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Home Flipping Rate and Gross Profits Decline Across U.S. in First Quarter of 2021
Home Flipping Rate Falls in First Quarter to Lowest Level Since 2000; Prices on Flipped Homes Drop, Leading to Smallest Profit Margin in 10 Years IRVINE, Calif. - June 17, 2021 -- ATTOM, curator of the nation's premier property database, today released its first-quarter 2021 U.S. Home Flipping Report showing that 32,526 single-family homes and condominiums in the United States were flipped in the first quarter. Those transactions represented only 2.7 percent of all home sales in the first quarter of 2021, or one in 37 transactions – the lowest level since 2000. The latest figure was down from 4.8 percent, or one in every 21 home sales in the nation during the fourth quarter of 2020 and from 7.5 percent, or one in 13 sales, in the first quarter of last year. The quarterly and yearly drops in the flipping rate marked the largest decreases since at least 2000. As the flipping rate dropped, both profits and profit margins also declined. The gross profit on the typical home flip nationwide (the difference between the median sales price and the median price paid by investors) declined in the first quarter of 2021 to $63,500. That amount was down from $71,000 in the fourth quarter of 2020, although still up slightly from $62,000 in the first quarter of last year. The slide pushed profit margin returns down, with the typical gross flipping profit of $63,500 in the first quarter of 2021 translating into a 37.8 percent return on investment compared to the original acquisition price. The gross flipping ROI was down from 41.8 percent in the fourth quarter of 2020, and from 38.8 percent a year earlier, to its lowest point since the second quarter of 2011 when the housing market was still mired in the aftereffects of the Great Recession in the late 2000s. Profits and profit margins went down in the first quarter as median prices on flipped homes decreased quarterly for the first time in two years. Homes flipped in the first quarter of 2021 were sold for a median price of $231,500, down 3.9 percent from $241,000 in the fourth quarter of 2020. That marked the first quarterly decrease in typical resale prices since the fourth quarter of 2018 and the largest quarterly decline since the first quarter 2011. The first quarter-of-2021 median, however, was still up from $222,000 in the first quarter of last year. Home flipping and profit margins dropped in the first quarter of 2021 amid an ongoing housing boom that spiked housing prices but created conditions less favorable for investors. Median values of single-family houses and condominiums shot up more than 10 percent across most of the nation last year as a rush of house hunters jumped into the market, chasing an already-tight supply of homes squeezed further by the Coronavirus pandemic that hit early in 2020. The glut of buyers came as mortgage rates dipped below 3 percent and many households sought houses as a way to escape virus-prone areas and gain space for developing work-at-home lifestyles. That price run-up also raised the possibility that home values during the housing boom, now in its 10th year, had increased to the point where they could flatten out during the roughly six-month period most investors need to renovate and flip homes. "It's too early to say for sure whether home flippers indeed have gone into an extended holding pattern. But the first quarter of 2021 certainly marked a notable downturn for the flipping industry, with the big drop in activity suggesting that investors may be worried that prices have simply gone up too high," said Todd Teta, chief product officer at ATTOM. "After riding the housing boom along with others for years, they now might be having second thoughts. Whether this is the leading edge of a broader market downturn is little more than speculation. But ATTOM will be following all market measures very closely over the coming months to find out." Home flipping rates down in 70 percent of local markets Home flips as a portion of all home sales decreased from the fourth quarter of 2020 to the first quarter of 2021 in 76 of the 108 metropolitan statistical areas analyzed in the report (70.4 percent). The rate commonly dropped from about 5 percent to 3 percent. (Metro areas were included if they had at a population of 200,000 or more and at least 50 home flips in the first quarter of 2021.) Among those metro areas, the largest quarterly decreases in the home flipping rate came in Memphis, TN (rate down 80 percent); Lakeland, FL (down 75 percent); San Francisco, CA (down 74 percent); Columbia, SC (down 73 percent) and Palm Bay, FL (down 73 percent). Aside from Memphis and San Francisco, the biggest quarterly flipping-rate decreases in 51 metro areas with a population of 1 million or more were in Dallas, TX (rate down 72 percent); Orlando, FL (down 71 percent) and Tampa, FL (down 69 percent). The biggest increases in home-flipping rates were in Springfield, MA (rate up 114 percent); Albuquerque, NM (up 103 percent); Springfield, IL (up 95 percent); South Bend, IN (up 86 percent) and Boston, MA (up 79 percent). Typical home flipping returns drop in almost two-thirds of markets The median $231,500 resale price of home flips nationwide in the first quarter of 2021 generated a typical gross flipping profit of $63,500 above the median investor purchase price of $168,000. That gross-profit figure was down from $71,000 in the fourth quarter of 2020, decreasing the typical return on investment in the first quarter of 2021 to 37.8 percent. Profit margins dipped from the first quarter of 2020 to the first quarter of 2021 in 66 of the 108 metro areas with enough data to analyze (61.1 percent). Markets with the biggest declines were Savannah, GA (return on investment down 80 percent); Tuscaloosa, AL (down 76 percent); Salisbury, MD (down 73 percent); Evansville, IN (down 71 percent) and Davenport, IA (down 68 percent). Among metro areas with a population of at least 1 million, the biggest quarterly investment-return decreases during the first quarter of 2021 were in Memphis, TN (ROI down 64 percent); Austin, TX (down 54 percent); Houston, TX (down 50 percent); New Orleans, LA (down 38 percent) and Louisville, KY (down 37 percent). Metro areas with the biggest quarterly increases in profit margins during the first quarter of 2021 included Springfield, MO (ROI up 120 percent); Provo, UT (up 118 percent); Omaha, NE (up 101 percent); Lynchburg, VA (up 101 percent) and Pittsburgh, PA (up 88 percent). Investors sell for at least double their purchase price in only five markets Median resale prices on home flips in the first quarter of 2021 were at least twice the median investor purchase price in only five of the 108 metro areas with enough data to analyze (4.6 percent). They were led by Pittsburgh, PA (225.6 percent return, up from 120.1 percent in the first quarter of 2020); Springfield, IL (119.5 percent return, up from 74.6 percent a year ago); Chattanooga, TN (104.6 percent return, up from 93 percent a year ago); Philadelphia, PA (103.5 percent return, down from 104.1 percent a year ago) and Fayetteville, NC (100 percent return, down from 131 percent a year ago). The smallest first-quarter-of-2021 profit margins on typical home flips were in Austin, TX (9.2 percent return, down from 19.8 percent a year ago); Boise, ID (9.4 percent return, down from 25 percent a year ago); Evansville, IN (10 percent return, down from 35.1 percent a year ago); Houston, TX (10.2 percent return, down from 20.6 percent a year ago) and Raleigh, NC (12.9 percent return, up from 10.2 percent a year ago). Raw profits still highest in the West, Northeast and South; lowest in the Midwest and South The highest raw profits in the first quarter of 2021, measured in dollars, were again concentrated in the West, Northeast and South. Among metro areas with enough data to analyze, the top 20 all were in those regions, led by New York, NY (gross profit of $166,375); Pittsburgh, PA ($152,041); Los Angeles, CA ($145,000); San Francisco, CA ($139,250) and San Diego, CA ($136,000). Nineteen of the smallest 20 raw profits were spread across southern and midwestern metro areas, with the lowest in Gulfport, MS ($11,594 profit); Evansville, IN ($14,100); South Bend, IN ($18,000); Houston, TX ($24,486) and Austin, TX ($27,950). Home flips purchased with cash tick upward Nationally, the portion of flipped homes in the first quarter of 2021 that had been purchased with cash by investors