2020 through the end of 2021. However, this sizable increase in real estate values was not accompanied by a rise in homeownership as the ownership rate remained at approximately 65%. "The housing wealth gain has been sizable over the past two years," said NAR Chief Economist Lawrence Yun. "However, due to the ongoing inventory shortage and rising interest rates, homeownership attainment will become especially challenging unless drastically more housing supply is available." For households with higher incomes, some expensive metro areas – San Francisco, San Jose, Washington, D.C., for example – surprisingly are more affordable than before the start of the pandemic due to increasing incomes and lower mortgage rates. Since 2019, household incomes rose 15% and 13%, respectively, in San Jose and San Francisco. However, while some households in these markets can afford to buy a greater share of homes, fewer options exist as a result of the record-low inventory. For example, households earning $100,000 to $125,000 in the San Francisco metro area can afford to buy 180 fewer homes now compared to December 2019. For households in San Francisco earning $125,000 to $150,000, there are about 300 fewer affordable homes available than in December 2019. "In general, an increase in salary makes housing more affordable to a buyer. But due to the reductions in inventory over the last few years, today's buyers in large tech markets can actually afford a smaller number of homes than they could two years ago, despite an uptick in wages," said Realtor.com® Chief Economist Danielle Hale. "The low inventory challenge is particularly acute for some racial and ethnic groups who have faced greater hurdles to homeownership stemming from, among other things, lower incomes as a group." A significant and persistent racial homeownership gap exists in America. Since 2017, the annual homeownership rate for White Americans has remained comfortably above 70%; however, the homeownership rate for Black Americans has been slightly above 40% – nearly 30 percentage points lower. NAR and Realtor.com® analyzed housing affordability by racial group to help explain the differences in homeownership. Nationwide, 35% of White households and only 20% of Black households have incomes greater than $100,000. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income and substantial variances in affordability exist by metro area. "Moreover, the homeownership rate has been around 50% for all households in the expensive metro markets, such as Los Angeles and San Francisco, and therefore it's becoming nearly impossible to afford a home, especially for Black households," Yun added. "At the same time, there are affordable markets that still provide opportunities to achieve homeownership as inventory at affordable price points is reasonably available." NAR and Realtor.com® also identified the top 10 most affordable housing markets for Black households. In alphabetical order, the markets are Akron, Ohio; Baltimore, Md.; Birmingham, Ala.; Dayton, Ohio; Detroit, Mich.; McAllen, Texas; Memphis, Tenn.; St. Louis, Mo.; Toledo, Ohio; and Youngstown, Ohio. In these metro areas, Black households can afford to buy homes roughly in proportion to their income distributions. To increase the nation's housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group's Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America's housing shortage and provides a range of actions that can effectively address this longtime problem. View The Double Trouble of the Housing Market report here. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Homebuyer's Agent Commission Rate Dips to 2.63%, the Lowest Since at Least 2017
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More than a third of recent movers say it's harder to find a house than a spouse
New Zillow survey finds most Americans enjoy home shopping more than dating SEATTLE, Feb. 2, 2022 -- Love is in the air this Valentine's Day, at least when it comes to home. A new survey from Zillow finds 80% of Americans say they love their home. However, finding a home is a lot more challenging in today's hypercompetitive and rapidly appreciating housing market. About one-third of recent movers (34%) say it's harder to find a house to buy than a spouse, yet most say shopping for a home is more enjoyable. Women are more likely than men to say shopping for a home is more enjoyable than dating; 62% compared to 39% of men. Some psychologists believe looking at for-sale listings can create a mood-boosting chemical reaction in the brain similar to the excitement of a romantic relationship, a phenomenon parodied on SNL. During the pandemic, a record number of users surfed Zillow to escape the stress of their lives and dream of the possibilities a move could bring. "The way we shop for homes is in many ways similar to the way we meet romantic partners," said Zillow home trends expert Amanda Pendleton. "Both involve wish lists, compromises and deal breakers, and much of the legwork happens online. But unlike dating apps, tools like interactive floor plans and virtual 3D home tours mean fewer home shoppers are disappointed when they see a home in person for the first time. Perhaps that's one reason this survey found that far more people think they'll be successful using an app to find a home to buy (76%) than to find a romantic partner (24%)." Another reason may be expectations. Most people (62%) say their wish list for a romantic partner is more difficult to satisfy than their wish list for a home (38%), and 61% say they have more deal breakers when it comes to choosing a partner. Two-thirds of Americans are more willing to compromise on qualities in a home to buy (67%) than qualities in a romantic partner (33%). Still, most people are romantics at heart, at least when it comes to their home. Nearly 3 in 4 Americans believe they could fall in love at first sight with a home (73%), while more than half believe they could fall in love at first sight with a person (54%). While 65% of singles would consider moving to improve their dating prospects, 84% say they would consider moving in order to buy a home. Once they find it, most people love their home (80%). The most common reasons people love their home are the memories associated with it (82%), and their home's location, neighborhood or neighbors (77%). Tools like Zillow's travel-time function, walk score and transit score can help shoppers choose a neighborhood they'll love. As with dating, finding "the one" in today's housing market may be tough, but shoppers can take steps to land their dream home with the right partners, preparation and persistence. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
