You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default
MooveGuru Launches HomeKeepr to Its User Network of 370,000 Agents, Loan Officers and Title Reps
Atlanta, November 8, 2022 -- HomeKeepr's network of 370,000 agents, loan officers and title reps as well as their consumer contacts, are now using an enhanced suite of HomeKeepr's products and services. "It's actually a relaunch," says Rob Morelli, President of HomeKeepr. "After MooveGuru acquired HomeKeepr in 2020, we started a significant investment into the platform with the goal of designing the ultimate consumer destination for home management." HomeKeepr enhanced its consumer platform to manage every aspect of home ownership, while remaining branded to and delivered by their real estate agent, mortgage professional and title company. Features include storage for closing documents, photos, appliance manuals, tax information and more. Homekeepr also delivers real-time comparable market activity, home financial details, and a variety of other tools that consumers need to maintain and manage the physical and financial aspects of their home. A true differentiator for HomeKeepr is its home pro network. This network is unique compared to other sets of home pros as ALL MEMBERS of the network were referred by real estate agents and / or loan officers. MooveGuru identified this as a key component in deciding to acquire HomeKeepr in late 2020. Leveraging its unique home pro network has become a focus for MooveGuru. To ensure value for those vendors, the new HomeKeepr allows consumers to use a repair estimator tool to model accurate estimates of repair or renovation costs. The tool adjusts price locally, based on the property zip code, and directs the consumer to a reputable contractor in the HomeKeepr home pro network. MooveGuru understands the needs of real estate agents and mortgage loan officers. Each needs to know who is planning to move. The new HomeKeepr runs a complex algorithm on all consumers linked to an agent or a broker to identify life events that are likely to trigger a move. The algorithm further predicts the timeline to the home purchase or sale. This artificial intelligence feature provides continuous monitoring of over 50 datapoints including social, search, and online spending to identify contacts as likely movers and then notifies the agent and loan officer of who EXACTLY in their sphere to reach out to. "It's a roadmap for agents and loan officers to identify who in their list of contacts is highly likely to buy or sell in the next 90 days and it's incredibly accurate," says Scott Oakley, CEO of MooveGuru." After two years of investment and extensive testing, MooveGuru began rolling out the new HomeKeepr to the company's 370,000 agent clients in July. HomeKeepr and MooveGuru currently support 90% of all Keller Williams agents, 80% of ERA Real Estate and Better Homes and Gardens Real Estate agents, 8,000 eXp Realty agents, The Realty Alliance and the entire networks of Exit Realty, Vylla Real Estate and HomeScout. HomeKeepr is built on an open environment, so agents or loan officers do not have to disrupt their current systems and change transaction management systems or CRM. HomeKeepr provides a seamless experience for its clients through integrations that allow the system to pull contact data from real estate's leading platforms, such as Anywhere's Dash, Keller Williams' Command, MoxiWorks, Dotloop, DocuSign, Skyslope, Boomtown, and many more. "This revolutionary platform keeps the real estate agent and loan officer relevant to their contacts before, during, and long after the transaction. HomeKeepr creates a complete homeownership lifecycle program with the agent and loan officer at the center of the experience. "Bottom line, it gives consumers the tools they need to manage their largest investment while driving more transactions for our agents, loan officers and Title," says Kathleen Kuhn, President of MooveGuru. About MooveGuru Roswell, GA based MooveGuru. Since 2016, MooveGuru Inc. has supported its customers to keep them top of mind before, during and well after the transaction. Its technology is a customer for life solution using a combination of email marketing, utility connections and homeownership dashboards. Using Artificial intelligence to identify consumers buying and selling in the future, its algorithm can predict when a consumer is going to sell. Today, more than 2,200 brokerages, 370,000 agents and loan officers, and millions of homeowners are connected to the MooveGuru and HomeKeepr platforms.
MORE >
Steep Drop in Mortgage Lending Continues Across U.S. in Third Quarter, Hitting Three-Year Low
Total Loans Down Another 19 Percent Quarterly, Marking Sixth Straight Drop; Refinance Lending Declines Another 31 Percent Quarterly, While Purchase Loans Decrease 16 Percent; Drop-offs Far Outweigh Ongoing Rise in Home-Equity Lending IRVINE, Calif. – Nov. 17, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 U.S. Residential Property Mortgage Origination Report, which shows that 1.97 million mortgages secured by residential property (1 to 4 units) were originated in the third quarter of 2022 in the United States. That figure was down 19 percent from the second quarter of 2022 – the sixth quarterly decrease in a row – and down 47 percent from the third quarter of 2021 – the biggest annual drop in 21 years. The continued decline in residential lending resulted from double-digit downturns in both refinance and purchase loan activity that far outweighed another increase in home-equity credit lines. Overall, lenders issued $636.5 billion worth of mortgages in the third quarter of 2022. That was down quarterly by 22 percent and 46 percent annually. As with the number of loans, the annual decrease in the dollar volume of mortgages stood out as the largest since at least 2001 and was the latest sign that the 11-year U.S. housing market boom is losing steam. "There are no surprises in this quarter's loan origination numbers, as the unprecedented jump in mortgage rates has battered both the purchase and refinance markets," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Prospective homebuyers have been priced out of the market by the combination of 7 percent mortgage rates and higher home prices. And refinance activity will probably continue to decline, since the majority of homeowners have loans with sub-4 percent interest rates." The continued dip came as just 661,000 residential loans were rolled over into new mortgages and borrowers took out only 943,000 loans to buy homes during the third quarter of 2022. During a period when mortgage interest rates continued to climb, refinancing activity was down 31 percent from the second quarter of 2022 and 68 percent from a year earlier. Refinancing activity has dropped for six consecutive quarters, to a level that is just one-quarter of what it was in early 2021. The dollar volume of refinance loans in the period running from July through September was down 33 percent from the prior quarter and 67 percent annually, to $212 billion. The number of purchase loans, meanwhile, slumped by 16 percent quarterly and 33 percent annually, while the dollar volume decreased to $353.9 billion. Only a 5 percent quarterly jump in the number and value of HELOCs – the third quarterly straight gain – kept the industry from seeing an across-the-board contraction. By the end of the third quarter, refinance activity represented just a third of overall mortgages, compared to two-thirds as recently as the first quarter of last year. Purchase lending continued at just under half of all activity in the third quarter of 2022, while home-equity packages comprised one of every five mortgage deals completed. That ratio for so-called HELOC loans was up from one of every 21 a year and a half ago. The most recent mortgage numbers are among the strongest reflections yet of a U.S. housing market that has cooled considerably after 11 years of nearly uninterrupted gains. Total mortgages drop at fastest annual pace since 2001 Banks and other lenders issued 1,968,930 residential mortgages in the third quarter of 2022. That was down 18.7 percent from 2,421,540 in the second quarter of 2022 and down 46.9 percent from 3,708,000 in the third quarter of 2021. The annual decline marked the largest since at least 2001. The $636.5 billion dollar volume of loans in the third quarter was down 22.4 percent from $819.9 billion in the prior quarter and was 46.4 percent less than the $1.19 trillion lent in the third quarter of 2021. Overall lending activity decreased from the second quarter of 2022 to the third quarter of 2022 in 206, or 98 percent, of the 210 metropolitan statistical areas around the U.S. with a population of more than 200,000 and at least 1,000 total residential mortgages issued in the third quarter of 2022. Total lending activity was down at least 15 percent in 116 of the metros with enough data to analyze (55 percent). The largest quarterly decreases were in Myrtle Beach, SC (total lending down 52.7 percent); Knoxville, TN (down 44.5 percent); Charleston, SC (down 43 percent); Ogden, UT (down 41 percent) and Buffalo, NY (down 36.2 percent). Aside from Buffalo, metro areas with a population of least 1 million that had the biggest decreases in total loans from the second quarter to the third quarter of 2022 were St. Louis, MO (down 35.8 percent); Miami, FL (down 30.4 percent); Washington, DC (down 30.1 percent) and San Jose, CA (down 28.2 percent). The biggest increases, or smallest decreases, in the total number of mortgages from the second quarter to the third quarter of 2022 were in Hartford, CT (up 5 percent); Syracuse, NY (up 0.8 percent); Claremont-Lebanon, NH (up 0.8 percent); Warner Robins, GA (up 0.6 percent) and York, PA (down 0.6 percent). No metro areas with a population of at least 1 million aside from Hartford saw total loan originations increase from the second to the third quarter of this year. Refinance mortgage originations slump to lowest point since early 2019 Lenders issued 660,767 residential refinance mortgages in the third quarter of 2022 – the smallest count since the first quarter of 2019. The latest number was down 31 percent from 957,515 in second quarter of 2022, 67.9 percent from 2,059,465 in the third quarter of 2021 and 75.3 percent from a peak of 2,680,523 hit in the first quarter of last year. It fell for the sixth straight quarter, the longest run of declines this century. The $212 billion dollar volume of refinance packages in the third quarter of 2022 was down 33 percent from $316.4 billion in the prior quarter and down 67.1 percent from $645.2 billion in the third quarter of 2021. Refinancing activity decreased from the second quarter of 2022 to the third quarter of 2022 in 208, or 99 percent, of the 210 metropolitan statistical areas around the country with enough data to analyze. Activity dropped quarterly by at least 25 percent in 131 metro areas (62 percent). The largest quarterly decreases were in Myrtle Beach, SC (refinance loans down 62 percent); Buffalo, NY (down 59.4 percent); Salinas, CA (down 54.7 percent); Knoxville, TN (down 52.4 percent) and Charleston, SC (down 49.5 percent). Aside from Buffalo, metro areas with a population of least 1 million that had the biggest decreases in refinance activity from the second quarter to the third quarter of this year were Washington, DC (down 46.9 percent); New York, NY (down 46 percent); Miami, FL (down 45.5 percent) and St. Louis, MO (down 45 percent). The only metro areas where refinance lending increased from the second quarter to the third quarter were Sioux Falls, SD (up 11.4 percent) and Hartford, CT (up 3.2 percent). Purchase mortgages decrease for fourth time in last five quarters Lenders originated 943,242 purchase mortgages in the third quarter of 2022. That was down 15.6 percent from 1,116,939 in the second quarter – the fourth drop in the last five quarters. It also was down 32.7 percent from 1,401,578 in the third quarter of 2021 – the biggest annual decline this century. The $353.9 billion dollar volume of purchase loans in the third quarter of 2022 was down 18.9 percent from $436.2 billion in the prior quarter and down 28.4 percent from $494 billion a year earlier. Residential purchase-mortgage originations decreased from the second quarter of 2022 to the third quarter of 2022 in 173 of the 210 metro areas in the report (82 percent) and dipped annually in 206 metro areas (98 percent). The largest quarterly decreases were in Myrtle Beach, SC (purchase loans down 50.8 percent); Ogden, UT (down 47.6 percent); Naples, FL (down 41.8 percent); Charleston, SC (down 41.3 percent) and Knoxville, TN (down 40.1 percent). Metro areas with a population of at least 1 million that saw the biggest quarterly decreases in purchase originations in the third quarter of 2022 were St. Louis, MO (down 30.3 percent); San Jose, CA (down 30.3 percent); San Francisco, CA (down 29.3 percent); Los Angeles, CA (down 28.6 percent) and Miami, FL (down 28.5 percent). Residential purchase-mortgage lending increased most from the second quarter to the third quarter of 2022 in Syracuse, NY (up 24.9 percent); Claremont-Lebanon, NH (up 24.3 percent); Rochester, NY (up 20 percent); Dayton, OH (up 18.9 percent) and Kalamazoo, MI (up 15.7 percent). Aside from Rochester, metro areas with a population of at least 1 million where purchase originations rose most from the second to the third quarter were Minneapolis, MN (up 11.9 percent); Hartford, CT (up 6.1 percent); Grand Rapids, MI (up 5.2 percent) and Pittsburgh, PA (up 0.5 percent). HELOC lending up for fifth time in six quarters A total of 364,921 home-equity lines of credit (HELOCs) were originated on residential properties in the third quarter of 2022, up 5.1 percent from 347,086 in the prior quarter and up 47.8 percent from 246,957 in the third quarter of 2021. HELOC activity increased for the fifth time in six quarters after it had decreased in each of the prior six quarters. The $70.5 billion third-quarter 2022 volume of HELOC loans was up 4.7 percent from $67.3 billion in the second quarter of 2022 and 47.5 percent from $47.8 billion in the third quarter of last year, hitting the highest point in four years. HELOCs comprised 18.5 percent of all third-quarter 2022 loans – almost four times the 4.8 percent level from the first quarter of 2021. "While HELOC activity has dramatically increased over the past few quarters, its growth rate slowed down significantly on a quarter-to-quarter basis, which raises the question of whether we might be at or near a cyclical peak in HELOC activity," Sharga added. "Even with the recent increases, HELOC volume is still nowhere near the record level of activity we saw in the mid-2000s during the run-up to the financial crisis." The largest increases in metro areas with a population of at least 1 million were in New Orleans, LA (home-equity loans up 52.8 percent); Houston, TX (up 47.5 percent); Dallas, TX (up 35.4 percent); Tucson, AZ (up 32.8 percent); and Atlanta, GA (up 30.9 percent). The largest quarterly decreases in HELOCs among metro areas with a population of at least 1 million were in Buffalo, NY (down 31.9 percent); St. Louis, MO (down 26.7 percent); Honolulu, HI (down 14.5 percent); San Jose, CA (down 10.9 percent) and Rochester, NY (down 9.1 percent). FHA and VA loan portions tick upward Mortgages backed by the Federal Housing Administration (FHA) rose as a portion of all lending for the fourth straight quarter, accounting for 224,021, or 11.4 percent, of all residential property loans originated in the third quarter of 2022. That was up from 10.7 percent in the second quarter of 2022 and 9.3 percent in the third quarter of 2021. Residential loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 103,314 or 5.2 percent, of all residential property loans originated in the third quarter of 2022. That was up from 5.1 percent in the previous quarter but still down from 6.3 percent a year earlier. VA lending as a portion of all loans rose after seven consecutive quarterly declines. Typical amount borrowed to finance purchase decreases to three-year low The median amount borrowed nationwide to buy a home went down in the third quarter of 2022 for the first time in three years, while the typical down payment on homes purchased with financing also decreased. At the same time, the ratio of median down payments to home prices went down. Among homes purchased with financing in the third quarter of 2022, the median loan amount was $315,000. That was down 4.5 percent from $330,000 the prior quarter, following 10 straight increases. However, it was still up 4.2 percent from $302,197 in the same period in 2021. The median down payment on single-family homes and condos purchased with financing in the third quarter of 2022 decreased to $34,975, down 12.5 percent from $39,980 in the previous quarter, although still up 11.9 percent from $31,250 in the third quarter of 2021. The typical down payment in the third quarter of this year represented 9.3 percent of the purchase price, down from 10.2 percent in the prior quarter but still up from 8.9 percent a year earlier. Report methodology ATTOM analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
NAR Launches Nationwide Motor Coach Tour to Mobilize Members, Strengthen Voice for US Consumers
MORE >
New Realtor.com Data Highlights the Impact of Wildfire and Flood Risk on Consumer Behavior and Home Prices
Homebuyers show stronger demand for safer homes in at-risk areas; safer homes appreciate slightly faster than those with higher risk SANTA CLARA, Calif., Nov. 16, 2022 -- More than $8.8 trillion in home value is at moderate-to-high risk of wildfire and $6.5 trillion in home value is at moderate-to-high risk of flood damage over the next 30 years, according to data from Realtor.com® and First Street Foundation. As the frequency and intensity of weather events increases, it's not surprising that consumers are taking these issues into account when looking for a home. New research released today by Realtor.com® found that homebuyers generally show a preference for lower risk homes, which in turn appreciate at a slightly faster pace, and that the preference can be more pronounced in some areas of higher risk where awareness may be greater. Homes with less climate risk appreciate faster Homes with a low risk of flood damage appreciate at 1.5 percentage points faster than homes with a high risk of flood damage. During the last flood-related disaster season (July - Sept. 2021), the growth rate gap increased to 1.7 percentage points, suggesting that flood risk was top-of-mind for buyers. Homes at low risk of wildfire appreciate at 3.7 percentage points faster than homes at high risk of wildfire. During the last wildfire season (July - Sept. 2021), the growth rate gap held steady at 3.7 percentage points, suggesting that awareness may be lower for wildfire than it is for flood. A recent Realtor.com® survey found that 71% of recent homebuyers considered the risk of natural disasters when deciding where to move and 47% are more concerned about natural disasters today than they were five years ago. Additionally, a 2021 Realtor.com® survey found that 34% of homeowners would consider moving or selling their home due to concerns about natural disasters. "Our data shows that users have a small but consistent preference toward lower risk homes. Buying a home is an extremely personal decision and many people are willing to take on more risk in order to have a water view or find a more affordable property," said Danielle Hale, Chief Economist at Realtor.com®. "Consumers are increasingly aware of the risk that wildfires and flooding can have on their home. However, it's important to keep in mind that while climate-related risk is a factor that consumers might take into account, it is one of many considerations when deciding where to live and what home to purchase." Homebuyers weighing climate risks when shopping Home shoppers on Realtor.com® who interact with the flood feature tend to shift toward viewing homes with lower risk than where they began. This is especially true in Florida, Louisiana and South Carolina where consumers shift to viewing details for homes with 5-7% lower risk scores. On the other hand, users in Mississippi shift from viewing homes with lower risk to homes with a higher risk of flooding, indicating that the users are willing to take some risk to find a property that meets their needs and may be more price sensitive. Wildfires seem to be less top-of-mind for home shoppers. In California, Oregon and Utah consumers who interact with the tool continue to look at homes with the same or similar risk scores. However, in Arizona, Florida and Mississippi, users of the tool tend to shift toward properties with higher risk, suggesting that awareness of wildfire risk might be lower than for flood or that consumers might be more price sensitive. "We felt that it was important to add natural disaster information to Realtor.com® to help home shoppers and homeowners better understand their risks and take preventative steps to help mitigate that risk," said Sara Brinton, lead product manager at Realtor.com®. "In the two years since we added flood risk data to the site, it has become one of our most popular features and we're proud to be able to provide this important information to consumers so that they can make informed decisions during the home shopping process." About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >
Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home -- Up 46% From a Year Ago
MORE >
Chime Unveils Geographic Farming Innovation to Elevate Lead Conversion
New Geo-Farming Feature Combines Local Market Intelligence with AI-Powered Marketing Automation PHOENIX, Nov. 10, 2022 -- Chime Technologies, an award-winning real estate technology innovator, today announced Geographic Farming, a new feature in the Chime platform. A unique geo-farming capability, Chime's latest innovation combines deep local market intelligence with AI-powered marketing automation. Real estate professionals can now do more than simply blanket a neighborhood with mailers and instead make data-driven decisions about where to invest marketing resources, understand if and how they are gaining market share, and elevate lead conversion with fully automated marketing campaigns. Unlike other geo-farming solutions, Chime's Geographic Farming innovation provides a complete market analysis with deep local intelligence. After drawing a geo-fenced area on a map through the Chime user interface, customers can review the market analysis data on area sales volume, average sales price, competitor market share, potential gross commission income (CGI) and more. From there fully automated campaigns are easy to configure and are integrated directly into Chime CRM to maximize lead engagement, management, and nurturing. With Chime's geo-farming feature, real estate professionals can: Clearly identify areas of opportunity, potential sales volume, and GCI; Focus marketing dollars on the highest potential neighborhoods; Track engagement and leads by either text or QR code; Leverage Chime Smart Plans and automations based on lead engagement; Compare their progress versus competitors as market share is gained. "Geo-farming is not a new strategy for agents looking to boost brand awareness in a given area, but in today's dynamic market, it's not enough to simply target customers on a map," said Stuart Sim of Chime. "With our latest capability, real estate agents can dive deeper and clearly identify areas of opportunity based on potential sales volume or CGI. All that data and analysis ensures they have the insights needed to dominate their local market and do so cost-effectively." To learn more, visit chime.me. About Chime Technologies Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, visit www.chime.me.
MORE >
Lone Wolf introduces Leads+, a turnkey solution for real estate agents to attract seller leads
MORE >
Rental Demand Soars as Mortgage Rates Continue to Rise
Rental Inquiries by Real Estate Professionals hit record highs in six out of ten major U.S. rental markets. SOMERVILLE, MA, NOVEMBER 10, 2022 — Today, Rental Beast, the rental data and software solution provider exclusively recommended by the National Association of REALTORS®, released reports indicating increased rental demand, including significant year-over-year increases in rental searches conducted by real estate sales professionals. Rental searches conducted by licensed real estate agents and REALTORS® last quarter nearly doubled in six out of ten U.S. rental markets1. Miami, Florida saw the sharpest increase (215%), followed by Denver, CO (211%), and Houston, TX (121%): A reliable and early indicator of rental demand as well as the industry's affinity for monetizing an estimated $12 billion in annual leasing commissions1, Rental Beast measures the volume of searches executed by real estate professionals within its platform ecosystem. Last quarter's increase in rental inquiries are largely driven by potential buyers sidelined by affordability. Mortgage rates remain near their highest levels since 2002, and alongside high home prices and a shortage of properties for sale, millions of would-be home buyers nationwide have been priced out of the home sales market. "Persistent inflation has proven quite harmful to the housing market," said NAR Chief Economist Lawrence Yun. "The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers."2 Would-be buyers remaining in rentals are shifting norms within the rental market as well. Household incomes among new lease signers were up nearly 13%, year over year, through August, and rent collections improved as well, at 95.4%, up from 94.9% the year before3. "The housing market is in transition, with today's renters looking more and more like home buyers. REALTORS® across the nation are taking notice," says Ishay Grinberg, Rental Beast founder and CEO. "Now – more than ever – rentals matter to real estate sales professionals, as REALTORS® are increasingly turning to the rental market to future-proof their businesses." Over the past twelve months, Rental Beast announced partnerships with major multiple listing services throughout the United States, providing its lead-to-lease-to-buy platform and rental inventory through a secure integration designed to expand access to rentals. Rental Beast also launched the California Rental Listing Service (CARLS), the first state-wide rental listing service in the nation. Developed in partnership with the CALIFORNIA ASSOCIATION OF REALTORS®, CARLS.com has seen faster than expected adoption and utilization of the platform. While barely a month old, nearly 10,000 C.A.R. members have pre-registered or claimed accounts, with thousands of C.A.R. members adding or claiming rental units within the Service. We're thrilled—and we see C.A.R. member engagement as a validation of Rental Beast's unique position as the industry's source of truth for what REALTORS® need most: access to rental inventory." Earlier this year, Rental Beast also launched a strategic partnership with the National Association of REALTORS® (NAR), offering FCRA-compliant rental application and tenant screening services, as well as rental education to NAR's 1.8 million members. Grinberg characterizes the recent, industry-wide focus on rentals as both timely and long overdue. "Closing rental transactions has been and remains a potent source of income for newly licensed sales professionals, but it's interesting to note the bulk of our platform growth is driven by REALTORS® with more than 8 years' experience in the industry." "2023, is likely to be a transformative year for REALTORS®", says Grinberg. "And while we may be challenged by short-term volatility in the sales market, the industry will adjust and embrace a new norm; and REALTORS working with renters and investors today will have an ever-ready pipeline of future home buyers in hand." 1Source: Rental Beast database of more than 11 million owner-sourced rental listings 2Source: Copyright ©2022 "Pending Home Sales Waned 10.2% in September" National Association of REALTORS®. All rights reserved. Reprinted with permission. October 28th, 2022, https://www.nar.realtor/newsroom/pending-home-sales-waned-10-2-in-september 3Source: RealPage, October 4th, 2022 About Rental Beast Rental Beast is a leading real estate technology firm with an end-to-end SaaS platform designed to empower real estate professionals and the nation's most comprehensive database of more than ten million rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. Utilizing a seamless and secure integration, participating MLSs and REALTOR® Associations can capture thousands of properties that are normally off-MLS inventory, and leverage essential search, data ingestion, and maintenance systems needed to help member agents and subscribers capture their share of $12 billion in annual leasing commissions. Rental Beast is a proud member of the NAR's REALTOR Benefits® Program, an is NAR's exclusive recommended rental software provider. Rental Beast is also recognized and supported by Second Century Ventures, NAR's capital and strategic growth arm, and is a proud member of the REACH-Canada accelerator program. Learn more at rentalbeast.com/MLS.