rose to 59.2 percent, up from 57.7 percent in the fourth quarter of 2020, although still down from 59.9 percent a year ago. Meanwhile, 40.8 percent of homes flipped in the first quarter of 2021 had been bought with financing. That was down from 42.3 percent figure in the prior quarter, but still up from 40.1 percent a year earlier. Among metropolitan statistical areas with a population of 1 million or more and sufficient data to analyze, those with the highest percentage of flips in the first quarter of 2021 that had been purchased with cash by investors included Detroit, MI (82.3 percent); Pittsburgh, PA (77.3 percent); Cleveland, OH (74.6 percent); Charlotte, NC (72.5 percent) and Tampa, FL (72.3 percent). Average time to flip nationwide drops to smallest number since 2013 Home flippers who sold homes in the first quarter of 2021 took an average of 159 days to complete the transactions, the lowest level since the third quarter of 2013. The latest number was down from an average of 175 in both the fourth quarter and first quarter of 2020. FHA buyers purchase smaller portion of flipped homes Of the 32,526 U.S. homes flipped in the first quarter of 2021, 10 percent were sold to buyers using loans backed by the Federal Housing Administration (FHA), down from 11.6 percent in the prior quarter and from 14.7 percent in the first quarter of 2020. Among the 108 metro areas with a population of at least 200,000 and at least 50 home flips in the first quarter of 2021, those with the highest percentage of flipped properties sold to FHA buyers — typically first-time home buyers — were Philadelphia, PA (24.3 percent); Bakersfield, CA (24.1 percent); Hartford, CT (23.6 percent); Tulsa, OK (22.4 percent) and Brownsville, TX (21.1 percent). Only 57 counties had a home flipping rate of at least 10 percent Home flips accounted for more than 10 percent of all sales in 57 of the 677 counties around the U.S. with at least 10 home flips in the first quarter of 2021. The top five were McCurtain County, OK (outside Texarkana, AR) (18.5 percent); Montgomery County, IN (outside Indianapolis) (14.3 percent); Greene County, AR (outside Jonesboro) (13.4 percent); Coshocton County, OH (13.2 percent) and Crisp County, GA (outside Albany) (13.1 percent). Report methodology ATTOM analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after-repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Home Shoppers Are Looking for More Flexibility in Their Home Space and Are Willing to Swap Short Commute Time for Affordability, According to Realtor.com Survey
Room for extended family and pets, home office and internet rise in importance for buyers who realize the need to compromise in today's competitive market SANTA CLARA, Calif., June 17, 2021 -- Life is beginning to return to normal throughout the U.S. with many companies announcing their return to office strategies and cities beginning to open up. However, for many 2021 home shoppers who spent the majority of 2020 confined to their homes, the COVID pandemic has influenced what they are looking for in their next house, while the hyper-competitive housing market has them strategizing about how to get ahead, according to a new Realtor.com® survey released today. The need for more space was the top reason driving home shoppers' decision to purchase a new home in the coming year, according to the online survey of 1,200 home shoppers conducted this spring by HarrisX. Although the majority of today's buyers are looking for three bedrooms and two baths, their responses indicate they are looking for more flexibility in their home space and affordability in exchange for a shorter commute -- the new realities of a post-COVID world. "The COVID pandemic ushered in a new way of thinking about what home means, and that is influencing much of what today's home shoppers are looking for," said George Ratiu, senior economist, Realtor.com®. "Garages, large backyards and space for pets always rank high on buyers' wish lists, but those features have grown in importance. The survey results highlight that the pandemic has elevated our relationship with family as well as the need for our home to serve multiple purposes, especially the ability to work remotely. As a result, we are placing a premium on the need to accommodate extended family, and features like a home office and broadband internet." What's in and what's out for post-COVID home shoppers When asked which home features have become a priority as a result of the pandemic, quiet location (28%), updated kitchen (25%), garage and large backyard (24% each) topped the list. Outdoor living area (20%), space for pets (18%), updated bathrooms (19%), home office and broadband internet capabilities (17% each) and open floor plan (16%) rounded out the top 10 pandemic-induced most desired home features. Sixty-five percent of respondents indicated that they are considering extended family when they shop for a home, with nearly a quarter stating that they are planning to buy near family members. One-fifth of those surveyed said they would have extended family living with them full-time and 30% said their new home would need to accommodate extended family staying with them part-time or visiting. Consistent with the desire for outdoor space, terms such as "fenced yard," "acres," "backyard," "front porch," "garage" and "three-car garage" have all seen a significant uptick in searches on Realtor.com® over the past year. With reports of pets being adopted at record rates during the pandemic, the term "pet friendly" also saw a large increase in searches. Decreasing in importance from prior surveys was the need for a short commute time and a home with smaller square footage. Only 9% indicated a short commute time was a priority and 4% were looking for smaller square footage. This was down from 11% and 8%, respectively, in early March 2020 prior to the pandemic. Perhaps due to rising home prices, searches for "remodeled" homes on Realtor.com® were down 88% year to date through May. It appears that motivated buyers are making concessions in their home search, with fewer searches for otherwise-popular features such as granite countertops (-58%), theater/media rooms (-65%), and bars (-52%). Today's buyer is prepared and willing to compromise Again, pragmatic about the competitive housing market, 35% of home shoppers said that they were checking listing websites every day and 25% had set a price alert to get notified when new homes hit the market to stay ahead of the competition. From a financing perspective, 28% indicated that they were planning to offer more than a 20% cash payment, 21% plan to increase their earnest money deposit and 17% plan to either offer above asking price or all cash. While a third said they would not offer above asking price, nearly half were prepared to offer up to 10% above asking. "In today's competitive housing market, it is not uncommon to submit an offer above the home's list price. At the same time, knowing what you can spend and sticking to your budget is one of the most important things a home buyer can do. One way to ensure that you don't go over budget is to limit your search by using price filters to homes under your budget. That way, if you submit an offer that is over the list price, you'll still be within your maximum budget," said Realtor.com® Housing and Lifestyle Expert Lexie Holbert. When buyers were asked to select which features they would sacrifice if they had to reduce their budget, several COVID-coveted features would be the first to go with man cave and pool/spa tied at 24%, followed by guest house and mother-in-law suite both 23% and new construction at 22%, Rounding out the top 10 features to fall by the wayside were solar panels (21%), finished basement (20%), home office (18%), large backyard and guest room (both 17%). Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers, including 1,218 adults over the age of 18 who plan to purchase a home within the next 12 months.This survey was conducted online within the United States from March 26 - April 7, 2021. The sampling margin of error of this poll is plus or minus 1.6 percentage points. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, the survey oversampled 1,218 potential buyers with a margin of error of plus or minus 2.8 percentage points. The search information contained in the release is based on an analysis of the most commonly searched keywords on Realtor.com® from Jan. 1 - May 31, 2021. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Molly McKinley to lead global marketing and industry relations at RateMyAgent