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CoreLogic Reports Upward Trend in Annual Home Price Appreciation Continues; Up 18.5% in December
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NAR Calls on Realtors Who Give Back to Apply for the 2022 Good Neighbor Awards
CHICAGO (February 1, 2022) -- The National Association of Realtors announced today that it is accepting applications for the 2022 Good Neighbor Awards. The program recognizes Realtors® who have made an extraordinary impact in their communities through volunteer service. Five winners will each receive a $10,000 grant for their nonprofit organization and will be recognized at the November 2022 REALTORS® Conference & Expo in Orlando, earning travel expenses to the event and considerable media exposure for their causes. Five honorable mentions will also each receive a $2,500 grant. "During a time when so many are in need, it is encouraging to see Realtors® across the country continuing to give back through volunteerism," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "With Realtors® volunteering at nearly three times the rate of the general population, the Good Neighbor Awards shines a light on the amazing efforts that NAR members put forth to help their neighbors and better their communities." Since 2000, the Good Neighbor Awards program has donated $1.4 million to Realtor®-led nonprofits around the country. The awards program is supported by primary sponsor realtor.com® and receives additional support from the Center for REALTOR® Development. "For 25 years, realtor.com® has been a partner to Realtors®, so we know they are generous by nature and care about their local community," said realtor.com® CMO Mickey Neuberger. "We take great pride in our involvement with the Good Neighbor Awards and shining a light on the Realtor® volunteers who have risen to the challenge of meeting the needs of others during exceptional times." 2021 Good Neighbor Award Winner Bob Bell, who feeds 10,000 low-income school children each week, says the exposure earned from his award has given his nonprofit a degree of credibility that they had never experienced. "The grant has allowed us to feed many more children," Bell said. "The visibility has also brought us more supporters and the national exposure has inspired Realtors® across the nation to contemplate how they can address childhood hunger in their local areas." Good Neighbor Award entries must be received by May 2, 2022. To be eligible, nominees must be NAR members in good standing and should have made a significant impact as a volunteer for a 501(c)3 nonprofit organization. Nominees are chosen for the award based on their personal impact on their community through volunteer work. For additional details, judging criteria and to download the online nomination form, call 800-874-6500 or visit nar.realtor/gna.
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U.S. Home Seller Profits Soar Again in 2021 as Prices Shoot to New Records
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Annual Existing-Home Sales Hit Highest Mark Since 2006
In 2021, existing-home sales totaled 6.12 million – an increase of 8.5% from the prior year and the highest annual level since 2006. WASHINGTON (January 20, 2022) -- Existing-home sales declined in December, snapping a streak of three straight months of gains, according to the National Association of Realtors. Each of the four major U.S. regions witnessed sales fall in December from both a month-over-month and a year-over-year basis. Despite the drop, overall sales for 2021 increased 8.5%. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 4.6% from November to a seasonally adjusted annual rate of 6.18 million in December. From a year-over-year perspective, sales waned 7.1% (6.65 million in December 2020). "December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing," said Lawrence Yun, NAR's chief economist. "Sales for the entire year finished strong, reaching the highest annual level since 2006." Yun, however, does expect existing-home sales to slow slightly in the coming months due to higher mortgage rates, but noted that recent employment gains and stricter underwriting standards ensure home sales are in no danger of crashing. He forecasts rates to remain below 4% by year-end and wages to hold firm due to a tight labor market. "This year, consumers should prepare to endure some increases in mortgage rates," Yun cautioned. "I also expect home prices to grow more moderately by 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market." Total housing inventory at the end of December amounted to 910,000 units, down 18.0% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020. "We saw inventory numbers hit an all-time low in December," Yun said. "Home builders have already made strides in 2022 to increase supply, but reversing gaps like the ones we've seen recently will take years to correct." The median existing-home price for all housing types in December was $358,000, up 15.8% from December 2020 ($309,200), as prices rose in each region. The South witnessed the highest pace of appreciation. This marks 118 straight months of year-over-year increases, the longest-running streak on record. Properties typically remained on the market for 19 days in December, one day more than the 18 days seen in November, and down from 21 days in December 2020. Seventy-nine percent of homes sold in December 2021 were on the market for less than a month. First-time buyers were responsible for 30% of sales in December, up from 26% in November and down from 31% in December 2020. NAR's 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%. "There was a significant surge in first-time buyers at the end of the year," Yun said. "With mortgage rates expected to rise in 2022, it's likely that a portion of December buyers were intent on avoiding the inevitable rate increases." Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in December, up from 15% in November and up from 14% in December 2020. All-cash sales accounted for 23% of transactions in December, down from 24% in November, and up from 19% from December 2020. Distressed sales – foreclosures and short sales – represented less than 1% of sales in December, equal to the percentage seen in both November 2021 and December 2020. Realtor.com®'s Market Trends Report in December shows that the greatest year-over-year median list price growth occurred in Las Vegas (+32.4%), Austin (+28.8%), and Tampa (+25.4%). Austin also registered the highest growth in the number of homes which had their prices reduced compared to last year (+3.4 percentage points), followed by Pittsburgh (+3.2 percentage points) and Buffalo (+2.1 percentage points). According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.10 in December, up from 3.07 in November. The average commitment rate across all of 2021 was 2.96%. Single-family and Condo/Co-op Sales Single-family home sales dropped to a seasonally adjusted annual rate of 5.52 million in December, down 4.3% from 5.77 million in November and down 6.8% from one year ago. The median existing single-family home price was $364,300 in December, up 16.1% from December 2020. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 660,000 units in December, down 7.0% from 710,000 in November and down 9.6% from one year ago. The median existing condo price was $305,100 in December, an annual increase of 11.9%. "We wrapped up the year witnessing home sales exceed the previous year's total and saw millions of families secure housing," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "I think the positive momentum will continue as the market prepares to finally see more supply in the coming months, meaning more buyers will be able to land their dream home." Regional Breakdown Existing-home sales in the Northeast fell 1.3% in December, registering an annual rate of 750,000, a 15.7% decrease from December 2020. The median price in the Northeast was $384,600, up 6.3% from one year ago. Existing-home sales in the Midwest slid 1.3% to an annual rate of 1,500,000 in December, a 2.6% decline from a year ago. The median price in the Midwest was $256,900, a 10.0% climb from December 2020. Existing-home sales in the South retreated 6.3% in December, posting an annual rate of 2,700,000, a drop of 5.3% from one year ago. The median price in the South was $323,000, a 20.2% ascension from one year prior. Existing-home sales in the West decreased 6.8%, reporting an annual rate of 1,230,000 in December, down 10.2% from one year ago. The median price in the West was $507,100, up 8.4% from December 2020. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Housing Markets at Risk from Pandemic Downturns Concentrated in New Jersey, Illinois and California
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Showcase IDX Launches Top New Feature for Its Core Product
New Listings To Leads option set to offer real estate agents the cutting edge advantage Seattle, WA, Jan. 18, 2022 -- Showcase IDX, the leading real estate search and consumer engagement platform, has added a brilliant new feature to its core products, which is set to offer Listings To Leads advantage to real estate agents. The game for real estate agents has changed with technology in the past two decades. Social media platforms and apps have become the best tools to share information as phone calls become passé. Through simple Google searches and social media scrolls, interested homebuyers can find the property or real estate agent they are looking for with ease. And that's where the platform offered by Showcase IDX offers an edge to real estate agents. And now that advantage is set to grow manifold with Real Estate Listing Leads that will allow agents to generate more leads. It's interesting to note that Showcase IDX came into being in 2003 and has been consistently growing since. Its IDX search on agents and broker websites was used by more than 12 million users last year. The use of Showcase IDX also resulted in 83% more searches on Google for agent websites. Today, it has grown into being the top IDX WordPress plugin for real estate, offering the inherent advantage of the latest technologies to real estate agents. And its all new Listing to Leads feature will take things to a new level. The feature is a result of intensive research carried out by the company to harness the benefits of lead magnets and strategies that allow agents to attract new leads organically and qualify existing leads too. It's interesting to note that the feature makes creating lead listing landing pages extremely easy. They can create and share lead listing landing pages quickly and without much effort. They can then adapt the URL and paste it into the intended medium to be shared with the audience. Getting Listings To Leads is that simple and doesn't require any coding from real estate agents. Showcase IDX also offers real estate agents insights into how to make the most out of this feature. From using it as a hyperlink in emails to using it as a link on Facebook, Twitter, or LinkedIn; there are many ways in which the new feature can be harnessed to its optimum potential. And with Real Estate IDX With MLS Listings, they can make their mark in the intensely competitive environment. Showcase IDX was set up with the mission of making technology accessible to real estate agents to help them grow their business. With this brand new feature, they can further enhance that benefit by generating more leads, having everything on one system they already use, and saving good amounts every month too. About Showcase IDX Founded in 2003, the real estate search and consumer engagement platform has grown into a leading name in the industry with more than 12 million consumers using its IDX search on agent and broker websites in the past year.
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NAR Releases Its Inaugural ESG+R Sustainability Report
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Thousands of Texas real estate agents learn how to work with home builders