MORE >
iGUIDE and HouseLens Announce Partnership
MORE >
The Residential Real Estate Council Hires CEO
CHICAGO, Nov. 08, 2022 -- The Residential Real Estate Council (RRC), the real estate industry's leading education and networking membership organization, is proud to announce the start of Jeff Hornberger as the new Chief Executive Officer. Hornberger is a seasoned global business development executive with over 20 years of experience with an emphasis on general management, sales, marketing, public relations, and operations in both the private and association sector across a variety of industries. His appointment comes after an extensive nationwide selection process by the board and officially started with the Council on Nov. 1, 2022. Hornberger's most recent role was as the Chief Executive Officer of the Women's Council of Realtors®. Prior to that, he served in a variety of roles at the NATIONAL ASSOCIATION OF REALTORS® (NAR) in Chicago for 15 years. Hornberger, who is fluent in Spanish and Portuguese, was the Director of Global Alliances for NAR, where he traveled to over 35 countries on behalf of global real estate with business development successes in events, education, and membership. Additionally, he was the Managing Director of the NAR Commercial Real Estate Division where we worked closely with Institutes, Societies, & Councils. "Jeff's history as a respected and influential leader locally and globally within our industry, and his passion for educational excellence, make him synchronous with RRC's strategic vision. On behalf of the board of directors, we hope that the members and staff share in our excitement as we welcome him," said 2022 RRC National President Holli Woodward. "I'm excited and honored to be named RRC's next CEO," said Hornberger. "I'm looking forward to my new role and to working with the Residential Real Estate Council leaders and staff to serve our members and to further the RRC being the industry's source for timely, leading-edge education and gold standard designation for achievement and professionalism in real estate domestically and globally." Hornberger holds the Realtor® Certified Executive (RCE) designation since 2007, and in 2016, he earned his Certified Association Executive (CAE). ABOUT RRC & CRS Designation The Residential Real Estate Council is the largest not-for-profit affiliate of the National Association of REALTORS® comprised of more than 28,000 members. The Council supports its members with advanced education, business tools and networking support. It also awards the CRS Designation to experienced agents who have completed advanced professional training and demonstrated outstanding professional achievement in residential real estate.
MORE >
Second Century Ventures Selects Six Tech Companies for 2023 REACH Canada Program
MORE >
Home showing traffic continues to decline, still remains above pre-pandemic norms
Buyer foot traffic decreased from last month and last year amid higher mortgage rates and continued inventory challenges, according to the latest data from ShowingTime CHICAGO, Oct. 27, 2022 – Home showing traffic continued its decline in September, according to the latest data from the ShowingTime Showing Index®. Affordability remains a major challenge for home shoppers, despite recent moderate price declines and an increase in the number of homes for sale from this time last year. Mortgage affordability challenges combined with normal seasonal slowdown — showing traffic is down 7% from last month, in line with previous years — mean fewer buyers are engaging in home showings. "In addition to the regular seasonal slowdown we would expect, buyers who can't overcome affordability challenges are opting out of the market and contributing to the fewer showings we saw in September," said Mike Lane, vice president of sales and industry for ShowingTime+. A majority of listings averaged between four and nine showings. The number of markets that saw increases in the number of showings per listing fell from 70 to 14, with buyers seeing less competition and enjoying more time and options. Among these markets were Boise and San Francisco, which both saw 3% increases in showings per listing month over month. All regions and the U.S. as a whole saw monthly and yearly declines in showing traffic. The Midwest and Northeast regions saw year-over-year declines of 11.2% and 10.1%, respectively. The South is down 27% from last year, while the Western region again led all regions in year-over-year declines, with a drop of 45%. The West and South are home to previous red-hot pandemic markets, including Seattle, Denver, Austin and Phoenix. "At inflection points like this, while it's difficult to forecast what will happen, we continue to believe that fall showing activity remains a leading indicator of spring market conditions. September's data hints at inventory challenges continuing into next year," Lane said. About ShowingTime ShowingTime® is an industry leader in home touring technology and part of the ShowingTime+™ technology suite. ShowingTime+ is a Zillow Group, Inc. brand. 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 1 million real estate professionals across the U.S. and Canada.
MORE >
Realtor.com October Housing Report: Number of Homes for Sale Surpasses 2020 Levels
MORE >
Pressure is back on sellers to attract buyers as demand softens
Homes that sell are doing so quickly, while others are languishing on the market SEATTLE, Oct. 31, 2022 -- The housing market is rebalancing after the most competitive and frenetic period in recent memory. While homes that sell are still doing so relatively quickly — slower than at the height of last year's frenzy, but more quickly than pre-pandemic norms — a new Zillow® analysis finds other homes are lingering on the market much longer, pointing to the need for sellers to build an attractive and competitively priced listing to attract a buyer in today's market. Differences in days to pending (the median number of days homes that sell have been listed before an offer is accepted) and the age of inventory (the median number of days homes currently listed for sale have been on the market) can reveal valuable information for home sellers, especially during a time of transition, like now. Markets with a large spread in these two metrics may be seeing certain home types, neighborhoods or price points attracting buyers, while others are not. Homes that went pending in September typically did so after 19 days. That's a far cry from the record lows seen during much of the pandemic when homes went pending after a week on the market, but 10 days faster than in September 2019. However, that only takes into account homes that find a buyer. Looking at the full stock of for-sale listings, homes have been on the market a median of 54 days as of mid-October, a 45% increase from a year earlier. "Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days," said Zillow senior economist Nicole Bachaud. "Now, buyers have some negotiating power, and sellers are under pressure. Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing. But sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers. Especially in a market that's quickly changing like today's, working with an experienced agent who knows the local market is valuable." Since an all-time low of 19 days in early April, the median age of inventory on Zillow has grown at the fastest rate since at least 2018, when this analysis began. While demand has certainly cooled — Zillow estimates there are 32% fewer active buyers than there were a year ago, though still more than there were in September 2019 — the rapid growth in the median age of inventory may say more about how intensely competitive last year was than about what is happening today. In 2021, the flow of new listings was on par with prior years, but there were so many buyers flooding the market that listings were gone in the blink of an eye. Even now, the median age of inventory is 30% below pre-pandemic norms. If age of inventory continues to grow at this rapid pace — not a bad bet given we are nearing what is usually the slowest time of year for the housing market — inventory is estimated to be on the market a median of 68 days by the end of this year. That would be more than a month shorter than before the pandemic. For-sale homes had typically been on the market for 100 days at the end of both 2018 and 2019. The rapid increase in the age of inventory is primarily because the dip in buyer demand has been deeper than the drop in new listings. Buyers are pulling back primarily due to affordability hurdles, as mortgage rates have risen, and the pace of sales has slowed. Homeowners are reluctant to sell and give up what is likely a mortgage rate of around 3% in order to buy a new home at today's interest rates. The lack of new inventory hitting the market means the share of inventory taken up by listings a week old or less is down 42% from a year ago. Markets in which both days to pending and the median age of inventory are growing indicate demand is slowing across the board. Many of these markets were among the hottest during the height of last year's buying frenzy and had plenty of room to cool. Austin and Las Vegas are prime examples. Some markets have seen days to pending stay fairly low, while the median age of inventory has risen much more. This indicates that a subset of homes continue to see strong competition as buyers snatch them off the market quickly, while others linger. One example is St. Louis, where typical days to pending has remained about a week, while the median age of inventory has jumped to 40 days from a low of nine days this spring. Homeowners who are thinking about selling their home should consider their online curb appeal. Zillow 3D Home tours can help a listing stand out — two-thirds of buyers say 3D tours help them get a better feel for the space than static photos, and prior Zillow research has shown homes that feature a Zillow 3D Home tour are more likely to be "favorited" (saved on Zillow for future viewings) and viewed than those listings without. Hiring an agent with a pulse on a seller's local market can help as well, advising the seller through all the critical decisions during the process. Sellers can click Agent Finder on the Zillow homepage to help identify the right agent by reading customer reviews and reviewing an agent's recent sale history. *Table ordered by market size **Pre-pandemic average is the average of the median ages of inventory in the weeks of October 21, 2018 and October 20, 2019 About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
Zombie Property Count Ticks Upward Again Across U.S. in Fourth Quarter but Remains Tiny Portion of Housing Market
MORE >
Home-Seller Profits Drop Across U.S. in Third Quarter as Housing Market Boom Eases
Profit Margins on Typical Home Sales Dip Three Points Quarterly Amid Decline in National Median Price; Investment Returns Remain Near Record Levels, But Decrease at Fastest Pace in 11 Years; Median U.S. Home Value Down 3 Percent Quarterly During Peak Selling Season IRVINE, Calif. – Oct. 20, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its third-quarter 2022 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales across the United States decreased to 54.6 percent as home prices declined for the first time in almost three years. The drop-off in typical profit margins, from 57.6 percent in the second quarter, came as the median national home value went down 3 percent quarterly, to roughly $340,000. "Rapidly-rising mortgage rates have not only resulted in fewer home sales, but have begun to impact home prices as well," said Rick Sharga, executive vice president of market intelligence at ATTOM. "With rates the highest they've been in over 20 years, homebuyers face serious affordability challenges, with monthly payments in some markets up 50 percent year-over-year. It's very likely that home prices will continue to weaken in many markets in the coming months." Typical investment returns for home sellers did remain up from 48.8 percent in the third quarter of 2021 and were still at near-record levels for this century – some 20 points higher than just two years earlier. The national median home price also stayed near its all-time high – more than double where it stood a decade earlier. But the investment-return decline during this year's summertime home-selling season marked the largest quarterly downturn since 2011, when the nation was mired in the aftereffects of the Great Recession that hit in the late 2000s. The third-quarter reversal also represented the first time since 2010 that seller returns went down from a second quarter to a third quarter period. Gross profits also decreased from the second quarter to the third quarter of 2022, dropping 6 percent on the typical single-family home and condo sale across the country to $120,100. That quarterly decrease was the largest since early 2017. The third-quarter profit and price trends emerged amid growing headwinds that threaten to end or significantly cool down the nation's decade-long housing market boom. Average mortgage rates have doubled this year, passing 6 percent for a 30-year fixed-rate loan, while the stock market has slumped and consumer price inflation is at a 40-year high. Foreclosure activity by lenders also has more than doubled over the past year. Those forces have raised home-ownership costs for buyers, cut into resources available for down payments on purchases and eaten into overall household budgets. They also have boosted the supply of homes for sale, putting further downward pressure on prices. Profit margins drop quarterly while still up annually across most of U.S. Typical profit margins – the percent change between median purchase and resale prices – decreased from the second quarter of 2022 to the third quarter of 2022 in 127 (68 percent) of the 186 metropolitan statistical areas around the U.S. with sufficient data to analyze. They declined by at least three percentage points in about half of those metro areas, although returns were still up annually in 145 of them (78 percent). The biggest quarterly decreases in typical profit margins came in the metro areas of Claremont-Lebanon, NH (margin down from 72.8 percent in the second quarter of 2022 to 52.4 percent in the third quarter of 2022); San Francisco, CA (down from 85.1 percent to 65.4 percent); Prescott, AZ (down from 86.3 percent to 70.8 percent); Barnstable, MA (down from 74.5 percent to 59.6 percent) and Trenton, NJ (down from 74.5 percent to 61 percent). Aside from San Francisco, the biggest quarterly profit-margin decreases in metro areas with a population of at least 1 million in the third quarter of 2022 were in Seattle, WA (return down from 87.2 percent to 73.7 percent); San Jose, CA (down from 87.5 percent to 76.7 percent); Raleigh, NC (down from 65.6 percent to 56 percent) and Birmingham, AL (down from 40.5 percent to 31.3 percent). Typical profit margins increased quarterly in just 59 of the 186 metro areas analyzed (32 percent). The biggest quarterly increases were in Macon, GA (margin up from 44.7 percent in the second quarter of 2022 to 82.4 percent in the third quarter of 2022); Rockford, IL (up from 29.9 percent to 41.8 percent); Davenport, IA (up from 29.2 percent to 40 percent); Akron, OH (up from 52.8 percent to 60.3 percent) and Hilo, HI (up from 103.3 percent to 110.9 percent). The largest quarterly increases in profit margins among metro areas with a population of at least 1 million came in Milwaukee, WI (up from 51.4 percent to 54.9 percent); Miami, FL (up from 68 percent to 70.9 percent); Cincinnati, OH (up from 50.6 percent to 53.4 percent); Nashville, TN (up from 56.4 percent to 58.7 percent) and Grand Rapids, MI (up from 73 percent to 75.3 percent). Prices flat or down in half the metro areas around the U.S. Median home prices in the third quarter of 2022 decreased from the prior quarter or stayed the same in 98 (53 percent) of the 186 metro areas with enough data to analyze, although they were still up annually in 180 of those metros (97 percent). Nationally, the median price of $339,815 in the third quarter was down 2.7 percent from $349,266 in the second quarter of 2022, but still up 9.4 percent from $310,500 in the third quarter of last year. "If the Federal Reserve's objective was to slow down the housing market, it has succeeded spectacularly," noted Sharga. "The market has gone from double digit annual home price appreciation to below 3 percent, and declining quarter-over-quarter prices. But the impact of 6 and 7 percent mortgage rates means that many homes are still out of the reach of prospective buyers, even with prices declining slightly." The biggest decreases in median home prices from the second to the third quarter of 2022 were in San Francisco, CA (down 13 percent); Charleston, NC (down 12.8 percent); Crestview-Fort Walton Beach, FL (down 11.3 percent); San Jose, CA (down 8.3 percent) and Naples, FL (down 8.2 percent). Aside from San Francisco and San Jose, the largest quarterly median-price declines in metro areas with a population of at least 1 million in the third quarter of 2022 were in New Orleans, LA (down 7.5 percent); Seattle, WA (down 7.2 percent) and San Diego, CA (down 5.3 percent). The largest increases in median prices from the second to the third quarter of 2022 were in Trenton, NJ (up 14.6 percent); Albany, NY (up 8.7 percent); New York, NY (up 7.5 percent); Wichita, KS (up 7.1 percent) and Philadelphia, PA (up 6.7 percent). Aside from New York and Philadelphia, the biggest quarterly increases in metro areas with a population of at least 1 million in the third quarter of 2022 were in Cleveland, OH (up 4.7 percent); Detroit, MI (up 4.5 percent) and St. Louis, MO (up 4.1 percent). Homeownership tenure up, but remains historically low Homeowners who sold in the third quarter of 2022 had owned their homes an average of 5.98 years. That was up from 5.84 years in the second quarter of 2022, but still down from 6.28 years in the third quarter of 2021. Average tenure decreased from the third quarter of 2021 to the same period this year in 81 percent of metro areas with sufficient data. Nineteen of the 25 longest average tenures among sellers in the third quarter of 2022 were in the Northeast or West regions. They were led by Manchester, NH (8.92 years); Kahului-Wailuku, HI (8.26 years); Claremont-Lebanon, NH (8.22 years); Bridgeport, CT (7.89 years) and Honolulu, HI (7.88 years). The smallest average tenures among third-quarter sellers were in Lakeland, FL (1.32 years); Bremerton, WA (1.88 years); Gainesville, GA (2.48 years); Raleigh, NC (3.24 years) and Portland, ME (3.24 years). Lender-owned foreclosures remain at low point for this century Home sales following foreclosures by banks and other lenders again represented just 1 percent of all U.S. single-family home and condo sales in the third quarter of 2022 – tied for the lowest portion since at least 2000. The latest portion of REO sales was the same as the 1 percent level recorded in the second quarter of 2022 and down from 1.2 percent in the third quarter of last year. REO sales represented only one of every 98 sales in the third quarter of 2022, a rate that was 1/30th of this century's high point of one in three in first quarter of 2009. Among metropolitan statistical areas with sufficient data, those areas where REO sales represented the largest portion of all sales in the third quarter of 2022 included Flint, MI (3 percent, or one in 34 sales); Chicago, IL (2.6 percent); St. Louis, MO (2.5 percent); Syracuse, NY (2.3 percent) and New Haven, CT (2.3 percent). Cash sales remain near eight-year high Nationwide, all-cash purchases accounted for 35.7 percent of all single-family home and condo sales in the third quarter of 2022. The third-quarter-of-2022 number was down slightly from 36 percent in the second quarter of 2022 but still up from 33.9 percent in the third quarter of last year. Among metropolitan areas with sufficient cash-sales data, those where cash sales represented a large share of all transactions in the third quarter of 2022 included Columbus, GA (76.8 percent); Augusta, GA (76.6 percent); Gainesville, GA (68.3 percent); Myrtle Beach, SC (67.3 percent) and Atlanta, GA (61.9 percent). Those where cash sales represented the some of the smallest share of all transactions in the third quarter of 2022 included Lincoln, NE (14.9 percent of all sales); Vallejo, CA (17.6 percent); San Jose, CA (18.8 percent); Kennewick, WA (19.4 percent) and Spokane, WA (20.2 percent). Institutional investment increases slightly Institutional investors nationwide accounted for 6.7 percent, or one of every 15 single-family home purchases in the third quarter of 2022. That was up from 6.4 percent in the second quarter of 2022, but still down from 8.4 percent in the third quarter of 2021. Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the third quarter of 2022 were Arizona (14.3 percent of all sales), Georgia (12.7 percent), Tennessee (10.7 percent), Nevada (10.6 percent) and North Carolina (10.2 percent). States with the smallest levels of sales to institutional investors in the third quarter of 2022 included Hawaii (1.9 percent of all sales), Rhode Island (2.1 percent), Maine (2.1 percent), New Hampshire (2.3 percent) and Louisiana (2.5 percent). FHA-financed purchases increase after year of declines Nationwide, buyers using Federal Housing Administration (FHA) loans comprised 7.9 percent of all single-family home purchases in the third quarter of 2022 (one of every 13). That was up from 6.7 percent in the second quarter of 2022 – the first quarterly gain in a year. But it still remained down from 8.2 percent a year earlier. Among metropolitan statistical areas with sufficient FHA-buyer data, those with the highest levels of FHA buyers in the third quarter of 2022 included Bakersfield, CA (20.8 percent of all sales); Visalia, CA (19.6 percent); Modesto, CA (17.9 percent); Hagerstown, MD (17.3 percent) and Vallejo, CA (16.9 percent). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
Home values are 25% above affordability norms
MORE >
BoomTown Announces Third Annual Give Back Awards, Now Accepting Nominations
Awards highlight members of the real estate community who have made a significant impact through service within their communities in 2022 CHARLESTON, S.C., October 18, 2022 -- BoomTown, the leading cloud-based end-to-end sales, marketing, and back-office platform for real estate professionals, is excited to announce the second annual BoomTown Give Back Awards. Nominations are accepted through Dec. 8, 2022, and the awards will highlight members of the real estate community who have made a significant impact through service within their communities in 2022. The winners will each receive a $1,000 prize, and BoomTown will donate $10 to the The Florida Realtors® Disaster Relief Fund for each nomination. "Real estate professionals are consistently going above and beyond to make a positive impact in their business and community, and we feel privileged to hear their stories, amplify their efforts, and celebrate their dedication for the third consecutive year," said Grier Allen, CEO & President of BoomTown. "We are also excited to 'pay it forward,' and support the work of The Florida Realtors Disaster Relief Fund with every nomination we receive." The BoomTown Give Back Awards include three categories, The Helping Hand Award for those jumping in to aid friends, family, employees, another business or the community, The Walk-The-Talk Award for those making charitable giving a part of their business, and The Creative Changemaker Award for those using their creativity to put an innovative spin on giving back. Nominations close on Dec. 8, 2022, and three winners will be selected by a panel of judges from BoomTownLOVE, the company's service and outreach organization. Nominees and winners will be featured on social media, and receive a $1,000 prize with the option to donate the prize to an organization of each winner's choice. Learn more and submit a nomination here. About BoomTown BoomTown exists to make real estate agents successful. 100,000+ of the industry's top professionals, and 40% of Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. BoomTown's full suite of capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, a mobile app for agents on the go, transaction management, commissions, and accounting. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Carlsbad and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint, real estate's leading back-office and transaction management software, and MyAgentFinder. For more about BoomTown visit boomtownroi.com.