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Housing-Market Competition Has Eased Slightly, But 7 in 10 Buyers Still Face Bidding Wars
70% of home offers faced bidding wars in May, down from 74% in April. Still, competition remains far more intense than it was a year ago. SEATTLE, June 16, 2021 -- In May, 70.4% of home offers written by Redfin agents faced competition, down from a revised rate of 73.6% in April, according to a new report from Redfin, the technology-powered real estate brokerage. That's still up significantly from 52.7% in May 2020, which was impacted by pandemic stay-at-home orders. An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid. Competition typically tapers in the early summer following spring homebuying season, so seasonality may be contributing to the dip in the May bidding-war rate. Early signals of a cooldown in the housing market may also be a factor. American house hunters have grappled with record-breaking levels of competition during the coronavirus pandemic as homebuyer demand has skyrocketed due to low mortgage rates and flexible work policies. This has intensified an existing housing shortage, which has also fueled fierce bidding wars. But there are signs that the red-hot market may be cooling ever so slightly; home-purchase applications have been on the decline since late March and pending sales recently fell 10% from their peak about a month ago. As Redfin Chief Economist Daryl Fairweather put it earlier this month, "The housing market was going 100 miles per hour and now it's down to 80." Competition is likely starting to level off as well, and may have already hit its peak, according to Fairweather. "After months of surging prices and low inventory, some house hunters are moving to the sidelines—either because they're priced out or burned out," Fairweather said. "Americans are spending more of their money on things like travel and dining out now that pandemic restrictions are being lifted." Spokane and Raleigh Have the Highest Bidding-War Rates Spokane, WA had the highest bidding-war rate of the 50 U.S. metropolitan areas in this analysis, with 86.7% of offers written by Redfin agents facing competition in May. Next came Raleigh, NC, at 84.5%, and Tucson, AZ, at 81.8%. Salt Lake City and Charleston, SC rounded out the top five, with bidding-war rates of 81.5% and 79.3%, respectively. In San Diego, the bidding-war rate was 74.6% in May. While that's still relatively high, it's down from 86.2% in April, representing one of the largest month-over-month declines among the metros in this analysis. "Competition is still high, but the good news is buyers are having to make fewer offers to win bidding wars," said John Copeland, a Redfin real estate agent in San Diego. "A few months ago, buyers were bidding on three to five homes before winning. Now it's more like one to two. Part of that is buyers grasping the reality of the market; they've become more educated about what they need to do to win, so they no longer need to make as many offers." Bidding-War Rates by Metro Area To be included in the table below, metros must have had at least 20 offers recorded by Redfin agents in both May 2021 and April 2021. The table is sorted by highest to lowest bidding-war rates in May 2021. Blank spaces in the May 2020 column represent metros for which there were fewer than 20 offers submitted by Redfin agents that month. To read the full report, including charts, please click here. About Redfin Redfin is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. 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. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
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Realtor.com and LGBTQ+ Real Estate Alliance Survey Shows Housing Discrimination Remains an Issue
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Updater Announces Relocation Trends Data Partnership with National Association of REALTORS
America's largest trade association to benefit from Updater's real-time, anonymous, pre-move data to forecast trends and produce reports NEW YORK -- Updater, the leading technology platform powering the relocation industry, today announced that it has signed an agreement with The National Association of REALTORS (NAR), America's largest trade association with more than 1.4 million members, to supply the association with anonymous, aggregated relocation data. NAR will utilize Updater's unique and comprehensive real-time, pre-move data — which leverages Updater's hundreds of real estate partnerships across brokerage, mortgage, multifamily and more — to inform its trend forecasting and reporting efforts, empowering its members with actionable insights they can't get anywhere else. David Greenberg, Updater's Founder and Chief Executive Officer, stated, "Real-time insight into relocation trends and forecasts will allow NAR's REALTOR® members to leverage new, sophisticated tools to serve their clients. Moreover, NAR's ability to access pre-move data for the first time will only further establish the organization as the housing-industry leader that consumers trust most. We look forward to continuing to deepen our long-standing relationship." Per the partnership, NAR members will receive access to both national and local moving developments, including exclusive, REALTOR®-only content. In addition to member-facing trend forecasts, NAR will leverage Updater data to publish public-facing thought leadership content for consumers, offering relocation trends and market insights in real time. The data will be credited to Updater and published on NAR's economics blog as well as on an internal portal for members, where it plans to create a separate section detailing the following month's moving trends to stay ahead of rapidly shifting information. Specific data will include: Proprietary pre-move timing data Home ownership vs. rentals Origin and destination home size Origin and destination addresses First-time homeownership identification "We are very pleased to have access to data trends related to migration patterns across the country. The information is much timelier than government data on population movements. Therefore, the use of Updater proprietary information will provide invaluable research about changes in residential location and of housing demand at the local level," said Lawrence Yun, NAR's chief economist. Updater has a lengthy history with NAR and was part of its inaugural REach program, an accelerator created in partnership with its early-stage technology fund Second Century Ventures – which has made two strategic investments in Updater. NAR is the most prominent economics team to utilize Updater's relocation data thus far, further validating its accuracy compared to other available sources. Updater's data is unique in that it comprises fully-verified movers. This eliminates outdated and inaccurate statistics that occur when tabulating mail forwarding forms, which by definition are not real-time and exclude moves that are not designated as permanent. Updater data also comprises deeper and richer data points, including home ownership vs. renting, move distance, mover demographics and psychographics, move timing and more. Updater also engages movers weeks prior to a move, meaning its data can be used to predict with greater accuracy where people are migrating in the U.S. About Updater Technologies Updater Technologies is the leader in U.S. relocation technology, making moving – one of life's most stressful events – frictionless, painless, and even delightful. Updater streamlines the moving process by serving as a centralized hub where movers can easily accomplish everything they need like connecting internet and utilities, reserving a moving company, updating their address, and much more. Updater solves moving problems – you can plan and organize your to-do's, instantly compare and book the products and services you need – helping movers make smart choices, and, ultimately, get settled in faster. For more information, please visit www.updater.com. About NAR The National Association of REALTORS® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. NAR has been advocating and protecting the rights of property buyers and sellers in the U.S. and around the world for 112 years. Members belong to one or more of some 1,300 local associations/boards and 54 state and territory associations of REALTORS®. They are pledged to a strict Code of Ethics and Standards of Practice. For more information, please visit www.nar.realtor.
