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NAR Releases Its Inaugural ESG+R Sustainability Report
Report provides comprehensive review of the association's major sustainability activities in 2021 WASHINGTON (January 11, 2022) -- The National Association of Realtors today released its inaugural ESG+R Report, highlighting the association's top sustainability accomplishments in 2021 within four categories: environment, social, governance and resilience. In the coming years, this annual report will offer a snapshot of NAR's current state of sustainability activity – existing programs, resources and services – while tracking the association's progress over time on stated goals within the context of NAR's multiyear Sustainability and Resilience Plan. "Leading by example, NAR is driving the real estate industry toward a more efficient and sustainable future," said NAR CEO Bob Goldberg. "As part of this responsibility, we are strengthening the association's support of sustainability efforts and increasing engagement on policies and programs that prioritize viability, resiliency and adaptability. We are working to generate meaningful, lasting change that will benefit both current and future generations." Some of NAR's major sustainability achievements in 2021 included the following (by category): Environment Actionable items that brought specific and positive impacts, reduced energy use and environmental footprint and helped raise awareness among stakeholders through reports and educational opportunities. The Chicago Headquarters' Master Vision Project: Initiated in 2018, this project has brought forth the most significant updates to the building in 60 years. Under normal operations, these changes will bring up to 25% in energy savings from the installation of new mechanical systems and a 75% reduction in energy consumption from the new elevator system. Materials, resources, and waste tracking all aim to meet LEED standards. The Incorporation of Sustainability into C2EX: NAR members earning their C2EX Endorsement will now have enhanced opportunities to learn about sustainability concepts and how they relate to real estate. Social Activities, initiatives, and events the association undertook to engage employees and communities promoting the growth of sustainability by unlocking opportunities for health, equity and well-being. NAR's New Core Value for All Employees – Advance Diversity and Inclusion: This new Core Value established for all NAR employees solidifies NAR's commitment to respecting diversity throughout the organization and supports the commitment to an inclusive workplace environment where everyone feels safe to express their authentic self. NAR Partnership with the Food Recovery Network: In 2021, NAR continued its partnership with FRN to donate any unused food portions from major meetings to those most in need. To date, NAR has provided more than 4,170 pounds of unserved meals to local organizations. NAR is asking state and local Realtor® associations to join this effort by pledging to donate unserved meals at events in their local communities. The Home Performance Counts joint initiative with NAR and NAHB: This initiative connects Realtors® and builders and provides first-hand experience and resources on collaboration and working with clients on high-performance homes. Governance Introducing the concepts of sustainability to members, state, and local associations, using an approach that integrates sustainability into all areas of the association. Partnership with National Oceanic and Atmospheric Administration: NAR and NOAA developed a partnership that keeps members informed on how weather events affect housing and markets. 2021 Sustainability Summit: This event was hosted virtually in 2021 and included members, industry affiliates and external partners. Select sessions were streamed to make content more available, accessible, and transparent. Changes to Sustainability Advisory Group: This group now includes all Chairs who sit on the Public Policy Coordinating Committee and NAR's Vice Presidents of Advocacy and Association Affairs. Resilience Short- and long-term actions that help Realtors® and communities respond to and prepare for extreme weather and a changing climate. Flood Factor on Realtor.com®: Realtor.com® now includes flood risk data from Flood Factor on each listing to help assess flood risk on individual properties, allowing property owners to accurately assess their risk and better prepare for future flooding events. NAR's Smart Growth Grants and Placemaking Program: This program supported state and local associations in the creation of parks, trails, and community gardens. The natural surface of these projects enhances stormwater absorption and the gardens can provide a source of food in times of need, improving a community's resiliency. NAR Supports FEMA's Risk-Rating 2.0: On October 1, FEMA began phasing in a new flood insurance pricing system called "Risk Rating 2.0: Equity in Action." NAR supports this new system, which prices flood insurance for each home individually rather than by flood zone. By adopting modern insurance industry technologies, standards, and practices, FEMA can rate more precisely and accurately by using more flood risk factors and property-specific characteristics – allowing consumers to make better, more informed decisions about the risks and costs of insuring a property. For the complete list of 2021 achievements, view NAR's ESG+R Report here. For more information on NAR's sustainability efforts, visit nar.realtor/sustainability. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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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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ShowingTime's New Offer Manager Software Streamlines the Offer Process Freeing up Agents Time to Focus on their Clients
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NEW: The Benefits of Homesnap Showings for Buyer's Agents
By now, we hope you've heard the good news: Homesnap Showings is now included as part of Homesnap Pro, available for FREE to agents nationwide as an MLS benefit. We've already covered how Homesnap Showings is a boon to listing agents, but we built this one-stop showing management technology with buyer's agents in mind, too. As a buyer's agent, you have specific challenges and needs — namely, going above-and-beyond to help your clients find their new home. With Homesnap Showings, being a buyer's agent becomes easier for you and buying a home becomes more enjoyable for your clients. For agents looking for a one-stop showings management tool that improves their clients' experience, Homesnap Showings offers five primary benefits: Instant bookings: See available times and book them in a single click. Seamless agent communication: Connect with listing agents seamlessly via Homesnap Messages. Customized itineraries: Compile all your showings — across different showing management tools — in one place. Smart routing: Get an optimized route mapped out for your day of showings. Easy feedback: Fill out feedback forms and let the listing agent know how interested you are in the property. 1. Instant bookings Homesnap Showings eliminates the time-consuming need to make calls or wait to schedule a showing. If you find a time that works for you and your client, instantly book it. All available showing times are preset by the listing agent for you to select. If the property requires approval before the showing can be booked, the listing agent will be immediately notified upon your submission request. Better yet, Homesnap Showings will hold the calendar reservation even before approval to avoid double bookings. 2. Seamless agent communication With Homesnap Messages, Showings keeps agents in-the-know. Once you submit your request, the listing agent will receive a notification — and as soon as they approve your request, you will be informed immediately! Life can be messy. If you have an issue, need to reschedule, or just have a quick question, you can use Homesnap Messages to send the listing agent a note directly within the app. 3. Customized itineraries Plan the optimal day for a buyer. With itineraries, you customize the best experience for your client. Whether you plan a day to see 1 property or 10 properties, you have full control over your itinerary, even if one of the properties on your itinerary is managed with a different showing management tool. Your whole schedule, access details, and agent contact info will be in one place. Share the day you planned with your client, and add non-showing related stops such as getting coffee or lunch to design a wonderful experience for your client. 4. Smart routing Once you've built your itinerary and booked your showings, Homesnap Showings will automatically map out the best route to take. You can adjust and set the path you wish to take and share it with your client. 5. Easier feedback, better client collaboration Within your itinerary dashboard, you can access easy-to-use feedback forms to let the listing agent know how your client felt about the property. Once your showing ends, you will receive automatic notifications that give you the option to work with your client and provide comments or interest level in the property — making it more likely your client will receive a call back about properties they're actually interested in. Check out our Homesnap Showings dashboard and experience first-hand how Showings improves buyers' agents performance and client satisfaction. To view the original post, visit the Homesnap blog.
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Realtor.com Forecasts the Top Housing Markets of 2022
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NEW: Get Boosted on Homes.com with Homesnap Pro+
Homes.com and Homesnap are now part of the same family at CoStar Group, and it's time to celebrate our first collaborative feature: Agents who upgrade to Homesnap Pro+ will now receive the added benefit of a boosted profile on Homes.com. Now, when prospects look for a real estate agent, Pro+ members get priority placement in the Homes.com agent search directory. Being at the top of the list means more eyeballs, leads, and local awareness. You'll also have your Homes.com profile enriched with Google reviews, review ratings, and agent stories, so prospective clients can see you're a top agent with a great reputation. Overall, Pro+ agents who get boosted on Homes.com will: Reach a high volume of high-intent consumers Showcase their reputation with an enriched agent profile Earn more leads We're investing tens of millions of dollars to surge traffic on Homes.com, so upgrading to Pro+ is an incredible chance to get ahead of your competition. 1. Reach a High Volume of High-Intent Consumers As an agent, you face the imperative of reaching more consumers in order to get new leads and clients. Getting boosted at Homes.com is a perfect way to accomplish those goals. The statistics make it clear just how valuable Homes.com users are: 85% of Homes.com visitors who are planning to sell have not yet selected a listing agent. 73% of buyers on Homes.com have not yet selected a real estate professional. 56% of buyers on Homes.com plan to move in the next six months. All this means that by being boosted on Homes.com, you have the opportunity to reach buyers and sellers who are actively looking for agents. As a bonus, most of the consumers sifting through agent profiles are looking to move soon — meaning that the leads you acquire will likely be ready-to-transact without too much nurturing on your end. 2. Showcase an Enriched Agent Profile Having a profile that shows up at the top of Homes.com is valuable in and of itself. But part of what makes the opportunity to get boosted on Homes.com so beneficial for agents is that the priority placement is coupled with an enriched profile that shows your five-star Google reviews, review rating, Google posts, agent stories, photos, and business hours and information. With a profile enriched by your Pro+ information, you're able to showcase your real estate chops to high-intent, high-value buyers and sellers. By getting boosted on Homes.com, you're not just positioning yourself as one of the first listed agents. An enriched agent profile means that you're also establishing yourself as a top-tier agent who has effectively done business for prior customers and is ready to take on more. 3. Earn More Leads When you reach valuable customers and present them with an enriched agent profile, you're positioning yourself to earn more leads. As we preach constantly, earning leads is the lifeblood of any agent's business. As traffic surges on Homes.com, agents who use it will reach more and more high-intent leads and will be better and better positioned than their competitors. Don't miss out: Upgrade to Pro+, get boosted on Homes.com, and instantly reach more buyers and sellers. To view the original post, visit the Homesnap blog.
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Mortgage Lending Declines Aat Unusually Fast Pace Across U.S. During Third Quarter of 2021
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VHT Studios Acquires TourFactory by Collabra Technology to Combine Nation's Largest Real Estate Photography Networks
The nation's two largest real estate photographer networks, VHT Studios and TourFactory, combine to provide unparalleled coverage to nationwide real estate brokerage firms, property management companies, mortgage providers, appraisal firms and any company relying on stunning professional photographs to market homes, properties, and businesses. ROSEMONT, ILL. AND SPOKANE, WASH. (DECEMBER 02, 2021) -- VHT, Inc., the parent company of VHT Studios, and Collabra Technology, Inc. today announced the acquisition of the TourFactory photography network. This transaction brings together the nation's two largest real estate photographer networks and provides unparalleled coverage to nationwide real estate brokerage firms, property management companies, mortgage providers, appraisal firms and any company relying on stunning professional photographs to market homes, properties, and businesses. The combination of VHT Studios' photographers and the TourFactory network of independent photographers and photography companies gives leading national real estate brands access to the world's largest network of professional real estate photographers. It also ensures that local real estate agents have access to even more dedicated visual marketing professionals with additional tools and resources to provide world-class service. As part of this transaction, VHT and Collabra have entered into a multi-faceted partnership that will shape the real estate marketing industry for years to come. Under the agreement, Collabra will take an ownership stake in VHT, Inc., and VHT will assume ownership and management of the TourFactory platform for real estate photographers. Collabra will continue to provide its industry-leading listing marketing technology through the TourFactory network. In addition, VHT Studios will now become a sales channel for Collabra's Powerhouse marketing solutions, providing current and prospective VHT customers with access to Collabra technology. The combination strengthens VHT's market leadership by extending the reach and depth of its real estate photography platform and support for real estate photographers. It will also allow Collabra to focus on building new and innovative marketing technology for an industry under siege due to disruption. "This partnership means enhancements and benefits for the TourFactory platform, providers, and clients by leveraging VHT's 22 years of developing new visual marketing technologies for real estate," said Brian Balduf, CEO and Chairman of VHT Studios. "Real estate professionals anywhere in the country can have high quality, professionally produced photography, 3D tours, drone video, aerial photographs, floor plans and virtual staging provided by local experts backed by the resources of the pioneer in the industry," Balduf added. TourFactory and VHT Studios are both long established and trusted brands in the real estate photography and visual marketing industry with more than 40 years of combined experience. "TourFactory has always focused on supporting local photographers by providing a convenient and robust platform to help manage their businesses and by providing marketing services to their clients," said Russ Cofano, CEO of Collabra Technology. "VHT Studios is a foundational business partner to the nation's leading brokerages, builders and property management firms. The combination provides the best of both worlds, making it even easier for real estate professionals to work with the top creative talent in their markets and have access to powerful marketing tools as well," added Cofano. Terms of the acquisition were not disclosed. About VHT Studios VHT Studios delivers excellence in professional photography, virtual tour videos, virtual staging, interactive floor plans, drone photography and video, 3D tours, and image management services to top professionals looking to become even more successful. Since 1998, VHT Studios has managed the corporate real estate photography and video programs for market leading and national real estate organizations to maximize their return on investment in the visual assets used to promote their properties, agents and brands. VHT Studios' services ensure properties get seen more, sell and rent faster and at a greater price, which also helps attract new clients. For more information, visit http://www.vht.com. About Collabra Technology Collabra Technology provides digital marketing technology and services enabling real estate agents, teams, brokerages, builders, and developers to accelerate sales through powerful digital marketing solutions. For more information, please visit CollabraTechnology.com.
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Realtor.com 2022 Housing Forecast Reveals a Whirlwind Year Ahead for Buyers, Especially First-Timers
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'For Sale By Owner' Listings Tend to Be Used by Rural and Lower-Income Sellers
Over three-year period, 4-6% of all monthly listings nationwide were offered directly by owners SEATTLE, Nov. 23, 2021 -- A recent report released by Zillow highlights trends in homes listed as "For Sale By Owner" (FSBO), which are advertised and sold directly by owners without enlisting the services of an agent. Over the past three years, FSBOs have made up 4-6% of all home listings nationally, which translated to roughly 63,000 homes for sale during September 2021. The research also found that FSBOs are most common in rural areas and tend to be more affordable. "Our research shows that homes put on the market directly by owners are a small but consistent part of the housing ecosystem," said Zillow economist Alexandra Lee. "We see that these types of listings are more heavily used by rural, lower-income sellers, a demographic that appears to value flexibility to sell their home on their own terms." The research found that in 2021, 24% of rural sellers did not use an agent, compared to 16% of suburban and 20% of urban sellers. Additionally, across all markets, FSBOs are listed at prices 18% lower than properties represented by agents. This trend is likely attributable to location and size of the home, rather than the home being sold at a discounted price. The median listed price for a FSBO home is $292,810. The median price of a home listed with a seller's agent is $355,777. FSBOs can be found in every state in the country, providing an option for some buyers searching for a home at a lower price point. For instance, in states like New York, Illinois and Montana, FSBOs are 19-25% less expensive than non-FSBO properties. States with the largest share of FSBO properties are concentrated in the Midwest and South. FSBOs make up at least 10% of all homes for sale in Iowa, Mississippi, Nebraska, Kentucky, Arkansas, Oklahoma and West Virginia. The data shows homeowners with lower incomes are more likely to sell their properties directly. For instance, a household earning less than $50,000 annually is almost twice as likely to sell a home without an agent than a household earning over six figures. Around a quarter (24%) of sellers earning less than $50,000 sold their home without the help of an agent over the past three years. While more FSBOs are generally in rural areas, FSBOs can still be found at lower prices than traditionally listed properties in a number of large, populated U.S. metro areas. In 23 of the largest 50 metros, FSBOs are priced lower than agent listings. Looking closer at these figures, the research shows that homes for sale by the owner in Indianapolis, St. Louis, Atlanta and San Antonio had the largest price differential — FSBOs in these markets were listed at 10% less than traditionally listed properties in these markets. The research also found that due to structural inequities in income and, in turn, home value and type, sellers of color are slightly less likely to report using an agent. On average over the past three years, 79% of Black sellers and 76% of Latinx sellers report enlisting an agent to help sell their home. White sellers reported using an agent 83% of the time. Overall, FSBOs are used for all home types, but are most popular for sellers of smaller home types like townhomes, row houses, duplexes, triplexes, mobile homes and manufactured homes. The steady and consistent prevalence of FSBO listings underscores the importance of this option as one of many in today's housing market. 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 Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. 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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Chime Partners with Dubb to Bring Power of Video to Lead Engagement and Conversion
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NAR Travel Club to Provide Travel Discounts to Members
WASHINGTON (November 18, 2021) -- The National Association of Realtors has partnered with Panorama Travel Solutions to create NAR Travel Club, an exclusive travel experience platform with access to full-service travel booking capabilities, including hotel, resort, car and air. As part of the REALTOR Benefits® Program, NAR members and their families can access an optimized booking engine, deeply discounted inventory at more than 600,000 hotels and resorts worldwide, and competitive pricing for a wide range of travel services. Members can also purchase discounted resort vacation certificates that can be given out as closing gifts to clients. "Travel-related services are one of the most highly requested benefits from our members," said NAR CEO Bob Goldberg. "We are excited about our partnership with Panorama Travel Solutions and we look forward to offering Realtors® a customized booking platform, significant hotel discounts and a number of other tremendous benefits as part of their NAR membership." Realtors® can visit nar.realtor/NARtravelclub to create an account and get access to a unique activation code which will provide them with a full suite of travel products, including hotel discounts of up to 60% and resort vacation certificates. Premium memberships are also available with additional savings on travel and an expanded suite of products, including event tickets, shopping and cruises. "We're delighted to add NAR members to our growing list of customers as we know travel services are important and sought-after benefits, but often hard to manage," said Fiona Downing, senior managing director of Panorama. "This agreement highlights Panorama Travel Solutions' ability to scale and develop custom travel club products that meet an organization's unique needs, all while enhancing the lives of their stakeholders through memorable vacations." Learn more about all the benefits available in the REALTOR Benefits® Program 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. The REALTOR Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries.