HomesUSA Alliance helps agents specialize, earn educational credits DALLAS, Jan. 12, 2022 -- An effort to provide new home sales education to Texas real estate agents has already helped more than 4,000 real estate sales professionals statewide learn how to better work with home builders. HomesUSA Alliance, founded by the real estate industry giants Ben Caballero and Bob Hafer, is now empowering hundreds of agents annually to become certified as new home sales specialists while earning educational credits required to maintain an active real estate license in Texas. During the pandemic, the two-day immersive coursework offered by HomesUSA Alliance became available remotely via Zoom. According to co-founder Bob Hafer, its popularity exploded as accessibility increased, with 1,100 agents have now taken either the two-day program or signed up for individual classes. The next 2-day series of classes, available via Zoom, is set for January 19-20, 2022, and open to agents throughout Texas and nationwide. Registration is via the HomesUSAAlliance.com website on its Calendar page. Hafer, who created and teaches the classes, notes the number of agents he can teach has nearly doubled during the pandemic as previously, in-person class attendance was required. In addition, the locations for classes were limited to Dallas, Ft. Worth, and Austin, Texas. Now the program is available to agents nationwide. "Working with builders offers agents a new way to grow their business rapidly. Ben became the No. 1 ranked real estate agent in America by becoming a new home sales specialist," said Hafer, "and I've spent my lifetime in the home building business. We created HomesUSA Alliance knowing from personal experience builders and real estate agents can benefit greatly from a closer working relationship." The Alliance delivers a comprehensive source of new home information for agents that provides better insight into how the building industry works. "Agents often misunderstand why builders do what they do, and the same is true for builders when it comes to knowing why agents do what they do," said Ben Caballero, co-founder of the Alliance, founder and CEO of HomesUSA.com, and a two-time Guinness World Record title holder. "Through a targeted education, we are helping to close this knowledge gap," Caballero explained. Because the classes are approved for continuing education (CE) credits by the Texas Real Estate Commission, agents can earn 11 credits from the six courses during the two-day program. Priced affordably at $200, once agents complete all six (6) CE courses, they also can earn their New Home Sales Certification from HomesUSA Alliance. "The Texas Real Estate Commission requires agents to take 18 hours of approved Continuing Education credit every two years," notes Hafer, "and the Alliance course covers about two-thirds of your two-year requirement in just two days." "But the biggest benefit the courses deliver, based on testimonials of agents who have completed the program, isn't the CE credit, but the fact they get information about how to work with builders and sell new homes that's not available anywhere else," explains Caballero. "Niches create riches in real estate is an old saying but one that may be truer today than ever," Caballero said. "The fact is there are more than 220,000 agents in Texas, and the vast majority never show a buyer a new home. Yet, we know that nationally, more than 80 percent of all real estate sales involve an agent. So, we teach real estate agents to specialize in a great business niche – how to work with builders and sell new homes. Agents who take this training will create a competitive advantage in the marketplace for themselves and will be able to serve their clients better," he added. There are six bi-monthly two-day classes, and they can be taken all at once or individually. Class titles are "Building Your Real Estate Business Through New Home Sales," "Everything You Need to Know About New Home Construction," "How to Negotiate Successfully with a New Home Builder," "Understanding New Home Builder Contracts and Addendums," and "New Home Construction Blueprint Reading for Realtors," and "How to Recognize a Green Built New Home." Registration is available online at HomesUSAAlliance.com. About HomesUSA Alliance The HomesUSA Alliance's mission is to improve builder-agent relationships through better communication. With these classes Agents benefit greatly with better insight into how home builders work. Founded by real estate industry giants Ben Caballero and Bob Hafer, the Alliance is their way of giving back to an industry that has enriched their professional and personal lives. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is a two-time Guinness World Record title holder for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Play. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com | Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Realtor.com Forecasts the Best Markets for First-Time Homebuyers in 2022
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New HomeJab Real Estate Photo Study Finds Sellers are Unprepared
Survey also asks photography pros to rate real estate agents' "professionalism" Cherry Hill, NJ - January 5, 2022 -- A new study of real estate photographers released today by HomeJab found that homeowners selling their homes are often not prepared for a photoshoot ordered by their real estate agent. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services nationwide, asked more than 300 professional photographers, "How often are homeowners not prepared for a shoot?" More than half of the professional real estate photographers said that most of the time – half to more than half – homeowners are unprepared. "Agents may be assuming their sellers know what they need to do to have their home ready for a photoshoot," said Joe Jesuele, founder and CEO of HomeJab. "But photography occurs very early in the listing process, and sellers may not realize what professional photographers need to make the right impressions," Jesuele added. According to Jon Biddle, a 10-year real estate photography veteran from Philadelphia, PA who shoots more than 100 properties a year, many homeowners forget to declutter their homes, putting away personal items on counters – cell phones, purses, drinking glasses, liquor and more. "That can detract attention away from what is important," Biddle said. "Sellers often have to spend 20 minutes or more putting away personal items," Biddle added, "and agents could do more to make sure they're ready." The HomeJab survey also turned the tables on real estate agents by asking photographers, "How professional is the typical real estate agent who hires you?" on a scale of 1-10, 10 being highly professional. Overall, photographers gave an average rating of 7.6, indicating agents who hire them are very professional. Flavio Villacorta, a professional real estate photographer who serves Washington, D.C., shared that he/she finds that real estate agents who invest in professional photography – as well as 3D tours and aerial footage – have high professional standards in everything they do. "Most agents who only use professionally shot photos for their listings are typically the best agents in the marketplace," Villacorta said. With the explosion in the popularity of using aerial photography to market homes for sale over the last several years, the HomeJab study asked professional real estate photographers if they have been harassed by someone when flying a drone to shoot aerial footage of a listing. The HomeJab survey found that one-in-three photographers experienced harassment when flying a drone. The research also revealed that just 15% of photographers surveyed said they had never flown a drone. Future Tech Trends Finally, the survey asked professional real estate photographers to pick two technologies related to their business that they are "most excited about." The findings: The vast majority of photographers said "drones," topping the list with 68%. 