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Realtor.com Housing Report: Home Prices Reach New High at $380,000 in May
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Nearly Three-Quarters of Pandemic Homebuyers Are Happy With Their Purchase, According to Realtor.com Survey
More than 70% who bought a home in the last year feel it was a good decision and nearly half wish they had moved sooner SANTA CLARA, Calif., May 26, 2021 -- Despite the frenzied nature of today's housing market, prompting conversations about buyer's remorse, more than two-thirds of pandemic homebuyers have found happiness in their new home, according to a new Realtor.com® survey released today. Those surveyed say their new home better fits their family's needs and wish they moved sooner. Realtor.com® surveyed 1,000 homeowners who purchased a new home during the last 12 months between March 26 - April 7 via HarrisX. In the face of the last year's obstacles, including a competitive housing market and limitations on open houses and showings, 71% of those surveyed feel buying was a good decision and 75% say their new home meets their needs. "Most of us spent more time at home during the pandemic than ever before. So it's no surprise that it changed what many people want from their homes and neighborhoods, and created a greater sense of urgency to find a home that satisfied those needs," said George Ratiu, senior economist, Realtor.com®. "With the number of available homes for sale in short supply, buyers didn't have many choices over the past year, or a lot of time to consider their options in a very competitive market. However, as our survey shows, pandemic buyers generally feel good about the choices they made, and while the homebuying process itself is stressful, new homeowners feel their new homes meet their needs and do not regret the choices they made." Finding happiness in a new home More than half (55%) of the homeowners surveyed found a new home that is exactly what they need for working or schooling from home. However, even more are satisfied with elements of their new home that are important to everyday life during and after the pandemic. When asked how they feel about their home, neighborhood and area, more than 70% of new homeowners report feeling "happy." Based on their reported satisfaction, 45% of new homeowners wish they had moved sooner, while only 19% say they should have waited. Not rushed, on-budget, and no regrets Three-quarters of the new homeowners surveyed were planning to buy prior to the onset of COVID, while the remaining quarter decided to purchase because of the pandemic. With pandemic buyers in many regions having to do more of their home search virtually and the need to make quick decisions, buyer's remorse could have been a common outcome. Despite the frenzy, buyers have no regrets when it comes to how quickly they made their purchase and how much they paid. Less than one-third said they wished they'd spent more time on their home search before buying and nearly half (48%) did not feel rushed or pressured into making a home-buying decision. They also didn't feel as if they overpaid, with 61% of those surveyed reporting that the purchase price of their new home was either at or under their original budget. Prioritization is key in a fast-paced market With a lack of available inventory and homes selling at record pace and prices, buyers not only need to move quickly, but they have to be prepared to compromise. Trade-offs are an inevitable part of the process, especially for first-time buyers who don't have equity from a previous home sale to use as a down payment. "Buying a home is the biggest financial decision most people make and, while there's pressure to move more quickly, especially today, it's not a decision you want to make lightly," said Lexie Holbert, home and living expert at Realtor.com®. "Nothing in life is perfect, and a new home is no exception, so compromises are always part of the buying process. The best place to start is with a budget, and from there you can prioritize what's important to you. Is it square footage, number of bedrooms, outdoor space or location? Once you have an idea of what's most important, you're ready to make confident decisions." Home shoppers who use Realtor.com® can find tips on how to compete in today's market on its News & Insights site and Home Made blog. Users also can download the Realtor.com® Real Estate app to sign up for custom search alerts that notify them about new listings in their desired area and price drops on saved homes so they know as soon as a home that matches their criteria hits the market. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. This survey was conducted online within the United States from March 26 - April 7, 2021. The survey was conducted among 3,998 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.6 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, an oversample was collected for new homeowners. The oversample was weighted to align with the original sample. There are 1,000 new owners who bought a home in the last 12 months with a margin of error of plus or minus 3.1 percentage points. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Real Estate's Ben Caballero Shatters World Record With $2.46 Billion Sales Volume
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NAR's Member Profile Finds Realtors Cited Lack of Inventory as Top Reason Limiting Potential Clients from Completing Transactions
WASHINGTON (May 19, 2021) – Realtors cited a lack of inventory as the leading reason limiting potential clients from completing a transaction, according to the National Association of Realtors' 2021 Member Profile, an annual report analyzing members' business activity and demographics from the prior year. However, in spite of a global pandemic, its drastic impacts on how business was conducted, and a dwindling housing supply, 2020 saw the highest number of homes sold since 2006 (5.64 million) and NAR's membership increased from the previous year (1.48 million at the end of 2020, up from 1.4 million at the end of 2019). "Realtors® continued to serve clients' needs despite the challenges 2020 brought to the real estate market," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "Economic lockdowns and historically-low inventory coupled with surging home buying demand only showed the resilience of our members and industry." Business Characteristics of Realtors® The majority of Realtors® – 68% – hold sales agent licenses, which is up from 65% last year. Twenty percent hold broker licenses and 13% hold broker associate licenses. Seventy-three percent of members specialize in residential brokerage. Relocation, residential property management and commercial brokerage are members' most common secondary specialty areas. Members typically have eight years of real estate experience, down from nine years in 2019. Eighteen percent of those surveyed have one year or less experience – nearly identical to 17% last year – while 15% of Realtors® have more than 25 years of experience, down from 17% a year ago. Appraisers, broker-owners, and managers had the most experience, while sales agents were typically the newest to the field with five years of experience. Consistent with recent surveys, nearly four out of five members – 79% – were certain they'll remain in the real estate industry for at least two more years. Business Activity of Realtors® The typical member had a slightly lower sales volume ($2.1 million vs. $2.3 million) and fewer transactions (10 vs. 12) in 2020 compared to 2019. The typical Realtor® earned 15% of their business from previous clients and customers, unchanged from last year. The most experienced members – those with 16 or more years of experience – reported a greater share of repeat business from clients or referrals (a median of 37%), compared to no repeat business for those with two years of experience or less. Overall, Realtors® earned a median of 19% of their business from referrals, a slight drop from 20% in 2019. Referrals were also more common among members with more experience, with a median of 27% for those with 16 or more years of experience compared to no referrals for those with two years of experience or less. Income and Expenses of Realtors® The median gross income for Realtors® was $43,330 in 2020, down from $49,700 in 2019. Realtors® with 16 years or more experience had a median gross income of $75,000, a decrease from $86,500 last year, as income was typically commensurate with experience. One out of four Realtors® earned $100,000 or more. Total median business expenses for members were $5,330 in 2020, a decline from $6,290 in 2019. Demographic Characteristics of Realtors® Seventy-eight percent of Realtors® were White, down slightly from 80% last year. Hispanics/Latinos accounted for 9% of Realtors®, followed by Black/African Americans (7%) and Asian/Pacific Islanders (6%). New members tended to be more diverse than experienced members. Among those who had two years or less of experience, 34% were minorities. Sixty-five percent of Realtors® were women, a minor increase from 64% last year. The median age of Realtors® was 54, down slightly from 55 last year. A third of members were over 60 years old and 5% were age 30 or younger. More than nine in 10 members – 93% – had some post-secondary education, with a third completing a bachelor's degree, 6% having some graduate school education, and 13% completing