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Flyhomes for Agents expands to Idaho
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ATTOM Expands Property Data and Analytics Footprint to Include Climate Change Risk Data
Access to Detailed Property Information and Climate Risk Ratings for Five Climate Change Hazards: Fire, Flood, Heat, Drought and Storm; Climate Change Data Solution for Today, Tomorrow and the Future IRVINE, Calif. - Nov. 17, 2021 -- ATTOM, curator of the nation's premier property database, today announced it has added a category of data to its ever-expanding ATTOM Table of Data Elements. The addition of ATTOM's climate change risk data offers a comprehensive, forward-looking risk assessment for every property nationwide. NEW Enhanced ATTOM Table of Data Elements "Our mission at ATTOM is to increase real estate transparency and fuel innovation. We continue to expand our data footprint to help our customers solve the additional challenges this housing market presents," said Todd Teta, chief product and technology officer at ATTOM. "With the addition of this new data product clients will be able to better mitigate risk, streamline decision making and gain deeper intelligence on the housing market." ATTOM's climate change risk solution includes ratings at the property level for five climate change hazards – wildfire, flood, heat, storm and drought. Each property is assessed with a 0-100 rating for each climate change risk listed above, and all ratings are compared to all properties nationwide. This risk assessment rating helps to determine a property's current and future risk of climate-change-related hazards, with projections going as far out as 2050 — a period within the lifespan of a 30-year mortgage signed today. "Understanding current and future climate change risk has become a very important data point for many of our customers in real estate, mortgage and insurance industries," says Sean Mooney, vice president of product at ATTOM. "So, it makes perfect sense for us to offer it as a new solution tied into our robust property database." Customers can use ATTOM's climate change risk solution to evaluate properties for investment decisions, assess risk for new product development, or to enrich a real estate portal with unique content. Additional use cases include: Determine a property's projected climate risk when insuring a home Identify risk exposure for reinsurance decisions Screen individual assets to avoid high risk assets Understand how climate change increases operating expenses ATTOM's climate change risk data will be updated quarterly and is available today for delivery via bulk files, with integration to ATTOM Cloud and API coming soon. ATTOM is your one-stop shop for nationwide premium property data with flexible delivery solutions. Our commitment to continuing to power innovation across various industries has earned top honors and accolades, including being named among MReport's Top 30 Companies to work for in 2020, T3 Sixty's Tech500 in 2020, and HousingWire's Tech100 for 2021. Our most recent corporate acquisitions, furthering expanding our data footprint, have not only demonstrated our focus on investing in data elements, but also our focus on investing in people elements, with the integration of numerous talented teams. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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An Easier Way to Organize Your Home Search: Partners and Roommates Can Now Search Together on Realtor.com
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ShowingTime Introduces Three Exclusive Features for Agents to Further Streamline Showings at No Additional Cost
ShowingTime Secure Access, Showing Beacon and ShowingTime LIVE Video are available now CHICAGO, Nov. 12, 2021 -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, announced today that three exclusive features, ShowingTime Secure Access, Showing Beacon and ShowingTime LIVE Video, previously only available in select markets, are now included for all users on the company's showing management platforms across the U.S. and Canada. "We're pleased to provide these three features to all of our clients," said ShowingTime Vice President & General Manager Michael Lane. "Agents who book showings and other appointments will gain increased peace of mind and enjoy greater scheduling flexibility, including conducting live, one-on-one virtual tours for buyers who aren't available for an in-person showing, such as out-of-town buyers, right from our app. Providing these features is aligned with our goal to streamline the showing process to make it more convenient for agents and their clients." ShowingTime Secure Access provides enhanced security for listings, as lockbox access is granted based on ShowingTime's real-time appointment data. The listing agent has the flexibility to set the access window for their listings – for example, 15 minutes before a showing and 15 minutes after. A buyer's agent with a confirmed showing can then view access information during that window, whether it's a combo box or Bluetooth-enabled lockbox. "The technology is focused on bringing the right agent to the right listing at the right time," Lane said. Showing Beacon, accessible from the ShowingTime mobile app, enables agents to set a timer for a showing or client meeting. If the timer reaches zero before being cancelled, an emergency contact selected by the agent will receive a text notification, which includes details about the agent's current location so the contact can check on the agent to make sure the agent is okay. ShowingTime LIVE Video is ideal when an in-person showing is not possible, giving agents the option to host live, one-on-one video showings from the ShowingTime mobile app without requiring any additional account or app. It enables buyers to ask questions and specify which parts of a listing they'd like to see in greater detail, just as if they were there in person. ShowingTime recently announced an initiative to redesign its showing management platform to give users an enhanced experience. The company is one of the presenters at Town Square Theater during the 2021 National Association of REALTORS® Conference & Expo and will also be sharing additional details about it on the expo floor at booth 1021. 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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Buffini & Company Launches Dynamic Coaching for Real Estate Teams
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Mortgage Delinquency Continues to Sink as Pandemic Recedes, CoreLogic Reports
Homeowners look to income growth and home equity wealth to manage their mortgage debt IRVINE, Calif., November 9, 2021 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2021. For the month of August, 4% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.6-percentage point decrease in delinquency compared to August 2020, when it was 6.6%. To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In August 2021, the U.S. delinquency and transition rates, and their year-over-year changes, were as follows: Early-Stage Delinquencies (30 to 59 days past due): 1.1%, down from 1.5% in August 2020. Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.8% in August 2020. Serious Delinquency (90 days or more past due, including loans in foreclosure): 2.6%, down from 4.3% in August 2020. Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.2%, down from 0.3% in August 2020. This remains the lowest foreclosure rate recorded since CoreLogic began recording data (1999). Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.6%, down from 0.9% in August 2020. Facing slower than anticipated employment growth — August saw an increase of only 235,000 new jobs compared to the expected 720,000 — households have found creative ways to cut back on spending to prioritize mortgage payments. In a recent CoreLogic survey, over 30% of respondents said they would cut back on both entertainment and travel to focus on repaying outstanding debt. Income growth and a continued buildup in home-equity wealth will be important parts of financial recovery for borrowers hit hardest by the pandemic. "The unprecedented fiscal and monetary stimuli that have been implemented to combat the pandemic are pushing housing prices and home equity to record levels," said Frank Martell, president and CEO of CoreLogic. "This phenomenon is driving down delinquencies and fueling a boom in cash-out refinancing transactions." "The decline in the overall delinquency rate to its lowest since the onset of the pandemic is good news, but it masks the serious financial challenges that some of the borrower population has experienced," said Dr. Frank Nothaft, chief economist at CoreLogic. "In the months prior to the pandemic, only one-in-five delinquent loans had missed six or more payments. This August, one-in-two borrowers with missed payments were behind six-or-more monthly installments, even though the overall delinquency rate had declined to the lowest level since March 2020." State and Metro Takeaways: The next CoreLogic Loan Performance Insights Report will be released on December 14, 2021, featuring data for September 2021. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Methodology The data in The CoreLogic LPI report represents foreclosure and delinquency activity reported through August 2021. The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not subject to foreclosure and are, therefore, excluded from the analysis. CoreLogic has approximately 75% coverage of U.S. foreclosure data. About the CoreLogic Consumer Housing Sentiment Study 3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics. The survey has a sampling error of~3% at the total respondent level with a 95% confidence level. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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34% of Recent Movers Live in Single-Income Households, Up From 29% Before the Pandemic
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Realtors to 'Rise and Shine' During Annual REALTORS Conference & Expo in San Diego
WASHINGTON (November 3, 2021) -- This week, Realtors from across the country and around the world will gather in San Diego to experience the premier global event for real estate professionals. "Rise and Shine" serves as the theme for the first-ever hybrid – in-person and virtual – REALTORS® Conference & Expo, the annual conference for the world's largest trade association. Participants from all 50 states, several U.S. territories and 45 countries will interact with 250 exhibitors at the industry's largest trade show and choose from 80 educational sessions on a wide array of topics, including emerging real estate technology, housing supply and affordability issues, and cybersecurity, among many others. "NAR's last in-person annual conference was nearly two years ago. In that time, Realtors® have risen to meet daunting business challenges and have helped lead our industry and our economy through the difficult times presented by the COVID-19 pandemic," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "NAR members and real estate professionals from around the world will come together to share best practices, network, give back to the local community, and shine a light on what's new and next in our constantly changing industry." NAR Chief Economist Lawrence Yun will examine recent domestic and international economic trends and offer his 2022 forecast for the residential and commercial real estate markets. Former New Orleans Saints quarterback and Super Bowl XLIV MVP Drew Brees will join Oppler for the conference's general session on November 13. Simone Biles, four-time Olympic gold medalist and the most decorated gymnast in World Championship history, will deliver the keynote address during the conference's general session on November 14. Oppler will discuss the nation's political climate with CNBC contributor and radio host Ron Insana during Saturday's Federal Legislative and Political Forum. Finally, NAR will install its 2022 officers on Monday, November 15, during the association's Board of Directors meeting. Visit conference.realtor to track all conference happenings and events. Follow NAR on Facebook, Twitter and Instagram @nardotrealtor and #NARAnnual. 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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Seller Profits Increase Across U.S. in Third Quarter as National Median Home Price Reaches Another Record
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Matterport 3D Capture Now Freely Available for More than a Billion Android Mobile Devices
Now everyone can create a three-dimensional digital twin of their home, office, hotel, or any physical space using just the smartphone in their pocket SUNNYVALE, Calif. - October 28, 2021 -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced that Matterport for Mobile now gives Android users worldwide the power to instantly create a dimensionally accurate digital twin of buildings and spaces with just the smartphone in their pocket. Now available in 175 countries in the Google Play app store, the company's breakthrough 3D capture app for Android taps into the platform‘s leading market share of the global mobile device market. With more than 6 billion active smartphones in the world today, Matterport aims to sharply accelerate its progress toward digitizing the built world. "The future of the built world is in the palm of our hands. Matterport for Mobile delivers big value in a small package, increasing productivity with every space we digitize," said RJ Pittman, Chairman, and CEO of Matterport. "Just download and go. Our free subscription lets everyone digitize one home, office, or hotel with any compatible Android or iOS device and get 100% Matterport, 100% free. Getting started with Matterport doesn't get any better than this." 3D Capture for All Customers across a variety of industries use Matterport to measure, document, manage, and promote their properties online. Here are just a few examples: Homeowners can create a precise and comprehensive digital appraisal of their property and everything in it for insurance, space planning, or just peace of mind. Builders can plan and manage a construction project online and collaborate inside the digital twin with designers, contractors, and clientele. Real estate agents and rental property managers can quickly capture and publish a stunning 3D virtual experience online and share it across websites and professional and social networks. Instant Gratification With the app installed, a digital twin can be created in just minutes. Setup is quick with helpful tutorials available every step of the way. Matterport's precision AI-powered capture software is designed to make 3D capture fast, easy, and reliable for everyone. Mobilize the Team Small businesses and enterprises everywhere can instantly experience the power of Matterport with the best full-featured free offering in the industry. Teams can create a set of digital twins for multiple properties, just by downloading the app to each team member's device. It's never been easier and more cost-effective to capture multiple spaces with the convenience of Matterport for Mobile. "We're excited to introduce the power of Matterport to Android users across the world, and provide our customers with another option to help them bring their properties online with the devices they already own," said Japjit Tusli, CTO of Matterport. "Starting today, they can try it out with their teams for free and instantly increase their 3D scanning capacity." Matterport for Mobile is accelerating the company's international expansion across Asia Pacific, Europe, the Middle East, and Africa where Android market share is especially concentrated. Like the iOS version, the company's new Android app supports 3D capture using all other compatible camera options including the powerful Matterport Pro2 3D camera, the Leica BLK360 lidar camera, and six different 360 cameras from Insta360 and Ricoh. Learn more about Matterport for Mobile here. 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 150 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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Americans Are Willing to Get Ghoulish to Snag a Home in This Monsterish Market, According to Realtor.com Survey
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The 5 Most Haunted Cities in the U.S.
Plus: See where these cities rank based on Market Risk Indicators when it comes to the probability of a housing price decline IRVINE, Calif., October 25, 2021 -- CoreLogic, the company that brings you the OneHome™ platform, has dug deep into its crypt to unearth the five most haunted cities in the U.S. Discover all the unique property-level insights and innovative features — excluding where the ghosts reside — with connections to everything about a property, community and more with the CoreLogic® OneHome service. October brings ghost tours, stories of paranormal activity and haunted houses. Haunted data is hard to come by as most ghosts tend to be elusive when it comes to taking a census count. That said, some areas generate more ghost stories and sightings than others. Here are five of the most haunted cities in the U.S. New Orleans, Louisiana. Ghosts are said to wander in the city's famous cemeteries, in churches throughout the city, in Jackson Square in the French Quarter and at certain hotels. According to CoreLogic® Market Risk Indicators (MRI*), at 16.4%, New Orleans faces the highest probability on this list of a housing price decline twelve months from now. Savannah, Georgia. While Savannah is known for its lovely Southern charm, the city is also near the top of most lists of haunted cities. Underneath its famous squares are numerous former burial grounds and many hotels and restaurants are visited by people who hope to catch a glimpse of a ghost. Savannah is looking at a 11.5% probability of a housing price decline in twelve months. Portland, Oregon. Portland may be known today for its hipster vibe and craft beer, but the city is also one of the most notoriously haunted places in the U.S. The main location for ghost sightings is the Shanghai Tunnels, which were built in the late 1800s to transport goods in the international port city. Portland has a 11.8% probability of a housing price decline twelve months from now. Washington, D.C. The nation's capital is home to some of the most haunted buildings in the country. The White House is said to be haunted by past presidents and their families from President Lincoln to Abigail Adams. Visitors can book ghost tours at local cemeteries. Of all the cities listed here, Washington D.C. has the lowest probability of seeing a housing price decline in twelve months at just 9.4%. Salem, Massachusetts. Salem is best known for its witch trials in the late 1600s, when people were tried as witches and the "guilty," executed. Those victims are said to continue to haunt the cemeteries, homes and trial sites in the town. Ghost and witch tours are available in the daytime and by candlelight for those who want to explore the town's paranormal activity. You can even take a photography class with tips on how to photograph ghosts. Salem has a 15.3% probability of a housing price decline in twelve months. CoreLogic data is delivering enhanced information and providing more actionable insights in the communities you love. Find out more here. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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HomeJab Study Says Video Tops 3D Interactive Tours
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Impacts of Student Loan Debt on Homebuying Uncovered at Realtor Policy Forum
WASHINGTON (October 13, 2021) -- Top experts from the housing and higher-education fields joined policy thought leaders from the National Association of Realtors on Wednesday to discuss the current student loan debt crisis and how it affects the economy, housing market, and debt holders. The event explored the findings of NAR's September report, The Impact of Student Loan Debt. For the past eight years, NAR has been collecting and examining research to measure the impact of student loan debt on future homebuyers. The report uncovered that student loan debt is one of the most significant hurdles for potential buyers and their ability to purchase a home. "Today's millennials are drowning in student loan debt. After our research, we can now say with certainty that student loan debt is making it difficult to buy a home," said NAR Vice President of Policy Advocacy Bryan Greene to open the event. "We know that homeownership is the ticket to wealth and equity. Many are concerned that to address student loan debt, we would have to take the load off students and on put it on taxpayers. Others advocate help from private employers. We need to talk about all options and explore what reforms are possible." Fifty one percent of student loan holders say their debt delayed them from purchasing a home. NAR's Vice President of Demographics and Behavioral Insights, Jessica Lautz, took the time to explore and explain the research the association has recently done. "We first started researching this topic because of NAR member's children – they couldn't afford a home because of the burden of student loan debt. We knew they weren't alone because there are 40 million Americans holding student loan debt," said Lautz. "Half of non-owners say student loan debt is delaying them from buying a home. We asked participants in our research to pretend they paid off their student loan debt – they said the first thing they would invest in is long-term savings and the second would be buying a home. So, we know they want to get into homeownership, but they are having a hard time getting there." The Mortgage Bankers Association (MBA) spoke about today's competitive housing market. Detailing that in the current market candidates are faced with other buyers offering all-cash offers and a competitive bidding process. In result of intense competition, MBA supports assistance in down payment which is clearly needed for first time homebuyers specially in low-income areas. Senior Vice President of Public Policy for the National Fair Housing Alliance, Nikitra Bailey, went on to outline how student loan debt has a disproportionate effect on people of color. NAR's research shows White student debt holders (30%) are less likely than Black (47%) or Hispanic (47%) debt holders to say they are currently incurring student loan debt for themselves. "Today Black homeownership is as low as it was when discrimination was legal," said Bailey. "After 20 years of taking out student loans, Blacks still owe 95% of the balance of the debt and are more likely to default. Post-secondary education is now a necessity to succeed, yet a degree is not a shield from racial disparity. Our proposed Down Payment Targeted Assistance Program addresses student loan debt as a burden that leads to the lack of ability to save for a down payment, mostly among Blacks and Latinos. And our Keys Unlock Dreams Initiative will help close the racial wealth and homeownership gap." Rachel Fishman, Deputy Director for Research, Higher Education at New America was able to explain to the audience the burden on parents who take out Parent PLUS loans. These federal loans continue to be an in between space where parents take on the student loan debt of their child. "When we talk about student loan debt we talk about the student, but we need to start correlating the family," said Fishman. "My hope is to raise awareness about this issue… to start addressing the root cause of debt – food insecurity, housing affordability, childcare. Families are juggling these things on balance sheets along with student loan debt. Among other recommendations, we seriously need to address college affordability for a four-year degree." The last speaker for the event was Ben Kaufman, Head of Investigations & Senior Policy Advisor at the Student Borrower Protection Center. He closed the forum with statistical intel that outlined the chronological timeline showing the increasing financial instability that student loan debt is creating in this country and how it is standing in the way of people being able to purchase a home. "Student loan debt has exploded in the US. There are more people borrowing, and they are borrowing more. People think of a student loan debt holder as young person, but actually two-thirds of borrowers are over the age of 30," said Kaufman. "Even before COVID, the rate of delinquency on student loans was higher than the delinquency on mortgages at the peak of the financial crisis. Before COVID, a borrower was defaulting on a student loan every 26 seconds. So much of this is policy choices, for generations every single day in Washington all levels of government have been making decisions on this. It is imperative to claim your seat at the table so your voices can be heard. If your voices were heard from the onset, I don't think we would see the consequences we see today." The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Q3 2021 U.S. Foreclosure Activity Begins to See Significant Increases as Foreclosure Moratorium Is Lifted
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STAGERIE Partners with BoxBrownie.com to Offer Users Full Suite of Home Staging Services
Created for Homeowners, Real Estate Agents, Staging Professionals DES MOINES, Iowa, Oct. 11, 2021 -- Stagerie announces today their new partnership with BoxBrownie.com, a virtual staging technology company, to expand into a full suite of home staging services. The full suite of services for staging will now include occupied home consultations, occupied staging coordination, and vacant staging rentals. This is possible with Stagerie's new referral partnership with BoxBrownie.com, the global leader in virtual staging and image enhancement. Stagerie users will now be able to easily access BoxBrownie.com's time-saving virtual staging technology and start elevating their listing photography. "I've seen firsthand what a difference a staged home makes in selling, both online and in person," said Nora Crosthwaite, Stagerie Founder. "That's why I want every home to be staged beautifully, no matter the price point. With the expansion in services and our partnership with BoxBrownie, we can now serve all clients." Stagerie founder Nora Crosthwaite is a former software professional and a licensed REALTOR® in Iowa. After showing hundreds of homes, Crosthwaite realized that many homes on the market were not staged for a quick sale. She is now on a quest to ensure every home for sale is perfectly positioned to sell, leading her to start Stagerie. "We are very excited to partner with Stagerie and work with their team of designers to provide the client with the highest quality of virtual staging," says Kosha Brown, Director of Business Development at BoxBrownie.com. "We at BoxBrownie.com strive to streamline the staging and listing process and provide agents with top-notch imaging." Stagerie began as an occupied home staging company, giving homeowners and real estate agents an easy way to get a full occupied staging consultation, conveniently, using their phone. Now, clients can start with Stagerie's easy questionnaire to determine the specific needs of the home. Depending on their needs, Stagerie will then coordinate a full staging action plan and work with a local independent stager to bring the space to life. The new partnership will allow Stagerie to create a full staging action plan and BoxBrownie.com will virtually stage the home accordingly. Users will have access to an exclusive coupon code for all BoxBrownie.com photo enhancement services. They offer an array of services beyond virtual staging including 16-step image enhancement process, day to dusk twilight conversion, item removal, and more. About Stagerie Stagerie is an open online marketplace that provides homeowners with the best visualization of their listing to increase its sale price. Serial entrepreneur, Realtor® and software professional Nora Crosthwaite created Stagerie to bring together homeowners, staging professionals and real estate agents to enhance the revenue of each. To learn more, request a demo or visit www.stagerie.com. About BoxBrownie.com Established in 2015, BoxBrownie.com is Australia's leading image marketing technology specialist for the property industry. With paying customers in 104 countries globally, BoxBrownie.com offers a cloud-based system designed to make image editing fast and affordable. Services include retouching and photo enhancement, CGI rendering, virtual tours, and virtual staging.