MORE >
Redfin Reports Square Footage Is Now Worth More in the Suburbs Than Cities
MORE >
Meet a Real Life House Whisperer: Here to Help Struggling Homebuyers in Realtor.com's New Creative Campaign
This hero provides unmatched insight and guidance through his ability to communicate with houses in new :30 and :15 spots created by Erich and Kallman SANTA CLARA, Calif., Oct. 17, 2022 -- In a constantly changing housing market with conflicting advice coming from many sources, it's hard to know who to trust and where to find accurate information. Realtor.com® today introduced a real life house whisperer – here to help homebuyers navigate the tricky process with his uncanny ability to communicate with houses. Born and raised in houses, this hero can solve any home buying conundrum and is a new, trusted voice to help tell Realtor.com®'s brand story. Developed in collaboration with Erich & Kallman, the creative campaign embodies Realtor.com®'s tagline "To Each Their Home" beginning with a four spot TV campaign and continuing online across digital channels. Whenever and wherever a homebuyer is struggling, the helpful house whisperer will be there in heroic fashion, serving as an expert guide and trusted partner to help each one find their perfect home with Realtor.com® tools including the RealEstimateSM valuation data which shows three different home value estimates, the Buying Power tool which shows how much house you can afford, and many hyper-specific filters if your heart is set on a fireplace or you prefer to live on a cul-de-sac. With digital campaign extensions, the traveling house whisperer could show up anywhere he's needed, across the world wide web. While the new campaign is light-hearted, it comes at a time when the housing market is rapidly evolving and becoming increasingly challenging. Mortgage rates are at levels not seen in 20 years and home prices are hovering at all-time highs, adding hundreds of dollars to monthly payments. Home shoppers aren't sure where to turn, especially those looking to purchase their first home. Behind the hero who sweeps in to save the day, there is real value in the advice he provides for struggling homebuyers. Realtor.com® is a real estate marketplace built for everyone that provides useful housing market data, relevant news and tips and advice for homebuyers. "At Realtor.com® our mission is to be a trusted guide for consumers as they navigate the ups and downs of the housing market, something that is more important now than ever before. Real is in our name, and it's something we've always been. We're not trying to push someone toward a home they can't afford, we advocate for each and every homebuyer and help them find a home that is perfect for their family," said Mickey Neuberger, Chief Marketing Officer at Realtor.com®. "The wise house whisperer really embodies our brand voice and how we want home shoppers to think of us – as a trusted source for unbiased information, a guide throughout their journey and yes, even a renegade with a cool hat." A strong and trusted presence, the heroic house whisperer has the uncanny ability to speak to and understand homes on a level no one else can. Armed with his housing market wisdom and the Realtor.com® app, he helps demystify the homebuying process. Eric Kallman, co-founder and Chief Creative Officer at Erich and Kallman said, "The homebuying process can be an emotional roller coaster and homebuyers are dealing with a lot of noise. Realtor.com® is a trusted and reliable source that you can turn to for impartial guidance, but we needed some help from a standout spokesperson in order to illustrate that in a memorable way. The knowledgeable house whisperer is a straight-talking, sage guru who cements Realtor.com® in people's minds as the transparent guide you can trust to give you the real picture of the real estate process." In the first spot, So Many Houses, a family is overwhelmed by the sheer number of homes to choose from. The Realtor.com® house whisperer appears out of nowhere in their living room. He shows the family how to use the Realtor.com® app's detailed filters to narrow down their options to just the ones that work for their family. In the second spot, House Bitten, we learn about the Realtor.com® house whisperer's origin – when he was bitten by a house as a child. Lucky for the family struggling to understand how much home they can afford, the ever-helpful house whisperer shows them the Buying Power tool on Realtor.com® – so their young child no longer has to get a job to help pay for the new house. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About Erich and Kallman Erich and Kallman is an award-winning advertising agency founded by former Crispin Porter Bogusky president Steven Erich and Wieden+Kennedy and TBWA/Chiat Day veteran Eric Kallman. Their creative abilities and focus on speed has brought them partnerships with Disney+, Lucid Motors, iRobot, Dole, Great Wolf Lodge, General Mills, Hershey, Meineke Car Care, Kelly Services and New Belgium Brewing, among others. Erich and Kallman has been named to Ad Age's Agency A-List and Adweek's Fastest Growing Agencies, twice awarded Ad Age's Small Agency of The Year, and has had its work recognized by the Cannes Lions, Clio Awards, Effie Awards, ANA, D&AD, AICP Awards, and David Ogilvy Awards. Learn more at erich-kallman.com.
MORE >
CALIFORNIA ASSOCIATION OF REALTORS issues formal apology for past discriminatory policies
MORE >
NAR Integrates CompStak into RPR Platform as Benefit for Commercial Members
WASHINGTON (October 13, 2022) – The National Association of Realtors® and CompStak announced today a partnership to integrate CompStak into the Realtors Property Resource® platform. All NAR commercial members will have access to CompStak Exchange, an analyst-reviewed comp data and analytics platform. Members will also receive exclusive promotional credits that can be used to discover timely comps in their respective markets. The CompStak platform handles millions of data points weekly to create its comprehensive commercial real estate data set. "NAR and RPR® continue to build strategic partnerships and enhance our technology resources to advance the goal of being vital business partners to Realtors® who practice commercial real estate," said Jeff Young, RPR®'s COO and general manager. "Each asset and service we add supports their businesses and adds growth to their bottom line. We are thrilled to partner with CompStak to deliver a unique tool for brokers' toolboxes that provides valuable information for their clients and helps them close more transactions." NAR's commercial members can sign up for CompStak and redeem this benefit by visiting the "Additional Resources" section of any RPR® commercial property page and clicking the CompStak logo, or by visiting compstak.com/realtor. Members who already have a CompStak account can email [email protected] with their names and email addresses associated with the account to receive the benefit. "One of our goals in this collaboration is to provide NAR's commercial members with quick access to accurate and transparent data," said CompStak CEO Michael Mandel. "We are excited about CompStak's integration into RPR®, which will provide Realtors® with a competitive edge and lead to better, faster deals for everyone." Michael Hinton, CCIM, 2022 commercial board president at Miami Association of Realtors® and a senior associate at Apex Capital Realty, has been using CompStak's platform for the past four years and attributes the service with supporting his success. "CompStak has been a great source for detailed leasing and sales information for commercial properties," said Hinton. "The service has certainly helped me win more than a few listings by allowing me to provide quality information to my new clients. Using RPR® and CompStak together will be a huge benefit – both timewise and in cost savings – for me and all NAR commercial members." Realtors® can log in to RPR® at narrpr.com and visit the RPR® blog to review updates on new RPR® product enhancements and related learning. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About Realtors Property Resource® Realtors Property Resource, LLC® (RPR®), a wholly-owned subsidiary of the National Association of Realtors®, is an exclusive online real estate database created to support the core competence of its members. The parcel-centric database, covering more than 160 million residential and commercial U.S. properties, provides Realtors® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. For more information about RPR®, visit http://blog.narrpr.com. About CompStak CompStak is a commercial real estate data and analytics platform leveraging crowdsourced commercial lease and sale transaction data and property information combined with AI driven analytics. CompStak's 30,000 members provide data covering the entire US, and its paying customers include the world's largest real estate investors and lenders like Wells Fargo, Tishman Speyer, AEW, CIM, Moody's and many more. For more information, visit compstak.com.
MORE >
October Is the Time to Buy for Homebuyers According to Analysis from ATTOM on Historical Home Sales
MORE >
RICOH360 Tours Accelerates Photographers Virtual Tour Service for Real Estate and Marketing Companies
With the combination of features automated through AI to the highest quality, photographers, and real estate photo marketing companies will complete jobs faster and capture more business. CAMPBELL, Calif., Oct. 05, 2022 -- RICOH360 Tours, a service of RICOH Company Ltd, the only truly complete and affordable 360° virtual tour solution under one global brand, has announced a string of new professional AI generated content for real estate. The latest allows for multi-brand banners at tour level. RICOH360 Tours which has delivered more than 13,000,000 virtual tours to help real estate agents sell and rent $billions in residential and commercial listings is seeking to accelerate the adoption of professional real estate photographers to its virtual tour platform. From the vast amount of visual data accumulated since the launch of the RICOH THETA cameras in 2013, Ricoh's Artificial Intelligence (AI) technology creates rich content that buyers and sellers value most highly as property listing content in the home search process. Research by the National Association of REALTORS® shows increasingly every year that nearly 60% to 70% of buyers and sellers have come to expect virtual tours and floor plans as part of their online home search journey. Mostly on average only 17% of listing on the top real estate websites incorporate a floor plan and 6% a virtual tour. "With professional real estate photographers accessing RICOH360 Tours platform for such offerings as unlimited active tours with unlimited images for one-time fixed pricing, virtual staging, floor plan generation, engaging 360˚ walkthrough videos and 2D photo cropping delivered through powerful patented AI technology," said Director of Data Services Yasuo Nishiyama. "Real estate photographers will complete more jobs in less time and become more profitable doing so." RICOH360 Tours all-in-one marketing solution provides some of the richest contents for property seekers which has proven time after time again the best way to drive sales for both residential and commercial brokerages, and agents. Learn more about RICOH360 Tours here. About RICOH360 Tours RICOH360 Tours is the official virtual tour platform of the RICOH THETA camera. A game changing technology that supports the sales and marketing operations of real estate agents, brokerages, photographers & other industries as a cloud-based software that allows anyone from anywhere to virtually view spaces online without having to visit the site. With a RICOH THETA camera and mobile app, anyone can easily create and publish a virtual tour to a real-estate marketplace or MLS in minutes. There is no limit to the number of virtual tours you can publish and the number of images you can insert in a tour. Furthermore, customers can use AI image enhancement, AI Video Maker, AI Virtual staging beta and Floor Plan Generator, which use Ricoh's original AI technology, and are available for all plans, making it easy to create professional content. About Ricoh Data Service Business Ricoh is the leader in the development of high-quality immersive 360° cameras and platforms for prosumers and professionals to easily capture and share 360° views of physical spaces from a mobile app in minutes. Ricoh creates intuitive solutions that require no professional, technical or photography experience to create immersive digitized photo-realistic views of a physical environment.
MORE >
RentSpree Partners with Industry Leader SentriLock to Add Tech Capabilities for Rental Agents
MORE >
Collabra Technology Introduces First Social Listing Videos with Real-Time, Hyper-Local Housing Market Analytics
RElumio Market Spotlight leverages video to build an agent's personal brand and grow their digital sphere of influence SPOKANE, WASH., Oct. 4, 2022 — Collabra Technology, a digital marketing company that helps real estate professionals grow their digital sphere of influence, today launched RElumio™ Market Spotlight™, giving agents the ability to combine their listing with real-time, hyper-local market analytics into a beautiful, attention-grabbing video. RElumio Market Spotlight includes up-to-the-minute, ZIP Code-level market insights with an agent's listing to create a short home presentation video — a first for the industry. Videos utilize Plunk's new analytics platform which tracks and captures housing market performance in real time. With RElumio Market Spotlight, agents can now provide valuable market insights to their digital sphere of influence with just one click – eliminating hours of data gathering and editing. According to the National Association of REALTORS, 73% of homeowners are more likely to list with an agent who uses video, making shareable video one of the best ways to brand, advertise and separate an agent from the competition. "This fast-changing real estate market is an opportunity for agents to build their brand and strengthen their digital sphere of influence," said Russ Cofano, CEO, Collabra Technology. "RElumio Market Spotlight makes the agent the expert, giving them an edge over the competition." "RElumio's Market Spotlight is a breakthrough tool for agents," remarked David Bluhm, co-founder and president of Plunk. "They can now instantly create and share stunning social videos that generate leads while also strengthening their brand as the local market authority. It's an absolute no-brainer." RElumio connects directly with MLSs to create cutting-edge marketing materials to shine a light on an agent's listing and help build their digital brand with listing videos, websites, flyers and market data all in one easy step. About Collabra Technology Collabra Technology delivers smarter content, better data and actionable insights that help real estate professionals grow their sphere of influence. It fosters lifelong client relationships. For more information and to sign up to receive the upcoming free Guide to Digital Sphere Mastery, visit collabratechnology.com. Follow us on Facebook, LinkedIn and Twitter.
MORE >
Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers
MORE >
MoveEasy Launches Nation's First Fully Integrated Home Platform, Empowering Real Estate Partners to Deliver Even More Value to Clients
MoveEasy, the real estate industry's leading concierge service provider, today announced the country's first fully integrated, white-labeled home management platform, empowering clients to make smarter decisions and save money throughout their journey as homeowners. COLUMBUS, OHIO - SEPTEMBER 29, 2022 -- MoveEasy, the real estate industry's leading concierge service provider, today announced the country's first fully integrated, white-labeled home management platform, empowering clients to make smarter decisions and save money throughout their journey as homeowners. MoveEasy's platform and app now provides clients with a holistic view of every decision they need to make as homeowners - whether they are buying, selling, moving, or managing their existing home. Homeowners can apply for new loans or refinance through their brokerage's mortgage partners, instantly check their home value, budget for home-related expenses, and see how every home update they make improves their home value and equity over time. For real estate partners, MoveEasy automates the workflow with clients and delivers unprecedented value, leading to stronger engagement, loyalty, and retention. Agents can automate communications, share timely reminders on home-related tasks, while also surfacing insights and exclusive discounts for service providers across categories. "Imagine only needing to use one platform for every home ownership decision," said MoveEasy CEO Venkatesh Ganapathy. "That's the power of MoveEasy. Whether you're remodeling your kitchen, replacing your roof, or upgrading your home to solar, there are a variety of factors you have to consider. MoveEasy empowers real estate agents to act as trusted advisors, surfacing insights and discounts to save clients money regardless of where they are in their journey. This drives a significant increase in client engagement with stronger loyalty and client satisfaction." New platform updates MoveEasy is launching today include: Integrated services for buying, moving, and home management. From getting pre-approved on a loan with a broker's mortgage partner to closing documents and maintenance records, clients can now manage it all through the MoveEasy platform. A new home valuation tool provides homeowners with an instant and accurate snapshot of their home's value, while also allowing them to see how home improvement projects increase their home equity over time. A home equity planning tool provides clients with a holistic view of their current equity. Homeowners can see a snapshot of their pending loan amounts alongside their home equity, as well as options to pre-qualify for a HELOC loan to improve their home. A cost of living and savings tool allows clients to see the estimated mortgage and monthly expenses for when a homeowner is evaluating a new home they want to buy or exploring a vacation home, or investment/rental property. MoveEasy's savings monitoring tool also constantly searches for the best prices on home-related services such as internet, utilities, and insurance, helping clients to save money or avoid overpaying. A complete 360 project planner gives clients new insights into how much a home improvement project such as a kitchen remodel, new HVAC system, or upgrading to solar energy will cost, while also providing them with financing options. Agents can also surface exclusive savings and insights for clients related to any project, as well as timely reminders for related services such as lawn care, updating air filters, renewing subscriptions, and other tasks. "MoveEasy has evolved to become the ultimate consumer engagement platform for all things home," said Ganapathy. "We're empowering real estate brokers and agents to personalize the experience for clients - delivering real value across every decision they need to make as homeowners. Simply put, we're delivering the broadest spectrum of fully integrated home-related services on one platform in the industry, while surfacing insights, exclusive discounts, and features to help clients improve their home value and equity over time." MoveEasy's homeowner dashboard provides clients access to service providers across a growing number of categories including home insurance, internet and cable providers, home protection, energy, utilities, solar, and home improvement. Through direct integration, real estate partners can also embed their preferred network of partners such as mortgage, insurance or home warranty providers, or contractors. All of this builds on what is perhaps MoveEasy's most unique feature: every client is provided with a dedicated human concierge - available via phone, text or email to help with any moving or home management request while fully white labeled for the brand across all platforms. No other company in the industry provides this level of branding and service. MoveEasy continues to build momentum with more than 130,000 real estate agents using the platform, representing millions of homeowners. Berkshire Hathaway HomeServices, Century 21, RE/MAX, Howard Hanna and Schmidt Family of Companies are just some of major real estate partners nationwide that use MoveEasy to deliver stellar service to clients, leading to increased engagement, loyalty and referrals. Starting today, all of MoveEasy partners and agents will have access to the home management platform, and can start using it immediately with current and past clients and prospects at no cost. About Move Easy MoveEasy is the industry's first comprehensive home management and concierge platform designed to help the 139M homeowners in the US with all their moving and home management needs. MoveEasy's 360° dashboard provides access to service providers across multiple categories, a built-in savings calculator, a concierge service, and more. For real estate partners, MoveEasy is a fully white-labeled turnkey concierge solution that helps brokers customize and brand the platform to offer a true end-to-end lifetime concierge service for their clients. Today MoveEasy works with real estate brokers across the country representing more than 130,000 agents. For more information, visit http://www.moveeasy.com.
MORE >
ShowingTime+ brings together leading industry software tools in a single, streamlined brand
MORE >
HomeJab real estate photographer survey shares 'Rants and Raves'
Experts sound off on the good, the bad, and the ugly found during listing shoots Cherry Hill, NJ - September 26, 2022 -- HomeJab, which provides real estate agents on-demand professional real estate photography services in all 50 US states, released its first annual "Rants and Raves" survey of professional real estate photographers. HomeJab, which has delivered more than 4,000,000 images to help real estate agents sell and rent more than $35 billion in listings, polled more than 100 professional real estate photographers for its survey. "Research shows time after time that professional real estate photography helps sell homes faster and for more money," said HomeJab founder and CEO Joe Jesuele. "Most of the time (67%), professional real estate photographers work with highly cooperative sellers. But too often, sellers are not as cooperative as they should be and sometimes, surprisingly, they are uncooperative." According to Jesuele, a leading real estate imaging expert, the HomeJab "Rants and Raves" survey uncovered a series of "best practices" for home sellers, shared almost universally by the photo pros. Photographer rants Among the survey findings are the Top 5 things professional real estate photographers wish all sellers did (that most don't do) before a shoot: Declutter – 95% Remove objects in the way of a photo (toys, bikes, hoses, etc.) – 86% Clean the house – 75% Fix light bulbs – 73% Clean pathways and driveways (remove cars) – 54% The survey also discovered "the one thing that sellers forget" that bothers professional real estate photographers: decluttering before the shoot. A common complaint of the photo pros was that many sellers attempted to declutter during the shoot, going room by room at the last minute. "Moving clutter room-to-room like musical chairs disrupts the flow and slows down the process," said a real estate photographer from Lakeland, Florida, adding significant additional time to a shoot. "Many sellers begin prepping after I arrive," observed a photographer from Chicago. "They should know the home should be ready upon arrival." Seller raves The HomeJab survey also asked professional real estate photographers the one thing sellers do that they appreciate most. The consensus: having the house ready when they arrive. A photo pro from Austin notes that having the house "decluttered – neat and tidy" is a huge help. A veteran photographer from Greenwood Village, Colorado, adds, "A place that's ready to go when I arrive – that's awesome." And when asked, "What is the one thing a seller can do to make your job easier?" there was less universal agreement among professional real estate photographers on advice, including whether the seller should stay – or go. While real estate photographers need sellers to stay out of the way of their shoot, some say sellers should leave during the shoot. But other photographers want them within earshot to get permission to make minor adjustments to improve a photo. The HomeJab survey also found some photographers don't want to be interrupted with questions, while others enjoy the banter with a seller. The best approach, according to HomeJab's Jesuele, "Sellers should ask what they can do to make the professional's job easier at the start. The result will be better photos, the professional tells us." Other suggestions that photographers have for sellers to make their job easier: Control your pets Park cars down the street Be ready to provide access when the photographer arrives Advice to real estate agents Many photographers also said they rely on the real estate agent working with the seller to ensure the home is decluttered and clean when they arrive for the shoot. "Good agents will arrive at a property ahead of time and turn on all the lights and clean up anything that shouldn't be there," said a Cherry Hill, New Jersey-based photographer, adding, "Bad agents show up late and demand that everything be cleaned to perfection." Photographers surveyed also shared what they wished every agent told their seller, including these top three recommendations: Photographers cannot retouch photos, remove something (editing instructions are provided by the seller's agent and HomeJab handles the editing) How much time the photographer will need. Photographers can't send the photos directly to the seller. Instead, the seller will get them from their agent. Other things the HomeJab "Rants and Raves" survey found that professional real estate photographers appreciate most: Have all the lights on, fans and TVs off, and blinds or shades open Secure your pets, keep the house clear of other people, and stay out of the way Make sure access for the photographer is easy and available upon arrival "Do not underestimate the photographer," advises one. "We are part of the success of the property's sale." About HomeJab HomeJab is America's leading on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, turnkey aerial services, and the creation of real-estate-backed NFTs. Its efficient one-stop-shop for real estate listings promotions at HomeJab.com features affordable and customizable shoots to create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available nationwide and in the US and Canada. Learn more at HomeJab.com.
MORE >
Existing-Home Sales Slipped 0.4% in August
MORE >
Home values decline for second month as competition eases
Bouncing mortgage rates hinder buyers stressed about affordability SEATTLE, Sept. 19, 2022 -- Home values slipped for the second consecutive month as mortgage costs continue to sideline buyers, according to Zillow's latest market report1. Affordability is driving market momentum: Low-cost markets remain competitive while prices drop the fastest in both the most expensive markets and those that witnessed the strongest appreciation during the pandemic. In addition to affordability challenges, recent volatility in mortgage rates is making it difficult for many borrowers to qualify for a loan or even plan for their purchase. "Substantial day-to-day and week-to-week rate movements mean that many potential buyers are able to qualify for a loan one week, but not the next, or vice versa," said Skylar Olsen, chief economist at Zillow. "Even buyers able to afford a house at current rates could feel frozen, waiting for mortgage rates to fall dramatically again, like they did from the end of June to mid-July, when rates dropped 50 basis points in just two weeks." As the share of median household income needed to pay monthly mortgage costs now stands beyond the 30% level considered to be a financial burden, uncertainty itself could be holding up a large population of buyers who could otherwise still afford to move forward with a loan. It's likely that this problem will continue until markets stabilize and return to some semblance of normalcy, Olsen said. The U.S. typical home value fell 0.3% from July to August and now stands at $356,054, as measured by the raw2 Zillow Home Value Index. That's the largest monthly decline since 2011 and follows a 0.1% decrease in July. Appreciation has receded since peaking in April, but typical home values are still up 14.1% from a year ago and 43.8% since August 2019, before the pandemic. Typical mortgage payments show an even starker picture of the astronomical growth of expenses for new homeowners over the past three years. The historic rise in home prices over the pandemic combined with this year's spiking mortgage rates have pushed the monthly mortgage payment on a newly-purchased typical home, including insurance and taxes, from $897 in August 2019 to $1,643 – an 83% increase. Reduced competition has homes lingering on the market. Typical time before a listing goes pending is now 16 days3, three days more than in July — a steeper increase than the market usually sees this time of year — and up from an all-time low of six days in April. Inventory ticked up, rising 1% from July. But that's by far the smallest monthly increase since February. A significant decline in the flow of new listings to the market over the past two months indicates that the slight rise in total inventory is the result of homes taking longer to sell, rather than extra selling activity. Mortgage rates hovering around 6% are likely dissuading many owners from selling their current homes and entering the market as buyers. Affordable markets in the Midwest are generally retaining their heat while competition is cooling most rapidly in Western markets, especially those that either cost the most or saw the most extreme appreciation over the pandemic. Home values rose from July to August in 12 of the 50 largest U.S. markets, led by Birmingham (0.9%), Indianapolis (0.5%), Cincinnati (0.4%) and Louisville (0.2%). Those four all have a typical home value well under $300,000. Miami, in the fifth spot, breaks the trend here, but also features the highest rent growth over the past three years by far, which could be stoking demand for purchases. Values fell the furthest month over month in San Francisco (-3.4%), Los Angeles (-3.4%), Sacramento (-3.2%) and Salt Lake City (-2.6%). Listings' time to pending saw similar trends, decreasing since July by one day in Milwaukee and staying steady in St. Louis, Cincinnati, Columbus and Louisville. Markets with the largest increase were Las Vegas by 11 days, Austin (10), Phoenix (8) and Riverside (7). Sellers appear to be coming to grips with the new market paradigm. The share of listings with a price cut rose by just one percentage point since July, compared with much steeper hikes in previous months. Roughly 28% of listings nationally received a price cut — slightly higher than August 2019's rate of 22%. The share of listings with a price cut is highest in Salt Lake City, Phoenix, Las Vegas and Austin. Markets with the lowest rates for price cuts are Milwaukee, New York, Hartford and Boston. Rent growth continued to ease in August, with typical rent of $2,090 now 12.3% above that of last August — down from a peak of 17.2% annual growth in February. Annual rent growth is strongest in Miami (21.9%), New York (17.9%), Orlando (17.5%) and San Diego (17.1%). *Table ordered by market size 1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research. 2 Home value figures in the August 2022 Zillow market report represent the raw version of the Zillow Home Value Index. Zillow Research has chosen to present the raw version during this period of unparalleled volatility. The full series of all ZHVI versions, including geographic cuts down to the ZIP code level, are available for download at https://www.zillow.com/research/data/. 3 Raw median days to pending. A smoothed (3-month moving average) version of this metric appeared in previous market reports. About Zillow Group Zillow Group, Inc. (NASDAQ: Z) and (NASDAQ: 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.