a graduate degree. The marital status of Realtors® remained nearly unchanged from 2019. Sixty-nine percent of Realtors® were married, 15% were divorced, and 11% were single or never married. The typical Realtor® household had two adults and no children. Two-thirds of members – 66% – reported volunteering in their community. Volunteering was most common among members aged 40 to 49 years. "Realtors® come from all walks of life and serve as pillars in their respective communities," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "As champions for consumers, Realtors® combine hard work, dedication and trusted expertise to help individuals and families achieve the dream of property ownership." Technology and Realtors® The coronavirus pandemic has forced businesses of all types to rely heavily on technology for communicating with consumers and remaining competitive in the marketplace. On a daily basis, the strong majority of Realtors® use a smartphone with wireless email and internet capability (96%) and a laptop or desktop computer (92%). The smartphone features that members use most frequently on a daily basis are email (95%) and social media apps (57%). Text messaging (93%) is the top method of communication for members with their clients, followed by phone calls (90%) and email (89%). Nearly seven in 10 members – 69% – have their own website. "Realtors® used emerging technologies in 2020 to bridge the gap when pandemic precautions were in place," Lautz said. "Members have now pivoted and embraced these tools to showcase listings and help buyers strategically find and secure the limited number of properties available." Office and Firm Affiliation of Realtors® Despite an ever-changing housing market, Realtor® office and firm affiliation remained stable compared to a year ago. A slight majority of Realtors® – 53% – worked with an independent company and 88% were independent contractors at their firms. Forty-two percent of members worked at a firm with one office and 26% worked at a firm with two to four offices. The typical Realtor® had a median tenure of five years with their current firm, up from a median of four years in 2019. Eight percent of members reported working for a firm that was bought or merged. Errors and omissions insurance is the most common benefit provided by members' firms. Survey Methodology In March 2021, NAR emailed a 93-question survey to a random sample of 161,155 Realtors®. Using this method, a total of 10,643 responses were received. The survey had an adjusted response rate of 6.6%. The confidence interval at a 95% level of confidence is +/- 0.95% based on a population of 1.4 million members. Survey responses were weighted to be representative of state level NAR membership. Information about compensation, earnings, sales volume and number of transactions are characteristics of calendar year 2020, while all other data are representative of member characteristics in early 2021. Find more information from NAR's 2021 Member Profile here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Dotloop and Notarize Partner to Offer a Fully Digital Notary Experience
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Top 5 Best Days to Sell a Home Occur in May, According to New ATTOM Analysis
Home sales over last ten years prove spring and summer months offer best premiums; Home sellers on average realize 8.8 percent premium above market value IRVINE, Calif. - May 4, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its annual analysis of the best days of the year to sell a home, which shows that the months of May and June offer the greatest home seller premiums – with ten of the best days to sell in the month of May alone. According to this most recent analysis of 40.1 million home sales from 2011-2020, home sellers selling in the late spring and early summer are realizing the biggest premiums – on average 13.4 percent above estimated market value in May and 11.7 percent above in June. The analysis looked at any calendar days in the last ten years with at least 10,000 single family home and condo sales. (See full methodology below.) "As home sellers continue to enjoy an extended sellers' market, moving full steam ahead from the momentum gained over the last ten years, the month of May is particularly poised to garner the greatest sale premiums," said Todd Teta, chief product officer with ATTOM Data Solutions. "Among the top five days fetching the biggest home seller premiums, May 23 is the best day of the year to sell a home, producing a premium of 19.3 percent above market value." Best Months to Sell The analysis also presents a more high-level view, showcasing how seller premiums faired throughout each month of the year. The months realizing the biggest home seller premiums include: May (13.4 percent); June (11.7 percent); July (11.2 percent); April (9.2 percent); August (8.9 percent); March (8.6 percent); February (8.2 percent); September (7.5 percent); January (6.6 percent); November (6.4 percent); October (5.8 percent); and December (5.8 percent). Methodology For this analysis ATTOM Data Solutions looked at any calendar days in the last ten years (2011 to 2020) with at least 10,000 single family home and condo sales. There were 362 days (including leap year data) that matched this criteria, with the four exceptions being Jan. 1, July 4, Nov. 11 and Dec. 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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SCV Selects Eight Companies for 2021 REACH Technology Scale-up Program
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Ylopo Launches a Masterclass Focused on Lead Conversion for Real Estate Professionals
In response to the ongoing problems many real estate professionals experience when it comes to consistent lead conversion, Ylopo sponsored the creation of a six lesson Masterclass instructed by two industry leading conversion experts, Robby Tefethren and Barry Jenkins. LOS ANGELES, April 29, 2021 -- As part of an ongoing effort to assist real estate professionals with lead nurture and conversion, the leading provider of digital marketing and lead generation services, Ylopo, is excited to announce the recent release of a project focused on education for real estate professionals specifically related to improving an individual's ability to convert leads. The project came to fruition in the form of a Masterclass complete with six in-depth strategy lessons that are concise and to the point offering a unique focus on mindset and psychological concepts rather than the more traditional methods typically provided for the purpose of increasing lead conversion. The instructors selected for the project had completed hundreds of hours of research and conducted their own personal testing prior to compiling the lesson plan and filming the virtual courses for the public. Having coached and trained hundreds of top real estate teams across the country Tefethren is considered a true lead conversion expert. Paired with his direct experience as a masterful ISA and trainer, Ylopo found Tefethren to be uniquely qualified to take one this project. Tefethren exhibits a creative approach to mindset and psychological principles and cleverly applies these concepts to real estate lead conversion; his methods proving to be a game changer for the way agents approach their lead conversations. "I really think that Barry and I were able to ultimately build a course that solves a big problem for real estate agents," said Tefethren. "It was really a lot of fun getting to work with Barry on this project too. We shared a ton of wisdom, learned a lot from each other, and were able crack the code on how to best structure conversations for drastically improved lead conversion." Barry Jenkins is the second instructor Ylopo selected to head up the Conversion Masterclass. Jenkins is the top real estate agent and team leader in the Virginia Beach area and ranks in the top 10 of Real Trends Top 1000 Agents. Jenkins runs three teams, selling anywhere between 700 and 900 homes a year. He is also the current CMO of Better Homes and Gardens NAGR, a full time Head REALTOR®-in-Residence executive at Ylopo, and author of a soon-to-be-released book, "Too Nice For Sales''. Jenkins' real estate career spans over two decades and within that time he has truly mastered the art of lead conversion through long-term trial and error and tactful scripting. "At the core, real estate agents need to make money and converting leads is a massive component of that," said Jenkins. "When we were considering what course to make, we needed the perfect blend of relevance, content, and actionable advice to increase their bottom line. I'm biased, but this course is one of the most unique presentations of lead conversion I have ever seen or been a part of." Jenkins concludes, "If an agent digests this content and applies it, they will absolutely have an increase in revenue." The six lesson course is absolutely free. The entire course is available for open enrollment here. About Ylopo LLC Founded in 2016 by Howard Tager and Juefeng Ge, Ylopo is a "next generation" digital marketing technology company. Ylopo has built an intuitive online marketing platform that delivers innovative "done for you" cross-platform digital marketing services and is specifically designed to serve the real estate industry. Ylopo helps brokerages, teams, and agents more efficiently and effectively grow their business, team, and brand.