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October Is Ripe for Homebuyers According to Analysis from ATTOM on Historical Home Sales
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Inventory Just Hit a 2021 High, which Means More Choices for Fall Buyers
U.S. inventory declines continued to shrink (-22.2% year-over-year) despite a dip in new listings in September SANTA CLARA, Calif., Sept. 30, 2021 -- New housing data shows inventory hit a 2021 high in September, giving buyers more choices than they have had all year, according to the Realtor.com® Monthly Housing Report released today. Nearly one-third of the 50 largest metros continued to see increases in newly-listed homes compared to last year and in Austin, Texas; Portland, Ore.; Jacksonville, Fla.; and Washington, D.C., new listings were up more than 10% year-over-year. "Put simply, this September buyers had more options than they've had all year and while that's typical of early fall, that's not what happened in 2020. Still, it's important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year," said Realtor.com® Chief Economist Danielle Hale. "There are fewer homes for sale than last year and less than half as many as two years ago; homes are also selling a lot faster. With new listings in September dipping below last year for the first time in 5 months, next month's data will yield important clues about whether this setback is going to be temporary or a new trend." Inventory holds steady despite the first new-listings dip in 5 months The U.S. supply of for-sale homes reached a new 2021 high in September, as buyers continued to see steady improvement in the number of active listings compared to earlier this year, the typical seasonal pattern that was notably missing in 2020. The pace at which inventory has been closing-in on the yearly gap slipped in September. Nationally, available inventory – or active listings on Realtor.com® without a contract – reached a new 2021 high of 646,053 for-sale homes in September. U.S. housing inventory declined 22.2% year-over-year in September, an improvement over August (-25.8%), but is still less than half (-52.5%) of typical 2017-2019 levels. Compared to the national rate, inventory declines were improving more quickly in the 50 largest U.S. metros, down by an average of 18.5% year-over-year. Overall new listings posted an annual decline nationwide (-3.9%) for the first time in five months in September, while newly-listed entry-level single-family homes continued to rise (+8.0%). Although the 50 largest U.S. markets saw an average new listings decline of 3.4% year-over-year in September, nearly one-third (16) of those metros continued to post new listings gains, on par with August. The biggest new listings growth was seen in Austin, Texas (+19.9%), Portland, Ore. (+16.3%), Jacksonville, Fla. (+15.1%) and Washington, D.C. (+10.7%). Among the areas with the biggest drops in newly-listed homes in September were those affected by Hurricane Ida, including the Northeast (-5.4%) and South (-3.2%), as well as the West (-4.7%) where wildfires may have delayed new sellers' plans to enter the market. Uncertainty from resurgent COVID cases, which had an outsized impact on sellers earlier in the pandemic, may also be playing a role. Hard-hit metros in these regions registered the highest yearly new listings declines, including New Orleans (-51.2%), Hartford, Conn. (-22.4%), Miami (-14.5%) and Los Angeles (-14.5%). Sellers can still cash in but should check expectations against recent local trends September data also offered good news for sellers as listing prices remained historically-high nationwide. However, September pricing trends reflected more normal seasonal cooling compared to fall 2020, offering buyers some lower cost options, after the double-digit growth seen from August 2020 through July 2021. The U.S. median home price held at last month's near record-high of $380,000 and grew at the same annual rate (+8.6%) in September, and was up 20.6% from 2019. In further signs of some sellers competing more for buyers, the share of active listings with price adjustments grew for the second month in a row in September, up 1.5% year-over-year to 17.9% of active listings. In the nation's 50 largest metros, home prices increased by an average of 4.1% year-over-year in September, an uptick from the August yearly growth rate (+3.5%). The West (+9.1%) and South (+7.9%) posted the biggest regional price gains over last year. Additionally, western and southern metros dominated the top five list of markets by highest price growth: Austin (+33.6%), Las Vegas (+24.6%), Tampa (+20.8%), Orlando (+16.9%) and Riverside, Calif. (+15.4%). Time on market follows more normal seasonality compared to last fall In September, homes sat on the market for slightly longer compared to the feverish pace seen over the summer, giving buyers relatively more time to make decisions. Time on market remains faster than in 2019-2020, but is following more typical seasonality compared to 2020 when homes sold fastest during the Fall. The typical U.S. home spent 43 days on the market in September, an increase over the record-fast pace seen in June (37 days), but home sales were still faster than in 2020 (-11 days) and 2019 (-22 days). Homes sold at a faster pace than the national median in the 50 largest metros in September (37 days), on average, but the gap from last year is shrinking more quickly (-7 days). Time on market trends varied depending on where you live: The South saw the fastest home sales compared to last year (-12 days), with the biggest metro-level declines seen in southern cities like Miami (-32 days) and Raleigh (-29 days). Five metros saw a yearly increase in time on market in September: Washington, D.C. (+7 days), San Diego (+7 days), Philadelphia (+4 days), Buffalo (+2 days) and Baltimore (+2 days). Methodology Housing data as of September 2021. Listings include the active inventory of existing single-family homes and condos/townhomes for the given level of geography on Realtor.com®; new construction is excluded unless listed via the MLS. In this analysis, entry-level homes are defined as 750-1,750 square-foot single family homes. In this release, price adjustments are defined as home listings that had their price reduced in September 2021. Listings that had their prices increased during the month are excluded. In September, the count of listing price reductions was more than 8 times higher than the count of listing price increases. 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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Redfin Reports Asking Prices Up 12% to All-Time High
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Natural Disaster Threats Are Now Front and Center for Homebuyers
Three in four recent homebuyers report that concern over the threat of natural disasters impacts their housing decisions, according to new Realtor.com survey SANTA CLARA, Calif., Sept. 27, 2021 -- September marks National Preparedness Month, a time when Americans are reminded and encouraged to take steps to prepare for emergencies. For many people, a home is their largest asset and as natural disasters become more common, keeping it and themselves safe is an increasing concern. A new survey from Realtor.com found that 78% of recent home buyers took natural disasters into account when choosing the location of their new home. The survey of 3,026 consumers, which was conducted online by HarrisX in July 2021, found that 62% of homeowners are concerned about the threat of natural disasters, and that number was even higher for recent home buyers (75%) and among millennials (72%). Natural disasters that are most concerning to homeowners include: tornadoes (39%), severe cold or winter storms (38%), floods (35%), hurricanes (29%), earthquakes (21%), wildfires (17%), droughts (11%) and sinkholes (8%). Homeowners in rural and suburban communities were most concerned about tornadoes and severe cold/winter storms, while flooding was a top concern for those in urban areas. "Natural disasters can have enormous impacts on communities and homeowners, and with increased frequency and intensity of weather-related events, National Preparedness Month is a good reminder of how important it is to be prepared," said Realtor.com® Chief Marketing Officer Mickey Neuberger. "Our mission is to help bring people home, but it's also about helping people when their home is damaged or lost after disaster strikes, which is why Realtor.com® recently made a $200,000 commitment to help aid in disaster response efforts." With natural disasters becoming more frequent and severe, nearly half (47%) of consumers are more concerned today about the threat of natural disasters to homeownership compared to five years ago; 44% said their level of concern is unchanged and only 9% feel less concerned. For some, the threat of future natural disasters could impact their decision about whether to move or sell their home. One-third (34%) of surveyed consumers would consider proactively selling their home, moving or both to avoid future natural disasters, while 66% said they aren't considering either. To help buyers make good home buying decisions and increase awareness about a home's flood risks, which are among the most common and costly disasters in the U.S., Realtor.com® was the first listing portal to include flood risk information on for-sale and off-market properties. As of August 2020, all properties on Realtor.com® now display a Flood Factor® – developed by the First Street Foundation – with a score between one (minimal risk) and 10 (extreme risk) that represents its cumulative risk of flooding over a traditional 30-year mortgage. Over the past year, site users have viewed flood information on Realtor.com® more than 150 million times. The feature is heavily viewed on properties in hurricane-prone states like Florida and Texas, as well as in states all along the eastern seaboard. While being prepared can't prevent a disaster it can help homeowners recover faster; when asked how prepared they were for a natural disaster specific to their area, two thirds (68%) of surveyed consumers said they were very or somewhat prepared and less than one third (32%) said they were only somewhat or very unprepared. To bring help and hope to those who are impacted by natural disasters, Realtor.com® has donated $200,000 to the REALTORS® Relief Foundation, a charitable organization dedicated to providing housing-related assistance to victims of disasters. The REALTORS® Relief Foundation, is administered by the National Association of REALTORS®, which covers 100 percent of RRF's administrative costs so that every dollar donated goes directly to disaster relief efforts. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 3,026 adults. The survey was carried out online from July 21-23, 2021. The sampling margin of error of this poll is ±1.8 percentage points. The figures represent a national view of U.S. adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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Elm Street Technology Acquires Austin-based Digital Marketing Company OutboundEngine
Strategic acquisition strengthens Elm Street's growing market share in real estate and lending September 30, 2021 - Dallas, TX -- Elm Street Technology, LLC (“Elm Street Technology"), a leading provider of residential real estate technology and marketing solutions, today announced the acquisition of OutboundEngine (“OutboundEngine"), a marketing automation software company based in Austin, Texas. The acquisition of OutboundEngine complements and expands Elm Street's Elevate platform, which provides an end-to-end suite of real estate technology and marketing services. “Elm Street Technology and OutboundEngine share a similar vision and culture, which we are confident will make this a powerful combination," said Prem Luthra, President and CEO of Elm Street Technology. "Both of our companies are striving to create a streamlined, simplified user experience for the real estate community and complementary industries. Joining forces allows us to collectively focus our attention on creating a true ‘one-stop shop' for all aspects of real estate marketing and productivity." Elm Street Technology's Elevate platform, which aims to maximize real estate professionals' business efficiency by providing a single vendor and point of contact, is currently used by tens of thousands of real estate agents, teams and brokerages across the United States and Canada. Elevate offers a variety of seamlessly-integrated tools including IDX websites, lead generation services, CRM, email, social, text and blog marketing automation, transaction management, recruiting and retention campaigns and more, all backed by comprehensive customer support and training. “We are in a time of sweeping digital change and customer-focused product evolution," stated Marc Pickren, CEO of OutboundEngine. “OutboundEngine's ability to align with a progressive and forward-thinking company like Elm Street Technology will empower us to evolve our products and services at an aggressive pace that's never been seen in the real estate sector." “Not only does OutboundEngine's tech stack add an additional layer of opportunity for our current real estate client-base, they also are focused on servicing a larger audience segment such as mortgage and lending," adds Prem Luthra. “As we expand more aggressively into these markets in 2022, an alliance between our organizations was an obvious choice and we're thrilled to welcome the entire team into the Elm Street Technology story." Early in 2020, Elm Street Technology announced a strategic partnership with Aquiline Capital Partners, a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. This partnership has enabled Elm Street Technology to accelerate its organic growth and to pursue strategic acquisitions. OutboundEngine is the tenth acquisition for Elm Street Technology since the company's founding in 2016. Past acquisitions have included companies such as VoicePad, FlowROI, IDX Broker, eMerge, AgentJet, Listingbook, RLS2000, Morris Marketing / IXACTContact, and Consolidated Knowledge. About Elm Street Technology, LLC Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com. About OutboundEngine Based in Austin, Texas, OutboundEngine is focused on helping businesses grow by making online marketing simple and easy for everyone. The company's SaaS platform automates email marketing, social media posting, online review collection and more for over 10,000 customers. Founded in 2012, OutboundEngine is ranked No. 95 on the Inc. 5000 and has been consistenly named a top workplace in Austin. For more information, please visit outboundengine.com. About Aquiline Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. The firm had $6.9 billion in assets under management as of June 30, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com.
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Recent Home Buyers Are Overwhelmingly Open to Renting Out Their Home, According to Realtor.com Survey
In the age of the sharing economy, younger homeowners see their home as a potential income stream and are open to having renters SANTA CLARA, Calif., Sept. 23, 2021 -- In today's sharing economy, recent homebuyers are overwhelmingly open to using their home as a way to generate income and offset expenses. Realtor.com's latest survey found that while many owners are using traditional methods such as taking on a roommate, some are also employing more creative tactics when it comes to generating income from their home, such as renting out their outdoor space or parking spot. "As the next generation of home buyers has embraced ridesharing and short-term rentals, it's a natural next step that they begin to think of their biggest asset -- their home -- as a potential income stream," said George Ratiu, manager of economic research, Realtor.com®. "For people looking to take advantage of the sharing economy, in addition to traditional approaches it may be worthwhile to explore creative solutions, such as listing your home as a vacation rental when you leave town, or renting your outdoor space or pool. Even a small amount of income each month can multiply over a year or more and can turn into bigger returns. The survey of 3,026 consumers, which was conducted online by HarrisX in July 2021, found that: Sixty-nine percent of recent homebuyers would rent out part of their home if it had a separate entrance, kitchen and bathroom. Thirty-two percent of consumers have already rented out a room, space or outdoor feature of their property, most commonly taking on a long-term roommate (10%) or renting a room on a short-term basis such as on Airbnb (8%). Creative rental solutions that consumers have employed include: Renting outdoor spaces such as a parking spot (7%), or a yard/pool (6%). Six percent of those surveyed have rented their whole home while they were away and 7% have lived in a smaller unit on their property while renting out the main house. Consumers said that the biggest reason to rent out part or all of their home was: Extra income to save (53%), extra spending money (37%), to lessen the burden of general monthly expenses (35%), to offset major home expenses such as the mortgage (29%), and to cover a family vacation (16%). Rental preferences among homeowners include: Fifty-two percent of consumers would feel comfortable renting a part of their home that has its own entrance, kitchen and bathroom to someone they already knew, 30% would be comfortable as long as they could vet the renter and 29% would be comfortable with a renter that was vetted by a third-party, such as an app. A surprising 16% of people would rent a space to anyone if they really needed the money. Recent buyers were less picky about vetting, with 32% saying they would rent to someone they know and 23% being open to anyone. Among all respondents, long-term renters (24%) were preferred to medium-term (21%) or short-term renters (18%). "It is important to keep in mind that while today's sharing economy may make it sound easy to make rental income off of your home, there are many factors to consider before taking the leap. You should familiarize yourself with tenant rights in your state and locality, and understand any community restrictions. Along with those, making sure that renters have been properly vetted and that home insurance will cover any potential damage, are additional things to look into before inviting renters into your home," said Ratiu. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 3,026 adults. The survey was carried out online from July 21-23, 2021. The sampling margin of error of this poll is ±1.8 percentage points. The figures represent a national view of U.S. adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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During a Frenzied 2021 Market, Busy Real Estate Agents Processed More than 120,000 Offers Using ShowingTime's Offer Management Platform
ShowingTime also announced igloohome joined its Premier Lock Vendor program, a program that provides additional integration features for lockbox vendors with Bluetooth capabilities CHICAGO -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that its Offer Manager platform, used by listing agents and buyer's agents across North America, helped them manage more than 120,000 offers during the real estate industry's multiple-offer frenzy of the past year. Offer Manager provides agents with an experience that is intuitive, presenting a ‘submit an offer' button that can be used from any device. It reduces the number of panic-laden "Did you get my offer?" calls, emails and text messages between agents, and instead infuses clarity into one of the many challenging tasks real estate agents face: communicating clearly with each other about offers. "Before Offer Manager, it was the 'Wild West' – agents were inundated with multiple modes of offers, including faxes, emails and even text messages with pictures of offers," said Michael Barbaro, broker/owner at Huntsman, Meade & Partners Comp in New Haven, Conn. "Some people didn't even follow up, so if you weren't expecting their offer and you didn't know to look for it, and you're fielding another 15+ other offers, it could just be overlooked. The lack of a system was the worst possible scenario for the industry." "Delays often result from communication barriers between agents, leading to confusion on the status of offers while essential documentation can easily be misplaced," said ShowingTime President Michael Lane. "With Offer Manager, listing agents and buyer's agents have a full view of the status of an offer from start to finish, all from within the interface of their existing ShowingTime showing management service. The same philosophy that has guided the development of our showing management products was in place here: provide agents with a streamlined process that will pay dividends in efficiency and productivity to fuel their growth." Offer Manager works in parallel with ShowingTime's 'schedule a showing' process and is deployed MLS-wide in many U.S. and Canadian markets. A version for brokers, teams and individual agents, Offer Manager Premium, is also available. "We received so many offers at the end of 2020 and the beginning of 2021 that it was beginning to put a strain on our admin staff and we clearly needed a solution," said Joe Kipping of Keller Williams Tampa Bay Home Team. "Before Offer Manager, all offer management would be done with an email inbox, a spreadsheet and Google Drive. Now, I can view the offer quickly and I know the buyer's agent will be sent a notification letting them know the offer was received, saving me a lot of time." MLSs in Mississippi, Nevada and North Carolina are rolling out the product for members, while multiple offices, teams and agents have signed up for Offer Manager Premium. In addition, the company announced that igloohome, the consumer brand under igloocompany, joined its Premier Lock Vendor program. They provide agents with smart lockboxes for hassle-free home access and Bluetooth® technology to provide one-tap access. "We're pleased to be a ShowingTime Premier Lock vendor," said igloocompany CEO and Founder Anthony Chow. "We share a common desire to facilitate easier, safer access to homes." About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in more than 370 Multiple Listing Services representing 1.4 million real estate professionals across Canada and the U.S. For more information, visit www.showingtime.com. About igloocompany igloocompany is the market leading smart access solution provider. The company operates a consumer line of business branded igloohome and an enterprise-focused line under iglooworks. With igloohome smart locks, consumers can grant time-sensitive access to their properties remotely leveraging on their unique technology - algoPIN™. iglooworks offers businesses a suite of solutions for remote monitoring and management of access for property and infrastructure management. Currently headquartered in Singapore, it has 13 regional offices including a U.S. presence in Texas. For more information, visit www.igloocompany.co.
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The Best Home Buying Deals of The Year Are Here, According to Realtor.com
The week of Sept. 12 kicks off the best time to buy and is the optimal week to shop for a home in New York City, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland SANTA CLARA, Calif., Sept. 13, 2021 -- The best time to buy a home in America is officially here. Between Sept. 12 and Oct.17, the majority of markets across the country will hit their home buying sweet spot with more homes for sale, lower prices and less buyer competition compared to the average week of the year, according to Realtor.com's Best Time to Buy Report. This week kicks off the season with optimal home buying conditions in New York, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland, but the majority (18 markets) won't hit their prime until the week of Oct. 3 (see chart below for optimal weeks by market). Those who buy a home during their market's best time to buy week on average will see 166,000 (31%) more listings than the average week of the year and have an additional 100,000 more new listings to choose from nationwide. They will have 18% less competition from other buyers than the peak and 6% less than the typical week. They could see prices $10,000 (2.6%) below their seasonal high and will have 7 more days, on average, to consider a home before it's gone. "Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales -- which is good news for homebuyers," said Danielle Hale, chief economist, Realtor.com®. "As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time homebuyers to make a purchase with somewhat less competition." Based on an analysis of listing data since 2018, Realtor.com® has found that this time period offers the best balance of market conditions for homebuyers. While the current market is still challenging, especially for first-time homebuyers, the key factors -- available homes and buyers in the market -- align best starting Sept. 12 to reduce prices and competition with the majority of major metro areas hitting their sweet spot by Oct. 17. There will be more homes to choose from Although the year began with extreme inventory shortages, the market began to consistently see more listings this summer adding 100,000 or more new listings in 15 of the last 17 weeks. On average, the best time to buy in each market will mean 166,000 (31%) more active listings than the average week and have an additional 100,000 new listings to choose from nationwide. That is 46% more than the start of the year. The week of Oct. 3, we expect to see 7.2% more active listings than the average week, and 17.6% more than the start of a typical year. If 2021 follows the typical seasonal pattern, there should be around 705,000 listings on the market in October nationwide, which is roughly 100,000 more active listings than during the peak summer season in July. Buyers will face less competition Fall sees a seasonal slowdown partly driven by the opening of schools, as many buyers put their home search on hold when their children return to the classroom. July is typically the peak for homebuyer demand, as measured by views per property on Realtor.com®. The summer has the highest concentration of buyers looking at each home for sale, which translates to competition for buyers looking to lock down a home. On average, the best time to buy in each market will see 18% less competition than the July peak and 6% less than the average week. Prices may begin to dip Prices and affordability remain at the forefront of many buyers' minds, especially after the double-digit price growth earlier in the year. During the best week to buy, homes may be more affordable. During the week of Oct. 3 prices could dip 2.6% compared to a typical season high. On a median listing price of $385,000, buyers could save approximately $10,000. And in the largest housing markets, prices could dip more than 10% from their peak. The best week to buy is also a peak period for price reductions, with an average of 7.0% of homes dropping their price. Based on inventory estimates, this could mean roughly 50,000 homes nationally will see price reductions. An added help to buyers: mortgage rates remain near historical lows (2.87% in August). Homes are selling a bit slower Homes have been selling at a blistering pace, forcing many buyers to make a purchase sight unseen, or to make more concessions to close a deal. But the best week to buy should bring some relief to those who need more time to make their decision. In June, the national median time on market for a home was just 37 days, down from 56 days in 2020. On average, home buyers will have 7 additional days to consider a home. During the week of Oct. 3, we expect the pace to slow by 18%, compared to the peak pace earlier in the year. That means by October, it should slow to about 44 days. Best Time to Buy for the Top 50 Largest Metro Areas Methodology: Realtor.com® analyzed six supply and demand metrics at a national and metropolitan level using data for 2018-2019 period (2020 data was omitted due to anomalies caused by the pandemic). Those metrics include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (Realtor.com® views per property), and 6) price reductions. Each week of the year was ranked using each of those metrics by how favorable the conditions were for buyers (e.g. high score for lower prices). The week with the highest composite score across all metrics was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. 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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August 2021 U.S. Foreclosure Activity Rises Following the End of the Foreclosure Moratorium