MORE >
California, New Jersey and Illinois Again Dominate List of Vulnerable Housing Markets
MORE >
Redfin Reports Nearly One-Third of U.S. Homes Are Bought With Cash, Well Above Pre-Pandemic Levels
For buyers taking out loans, the share of homes purchased using FHA and VA loans are both up slightly from record lows as the market cools down SEATTLE -- Nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, according to a new report from Redfin, the technology-powered real estate brokerage. That's near the eight-year high reached in February and up from 27.5% a year earlier. The share of all-cash purchases jumped in early 2021 during the pandemic-driven homebuying frenzy and has remained elevated since then. All-cash purchases are prevalent with today's affluent buyers largely because mortgage rates have doubled from a year ago, reaching 6% in mid-September. Buyers who don't use loans avoid high interest payments that exacerbate home prices, which remain near record highs even as the housing market slows. All-cash purchases jumped in popularity last year because they allowed buyers to stand out among fierce competition: Bidding-war rates reached record highs in early 2021 due to sub-3% mortgage rates and remote work driving homebuyer demand. Remote work has also given more Americans the option to use all cash, as it allowed a record share of homebuyers to relocate, often from expensive to affordable parts of the country. U.S. home values have skyrocketed since the start of the pandemic, which means Americans who sell a home in a pricey place like San Francisco may use equity to pay cash in a more affordable area like Las Vegas. Investors are also contributing to the all-cash boom. Real estate investors bought up a record share of the U.S. housing stock in the fourth quarter of last year, and their share has remained above pre-pandemic levels since then. About three-quarters of investor home purchases are made with cash. All-cash purchases are most prevalent in Long Island, NY and Florida Three of the five metro areas with the highest share of all-cash purchases are in Florida, partly because the state is home to a lot of affluent buyers. But Long Island, NY–which includes the Hamptons–is home to the highest share of cash buyers, with two-thirds (66.5%) of home purchases made in cash in July. Next come West Palm Beach (56.4%), Jacksonville (45.5%), Milwaukee (45.3%) and Fort Lauderdale (43.3%). A trio of expensive West Coast markets have the lowest share of all-cash purchases, partly because high prices make it more challenging to pay in cash: Oakland, CA (15.1%), San Jose, CA (16%) and Seattle (16.7%). Washington, D.C. (17.5%) and Pittsburgh (17.8%) round out the bottom five. FHA loans are somewhat more popular than they were at the height of the market, but less prevalent than before the pandemic Even though all-cash purchases are at an eight-year high, most home purchases use loans. Conventional loans are by far the most common type, followed by Federal Housing Administration (FHA) and Veterans Affairs (VA) loans. More than eight in 10 (81.3%) of home sales that used a mortgage in July took out a conventional loan, down slightly from 81.9% a year earlier and down from the record high of 83.8% set in April. Roughly 12% of home sales that used a mortgage in July took out an FHA loan, flat from a year earlier but up from the all-time low of 10.4% in the spring. And 6.8% used a VA loan, up slightly from 6.2% a year earlier but up from the record low of 5.4% in spring 2021. "The spike in interest rates is pricing some buyers out of the market, but it's also helping some buyers get into the market because there's less competition," said Tampa Redfin agent Eric Auciello. "A lot of buyers who were repeatedly outbid earlier this year are having their offers accepted, including those using FHA loans, those with smaller down payments and ones that include inspection and financing contingencies. In 2021, hardly any buyers used FHA loans. The story is completely different now, as low down payments are no longer an automatic deal breaker for sellers." But FHA loans are still much less prevalent than they were pre-pandemic; about 17% of mortgaged purchases used them in 2019. That's partly because even though the market has cooled and FHA buyers are less likely to face competition, homes are still quite expensive: The typical U.S. home that sold in July cost about 8% more than a year earlier. That means a lot of the people who would use an FHA loan–lower-income, first-time homebuyers–are priced out of the market. VA purchases are about as popular as before the pandemic; roughly 7% of mortgaged purchases used them in 2019. Read the full report, including charts, methodology and additional metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
The Best Time to Buy a Home is the Week of Sept. 25, According to Realtor.com
MORE >
Homebuyers With Access to Flood-Risk Data Bid on Lower-Risk Homes
Redfin users who viewed homes with severe and/or extreme flood risk prior to a Redfin experiment proceeded to bid on homes with 54% less risk after gaining access to flood-risk data SEATTLE -- Homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don't have access, according to a new report from Redfin, the technology-powered real estate brokerage. That's according to a three-month randomized controlled trial involving 17.5 million Redfin.com users, half of which had access to property-level flood-risk scores (treatment group) and half of which did not (control group). Redfin users who viewed homes with an average flood-risk score of 8.5 (severe/extreme risk) prior to the study went on to bid on homes with an average score of 3.9 (moderate risk) after gaining access to flood-risk data—a decrease of 54%. By comparison, users who viewed homes with an average score of 8.5 before the study but did not get access to risk data went on to bid on homes with an average score of 8.5. Redfin only saw this impact on users who had been viewing homes with severe/extreme risk prior to the study, suggesting that flood danger is currently unlikely to change homebuyer decisionmaking unless it's substantial. When users who viewed homes with lower risk (minimal, minor, moderate and/or major) prior to the study gained access to flood-risk scores, there was no statistically significant change in the risk level of homes they proceeded to bid on. "We now have definitive evidence that the risks posed by climate change are affecting where Americans choose to live. Before Redfin's experiment, that was just a hypothesis," said Redfin Chief Economist Daryl Fairweather. "Equipping people with flood-risk information helps them make more informed decisions. Some will opt to move out of risky areas altogether, while others will stay put but invest in making their homes more resilient to disaster." Fairweather continued: "As more house hunters become aware of climate risk, homes in endangered areas will likely receive fewer offers, causing home values to fall. At the same time, we may see prices in lower-risk, inland areas rise as more Americans move there to avoid flooding." Flood-Risk Data Also Impacted Which Homes Buyers Viewed Online Giving house hunters access to flood-risk data also impacted their online search behavior. Redfin users who were viewing homes with an average risk score of 9.5 (extreme) prior to the study went on to view homes with an average risk score of 8.5 after gaining access to flood-risk data—a decrease of about 10%. There was no meaningful change in the average risk score of homes viewed by users in the control group who had been viewing extremely risky homes prior to the experiment. The impact increased over time for users who had access to flood-risk data. On average, users who viewed homes with extreme risk before the study were viewing homes with 25% less risk than the control group after nine or more weeks in the experiment, compared with just 7% less risk during week one. "Climate-risk data may start to have an even bigger impact on homebuyer decisions now that the housing market is slowing and tilting more in buyers' favor," said Sebastian Sandoval-Olascoaga, the MIT researcher who co-conducted the experiment. "Today's buyers have more leeway to seek out the home features they really want. For some buyers that might mean considering only turnkey homes, and for others it might mean limiting their search to homes with minimal flood risk." Redfin Users in Cape Coral, FL and Houston Were Most Likely to Click on Flood-Risk Data Redfin also measured how frequently Redfin users in the experiment took the additional step of clicking into a home listing page's "Flood Risk" section, where more information can be found on future risk, FEMA flood zones and disaster insurance. Nationwide, users in the treatment group clicked into the flood-risk section 2.8% of the time. Many users likely didn't feel the need to expand the flood-risk section because they found the preview of the flood-risk data sufficient—one reason the clickthrough rate appears low. In Cape Coral, FL, users in the treatment group clicked into the flood-risk section 8.5% of the time, the highest rate among the 100 most populous U.S. metropolitan areas. Next came Houston (8.1%), Baton Rouge, LA (7.5%), McAllen, TX (7.4%) and New Orleans (7.3%). Three other Florida metros—North Port, Tampa and Jacksonville—were also in the top 10. All of these areas face flood risk, and some have attracted an influx of homebuyers during the pandemic. Tampa, Cape Coral and North Port all consistently rank on Redfin's list of most popular migration destinations—an analysis based on net inflow, or how many more Redfin.com users are looking to move into an area than leave. Top 10 Metros Where Redfin Users Were Most Likely to Click on Flood-Risk Data Alexis Malin, a Redfin buyer's agent in the Jacksonville, FL area, recently worked with a buyer who opted out of purchasing a home due to its high flood-risk rating. "I had a buyer from the Northeast who toured a beachfront home in the Jacksonville area and was close to making an offer, but changed his mind after seeing that the flood-risk rating on Redfin was almost a 10 out of 10," Malin said. "He loved the house and the location, but decided the purchase was just too big of a financial risk. He ended up staying in the Northeast and buying a home there instead." People Have Access to Climate-Risk Data—What Now? Individuals should be aware that if they own or buy a home with high natural-disaster risk, it may require costly disaster insurance and could ultimately drop in value. It's possible this will disproportionately impact disadvantaged communities, which are often more exposed to flooding. Formerly redlined areas have a larger share of homes with high flood risk than areas that weren't redlined, a 2021 Redfin analysis found. While redlining has been outlawed for years, formerly redlined areas are still more likely to house people of color than non-redlined areas. "Home prices haven't yet started to broadly plummet due to natural-disaster risk. That means communities that face the highest risk still have time to act," Fairweather said. "If a homeowner thinks their property will lose value due to flood risk, they may want to relocate now to keep both themself and their finances safe. Unfortunately, that may mean passing on the risk to someone else. Governments can help prevent that by purchasing and demolishing at-risk homes, or subsidizing climate-resilient improvements. Upgrades like landscaping, flood walls and flood openings to direct water away from homes can help an at-risk property retain value." Fairweather continued: "Local and federal leaders should also be using climate-risk data to inform their policy decisions. Lawmakers in lower-risk cities should consider changing zoning laws to allow for denser housing, which would provide more options for people who face flood risk but don't have a place to go." Redfin conducted this experiment from Oct. 12, 2020 to Jan. 3, 2021 in partnership with researchers from University of Southern California, the National Bureau of Economic Research and Massachusetts Institute of Technology. Flood-risk scores came from First Street Foundation's Flood Factor. Redfin now publishes climate-risk data (including fire, heat, drought, storm and flood) for nearly every U.S. home, with the exception of rentals. To view the full report, including charts, graphics and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
National Association of Realtors Announces Partnership With PunchListUSA
MORE >
Millennial and Gen Z Renters Have Inflation Rates Above 11%, Compared with 8.5% For the Typical American
Inflation is hitting young renters hard because the cost of rent and other expenses has increased much faster than their incomes SEATTLE -- Millennials who took on a new rental lease in July saw their overall cost of goods and services increase 11.6% year over year, substantially higher than 8.5% for the U.S. population as a whole. The personal inflation rate for Gen Z renters taking on a new lease came nearly as high at 11.3%, according to a new report from Redfin, the technology-powered real estate brokerage. That's largely due to soaring rental costs, with asking rents up 13.5% year over year in July. While rental price increases have slowed after skyrocketing in 2021, asking rents are roughly 25% higher than they were before the pandemic. Millennials and Gen Zers allocate more than one-quarter of their income to housing, the largest chunk of all spending categories. "Inflation is hitting young renters hard because not only have prices of everything from food to fuel soared, but so have rental prices," said Redfin Senior Economist Sheharyar Bokhari. "Homeowners are forking over more money at the grocery store and the gas pump, but at least the number on their mortgage statement isn't going up every month. Combine high rental prices with student loan debt and relatively low incomes, and it's difficult for millennials and Gen Z renters to put money into savings, retirement accounts and down-payment funds to eventually buy a house. They may also have higher interest rates on debt, which cuts further into their potential savings." While inflation has cut into the budgets of most Americans, it's more severe for younger generations. Gen Zers overall have an inflation rate of 9.2% and millennials clock in at 9.6%. That's lower than the 11%-plus rates specifically for members of those generations who rent, but it's higher than 8.5% for the general population. Inflation is also more severe for renters overall, who tend to be young. The price of goods and services rose 9.2% year over year in July for all renters. Less than half (48.5%) of millennials own their home, and while official data isn't available for Gen Zers, the rate is likely significantly lower. That's compared with homeownership rates near 80% for baby boomers and 70% for Gen Xers. Older generations tend to have lower personal inflation rates partly because they're more likely to own their homes and earn money from rising equity rather than spend money on rent. Inflation is particularly difficult for Gen Z adults to grapple with because they typically have relatively low entry-level incomes and don't own many assets—but they're still bearing the brunt of rising costs. Inflation is also having an outsized impact on millennials, as older millennials have been playing financial catch-up since starting their careers during the Great Recession and younger ones are early in their careers with fewer savings and lower incomes. Gen Zers have just 2% of their income left over after paying for housing and other necessities Incomes for both Gen Zers and millennials have increased 9.7% from 2020 to 2022—but expenses rose much more, about 17%. Costs increasing faster than incomes have left young Americans without much disposable income. For the typical Gen Z adult, just 1.9% of their $40,953 median income is left over after accounting for housing payments and other expenses including food and transportation. That's down from 7.7% of their income in 2020. While that technically leaves just a sliver of their income for discretionary spending, many Gen Z adults—which includes those who are college aged—live with their parents and/or receive financial help from them. The typical millennial has about 26% of their income left over after accounting for housing payments and other expenses, down from 30% in 2020. These figures are higher for millennials mostly because they earn more money. The typical millennial income of $85,233 is more than double the typical Gen Z income. If the typical Gen Zer saved all of their disposable income, they would have just $766 at the end of the year. Millennials would have $21,959. At that rate, it would take millennials four years to save enough for a 20% down payment for the median-priced U.S. home ($413,000). It would theoretically take Gen Zers more than 100 years to save at that rate, but that figure isn't realistic because we expect the youngest workers' incomes to grow as they age. Four in 10 (39%) recent or current first-time homebuyers didn't buy a home sooner because of the high cost of rent, according to an August Redfin survey. The high cost of rent was the most commonly cited obstacle, ahead of other obstacles including debt and pandemic-related financial setbacks. Nearly 80% of the respondents to this question were millennials or Gen Zers. "The combination of expensive housing, high inflation and relatively low incomes have forced many young renters to save money in creative ways," Bokhari said. "Some are living with their parents or roommates longer than they would like, and others are moving to more affordable areas." Young renters in Seattle, Miami and New York are hit hardest by inflation Seattle Gen Zers who signed a new lease in June—the most recent month for which data is available—saw prices of goods and services rise 17.1%, the highest inflation rate of the 21 metros in this analysis and substantially higher than the 10.1% overall June Seattle inflation rate. The metros included in this analysis are ones for which metro-level inflation data is available. Next comes Miami, where members of Gen Z signing a new lease in June had an inflation rate of 14.2%, compared with 10.6% for the metro overall. Rounding out the top three is New York, where Gen Zers taking on a new lease in July have an inflation rate of 12.8%, nearly double the metro's overall rate of 6.5%. The list is the same for millennials, with those signing a new lease in Seattle experiencing 16.8% inflation, followed by 14% in Miami and 12.6% in New York. That's partly due to quickly increasing rental costs in those three coastal metros. Seattle and New York are both among the 10 metros with the fastest-rising rents in July, with the typical asking rents increasing 22% year over year to $3,157 in Seattle and 23% to $4,209 in New York. Miami asking rents rose 18% to $3,068. To read the full report, including a chart, metro-level table, and methodology, click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
Own Up and Realtor.com Join Forces to Streamline the Home Buying Process
MORE >
National Association of Realtors Honors 2022 Good Neighbor Awards Finalists
WASHINGTON (September 1, 2022) -- The National Association of Realtors has selected 10 Realtors as finalists for its 2022 Good Neighbor Awards, which honor NAR members who make an extraordinary difference in their communities through volunteer work. This is the 23rd year the Good Neighbor Awards program has recognized Realtor volunteers who donate time, money and passion to enrich the lives of people in their communities. "This year's Good Neighbor finalists have gone above and beyond to help build stronger communities and improve the lives of people across this country," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "Their determination and selfless commitment embody everything that we strive for as Realtors® and as compassionate members of our community. I'm proud of this group for devoting hundreds of hours of their personal time to these important causes." 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 also be honored in November during NAR NXT, The REALTOR® Experience, in Orlando, Florida. Five honorable mentions will receive $2,500 grants. Beginning today, the public can vote for their favorite of the 10 Good Neighbor finalists. The top three vote-getters will be recognized as Web Choice Favorites, with the winner taking home $2,500, and the second and third place finishers each receiving $1,250, funded by Realtor.com®. Cast your vote at realtor.com/goodneighbor between September 1 and October 3. Both the winners, as determined by judges, and the Web Choice Favorites will be announced on October 6. The 10 NAR Good Neighbor Awards finalists are as follows: Jennifer Barnes, Keller Williams Realty Peachtree Road, Brookhaven, Georgia In 2020, Jennifer Barnes thought she would feed people for just a few weeks until the COVID-19-induced shutdowns ended. That experience opened her eyes to an underlying vulnerability in her affluent Atlanta-area neighborhood that extended well beyond food. The nonprofit she founded, Solidarity Sandy Springs, inspires more than 2,600 volunteers to provide wide-ranging community services for thousands of families, including free eye exams and glasses, flu vaccines, job fairs, back-to-school backpacks, and more. Barnes has also distributed nearly one million pounds of food to about 46,000 shoppers. nar.realtor/gna/jennifer-barnes Dennis Curtin, Legacy Investments, Kansas City, Missouri Dennis Curtin founded Mimi's Pantry to offer a more positive food pantry experience to people in need. The state-of-the-art, 6,000-square-foot facility welcomes shoppers to browse the aisles and choose their food, just as they would in a grocery store. The nonprofit invested in commercial refrigeration equipment and offers fresh meat, produce and milk. It also has a play area and library for kids and is building a greenhouse, an orchard of fruit trees and berry bushes this fall. In three years, it has served 50,000 individuals. nar.realtor/gna/dennis-curtin Jim Edmonds, Emerald Isle Properties, Kilauea, Hawaii As the Hawaiian island of Kauai may at any time have only a handful of homes for sale under $1 million, Permanently Affordable Living (PAL) Kaua'i founder Jim Edmonds partners with nonprofits to build and convert affordable housing for service and farm workers within walking distance to their workplaces. Edmonds navigates the complex challenges of poor infrastructure and resource scarcity through innovative, cost-saving solutions like solar energy, edible landscaping, shared electric vehicles, and shared bicycles. nar.realtor/gna/jim-edmonds Heather Griesser LaPierre, RE/MAX Preferred Newtown Square, Newtown Square, Pennsylvania To address food insecurity in her neighborhood and around the world, Heather Griesser LaPierre founded Kids Against Hunger Philadelphia. She rallies hundreds of volunteers each month to pack nutritious, ready-to-make pasta- and rice-based meals, involving local entities like churches, scout troops and police officers. In 2021, she decided to double production to 350,000 meals a month in order to ensure children who depended on school lunches were fed. This effort was even more impressive considering COVID-19 restrictions had forced her to manage with a fraction of the normal volunteer force. nar.realtor/gna/heather-griesser-lapierre Tamara "Tami" Hicks, Century 21 Signature Real Estate, Ames, Iowa As a Realtor®, Tami Hicks would see sellers throw out perfectly good furniture that they didn't need because they didn't know what to do with it. Hicks gathered a few friends and co-founded Overflow Thrift Store, a nonprofit that recycles and resells home furnishings and clothing. Now boasting two locations, the thrift stores' proceeds are distributed monthly to 10 nonprofit organizations. It also partners with eight additional community agencies to provide clients with free shopping vouchers for furniture and housewares. Since 2014, Overflow Thrift Store has resold more than 1 million items, recycled 325 tons of clothing that otherwise may have gone into landfills and donated $512,000 to nonprofit organizations. nar.realtor/gna/tami-hicks Lisa Hoeve, Coldwell Banker Woodland Schmidt, Holland, Michigan As a foster parent herself, Lisa Hoeve understands the stressful circumstances that arise when a child is placed in a new home, often with strangers, on short notice and carrying none of their own belongings. Hoeve created Hope Pkgs to ease the transition for the children and to support the foster parents striving to ensure these children are as comfortable as possible. She works through child service agencies in Michigan to provide "First Night Bags" with gender- and age-appropriate new pajamas, socks, underwear, blankets, toiletries and stuffed animals. Since 2015, she has served more than 4,200 children. nar.realtor/gna/lisa-hoeve Debbie McCabe, Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, and the Trident Group, Devon, Pennsylvania Most of us don't know what it feels like to sleep on the streets in the winter, but Debbie McCabe does. Each year, she leads a team of people who voluntarily sleep in cardboard boxes to raise money to help youth experiencing homelessness. For more than 10 years, McCabe has been a volunteer leader for the 76-bed Covenant House Pennsylvania. The transitional housing and services it provides build a bridge to hope for young people overcoming homelessness and who have been a victim of human trafficking. McCabe helped the facility safely keep its doors open 24 hours a day, 7 days a week at the height of the pandemic. nar.realtor/gna/debbie-mccabe Debbie Miller, Webpro Realty, Lakeland, Florida Debbie Miller had been a devoted volunteer for KidsPACK for many years, helping provide weekend food to kids who might not otherwise have had enough to eat. When COVID-19 hit and demand spiked, the organization found that vendors could no longer supply the bulk food it needed. As inventory dwindled, Miller took to social media, starting a Facebook page and convincing hundreds of new people to donate Chef Boyardee provisions using Amazon. The organization was able to support 140 new children from this effort alone. Today, it feeds 3,000 kids from 80 area schools on weekends. nar.realtor/gna/debbie-miller Kathy Opperman, Long & Foster Collegeville, Collegeville, Pennsylvania Kathy Opperman knows a little support can make all the difference when managing grief or loss. She founded Pillars of Light and Love, which offers a multitude of programs and support groups including grief support, help with anxiety, healthy coping skills training, anti-bullying and self-confidence building, and several youth empowerment programs. They have offered over 800 free workshops and support groups. Their mission is to build confidence, self-esteem and resilience so adults and youth can overcome the stresses of life. nar.realtor/gna/kathy-opperman MaliVai Washington, Diamond Life Real Estate, Jacksonville Beach, Florida For 26 years, MaliVai Washington Youth Foundation founder Mal Washington has been breaking the cycle of poverty through a vibrant after-school mentoring program. Originally rooted in his beloved sport of tennis, MWYF now serves 500 kids annually through a comprehensive youth development program of academic tutoring, leadership skills, financial training and fitness. He is proud of the 100% high school graduation rate within the program as the surrounding neighborhood's dropout rate is 20%. nar.realtor/gna/malivai-washington NAR's Good Neighbor Awards is supported by primary sponsor Realtor.com® as well as the Center for REALTOR® Development. "The Good Neighbor Award finalists are a remarkable group of individuals," said Realtor.com® CMO Mickey Neuberger. "Their work shows that volunteers are truly improving our communities and making them a better place, and Realtor.com is so pleased to be able to recognize them for their efforts." Nominees were judged on their personal contribution of time as well as financial and material contributions to benefit their cause. Realtor.com® is an open real estate marketplace built for everyone. Realtor.com®(link is external) pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for empowered growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. The Center for REALTOR®Development (CRD) is a wholly owned subsidiary of NAR, and the home of high-quality education. With 10+ credentials, 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 crd.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.