360-degree cameras came in at the #2 spot with 54%. Automated editing technology was #3 with 35%. New mobile phones cameras (e.g., iPhone 13) were #4 with 18%. NFTs (blockchain) was ranked #5 with 17%. "The surprise is the strong interest in NFTs," said HomeJab's Jesuele. "Five years ago, NFTs didn't even exist. Now one-in-six photographers pick it as a Top 5 technology. NFTs are starting to make their way into all areas of creative arts, including a growing interest among professional real estate photographers, and that's exciting." The HomeJab Professional Real Estate Photographer Survey collected responses from 310 professional real estate photographers nationwide. Fifty percent of the photographers surveyed shoot more than 100 property listings annually. Nearly one-in-three photographers surveyed shoot more than 200 property listings annually, with 40% of the participants being professional photographers for at least six years. The photographers polled represent all areas of the country: 22% from the Northeast, 25% from the Southeast, 17% from the Midwest, 19% from the Southwest, 7% from the Northwest, and 10% from other locations. A summary report from HomeJab is available here. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and to enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states and Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
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Pending Home Sales Subside 2.2% in November
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Homeownership in U.S. Again Less Affordable in Fourth Quarter as Prices Keep Soaring
Typical Home Remains Within Means of Average Wage Earner in Fourth Quarter of 2021; But Historic Affordability Down in Three-Quarters of U.S. Markets; National Median Home Price Hits $317,500, Another New High IRVINE, Calif. - Dec. 30, 2021 -- ATTOM, curator of the nation's premier property database, today released its fourth-quarter 2021 U.S. Home Affordability Report, showing that median-priced single-family homes are less affordable in the fourth quarter compared to historical averages in 77 percent of counties across the nation with enough data to analyze. That's up from just 39 percent of counties that were historically less affordable in the fourth quarter of 2020, to the highest point in 13 years, as home prices continue rising faster than wages throughout much of the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 440 of the 575 counties analyzed in the fourth quarter of 2021 are less affordable than past averages. The latest number is up from 428 of the same group of counties in the third quarter of 2021 and 224 in the fourth quarter of 2020 – an increase that has continued as the median national home price has shot up 17 percent over the past year to a record high of $317,500. While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the fourth quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit another high point since the third quarter of 2008. The latest pattern – home prices still manageable but getting less affordable – has resulted in major ownership costs on the typical home consuming 25.2 percent of the average national wage of $65,546 in the fourth quarter of this year. That is up from 24.4 percent in the third quarter of 2021 and 21.5 percent in the fourth quarter of last year. Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes. The mixed fourth-quarter patterns follow similar trends over the past year as the U.S. housing market continues booming for the 10th straight year both because of an in spite of the Coronavirus pandemic that hit in early 2020 and damaged major sectors of the U.S. economy. House hunters largely unscathed financially by the pandemic have surged into the market amid a combination of mortgage rates hovering around 3 percent and a desire to trade congested virus-prone areas for the perceived safety of a house and yard, as well as the space for growing work-at-home lifestyles. But they have been chasing a tight supply of homes made tighter by the pandemic. The soaring demand combined with the limited supply have pushed prices ever higher and affordability downward. "The average wage earner can still afford the typical home across the United States, but the financial comfort zone continues shrinking as home prices keep soaring and mortgage rates tick upward," said Todd Teta, chief product officer with ATTOM. "Historically low rates and rising wages are still big reasons why workers can meet or come very close to standard lending benchmarks in a majority of counties we analyze. But the portion of wages required for major ownership expenses nationwide is getting closer to levels where banks become less likely to offer home loans. Amid very uncertain times, with the pandemic again threatening the economy, we will keep watching this key measure of housing market stability." Despite the continued decline in historic affordability, major home-ownership expenses on typical homes still are affordable to average local wage earners in about half of the 575 counties in the report, based on the 28-percent guideline. The largest are Cook County (Chicago), IL; Harris County (Houston), TX; Dallas County, TX; Bexar County (San Antonio), TX, and Wayne County (Detroit), MI. The most populous of the 279 counties where major expenses on median-priced homes are unaffordable for average local workers in the fourth quarter of 2021 are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL. Home prices up at least 10 percent in two-thirds of country Median single-family home prices in the fourth quarter of 2021 are up by at least 10 percent over the fourth quarter of 2020 in 368, or 64 percent, of the 575 counties included in the report. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2021. Among the 43 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the fourth quarter of 2021 are in Middlesex County (outside Boston), MA (up 42 percent); Wake County (Raleigh), NC (up 27 percent); Maricopa County (Phoenix), AZ (up 26 percent); Hillsborough County (Tampa), FL (up 26 percent) and Clark County (Las Vegas), NV (up 23 percent). Counties with a population of at least 1 million where median prices have decreased year-over-year in the fourth quarter of 2021, or gone up by the smallest amounts, are Wayne County (Detroit), MI (down 12 percent); Cook County (Chicago), IL (down 3 percent); Kings County (Brooklyn), NY (up 2 percent); Dallas County, TX (up 5 percent) and Contra Costa County, CA (outside San Francisco) (up 6 percent.) Price gains outpace wage growth in nearly 80 percent of markets Home-price appreciation is greater than weekly wage growth in the fourth quarter of 2021 in 447 of the 575 counties analyzed in the report (78 percent), with the largest including Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Miami-Dade County, FL. Average annualized wage growth is outpacing home-price appreciation in the fourth quarter of 2021 in 128 of the counties included in the report (22 percent), including Los Angeles County, CA; Cook County, (Chicago), IL; Dallas County, TX; Kings County (Brooklyn), NY, and King County (Seattle), WA. Ownership costs still require less than 28 percent of average local wages in half the nation Major ownership costs on median-priced homes in the fourth quarter of 2021 consume less than 28 percent of average local wages in 296 of the 575 counties analyzed in this report (51 percent), assuming a 20 percent down payment. That was about the same as in the third quarter of 2021 for the same group of counties, but down from about two-thirds in the fourth quarter of last year. Counties where the smallest portion of average local wages is required to afford the typical home are Schuylkill County, PA (outside Allentown) (6.5 percent of annualized weekly wages needed to buy a home); Macon County (Decatur), IL (9.2 percent); Bibb County (Macon), GA (9.5 percent); Wayne County (Detroit), MI (10.6 percent) and Peoria County, IL (11.3 percent). Aside from Wayne County, the counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the fourth quarter of 2021 include Philadelphia County, PA (15.4 percent); Cuyahoga County (Cleveland), OH (15.7 percent); Cook County (Chicago), IL (20.6 percent) and Franklin County (Columbus), OH (21.8 percent). A total of 279 counties in the report (49 percent) require more than 28 percent of annualized local weekly wages to afford a typical home in the fourth quarter of 2021. Counties that require the greatest percentage of wages are Kings County (Brooklyn), NY (76.5 percent of annualized weekly wages needed to buy a home); Santa Cruz County, CA (73.7 percent); Marin County, CA (outside San Francisco) (71.4 percent); Maui County, HI (67.3 percent) and San Luis Obispo County, CA (64.7 percent). Aside from Kings County, NY, the counties with a population of at least 1 million where home ownership consumes the highest percentage of average annualized local wages in the fourth quarter include Orange County, CA (outside Los Angeles) (60.1 percent); Queens County, NY (59.9 percent); Nassau County, NY (outside New York City) (56.5 percent) and Alameda County (Oakland), CA (53.4 percent). Just one in five counties require annual wage of more than $75,000 to afford typical home Annual wages of more than $75,000 are needed to afford major costs on the median-priced home purchased during the fourth quarter of 2021 in just 114, or 20 percent, of the 575 markets in the report. The top 30 highest annual wages required to afford typical homes are all on the east or west coasts, led by New York County (Manhattan), NY ($274,679); San Mateo County (outside San Francisco), CA ($252,589); San Francisco County, CA ($251,054); Santa Clara County (San Jose), CA ($229,301) and Marin County (outside San Francisco), CA ($223,713). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2021 are in Schuylkill County, PA (outside Allentown) ($10,927); Bibb County (Macon), GA ($16,483); Cambria County, PA (outside Pittsburgh) ($17,784); Macon County (Decatur), IL ($19,317) and Blair County (Altoona), PA ($20,363). Homeownership less affordable than historic averages in three-quarters of counties Among the 575 counties analyzed in the report, 440 (77 percent) are less affordable in the fourth quarter of 2021 than their historic affordability averages. That is about the same as in the third quarter of 2020, when 74 percent of the same group of counties were historically less affordable, but far higher than the 39 percent level in the fourth quarter of last year. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Tarrant County (Fort Worth), TX (index of 75); Maricopa County (Phoenix), AZ (76); Mecklenburg County (Charlotte), NC (77); Hillsborough County (Tampa), FL (78) and Clark County (Las Vegas), NV (79). Counties with the worst affordability indexes in the fourth quarter of 2021 include Rankin County (Jackson), MS (index of 50); Canyon County, ID (outside Boise) (60); Rutherford County (Murfreesboro), TN (62); Gaston County, NC (outside Charlotte) (63) and Wayne County, OH (outside Akron) (63). Among counties with a population of at least 1 million, those where the affordability indexes worsened most from the fourth quarter of 2020 to the fourth quarter of 2021 are Middlesex County, MA (outside Boston) (index down 29 percent); Wake County (Raleigh), NC (down 21 percent); Maricopa County (Phoenix), AZ (down 21 percent); Hillsborough County (Tampa), FL (down 21 percent) and Clark County (Las Vegas), NV (down 19 percent). Only a quarter of markets are more affordable than historic averages Among the 575 counties in the report, 135 (23 percent) are more affordable than their historic affordability averages in the fourth quarter of 2021, down slightly from 26 percent of the same group in the prior quarter and 61 percent in the fourth quarter of last year. Counties with a population of at least 1 million that are more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to historic averages) include New York County (Manhattan), NY (index of 129); Montgomery County, MD (outside Washington, D.C.) (119); Cook County (Chicago), IL (113); Santa Clara County (San Jose), CA (113) and Fairfax County, VA (outside Washington, D.C.) (109). Counties with the best affordability indexes in the fourth quarter of 2021 include Macon County (Decatur), IL (index of 191); Schuylkill County, PA (outside Allentown) (160); San Francisco County, CA (144); Peoria County, IL (135) and Columbiana County, OH (west of Pittsburgh, PA) (135). Counties with a population of least 1 million residents where the affordability index improved most or declined the least from the fourth quarter of last year to the same period this year are Wayne County (Detroit), MI (index up 11 percent); Cook County (Chicago), IL (up 3 percent); Santa Clara County (San Jose), CA (down 2 percent); Kings County (Brooklyn), NY (down 4 percent) and Montgomery County, MD (outside Washington, DC) (down 4 percent). Report Methodology The ATTOM U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 575 U.S. counties with a combined population of 252.6 million. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $317,500 in the fourth quarter of 2021 requires an annual wage of $58,970, based on a $63,500 down payment, a $254,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income was less than the $65,546 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide affordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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'First-Time Buyer' Season 2 Now Available on Hulu
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ShowingTime Data Reveals Impressive Year-Over-Year Demand Across the U.S. as Holiday Home Showing Traffic Heats Up
Led again by Seattle, listings in 13 markets across the country averaged double-digit showings CHICAGO, Dec. 21, 2021 -- The latest data from ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, shows that home buyers continued aggressively shopping for homes throughout most of the U.S. in November, driving year-over-year gains in home showings in all regions according to the latest data from the ShowingTime Showing Index®. Seattle once again led all markets, averaging nearly 15 showings per listing, and was closely followed by Denver, which averaged 13 showings per listing. Orlando, Fla. was next with 12 showings per listing, and four more Florida cities – Miami, Port St. Lucie, Tampa and Sarasota – all averaged double-digit showings per listing. Burlington, Vt., Salt Lake City, Dallas, Manchester, N.H., Boulder, Colo. and Bridgeport, Conn. rounded out the list of top markets. "Showings traditionally lag during the holiday season, but the data we're seeing tells us that buyer demand remains strong," said ShowingTime Vice President & General Manager Michael Lane. "The fact that every region showed a year-over-year increase indicates that buyers are undeterred by the approaching holidays. It speaks to their desire to keep searching for their next home." Both the Midwest and Northeast regions saw 14 percent increases in year-over-year showing activity, with the South's 13.6 percent growth close behind. The West saw a more modest 3 percent boost in activity, with the U.S. overall seeing an increase of 12.5 percent in November. Of the cities on the list with double-digit showings, only Manchester, N.H. recorded a year-over-year decline in buyer activity. The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
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America's favorite pastime, Zillow surfing, is now a group sport with SharePlay on iPhone and iPad
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BoomTown Announces Winners of 2nd Annual Give Back Awards
Company gives over $5k in their Give Back Awards as they award $3k to real estate professionals showing exemplary service to communities in 2021, $100 to the charity of finalists' choice, and donates $10 per nomination to generate $1,090 for Homes for Heroes Foundation CHARLESTON, S.C., December 20, 2021 -- BoomTown, the leading cloud-based sales and marketing automation platform for real estate professionals, is excited to announce the winners of their second annual BoomTown Give Back Awards, highlighting members of the real estate community who have gone above and beyond to serve others in 2021. The winners each received a $1,000 prize, $100 was given to the charity of each finalist's choice, and BoomTown's pledge to donate ten dollars per nomination to the Homes for Heroes Foundation, generated an additional $1,090 donation. "It's been a privilege to facilitate the recognition of those in our industry who are truly paying it forward for a second year in a row," said Grier Allen, CEO & President of BoomTown. "We're excited about the growth and engagement of this initiative, the hundreds of examples of people doing good, and the opportunity to contribute to so many worthy causes." 2021 BoomTown Give Back Award Recipients: The Helping Hand: Nikki Nunez, Realtor / Team Owner of Utah Best Real Estate Team The Walk the Talk: Preston Smith, Co-Owner/REALTOR at Sellstate Alliance Realty & Property Management The Creative Changemaker: Sasha Mason, Corcoran Pacific Properties The Helping Hand award celebrates jumping in to aid friends, family, employees, another business or the community, The Walk the Talk award showcases those making charitable giving an integral part of their business, and The Creative Changemaker highlights using creativity to put an innovative spin on giving back. Award recipients were selected by a panel of judges from BoomTownLOVE, the company's service and outreach organization, and nominations for 2022 will resume in November. To learn more about the winners, visit click here. About BoomTown BoomTown exists to make real estate agents successful. 95,000+ of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate: Brokermint, RealContact, and MyAgentFinder. For more about BoomTown visit boomtownroi.com. About Homes for Heroes, Inc. Homes for Heroes, Inc. is the largest nationwide network of affiliate real estate, mortgage, and local business specialists; committed to providing easy ways for heroes to save on a home. Shortly after 9/11, Homes for Heroes, Inc. was established to give back to firefighters, EMS, law enforcement, military (active, reserves & veterans), healthcare professionals and teachers for all they do. Since 2009, Homes for Heroes, Inc., has helped over 35,000 heroes save over $60 million on their real estate transactions, sold over $7.5 billion in real estate to heroes, actively partnered with 3,200 like-minded real estate and mortgage professionals who've joined in the mission, and donated over $700,000 to heroes in need through the Homes for Heroes Foundation. Learn more about Homes for Heroes at homesforheroes.com.