Foreclosure Starts Increase 27 Percent from Last Month; While Completed Foreclosures Increase 22 Percent from Last Year IRVINE, Calif. - September 9, 2021 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its August 2021 U.S. Foreclosure Market Report, which shows there were a total of 15,838 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 27 percent from a month ago and up 60 percent from a year ago. Numbers reflect the first month since the government moratorium has lifted. "As expected, foreclosure activity increased as the government's foreclosure moratorium expired, but this doesn't mean we should expect to see a flood of distressed properties coming to market," said Rick Sharga, Executive Vice President at RealtyTrac, an ATTOM company. "We'll continue to see foreclosure activity increase over the next three months as loans that were in default prior to the moratorium re-enter the foreclosure pipeline, and states begin to catch up on months of foreclosure filings that simply haven't been processed during the pandemic. But it's likely that foreclosures will remain below normal levels at least through the end of the year." Illinois, Nevada, and New Jersey had the highest foreclosure rates Nationwide one in every 8,677 housing units had a foreclosure filing in August 2021. States with the highest foreclosure rates were Illinois (one in every 3,848 housing units with a foreclosure filing); Nevada (one in every 4,738 housing units); New Jersey (one in every 4,868 housing units); Delaware (one in every 5,348 housing units); and Ohio (one in every 5,517 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2021 were Bakersfield, CA (one in every 1,796 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,886 housing units); Cleveland, OH (one in every 2,259 housing units); Rockford, IL (one in every 3,037 housing units); and Las Vegas, NV (one in every 3,718 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2021 included Cleveland, OH and Las Vegas, NV were: Chicago, IL (one in every 3,754 housing units); Riverside, CA (one in every 4,098 housing units); and Birmingham, AL (one in every 4,649 housing units). Foreclosure starts increase 27 percent from last month Lenders started the foreclosure process on 8,348 U.S. properties in August 2021, up 27 percent from last month and up 49 percent from a year ago. "While foreclosure starts increased significantly compared to last month and last year, it's very important to keep these numbers in context," Sharga noted. "Both last year's and last month's foreclosure starts were artificially low due to the government's moratorium. But in August of 2019, the last year we had ‘normal' foreclosure activity, there were almost 28,000 foreclosure starts – over three times more than this year." States that had the greatest number of foreclosure starts in August 2021 were California (1,240 foreclosure starts); Texas (1,060 foreclosure starts); Florida (643 foreclosure starts); Illinois (506 foreclosure starts); and New York (479 foreclosure starts). Those major metropolitan areas with a population greater than 1 million with the greatest number of foreclosure starts in August 2021 included New York, NY (486 foreclosure starts); Chicago, IL (439 foreclosure starts); Los Angeles, CA (401 foreclosure starts); Houston, TX (322 foreclosure starts); and Dallas-Fort Worth, TX (248 foreclosure starts). Foreclosure completion numbers increase across the board Lenders repossessed 2,474 U.S. properties through completed foreclosures (REOs) in August 2021, up 2 percent from last month and up 22 percent from last year. States that had at least 100 REOs in August 2021 and saw the greatest monthly increase included: New York (up 136 percent); Michigan (up 62 percent); Illinois (up 24 percent); Florida (up 19 percent); and Texas (up 13 percent). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2021 included Chicago, IL (177 REOs); New York, NY (84 REOs); Detroit, MI (78 REOs); Baltimore, MD (58 REOs); and Tampa, FL (43 REOs). Report Methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides 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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NAR Good Neighbor Award Finalists Honored for Strengthening Their Communities
WASHINGTON (September 2, 2021) -- For the 22nd consecutive year, the National Association of Realtors is honoring 10 finalists for its 2021 Good Neighbor Awards Program. This award honors Realtors® who have made significant, tangible volunteer contributions in their communities to improve the lives of their neighbors in need. "Despite the many challenges navigating COVID-19 restrictions and running a nonprofit during the pandemic, these Realtors® were there to help their communities at a time their contributions were needed most," said NAR President Charlie Oppler. "I am so proud to honor this year's Good Neighbor Award finalists for continuing the Realtor® tradition of giving back and making a difference." Beginning today, the public can vote for their favorite of the 10 Good Neighbor finalists. The top three finalists will be recognized as Web Choice Favorites and take home an additional donation of $2,500, $1,250 and $1,250, respectively. Cast your vote at realtor.com/goodneighbor between September 2 and October 1. Both the winners, as determined by judges, and the Web Choice Favorites will be announced on October 6. The five winners will receive a $10,000 grant and national media exposure for their charity, including a feature in the fall issue of REALTOR® Magazine. The winners will be honored during the 2021 REALTORS® Conference & Expo in San Diego, Calif. Five honorable mentions will receive $2,500 grants: The 10 NAR Good Neighbor Awards finalists are as follows: Dawn M. Adams, The Palmetto Real Estate Company, Aiken, S.C. Since 2011, Adams has been helping to rescue and rehabilitate victims of human trafficking both in the U.S. and internationally. As a board member with Abolish Slavery Coalition (AbolishSlavery.org), Adams organizes multi-agency task forces that help locate those who were kidnapped, while helping rescued victims begin the process of restoring normalcy in their lives. Bob Bell, Mile Hi Property, Denver, Colo. Every Friday, Bell and hundreds of volunteers meet to pack and deliver weekend meals for 10,000 at-risk children scattered across 72 Denver-area schools. By eliminating overhead and relying on his dedicated volunteers, Bell has turned Food for Thought into a powerhouse, with 497,205 backpacks of food delivered to date, the equivalent of almost 4 million meals. Sharon Chambers-Gordon, Windermere Professional Partners, Tacoma, Wash. Founder of Raising Girls, a nonprofit that helps low-income young women boost their confidence and self-esteem, Chambers-Gordon and her volunteer team donate menstrual hygiene products to tweens and teens who might otherwise skip school and sports because of embarrassment or financial constraints. Chris Cockerham, F.C. Tucker/Bloomington REALTOR®, Bloomington, Ind. Cockerham helps combat homelessness by taking advantage of his expertise and contacts in the real estate industry. He has spent more than a year helping New Hope for Families find a new permanent location, which doubled its shelter capacity and raised $1.2 million, in large part from local REALTORS®. Sydney Ealy, Brooks & Davis Real Estate, Houston, Texas In 2014, Ealy founded TWST4Girls, a nonprofit organization that offers a variety of educational programs and one-on-one mentoring for low-income girls. The opportunities are designed to help girls aged 11-17 boost self-esteem, learn important life skills, and start on a path toward higher education. Brent Gieseke, Exit Realty Professionals, Kansas City, Mo. Gieseke wears many hats as a volunteer serving the needs of refugee families. Since 2018, he's helped acquire and renovate homes, called "Blessing Houses," while teens from refugee families work at his side to learn job and life skills designed to help in their acclimation to life in America. Kibe Lucas, KW The Kibe Lucas Team, Wasilla, Alaska For 20 years, Lucas has been a passionate board member for the Children's Place, a nonprofit that offers hope to families impacted by child abuse and neglect. He has leveraged his real estate experience to secure land for a new headquarters, raise half a million dollars, and recruit countless supporters to promote the well-being of more than 4,000 American children. Denny and Linda Ellsworth-Moore, Coldwell Banker Hubbell BriarWood-Delta, Lansing, Mich. Since 2004, Denny Moore and Linda Ellsworth-Moore have volunteered with Child and Family Charities, a nonprofit that supports children in need. The couple has raised $345,000 and collects donations of bikes, school supplies, clothing, and holiday gifts, with special emphasis on bikes for foster children. Christina Sauger, Charles Rutenberg Realty Inc., Clearwater, Fla. Sauger founded The Harbor Dish, a nonprofit that provides healthy meals and companionship to anyone regardless of their ability to pay. The mobile program includes hosting large-scale community dinners on a pay-what-you-can model, and delivers hot meals to seniors, foster children, domestic violence survivors and others in need. Raymond Siddell, Keller Williams Legacy Group, Cedar Rapids, Iowa Siddell mobilized his community's emergency response after a violent derecho damaged 90% of the homes and buildings in his hometown. During his efforts he discovered an underlying food insecurity in the region, leading him to create Together We Achieve. This now permanent food pantry has distributed 1.2 million pounds of food to local residents in one year. NAR's Good Neighbor Awards is supported by primary sponsor realtor.com®, plus Chase and The Center for REALTOR® Development. "Volunteers help bring and hold communities together, especially during challenging times like those we continue to face today," said realtor.com® CMO Mickey Neuberger. "The Good Neighbor Awards finalists exemplify that spirit of volunteerism, and we are proud to celebrate and recognize the impact these changemakers have had and the lives they've touched." Nominees were judged on their personal contribution of time as well as financial and material contributions to benefit their cause. Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers to the right local agent in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted partner, providing connections to transaction-ready consumers 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®. Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 44 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com. The Center for REALTOR® Development (CRD) is NAR's home for learning. With 10 designations and certifications, 11 learning pathways, over 100 microcourses, and an award-winning podcast, there is a learning experience for every real estate professional. Sharpen your skills and boost your business by investing in yourself. Get started at learning.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Realtor.com August Housing Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market
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CoreLogic Investor Homebuying Report Shows Slowing Purchase Activity Amid Shifting Market Dynamics: A Decade in Review
Report shows small investors make up a more significant share of real estate purchases Significant migration out of California pushes investor activity to more affordable areas IRVINE, Calif., August 30, 2021 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, shared its Investor Homebuying report highlighting home U.S. purchase trends between 2011 and 2020. In the report, CoreLogic investigates activity nationally by both price tier and investor size and looks at which regions have had the most and least activity. A decade ago, there was a flurry of home purchase activity following the 2006 housing market crash as investors began capitalizing on low-cost, high-growth properties. However, this purchase activity peaked in 2018 and since then, the pace of investment has slowed. In 2019, the investment rate (the share of home purchases made by investors) in the U.S. housing market was 16.3%, and by 2020, it had slowed to 15.5%. Despite the decreasing rates, overall, investors have maintained a strong presence in the market during the last 10 years. Smaller investors are making up a more significant share of investors than at any point in the past and continue to gain their market share at the expense of their larger counterparts. This is likely due to large out-migration from expensive areas to more affordable ones, allowing smaller investors to snap up properties at lower rates. "At this critical juncture — the first year into the new decade and continually moving farther away from the pandemic — when the hot housing market cools down, we may see investor activity increase as they try to buy more properties at lower prices," said Molly Boesel, principal economist at CoreLogic. "Although investors seem to have given some of their coveted market share to buyers, it's hard to say how long this trend will last — or what the long-term implications will be on a larger scale." State and Metro Takeaways California dominated investor activity in 2011, with Los Angeles, San Jose, San Diego, San Francisco, Sacramento, Stockton and Riverside all in the top 10 areas with the highest investor activity. Despite this, no California metro areas made the top 10* in 2020. Cities in the Mountain West, the western Midwest and the South led investment activity by 2020, and investment has grown in metro areas like Boise, Idaho; Phoenix and Salt Lake City, as they tend to have lower prices and growing populations fueled by out-migration in California. Download the report here. Methodology: This report uses the industry-leading CoreLogic public record database. An investor is defined as an entity (individual or corporate) who retained three or more single-family properties simultaneously within the past 10 years. This report enhances the definition of an investor purchase that was introduced in a 2019 CoreLogic report. The previous report identified an investor purchase by looking for a corporate or non-individual identifier on the deed. Examples include LLCs, CORPs, and INCs, to name a few. This report includes those purchases but in addition, uses probabilistic record linkage methods to identify more investor purchases by seeing how many properties a person with the same name and address retains at any one time. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Buying a Starter Home is More Affordable than Renting in Nearly Half of the Biggest U.S. Metros
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Matterport launches Notes, an interactive collaboration and communication tool for its digital twins
Notes enables real-time collaboration, communication, group field notes, documentation to unlock big productivity gains for teams SUNNYVALE, Calif., Aug. 25, 2021 -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced the open beta launch of Notes, a conversational, real-time team collaboration, communication and file sharing tool directly inside Matterport digital twins. With Notes, home buyers and renters can invite friends and family to visually locate and tag their favorite rooms and features of a property; corporate teams in the workplace can collaborate on space planning and office layouts; and enterprise organizations can manage facilities, assign tasks, and make key operating decisions across a portfolio of remote locations faster. "Notes is a game-changer for teamwork and efficiency," commented Japjit Tulsi, Chief Technology Officer at Matterport. "Increasingly, companies are adopting business collaboration and communication functionality in order to improve work across distributed workforces to save time and money. Notes is an industry-first, bringing collaborative conversations to digital twins. By enabling interaction with specific locations and objects directly within the digital twin, Notes saves considerable time and significantly improves coordination, teamwork, efficiency and productivity across multiple stakeholders," he added. Using Notes, users can have conversations directly within a Matterport space. Anyone who is invited to a space can ask questions or insert comments, view, reply to, and create conversation threads, and receive instant email notifications when new activity happens. New users can be easily added via @mentions. Additionally, multiple users can securely share and access files and engage in rich threads which include attachments, images, documents, and videos. With built-in privacy features, only invited participants can view and comment on Notes, even if a Matterport space is publicly available. Watch how Notes works here: Notes also provides task management capabilities within the digital twin, including functionality to resolve a task note when completed and categorization of tasks with hashtags and colors. File uploads in digital twins are securely stored in the Matterport Cloud and only accessible to those with access to the space. All of these capabilities can be applied at scale across an entire portfolio of projects and properties at an enterprise level. Notes is being used across a wide range of industries, including: Residential real estate: homeowners can communicate more easily with contractors and designers for home projects; document insurance claims visually; or invite friends and family to tag and discuss what they like about homes they are considering renting or buying. Commercial real estate: landlords can provide faster information to service teams working on building maintenance and facilities management. Architecture, engineering and construction: architects can collaborate on interior architecture decisions remotely; building engineers can address remote inspections and site assessments, while construction teams can connect vendors, assign subcontractor tasks and coordinate on-side trades all remotely and in real-time. Retail: store managers can communicate directly with central teams on merchandising and store layouts for greater consistency and faster execution across multiple locations at once – all from just a laptop or smartphone. Learn how to get started today with Notes here. 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 spaces more valuable and accessible. Millions of buildings in more than 150 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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Affordable Housing Concerns and Food Insecurity Linked, NAR Report Finds
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Homebuyer Traffic Cools in July, Though Showings Remain at Historic Levels Per Data from ShowingTime
110 markets still averaged more than 20 showings per listing during the first five days listings are active – Lakeland, Fla., was one of the few markets that recorded a month-over-month increase in showings, while Seattle, Denver, Memphis and Orlando lead in double-digit showings CHICAGO (August 20, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that showing activity slowed during July compared to prior months, but still remained at historic levels with 110 markets averaging more than 20 showings per listing during the first five days, per data from the ShowingTime Showing Index. "In general, there are definite signs of cooling demand," said ShowingTime President Michael Lane. "However, buyer traffic is still at historically high levels compared to pre-pandemic showings." Of the top 30 markets tracked by ShowingTime, only Lakeland, Fla., recorded a month-over-month increase in showings per listing. The slowdown is consistent with the normal seasonality of residential real estate. According to the Showing Index, 41 markets still averaged double-digit showings per listing during the month, led by Seattle, Denver, Memphis and Orlando. That was down from June, when 64 markets averaged double-digit showings per listing. In May, 113 markets recorded double-digit showings per listing, while in April that number was 146. The South’s modest jump of 7.7 percent year-over-year growth in buyer demand put the region at the top of the country in July, followed by the West’s meager 0.4 percent uptick. The U.S. overall saw a 5.3 percent drop in showing traffic, with the Northeast seeing a 15.2 percent dip and the Midwest realizing a drop of 0.2 percent. "Although real estate demand continues to be in historic territory, for the first time this year the ShowingTime Showing Index posted a 5.3 percent year-over-year decline in July," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The average number of showings per listing have been declining for four months now, at a faster rate than the typical slowdown in this part of the year. Showings per listing declined by 33% from March levels in 2021, while in a typical pre-pandemic year, July would be about 20 percent slower than March." 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. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Three Quarters of Millennials Would Consider a 3D Printed Home, According to Realtor.com Survey
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Opportunity Zone Redevelopment Areas Still Reaping Benefits of National Home-Price Boom in Second Quarter 2021
Median Values Again Rise Annually By At Least 15 Percent in Half of Zones; Opportunity Zone Price Spikes Remain on Par with Those Outside of Zones IRVINE, Calif. - Aug. 12, 2021 -- ATTOM, curator of the nation's premier property database, today released its second-quarter 2021 Opportunity Zones report analyzing qualified low-income zones established by Congress in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 5,236 zones across the United States with sufficient sales data to analyze, meaning they had at least five home sales in the second quarter of 2021. The report found that median single-family home prices increased from the second quarter of 2020 to the second quarter of 2021 in 75 percent of Opportunity Zones and rose by at least 15 percent in about half of them. Price patterns in Opportunity Zones continued to roughly track trends in other areas of the U.S., even surpassing them in some ways, much as they did in the first quarter of this year. Home values in Opportunity Zones did continue to lag well behind the national median of $305,000 in the second quarter of 2021. About three-quarters of the zones with enough data to analyze had typical second-quarter prices below the national figure. Some 39 percent also still had median prices of less than $150,000 in the second quarter of this year. But that was down from 47 percent a year earlier as values inside some of the nation's poorest communities kept surging ahead with the broader national housing market, despite the Coronavirus pandemic remaining a threat to the U.S. economy. Even as the national economy was gradually recovering during the Spring of 2021 from the economic damage that came after the pandemic hit early last year, the impact continued to hit hardest in lower-income communities that comprise most of the zones targeted for tax breaks designed to spur economic redevelopment. Nevertheless, Opportunity Zones largely kept pace with national home-price trends as increases roughly paralleled the nationwide boom now in its 10th year. Opportunity Zones are defined in the Tax Act legislation as census tracts in or along side low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people. "Housing markets kept chugging along in some of the nation's poorest neighborhoods during the second quarter of this year in another sign that the decade long home-price boom across the nation knows pretty much no boundaries. Values kept rising inside specially designated Opportunity Zones at around the same rate as they did in other areas even as the Coronavirus pandemic continued causing economic hardship," said Todd Teta, chief product officer with ATTOM. "For sure, property values in Opportunity Zones remain depressed. But the price spikes there not only suggest that those communities are a very viable option for households priced out of more-upscale neighborhoods. They also indicate the ongoing potential for the economic revival that underpins the Opportunity Zone tax breaks." High-level findings from the report include: Median prices of single-family houses and condominiums rose from the second quarter of 2020 to the second quarter of 2021 in 2,901 (75 percent) of the Opportunity Zones with sufficient data to analyze and increased in 2,916 (64 percent) of the zones from the first quarter to the second quarter of this year. By comparison, median prices rose annually in 81 percent of census tracts outside of Opportunity Zones and quarterly in 70 percent of them. (Of the 5,236 Opportunity Zones included in the report, 3,850 had enough data to generate usable median prices in the second quarters of both 2020 and 2021; 4,577 had enough data to make comparisons between the first quarter of 2021 and the second quarter of 2021). Measured year over year, median home prices rose at least 15 percent in the second quarter of 2021 in 2,011 (52 percent) of Opportunity Zones with sufficient data. Prices rose that much during that time period in 51 percent of other census tracts throughout the country. Opportunity Zones did even better when comparing areas where prices rose at least 25 percent from the second quarter of 2020 to the second quarter of 2021. Measured year over year, median home prices rose by that level in 1,366 (35 percent) of Opportunity Zones but in only 30 percent of census tracts elsewhere in the country. Typical home values in four of every 10 Opportunity Zones increased annually in the second quarter of 2021 by more than the 22-percent increase in the overall national single-family median home price during that time period. Among states with at least 20 Opportunity Zones, those with the largest percentage of zones where median prices rose, year over year, during the second quarter of 2021 included New Hampshire (median prices up, year over year, in 95 percent of zones), Massachusetts (94 percent), Idaho (91 percent), Utah (90 percent) and Arizona (89 percent). Of all 5,236 zones in the report, 2,021 (39 percent) still had median prices in the second quarter of 2021 that were less than $150,000 and 914 (17 percent) had medians ranging from $150,000 to $199,999. The total percentage of zones with typical values below $200,000 was down from 65 percent in the second quarter of 2020 to 56 percent in the second quarter of 2021. Median values in the second quarter of 2021 ranged from $200,000 to $299,999 in 1,081 Opportunity Zones (21 percent) while they topped the national median of $305,000 in 1,183 (23 percent). The Midwest continued in the second quarter of 2021 to have the highest portion of Opportunity Zone tracts with a median home price of less than $150,000 (63 percent), followed by the South (45 percent), the Northeast (41 percent) and the West (6 percent). Median household incomes in 88 percent of Opportunity Zones were less than the medians in the counties where they were located. Median incomes were less than three-quarters of county-level figures in 56 percent of zones and less than half in 16 percent. Report methodology The ATTOM Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the second quarter of 2021. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2015 through 2019. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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NAR Names Feather Winner of 2021 Pitch Battle Competition at iOi Summit