MORE >
'Shrinkflation' hits $1 million homes, down 397 square feet since 2020
MORE >
Bargaining Power is Back; 92% of Recent Sellers Accepted Buyer-Friendly Terms
Home sellers are once again making repairs and accepting contingencies as we move toward a more balanced housing market SANTA CLARA, Calif., Aug. 30, 2022 -- The days of frenzied sales with waived inspections might be behind us, as buyers regain a bit of bargaining power. According to a new Realtor.com® survey, 92% of people who sold their home within the last year accepted some buyer-friendly terms and 41% accepted some contingencies in the contract. Additionally, among those surveyed, the number of buyers asking for repairs based on the inspection results more than doubled in recent months and the number of sellers refusing to make repairs dropped to zero. Whether it be financing, timing, repairs or flexibility, the art of negotiation is returning to the housing market. Realtor.com® surveyed 449 people who sold their home within the last 12 months. To highlight the shifting market, responses were collected based on how long ago the home sold. "Our survey shows that the overheated housing market of the past two years, which predominantly favored sellers, is beginning to regain a sense of normalcy, which is welcome news for home buyers," said George Ratiu, manager of economic research, Realtor.com®. "The combination of higher mortgage rates and prices have noticeably cooled demand over the first half of the year. In addition, as more homeowners have been listing their properties, rising inventory is motivating more of them to resort to price cuts in order to successfully close transactions. At the same time, even as we are seeing a shift toward a more buyer-friendly market, it's worth noting that the majority of recent sellers are still satisfied with the outcome of their home sale." Room for negotiation Despite the extremely competitive housing market of the past several years, the survey suggests that negotiation is back on the table – for both price and contract terms. Homes that sold at- or above-asking price peaked at 82% in Feb. and March of 2022 when mortgage rates were below 4% and dropped to 69% for homes that sold within the last month when rates hovered near 6%. By contrast, the share of sellers who sold below-asking jumped from 18% in Feb. and March 2022 to 31% for those sold within the last month. Additionally, 92% of all recent sellers accepted some buyer-friendly terms. Those included: 41% Accepted some contingencies in the contract (appraisal, home inspection, home sale, financing, etc.) 32% Dropped the price because the home didn't meet appraisal 32% Paid for some or all of the buyer's closing costs 30% Had to be flexible on the ideal timeline for closing 29% Paid for repairs to the home after the appraisal 28% Were not able to rent the home back after close despite asking to Inspections and repairs make a comeback A professional home inspection is always a good idea for homebuyers, but during the housing market's peak, many buyers waived this important step in order to be competitive with their offer. Of those who sold within the last month, 95% reported that the buyer requested a home inspection, up from 82% of those who sold 6-12 months ago. More than twice as many buyers of homes that sold in the last month asked for repairs as a result of the home inspection (67%) compared to homes that sold 6-12 months ago (31%). The number of surveyed sellers who refused to pay for any repairs during that time dropped from 8% to zero. Nearly all respondents (95%) who sold their home in the last month made some updates or repairs to the property prior to listing, compared to 71% who sold 6-12 months ago. The average amount that recent sellers spent on repairs prior to listing was $14,163. Not all bad news for sellers Despite the shifting market, homes are continuing to sell quickly. In fact, 22% of people who sold within the past month said that their home went under contract in less than a week. This is up from 14% of people who sold 6-12 months ago. Additionally, 92% of people who sold their home in the past month were satisfied with the overall outcome of their home sale, down slightly from the 98% who were satisfied 6-12 months ago. Nearly half (46%) of sellers in the last month were satisfied with the price of their home sale, compared to 72% of those who sold 6-12 months ago. Changing needs motivate sellers After two years of the pandemic, sellers' needs have changed, prompting a search for another home. Of those who sold within the last year: 31% were looking for different amenities/features 29% found that the home no longer met the needs of their families 26% needed a home office for remote work 23% wanted to live closer to family and friends 20% felt they bought their home in a hurry/panic and decided it was not the right home for them 17% no longer needed to live near an office Methodology This survey was conducted online within the United States from Aug. 9-12 among 3,001 adults, of which 449 had sold their home in the last 12 months. The sampling margin of error of this poll is plus or minus 1.8 percentage points. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
MORE >
Ten-X Announces Million-Dollar 'Battle of the Bids' Winner in First-Ever Gamified Real Estate Competition
MORE >
Former NAR REACH Executive Director Kia Nejatian Joins Revive Real Estate
Leading Real Estate Venture Capital exec becomes Head of Corporate Development IRVINE, Calif. - August 23, 2022 -- Revive Real Estate, the most complete presale home renovation solution for sellers and cash-backed offer programs for buyers, announces leading real estate venture capital executive Kia Nejatian as its new Head of Corporate Development. He will join the Revive executive leadership team on September 6, 2022. Most recently, Nejatian was the Executive Director of the National Association of Realtors' REACH accelerator program for US real estate startups. He also was a venture capitalist at Second Century Ventures, the strategic investment arm of the NAR, focusing on real estate investments. Revive was among eight residential real estate technology startups selected for the US 2022 NAR REACH program earlier this year. "Kia joining Revive Real Estate rockets our visibility in the PropTech space and puts us on a trajectory that will drive higher revenue and smarter market expansion," said Michael Alladawi, Revive Real Estate CEO and founder. "Leading our business expansion efforts while helping us go deeper with current partners, Kia has the unique skillset to make an immediate impact for Revive. We are excited to have his energy and drive to help take us to an even higher level of success," he added. Before his roles at NAR REACH and Second Century Ventures, Nejatian led real estate and construction investments at Plug and Play Ventures. He also was Director of Partnerships at Kash, a mobile payment startup purchased by a publicly traded financial services company. Previously, he was a Real Estate Analyst at Real Facilities, acquired by Savills Studley, and an Advisor to Toronto Mayor Rob Ford. "The real estate market today is shifting rapidly, and there will be winners and losers," said Kia Nejatian. "Revive shows it does incredibly well in a seller's market, but wait until you see how extraordinary it becomes for agents and sellers in a buyer's market. I'm excited to share the massive value Revive can deliver to sellers and their agents," he added. According to Revive cofounder Dalip Jaggi, adding Nejatian to Revive Real Estate's executive team validates the tremendous growth ahead for the entire Listings Concierge category. "As the demand of our product grows, Kia's involvement will be essential to integrate with the right strategic partners to deliver our mission to help homeowners maximize their biggest asset– their home," Jaggi said. Revive offers presale renovation services for homeowners to help maximize their profits from their home sales. When homeowners renovate their homes before selling, they maximize their return on their most significant asset — their home. Revive research shows that sellers leave 15 to 20 percent of potential profits on the table when they sell their homes "as is." Revive sellers average $186,000 more than the renovation costs and substantially more in higher-cost markets, and once Revive homes are listed, they sell faster. Learn more at www.revive.realestate. About Revive Revive's mission is to guide home sellers through presale renovations without upfront costs. By providing access to Revive's network of top contractors, home sellers gain an average of $186,000 in additional profit when selling their homes. Revive homes sell for more and help sellers move ahead by maximizing their sales value. Learn more at www.revive.realestate.
MORE >
Realtor.com's 2022 Hottest ZIP Codes in America: Historic New England is the Newest Homebuying Hotspot
MORE >
Four in Five Metro Areas Notched Double-Digit Price Gains in Second Quarter of 2022
Eighty percent of metro markets, 148 of 185, saw double-digit annual price appreciation in median single-family existing-home sales prices (70% in the previous quarter). WASHINGTON (August 11, 2022) -- Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, a greater number of markets experienced double-digit annual price gains compared to the prior quarter, according to the National Association of REALTORS' latest quarterly report. Eighty percent of the 185 tracked metro areas posted double-digit price gains, up from 70% in the first quarter of this year. Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. Year-over-year price appreciation eased slightly compared to the previous quarter's 15.4%. "Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers," said NAR Chief Economist Lawrence Yun. "Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief. The recent dips in mortgage rates will bring additional buyers to market, especially in those places where home prices are still relatively affordable and where jobs are being added." Regionally, the South accounted for 44% of single-family existing-home sales in the second quarter and posted the largest price appreciation of 18.2%. Prices increased 12.7% in the West, 10.1% in the Northeast, and 9.7% in the Midwest. The top 10 metro areas with the largest year-over-year price gains all recorded increases greater than 25%, with seven of those markets located in Florida. Those include Fayetteville-Springdale-Rogers, Ark.-Mo. (31.9%); Lakeland-Winter Haven, Fla. (31.4%); Naples-Immokalee-Marco Island, Fla. (28.9%); North Port-Sarasota-Bradenton, Fla. (28.8%); Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (28.5%); Tampa-St. Petersburg-Clearwater, Fla. (28.0%); Cape Coral-Fort Myers, Fla. (27.8%); Punta Gorda, Fla. (27.4%); Ocala, Fla. (26.7%); and Ogden-Clearfield, Utah (25.5%). The top 10 most expensive markets in the U.S., half of which were in California, included San Jose-Sunnyvale-Santa Clara, Calif. ($1,900,000; 11.8%); San Francisco-Oakland-Hayward, Calif. ($1,550,000; 11.9%); Anaheim-Santa Ana-Irvine, Calif. ($1,300,000; 17.2%); Urban Honolulu, Hawaii ($1,145,000; 17.3%); San Diego-Carlsbad, Calif. ($965,900; 13.6%); Boulder, Colo. ($933,400; 11.8%); Naples-Immokalee-Marco Island, Fla. ($850,000; 28.9%); Los Angeles-Long Beach-Glendale, Calif. ($825,700; 9.2%); Seattle-Tacoma-Bellevue, Wash. ($818,900; 14.4%); and Boston-Cambridge-Newton, Mass.-N.H. ($722,200; 8.9%). "The local job market performance and supply availability are the clear distinguishing factors driving local home price growth," Yun added. "Job growth is positive and should be applauded, but supply restraints are creating unnecessary barriers to ownership opportunities." Housing affordability dramatically tumbled in the second quarter of 2022, driven by sharply rising mortgage rates and climbing home prices. The monthly mortgage payment on a typical existing single-family home with a 20% down payment jumped to $1,841. That's an increase of $444 – or 32% – from the first quarter of this year and $612 – or 50% – from one year ago. Families typically spent 24.3% of their income on mortgage payments, up from 18.7% the prior quarter and 16.9% one year ago. Growing unaffordability impacted first-time buyers looking to purchase a typical home during the second quarter of 2022. For a typical starter home valued at $351,500 with a 10% down payment loan, the mortgage payment rose to $1,810 – a bounce of $433 (or 31%) from the prior quarter and $597 (or 49%) from one year ago. First-time buyers typically spent 36.8% of their family income on mortgage payments, up from 28.7% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to over 25% of the family's income. A family needed at least $100,000 to afford a 10% down payment mortgage in 53 markets, nearly double the 27 markets from the prior quarter. Yet, a family needed less than $50,000 to afford a home in 23 markets, down significantly from 63 markets in the previous quarter. 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.
MORE >
CubiCasa Announces New, Free Product Designed to Make Floor Plans Standard in U.S.
MORE >
Chime Introduces Social Studio to Automate and Streamline Social Media Marketing
Latest innovation enables real estate professionals to execute low-cost lead generation programs with organic social media posts directly from the Chime platform PHOENIX and LAS VEGAS, Aug. 03, 2022 -- Today, Chime Technologies, an award-winning real estate technology innovator, introduced the company's latest natively-built platform capability, Social Studio. Designed to help real estate professionals capitalize on social media as a low-cost opportunity to build awareness and fill their pipeline, Social Studio automates the creation and execution of organic social media posts directly from the Chime system. Agents no longer need to spend countless hours developing engaging content; Social Studio provides the automation needed to streamline social media marketing efforts. To learn more, watch our video. As the housing market begins to cool amongst inflation concerns, real estate professionals must manage their operations against the rising cost of doing business. The expense of online marketing is one specific area of concern and agents are increasingly turning to organic social media to generate consistent brand awareness and provide an effective and affordable lead generation strategy. With Chime's Social Studio, users can generate engaging social content automatically. Featuring an easy-to-use rules-based system, Social Studio can automatically publish posts to your social media channels driven by things such as MLS status changes. Key features of Social Studio include the ability to: Showcase your listings, website, or blogs automatically incorporating content from both your website or the MLS; Schedule posts in advance for more consistent awareness; View detailed lead engagement metrics to build customized lead nurturing campaigns; Auto-post when the MLS status of your listing changes. "Every real estate professional knows time is money and as the market tightens it matters more than ever where you spend your time and focus. Our platform has always been designed to help automate key business functions and let agents and teams do what they do best - service the client and close deals. Social Studio is another example of that commitment. By offering a fully-automated social media management tool designed specifically for realtors, we can help our customers attract more followers and capture more leads while keeping costs low," said Stuart Sim, Head of Industry Development, Chime. To learn more, click here. About Chime Technologies Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. For more information, visit www.chime.me/.
MORE >
Homesnap Recognizes Top Pro+ Agents With Excellence in Client Service Awards
MORE >
Redfin Reports an Uptick in Searches and Tours Highlight Buyers' Mortgage-Rate Sensitivity
Since mortgage rates came down from their June high, measures of early demand like online real estate searches and home tours have ticked up and/or stabilized SEATTLE -- A half-point drop in mortgage rates is drawing some homebuyers back to the market, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin's Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—has increased 15 points since the week of June 19, reversing a 10-week trend of decreasing demand that began in mid-April. Searches of homes for sale on Google have also risen 11 percent since late May, and touring levels have been relatively stable for the past two weeks. However, the uptick in early demand has not carried through to home-purchase contracts or sales. Pending home sales are down, few homes are being listed, and inventory is piling up as homes take longer to sell. Home-sale prices continue to decline, with the year-over-year growth rate falling to 9%, its lowest level since August 2020. "The housing market seems to be settling into an equilibrium now that demand has leveled off," said Redfin chief economist Daryl Fairweather. "We may still be in for some surprises when it comes to inflation and rate hikes from the Fed, but for now an ease in mortgage rates has brought some relief to buyers who were reeling from last month's rate spike. Although the number of sales is down considerably from last year, first time-homebuyers with not a lot of cash are welcoming the decline in competition, and anyone who intends to stay in their home for many years doesn't need to worry about these short-term fluctuations in home prices." In reaction to this week's economic news, Redfin Deputy Chief Economist Taylor Marr added: "Whether we label the current economy a recession doesn't matter much except for sentiment. The under-the-hood stats—on consumption, real income and inflation—significantly worsened last quarter. Weaker economic growth and poor consumer sentiment are weighing on both homebuyers and sellers. The upside is that mortgage rates fall when the potential for economic growth is weak. This could help bring more rate-sensitive homebuyers off the fence to move forward with a purchase." Leading indicators of homebuying activity: For the week ending July 28, 30-year mortgage rates fell to 5.3%. This was down from a 2022 high of 5.81% but up from 3.11% at the start of the year. Fewer people searched for "homes for sale" on Google—searches during the week ending July 23 were down 26% from a year earlier, but are up 11% since late May. The seasonally-adjusted Redfin Homebuyer Demand Index was down 14% year over year during the week ending July 24, but has risen 15 points since the week of June 19. Touring activity as of July 10 was down 4% from the start of the year, compared to an 18% increase at the same time last year, according to home tour technology company ShowingTime. Mortgage purchase applications were down 18% from a year earlier during the week ending July 22, while the seasonally-adjusted index was down 1% week over week. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending July 24. Redfin's weekly housing market data goes back through 2015. The median home sale price was up to $384,871, up 9% year over year, the slowest growth rate since August 2020. Prices fell 2.9% from the peak during the four-week period ending June 19. A year ago they rose 0.9% during the same period. The median asking price of newly listed homes increased 14% year over year to $395,925, but was down 3% from the all-time high set during the four-week period ending May 22. Last year during the same period median prices were down just 1.1%. The monthly mortgage payment on the median asking price home hit $2,336 at the current 5.3% mortgage rate, up 42% from $1,648 a year earlier, when mortgage rates were 2.8%. That's down slightly from the peak of $2,482 reached during the four weeks ending June 12. Pending home sales were down 15% year over year. New listings of homes for sale were down 6% from a year earlier. Active listings (the number of homes listed for sale at any point during the period) rose 4% year over year—the largest increase since August 2019. 40% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 45% a year earlier. 27% of homes that went under contract had an accepted offer within one week of hitting the market, down from 32% a year earlier. Homes that sold were on the market for a median of 20 days, up from 18 days a year earlier and up from the record low of 16 days set in May and early June. Days on market is increasing off its low point for the year faster than it did in 2021, up 4 days in the past eight weeks, compared to a 3 day increase in the eight weeks after the low point in 2021. 47% of homes sold above list price, down from 53% a year earlier. On average, 7.5% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 101.1%. In other words, the average home sold for 1.1% above its asking price. This was down from 102% a year earlier. View the full report, including charts and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
FTC Takes Action to Stop Online Home Buying Firm Opendoor Labs, Inc. from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service
MORE >
Home buyers with lower credit scores pay an extra $104,000 in mortgage costs
A borrower with a "fair" credit score could pay $103,626 more over the life of a 30-year mortgage for the same home than an otherwise identical borrower with an "excellent" score would SEATTLE, July 28, 2022 -- Elevated home prices and rising interest rates are feeding into housing affordability woes for potential buyers, especially those with lower credit scores. A new Zillow analysis shows that, nationally, buyers with "fair" credit could be paying up to $288 more on their monthly mortgage payment than those with "excellent" credit. A buyer’s credit profile plays an important role in how much a home ultimately costs. Today's home shoppers can expect to pay around 62% more per month to buy a typically priced U.S. home than they would have a year ago. Zillow examined credit scores against current mortgage rates and found that such monthly cost increases are exacerbated for millions of Americans with low credit scores or less than perfect credit histories. A borrower with an "excellent" credit score — between 760 and 850 — can qualify for a 30-year fixed-rate mortgage with a 5.099% interest rate. For the same loan, a similar borrower with a "fair" credit score — between 620 and 639 — qualifies for a 6.688% rate. This equates to a $288 difference in monthly mortgage payments and nearly $103,626 in interest over the life of a 30-year fixed loan, based on the current price of a typical U.S. home ($354,165). "When you are thinking about buying a home, the best first step you can take is to fully understand your financial picture, what you can afford and your outstanding debts or obligations," said Libby Cooper, Zillow Home Loans vice president. "If you find you have low credit, take realistic steps to improve your credit score by doing things like disputing possible report errors and paying down as much debt as possible. This could increase the amount of home loan you qualify for." The chart below illustrates how a buyer's credit profile plays an important role in how much a home ultimately costs. Buyers who make raising their credit score part of their initial steps in the home-buying process typically have more buying power and lower monthly payments. The cost of buying a typically priced U.S. home based on credit scores There is a direct correlation between credit security — having a strong credit history and structural access to credit offerings — and higher homeownership rates. The homeownership rate is lower in counties that are more "credit insecure," meaning they are home to high numbers of residents with poor or no credit history. That cuts off millions — particularly Black and Latinx residents — from the wealth-building advantages of homeownership. Additionally, Black applicants are denied a mortgage at a rate 84% higher than white applicants, and credit history is the most common reason cited for those denials. Limited traditional financial services in Black and other communities of color are a significant factor in the lack of credit history and the inability to build a high credit score. Fannie Mae and Freddie Mac recently adopted policies that include timely rent payments in their automated underwriting systems. Lenders and brokers can submit bank account data (with borrower permission) to identify 12 months of prompt rent payments to help potential borrowers qualify for a mortgage. "While inclusion of timely rent payments doesn't change a borrower's credit score, it can have a positive impact on how lenders view a borrower's credit worthiness. This move shows how effective policy changes can help consumers build a strong financial foundation that unlocks homeownership," said Cooper. 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).
MORE >
The Wall Street Journal and Realtor.com Release Summer 2022 Emerging Housing Markets Index Report
MORE >
RICOH360 Tours Releases Automatic Floor Plan Generator
Now agents and photographers can generate professional quality floor plans from their virtual tours automatically CAMPBELL, Calif., July 20, 2022 -- RICOH360 Tours, a service of RICOH Company Ltd, the only truly complete and affordable 360° virtual tour solution under one global brand, announces the launch of the powerful Floor Plan Generator feature. Need an updated floor plan with that virtual tour – not a problem. While sellers fall in love with the virtual tour experience, buyers have come to expect floor plans to tell the truth about how the rooms fit together and the flow between them; and every listing needs a floor plan. According to the National Association of REALTORS® 2021 Home Buyer and Seller Generational Trends report, floor plans are the second most important listing visual. "The convenience of the floorplan feature on RICOH 360 Tours is both an incredible time saver and a terrific feature to offer clients which helps my team stand out from our competitors," added Karin Provencher at NH Realty Gals, a full time New Hampshire real estate agent, having handled over 1,300 transactions. "I have been impressed with the ability to generate floor plans with such accuracy based just on the tours we send in. We will continue to use this valuable feature in all of our listings!" An exact floor plan is generated automatically by the virtual tour url using the Floor Plan Generator feature and returned in 1 to 2 business days. The cost of ordering a black-and-white floor plan is $20 and the first order is free. The images are presented in PNG and PDF format. Here's an example of a finished floor plan: About RICOH360 Tours RICOH360 Tours is the official virtual tour platform of the RICOH THETA camera. A game changing technology that supports the sales and marketing operations of real estate agents, brokerages, photographers and other industries as a cloud-based software that allows anyone from anywhere to virtually view spaces online without having to visit the site. With a RICOH THETA camera and mobile app, anyone can easily create and publish a virtual tour to a real-estate marketplace or MLS in minutes. There is no limit to the number of virtual tours you can publish and the number of images you can insert in a tour. Furthermore, customers can use AI image enhancement, AI Video Maker, AI Virtual staging beta and Floor Plan Generator, which use Ricoh's original AI technology, and are available for all plans, making it easy to create professional content. Learn more at www.ricoh360.com/tours/. About Ricoh Data Service Business Ricoh is the leader in the development of high-quality immersive 360° cameras and platforms for prosumers and professionals to easily capture and share 360° views of physical spaces from a mobile app in minutes. Ricoh creates intuitive solutions that require no professional, technical or photography experience to create immersive digitized photo-realistic views of a physical environment.