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RE Technology's Top 10 Articles of 2021
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Leading Economic and Housing Experts Predict Multiple Fed Interest Rate Hikes, Slowing Inflation and Home Price Growth in 2022
NAR unveils top 10 housing market "hidden gems" for 2022 during association's Real Estate Forecast Summit WASHINGTON (December 15, 2021) -- Expect slower housing price appreciation, easing inflation and rising interest rates in 2022, according to a survey of more than 20 top U.S. economic and housing experts. Lawrence Yun, NAR chief economist and senior vice president of research, unveiled the consensus forecast today during NAR's third annual year-end Real Estate Forecast Summit. For 2022, the group of experts predicted that annual median home prices will increase by 5.7%, inflation will rise 4% and the Federal Open Market Committee will twice increase the federal funds rate by 0.25%. "Overall, survey participants believe we'll see the housing market and broader economy normalize next year," Yun said. "Though forecasted to rise 4%, inflation will decelerate after hefty gains in 2021, while home price increases are also expected to ease with an annual appreciation of less than 6%. Slowing price growth will partly be the consequence of interest rate hikes by the Federal Reserve." Yun forecasts U.S. GDP to grow at the typical historical pace of 2.5%, barring any major, widespread transmission of the omicron COVID-19 variant. He expects the 30-year fixed mortgage rate to increase to 3.5% as the Fed raises interest rates to control inflation but noted this is lower than the pre-pandemic rate of 4%. The housing market performed better than it has in 15 years in 2021, with an estimated 6 million existing-home sales. As mortgage rates tick up slightly, Yun predicts existing-home sales will decline to 5.9 million in 2022. He also forecasts a modest increase in housing starts to 1.67 million as the pandemic's supply chain backlogs subside. Top 10 Housing Market "Hidden Gems" in 2022 NAR identified 10 housing markets as "hidden gems" that are expected to experience stronger price appreciation relative to other markets in 2022. In alphabetical order, the markets are as follows: Dallas-Fort Worth, Texas Daphne-Fairhope-Farley, Alabama Fayetteville-Springdale-Rogers, Arkansas-Missouri Huntsville, Alabama Knoxville, Tennessee Palm Bay-Melbourne-Titusville, Florida Pensacola-Ferry Pass-Brent, Florida San Antonio-New Braunfels, Texas Spartanburg, South Carolina Tucson, Arizona "The housing sector performed spectacularly in 2021 in many markets, with huge gains achieved in places like Austin, Boise and Naples," Yun said. "Several markets did reasonably well in 2021, but not as strong as the underlying fundamentals suggested. Therefore, in 2022, these ‘hidden gem' markets have more room for growth." NAR considered a market a hidden gem based on two categories: 1) if the market's ratio of median home price to median family income is in the lower half of the 379 metro areas analyzed and 2) if the following seven indicators reflecting the strength of housing demand for that market are in the upper half of metro areas – wage growth, job growth, ratio of the change in population to the sum of housing permits, population growth, net domestic migration, percentage of the population ages 25 to 44, and the percentage of households with broadband service. NAR's top 10 list only includes metro areas with populations of at least 200,000. To view NAR's Top 10 Housing Market Hidden Gems report, click here. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Looking for Space and Willing to Pay for It: Realtor.com Survey Shows Shifting Priorities for First-Time Homebuyers
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Zillow Adds Down Payment Assistance Information to For Sale Listings
New partnership with Down Payment Resource highlights assistance programs on listings, which analysis shows can provide an estimated benefit of nearly $17,000 SEATTLE, Dec. 15, 2021 -- Zillow today announced a partnership with Down Payment Resource to help home shoppers discover the wide variety of down payment assistance programs that can make homeownership more attainable, especially for first-time home buyers. Home listings on Zillow now include information about the number of potential down payment assistance programs that may be available to buyers searching for homes on its platform. Interested home shoppers can input some basic information that is run through Down Payment Resource's extensive database, which then populates a list of all potentially available programs. Buyers will see a specific maximum amount of assistance offered and links to gather more details. This feature can be found on all eligible for-sale listings nationwide. "We want everyone to have access to resources that can help overcome common barriers to homeownership like the difficulty of saving for a down payment, which is especially challenging within underrepresented communities," said Grace Chung, Zillow's director of social impact. "Down payment assistance programs provide a viable pathway to homeownership, which can help build generational wealth and economic opportunity for many that may not have been able to imagine it for themselves. Information is power, and Zillow is proud to partner with Down Payment Resource to shed more light on these important programs." Over the past year, skyrocketing home prices have made it harder for potential buyers to save for a down payment. In Zillow surveys, two-thirds of buyers considered affording the down payment as a barrier to homeownership. First-time buyers should expect to spend a year longer saving a down payment than they would have needed five years ago. Many home buyers may not be aware of the programs that could help them with their down payment, closing costs, or taxes. All 3,143 U.S. counties have at least one down payment assistance program, and more than 2,000 counties have 10 or more available programs. According to an analysis conducted by Down Payment Resource, the estimated average benefit of a down payment assistance program today is approximately $17,000. "Millions of people may be more qualified to buy a home than they realize, and partnering with Zillow is a great opportunity to help guide these individuals from dreaming to reality," said Rob Chrane, CEO and founder of Down Payment Resource. "We've worked for many years to curate the most expansive list of affordable homeownership resources available. Nearly every community is served by some type of assistance program, and it's our mission to get this information into the hands of those that need it." This feature was developed and launched by Zillow's Social Impact Product team, a specialized group of engineers and product managers dedicated to creating positive change in the housing marketplace. This is another milestone in Zillow's broader social impact strategy to provide products and solutions that help people unlock life's next chapter such as the LGBT Local Legal Protections and the Housing Connector search tool. Down Payment Resource is the industry authority for the most current information about down payment assistance and other affordable lending programs. The company tracks more than 2,200 programs nationwide, of which more than 73% specifically support down payment or closing cost assistance. Many of these programs vary by location and are often offered by state, county or city governments. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Down Payment Resource Down Payment Resource (DPR) helps its business partners connect homebuyers to the down payment help they need through its award-winning technology. The company tracks funding status, eligibility rules, benefits, and more for over 2,000 down payment assistance and affordable lending programs. DPR was recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR licenses its products to Multiple Listing Services, REALTOR® Associations, real estate search sites, lenders, and housing counselors across the country. DPR's subscription based service, Down Payment Connect, helps agents and loan officers match buyers to available programs. For more information, please visit DownPaymentResource.com and find DPR on Twitter at @DwnPmtResource.
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