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94% of Metro Areas Saw Double-Digit Price Growth in Second Quarter of 2021
The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. Over a 3-year period, 46 markets had price gains of over $100,000. WASHINGTON (August 12, 2021) -- Continued low levels of housing inventory, combined with record-low mortgage rates spurring housing demand, have caused an increase in median sales prices for existing single-family homes in all but one of 183 measured markets during the second quarter of 2021. That is according to the National Association of Realtors®' latest quarterly report, which reveals that 94% of 183 metro areas also experienced double-digit price increases (89% in the first quarter of 2021). The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. All regions saw double-digit year-over-year price growth, which was led by the Northeast (21.8%), followed by the South (21.0%), West (20.9%), and Midwest (17.1%). "Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022," said Lawrence Yun, NAR chief economist. "There are signs of more supply reaching the market and some tapering of demand," he continued. "The housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains." That said, 12 metro areas did report price gains of over 30% from one year ago, eight of which are in the South and West regions, including Pittsfield, Mass. (46.5%); Austin-Round Rock, Texas (45.1%); Naples-Immokalee-Marco Island, Fla. (41.9%); Boise City-Nampa, Idaho (41%); Barnstable, Mass. (37.8%); Boulder, Colo. (37.7%); Bridgeport-Stamford-Norwalk, Conn. (37.1%); Cape Coral-Fort Myers, Fla. (35.6%); Tucson, Ariz. (32.6%); New York-Jersey City-White Plains, N.Y.-N.J. (32.5%); San Francisco-Oakland-Hayward, Calif. (31.9%); and Punta Gorda, Fla. (30.8%). Yun notes that home prices are increasing sharply in the San Francisco and New York metro areas. Over the past three years, the typical price gain on an existing single-family home totaled $89,900, with price gains in all 182 markets. In 46 out of 182 markets, homeowners typically experienced price gains of over $100,000. The largest price gains were in San Francisco-Oakland-Hayward, Calif. ($315,000); San Jose-Sunnyvale-Sta. Clara, Calif. ($294,000); Anaheim-Sta. Ana Irvine, Calif. ($279,500); Barnstable, Mass. ($220,600); and Boise-City-Nampa, Idaho ($206,300). With home prices rising, the monthly mortgage payment on an existing single-family home financed with a 30-year fixed-rate loan and 20% down payment rose to $1,215. This is an increase of $196 from one year ago. The monthly mortgage payment grew even as the effective 30-year fixed mortgage rate decreased to 3.05% (3.29% one year ago). Among all homebuyers, the monthly mortgage payment as a share of the median family income rose to 16.5% in the second quarter of 2021 (14.0% one year ago). "Housing affordability for first-time buyers is weakening," Yun explained. "Unfortunately, the benefits of historically-low interest rates are overwhelmed by home prices rising too fast, thereby requiring a higher income in order to become a homeowner." Among first-time buyers, the mortgage payment on a 10% down payment loan jumped to 25% of income (21.2% one year ago). A mortgage is affordable if the payment amounts to no more than 25% of the family's income. In 17 metro areas, a family needed more than $100,000 to affordably pay a 10% down payment mortgage (14 metro areas in 2021 Q1. These metro areas are in California (San Jose-Sunnyvale-Sta. Clara, San Francisco-Oakland-Hayward, Anaheim-Sta. Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora), Washington (Seattle-Tacoma-Bellevue), Florida (Naples-Immokalee-Marco Island), Connecticut (Bridgeport-Stamford-Norwalk), New York (Nassau, New York-Newark-Jersey City), Massachusetts (Boston, Barnstable), District of Columbia-Virginia-Maryland-West Virginia (Washington-Arlington-Alexandria), and Oregon-Washington (Portland-Vancouver-Hillsboro). There were only 84 metro area markets in which a family needed less than $50,000 to afford a home, down from 104 markets in 2021 Q1. The most affordable markets – where a family can typically afford to buy a home financed with a 10% down payment with an income of $25,000 or less – are in the Rust Belt areas of Youngstown-Warren Boardman, Ohio ($24,401); Peoria, Illinois ($24,013); Cumberland, Maryland ($23,773); and Decatur, Illinois ($21,481). "Housing supply will be critical in moderating the growing housing costs and rising rents," Yun said. "Any disincentive to produce more housing inventory, such as extending the eviction moratorium, will only worsen the current shortage," Yun said. Yun noted that NAR has requested "expeditious release" of rental subsidy funds in order to assist those who may be facing eviction. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Serious Improvement: CoreLogic Reports That in May, the U.S. Serious Delinquency Rate Fell to Lowest Level Since June 2020
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Realtor.com's 2021 Hottest ZIP Codes in America Are Hotter Than Ever Before
Homes sell in less than a week in the 2021 Hottest ZIPs - three times faster than last year's hottest ZIPs SANTA CLARA, Calif., Aug. 12, 2021 -- The 2021 Hottest ZIPs in America are hotter than ever before, with homes in the top 10 selling three times faster than last year's list, according to the seventh annual Realtor.com Hottest ZIP Codes Report released today. Among this year's top 10, a few key factors are driving buyer demand, including homes listed at relatively affordable asking prices and with ample space for the money, as well as sizable populations of high-income millennials and close proximity to local amenities and outdoor activities. The 10 Hottest ZIP Codes in America, in rank order, are: 80916 East Colorado Springs, Colo. (Colorado Springs); 14617 West Irondequoit, N.Y. (Rochester); 01960 Peabody, Mass. (Boston); 03103 Manchester Proper, N.H. (Manchester); 27616 Brentwood, N.C. (Raleigh); 43228 Lincoln Village, Ohio (Columbus); 01757 Milford, Mass. (Worcester); 03301 Concord Proper, N.H. (Concord); 48336 Farmington, Mich. (Detroit); and 37067 Franklin, Tenn. (Nashville). The U.S. is in the middle of one of the hottest housing markets of all time. Home prices reached record-highs in five of the first six months of 2021, which has helped fuel demand for the relatively affordable areas on Realtor.com®'s Hottest ZIP Codes list. Homes in the top 10 are flying off the market in six days on average, 31 days faster than the rest of the country and 10 days faster than their respective metros in June – and three times faster than last year's list (18 days). Additionally, Realtor.com® home listing views are up 156% year-over-year in these areas, which is 3.9 times higher than June's national average. "By definition, the ZIPs that make our annual hottest report are very competitive, but this year, they are white hot. Homes in this year's ZIPs are under contract in less than a week, which is three times faster than the contract times for last year's hottest markets," said Realtor.com® Chief Economist Danielle Hale. "While there's no question that buyers have faced a challenging housing market during the pandemic, our Hottest ZIPs list also highlights some of the silver linings. The rise in remote work has given some buyers more flexibility to live wherever they want, and many are finding larger homes at lower prices, as well as a higher quality of life, in the 2021 Hottest ZIPs." Smaller budgets buy bigger homes in Hottest ZIPs With demand for more space being met with a lack of affordable housing inventory, Americans are scouring the market for areas where they can get more home for their money. In seven of this year's top 10 Hottest ZIPs, median asking prices were 27.6%, or $106,000, lower than the national average in June. Eight of the top 10 saw median listing prices that were lower than in their overall metro areas in June and five ZIPs have asking prices that were at least 20% lower, including: No.1 ZIP 80916 in East Colorado Springs, which is 36% below overall Colorado Springs, along with West Irondequoit (ZIP 14617), 27.9% lower; S. Manchester Proper (ZIP 03103), 23.2% lower; Brentwood (ZIP 27617), 22.4% lower; and Lincoln Village (ZIP 43228), 21.6% lower. Homebuyers are also finding more space for their money in the 2021 Hottest ZIPs. At a median of 1,850 square feet, homes in the Hottest ZIPs are 110 square feet larger than the typical U.S. home for sale, and each square foot is priced on average 3.7% lower than in surrounding metro areas, giving buyers a chance to get more home for their money. Many of these ZIPs are starter-home neighborhoods in metros where homes are larger. The three Hottest ZIPs where buyers get the most bang for their buck are: West Irondequoit (ZIP 14617) at $118 per square foot; Lincoln Village (ZIP 43228) at $146 per square foot; and Farmington (ZIP 48336) at $159 per square foot. Hottest ZIPs reside in more suburban metros with higher millennial incomes The 2021 Hottest ZIPs also show skyrocketing buyer interest in more suburban areas with strong millennial job markets. Among the 2021 Hottest ZIPs, only Peabody, Mass. (ZIP 01960) and Farmington, Mich. (ZIP 48336) are located in one of the 20 largest U.S. metropolitan areas by population: Boston and Detroit, respectively. The remaining ZIPs are in relatively less-dense secondary metros, with populations under three million. Overall, this year's top 10 ZIPs are located an average of 16 miles, or 21 minutes, from the downtown areas of the surrounding metros. While most of the Hottest ZIPs don't offer a robust city life, they do offer strong job markets where younger Americans are gaining ground. In fact, the median household income for millennials aged 25-34 in the Hottest ZIPs is $71,127, which is 6.7% higher than the national average for this group at $66,661. Older millennials (aged 35-44) bring home a median income of $88,698 in the 2021 Hottest ZIPs, 6.3% above the national average for this group. With many now 40-years-old, older millennials have established a solid financial foundation in the Hottest ZIPs where their dollars go further. "Prior to COVID, homeownership may have been a few years off for younger millennials, many of whom are building their careers, but flexible work arrangements are now enabling some to make a homebuying play. Building on older millennials' success establishing themselves as homeowners in up-and-coming areas across secondary metros, younger millennials are pioneering into new ZIPs where relatively higher incomes make them more competitive buyers," said Realtor.com® Senior Economist George Ratiu. Hottest markets are homeownership hotspots for younger and older millennials America's Hottest ZIP Codes also have a proven track record with millennial homeownership. In fact, young millennials, ages 25-34 years old, in the Hottest ZIPs have a homeownership rate of 46%, which beats their national average of 44%. Moreover, half of the top 10 ZIPs meet or beat the national homeownership rate for young millennials, including: West Irondequoit (ZIP 14617) at 82.8%, Brentwood (ZIP 27616) at 57.1%, Peabody (ZIP 01960) at 49.8%, Farmington (ZIP 48336) at 54.0% and Milford (ZIP 01757) at 44.3% Older, more established millennials are also successful in the top 10 Hottest ZIPs. In fact, 73% of millennials aged 35-44 own homes in these areas versus their national average of 57%. Half of the top 10 ZIPs have older millennial homeownership rates that beat or meet the national average, including: West Irondequoit (ZIP 14617) at 85.8%, Brentwood (ZIP 27616) at 67.3%, Farmington (ZIP 48336) at 65.7%, Milford (ZIP 01757) at 58.9% and Peabody (ZIP 01960) at 57.9%. Preparation is key for any homebuyer in today's frenzied market, especially younger buyers with fewer resources. In addition to staying up-to-date on housing market insights and tips, home shoppers can use tools like the Realtor.com® Real Estate app, where they can sign up for custom search alerts about new listings and price drops on saved homes. 2021 Hottest ZIP Codes in America 1) ZIP 80916 East Colorado Springs, Colo. (Colorado Springs) – ZIP 80916 is located on the east side of town and is home to the Colorado Springs Airport and Peterson Airforce Base. The area is known for its affordable homes, built in the 1970s and 80s, and the quick commute to military bases and defense contractors, such as Lockheed Martin and Northrop Grumman. In recent years, the ZIP has seen an influx of buyers from California and Texas looking to enjoy the outdoors and take advantage of top-rated schools including Irwin Charter High School, rated eight out of 10 by GreatSchools.org. On the weekend, locals enjoy hiking and rock climbing in places like Garden of the Gods and Pike's Peak. Colorado Springs is no stranger to the Hottest ZIPs list, ZIP 80911, also in Colorado Springs, ranked No. 1 in 2020. Housing Stats: Homes in ZIP 80916 spend an average of four days on market, eight days less than the Colorado Springs metro as a whole and 33 days less than the national median. The median listing price is $318,000, up 19.8% year-over-year, but 36% lower than the metro and 17% lower than the national median. While this ZIP lags behind in homeownership with fifty-one percent of residents and 40% of younger millennials owning a home, it shows promise thanks to young households. Seventy-four percent of the population in this ZIP is under age 45. 2) ZIP 14617 West Irondequoit, N.Y. (Rochester) – ZIP 14617 is in the northwestern part of the state on Lake Ontario and is part of New York's third largest metro area. Rochester offers a unique blend of history and innovation: Homes and commercial buildings date back a century or more, while the city's downtown is undergoing development and revitalization. During COVID, the area drew home buyers from Boston and New York City looking for more affordable real estate. In addition to a great school system, Iroquois Middle School is rated eight out of 10 on GreatSchools.org, and lower cost of living, Rochester offers a family-friendly environment, including more than 3,500 acres of nationally recognized parks, outdoor festivals, amusement parks, baseball games at Frontier Field, the Buffalo Bills' training camp in the warmer months and nearby ski slopes and sledding hills in the winter. No stranger to Realtor.com®'s Hottest ZIPs list, West Irondequoit (ZIP 14617) ranked No. 3 last year. Housing stats: Homes in ZIP 14617 sell in an average of just six days, six day faster than the metro area and 31 days faster than the national median. Median listing price is $175,000, up 9.4% from last year, but 28% and 55% lower than metro and U.S. respectively. Eighty percent of residents in ZIP 14617 are homeowners, and younger millennial homeownership is 83% -- both well above the national average. 3) ZIP 01960 Peabody, Mass. (Boston) – ZIP 01960 is part of Massachusetts' North Shore, just 20 miles northeast of Boston. Near major highways like I-95, Peabody offers convenient access to vacation spots along New England's rocky coastline and into the ski mountains of New Hampshire and Maine. Homes are more affordable compared to Boston proper and its adjacent suburbs. Locals view Peabody as its own city, filled with hotels and restaurants, as well as the Northshore Mall, one of the region's largest shopping centers. With its abundance of single-level, ranch-style houses, more affordable asking prices, lower taxes and retirement-friendly lifestyle, the area attracts empty nesters looking for homes that will be more manageable in their retirement years. Peabody ranked No. 5 on Realtor.com®'s Hottest ZIPs list in 2018. Housing stats: Homes in Peabody sell in an average of three days, 19 days faster than the Boston metro area and 34 days faster than the national median. The median listing price is $625,000, 11% lower than the metro, but 62% higher than the national median. Sixty-three percent of residents in this ZIP are homeowners and, while millennial homeownership is above the U.S. average, just 10% of households are aged 25-34. 4) ZIP 03103 Manchester Proper, N.H. (Manchester) – ZIP 03103 is on the southside of New Hampshire's most populous city, and offers affordability, a healthy job market and access to outdoor activities such as hiking and skiing. Manchester's bustling downtown, Elm Street, features a number of restaurants and Manchester's Verizon Wireless Arena for hockey games and concerts. The city also boasts Northeast Delta Dental Stadium, home to the city's double A Fisher Cats baseball team. The state has no income or sales tax, and ZIP 03103 boasts more affordable homes than some of the neighboring towns. The area's biggest employers are Elliot Health Systems, Southern NH University and Catholic Medical Center, but there is also a burgeoning start-up scene. About 20 miles from the Mass. border, Manchester has become a popular destination for Boston commuters looking for affordability and outdoor space, a trend which became even more prevalent during the pandemic. Housing stats: Homes in ZIP 03103 spend an average of five days on the market, moving five days faster than the metro and 32 days faster than the national average. Median list price is $315,000, up 30% year-over-year, but 23% lower than metro and 18% lower than the U.S. average. Homeownership lags behind national figures here with 46% of residents in this ZIP and 35% of millennials owning their homes, but the area is young. Sixty-one percent of the population is under age 45. 5) ZIP 27616 Brentwood, N.C. (Raleigh) – ZIP 27616 is centrally located about 20 minutes from downtown Raleigh, Rolesville and Wake Forest. This ZIP offers a range of homes from townhomes to luxury homes priced from $600,000-$700,000. Over the past year, the area has seen an influx of buyers from New York and major metro areas on both coasts who are interested in seeing their dollar go further. The area's largest employer is Duke University and Health System, but the Research Triangle region is home to a number of local tech companies like SAS Institute and satellite offices for IBM and Cisco Systems. One of the biggest perks of the area is its planned communities, including 5401 North which offers parks, restaurants, schools, shops and community events. Housing Stats: Homes in ZIP 27616 spend an average of five days on market, 10 days less than the Raleigh metro as a whole and 32 days less than the national median. The median listing price is $319,000, up 0.8% year-over-year, and 22% lower than the metro and 17% lower than the national median. Sixty-seven percent of residents in ZIP 27616 are homeowners and younger millennial homeownership is 58%. 6) ZIP 43228 Lincoln Village, Ohio (Columbus) – ZIP 43228 is just 10 miles west of downtown Columbus and offers affordable home options for those looking to size up for a growing family, or those sizing down. There are plenty of state and city parks with biking, hiking and walking trails, while the Short North Arts District has lots of restaurants and shopping. Employers range from venture capital firms and startups like Drive Capital and Root Insurance, to well-known names such as Nationwide Insurance and Wendy's. For those who enjoy sports, there's Ohio State athletics, the NHL's Blue Jackets, AAA baseball at Huntington Park and the Columbus Crew soccer team. Schools in the area are rated highly including Columbus Preparatory Academy, rated eight out of 10 by GreatSchools.org. Thanks to its affordability, Columbus has been seeing an influx of people moving from bigger cities like New York City and Chicago. Housing stats: Homes in ZIP 43228 sell in an average of just five days, 10 days faster than the metro area and 32 days faster than the national average. The median listing price is $235,000, up 56.7% from last year, but 22% and 39% lower than the metro area and the U.S., respectively. Homeownership lags a bit in this zip. Forty-two percent of residents are homeowners, while the millennial homeownership rate is 33%. However, it has plenty of young people, with 69 percent of the population under age 45, 7) ZIP 01757 Milford, Mass. (Worcester) – ZIP 01602 is located on the southeast side of Worcester and just an hour outside of Boston, offering quick access to both areas' large job markets. Although Milford has lost its primary commuter rail access during the pandemic, the ZIP is within 10 minutes of the Mass. Pike, which leads straight into Boston. The area's largest employer is Dell EMC, but the rise in remote work is making the area a more attractive option for young professionals who don't need to commute into the city every day. Buyers will find their city-level salaries can purchase a lot more house in Milford, where home prices are not only lower than Boston, but have declined slightly since last year – a rarity in today's market. And with plenty of hiking and biking trails and breweries like CraftRoots, Milford is attracting younger buyers ready to pursue the full-time hipster lifestyle. Housing stats: Homes in Milford spend an average six days on market, 11 days less than the Worcester metro as a whole and 31 days less than the national median. The median listing price is $455,000, 6% and 18% higher than the metro area and the national median, respectively, but notably below nearby Boston's $699,000 median asking price. Sixty-two percent of residents in this ZIP are homeowners and millennial homeownership is 44% among those aged 25-34, and 59% in the 34-44 age bracket. 8) ZIP 03301 Concord Proper, N.H. (Concord) – ZIP 03301, located in the heart of New Hampshire's capital city, is the state's political and cultural center. Its historic downtown boasts two performing arts centers and three museums, including the McAuliffe-Shepard Discovery Center, which features interactive space-themed exhibits and a planetarium. With no state income or sales tax, and relatively affordable housing options, Concord is a budget-friendly place to live. Locals enjoy easy access to New Hampshire's lakes region and the White Mountains for outdoor recreation. The area's outdoor access and affordability make it attractive to a wide range of demographics. Concord's largest employers are Concord Hospital and Steeplegate Regional Mall, but the recent boom in remote work has made Concord an even more attractive place to live. Housing stats: Homes in ZIP 03301 spend an average of nine days on the market, eight days less than the metro area and 28 days less than the U.S. average. The median list price is $343,000, up 14.4% year over year, but still 10% and 11% lower than metro and U.S. medians, respectively. Homeownership lags behind in this ZIP where 47% of residents are homeowners, and millennial homeownership is below the national average at just 26%. 9) ZIP 48336 Farmington, Mich. (Detroit) – ZIP 48336 is a commuter-friendly town with easy access to Detroit – only 15-20 minutes away by car – and nearby Southfield and Ann Arbor. Farmington is the closest suburban neighborhood to the city where home buyers can still get both land and a substantially-sized home (typically between 2,000-3,000 sq ft). In addition to affordability and space, buyers with families are drawn to this "bedroom community" because of its many desirable schools like Farmington High School, rated a seven out of 10 on GreatSchools.org and proximity to universities like Michigan State and several hospitals, as well as community events and outdoor spaces. You can find a good mix of housing styles, sizes and price ranges – there are options for first-time buyers and also those looking for "trophy homes" – and the little downtown area has a small movie theater, shopping and restaurants. Housing stats: Homes in ZIP 48336 spend an average of just eight days on the market, 13 and 29 days faster than metro and U.S., respectively. The median listing price is $244,000, up 8.6% from last year, but 13% lower than the metro area and 37% lower than U.S. Sixty-four percent of residents are homeowners and the millennial homeownership rate is above the national average at 54%. 10) ZIP 37067 Franklin, Tenn. (Nashville) – ZIP 37067 is located just 21 miles from downtown Nashville. It's an easy drive to Music City's urban attractions, but the rolling hills, farms, open space and beautiful landscape feel far away. The historic town, which is beloved for its classic Southern charm, hospitality and welcoming community, is just minutes from modern amenities like Whole Foods Market and LifeTime Fitness. The downtown Main Street boasts annual family festivals and boutique shopping. With some of the best public schools in Tennessee, including Grassland Middle School and Moore Elementary School, both rated nine out of 10 on GreatSchools.org, and a significantly lower cost of living than the national average, Williamson County has seen an influx of residents looking to flee more crowded and expensive areas during the pandemic. Housing stats: Homes in ZIP 37067 spend an average of just five days on the market, moving 10 days faster than the metro area and 32 days faster than the U.S. average. The median listing price is $847,000, up 30.6% from last year, and 97% and 120% higher than the metro and U.S., respectively. Fifty-eight percent of residents of this ZIP are homeowners – on par with the national average – but the home ownership rate among millennials is 35%. Realtor.com® 2021 Hottest Zip Codes: Top 10 Housing Metrics (June 2021) Methodology Realtor.com® analyzed over 29,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code from January-June, 2021. Eligible ZIP codes had at least 13 active listings each month to calculate a Hotness ranking. Limited to one ZIP code per metropolitan area. 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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Homeowner Equity Surges Across U.S. During Second Quarter in Yet Another Sign of a Healthy Housing Market
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National Association of Realtors Announces Partnership with 1-800-GOT-JUNK?