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Dallas-based HomesUSA Realty Agent Navjot Singh Selected for Coveted '30 Under 30' Class of 2021
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Help Is on the Way for Hopeful Homebuyers, According to Realtor.com Survey
Ten percent of homeowners plan to list this year and more than a quarter (26%) within the next 3 years, offering relief to frustrated home shoppers SANTA CLARA, Calif., April 26, 2021 -- The lack of homes for sale has hit a crisis-level in recent months, igniting fierce competition, bidding wars and driving prices to an all-time high -- but there's hope on the horizon for weary buyers, according to new survey data from realtor.com®. Findings show 10% of homeowners are planning to put their home on the market this year and an additional 16% are planning to list in 2-3 years. Furthermore, 58% of the homes that owners plan to list this year are valued below $350,000, which should provide some relief for first-timers who have had trouble breaking into the market. Of those who plan to sell this year, 63% have already listed or plan to list within 6 months and 76% have already taken steps to begin the process. Realtor.com® surveyed 657 potential home sellers the week of March 29 via HarrisX. "In a typical year, we see about 8% of the nation's homes hit the market, and we're expecting about 25% more this year," said George Ratiu, senior economist, realtor.com®. "This signals that many homeowners who were wary to list during the pandemic are getting ready to do so, and this much-needed inventory -- especially for starter homes -- will begin to relieve buyers' challenges in a very competitive market. Despite this good news, we were in an inventory shortage, for both new and existing homes, well before the pandemic and COVID made it worse. It's going to take a while for us to get back to a more balanced 'normal' even with an increase in new construction on the horizon." The housing market's catch-22 Of those who are planning to put their home on the market in 2-3 years, a quarter of respondents said they aren't listing this year because they can't find a new home within their price range, creating a catch-22 for inventory. Other reasons that homeowners aren't planning to sell this year include: not sure where they want to move (23%); the current economic climate (22%); logistics of buying and selling at the same time (22%); and concerns about showing a home during the pandemic (20%). What it will take to move the needle Nearly all potential sellers (91%) looking to sell in the next 2-3 years said that they would be more likely to list their home if they knew they could time buying and selling perfectly. Additionally, 37% of homeowners with plans to sell in the next 2-3 years said that if they knew they could make a lot of money on their home sale, they would be motivated to list sooner. And with the median home listing price currently up 18.7% over last year, many homeowners are likely to see a significant profit if they list now. Other factors that could prompt future sellers to list sooner include: more affordable homes on the market (33%); not having to handle the logistics of buying and selling at the same time (29%); not having to prepare the home for sale (27%); and if the health risks of COVID-19 were lower (24%). "With home prices at historic highs, now is a great time to sell a home and many first-time sellers might be surprised to learn how much equity they have," said Rachel Stults, deputy editor for realtor.com®. "For consumers who are worried about the stress and planning involved, there are a number of resources available to help with everything–from perfectly timing buying and selling to removing the hassles of doing repairs and staging." Home sellers can take advantage of realtor.com® tools such as local market stats and the My Home portal, to see what their home is worth, how much equity they have and potential proceeds from a sale. Those who haven't sold a home recently might be surprised by how many selling options are available. With realtor.com®'s Seller's Marketplace, consumers can compare different selling methods including instant offers, sale-leasebacks and listing with an agent. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 3,998 adults. The survey was carried out online. The sampling margin of error of this poll is ±1.6 percentage points. The figures represent a national view of US adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the population of US adults, an oversample was collected for potential sellers. The oversample was weighted to align with the original sample of US adults. There are 657 potential sellers with a sampling margin of error of ±3.8 percentage points. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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SCV Announces 2021 REACH Commercial Cohort
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Call Centers Losing Ground to Showing Automation
Agents prefer automation to phone tag AUSTIN, Texas, April 21, 2021 -- TourZazz, the leading provider of mobile apps for managing home buyer showings, today announced that agents surveyed in Austin prefer technology automation to call centers. Agents using the smart automation features share that setting, modifying, and booking showings is faster and easier without the hassle of back-and-forth phone calls. "In today's fast paced market, buyer agents are constantly coordinating tour adjustments and the process of calling a call center and waiting for them to get back to you is more trouble than it's worth," says Brian Copland with Realty Austin®. "It's a lot easier to confirm or make other changes in the mobile app as necessary when I am out working with a client. Without the interruption of working with a call center, I save time and focus on my customers." A key feature of mobile apps is their ability to connect with features on the agent's cell phone that make showing automation effective. This includes the integration of the agent's calendar, the communication to other agents or customers via text and in-app messaging, and notifications that allow for timely confirmations. TourZazz is releasing the seller functionality of their application in June. Like the current functionality, the seller features will include integration with the native mobile calendar, connection to the MLS for listing and showing data, and push notifications for confirmations to the buyer's agent. Consumer notifications may be turned on by the agent. "We are excited to see the traction that we are gaining in the market since the release of our proprietary TourZazz app," says Michael Spickes, Co-Founder of TourZazz. "The disruption in the marketplace caused by a broker purchasing ShowingTime has been a blessing for us." TourZazz is a patent-pending property tour management solution for real estate agents, brokers, home buyers and home sellers. Downloadable as an app via Google Play or Apple App stores, TourZazz integrates with RESO data, saving agents (and the trees!) the headache of printing MLS handouts to bring with them on home showings. Agents also avoid a cluttered inbox and eliminate the chance of missing a message as all client communications, including receiving valuable feedback about a home tour, happens within the app, TourZazz offers a white-label solution for brokers or MLSs to enhance brand awareness and increase competitive advantage, allowing team leaders to provide better training opportunities for their agents through property tour conversion rate tracking. About TourZazz® TourZazz, the innovative solution that coordinates, automates, and digitizes the scheduling process for property showings, is available nationwide for real estate agents and their homebuyer clients. Artificial intelligence-powered software streamlines the home buying experience for all by aligning communication within the app's environment to enhance the client's engagement with the agent. Available in the Apple App and Google Play stores. Learn more at tourzazz.ai.
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A Third of Realtors Assisted Their Clients with Buying or Selling a Property that Had 'Green' Features in the Past Year
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NC REALTORS Selects IXACT Contact CRM as a Member Benefit
Toronto, ON -- It is our pleasure to announce that NC REALTORS has selected IXACT Contact CRM to join their REALTOR Partners Program with special pricing and a unique 6-month Free Trial for Rookie members. From an initial membership of 135 in 1921, NC REALTORS has grown to include 54,000 real estate professionals. These professionals represent 45 local associations statewide making NC REALTORS one of the largest and most influential state associations in the United States. NC REALTORS® believes that CRM is critical to success in real estate sales. Agents are constantly struggling to stay organized and nurture and convert their leads. But most significantly, they struggle to keep in touch with past clients, hot prospects, and important referral sources. However, a resourceful CRM helps them build long-term client relationships, and a growing flow of referrals and repeat business. After a careful evaluation process, NC REALTORS® chose IXACT Contact because of the system's ease-of-use, breadth of keep-in-touch marketing automation and content, and unmatched customer support, including one-on-one 'Concierge' setup help at no additional cost. Our attractive pricing and unique offer for Rookie REALTORS – the entire system free for six months – is also very compelling. "It's an absolute pleasure to be working with NC REALTORS®," says Rich Gaasenbeek, Co-founder and CRO of IXACT Contact. "It's an honor to have been selected for their REALTOR® Partners Program. Above all, NC REALTORS® is an exceptionally strong association. We look forward to working together to help members discover a whole new level of confidence, success, and career satisfaction using our CRM and keep-in-touch system."
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Thinking of Selling Your Home? There May Be No Better Time Than Now
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PPP Loans to Real Estate Agents Extended Until May 31
Roswell, GA -- April 13, 2021 - MooveGuru today announced that the federal government extension of the Paycheck Protection Program Loan (PPP) will allow MooveGuru's partners blueacorn and Capital Plus Financial to continue processing applications until the new deadline of May 31. Earlier this year, MooveGuru collaborated with financial security application developer and SBA lender Capital Plus Financial to develop a process that makes it easy and straight forward for independent contractors like real estate agents to benefit from the PPP loan programs that the United States government is making available. This is the second extension of the program under the new federal administration. Capital Plus Financial is an SBA lender who is collaborating with MooveGuru and blueacorn to develop and launch an online website for real estate agents to easily apply for these loans. Paycheck Protection Program or PPP loans cover independent contractors in Real Estate, about 90% of the 1099 agents will qualify for the forgivable government PPP loan. The loan amount is likely to be around $5000 on the low end and up to $20,833 on the high end according to information provided my Capital Plus, blueacorn, and MooveGuru. Approval rates are currently at 90%. The website to share with agents to apply for the loan is mooveguru.blueppp.com To qualify, real estate agents may not have received a loan in the first round of PPP funding and received a commission check in February 2019 as an independent contractor. "When we investigated the new laws and realized that about 80% of the real estate agents in the US could qualify for the PPP, we set out to find the right partner to help make the process easy for any real estate agent or mortgage loan officer to qualify within 15 minutes. Partnering with blueacorn was the perfect match," says Scott Oakley, CEO of MooveGuru. "They already had an entire platform for real estate agents to qualify within minutes and the average agent is getting $12,500 in forgivable PPP loans." About blueacorn blueacorn.co is a financial technology platform catering to overlooked small businesses such as the self-employed, independent contractors, and small businesses located within low-to-medium income (LMI) communities. blueacorn.co has streamlined the origination and processing of Paycheck Protection Program loans - making it easier, faster, and simpler for the small business owner to apply, get funded, and start their loan forgiveness. About MooveGuru In 2016, Roswell, GA based MooveGuru Inc. launched a free mover engagement program to real estate agents and brokers with the idea of connecting home buyers and sellers to convenience and savings on moving services. Using just-in-time delivery through artificial intelligence algorithms, MooveGuru Inc. ensures consumers receive agent-branded savings from national and local retailers, connects all utilities and makes the moving process more streamlined. Today, more than 1,100 brokerages, their agents, and clients are connected to the MooveGuru platform.