MORE >
Texas home builders are being 'whiplashed,' says US No. 1 agent
MORE >
Revive enhances its brand, becomes Revive Real Estate, changing its top-level domain destination to revive.realestate
IRVINE, Calif. - July 20 2022 -- Revive, the most complete presale home renovation solution for sellers and cash-backed offer programs for buyers, announces the enhancement of its brand, becoming Revive Real Estate, and changes its top-level domain to revive.realestate. "By officially becoming Revive Real Estate, we boost the clarity of our brand and can amplify it with a hot top-level web domain extension," said Michael Alladawi, Revive Real Estate CEO and founder. "Very few Proptech firms, if any, can say that their domain is only their name. It gives our business instant recognition and elevates our marketing," he added. Created by the National Association of Realtors and launched in 2018 alongside .realtor for members of NAR, the .realestate domain is free of restrictions from NAR affiliation. It allows firms like Revive Real Estate to creatively market its brand by leveraging "real estate" as a descriptive and universally understood term. "Securing .realestate is a fantastic fit for Revive to better connect with brokers and their agents, as well as home sellers, buyers and others who are part of the presale renovation ecosystem," said Colleen Doyle, Vice President, RIN and Strategic Initiatives at NAR. "This top-level domain helps firms like Revive own their segment in our industry, setting them apart from their competition," she added. Revive is one of nine Proptech firms in the 2022 NAR US REACH program, operated by Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global real estate technology fund. Revive offers presale renovation services for homeowners to help maximize their profits from their home sales. When homeowners renovate their homes before selling, they maximize their return on their most significant asset — their home. Revive research shows that sellers leave 15 to 20 percent of potential profits on the table if they sell their homes "as is." Alladawi notes that presale renovation is a burgeoning new industry, offering a new tool that more agents and sellers need to know about. "Revive sellers average $186,000 more than the costs of the renovation, and substantially more in higher-cost markets," Alladawi explained. "The more we spread the word – and our new enhanced brand will help – the more wealth we can help create for homeowners when they sell their homes," he added. According to Revive research, a little more than 8% of all homes in the US as of February 2022 were worth at least $1 million. If just one in ten sellers of homes worth $1 million or more chose a presale renovation, sellers would net tens of billions of dollars in additional sale proceeds. "The potential of additional annual wealth creation is staggering," said Revive Real Estate cofounder Dalip Jaggi, noting, "Every year, some 5 million to 6 million existing-home sales occur. If just 5% of these homes chose a presale renovation, sellers could increase by $56 billion." Learn more at www.revive.realestate. About Revive Revive's mission is to guide home sellers through presale renovations without upfront costs. By providing access to Revive's network of top contractors, home sellers gain an average of $186,000 in additional profit when selling their homes. Revive homes sell for more and help sellers move ahead by maximizing their sales value. Learn more at www.revive.realestate.
MORE >
Down Payment Resource releases Q2 2022 Homeownership Program Index
MORE >
National Association of Realtors Announces Partnership with Rental Beast
CHICAGO (July 12, 2022) -- The National Association of Realtors today announced Rental Beast as its exclusive recommended software provider in the rental space. Under this agreement, NAR members receive free access to Apply Now by Rental Beast, the secure FCRA-compliant online rental application and tenant screening engine. "NAR REALTOR Benefits® aims to provide products and services that deliver value and empower Realtors® to succeed in their businesses," said Rhonny Barragan, NAR vice president of strategic alliances. "Rental Beast created a lead-to-lease platform which brings seamless entry into the multibillion-dollar rental industry and its clientele, and we are thrilled to provide this benefit to our members." NAR members will also receive unlimited access to Rental Beast University, the digital education platform designed by industry experts. Rental Beast is also integrated with many MLS platforms and association websites. NAR members within these partnerships receive additional access to rental-centric listing management tools, including listing add/edit, comprehensive rental search, rental listing syndication, rental lead generation and qualification, and renter-to-buyer conversion. "We are proud to be NAR's exclusive provider of rental solutions," said Ishay Grinberg, founder and CEO of Rental Beast. "This partnership will help Realtors® better serve their clients and U.S. consumers everywhere by partnering them with the nation's more than 113 million renters. With our tools, Realtors® can also build relationships with potential home buyers by serving as their trusted advisors in the rental process." To claim this benefit, NAR members can sign up for a free account at nar.realtor/rental-beast. Once activated, the account will allow Realtors® to initiate applications for any rental property and access Rental Beast University content anytime. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. About Rental Beast Rental Beast is a leading real estate technology firm with an end-to-end SaaS (Software as a Service) platform designed to empower real estate professionals and the nation's most comprehensive database of more than ten million rental properties. Sourced directly from property owners, updated in real-time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. Rental Beast achieved notable success as a member of the 2022 REACH Canada cohort, a unique technology scale-up program managed by Second Century Ventures, NAR's strategic investment arm. About NAR REALTOR Benefits® NAR REALTOR Benefits® 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.
MORE >
HomeJab Debuts Novel Real Estate Agent Marketing Method that Creates Real-Estate-Backed-NFTs to Promote Home Sales
MORE >
Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate
The combined company expands Matterport Capture Services by bringing together the industry-best of Matterport digital twins and floor plans with professional photography, drone capture, and marketing services SUNNYVALE, Calif., July 07, 2022 -- Matterport, Inc., the leading enterprise and real estate digital twin company driving the digital transformation of the built world, today announced the acquisition of VHT, Inc., known as VHT Studios, a U.S.-based real estate marketing company that offers brokerages and agents digital solutions to promote and sell properties. This transaction brings together VHT Studios' visual media services with the immersive Matterport 3D Digital Twin platform to elevate the buying experience for home buyers while simplifying the process of creating comprehensive marketing packages for brokers and agents. With this acquisition, Matterport aims to increase adoption of digital twin technology and expand further into the real estate industry while adding marketing services for other key markets such as commercial real estate, travel and hospitality, and the retail sector. Matterport's acquisition of VHT Studios provides real estate brokerages and their professionals access to an expanded selection of marketing services and expertise they need to effectively market and promote properties. These include high-end photography, drone imagery, floor plans, virtual tours, and other marketing services. When combined with Matterport digital twins and collaboration tools, the newly expanded solution not only helps brokerages and agents save time with an easy-to-order and comprehensive source for their digital marketing needs but also reduces their costs with comprehensive marketing packages along with flexible, optional add-ons. This all-in-one marketing solution provides one of the richest and most compelling digital experiences for property seekers and has been proven to drive increased sales for brokerages and agents. "We're thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring," said RJ Pittman, Chief Executive Officer at Matterport. "When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them. We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios' expertise to our growing enterprise business as demand for digital twin technology continues to surge." "We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today. While we make strategic investments to expand our business, we remain committed to conscientiously managing our balance sheet of approximately $600 million in cash and short- and long-term investments as of March 31, 2022. Further, having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration," said JD Fay, Chief Financial Officer of Matterport. "What makes this acquisition unique is how complementary our services are to one another," said Brian Balduf, CEO of VHT Studios. "In today's market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster. Together we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure, and experience a space from anywhere, anytime, as many times as needed." The all-in-one marketing solution that brings together VHT Studios' and Matterport's services is expected to be available through Matterport's Capture Services during the third quarter this year. The acquisition will enable more data to be trained on the machine learning systems acquired through Enview and whose data insights will be incorporated into Matterport's Cortex Artificial Intelligence engine. VHT Studios has helped more than 200,000 real estate professionals sell more than $200 billion in properties since the company's founding in 1998. Seven of the top 10 brokers in the United States are customers of VHT Studios, including Baird & Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman, and more. Terms of the transaction were not disclosed. Canaccord Genuity served as the exclusive financial advisor to VHT Studios. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.
MORE >
Showing Activity Continues to Slow Nationwide in May as Fewer Buyers Compete for Listings
MORE >
National Home Price Gains Continue to Exceed 20% in May
IRVINE, Calif., July 5, 2022 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for May 2022. Though U.S. home price growth relaxed slightly in May from April, it remained in double digits year over year for the 16th consecutive month. As in past months, all states and Washington, D.C. posted annual appreciation, with 13 states posting gains of more than 20%. While rising interest rates cooled overheated demand this spring and are expected to contribute to slowing price growth over the next year, motivated buyers may have less competition and more opportunities moving forward. "Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention," said Selma Hepp, deputy chief economist at CoreLogic. "With monthly mortgage expenses up about 50% from only a few months ago, fewer buyers are now competing for continually limited inventory. And while annual home price growth still exceeds 20%, we expect to see a rapid deceleration in the rate of growth over the coming year. Nevertheless, the normalization of overheated buying conditions should bring about more of a balance between buyers and sellers and a healthier overall housing market." Top Takeaways: U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over-month basis, home prices increased by 1.8% compared to April 2022. In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%). Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand. Tampa, Florida logged the highest year-over-year home price increase of the country's 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April. Florida and Tennessee posted the highest home price gains, a respective 33.2% and 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 45 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About Market Risk Indicator Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall "health" of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. About the Market Condition Indicators As part of the CoreLogic HPI and HPI Forecasts offerings, Market Condition Indicators are available for all metropolitan areas and identify individual markets as "overvalued", "at value", or "undervalued." These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. Source: CoreLogic The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Robin Wachner at [email protected] Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
MORE >
Realtor.com June Housing Report: For-Sale Home Supply Grows Faster than Ever as New Seller Activity Rebounds
MORE >
New Jersey, Illinois and California Have Highest Concentration of Vulnerable Housing Markets
Chicago and New York City Areas Most Exposed to Downturns in First Quarter of 2022; East Coast, Midwest and Inland California Have Other At-Risk Markets; South Region Less Vulnerable IRVINE, Calif. - June 22, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, unemployment and other measures in the first quarter of 2022. The report shows that New Jersey, Illinois, and inland California had the highest concentrations of the most at-risk markets in the first quarter of 2022 – with the biggest clusters in the New York City and Chicago areas. Most southern states were less exposed. The first-quarter 2022 patterns – based on home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey, Illinois and California had 34 of the 50 counties most vulnerable to the potential declines. The 50 most at-risk included eight counties in the Chicago metropolitan area, six near New York City and 10 sprinkled throughout northern, central and southern California. Elsewhere, the rest of the top 50 counties were scattered mainly along the East Coast and in the Midwest. They included three each in the Cleveland, OH, and Philadelphia, PA, metropolitan areas, plus two of Delaware's three counties. At the other end of the risk spectrum, the South had the highest concentration of markets considered least vulnerable to falling housing markets. "While the housing market has been exceptionally strong over the past few years, that doesn't mean there aren't areas of potential vulnerability if economic conditions continue to weaken," said Rick Sharga, executive vice president of market intelligence at ATTOM. "Housing markets with poor affordability and relatively high rates of unemployment, underwater loans, and foreclosure activity could be at risk if we enter a recession or even face a more modest downturn." Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 586 counties around the United States with sufficient data to analyze in the first quarter of 2022. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the four ranks. See below for the full methodology. The wide disparities in risks come at a time when the U.S. housing market remains relatively strong but shows signs that a decade-long boom may be easing. Home prices have climbed more than 15 percent in most of the country over the past year, with new highs hit in about half the nation, boosting homeowner equity to record levels. But as interest rates on 30-year mortgages rates have climbed to 6 percent, worsening affordability for prospective homebuyers, home sales have declined every month in 2022, and home price appreciation is showing signs of retreating rapidly. "The housing market has been one of the strongest components of the U.S. economy since the onset of the COVID-19 pandemic," Sharga noted. "But Federal Reserve actions aimed at bringing inflation down from its 41-year high are having an immediate impact on home affordability, sales, and pricing. Whether the Fed can execute a relatively soft landing, or inadvertently steers the economy into a recession will determine the fate of the housing market over the next 12-18 months." Amid that backdrop, the national median home value rose up just 3 percent from late-2021 through early-2022, seller profits are starting to dip and home affordability is inching downward. Lender foreclosures against delinquent mortgages also are up. Most-vulnerable counties clustered in the Chicago, New York City, Cleveland and Philadelphia areas, along with Delaware and sections of California Thirty-two of the 50 U.S. counties most vulnerable in the first quarter of 2022 to housing market troubles (from among 586 counties with enough data to be included in the report) were in the metropolitan areas around Chicago, IL; New York, NY; Cleveland, OH, and Philadelphia, PA, and as well as in Delaware and interior California. They included eight in Chicago and its suburbs (Cook, De Kalb, Kane, Kendall, Lake, McHenry and Will counties in Illinois and Lake County, IN) and six in the New York City metropolitan area (Bergen, Essex, Ocean, Passaic, Sussex and Union counties in New Jersey). The three in the Philadelphia, PA, area were Philadelphia County, plus Camden and Gloucester counties in New Jersey, while the three in the Cleveland area were Cuyahoga, Lake and Lorain counties in Ohio. Kent County (Dover), DE, and Sussex County (Georgetown), DE, also were among the top 50 most at-risk in the first quarter. In other states, California had 10 counties in the top 50 list: Butte County (Chico), San Joaquin County (Stockton), Shasta County (Redding) and Solano County (outside Sacramento) in the northern part of the state; Fresno County, Kings County (outside Fresno), Madera County (outside Fresno), Merced County (outside Modesto) and Stanislaus County (Modesto) in central California, and Kern County (Bakersfield) in the southern part of the state. Maryland had also three among the top 50. They were Baltimore County, Charles County (outside Washington, DC) and Prince George's County (outside Washington, DC). Counties most at-risk have higher levels of unaffordable housing, underwater mortgages, foreclosures and unemployment Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 25 of the 50 counties that were most vulnerable to market problems in the first quarter of 2022. The highest percentages in those markets were in San Joaquin County, (Stockton), CA (48.9 percent of average local wages needed for major ownership costs); Bergen County, NJ (outside New York City) (48.3 percent); Solano County, CA (outside Sacramento) (46.6 percent); Passaic County, NJ (outside New York City) (46.5 percent) and Ocean County (Toms River), NJ (42.5 percent). Nationwide, major expenses on typical homes sold in the first quarter required 26.3 percent of average local wages. At least 10 percent of residential mortgages were underwater in the first quarter of 2022 in 22 of the 50 most at-risk counties. Nationwide, 6.5 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Peoria County, IL (20.6 percent of mortgages underwater); Kings County, CA (outside Fresno) (19.9 percent); Lake County, IN (outside Chicago) (18.3 percent); Rock Island County (Moline) IL (18.1 percent) and La Salle County, IL (outside Peoria) (17.8 percent). More than one in 1,000 residential properties faced a foreclosure action in the first quarter of 2022 in 29 of the 50 most at-risk counties. Nationwide, one in 1,795 homes were in that position. Foreclosure actions have risen since the end of a federal moratorium on lenders taking back properties from homeowners who fell behind on their mortgages during the early part of the virus pandemic. The moratorium ended July 31 of last year and foreclosures are expected to continue increasing over the coming year. The highest rates in the top 50 counties were in Cumberland County, NJ (outside Philadelphia, PA) (one in 402 residential properties facing possible foreclosure); Cuyahoga County (Cleveland), OH (one in 426); Gloucester County, NJ (outside Philadelphia, PA) (one in 484); Ocean County (Toms River), NJ (one in 496) and De Kalb County, IL (outside Chicago) (one in 510). The March 2022 unemployment rate was at least 5 percent in 29 of the 50 most at-risk counties, while the nationwide figure stood at 3.6 percent. The highest levels among the top 50 counties were in Merced County, CA (outside Modesto) (8.4 percent); Winnebago County (Rockford), IL (8.3 percent); Lorain County, OH (outside Cleveland) (7.9 percent); Kern County (Bakersfield), CA (7.8 percent) and Kings County, CA (outside Fresno) (7.6 percent). Counties least at-risk concentrated in South Twenty-six of the 50 counties least vulnerable to housing-market problems from among the 586 included in the first-quarter report were in the South. Just five were in the Northeast. Tennessee had eight of the 50 least at-risk counties, including five in the Nashville metropolitan area (Davidson, Rutherford, Sumner, Williamson and Wilson counties), while Virginia also had five, including three in the Washington, DC area (Arlington, Fairfax and Loudoun counties), and Wisconsin also had four – Brown County (Green Bay), Dane County (Madison), Eau Claire County and Winnebago County. Counties with a population of at least 500,000 that were among the 50 least at-risk included King County (Seattle), WA; Santa Clara County (San Jose), CA; Middlesex County, MA (outside Boston); Travis County (Austin), TX, and Hennepin County (Minneapolis), MN. Lower levels of underwater mortgages, foreclosure activity and unemployment in least-vulnerable counties Less than 5 percent of residential mortgages were underwater in the first quarter of 2022 (with owners owing more than their properties are worth) in 31 of the 50 least at-risk counties. Among those counties, those with the lowest rates among those counties were Williamson County, TN (outside Nashville) (1.5 percent of mortgages underwater); San Mateo County, CA (outside San Francisco) (1.6 percent); Chittenden County (Burlington), VT (1.7 percent); Santa Clara County (San Jose), CA (1.9 percent) and Travis County (Austin), TX (1.9 percent). Less than one in 5,000 residential properties faced a foreclosure action during the first quarter of 2022 in 27 of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (no residential properties facing possible foreclosure); Washington County, RI (outside Providence) (one in 32,847); Johnson County (Overland Park), KS (one in 22,880); Boone County, KY (outside Cincinnati, OH) (one in 17,156) and Arlington County, VA (outside Washington, DC) (one in 17,012). The March 2022 unemployment rate was more than 5 percent in none of the 50 most at-risk counties. The lowest levels among the top 50 counties were in Shelby County, AL (outside Birmingham) (1.6 percent); Chittenden County (Burlington), VT (1.6 percent); Davis County, UT (outside Salt Lake City) (1.9 percent); Limestone County, AL (outside Huntsville) (1.9 percent) and Williamson County, TN (outside Nashville) (1.9 percent). About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
MORE >
What are the most popular real estate listing photos? New HomeJab study reveals the answers
Cherry Hill, NJ - June 22, 2022 -- A new study of real estate photography data from HomeJab finds that the most popular real estate listing photo is not the home's front exterior. Instead, bedroom photos were ranked first, barely nudging out kitchen photos. Front exterior shots placed a distant fifth. HomeJab, which provides real estate agents on-demand professional real estate photography and other visual production services in all 50 states, partnered with Artificial Intelligence firm Restb.ai to study more than 14,000 photos of homes for sale. Professional real estate photographers hired by listing agents took the images used for the research from a random selection of 600 properties listed for sale in early June 2022. The HomeJab study – using Restb.ai computer vision technology – found: Bedroom photos topped the list. More than one in ten images used to sell a home were bedroom photos (11.92%). Kitchen photos came in second place, just 1/50th of one percent lower than bedroom photos (11.90%). Living room photos took the third spot, with 10.79%. Bathroom photos were No. 4 with 9.75%. Front exterior photos rounded out the top 5 most popular real estate listing photos with 8.70%. "When you scroll through listings of homes for sale online, typically, you see an exterior shot," said Joe Jesuele, founder and CEO of HomeJab. "But that's not the most popular photo that real estate photographers capture. Instead, professionally shot photos of the kitchen and bedroom are the most common ones used to help sell homes," he said. HomeJab enlisted the help of real estate's leading computer vision firm, Restb.ai, to automatically sort through thousands of photographs from homes currently for sale, use its computer vision technology to identify the type of photo, and then classify and sort the images. "What would take a research team hundreds of total people hours to accomplish manually, Restb.ai was able to provide these research results in minutes," noted the founder and CEO of Restb.ai, Xavi Hernando. HomeJab's Jesuele explains that using only professionally shot real estate photos improves the quality of the study findings because research shows that high-quality, professional real estate photos are more effective in selling homes. He notes that past research from the Center for Realtor Development shows that professional real estate photography helps homes sell 32 percent faster. Homes with more professional photos sell for more, too. Homes in the $200,000 to $1 million price range net sellers $3,000 to $11,000 more when using professional images. The new HomeJab real estate photo study also shows that rounding out the Top 15 listing photos were: Dining area – 4.48% Aerial – 4.32% Yard – 3.00% Back exterior – 2.48% Patio terrace – 2.10 Home office – 1.84% Laundry room – 1.81% Deck – 1.72% Hallway – 1.39% Foyer – 1.26% The bottom six were Basement (1.22%), Garage (1.12%), Front door (1.11%), Pool (1.11%), Stairs (.93%) and Walk-In closets (.66%). Other miscellaneous photos comprised the remaining 16.38%. Jesuele added, "It will be interesting to see if these numbers change over time – especially with the increased accessibility and use of drone footage for aerial photography and video. And because of the pandemic, will we see more photos of home offices in the future? Time will tell." A summary report on this new HomeJab study is available here. About the Study For this study, HomeJab, which has real estate photography professionals available in every major US market and all 50 states, worked with real estate's leading computer vision firm Restb.ai. The study used 14,000 photographs of 600 homes for sale, shot by professional real estate photographers hired by the listing agent in early June 2022. Restb.ai used its AI technology to identify, categorize and sort the real estate listing photos. About Restb.ai Born in 2015 and operating across 5 continents, Restb.ai is the leading computer vision solution for the Real Estate market. Their AI-powered plug-n-play services identify, analyze, and categorize real estate specific insights at the image, listing, and market level with an accuracy of up to 99%. Imagine having a real estate expert analyze each of the 1 million property photos uploaded every day… Well, now you can. Learn more at Restb.ai. About HomeJab HomeJab is America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, and turnkey aerial services. Its efficient one-stop-shop for real estate listings at HomeJab.com features affordable and customizable shoots that create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available in every major US market in all 50 states, Puerto Rico, Jamaica, and Toronto. Learn more at HomeJab.com.