Realtors® will be able to book discounted service for themselves or on behalf of clients CHICAGO (August 5, 2021) -- The National Association of Realtors today announced a new partnership within the REALTOR Benefits Program. 1-800-GOT-JUNK? will be providing $50 off full-service junk removal services to all NAR members and their families, in addition to all national, state and local association staff. This new partnership will also allow Realtors® to extend the benefit to their clients, who can then take advantage of the service at a discounted rate throughout their home sale or purchase process. According to the REALTOR Benefits® Program team, the 2020 RBP member perception survey revealed that members were very interested in pass-through offerings for their clients. "By teaming up with 1-800-GOT-JUNK?, not only will our members have access to discounts for themselves and family members, but they will be able to easily share discounted, value-added offers with their homebuyers and sellers," said Rhonny Barragan, NAR vice president of strategic alliances. 1-800-GOT-JUNK? provides full-service residential and commercial junk removal services, hauling virtually all non-hazardous materials that can be handled by a two-person team, including mattresses, furniture, electronics, appliances, televisions and exercise equipment. Based in Vancouver, Canada, the company currently has 160 franchises across Canada, Australia and the U.S. "Since 1989, 1-800-GOT-JUNK? has provided a critical service in the market, and its seamless, hassle-free junk removal capabilities are in demand today more than they've ever been," said Brian Scudamore, founder & CEO. "At 1-800-GOT-JUNK? we love to be part of our customers' moves by making their junk disappear so they can make their house a home. We are thrilled about this partnership with NAR and our local teams are ready to send junk packing!" NAR members can use their $50 benefit when booking services on behalf of their clients or when making their own arrangements. The REALTOR Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from roughly three dozen companies recognized as leaders in their respective industries. Learn more at https://www.nar.realtor/realtor-benefits-program. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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RPR Releases its 2021 'State of the Listing Presentation' Survey Results
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Realtors Believe Drones, Cyber Security Are Real Estate Industry's Most Impactful Emerging Technologies
Drones, cyber security, 5G and virtual reality are expected to have the biggest impact on the real estate business in the next two years. WASHINGTON (August 3, 2021) -- Realtors view drones and cyber security as the most impactful emerging technologies to their business, according to a new report from the National Association of Realtors®. NAR's 2021 Technology Survey examined NAR members' current tech usage and attitudes about the future of real estate technology. In addition to drones (37%) and cyber security (34%), Realtors® believe that 5G (31%) and virtual reality (30%) will also have a significant impact on their business in the next 24 months. "The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate," said NAR CEO Bob Goldberg. "The great work being done by NAR, including our Strategic Business, Innovation and Technology group, has ensured that Realtors® will continue to have access to the latest technology and remain at the forefront of the innovations driving the market forward." The survey also examined the current use of technology by Realtors®, finding that the most valuable tools used in the past 12 months were eSignature (78%), local MLS apps/technology (54%), social media (53%), lockboxes (48%) and video conferencing (39%). Many brokerages are providing these technologies to their agents. Thirty-seven percent of respondents agreed that their brokerage provides them with all the technology tools they need to be successful, and 27% strongly agreed. The top tools provided by brokerages were eSignature (57%), personal websites (54%), customer relationship management (54%) and transaction management (50%). Roughly one out of three Realtors® – 36% – said that their broker does not charge any technology fees, and 50% said that the price their broker charged was reasonable. NAR's report found that Realtors® are willing to pay for this technology, even if their brokerages do not. Thirty-six percent of Realtors® spend on average between $50-$250 per month on technology to use in their business. Eighteen percent spend between $251-$500, and nearly one out of four Realtors® – 23% – spend more than $500 monthly on technology. When asked about desired technology tools that are not currently provided by their broker, cyber security topped the list at 19%, followed by lead generation (16%), eNotary (11%), CRM (10%) and personal websites (10%). According to the survey, Realtors® are using social media now more than ever in their businesses. The top social network is Facebook, used by 90% of Realtors®, followed by Instagram (52%), LinkedIn (48%), YouTube (24%) and Twitter (19%). Video has also played an ever-increasing role in the marketing of properties on social media. Thirty-seven percent use video in their marketing and 35% do not use video but hope to in the near future. "There is no denying that social media has become an integral tool to promote a listing," Goldberg said. "The pandemic has caused more of our members to use social media and video to creatively market themselves and their properties." The top reasons Realtors® cited for using social media in their business included that they are expected to have a presence on social media (54%), it helps build and maintain relations with existing clients (49%) and they use it to promote listings (49%). Additionally, 36% of Realtors® use social media to find new prospects and 33% say it helps them network with other real estate pros. Social media also topped the list when it comes to lead generation. The top three tech tools that have given respondents or their agents the highest number of quality leads in the last 12 months were social media (52%), CRM (31%) and their MLS site (28%). These current and future real estate tech topics will be front and center at NAR's iOi Summit, taking place August 17-18 in Dallas, Texas. Over 500 real estate practitioners, technologists and investors will convene to share insights and unveil cutting-edge real estate products and ideas. "iOi is all about innovation," Goldberg said. "This event brings together proptech leaders and thinkers whose products, services and solutions will help shape the real estate industry and drive it forward." Learn more about and register for the iOi Summit. The 2021 Technology Survey is available to download here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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CFPB Releases Online Tool to Help Renters and Landlords Access Federal Assistance
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Realtor.com Investor Report: Top Markets Where Investors Are Impacting the Inventory Crunch
Nationally, investors took more inventory off the market than they contributed in April; their purchases represented 5.7% of all home sales SANTA CLARA, Calif., July 29, 2021 -- Despite the common perception that investors are always in competition with everyday buyers, new findings from the Realtor.com Investor Report shows that isn't always the case. According to the data, investors are exacerbating the inventory shortage in 31 of the top 50 U.S. markets, but in roughly 19 markets – including Atlanta, Dallas, Baltimore, Los Angeles and San Francisco – they are actually helping to replenish the number of homes for sale. Realtor.com® analyzed U.S. deed records from January 2000-April 2021 to determine the number of investor sales versus purchases in the 50 largest U.S. markets. In this report, areas where investors are contributing inventory refers to places where investors are selling more homes than they are buying. Places where investors are taking away inventory are locales where investors are buying more homes than they sell. "Today's buyers are facing a tough market and data shows they aren't just competing with each other. With deep pockets and more flexibility, investors can be daunting competition for the typical homebuyer. Right now, data shows investors are buying more homes than they are selling, and while they get a lot of attention in today's market, it's worth remembering that they can also contribute to inventory levels," said Realtor.com® Chief Economist Danielle Hale. "Whether a market is appealing to investors depends on a variety of factors, including how local home prices compare to rents. When home prices are rising and rents are more stagnant, investors are more likely to sell off properties and contribute inventory. On the other hand, the higher rents are compared to home prices the more attractive the market is to investors looking to buy homes and convert them into rental properties." Investors help buyers in big metros with limited homes for sale In April, investors added to the number of homes on the market in 19 of the 50 largest U.S. metros, with Atlanta (+399 homes), Dallas (+239 homes), Baltimore (+188 homes), Los Angeles (+112 homes) and San Francisco (+93 homes) seeing the biggest contributions. Compared to the markets where investors took away inventory in April, these metros tend to be bigger, with fewer homes for sale and higher listing prices. Compared to nationwide inventory declines in April (-53%), the top 10 markets where investors are contributing saw a smaller drop, at an average -44% during the same timeframe. However, some of these metros saw even bigger inventory gaps from last year, including the two markets where investors contributed the most inventory in April: Atlanta (-63.4%) and Dallas (-69.7%). At an average population size of 5.5 million, these markets also encompass some of the nation's biggest tech hubs, such as San Francisco and San Jose. Home to some of the most expensive real estate in the U.S., these metros had an average median listing price of $668,000 in April, well above the national median price of $375,000. Hale added, "High home prices, slower rent growth, and uncertainty over the future of work in these markets are likely causing investors to reevaluate their property portfolios in these areas. And with homes still selling quickly, even in these metros, an investor deciding to sell can look forward to being able to reposition their dollars elsewhere in a very short period of time." Investors are snatching up homes in smaller markets with higher inventory levels Investors took away inventory in 31 of the largest U.S. markets, led by Phoenix (-429 homes), Charlotte, N.C. (-287 homes), Miami (-256 homes),Tampa (-224 homes) and Chicago (-221 homes). Compared to the markets where investors helped buyers, these metros are smaller and less crowded, with more available home listings relative to all households, lower home prices, and relatively higher rental price growth. While average home prices are more affordable in these top markets, rental prices grew at a faster year-over-year pace on average (+4.6%) than in top markets with more investor sales (+0.1%) in April. In Tampa, where the $327,000 median listing price was below the national average of $375,000 in April, rents grew 4.5 times faster than the national rate, up 12.4% year-over-year. The markets where investors are competing with homebuyers and taking away inventory tend to offer the perfect storm of factors for converting homes into rental properties. These markets have relatively more homes available, at 3.7 properties for every 1,000 residences versus 2.8 in markets where investors are adding to inventory. While these metros have experienced more rapid year-over-year inventory declines in April (-57%), rapid rent price gains keep calculations favorable for buying which means that until rent trends change, investors are likely to be homebuyer foes, not friends. "Getting ahead in today's market is tough, especially when you are contending with professional investors," said Lexie Holbert, home and living expert at Realtor.com®. "Setting up price alerts on Realtor.com® is a really helpful trick for getting ahead of the competition. When a home that meets your parameters hits the market, you'll get a notification so you can get in and try to make an offer." Realtor.com® Investor Report, April 2021 – Top 10 Markets by Net Positive Contributions to Inventory, April 2021 Realtor.com® Investor Report, April 2021 – Top 10 Markets by Net Negative Contributions to Inventory Realtor.com® Investor Report, April 2021 – 50 Largest U.S. Metropolitan Areas Methodology In this analysis we examined deed records dating from January 2000 to April 2021 nationally and in the 50 largest metro areas. We included only single family homes, condos, townhomes and rowhomes and we excluded multi-family buildings which is not a market the typical homebuyer is competitive in. We attempted to capture business-oriented, buy and hold investor purchases. We defined an investor as a buyer or seller that was/is an absentee-owner and that has a name which includes the following: LLP, LP, LLC, GP, or TRUST. In addition to this broad definition, we also excluded keywords and sale types relating to home builders, relocation service companies, iBuyers, government bodies and financial institutions. Data limitations mean that this analysis likely excludes small investors not registered under a company name. Census estimates show that in 2018 41.2% of rental units were owned by individual investors while 47.5% of units were owned by Trusts, LLPs, LPs, or LLCs, General Partnerships, Real Estate Investment Trusts, or Real Estate Corporations. Ownership entity for more than half of the remaining units was not reported. 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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Pending Home Sales Fall 1.9% in June
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Realtor.com Survey Shows With Only Weeks Until School Starts, More Than a Third of College Students Still Haven't Finalized Fall 2021 Housing Plans
35% of college students say they cannot afford to rent an apartment in their college town SANTA CLARA, Calif., July 28, 2021 -- Thirty-five percent of college students headed to school this fall say they cannot afford to rent an apartment in their college town and 19% say their parents are helping them pay rent this year when they didn't need help last year, according to a new Realtor.com® survey released today. When asked what's impacting their struggles, 44% blame the overall real estate market in their college town. "The shortage of affordable housing inventory in the U.S. pushed prices to record-highs and forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a new high of $1,575, an 8.1% increase year-over-year," said Realtor.com® Economist George Ratiu. "In addition, many university towns have become attractive destinations for retirees and remote workers, further adding pressure on local real estate markets. With the uncertainty brought about by COVID compounding the rising prices and lower inventory, students are facing a more challenging housing market in their college towns than ever before." Danny (21), a college student in Illinois said, "The rent is incredibly high from where we are and they know they'll get away with it because they know we'll pay it… we're literally in a cornfield in the middle of Illinois. There's no reason that there needs to be rent this high." While finances are playing a significant role in housing plans for this year, so is timing. Thirty percent of students delayed confirming fall 2021 housing due to a lack of certainty about their school holding in-person classes. Those delays have had a ripple effect with 34% of college students not having finalized their housing for fall and 22% of those students saying they waited too long to secure on-campus housing and now it's full, forcing them to change their plan. Despite the challenges, students are eager to get back to school. Half of those who lived at home last year are planning to move out for the fall, but they're really having to pound the pavement to find the right fit. Nearly 40% of those planning to live off-campus and away from home said they looked at 6 or more listings in person while searching for a place to live and over 30% said finding an apartment this year was much harder than last year. Nearly a quarter said the places they looked at rented very fast because there was so much competition. "With speed a necessity for searchers in the fast-paced market, tailoring your home or rental search to listings close to campus will help keep you focused," said Realtor.com® housing and lifestyle expert, Lexie Holbert. "Our school search filter lets you search listings around schools of all levels, including universities, to find rentals and for-sale properties near campus. It also lets you save the search and set an alert, so you'll know when something matching your search criteria hits the market." "There's multiple people going for the same house and it's super competitive, almost to the point where people will gatekeep their agents' information," said Kayla (19), a college student in Eugene, Ore. "We've been looking since a little bit before Thanksgiving of 2020. We looked probably until mid April. We were waking up literally every morning and searching... and then just go back in later in the afternoon and check again," said Owen (19), a college student in Bozeman, MT. Financial challenges aren't just impacting students' ability to find housing but how students will live this year too. Fifty-one percent of students say they have adjusted their living situation in order to save money with 21% moving home to save money, 13% taking on more roommates and 10% choosing to live in lower quality accommodations to save money. Methodology: Realtor.com® commissioned JUV to conduct a national survey of students planning to attend college in the fall of 2021. This survey was conducted online within the United States from July 12 - July 17, 2021. The survey was conducted among 501 young adults who are current college students or recent graduates by JUV Consulting. The sampling margin of error of this poll is 4%. 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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Annual Foreign Investment in U.S. Existing-Home Sales Falls 27% to $54.4 Billion, Lowest Level in a Decade
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Illinois, Florida and New Jersey Dominate Markets Most at Risk from Damage Related to Coronavirus Pandemic
Chicago Area and East Coast States Remain More Exposed to Pandemic's Impact During Second Quarter of 2021; Most Vulnerable Areas Are More Scattered Around Nation Than in Prior Quarter; Western States Continue to Have Most Favorable Market Conditions IRVINE, Calif. -- July 22, 2021 -- ATTOM, curator of the nation's premier property database, today released its second-quarter 2021 Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the ongoing Coronavirus pandemic, still endangering the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the second quarter of 2021 – with clusters in New Jersey, Delaware, the Chicago area and central Florida – while the West remained far less exposed. But the 50 most at-risk counties around the U.S. were spread over a wider area than in the first quarter of 2021, as most states had no more than two counties in the top group in the most recent time period. The report reveals that Florida, New Jersey, other East Coast states and Illinois had 37 of the 50 counties most exposed to the potential economic impact of the pandemic in the second quarter of 2021. They included seven counties in the Chicago metropolitan area, four near New York City, all three in Delaware and four in central Florida. However, only Florida, New Jersey, Illinois, Louisiana and Delaware had more than two counties in the top 50, compared to eight states in the first quarter of 2021. The top 50 were scattered across 18 states in the second quarter, compared to 15 the prior time period. The only three western counties in the top 50 during the second quarter of this year were in northern California and southern Arizona. Markets were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded the estimated property value and the percentage of average local wages required to pay for major home ownership expenses on median-priced houses or condominiums. The conclusions are drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Rankings were based on a combination of those three categories in 564 counties around the United States with sufficient data to analyze in first and second quarters of 2021. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. The findings follow a year when the national housing market continued its decade-long boom even amid the pandemic, with median single-family home prices rising more than 10 percent across much of the country. While small indicators of a possible slowdown have emerged in 2021 in the form of declining home affordability and slumping investor activity, fuel for further price gains has come from the pandemic receding, employment growing and the broader economy improving. Still, the pandemic remains a threat to the economy and the housing market as new virus variants appear and clusters of virus cases continue to plague pockets of the country. "The Coronavirus pandemic is easing, and the U.S. economy is gradually coming back to life, which suggests that the nation's housing market will indeed escape any major damage from the crisis. No major signs are showing anything different at this point. Nevertheless, the pandemic is still out there and remains a potent threat to home sales and values, as well as to the broader economy," said Todd Teta, chief product officer with ATTOM. "Amid a generally upbeat outlook, we continue to see areas that appear more at risk for a fall, especially in specific areas of the East Coast and Midwest. As we have throughout the pandemic, we will keep a close eye on those areas in case the situation worsens and the pandemic surges again." Most vulnerable counties clustered around Chicago, New York City, Delaware and central Florida Eighteen of the 50 U.S. counties most vulnerable in the second quarter of 2021 to housing market troubles connected to the pandemic (from among the 564 counties with enough data to be included in the report) were in metropolitan areas around New York, NY, and Chicago, IL, as well in Delaware and central Florida. They included seven that cover Chicago (Cook County) and its suburbs (De Kalb, Kane, Kendall, Lake, McHenry and Will counties) and four in the New York City metropolitan area (Ocean, Passaic and Sussex counties in New Jersey and Orange County in New York). The four in central Florida were Highlands County (Sebring), Indian River (Vero Beach), Lake County (outside Orlando) and Osceola County (Kissimmee). All three Delaware counties – New Castle (Wilmington), Kent (Dover) and Sussex (Georgetown) – made the top 50 list as well in the second quarter of 2021. Additional counties in Florida, New Jersey and Illinois also made the top-50 list. Those in Florida were Bay County (Panama City), Clay County (outside Jacksonville) and Marion County (Ocala), FL, while those in New Jersey included Atlantic County (Atlantic City), Cumberland County (Vineland), Gloucester County (outside Philadelphia, PA), Mercer County (Trenton) and Warren County (near Allentown, PA). Others in Illinois were Kankakee County, Madison County (outside St. Louis, MO), Saint Clair County (outside St. Louis, MO) and Tazewell County (outside Peoria). In addition, Louisiana had three counties in the top 50 during the second quarter – Bossier Parish (Shreveport), Livingston Parish (outside Baton Rouge) and Tangipahoa Parish (north of New Orleans). The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the second quarter of 2021 were Butte County (Chico), CA; Humboldt County (Eureka), CA and Mohave County, AZ (outside Las Vegas, NV). Higher levels of unaffordable housing, underwater mortgages and foreclosure continue to appear in most-at-risk counties Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 23 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the second quarter of 2021. At least 15 percent of mortgages were underwater in the first quarter of 2021 (the latest data available on owners owing more than their properties are worth) in 33 of the 50 most at-risk counties. Nationwide, 10 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Saint Clair County (outside St. Louis, MO) (43.6 percent of mortgages underwater); Delaware County, PA (outside Philadelphia) (36.4 percent); Muscogee County (Columbus), GA (29 percent); Monroe County (Stroudsburg), PA (28.2 percent) and Kankakee County, IL (27.1 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2021 in 40 of the 50 most at-risk counties. Nationwide, one in 4,046 homes were in that position. (Foreclosure actions have dropped about 80 percent over the past year amid a federal moratorium on lenders taking back properties from homeowners behind on their mortgages during the virus pandemic.) The highest rates in the top 50 counties were in Gloucester County, NJ (outside Philadelphia) (one in 747 residential properties facing possible foreclosure); Cumberland County (Vineland) NJ (one in 773); Tazewell County, IL (outside Peoria) (one in 905); Tangipahoa Parish (north of New Orleans) (one in 1,129) and Ocean County (Toms River), NJ (one in 1,336). Counties least at-risk concentrated in South and Midwest Thirty-six of the 50 counties least vulnerable to pandemic-related problems from among the 564 included in the second-quarter report were in the South and Midwest. Texas had 13 of the 50 least at-risk counties, including five in the Dallas metropolitan area (Collin, Dallas, Denton, Ellis and Tarrant counties) and two in the Austin metro area (Travis and Williamson counties). Minnesota had five, including four in the Minneapolis metro area (Dakota, Hennepin, Ramsey and Scott counties). Others among the top-50 least at-risk counties with a population of 500,000 or more included Harris County (Houston), TX; Middlesex County, MA (outside Boston); Salt Lake County (Salt Lake City), UT; Macomb County, MI (outside Detroit) and Suffolk County (Boston), MA. Less-vulnerable counties again have lower levels of unaffordable housing, underwater mortgages and foreclosure activity Major home ownership costs (mortgage, property taxes and insurance) on the median-priced single-family home consumed less than 30 percent of average local wages in 44 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the second quarter of 2021. More than 15 percent of mortgages were underwater in the first quarter of 2021 (with owners owing more than their properties are worth) in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Washington County, WI (outside Milwaukee) (1.9 percent underwater); Chittenden County (Burlington), VT (2.9 percent); Salt Lake County (Salt Lake City), UT (3.6 percent); Dallas County, TX (3.7 percent) and Tarrant County (Fort Worth), TX (4.1 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2021 in none of the 50 least at-risk counties. Those with the lowest rates in those counties included Missoula County, MT (no residential properties facing possible foreclosure); Chittenden County (Burlington), VT (one in 69,734); Olmstead County (Rochester), MN (one in 65,380); Davidson County (Nashville), TN (one in 44,624) and Rutherford County (Murfreesboro), TN (one in 39,564). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2021 residential foreclosure and home affordability reports and first-quarter 2021 underwater property report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of residential properties with a foreclosure filing during the second quarter of 2021, the percentage of average local wages needed to afford the major expenses of owning a median-priced home in the second quarter of 2021 and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values in the first quarter of 2021. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Wall Street Journal and Realtor.com Release Summer 2021 Emerging Housing Markets Index Report