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CoStar Group to Acquire Residential Listing Site Homes.com
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Bloomington, Ill., is the Best Market for First-Time Home Buyers
Realtor.com's best markets for homeowner hopefuls offer more affordable homes and job opportunities as well as other millennials and a good mix of amenities SANTA CLARA, Calif., April 8, 2021 -- First-time buyers looking for an affordable home as well as job opportunities and quality of life may have to bypass major urban cities for more rural, secondary cities as the competition heats up for finding a home. In fact, they will have the best luck in Bloomington, Ill., according to realtor.com's 2021 Best Markets for First-Time Home Buyers analysis. With four of the top 10 markets, the Midwest ranks as the best region of the country for first-time home buyers, who according to the National Association of Realtors®, account for nearly one-third of recent buyers. Iowa City, Iowa, ranked No. 2 in this analysis followed by Kalamazoo, Mich.; Great Falls, Mont.; Eau Claire, Wis.; Savannah, Ga.; Schenectady, N.Y.; Taylorville, Utah; Harrisonburg, Va. and Rapid City, S.D. "With 50% fewer homes on the market this year than last, the U.S. housing market is competitive for all buyers. First-time buyers are at a bigger disadvantage since they don't have the funds from a previous home sale to help with their down payment or compete with bidding wars. Our recent survey of potential first-time home buyers confirmed this with 44% indicating they haven't saved enough for a down payment," said realtor.com® Chief Economist Danielle Hale. "While relocating isn't an option for everyone, the pandemic has caused many to rethink their priorities, including where they want to live. This analysis was meant to provide some insight for those who are open to expanding their search as they weigh their homeowner options." To determine the best markets for first-time home buyers, the majority of whom are millennials, many between the ages of 25 and 34, realtor.com® took into account six factors, including housing prices relative to local incomes, the share of 25- to 34-year-olds living in the market, the availability of homes for sale, job opportunities, distance to work and amenities such as bars and restaurants. To achieve geographic diversification, the ranking was limited to one city per state. All of the top 10 best markets have median home prices below the current national median price of $370,000. Kalamazoo, Mich., has the lowest median home price at $155,000 and Taylorsville, Utah, the highest at $350,000. Nine of the 10 top cities are home to at least one four-year college or university, which likely contributes to the fact that their residents tend to skew younger than the country overall. Savannah, Ga., has the largest share of adults aged 25-to-34 at 16.9% of the city's total population. Only Rapid City, S.D., and Harrisonburg, Va., had a lower share of younger adults than the median national average. What these two cities lack in a younger population they make up for in lower unemployment rates, more food and drink establishments per household and a shorter commute to work than the national average. For those looking for more homes to choose from, Schenectady, N.Y., with a median home price of $210,000, tops the list with nearly 18 listings per 1,000 households, Iowa City, Iowa offers 13.3 listings per 1,000 households, followed by Savannah, Ga., at 13.1 listings per 1,000 households. Realtor.com®'s Top 10 Markets for First-Time Home Buyers Methodology: To determine the top first-time home buyer markets, realtor.com® ranked 774 cities with a population of more than 50,000 based on the following criteria: the share of 25- to 34-year-olds in the local population; the availability of inventory, measured by active listings per 1,000 existing households; affordability, estimated by the ratio of listing prices to gross incomes of 25- to 34-year-olds in that city; job opportunities estimated by the unemployment rate of the city's surrounding metro area; the average commute time to work and amenities in an area, estimated by the number of food and drink establishments per 1,000 existing households in the city's surrounding metro area. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Homeownership Remains Affordable for Average Workers Across Majority of U.S. Despite Price Spikes
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Majority of Realtors Self-Initiate Career and Cite Self-Motivation, People and Problem-Solving Skills as Most Important Traits to Success
WASHINGTON (March 30, 2021) -- Three in five residential (62%) and commercial (59%) Realtors selected a real estate career path on their own and a majority of them say self-motivation and good people and problem-solving skills are the most important traits for success, according to a new survey from the National Association of Realtors. NAR's Career Choices in Real Estate: Through the Lens of Gender, Race and Sexual Orientation report examined why members entered real estate, the skills most important for success, the typical number of transactions, sales volume and income. The report analyzed differences by gender, race, sexual orientation and real estate specialty – residential, commercial or both. "Realtors® from all walks of life share the common purpose of making a positive difference in communities across the country and delivering excellent service to their clients," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "As trusted advocates for consumers, our members bring valuable insight and expertise to all aspects of residential and commercial real estate transactions." Interest in Real Estate Members working exclusively in commercial real estate are more likely (26%) than residential members (16%) to have had a professional connection that helped them enter the industry. Residential members (26%), however, were twice as likely as commercial members (13%) to have been referred by a friend. Commercial members are more attracted to real estate because it's an entrepreneurial field when compared to residential members (52% vs. 47%). Three in four (76%) residential members are attracted by the flexible work hours and three in five (59%) are attracted by working with people. Income Among members working exclusively in residential real estate, the median gross personal income was $35,700 for men and $33,500 for women. By race and ethnic group, White/Caucasian members had the highest median gross personal income of $49,400, followed by Asian/Pacific Islander ($27,400), Hispanic/Latino ($26,600) and Black/African-American members ($16,700). White/Caucasian members were both the most likely (76%) to say that real estate is their only career and the least likely to say that they have another source of income (24%). Conversely, Black/African-American members made up the largest share of Realtors® who had another job outside of real estate (50%) and the smallest share of Realtors® who listed real estate as their only source of income (51%). "Understanding income and transaction differences among races, genders, and sexual orientation is step one, but the next step is learning why there are differences," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "For some, income may be lower as the typical home price in a neighborhood is lower, for others they may work only part-time and others may be new to the profession and have no ownership in the firm." Commercial specialists had a median gross personal income from real estate of $150,300, compared to $34,100 for residential specialists and $73,000 for dual specialists. The median income, however, does not capture the income distribution. As a testament to the highly entrepreneurial and competitive nature of the business, 66% of commercial Realtors® and 21% of residential Realtors® earned more than $100,000 in gross personal income in 2020. Race and Ethnicity At 10 years, the median tenure in residential real estate for White/Caucasian members was at least twice that of Asian/Pacific Islander (five years), Black/African-American (four years) and Hispanic/Latino members (four years). The median number of residential transactions in 2020 for White/Caucasian members was seven, more than double the median number of residential transactions for Hispanic/Latino (three), Black/African-American (two) and Asian/Pacific Islander (two) members. White/Caucasian members reported the highest median residential sales volume in 2020 at $1,998,000, followed by Asian/Pacific Islander ($1,017,000), Hispanic/Latino ($766,500) and Black/African-American members ($474,500). Hispanic/Latino and White/Caucasian members – 56% and 55%, respectively – are more likely to work in the suburbs. The largest shares of members who work in small towns (18%) and rural areas (8%) are Asian/Pacific