MORE >
Apartments.com Announces New 'Listing of the Future'
MORE >
U.S. Foreclosure Activity Increases Slightly in May 2022
Foreclosure Starts Decrease 1 Percent from Last Month, While Completed Foreclosures Increase 1 Percent IRVINE, Calif. - June 14, 2022 -- ATTOM, a leading curator of real estate data nationwide for land and property data, today released its May 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 1 percent from a month ago but up 185 percent from a year ago. Illinois, New Jersey and Delaware had the highest foreclosure rates Nationwide one in every 4,549 housing units had a foreclosure filing in May 2022. States with the highest foreclosure rates were Illinois (one in every 2,000 housing units with a foreclosure filing); New Jersey (one in every 2,346 housing units); Delaware (one in every 2,426 housing units); Ohio (one in every 2,667 housing units); and Florida (one in every 2,788 housing units). "While there's some volatility in the monthly numbers, foreclosure activity overall is continuing its slow, steady climb back to normal after two years of government intervention led to historically low levels of defaults," said Rick Sharga, executive vice president of market intelligence at ATTOM. "But with inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest." Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units). Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units). Florida, California and Texas had the greatest number of foreclosure starts Lenders started the foreclosure process on 22,099 U.S. properties in May 2022, down 1 percent from last month but up 274 percent from a year ago. States that had the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts). Those major metropolitan areas with a population greater than 1 million and that had at least 100 foreclosure starts in May 2022 and saw increases from last month included: Miami, FL (up 81 percent); Washington, DC (up 60 percent); Birmingham, AL (up 56 percent); Cincinnati, OH (up 54 percent); and Jacksonville, FL (up 54 percent). "It's interesting that there were almost ten times more foreclosure starts than foreclosure completions," Sharga added. "This suggests that financially-distressed borrowers may be finding ways to avoid losing their home to a foreclosure sale." Foreclosure completion numbers increase 1 percent from last month Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1 percent from last month and up 117 percent from last year. States that had the greatest number of REOs in May 2022, included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2022 included: Chicago, IL (289 REOs); New York, NY (133 REOs); Detroit, MI (124 REOs); Philadelphia, PA (98 REOs); and Pittsburgh, PA (79 REOs). Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
MORE >
Zillow expands and improves AI-powered interactive tours, helping home shoppers move with speed and confidence
MORE >
Realtor.com 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
Active listings will grow 15.0% year-over-year as the inventory recovery accelerates in 2H 2022; higher home sales prices (+6.6%) and mortgage rates (to 5.5%) add to affordability issues SANTA CLARA, Calif., June 13, 2022 -- As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, Realtor.com®'s newly-updated 2022 forecast predicts inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home. Home sales will hit the second-highest level in 15 years, trailing only the 2021 pace, as rising incomes combined with higher housing costs continue to present a mixed bag of affordability issues. The updated forecast anticipates a summer break from a feverish pace of home sales that will provide space for active listings to grow at a faster year-over-year pace than originally projected (+15.0% vs. +0.3%). Combined with returning seasonality and builders ramping up production, these trends could lead to a refresh of the housing market by as early as this fall. "Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly. As Americans grapple with higher prices for everyday expenses while today's buyers face housing costs that are up 50% from a year ago, recent home sales data shows some are taking a step back from the market," said Danielle Hale, Chief Economist for Realtor.com®. "Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home – for both first-time and repeat buyers alike. Still, preparation will be key throughout 2022, as it continues to be a seller's market and asking prices remain high. For buyers who choose to wait until later in the year, take that time to assess your budget so you're set up with a strong financial footing whenever you're ready to move forward." Realtor.com® 2022 Housing Forecast – Mid-Year Update While Americans have faced a whirlwind of changes so far this year, a changing economic landscape is the biggest driver of updates to Realtor.com®'s 2022 housing forecast. Inflation has made a more significant and long-standing impact on real estate markets than was anticipated six months ago, and is reflected in trends like rapidly-climbing mortgage rates. Combined with record-high home listing prices and rents, home shoppers are feeling the strain on their budgets. As a result, buyer demand has been softening this Spring from its early 2022 surge. Higher costs will continue to challenge 2022 buyers, as mortgage rates have already far surpassed Realtor.com®'s earlier prediction of 3.6% and home sale price growth year-over-year is expected to more than double its originally-forecasted pace (+6.6% vs. 2.9%). At the same time, Realtor.com®'s updated projection for year-end 2022 mortgage rates (5.5%) anticipates that rates have largely adjusted for the bulk of expected 2022 Fed hikes. The rapid shifts in the economic landscape have some silver linings when it comes to housing affordability. With the unemployment rate near 50-year lows, employers are feeling the pressure to compete for talent, driving wage growth upwards from earlier year-over-year predictions (+3.8% vs. +3.3%). The competitive labor market may also give some buyers more negotiating power on workplace flexibility, creating more opportunities to relocate to relatively affordable housing markets. In fact, data from the first quarter of 2022 showed that 40.5% of Realtor.com® home shoppers viewed listings located outside of their current state, up from 33.4% in 2020. Overall, the updated 2022 forecast reflects a housing market that is charting a path toward more sustainability, relative to the past two years of ups and downs. Home sales are still projected to hit a near record-high pace in 2022 despite trailing 2021 levels (-6.7%) and their original forecast (+6.6%), while the projected homeownership rate will hold roughly steady (65.6% vs. 65.8%). For many Americans, housing affordability will remain a significant obstacle as demand continues to outmatch supply, although by a smaller margin than in recent years. Buyers struggling with higher housing costs can find resources via sites like Realtor.com®, including its down payment assistance tool. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >
Properties Online Adds New Real Estate Trends Feature to Its Award-Winning Real Estate Website Builder
MORE >
Realtor.com Acquires UpNest
UpNest's platform allows people to compare agents and select the one that's best for their situation; acquisition advances Realtor.com's seller strategy SANTA CLARA, Calif., June 8, 2022 -- Move, Inc., the operator of Realtor.com, one of the most visited real estate sites in the U.S., announced today it has acquired San Mateo, Calif.-based UpNest. UpNest operates a marketplace that connects home sellers with highly qualified local agents who compete for their business. Move, Inc. is a subsidiary of News Corp. More than 5 million homes are sold each year, according to 2018-2022 data from the National Association of Realtors®, and 9 out of 10 sellers use an agent to assist them in the transaction (NAR 2021 Profile of Home Buyers and Sellers). Realtor.com® already connects many of these home sellers with agents who can help them through the ReadyConnect Concierge℠ referral network. The UpNest acquisition will help Realtor.com® further expand its services and support for home sellers and the agents and brokers who can help them succeed. "Our open marketplace approach is all about empowering people with choices. While some of our competitors try to funnel buyers, sellers and real estate professionals into a specific set of services in a closed system, Realtor.com helps homeowners choose how they want to find and connect with an agent, and agents and brokers can decide which methods work best for them," said Realtor.com® CEO David Doctorow. "UpNest has a proven track record of successfully connecting homeowners looking to sell with the right agent for them, and we believe that its innovative model complements our existing ReadyConnect Concierge℠ program." Consumers who submit leads through UpNest's marketplace receive proposals from three to five agents within 12 hours. Those consumers can then decide to contact and interview any of those agents and select the agent they believe can best support them. Since launch, approximately 1 million agent proposals have been submitted on UpNest's marketplace, representing reputable brokerages such as Keller Williams, Re/Max, Compass, and many more. Sellers who prefer to be connected directly with an agent in Realtor.com®'s ReadyConnect Concierge℠ network can do so directly from the "List your home with an agent" link on the Sell tab on the Realtor.com® landing page. ReadyConnect Concierge℠ applies a proven process to screen and convert online leads, and 7 out of 10 of Realtor.com®'s concierge customers have said the program was critical or important to their business. More than 190,000 agents and 20,000 brokers in all 50 states participate in ReadyConnect Concierge℠. Realtor.com® also connects sellers with agents through Seller's Marketplace. Nearly a dozen companies in the Seller's Marketplace offer selling options that allow homeowners to sell their homes to an iBuyer; buy now, sell later; sell now, move later; or access equity. Visitors can compare the selling options available in their area, including listing their home on the open market with an agent. "Realtor.com has been growing momentum among seller audiences with products like Seller's Marketplace and MyHome," said Doctorow. "The addition of UpNest to our stable of seller-focused offerings is a key element of our strategy to deliver the best experience and value to home sellers as well as our agent and broker customers." "UpNest has helped hundreds of thousands of people sell their homes with the help of top agents over the past eight years," said UpNest Founder and CEO Simon Ru. "We're excited to join the Realtor.com® family. Realtor.com®'s audience reach and strong customer base will help us connect even more sellers with the agents who can best help them." Simon Ru and the company's 50+ person team will join Move, Inc. Terms of the acquisition were not made public. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About Move, Inc. Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including Realtor.com®. Move licenses the Realtor.com URL from the National Association of REALTORS®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry. About UpNest Launched in 2013, UpNest is a real estate agent marketplace that matches home buyers and sellers with top local agents who compete for their business. Buyers and sellers receive personalized quotes offering competitive listing commissions, buyer refunds (when applicable), and services. UpNest was ranked on INC 500 Fastest Growing Private Companies and on Deloitte Tech 500.
MORE >
Down Payment Resource analysis finds that 33% of declined mortgage applications are declined for reasons addressable with homebuyer assistance
MORE >
Realtor.com May Housing Report: Inventory Stages a Comeback While Home Prices Soar to All-Time High
In May, active inventory increased year-over-year (+8.0%) for the first time in nearly three years, but remained 48.5% lower than at the start of the pandemic SANTA CLARA, Calif., June 2, 2022 -- New data suggests the U.S. housing market hit a turning point in its supply struggle in May, as active inventory recorded the first year-over-year increase since June 2019, according to the Realtor.com Monthly Housing Trends Report released today. At the same time, the median national home price soared to an all-time high of $447,000 and buyers snatched up listings a week faster than last year. "Among key factors fueling the inventory comeback are new sellers, who are listing homes at a rate not seen since 2019, as well as moderating demand, with pending listings declining year-over-year in May," said Danielle Hale, Chief Economist for Realtor.com. "While this real estate refresh is welcome news in a still-undersupplied market, it has yet to make a dent in home price growth, partially due to increases in newly-listed, larger homes and because the typical seller outlook is quite high, likely shaped by recent experiences of homeowners who sold. Importantly, as 72% of this year's sellers also plan to purchase a home, seller expectations will likely start to reflect buyers' needs. In an early sign, the rate of sellers making price cuts accelerated in May." May 2022 Housing Metrics – National Inventory grows for the first time in three years, as more new sellers enter the market The U.S. inventory of active listings grew year-over-year for the first time since June 2019, with this comeback driven by two key trends. First, new listings reached the highest level of any month in nearly three years, as rising numbers of sellers might be more confident in pursuing plans to list than last Spring when COVID vaccines were just rolling out. Second, higher housing costs are spurring a moderation in buyer demand. This is reflected in May's bigger year-over-year declines in pending listings – those at various stages of the selling process that are not yet sold – compared to April, a sign of softening in the turnover rate of for-sale homes. Nationally, the number of active listings increased 8.0% year-over-year in May, but remained 48.5% below typical levels in May 2020 at the onset of COVID. Compared to last month's year-over-year changes, May's national data showed a significant improvement in the new listings trend (+6.3% vs. 1.3%) and a bigger decline in pending listings (-12.6% vs. -8.7%). Among May's new listings, the share of smaller homes (up to 1750 square feet) declined year-over-year (to 45.7% from 47.3%), while those with 1,750-plus square feet increased from 52.7% to 54.3%. On average in the 50 largest U.S. markets, active inventory grew by double-digits (+14.9%) over May 2021 levels, with the biggest increases in the West (+33.6%) and South (+18.3%), led by Austin, Texas (+85.8%), Phoenix (+67.1%) and Sacramento, Calif. (+54.6%). Active listings declined on a year-over-year basis in just 8 markets. Thirty markets posted annual gains in newly-listed homes, with the biggest increases registered in southern metros: Raleigh, N.C. (+27.9%), Nashville, Tenn. (+22.8%), and Las Vegas (+20.7%). Asking prices for homes break another record, as seller expectations remain high May's increase in for-sale home options combined with softening buyer demand would typically drive a cooldown in home prices, but data shows that is not yet the case. In fact, the yearly growth rate in the U.S. median listing price accelerated from last month's pace as the median listing price approached $450,000 after just crossing the $400,000 threshold in March. From asking prices per square foot to pending listing prices, May housing trends suggest that a few factors are potentially driving the continued home price surge. These include a rising share of newly-listed, larger homes by square footage and some sellers not yet adjusting to shifting supply and demand dynamics, including buyer interest in less expensive homes. The U.S. median listing price hit an all-time high of $447,000 in May, rising at a faster year-over-year pace (+17.6%) than last month (+14.2%). On a square foot basis, asking prices for active listings increased 16.2% over May 2021 levels. In a potential sign of softening buyer demand at the national level, the median listing price of a typical pending listing actually decelerated in May over April, to a yearly rate of 16.2% from 17.2%. Additionally, the national share of listings that had their price reduced jumped to 10.5% in May from 7.0% in April, but the rate remains well below typical pre-COVID levels. Active listing prices in the nation's largest metros grew by an average of 13.0% compared to last year in May, with the biggest gains recorded in Miami (+45.9%), Nashville (+32.5%), and Orlando, Fla. (+32.4%). In May, median listing prices were down year-over-year in just six large markets, which were: Pittsburgh (-10.5%), Rochester, N.Y. (-9.7%), Cincinnati (-9.6%), Cleveland (-2.3%), Detroit (-1.8%), and Buffalo, N.Y. (-1.2%). Buyers are still quickly snatching up homes, at a week faster than last year Similar to norms one would expect to see in home price trends, the increase in for-sale home options combined with softening buyer demand would typically drive a deceleration in time on market. However, time on market data did not yet show this trend in May, as buyers snatched up listings more quickly than in any month in the Realtor.com® data history going back to July 2016 – a record that typically isn't hit until the Summer season. For some homebuyers who have yet to be priced out of the market but can't afford to compete by making a larger down payment, acting quickly might give them an edge. In May, the typical U.S. home spent 31 days on the market , a full week less (-6 days) than last year and down 27 days compared to typical May 2017 to 2019 timing. Across the 50 largest U.S. metros, the typical home spent 26 days on market, down six days year-over-year, with the biggest declines registered in the South (-7 days). At the market level, homes saw the greatest yearly decline in time spent on market in Miami (-28 days), followed by a three-way tie between Hartford, Conn., Seattle and San Jose, Calif. (-12 days). Just one market posted a year-over-year increase in time on market: Detroit (-1 day), where homes still moved at a close to record-fast pace. May 2022 Housing Metrics – 50 Largest U.S. Metro Areas *Note: Oklahoma City new listing count growth and Hartford active listing count growth are not available while data is under review. Methodology Realtor.com® housing data as of May 2022. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
MORE >
April Slowdown in Showing Activity 'Unusual,' Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
MORE >
Pending Home Sales Descend 3.9% in April
WASHINGTON (May 26, 2022) -- Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors reported. Only the Midwest region saw signings increase month-over-month, while the other three major regions reported declines. Each of the four regions registered a drop in year-over-year contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, slid 3.9% to 99.3 in April. Year-over-year, transactions fell 9.1%. An index of 100 is equal to the level of contract activity in 2001. "Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings," said Lawrence Yun, NAR's chief economist. "The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade." With mortgage rates rising, Yun forecasts existing-home sales to wane by 9% in 2022 and home price appreciation to moderate to 5% by year's end. "The escalating mortgage rates have bumped up the cost of purchasing a home by more than 25% from a year ago, while steeper home prices are adding another 15% to that figure." In some cases, these higher rates increase mortgage payments by as much as $500 per month. Yun notes that such price hikes are already a burden, but they become even more problematic to a family on a budget contending with rapid inflation, including surging fuel and food costs. "The vast majority of homeowners are enjoying huge wealth gains and are not under financial stress with their home as a result of having locked into historically low interest rates, or because they are not carrying a mortgage," Yun explained. "However – in this present market – potential homebuyers are challenged and thus may attempt to mitigate the rising cost of ownership by opting for a 5-year adjustable-rate mortgage or by widening their geographic search area to more affordable regions." Yun cites that more work-from-home opportunities have allowed would-be buyers to expand their home search. There are scenarios in which the market soon improves for buyers, as well, according to Yun. "If mortgage rates stabilize roughly at the current level of 5.3% and job gains continue, home sales could also stabilize in the coming months," Yun said. "Home sales in 2022 are expected to be down about 9%, and if mortgage rates climb to 6%, then the sales activity could fall by 15%. "Home prices in the meantime appear in no danger of any meaningful decline," he continued. "There is an ongoing housing shortage, and properly listed homes are still selling swiftly – generally seeing a contract signed within a month." April Pending Home Sales Regional Breakdown Month-over-month, the Northeast PHSI fell 16.20% to 74.8 in April, a 14.3% drop from a year ago. In the Midwest, the index rose 6.6% to 100.7 last month, down 2.8% from April 2021. Pending home sales transactions in the South dipped 4.7% to an index of 119.0 in April, down 10.3% from April 2021. The index in the West slipped 4.3% in April to 85.9, a 10.5% decrease from a year prior. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
National Rents Hit their 14th Straight Month of Record-Highs
MORE >
Pricey suburbs top Zillow's list of most popular markets this year
Home value growth in the suburbs began to speed ahead of urban home value growth last summer SEATTLE, May 24, 2022 -- Woodinville, Washington, is Zillow's most popular market of early 2022, leading a list of fast-growing suburbs as the most in-demand places to start off the year. As more evidence emerges that remote work is a driving force behind fast home value growth in the suburbs, expensive suburban markets are seeing strong demand. Zillow analyzed its page-view traffic, home value growth and for-sale inventory for more than 1,000 cities to come up with the site's most popular U.S. markets. Woodinville, located outside of Seattle, topped the list. Following close behind were Burke, Virginia, in the Washington, D.C., area; Highlands Ranch, Colorado, outside of Denver; Westchase, Florida, near Tampa; and Edmonds, Washington, also in the Seattle metro. "The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape," said Zillow economist Nicole Bachaud. "Demand for suburban homes found an extra gear last summer, perhaps as buyers gained more clarity in their employers' return-to-office policies. Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future." Especially strong home buyer interest has caused suburban home values to grow faster than home values in urban areas, a reversal of previous norms and from the first 15 months of the pandemic. Remote work is a driving force behind this shift, prompting home buyers to prioritize affordability and space over a short commute. More than half of the gain in U.S. home prices since late 2019 can be attributed to remote work, according to research from the National Bureau of Economic Research. The suburbs that beat out all others to top Zillow's latest list of the most popular markets are seeing home values grow faster on a quarterly basis than the principal city in their metro area, indicating stronger demand. Eight of the top 10 have a typical home value higher than their nearby principal city, and seven of those have a typical home value that's more than $150,000 higher. Regionally, Havertown, Pennsylvania, outside of Philadelphia, is Zillow's most popular market in the Northeast, edging out four Boston suburbs: Billerica, Framingham, Waltham and Arlington. In the central region, Ballwin, Missouri, near St. Louis, is joined in the top five by Grand Rapids, Michigan, and three pricey Dallas suburbs: Coppell, Plano and Prosper. Denver suburbs dominated the mountain region, taking the top eight spots in Zillow's rankings. If a buyer has their eye on a home in one of Zillow's most popular markets, they can likely expect competition. Zillow's five tips for winning a competitive bid can help. Mortgage rates are also changing quickly and can have a significant impact on a home buyer's monthly mortgage payment. Zillow's mortgage calculator is a tool that can help buyers stay on top of their finances during their home shopping experience. Zillow's Top 10 Most Popular Markets Woodinville, Washington (Seattle) Burke, Virginia (Washington, D.C.) Highlands Ranch, Colorado (Denver) Westchase, Florida (Tampa) Edmonds, Washington (Seattle) Yorba Linda, California (Los Angeles) Johns Creek, Georgia (Atlanta) Tustin, California (Los Angeles) Ballwin, Missouri (St. Louis) Golden, Colorado (Denver) *Ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
Existing-Home Sales Retract 2.4% in April
MORE >
Home buyers may find less competition near city centers for the first time in years
Suburbs are generally seeing home values grow more than urban areas, indicating more competition SEATTLE, May 18, 2022 -- For the first time since the Great Recession, buyers may have an easier time buying a home in the city than in nearby suburbs this home shopping season. That's because homes in the suburbs recently have been appreciating faster than urban homes, a new Zillow analysis shows, indicating stronger demand and fiercer competition. While competition is strong in most of the country, there are pockets of opportunity for home buyers. Home values in suburban ZIP codes have been growing faster than those in urban areas since July 2021. The typical home in the suburbs gained $66,490 in value in the past year, compared to $61,671 for the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic. From January 2013 — about the time when home values began to recover following the housing crash — through June 2021, urban homes were generally gaining value more quickly. "In the beginning of the pandemic, home values in urban areas generally outpaced suburban areas, counter to what many expected during the rush for more space," said Zillow economist Nicole Bachaud. "And while urban home value gains have continued to accelerate, the suburbs are even hotter, showing just how strong demand is for limited suburban inventory. That could mean competition for homes will be lighter near city centers this home shopping season, something we haven't been able to say for nearly a decade. That's not to say shopping for a home in the city will be a leisurely affair, but any sliver of opportunity for buyers is welcome in this market." Faster home value growth in the suburbs comes as remote work has changed the U.S. housing landscape. Research from the National Bureau of Economic Research found the shift to remote work is responsible for more than half of the gain in U.S. home prices since late 2019, and that the evolution of remote work is likely to have a major impact on the future path of home values. To be sure, urban real estate has seen incredible growth, as well. This is not a case of housing in the suburbs gaining value at the expense of urban real estate; rather, it's something akin to one world-class sprinter edging out another. And there are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk. Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March. The shift has been more pronounced in a few metro areas where suburban home values grew especially fast compared to urban home values in 2021: San Francisco, Columbus, Seattle and Boston. This may reflect home buyers reacting to employers' return-to-office plans, realizing that the cost savings of a move to the suburbs are not as big as they once were, or sensing that competition may not be as stiff for homes in urban parts of the metro. Nashville and Raleigh are two notable counterexamples. In both metros, urban home values rose more than those in the suburbs in 2021. However, after the first three months of 2022, those positions have been reversed. In the year ending March 2022, the typical suburban home in Nashville gained $7,350 more than the typical urban home, and in Raleigh, the typical suburban home gained about $9,800 more. This could signal a shift in demand in these markets, with home shoppers searching for more-affordable options in the suburbs, especially as mortgage rates keep rising. In today's hot sellers market, buyers should consider Zillow's tips to win a competitive bid. Hiring the right local agent and embracing new real estate technology for a speed advantage can help during the home search. Securing mortgage pre-approval and using strategies such as submitting an offer before the offer review date can help an offer stand out. *Table ordered by market size About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®,, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
MORE >
Realtor.com Now Helps You Understand a Home's Wildfire Risk
MORE >
HomeActions eRelationship Platform Integrates with ATTOM's Enhanced Navigator 3.0
Subscribers to HomeActions enable deep data dive into 155 million street addresses GREEN COVE SPRINGS, Fla., May 11, 2022 -- HomeActions, a leading email marketing platform in the real estate space, has tapped ATTOM, a leading curator for nationwide real estate data, for its enhanced Navigator 3.0 solution offering best-in-class neighborhood demographics, home/market data and other local amenities for its users. Albert Clark, HomeActions president, commented, "We strive to get our subscribers as hyper-local as possible. For the past few years, we have been integrated with ATTOM's Address Report. The new Navigator 3.0 service will help us get and keep our subscribing agents top of mind with their clients and prospects." HomeActions excels at building allegiances with the agents' spheres of influence. The powerful HomeActions e-newsletter widget covers: Neighborhood Demographics School Information Compare Communities Housing Snapshot Cost of Living Comparisons Home Sales Trending Home Sales Transactions Home Value Estimator Neighborhood Amenities The service encompasses these types of data for 155 million residential addresses. Clark added, "The new service supports HomeActions' mantra: 'content drives the conversation.' When a report is requested, alerts are sent to the agents so they can follow up quickly and get the conversation going. This data is very predictive." A live report for a random address can be found here. To request a report on your own address or another, click here. To see an Engagement Alert after a report gets delivered, click here. About HomeActions HomeActions provides custom-branded digital and print marketing solutions complete with professionally written articles for real estate professionals. HomeActions first builds a new database from all of an agent's sources such as email, MLS, CRM, iCloud, Zillow Leads and more. Once entered, email addresses become exclusive to the agent. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy.