Second quarterly report includes new data points on real estate taxes, and surfaces 13 new markets in the top 20, with Billings, MT, coming in at number one. NEW YORK and SANTA CLARA, Calif., July 20, 2021 -- The Wall Street Journal and Realtor.com today released the WSJ/Realtor.com Summer 2021 Emerging Housing Markets Index. 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 Top-20 Emerging Markets for Summer 2021 are: Billings, Mont. Coeur d'Alene, Idaho Fort Wayne, Ind. Rapid City, S.D. Raleigh, N.C. Portland-South Portland, Maine Waco, Texas Johnson City, Tenn. Bangor, Maine Huntsville, Ala. Topeka, Kan. Jefferson City, Mo. Elkhart-Goshen, Ind. Colorado Springs, Colo. Eureka-Arcata-Fortuna, Calif. Springfield, Ohio Manchester-Nashua, N.H. Concord, N.H. Burlington, N.C. Elizabethtown-Fort Knox, Ky. Beginning this quarter, the index's methodology will include real estate tax data to offer a more comprehensive look at property ownership in each city. Areas with higher effective real estate taxes are ranked lower, while areas with lower effective real estate taxes are ranked higher. The addition of this metric generally boosted the ranking of areas in the South and West and caused many metro areas in the Northeast and Midwest, as well as Texas and Alaska, to be ranked lower. Taking a Deeper Dive Into the Top Markets: Returning Markets: The list saw 7 repeat markets among the top 20 including last quarter's number one spot, Coeur D'Alene, ​ID, and the new number one market, Billings, MT. Biggest Movers: Three markets among the top 20 jumped roughly 100 spots from last quarter. The biggest mover, Huntsville, AL, shot up 214 spots this quarter. Unemployment Improved: Across the 300 markets, unemployment dropped from 6.3% on average in the first quarter to 5.5% on average in the second quarter. Several of the returning top markets saw even stronger improvements. Smaller Markets Continue to Rank Well: Similar to last quarter, the top 20 emerging housing markets list is dominated by smaller markets. The average population size among the top 20 was just over 300,000, placing them overwhelmingly in the smaller half of the top markets. The largest market on the list is Raleigh, NC, which with a population of 1.4 million, is slightly smaller than last quarter's largest market that made the top 20, Austin, TX (2.2 million). Hot Real Estate Markets, but Affordable Home Prices Mean Room to Rise: The top 20 markets have a median listing price of $349,900 compared with a median of $361,900 in the top 300 largest U.S. markets. These lower prices mean that there is more room for home prices to grow, with prices in the top-20 areas increasing 13.7% year over year compared with 8.0% on average among all 300 areas evaluated. Markets Falling Out of the Top-20: In general, the markets that fell out of the top 20 didn't fall far. Nine of the 13 are still within the top 50, 11 of 13 are within the top 60, and 12 of 13 are within the top 100. The addition of real estate taxes to the index was not helpful for Madison, WI, which dropped 22 spots in the ranking due to that inclusion, alone. Read the full report here. 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 & 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%). About The Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. Published by Dow Jones, The Wall Street Journal engages readers across print, digital, mobile, social, 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. 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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Realtor.com June Rental Report: Rents Surge to New Highs Nationwide
The U.S. median rental price increased 8.1% year-over-year to a median of $1,575 SANTA CLARA, Calif., July 15, 2021 -- The shortage of affordable housing inventory forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a new high of $1,575, an 8.1% increase year-over-year, according to the Realtor.com® Monthly Rental Report released today. Additionally, rental prices in 44 of the 50 largest metros broke new records led by Riverside, Memphis, Tampa and Phoenix, which posted gains above 20% year-over-year. "The surge we're seeing in rental prices is likely to exacerbate the K-shaped, or uneven, nature of the pandemic recovery in the U.S. Rents are rising at a faster pace than income, which is adding to the challenges faced by lower-income Americans as they struggle to recover from job losses and other hardships brought about by COVID," said Realtor.com® Chief Economist Danielle Hale. "Looking forward, rents aren't expected to slow unless we see a fundamental shift in the number of homes for sale and for rent." Hale added, June's 3.2% price growth over May was more than just the usual seasonal trend of increasing summer rents. Rents typically fluctuate by less than 1% on a monthly basis. In June, rents in all but two of the 50 largest U.S. metros posted month-over-month gains of 1.0% or higher. Miami topped the list at an increase of 7.7% over May, a gain that would be exceptional over the course of 12-months, let alone one. Rents surge to new highs in 44 of the 50 largest U.S. metros The spike in demand for housing is putting pressure on markets already challenged by availability and affordability. Similar to the shortage of homes for sale, the number of homes available to rent is historically low, driving competition and surging rental prices. In June, rents in 44 of the 50 largest U.S. markets hit the highest levels seen in the past two years of Realtor.com® data. Additionally, nearly half of these metros posted month-over-month gains at or above the unusually high national rate. For the second straight month, Riverside, Calif., Memphis, Tenn., Tampa and Phoenix held the top spots by rent growth. Rents in these markets grew at a faster pace in June than last month, posting year-over-year gains of 20% or more in June. Riverside saw the highest growth in June, up 24.2% over last year and 4.6% from May (+19.2%) to a median $2,112. Strong demand for more space widens the rent gap between unit sizesThe desire for larger living space increased significantly during the pandemic, and this trend continued to play out this month. Two-bedroom rents increased at the fastest pace of all unit sizes in June, up 10.2% year-over-year to a new high of $1,770. Two-bedroom rents were up 13.6% in June compared to 2019, rising $212 per month in just two years. Although the gap between two-bedroom rents and smaller unit sizes is getting larger, one-bedroom (+8.0%) and studio (+4.0%) rents also posted significant gains in June, with one-bedroom rents reaching a new high of $1,466. More common to crowded cities, studios saw the steepest declines during COVID but are finally catching up with the overall rental market recovery. In June, studio rents rose 5.8% over 2019 to a new two-year high of $1,294. Realtor.com® June 2021 Rental Data - Top 10 Markets for Year-over-Year Rent Increases Realtor.com®June 2021 Rental Data - 50 Largest Metropolitan Areas Methodology Rental data as of June 2021. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. 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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Elm Street Technology Acquires IXACT Contact and Morris Marketing
Broadens solutions portfolio and accelerates Canadian presence. July 13, 2021 - Dallas and Toronto -- Elm Street Technology, LLC, a leading provider of residential real estate technology and marketing solutions, today announced the acquisitions of Morris Real Estate Marketing Group, and IXACT Contact Solutions, specialists in marketing solutions and repeat and referral lead generation conversion technology across the Canadian real estate sector. Both the acquisitions of Morris Marketing and IXACT complements and expands Elm Street's Elevate platform, which provides an end-to-end suite of real estate technology and marketing services. "Morris Marketing is an established company with a strong reputation and substantial client-base in the Canadian market, which was clearly very attractive to us," said Prem Luthra, President and CEO of Elm Street Technology. "Combine that with the outstanding IXACT product offering and its placement within the Elm Street Technology product suite, we couldn't be more excited to see the future impact of our combined initiatives." Elm Street Technology's Elevate platform, which aims to maximize real estate professionals' business efficiency by providing a single vendor and point of contact, is currently used by tens of thousands of real estate agents, teams and brokerages across the United States and Canada. Elevate offers a variety of seamlessly-integrated tools including IDX websites, lead generation services, CRM, email, social, text and blog marketing automation, recruiting and retention campaigns and more, all backed by comprehensive customer support and training. "We are thrilled to align our company with Elm Street Technology," stated Allan Goldstein, President and CEO of Morris Marketing and IXACT. "Our collective North American presence will allow rapid product and service expansion across our combined clients, providing the real estate sector with a truly intuitive, seamless user-experience across digital and other marketing mediums." "Since our inception, Elm Street Technology has expanded our offering and customer base through strategic acquisitions," adds Prem Luthra. "Morris Marketing and IXACT are the ninth and tenth companies to join the Elm Street Technology family in our short tenure and we look forward to building on the power of the brands and solutions they've created. Our company cultures are perfectly aligned around providing incredible products and services to the real estate community, in the United States and now across Canada." Early in 2020, Elm Street Technology announced a strategic partnership with Aquiline Capital Partners, a private investment firm based in New York and London investing in businesses across the financial services sector. This partnership has enabled Elm Street Technology to accelerate its organic growth and to pursue strategic acquisitions. Past acquisitions have included companies such as VoicePad, FlowROI, IDX Broker, eMerge, AgentJet, Listingbook, RLS2000 and Consolidated Knowledge. About Elm Street Technology, LLC Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com. About Morris Real Estate Marketing Group / IXACT Contact Solutions Based in Toronto, Ontario, Canada, Morris Marketing is a family-owned, third generation company focused on providing customizable and automated lead generation and conversion tools for the real estate sector. Founded in 1929, the company has evolved with the needs of their client-base for close to a century, earning a well-respected reputation for outstanding support and service, and launching the popular IXACT Contact Solutions CRM. For more information, please visit morrismarketinggroup.com or ixactcontact.com. About Aquiline Capital Partners LLC Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. The firm had $6.4 billion in assets under management as of March 31, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com
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Realtor.com Housing Report: New Listings Stage a Comeback in June as Home Prices Hit a New High
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Home Affordability Declines for Average Workers Across U.S. in Second Quarter as Prices Soar
Average Wages Still Above Levels Needed To Afford Typical Home in Second Quarter of 2021; But Historic Affordability Dropped in Almost Two-Thirds of U.S. Housing Markets; National Median Prices Hits New High, Up 22 Percent Over Last Year IRVINE, Calif. - June 24, 2021 -- ATTOM, curator of the nation's premier property database, today released its second-quarter 2021 U.S. Home Affordability Report, showing that median home prices of single-family homes and condos in the second quarter of this year are less affordable than historical averages in 61 percent of counties across the nation with enough data to analyze. That was up from 48 percent of counties in the second quarter of 2020, to the highest point in two years, as home prices have increased faster than wages in much of the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet 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 347 of the 569 counties analyzed in the second quarter of 2021 are less affordable than past averages. The latest number is up from 275 of the same group of counties in the second quarter of 2020 – a backslide that developed amid a 22 percent spike in the median national home price over the same period last year to a record of $305,000. While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the second quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit its highest point since the second quarter of 2019. 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 $63,986 in the second quarter of this year. That is up from 22.7 percent in the first quarter of 2021 and 22.2 percent in the second quarter of last year, to the highest point since the third quarter of 2008. 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. Those mixed trends in the second quarter have developed during a 12-month period in which a glut of home buyers chasing a tight supply of homes for sale has spiked prices in most parts of the nation. The surge has come amid rock-bottom home-mortgage rates and a desire of many households largely untouched by the financial damage caused by the worldwide Coronavirus pandemic to seek the relative safety of a house and yard and more space for developing work-at-home lifestyles. Mortgage rates below 3 percent have helped cushion the impact of rising prices, but not enough to prevent the cost of home ownership from getting closer to the unaffordable benchmark. "Average workers across the country can still manage the major expenses of owning a home, based on lender standards. But things have gone in the wrong direction this quarter in a majority of markets as the national housing market boom roars onward," said Todd Teta, chief product officer with ATTOM. "While super-low mortgage rates have certainly helped in a big way, prices have simply shot up too much to maintain historic affordability levels. The near future of affordability remains very uncertain, as it has throughout the pandemic. ATTOM continues to watch those trends closely. For the moment, the situation is a mix of positive and negative trends." A majority of markets still require less than 28 percent of wages to buy a home Major ownership costs on median-priced homes in the second quarter of 2021 consume less than 28 percent of average local wages in 327 of the 569 counties analyzed in this report (57 percent). Counties requiring the smallest portion are Schuylkill County, PA (outside Allentown) (5.5 percent of annualized weekly wages needed to buy a home); Bibb County (Macon), GA (8 percent); Cambria County, PA (outside Pittsburgh) (8.2 percent); Macon County (Decatur), IL, (9.1 percent) and Peoria County, IL (10.4 percent). Among the 43 counties in the report with a population of at least 1 million, those where home ownership typically consumes less than 28 percent of average local wages in the second quarter of 2021 include Wayne County (Detroit), MI (10.7 percent); Cuyahoga County (Cleveland), OH (12.9 percent); Philadelphia County, PA (18.1 percent); Harris County (Houston), TX (20.2 percent) and Franklin County (Columbus), OH (21 percent). A total of 242 counties in the report (43 percent) require more than 28 percent of annualized local weekly wages to afford a typical home in the second quarter of 2021. Counties that require the greatest percentage of wages are Kings County (Brooklyn), NY (100.8 percent of annualized weekly wages needed to buy a home); Marin County, CA (outside San Francisco) (81.4 percent); Santa Cruz County, CA (76.2 percent); Queens County, NY (68.7 percent) and Monterey County, CA (outside San Francisco) (65.9 percent). Aside from Kings County, NY, and Queens County, NY, counties with a population of at least 1 million where home ownership consumes the highest percentage of average annualized local wages in the second quarter include Nassau County, NY (outside New York City) (63 percent); Orange County, CA (outside Los Angeles) (59.2 percent) and Alameda County (Oakland), CA (54 percent). Home prices up at least 10 percent in almost two-thirds of country Median single-family home prices in the second quarter of 2021 are up by at least 10 percent from the second quarter of 2020 in 348, or 61 percent, of the 569 counties included in the report. Counties were included if they had a population of at least 100,000 and at least 50 single-family home and condo sales in the second 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 second quarter of 2021 are in San Bernardino County, CA (up 25 percent); Mecklenburg County (Charlotte), NC (up 24 percent); Maricopa County (Phoenix), AZ (up 21 percent); Hillsborough County (Tampa), FL (up 20 percent) and Middlesex County (outside Boston), MA (up 20 percent). Counties with a population of at least 1 million that have the smallest year-over-year increases (or price declines) in the second quarter of 2021 are New York County (Manhattan), NY (down 21 percent); Wayne County (Detroit), MI (down 2 percent); Bronx County, NY (up 2 percent); Kings County (Brooklyn), NY (up 3 percent) and Santa Clara County (San Jose), CA (up 4 percent). Price gains outpace wage growth in almost three-quarters of markets Home-price appreciation is greater than annualized wage growth in the second quarter of 2021 in 409 of the 569 counties analyzed in the report (72 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average annualized wage growth is outpacing home-price appreciation in the second quarter of 2021 in 160 of the 569 counties in the report (28 percent), including Cook County (Chicago), IL; Kings County (Brooklyn), NY; Bexar County (San Antonio), TX; Santa Clara County (San Jose), CA, and Wayne County (Detroit), MI. Annual wages needed to afford median-priced home exceed $75,000 in less than 20 percent of markets Annual wages of more than $75,000 are needed in the second quarter of 2021 to afford the typical home in just 104, or 18 percent, of the 569 markets in the report. The top 20 highest annual wages required to afford the typical home are all on the east or west coasts, led by San Mateo County (outside San Francisco), CA ($246,090); Marin County (outside San Francisco), CA ($245,914); San Francisco County, CA ($237,588); New York County (Manhattan), NY ($212,246) and Santa Clara County (San Jose), CA ($220,850). The lowest annual wages required to afford a median-priced home in the second quarter of 2021 are in Schuylkill County, PA (outside Allentown) ($9,055); Cambria County, PA (outside Pittsburgh) ($12,688); Bibb County (Macon), GA ($13,415); Robeson County, NC (outside Fayetteville) ($16,951) and Chautauqua County, NY (outside Buffalo) ($17,977). Homeownership less affordable than historic averages in almost two-thirds of counties Among the 569 counties analyzed in the report, 347 (61 percent) are less affordable in the second quarter of 2021 than their historic affordability averages, up from 48 percent of the same group of counties that were less affordable historically in the second quarter of 2020. 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 Mecklenburg County (Charlotte), NC (index of 77); Dallas County, TX (80); Oakland County, MI (outside Detroit) (81); Fulton County (Atlanta), GA (82) and Tarrant County (Fort Worth), TX (82). Counties with the worst affordability indexes in the second quarter of 2021 include Delaware County, PA (outside Philadelphia) (index of 48); Rankin County (Jackson), MS (52); Canyon County, ID (outside Boise) (59); Montgomery County (Dayton), OH (63) and Gaston County, NC (outside Charlotte) (67). Among counties with a population of at least 1 million, those where the affordability indexes worsened annually are Mecklenburg County (Charlotte), NC (index down 14 percent); San Bernardino County, CA (down 14 percent); Wake County (Raleigh), NC (down 11 percent); Hillsborough County (Tampa), FL (down 11 percent) and Maricopa County (Phoenix), AZ (down 11 percent). Roughly 40 percent of markets are more affordable than historic averages Among the 569 counties in the report, 222 (39 percent) are more affordable than their historic affordability averages in the second quarter of 2021, down from 51 percent of the same group in the second 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 159); Montgomery County (outside Washington, D.C.), MD (118); Suffolk County, NY (outside New York City) (113); Santa Clara County (San Jose), CA (109) and Fairfax County, VA (outside Washington, D.C.) (108). Outside of New York County, NY, counties with the best affordability indexes in the second quarter of 2021 include Schuylkill County, PA (outside Allentown) (index of 201); Macon County (Decatur), IL (175); Ontario County (outside Rochester), NY (157) and Bibb County (Macon), GA (155). Counties with a population of least 1 million residents where affordability indexes improved the most, year over year, are New York County (Manhattan), NY (index up 40 percent); Santa Clara County (San Jose), CA (up 10 percent); Wayne County (Detroit), MI (up 8 percent); Bronx County, NY (up 4 percent) and Kings County (Brooklyn), NY (up 3 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 569 U.S. counties with a combined population of 250.8 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 $305,000 in the second quarter of 2021 required an annual wage of $57,594, based on a $61,000 down payment, a $244,000 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 $63,986 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, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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NAR Earns Recognition for its National Ad Campaigns Promoting Fair Housing and the Community Impact of Realtors
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Realtor.com Survey Shows More than 40% of Aspiring Gen Z Homeowners Plan to Buy Within the Next Five Years
Nearly half of future Gen Z homebuyers see themselves living in the suburbs SANTA CLARA, Calif., June 24, 2021 -- Nearly three-quarters of Gen Z prefers home buying over renting long-term, with a significant number of these aspiring homeowners planning to enter the housing market within the next five years. However, as many Gen Zers are either in their college years or just starting their careers in the face of the pandemic's economic uncertainties, job stability is their No. 1 barrier to buying, according to a new Realtor.com® survey released today. Between the ages of 18 and 25, the oldest members of Gen Z are in the phase of life where they are beginning to plan for the future and homeownership is a top priority, according to a Realtor.com®'s survey of more than 700 members of Generation Z who have never purchased a home, via HarrisX. Nearly two-thirds (64%) of Gen Zers said their COVID experience has not impacted their homeownership plans. More than one-quarter of those surveyed feel even more strongly about buying a home as a result of the pandemic. "Gen Z values homeownership. However, the oldest members of this generation are just entering the professional stage of life and not yet in a financial position to make a big play as first-time buyers – especially in the current housing market, which is challenging even older generations who have had many more years to save for a down payment," said George Ratiu, Senior Economist, Realtor.com®. "With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them." What Gen Z desires from homeownership Among surveyed Gen Zers who prefer buying versus renting long-term, half say owning a home is important to ensuring their family has room to grow into. However, with the vast majority not yet in an established relationship, 40% said now isn't the right time to buy because they don't know exactly what their future housing needs will be. In terms of when aspiring Gen Z homeowners think they'll be ready to buy, 43% say within the next five years. Roughly the same amount (44%) expect to enter the housing market within the next five to 10 years. Long-term, nearly half (49%) of future Gen Z homebuyers see themselves living in the suburbs and 19% plan to live in a rural area, both of which typically offer more spacious abodes. The remaining one-in-three surveyed prefer urban city life. Gen Z is currently career- and finances-focused Given more than one-third of Gen Z is still in their college years, Realtor.com®'s survey shows their current priorities are building their careers and the financial foundation needed to purchase a home. When asked what is preventing Gen Z from buying now, half of future homeowners said the No. 1 barrier is job stability. Among those who prefer buying over renting long-term, just under two-thirds said they would be searching for a home right now if they had enough money for a down payment. Aspiring Gen Z homeowners are taking action to address these barriers. While only 43% are currently employed, nearly half (45%) of those surveyed are already saving toward buying a home. At the same time, the vast majority (75%) of Gen Z did not move home during the pandemic to save on rent. Among those who did move home, just 17% saved money to put toward a down payment. "When it comes to where Gen Z homebuyers are deciding to live now and in the future, affordability is key," said Rachel Stults, deputy editor of Realtor.com®. "From exploring metros that offer both jobs and more affordable housing, to saving for a down payment, Gen Z homebuyers know how crucial it is to have a financial leg up when it comes time to buy. If they can learn anything from the experience of the millennial generation before them, it's the importance of laying the groundwork so that they can act quickly on a home in their budget. Prospective buyers should also plan for what they'll do if mortgage rates increase or other housing market conditions change quickly, particularly coming out of the pandemic. In short, whether they plan to buy in two years or 10 years, prospective Gen Z homeowners should be thinking several steps ahead." Future homebuyers can get a head start by using Realtor.com® resources like its News & Insights site and Home Made blog. The Realtor.com® Mortgage Calculator can also help home shoppers stay on top of financial factors like mortgage rates and associated costs of buying a home. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. This survey was conducted online within the United States from March 26 - April 7, 2021. The survey was conducted among 3,998 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.6 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, an oversample was collected for Gen Z not yet in the housing market. The oversample was weighted to align with the original sample. There are 708 Gen Z respondents, defined as those aged 25 and under who have never bought a home and are not planning to in 2021, with a margin of error of plus or minus 3.1 percentage points. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Unusual Decline in Showings Reported for May Compared to April, Although Buyer Activity Remains at an All-time High Per Data from ShowingTime
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Home Flipping Rate and Gross Profits Decline Across U.S. in First Quarter of 2021
Home Flipping Rate Falls in First Quarter to Lowest Level Since 2000; Prices on Flipped Homes Drop, Leading to Smallest Profit Margin in 10 Years IRVINE, Calif. - June 17, 2021 -- ATTOM, curator of the nation's premier property database, today released its first-quarter 2021 U.S. Home Flipping Report showing that 32,526 single-family homes and condominiums in the United States were flipped in the first quarter. Those transactions represented only 2.7 percent of all home sales in the first quarter of 2021, or one in 37 transactions – the lowest level since 2000. The latest figure was down from 4.8 percent, or one in every 21 home sales in the nation during the fourth quarter of 2020 and from 7.5 percent, or one in 13 sales, in the first quarter of last year. The quarterly and yearly drops in the flipping rate marked the largest decreases since at least 2000. As the flipping rate dropped, both profits and profit margins also declined. The gross profit on the typical home flip nationwide (the difference between the median sales price and the median price paid by investors) declined in the first quarter of 2021 to $63,500. That amount was down from $71,000 in the fourth quarter of 2020, although still up slightly from $62,000 in the first quarter of last year. The slide pushed profit margin returns down, with the typical gross flipping profit of $63,500 in the first quarter of 2021 translating into a 37.8 percent return on investment compared to the original acquisition price. The gross flipping ROI was down from 41.8 percent in the fourth quarter of 2020, and from 38.8 percent a year earlier, to its lowest point since the second quarter of 2011 when the housing market was still mired in the aftereffects of the Great Recession in the late 2000s. Profits and profit margins went down in the first quarter as median prices on flipped homes decreased quarterly for the first time in two years. Homes flipped in the first quarter of 2021 were sold for a median price of $231,500, down 3.9 percent from $241,000 in the fourth quarter of 2020. That marked the first quarterly decrease in typical resale prices since the fourth quarter of 2018 and the largest quarterly decline since the first quarter 2011. The first quarter-of-2021 median, however, was still up from $222,000 in the first quarter of last year. Home flipping and profit margins dropped in the first quarter of 2021 amid an ongoing housing boom that spiked housing prices but created conditions less favorable for investors. Median values of single-family houses and condominiums shot up more than 10 percent across most of the nation last year as a rush of house hunters jumped into the market, chasing an already-tight supply of homes squeezed further by the Coronavirus pandemic that hit early in 2020. The glut of buyers came as mortgage rates dipped below 3 percent and many households sought houses as a way to escape virus-prone areas and gain space for developing work-at-home lifestyles. That price run-up also raised the possibility that home values during the housing boom, now in its 10th year, had increased to the point where they could flatten out during the roughly six-month period most investors need to renovate and flip homes. "It's too early to say for sure whether home flippers indeed have gone into an extended holding pattern. But the first quarter of 2021 certainly marked a notable downturn for the flipping industry, with the big drop in activity suggesting that investors may be worried that prices have simply gone up too high," said Todd Teta, chief product officer at ATTOM. "After riding the housing boom along with others for years, they now might be having second thoughts. Whether this is the leading edge of a broader market downturn is little more than speculation. But ATTOM will be following all market measures very closely over the coming months to find out." Home flipping rates down in 70 percent of local markets Home flips as a portion of all home sales decreased from the fourth quarter of 2020 to the first quarter of 2021 in 76 of the 108 metropolitan statistical areas analyzed in the report (70.4 percent). The rate commonly dropped from about 5 percent to 3 percent. (Metro areas were included if they had at a population of 200,000 or more and at least 50 home flips in the first quarter of 2021.) Among those metro areas, the largest quarterly decreases in the home flipping rate came in Memphis, TN (rate down 80 percent); Lakeland, FL (down 75 percent); San Francisco, CA (down 74 percent); Columbia, SC (down 73 percent) and Palm Bay, FL (down 73 percent). Aside from Memphis and San Francisco, the biggest quarterly flipping-rate decreases in 51 metro areas with a population of 1 million or more were in Dallas, TX (rate down 72 percent); Orlando, FL (down 71 percent) and Tampa, FL (down 69 percent). The biggest increases in home-flipping rates were in Springfield, MA (rate up 114 percent); Albuquerque, NM (up 103 percent); Springfield, IL (up 95 percent); South Bend, IN (up 86 percent) and Boston, MA (up 79 percent). Typical home flipping returns drop in almost two-thirds of markets The median $231,500 resale price of home flips nationwide in the first quarter of 2021 generated a typical gross flipping profit of $63,500 above the median investor purchase price of $168,000. That gross-profit figure was down from $71,000 in the fourth quarter of 2020, decreasing the typical return on investment in the first quarter of 2021 to 37.8 percent. Profit margins dipped from the first quarter of 2020 to the first quarter of 2021 in 66 of the 108 metro areas with enough data to analyze (61.1 percent). Markets with the biggest declines were Savannah, GA (return on investment down 80 percent); Tuscaloosa, AL (down 76 percent); Salisbury, MD (down 73 percent); Evansville, IN (down 71 percent) and Davenport, IA (down 68 percent). Among metro areas with a population of at least 1 million, the biggest quarterly investment-return decreases during the first quarter of 2021 were in Memphis, TN (ROI down 64 percent); Austin, TX (down 54 percent); Houston, TX (down 50 percent); New Orleans, LA (down 38 percent) and Louisville, KY (down 37 percent). Metro areas with the biggest quarterly increases in profit margins during the first quarter of 2021 included Springfield, MO (ROI up 120 percent); Provo, UT (up 118 percent); Omaha, NE (up 101 percent); Lynchburg, VA (up 101 percent) and Pittsburgh, PA (up 88 percent). Investors sell for at least double their purchase price in only five markets Median resale prices on home flips in the first quarter of 2021 were at least twice the median investor purchase price in only five of the 108 metro areas with enough data to analyze (4.6 percent). They were led by Pittsburgh, PA (225.6 percent return, up from 120.1 percent in the first quarter of 2020); Springfield, IL (119.5 percent return, up from 74.6 percent a year ago); Chattanooga, TN (104.6 percent return, up from 93 percent a year ago); Philadelphia, PA (103.5 percent return, down from 104.1 percent a year ago) and Fayetteville, NC (100 percent return, down from 131 percent a year ago). The smallest first-quarter-of-2021 profit margins on typical home flips were in Austin, TX (9.2 percent return, down from 19.8 percent a year ago); Boise, ID (9.4 percent return, down from 25 percent a year ago); Evansville, IN (10 percent return, down from 35.1 percent a year ago); Houston, TX (10.2 percent return, down from 20.6 percent a year ago) and Raleigh, NC (12.9 percent return, up from 10.2 percent a year ago). Raw profits still highest in the West, Northeast and South; lowest in the Midwest and South The highest raw profits in the first quarter of 2021, measured in dollars, were again concentrated in the West, Northeast and South. Among metro areas with enough data to analyze, the top 20 all were in those regions, led by New York, NY (gross profit of $166,375); Pittsburgh, PA ($152,041); Los Angeles, CA ($145,000); San Francisco, CA ($139,250) and San Diego, CA ($136,000). Nineteen of the smallest 20 raw profits were spread across southern and midwestern metro areas, with the lowest in Gulfport, MS ($11,594 profit); Evansville, IN ($14,100); South Bend, IN ($18,000); Houston, TX ($24,486) and Austin, TX ($27,950). Home flips purchased with cash tick upward Nationally, the portion of flipped homes in the first quarter of 2021 that had been purchased with cash by investors rose to 59.2 percent, up from 57.7 percent in the fourth quarter of 2020, although still down from 59.9 percent a year ago. Meanwhile, 40.8 percent of homes flipped in the first quarter of 2021 had been bought with financing. That was down from 42.3 percent figure in the prior quarter, but still up from 40.1 percent a year earlier. Among metropolitan statistical areas with a population of 1 million or more and sufficient data to analyze, those with the highest percentage of flips in the first quarter of 2021 that had been purchased with cash by investors included Detroit, MI (82.3 percent); Pittsburgh, PA (77.3 percent); Cleveland, OH (74.6 percent); Charlotte, NC (72.5 percent) and Tampa, FL (72.3 percent). Average time to flip nationwide drops to smallest number since 2013 Home flippers who sold homes in the first quarter of 2021 took an average of 159 days to complete the transactions, the lowest level since the third quarter of 2013. The latest number was down from an average of 175 in both the fourth quarter and first quarter of 2020. FHA buyers purchase smaller portion of flipped homes Of the 32,526 U.S. homes flipped in the first quarter of 2021, 10 percent were sold to buyers using loans backed by the Federal Housing Administration (FHA), down from 11.6 percent in the prior quarter and from 14.7 percent in the first quarter of 2020. Among the 108 metro areas with a population of at least 200,000 and at least 50 home flips in the first quarter of 2021, those with the highest percentage of flipped properties sold to FHA buyers — typically first-time home buyers — were Philadelphia, PA (24.3 percent); Bakersfield, CA (24.1 percent); Hartford, CT (23.6 percent); Tulsa, OK (22.4 percent) and Brownsville, TX (21.1 percent). Only 57 counties had a home flipping rate of at least 10 percent Home flips accounted for more than 10 percent of all sales in 57 of the 677 counties around the U.S. with at least 10 home flips in the first quarter of 2021. The top five were McCurtain County, OK (outside Texarkana, AR) (18.5 percent); Montgomery County, IN (outside Indianapolis) (14.3 percent); Greene County, AR (outside Jonesboro) (13.4 percent); Coshocton County, OH (13.2 percent) and Crisp County, GA (outside Albany) (13.1 percent). Report methodology ATTOM analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after-repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Home Shoppers Are Looking for More Flexibility in Their Home Space and Are Willing to Swap Short Commute Time for Affordability, According to Realtor.com Survey
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Molly McKinley to lead global marketing and industry relations at RateMyAgent
A longtime leader in real estate and brand marketing, McKinley expands her role at the fast-growing agent reviews platform SAN DIEGO, June 14, 2021 -- RateMyAgent, the leading review and digital marketing platform for real estate professionals, today announced the promotion of Molly McKinley to executive vice president of global marketing and industry relations. A celebrated branding and marketing expert with deep roots in real estate, McKinley has been serving as the company's vice president of brand marketing since January 2020. "Molly has not only been integral to our initial successes in the U.S. market, she has exceeded every ambitious goal we set while remaining strategic and committed to growing our brand reputation in the industry," said the company's co-founder Mark Armstrong. "Her deep knowledge and relationships across the real estate ecosystem, coupled with her marketing talent and branding instincts, make her the perfect fit for this new, elevated role at RateMyAgent." After its staggering success in Australia, where RateMyAgent is used by agents who sell 80% of property, the company entered the U.S. market in 2018. In less than two years, McKinley helped expand the user base to more than 120,000 U.S. agents who are empowered to build their online reputations through verified client reviews and related digital marketing activities. In her new role, McKinley will lead marketing for the company's forthcoming global rollouts, while continuing to focus on expanding RateMyAgent's U.S. footprint through agent-focused marketing efforts. The company's agent-driven mission was a natural fit for McKinley, who had previously been the vice president of corporate marketing and communication at Adwerx; she has also worked at Adobe, IBM, Relola and First. "My work at RateMyAgent has allowed me to continue growing in an industry I love, while helping agents become more thoughtful about their reputations, and more vocal about the excellent experiences they provide their clients," said McKinley. "It is so gratifying to work with and for people who truly believe in helping agents become more intentional — and ultimately, Undisruptable." Intention is the thread that connects every phase of McKinley's storied career, which began as an art dealer in San Francisco and has evolved to include teaching yoga classes; owning a successful marketing agency, Redtail Creative; and launching Intentionaliteas herbal loose leaf teas. She is the author of the soon to be released book, The Intentional Business: A Path to Purpose and Prosperity. "Throughout my career and in my own personal life, I always strive to find intention and true purpose. For me, that's what marketing is all about — illuminating better options for your customers, and helping them succeed beyond their wildest dreams," said McKinley. "I feel lucky to share that philosophy with the team at RateMyAgent, and I am thrilled that my new role will allow me to expand my reach across the global real estate industry." About RateMyAgent RateMyAgent is a real estate review platform that boasts more than 120,000 U.S. agent users; the tool is also used by 80% of agents who sell property across Australia, where it was first launched. RateMyAgent allows agents to request, verify and promote their glowing client reviews across the web, including to Google's local search results and social media platforms like Facebook and Instagram. Agents can claim their free profile by going to ratemyagent.com
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Housing-Market Competition Has Eased Slightly, But 7 in 10 Buyers Still Face Bidding Wars
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Realtor.com and LGBTQ+ Real Estate Alliance Survey Shows Housing Discrimination Remains an Issue
Members of the LGBTQ community are less likely to be homeowners; neighbors are key to feeling accepted SANTA CLARA, Calif., June 10, 2021 -- Realtor.com today announced it is collaborating with the LGBTQ+ Real Estate Alliance in an effort to help identify challenges and initiate positive change in the housing industry. The organizations also unveiled the findings of a new survey which reveals that LGBTQ discrimination in real estate remains a problem, members of the LGBTQ community are less likely to be homeowners, and neighbors who are accepting are key to feeling welcome in a new place. "Home means something different to everyone -- family, love, security, belonging -- and Realtor.com® believes that no matter the circumstance, every person deserves the opportunity to create a home that reflects who they are and what is most important to them," said Mickey Neuberger, CMO for Realtor.com®. "The LGBTQ+ Real Estate Alliance is an essential voice in the discussion of fair housing and we are excited to work with them on these very important issues. We're proud to stand with our LGBTQ+ community and are committed to diversity, equity and inclusion in housing." The report is based on an online survey of 1,538 LGBTQ community members living in the U.S conducted by Community Marketing & Insights, a 100% LGBTQ-owned and -operated research firm, from May 14-21, 2021. Discrimination in real estate remains a problem Executive Order 13988, enacted in Jan. 2021, aimed to prevent and combat discrimination on the basis of gender identity or sexual orientation. And while it was a significant step forward, housing discrimination in the LGBTQ community continues to be an issue. When survey respondents were asked if they have ever been discriminated against when applying for a rental lease or buying a home, almost 2 in 10 (17%) confirmed they had been discriminated against, 12% weren't sure but suspected discrimination and 71% had not experienced this. Discrimination was even more pronounced in the transgender community, with 44% having experienced or suspected discrimination. Fifty-two percent of respondents said this discrimination took place in the last 5 years. Of those who had experienced discrimination, 68% revealed it was because of their sexual orientation, 33% attributed it to their race or ethnicity and 25% said it was because of their gender or gender identity. Some respondents reported that they had experienced multiple forms of discrimination. "Discrimination against the LGBTQ+ community in housing is real, but we know the fear of discrimination is even greater," said Ryan Weyandt, CEO of the LGBTQ+ Real Estate Alliance. "Our community already must place an outsized emphasis in identifying safe and accepting communities. Discrimination and the fear of it is another burden. I don't believe we are going to see the number of LGBTQ+ homeowners rise without eliminating housing discrimination against us. It is an unnecessary barrier that should be illegal as it is for other diverse groups." Weyandt pointed out that the Fair Housing Act, which was passed in 1968, still not does protect Americans from discrimination against sexual orientation and gender identity. LGBTQ people less likely to be homeowners According to the survey, 49% of respondents own their primary residence, compared to about 66% of the general population. This number was even lower among transgender (35%), Black (29%) and Latinx (41%) community members. While there are many factors that contribute to this homeownership rate, economic and other forms of discrimination can discourage homeownership. This type of discrimination is especially prevalent among transgender and non-binary community members. City life remains popular among the community Survey results show that about half (49%) of the LGBTQ community currently lives in a big or medium-sized city. Twenty seven percent of respondents live in big cities, 22% in medium-sized cities, 13% in small cities, 25% in the suburbs, and 13% in small towns and rural areas. The study also found some differences by gender: Gay and bi+ men are more likely to live in big cities than lesbian and bi+ women, who live more evenly divided across community types. Transgender and non-binary community members are the least likely to be in big cities, making non-discrimination legal protections at the state and national level even more important. Seventy percent of survey takers said their city or town is "somewhat" to "very LGBTQ-friendly." However, it's important to note there is likely to be self-selection of inclusive areas. When asked what type of environments respondents would consider moving to in the next 10 years, city life remained popular with medium-sized cities (50%) being favored over big cities (40%). Some in the community were also interested in the suburbs (32%), small towns (26%), and rural areas (17%). The responses were in line with the established pattern of younger people being more interested in cities and older people interested in less crowded environments. Realtor.com® recently identified ten affordable LGBTQ-friendly cities. "Members of the LGBTQ community often seek out places where they feel safe as well as welcome," said Realtor.com®'s Deputy News Editor, Clare Trapasso. "These tend to be places with visible and supported LGBTQ communities, LGBTQ protections in place and where they believe they are less likely to be discriminated against." Lack of diversity holds LGBTQ members back from less urban areas When respondents living in cities were asked if there was anything holding them back, the No. 1 response was a lack of culture and entertainment in these less urban areas. The No. 2 reason was that these areas are not racially and ethnically diverse and accepting and No. 3 was a preference to be in communities with larger numbers or visible LGBTQ community members. On the flip side, when all survey respondents were asked what is most appealing about these areas, lower cost of living rose to the top as the best attribute. It was followed by outdoor space and larger yards, and then "better overall quality of life." Acceptance is key when choosing a home and neighbors have the most influence Regardless of location, acceptance is a key factor for respondents when it comes to deciding where to buy a home. When asked whether they would purchase a home if they had doubts about whether they would be accepted, the majority (55%) said no, 32% said they were unsure, and only 12% said yes. So, what would make a LGBTQ member feel welcome? No. 1 response: the people in the neighborhood. Seventy-six percent of respondents said neighbors who seem friendly, open, and accepting of LGBTQ neighbors would help make them feel welcome. The No. 2 attribute was a neighborhood or town that is racially and ethnically diverse, and No. 3 was local anti-discrimination laws that specifically include sexual orientation and/or gender identity as protected groups. Survey results: Methodology: In May of 2021, Realtor.com® worked with Community Marketing & Insights (CMI) to conduct a national quantitative research study among the LGBTQ community. The 10-minute online survey was conducted May 14-21, 2021. The panel used for the research was a random sample of CMI's proprietary research panel of 50,000 LGBTQ community members in the United States. The panel was developed over a 20-year period through continuing partnerships with more than 300 LGBTQ publications, websites, blogs, social media, apps, influencers, events, and organizations. A total of 1,538 LGBTQ community members living in the United States participated in the research. The report represents responses from 618 cisgender gay/bi+ men, 618 cisgender lesbian/bi+ women and an oversample of 302 transgender and non-binary participants. Participants were aged 18 to 74. Participation was from all 50 states, Washington, DC and Puerto Rico. See participant profile for more information. 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. About LGBTQ+ Real Estate Alliance The LGBTQ+ Real Estate Alliance is a 501(c)6 non-profit dedicated to empowering the LGBTQ+ community on the path to homeownership as we also advocate on behalf of the community on housing issues. The Alliance, founded in June 2020, is an all-inclusive organization that works to improve the professional lives of its members through a public-facing Alliance Referral Community. The Alliance began accepting members in October 2020 and has more than 50 chapters in the U.S., Canada and Puerto Rico. For more information visit realestatealliance.org.
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Realtor.com Housing Report: Home Prices Reach New High at $380,000 in May
Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021 SANTA CLARA, Calif., June 3, 2021 -- The U.S. median home price continued its double-digit appreciation in May reaching a new an all-time high of $380,000, but in a good sign for home shoppers contending with a competitive housing market, the rate of price growth moderated for the second time in 13 months, according to the Realtor.com® Monthly Housing Trends Report released today. In what is looking more like a typical home-buying season, sellers continued to come to the market in May with new listings up 5.4% year-over-year. However, with less than half the total number of homes for sale compared to last year, homes are selling 32 days faster than a year ago and 18 days faster than 2017-2019. It is important to note that the housing market stalled during the early days of the pandemic last April and May, exaggerating many of the year-over-year comparisons. To provide perspective, 2017-2019 comparisons are provided when appropriate. "Home buyers looking to lock in still low mortgage rates face fierce competition for fewer homes for sale than last year's historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month," said Realtor.com® Chief Economist Danielle Hale. "The good news is that price momentum may be beginning to cool off. While still in the double-digits, May was the first non-weather related slowing in price appreciation since April 2020. And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall." Hale said Realtor.com®'s May data indicates that large metros may be leading the national cooldown in price growth thanks to more new sellers. In May, the largest metros saw lower annual price gains than the national rate and some of the largest number of new homes added to the market. Prices hit all-time high as growth pace slows Nationally, the median list price grew to $380,000 in April, the latest all-time high seen according to Realtor.com® data, which dates back to 2012. Although the tenth consecutive month of double-digit price increases, the pace of growth slowed to 15.2% year-over-year in May, lower than the 17.2% year-over-year increase reported in April. Active listing prices in the nation's largest metros grew by an average of 7.4% in May compared to last year. Among the 50 largest U.S. metros, Austin, Texas (+32.2%), Riverside, Calif. (+21.5%), and Las Vegas (+18.5%) saw the largest increases. Tight inventory even as sellers add new listings Nationally, the total inventory of unsold homes (including pending listings) declined 20.8% from May 2020, while active listings were more than half of (-50.9%) last year's levels. New listings grew 5.4% compared to last year. Although more sellers are entering the market, there were 522,000 fewer homes actively for sale in May compared to a year ago, when the market had stalled due to the pandemic. Compared to the typical rate seen in May from 2017 to 2019, sellers added 23.3% fewer newly listed homes last month. The nation's 50 largest metros gained 12.4% new listings compared to last year in May, over twice the average national rate. Many of the metros that saw the largest gains were cities that were impacted by the pandemic first such as Buffalo, N.Y., up 64.3%, Philadelphia (+52.5%) and Washington, D.C.(+48.9%). Homes sold more than a month faster than last year With less than half the amount of homes for sale than this time last year, prospective homeowners are feeling the pressure to move quickly with average time on market reaching a new low in May at 39 days. This is 32 days faster than last year. Homes sold 19 days faster on average in May, compared to 2017 to 2019. May home sales were fastest in Rochester, N.Y., which saw a median 11 days on market, and Columbus, Ohio (13 days) and Denver (14 days). May 2021 Housing Overview by Top 50 Largest Metros *Some data for Pittsburgh has been excluded due to data quality. 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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Real Estate's Ben Caballero Shatters World Record With $2.46 Billion Sales Volume
Top-ranked real estate agent sold 6,438 new homes in 2020 DALLAS, May 26, 2021 -- Ben Caballero, a current Guinness World Record title holder and the No. 1-ranked real estate agent in the U.S. since 2013 by RealTrends, set a new record for home sales last year. He individually sold 6,438 homes worth more than $2.46 billion in 2020. Caballero shattered his current Guinness World Record, his second, for "The most annual home sales transactions through MLS by an individual sell side real estate agent is 5,801 and was achieved by Ben Caballero (USA) in Dallas, Texas, USA, in 2018." A new home sales expert who works directly with 60-plus builders in Houston, Dallas-Ft. Worth, Austin, and San Antonio, Caballero sold 3,556 homes in 2016, earning his original recognition as a Guinness World Record title holder, the first record of its kind for a real estate agent. The verified data for his individual sales came from the North Texas Real Estate Information Systems, Houston Association of REALTORS, San Antonio Board of REALTORS, and the Austin Board of REALTORS Multiple Listing Services. Caballero is the only individual real estate agent to repeatedly surpass the total annual production of the highest-ranked real estate teams, both in total sales transactions and total transaction volume. If he were a brokerage, his sales volume would place him among the top 125 largest U.S brokerages in the RealTrends 500 list. New sales record for Dallas-Ft. Worth Last year also marked a record sales year for Caballero in Dallas-Ft. Worth, the headquarters of his firm, HomesUSA.com. He sold 4,282 homes worth $1.655 billion in the Dallas-Ft. Worth market, smashing last year's sales record of 3,496 homes worth $1.384 billion. Caballero also is the only real estate agent in the world to exceed $2 billion in annual home sales and he did it three times: 2020 with $2.46 billion, 2019 with $2.25 billion, and 2018 with $2.27 billion. "As a Texan, I am proud to live and work in the world's greatest and most resilient housing market and home to one of the strongest economies in the world," Caballero said. "Looking at the market today, this record is going to stand for some time. What's most incredible is I get to do something I love every day and get paid for it. I built homes or 18 years and truly enjoy working with builders." Between 2004 and 2020, Caballero was responsible for 42,265 new home sales totaling $15.6 billion in volume. According to the World Bank, his sales volume is higher than the annual Gross Domestic Product of more than 70 countries. To put Caballero's accomplishments for last year in perspective, he averaged more than 120 new home sales a week or 17 new homes a day, or a pace of more than two home sales every business hour. Caballero attributes the ability to maintain his massive volume to technology that powers the HomesUSA.com platform, which he invented and uses to manage and market property listings on local Multiple Listing Services for his builder clients. Caballero plans to formally apply for a third Guinness World Record title for "Most annual home sales transactions through MLS by an individual sell side real estate agent." About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by RealTrends 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 first real estate agent to exceed $1 billion in residential sales transactions in a single year. He is also the first real estate agent to exceed $2 billion in annual sales, which he accomplished the last three years straight. 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. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Dotloop and Notarize Partner to Offer a Fully Digital Notary Experience
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