MORE >
Zillow 3D Home tours now are automatically shared to Redfin
MORE >
Redfin Reports More Sellers Dropping Their Prices, But Buyers Find Little Relief
Homebuying is as competitive and costly as ever as soaring mortgage rates make the market less inviting for many would-be sellers SEATTLE -- The share of home sellers who dropped their asking price shot up to a six-month-high of 15% for the four weeks ending May 1, according to a new report from Redfin, the technology-powered real estate brokerage. That's up from 9% a year earlier, and represents the largest annual gain on record in Redfin's weekly housing data back through 2015 For homebuyers, the typical monthly mortgage payment skyrocketed a record 42% to a new high during the same period. Although a growing share of sellers are responding to the palpable drop in homebuyer demand by lowering their prices, sellers remain far outnumbered by buyers, so the typical home flies off the market at the fastest pace on record and for more than its asking price. "Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market," said Redfin Chief Economist Daryl Fairweather. "Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller's territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time." Leading indicators of homebuying activity: Fewer people searched for "homes for sale" on Google—searches during the week ending April 30 were down 7% from a year earlier. The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 1% year over year during the week ending May 1. It dropped 10% in the past four weeks, compared with a 1% decrease during the same period a year earlier. Touring activity from the first week of January through May 1 was 24 percentage points behind the same period in 2021, according to home tour technology company ShowingTime. Mortgage purchase applications were down 11% from a year earlier, while the seasonally-adjusted index increased 4% week over week during the week ending April 29. For the week ending May 5, 30-year mortgage rates increased to 5.27%—the highest level since August 2009. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 1. Redfin's weekly housing market data goes back through 2015. The median home sale price was up 17% year over year—the biggest increase since August—to a record $396,125. The median asking price of newly listed homes increased 16% year over year to $408,458, a new all-time high. The monthly mortgage payment on the median asking price home rose to a record high of $2,404 at the current 5.27% mortgage rate. This was up 42%—an all-time high—from $1,688 a year earlier, when mortgage rates were 2.96%. Pending home sales were down 4% year over year, the largest decrease since mid-February. New listings of homes for sale were down 6% from a year earlier, and have been down from 2021 since mid-March. Active listings (the number of homes listed for sale at any point during the period) fell 18% year over year. 56% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. 42% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier, down less than a percentage point from the record high during the four-week period ending March 27. Homes that sold were on the market for a record-low median of 15.5 days, down from 21.2 days a year earlier. A record 56% of homes sold above list price, up from 47% a year earlier. On average, 3.7% of homes for sale each week had a price drop. Overall, 14.9% dropped their price in the past four weeks, up from 11.2% a month earlier and 9.1% a year ago. This was the highest share since mid-November. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.8%. In other words, the average home sold for 2.8% above its asking price. This was up from 101% a year earlier. To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
MORE >
'HomeJab Curve' shows real estate remains seasonal, despite tight inventory and the impact of COVID-19
MORE >
It's a Three-Peat! Ben Caballero Sets New Guinness World Record for Home Sales
Real estate agent breaks his own "Most annual home sales" title by selling 6,438 homes Dallas, TX -- May 4, 2022 -- Ben Caballero, a two-time Guinness World Record title holder and the No. 1-ranked real estate agent in the U.S. since 2013 by RealTrends, has been recognized for the third time by Guinness World Records, the "ultimate authority on record-breaking achievement." Caballero, a new home sales expert and owner of HomesUSA.com, works directly with 60-plus builders in Houston, Dallas-Ft. Worth, Austin, and San Antonio. He individually sold 6,438 homes worth more than $2.46 billion in 2020. He now officially holds the Guinness Worlds Record title for "Most annual home sales transactions through MLS by an individual sell side real estate agent – current" for the third time. In 2018, Caballero became a first-time Guinness World Record title holder for "most annual home sales transactions…" with 3,556 verified home sales in 2016. In 2019, he became a two-time Guinness World Record title holder, breaking his own record with 5,801 verified home sales in 2018. "One Guinness World Record title is the honor of a lifetime. But three? It's simply stunning," said Caballero. "Developing leading-edge real estate technology rewards me for doing something I love every day. This award certainly is the icing on the cake," he added. Caballero is real estate's most productive real estate agent, having sold more homes than any individual or team every year since 2016, according to research from RealTrends. Between 2004 and 2020, Caballero has 43,265 home sales totaling $15.188 billion in volume. In 2015, Ben became the first real estate agent to exceed $1 billion in total home sales. Additionally, he is the only agent to exceed $2 billion in total home sales in a single year, a feat achieved in 2018, 2019, and 2020. Caballero's new record translates into selling an average of more than 120 homes a week, or 17 home sales a day, every single day of the year. A highly acclaimed innovator and technological pioneer, he developed HomesUSA.com's proprietary SaaS listings management and marketing platform for his production builder clients. Caballero attributes his individual record-setting production to the efficiencies of the technology platform he created. Caballero was a builder for 18 years and became a real estate agent at 21. He developed his online platform in 2007. Builders interested in learning about Caballero's services can contact HomesUSA.com directly at (800) 856-2132 x300 or email [email protected] Guinness World Record Title (from the GWR website) "The most annual home sale transactions through MLS by an individual sell side real estate agent – current is 6,438, and was achieved by Ben Caballero (USA) in Dallas, Texas, USA, from 1 January-31 December 2020. Ben broke this record over the course of the entire 2020 calendar year."(A "sell side real estate agent" is the listing agent.) About Guinness World Records GUINNESS WORLD RECORDS (GWR) is the global authority on record-breaking achievement. First published in 1955, the iconic annual Guinness World Records books have sold over 141 million copies in over 40 languages and in more than 100 countries. Additionally, the Guinness World Records: Gamer's Edition, first published in 2007, has sold more than 4 million copies to date. Guinness World Records' worldwide television programmes reach over 750 million viewers annually and more than 3.7 million people subscribe to the GWR YouTube channel, which enjoys more than 328 million views per year. The GWR website receives over 20.5 million visitors annually, and we have over 15 million fans on Facebook. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, is the world record holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
MORE >
Down Payment Resource teams up with Realtor.com to Help Home Shoppers Find Homebuyer Assistance Programs
MORE >
Over 665,000 real estate agents in the U.S. get Lone Wolf Transactions as a member benefit
Associations across the country have rallied to keep real estate's leading transaction management solution in their members' hands DALLAS and CAMBRIDGE, Ontario, May 2, 2022 -- Lone Wolf Technologies ("Lone Wolf") is thrilled to announce it has partnered with 76 associations in the U.S. to provide Lone Wolf Transactions (zipForm Edition) as a member benefit in 2022. This means over 665,000 real estate agents and counting will keep the unrivaled forms and transaction management solution in their hands. "These incredible associations have stepped up and are supporting their members at a crucial time," said Lisa Mihelcich, GM of Associations at Lone Wolf. "We're moving into a post-pandemic world and digital real estate transactions are more important than ever. Transactions is the top transaction management solution in the country, and the only one that can provide a complete and modern real estate experience for agents, brokers, buyers, and sellers. In that way, it's not only a critical tool for real estate professionals, but for real estate as a whole." Associations that are now providing Transactions as a member benefit, which features the industry's leading forms engine, transaction tools, and unlimited document storage, include the California Association of REALTORS® (C.A.R.) and Texas REALTORS®. Several associations, including the Indiana Association of REALTORS®, South Carolina Association of REALTORS®, Wisconsin REALTORS® Association, NC REALTORS®, Hawai'i Association of REALTORS® and New Jersey REALTORS®, have renewed the current member benefit plus additional time-saving solutions like zipLogix Digital Ink® and zipForm Mobile to its members at no additional cost. "Many of our members were already using Transactions as their solution of choice, so we were happy to bring the product on as a member benefit," said Travis Kessler, Chief Executive Officer at Texas REALTORS®. "Equipping our members to tackle the many moving parts of the real estate process is part of our mission, and we believe that Transactions, more than any other solution, can help them do so." Since acquiring zipLogix in 2019, Lone Wolf has made, and will continue to make, significant updates to Transactions to meet increasing digital expectations and changes in consumer behavior. The solution now boasts a complete set of digital tools to simplify an agent's workflow and bolster the client experience, including: Integrations that bring the real estate experience together in one place, connecting Transactions to leading solutions for digital marketing, CRM, and CMA Native connections to real estate's top eSignature solution, Authentisign, as well as tools for offer management and MLS integration New features for digital title and home warranty orders, forged in collaboration with the leading title and home warranty providers in the country A forthcoming upgrade of Transactions' industry-leading forms editor, featuring a new workspace, redesigned interface, and intuitive forms Transactions is available for renewal to individual agents in areas that are not providing the member benefit. Renewal at the individual-level can be completed within the solution and comes with exclusive pricing on basic and premium transaction bundles featuring real estate's top CRM, LionDesk, eSignature, zipForm mobile, and more. About Lone Wolf Technologies Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits—from transactions to back office, insights, and more, all in one place. Lone Wolf's offices are located in Cambridge, ON, Minneapolis, MN, and Dallas, TX. Find out more at www.lwolf.com.
MORE >
NAR Announces Inaugural Fair Housing Champion Award Winners
MORE >
121 Markets Nationwide See Double-Digit Home Showings Per Listing in March
Among the 25 busiest markets, Bloomington-Normal, Ill., at 63% and Burlington, Vt., at 41% recorded the largest year-over-year increases in showing activity, joining perennial leaders Denver and Seattle as the nation’s three busiest markets for showings CHICAGO, Apr. 28, 2022 -- The number of markets seeing double-digit showings per listing jumped 46% in the past two months as buyer demand continues to outpace slightly rising inventory, according to the latest data from ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market stats. That's despite March seeing a slight slowdown in showing traffic nationwide compared to last year’s unprecedented numbers. March’s showing activity stands in contrast to March 2021’s torrid pace, in which each of the four regions in the U.S. saw year-over-year growth in foot traffic of at least 40%. The 25 busiest individual markets averaged more than 16 showings per listing, including Burlington, Vt.; Bridgeport, Conn.; Fort Collins, Colo.; and Bloomington-Normal, Ill. The growth in the number of markets with double-digit showings jumped from 83 in January to 109 in February and 121 markets in March of this year. "We are sensing a slight slowdown in the Western region of the U.S. in year-over-year Showing Index values, although there is still very strong activity," said ShowingTime Vice President and General Manager Michael Lane. "The demand per listing is still at historically unprecedented levels, but for the first time in the last 12 months it is neutral." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month. By region, the Midwest’s 5.9% year-over-year increase in showings per listing led the country, while demand in the South was flat compared to March 2021. The Northeast dropped slightly by 0.9%, with the West’s 18.5% year-over-year dip in traffic marking the third consecutive month the region has recorded a decline, attributable in large part to its heavy activity in March 2021. About ShowingTime ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime’s technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
MORE >
U.S. Foreclosure Activity Sets Post Pandemic Highs in First Quarter of 2022
MORE >
Average Closing Costs for Purchase Mortgages Increased 13.4% in 2021, CoreLogic's ClosingCorp Reports
The Eastern region of the U.S. had the highest average closing costs in 2021, with Washington, D.C. topping the list at $29,888 Irvine, Calif., April 21, 2022 -- CoreLogic's ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today released its most recent Purchase Mortgage Closing Cost Report which showed that in 2021, the national average for mortgage closing costs for a single-family property were $6,905 including transfer taxes and $3,860 excluding transfer taxes. These amounts represent a 13.4% and 11.2% year-over-year increase, respectively. Key Takeaways: The average U.S. home price increased by more than $50,000 last year, while the average purchase closing costs increased by $818 including taxes and $390 excluding taxes. Despite an increase in the absolute dollar amounts of closing fees, closing costs as a percentage of home sales prices were down slightly from 2020. Average purchase fees as a percentage of the average sales price in 2021 were 1.81% compared to 1.85% in 2020 and when taxes are excluded, were 1.01%, down from 1.06% in 2020. "As the mortgage industry comes off two years of record-low interest rates and red-hot consumer demand, lenders are now pivoting to address increasing headwinds from higher loan origination costs and lower origination volumes," said Bob Jennings, executive, CoreLogic Underwriting Solutions. "The Mortgage Bankers Association recently reported lender origination costs show a 13.2% year-over-year increase, which corresponds closely to the 13.4% increase we are seeing on purchase mortgage closing costs. As the market tightens in 2022, it will be interesting to see how lenders and borrowers respond and how these key metrics move." State and Metro Takeaways: The 2021 report shows the states with the highest average closing costs, including transfer taxes, were Washington, D.C. ($29,888), Delaware ($17,859), New York ($16,849), Maryland ($14,721) and Washington ($13,927). The states with the lowest closing costs, including taxes, were Missouri ($2,061), Indiana ($2,200), North Dakota ($2,501), Wyoming ($2,589) and Mississippi ($2,756). The most significant drivers to differences in closing costs were the types and percentages of imposed specialty and transfer taxes. The states with the highest average closing costs, excluding taxes, were Washington, D.C. ($6,502), New York ($6,168), Hawaii ($5,879), California ($5,665) and Massachusetts ($4,904). The states with the lowest closing costs, excluding taxes, were Missouri ($2,061), Indiana ($2,200), Nebraska ($2,210), Arkansas ($2,281) and West Virginia ($2,465). At the metro level, those with the highest average fees with taxes were primarily in the Eastern region of the United States including Vineyard Haven, Massachusetts ($28,724); Bremerton-Silverdale-Port Orchard, Washington ($16,003) and Salisbury, Maryland ($15,723). Comparatively, metros with highest average fees without taxes were in Santa Maria-Santa Barbara, California ($7,063); Kahului-Wailuku-Lahaina, Hawaii ($7,016) and San Jose-Sunnyvale-Santa Clara, California ($6,412). Cost calculations include the lender's title policy, owner's title policy, appraisal, settlement, recording fees, land surveys and transfer tax. The calculations use home price data from CoreLogic to estimate closing costs for an average home at the state, core-based statistical area (CBSA) and county levels. Ranges, rather than single values, are used to more accurately capture fees associated with the real transactions. On May 5, 2022, CoreLogic's ClosingCorp will be releasing the annual 2021 Refinance Mortgage Closing Cost Report. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic,Inc., All rights reserved. Source: CoreLogic, Inc. © 2022 CoreLogic, Inc., All rights reserved. Methodology CoreLogic's ClosingCorp average closing costs are defined as the average fees and transfer taxes required to close a conventional purchase transaction in a geographical area. These costs consist of fees from the following service types: title policies (both owners and lenders), appraisals, settlement fees, recording fees, land surveys and transfer tax. Actual closing fees for 4.4 million single-family home purchases from January 1 through December 31, 2021 were analyzed. Homes within a $100,000 range of the average home price (source CoreLogic) were used to estimate closing costs for an average single family residential home at the state, core-based statistical area (CBSA) and county levels. The average service type component fee was computed for every geographical area where at least 10 transactions occurred in the specified range during the period under review. Total cost to close was then computed as the sum of the service type averages. Land survey fees only were included for Florida and Texas single-family homes where land surveys are required. Cost to close was computed with and without transfer taxes. About CoreLogic CoreLogic, a leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, buy and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Earnnest Is Now Integrated with Form Simplicity
MORE >
BoomTown Introduces Expanded Success Assurance Program, Manages Both New Registrations and Database Opportunities
Concierge service now monitors the entirety of an agent's database for meaningful behavior and proactively reaches out on an agent's behalf, further differentiating the program's ability to create more opportunities and drive conversions. CHARLESTON, S.C., April 19, 2022 -- BoomTown, the leading cloud-based sales and marketing automation platform for real estate professionals, announced the next evolution of its Success Assurance program, offering full database monitoring and engagement in addition to qualifying and engaging new leads on an agent's behalf. "Any effective website or CRM should be monitoring behavioral data, but it's the actions taken on those insights that drives success and realizes ROI for real estate businesses," said Grier Allen, CEO and President of BoomTown. "Success Assurance provides a dedicated resource to not only track and monitor opportunities on an agent's behalf, but to leverage those insights to reach out and engage each opportunity with the right message, at the right time, creating meaningful conversations that ensure clients never miss an opportunity to work with a new or past homebuyer or seller." The expanded offering allows the Success Assurance concierge to not only handle the qualification and management of new lead registrations, but to also monitor each lead in an agent's database, tracking unique and predictive behaviors that indicate a readiness to transact, and reaching out on an agent's behalf. Their outreach is triggered by specific behaviors, actions taken on insight, that most likely correlate to conversion, because they are reaching a homebuyer or seller at the right time, with the right message. This type of meaningful outreach yields a connection rate of almost 50%. "BoomTown's Success Assurance Program is a massive advantage versus using a text bot to engage leads," says Andrew Undem of SURE Group of Berkshire Hathaway Homesale Realty. "You have an actual person working on your behalf, leveraging data and behaviors for each opportunity, and ensuring they are reaching out at the right moment and relaying the right information to build rapport and create a connection."  About BoomTown BoomTown exists to make real estate agents successful. Nearly 100,000 of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown's service offerings extend far beyond technology with lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth to coaching services from peers who have catapulted their growth with the system. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. BoomTown's brands include some of the most trusted solutions in real estate like Brokermint and MyAgentFinder. For more about BoomTown visit boomtownroi.com.
MORE >
RentSpree Debuts Holistic Agent Tools to Streamline the Rental Process
MORE >
Real Estate Startup Revive Named to 2022 US REACH Program
Revive selected by NAR investment arm's REACH startup accelerator IRVINE, Calif. - April 11, 2022 -- Revive, a leading provider of presale home renovation services for sellers and all-cash offer programs for buyers, announced its selection to the 2022 US REACH growth accelerator program. Revive joins eight other firms in the 2022 REACH program, operated by Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global real estate technology fund. The US REACH program focuses on helping technology companies accelerate growth throughout the real estate, finance, banking, home services and insurance industries. "Our selection to the coveted US REACH program signals the enormous growth potential of Concierge services, especially Revive," said Michael Alladawi, Revive CEO and founder. "By already enhancing homeowners' sale profits by more than $28 million, REACH can exponentially help us grow our business, maximizing success for homeowners and buyers– which can be life-changing for those consumers, and game-changing for their agents." Revive offers turnkey presale renovation services for homeowners and all-cash offers for buyers, helping maximize their success. Revive brings a unique process, technology, financing, and exclusive contractor network that provides certainty within the experience for homeowners, buyers, and real estate agents nationwide. "Revive offers an innovative approach to presale renovation," said Kia Nejatian, Executive Director, NAR REACH. "The burgeoning Concierge category shows how fast technology moves forward, creating new ways agents can help their clients. "Supporting Revive will bring valuable opportunities to families by helping them maximize their biggest asset – their home," he added. Alladawi, a veteran real estate professional and seasoned home renovation expert, teamed with renowned technology entrepreneur Dalip Jaggi in 2019 to create Revive. Based in Irvine, California, and offering its services nationwide, Revive is among the fastest-growing Proptech presale renovation startups. "Our mission at Revive," said Jaggi, "is to bring certainty to the experience for homeowners, buyers, and real estate agents nationwide. If Revive helps you fix up your home and it sells for$100,000 more, or Revive gives you the ability to buy the home you want with an all-cash offer, we are doing more than just helping with a home sale. Working with real estate agents, we are improving buyers' and sellers' lives," he added. Learn more at iloverevive.com. About Revive Revive's mission is to guide home sellers through presale home renovations. By providing interest-free money and a Revive-supported contractor, home sellers on average obtain an additional $186,000 in profit when selling their home. Revive homes sell for more, and help you move ahead by maximizing your sales value. Learn more at www.iloverevive.com.
MORE >
New Realtor.com Survey Finds 64% of 2022 Sellers Plan to List by Summer's End
MORE >
Matterport Axis Now Available for Purchase, Enabling Hands-Free Precision 3D Capture for Smartphones
Designed for the Matterport Smartphone Capture app, Matterport Axis motorized mount makes digital twin creation easier, faster, and more precise SUNNYVALE, Calif. -- Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced that Matterport Axis™, a motorized mount for smartphones, is now available for purchase. Matterport Axis, which holds either an iOS or Android device, and can be used with the Matterport Capture app, creates 3D digital twins of any physical space with increased speed, precision, and consistency. This convenient, remote-controlled solution produces reliable results with ease. Starting at $79, Matterport Axis is now available for purchase today through Matterport, Adorama, B&H, and Amazon. "We are excited to introduce Matterport Axis, which when combined with our Capture app, allows anyone to create a 3D digital twin with the phone in their pocket," said Japjit Tulsi, Chief Technology Officer of Matterport. "Whether it's creating a digital twin to help sell your home, capturing your work environment to collaborate with team members, or capturing and sharing your business to attract new customers, there are countless uses for people and businesses to use Matterport. Our Capture app along with Matterport Axis now makes that process easier and faster for anyone to digitize their spaces with greater precision." Businesses embrace smartphone capture with Matterport Axis Business customers across a variety of industries use Matterport to virtually promote, operate, document, manage, and measure their properties online. Now, with Matterport Axis, organizations can scale up their efforts to affordably create high-fidelity digital twins at multiple locations simultaneously via employees and their smartphones. Matterport worked with multiple organizations with distributed field personnel to trial Matterport Axis together with the Capture app. One customer, Eberl, a top 4 U.S.-based insurance claims adjusting firm, used Matterport Axis to create digital twins to document insurance claims. By using Matterport Axis with the Capture app and other Matterport solutions, Eberl adjusters reduced their time spent in the field, improving its total claims cycle time by 15 percent, and increased new customer acquisition by 200 percent with the convenience of their smartphone. "Using Matterport, Eberl adjusters can easily access rich, visual data and precise measurements that reduce the need for return trips, reinspection requests, phone calls and follow-up emails," said Chris Cowan, Vice President, Operational Strategy at Eberl. "Digital twins have helped our adjusters work smarter, and their agility enhances the experience of our clients and subsequent policyholders. When we outline the value of digital twins to new and existing insurance carriers, they are eager to engage and adopt, which has had a tremendous impact on the growth of our business." Real Estate partner Avail sees Matterport Axis as transformative for landlord clients Matterport partner Avail, part of the Realtor.com network, is an end-to-end Rental Management Platform for independent Landlords that provides best-in-class tools, and educational content to help landlords optimize their marketing and streamline their operations. They understand the wide range of challenges landlords face, which includes finding affordable ways to make their listings stand out and to get in front of tenants everywhere. Avail saw value in partnering with Matterport to bring Matterport Axis and the Matterport Capture app to their users. Avail participated in the pre-launch trial where Avail landlords used Matterport Axis to successfully create digital twins of their properties. "We are excited to give our landlords an easy and accessible way to create professional-quality 3D virtual experiences by using Matterport Axis and their Matterport Capture app," said Ryan Coon, CEO / Co-Founder, Avail. "The ability to view properties virtually is increasingly important in the rental market and can lead to more eyes on listings, less vacancy time, and even more homes being rented out virtually, sight unseen. We were eager to participate in the Matterport Axis pre-launch trial, giving our landlords the resources to create their own 3D virtual experiences and it was great to see such positive adoption." To learn more about Matterport Axis or to purchase today, visit matterport.com/axis. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
MORE >
Home Prices Hit $405,000 for the First Time Ever
MORE >
RESAAS Rolls Out Payment System to 500,000 Real Estate Agents
RESAAS Agents Become First to Access RESAAS Pay, the Real Estate Industry's First KYC and AML Compliant Broker-to-Broker Payment System VANCOUVER, BC, March 30, 2022 - RESAAS Services Inc., a technology platform for the real estate industry, today announced the successful rollout of RESAAS Pay to all real estate agents using RESAAS. RESAAS has more real estate agents than any real estate brokerage, agency or franchise, with more than 500,000 agents members of RESAAS globally. Referral business constitutes the single biggest source of business for real estate agents, according to the National Association of REALTORS®. RESAAS delivers a best-in-class referral platform which facilitates brokerage-agnostic referrals between real estate agents on a global basis. "RESAAS Pay brings real estate payments into the 21st Century," said Tom Rossiter, CEO of RESAAS. "From this week onwards, RESAAS agents are now able to take advantage of the many benefits RESAAS Pay provides." About RESAAS Services Inc. RESAAS is a technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis. Visit www.resaas.com for more information.
MORE >