Islander. Black/African-American members – 37% – are the most likely to work in urban areas or cities. Regarding difficulties in the first year of a residential real estate career, Black/African-American members were the most likely – 41% – to report having to work another job as a challenge. Asian/Pacific Islander members were the most likely to cite finding clients (77%) and getting the proper training and education (27%) as obstacles within their first year. Nearly a quarter of Hispanic/Latino members (24%) and one in five Asian/Pacific Islander members (20%) started their careers in real estate. Black/African-American members were the most likely to report real estate as a second career path (54%). Sexual Orientation LGBTQ+ members were more likely to work in an urban area or city (42%) compared to straight/heterosexual members (27%), but less likely to work in the suburbs (39% vs. 50%) and small towns (9% vs. 14%). LGBTQ+ members were also more likely to be attracted to real estate because of interest in the field (69% vs. 63%) and the love of homes and homeownership (59% vs. 52%). Larger shares of LGBTQ+ members than straight/heterosexual members said that problem-solving skills (81% vs. 75%), superior communication capabilities (76% vs. 66%), and sales and marketing acumen (54% vs. 47%) are needed to succeed in residential real estate. The median number of residential transactions and sales volumes in 2020 was five and $1,622,200, respectively, for LGBTQ+ members and four and $1,303,300 for straight/heterosexual members. Among members working exclusively in residential real estate, the median gross personal income was $38,800 for LGBTQ+ members and $34,100 for straight/heterosexual members. Survey Methodology In February 2021, NAR sent a survey to 208,000 members. A sample of 18,209 members responded to the survey. It should be noted that to gather the sample of members, oversamples for each area were collected. As such, the overall shares of members are not representative of NAR membership overall. However, the experiences, business practices and business experience of each individual group is representative of that group. The confidence interval at a 95 percent level of confidence is +/-0.72 percent based on a population of 1.4 million members. View NAR's Career Choices in Real Estate report here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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The American Dream is the No. 1 Reason Why Millennials Want to Buy a Home
Not having enough money for down payment is holding 44% of first-timers back SANTA CLARA, Calif., March 25, 2021 -- Homeownership is very much a part of the American Dream, even for millennials, long considered "the rent generation," a new realtor.com survey finds. However, rising prices and a shortage of available homes for sale is making it more difficult for people to achieve their goal. The realtor.com HarrisX survey of more than 800 prospective homebuyers who plan to purchase their first home in 2021 sheds light on the aspirations and challenges facing those who are embarking on one of life's biggest financial decisions. "Americans, even millennials who many thought would never buy, have a strong preference for homeownership for the same reasons many generations before them have -- to invest in a place of their own and in their communities, and to build a solid financial foundation for themselves and their families," said realtor.com® Senior Economist George Ratiu. "However, today's first-time homebuyers face unprecedented challenges brought on by a lack of available homes for sale and double-digit price growth. They are resilient though, with many in the market searching for their home for more than a year." The survey found 43% of those queried have been searching for their home for more than a year. One-third (33%) of the respondents have been in the market between six and 12 months, an indication that buying a home in today's market is not easy. Approximately one in seven -- 14% -- have been searching for three to six months and 10% just entered the market in the last three months. I want to be a homeowner and build equity Long considered an important fabric of the American Dream, becoming a homeowner remains the No. 1 reason this year's first-time homebuyers are in the market. Three of the top four responses centered on the financial benefits of owning a home. When asked, "Why are you planning to buy a home?" The top response, at 59%, was "I want to be a homeowner". "I want to live in a space that I can invest in improving" ranked second at 33%, followed by the "need for more space" at 31% and "I want to build equity" at 22%. Homeownership ranked as the top choice across all generations surveyed -- Gen X and older (40+) at 68%, millennials (aged 24-39) at 62% and Gen Z (18-23) at 45%. Millennials ranked the need for more space second among their reasons for buying a home, while Gen X and Gen Z both cited being able to invest in a property at 34%. A needle in a haystack When asked why they have yet to purchase a home, 44% responded that they don't have enough for a down payment and 34% stated that they haven't been able to find a home within their budget. This points to affordability and lack of homes on the market as significant challenges facing first-time homebuyers, especially this year when inventory is at an all-time low and listing prices have been growing at double digits for more than six months. Millennials -- many of whom have been saddled with student loans -- are struggling the most to save, with 47% responding that the biggest obstacle to finding a home has been coming up with money for a down payment. This also was true for 44% of Gen X and 38% of Gen Z respondents. Millennials also are having the hardest time finding a home within their budget at 37%, followed by 33% for Gen X and 30% for Gen Z. Location, quiet location... The old adage when it comes to real estate is it's all about location, and this year's first-time buyers reinforced that. At 38%, location ranked as the top feature potential homebuyers are looking for, followed by a quiet location at 33%, a large backyard at 32% and a garage at 29%. Gen Z ranked location as their No. 1 choice at 37%, followed by garage at 35% and updated kitchen at 26%. Quiet location and large backyard tied for fourth with the youngest cohort of buyers at 25%. For millennials, location tops the list at 40%, followed by a large backyard at 37% and quiet location at 32%. Potential buyers aged 40 and over are looking for a quiet location (43%), location (35%) and a good community/neighbors (33%). Despite the popularity of reality home improvement shows, only 11% of this year's first-time homebuyers say they are willing to take on a fixer-upper with 43% indicating they want a move-in ready home. The remaining 46% said they would be willing to take on some repairs. Searching online, saving are important first steps When asked what they did first when they decided to purchase a home this year, 29% said they started searching online with nearly a third checking listings at least once a day, if not more. Finances are top of mind for many first-time homebuyers with nearly a quarter (24%) responding that they began saving money and changed their spending habits, while 20% figured out their budget. The most common way to save is setting aside a certain amount from each paycheck (50%), while 45% said they also cut out discretionary expenses, such as gym memberships and eating out for lunch. Twenty-nine percent put away lump sums from annual bonuses, tax returns and gifts. With a majority of respondents having been in the market since last spring, they are fully aware of the competition they are facing. Fifty-three percent expect a lot or some competition with one in five first-time homebuyers expecting a lot of competition. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 830 adults. The survey was carried out online. The figures are representative of all U.S. adults (aged 18+) who were identified as likely first-time buyers. The sampling margin of error of the survey was +/- 3.6 percentage points. Results were weighted for age, gender, region, race/ethnicity and income where necessary to align them with their actual proportions in the population. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Millennials Dominate Buying Market, Generation Z Now Active Buyers, Says NAR Report
WASHINGTON (March 16, 2020) -- The popularity of multigenerational homes increased over the last year, as a rising number of homebuyers purchased larger residences compared to prior years, including millennials who continue to make up the largest share of homebuyers at 37%. This finding is revealed in the National Association of Realtors®' most recent study on the characteristics of homebuyers, the 2021 Home Buyers and Sellers Generational Trends report.1 Millennials have been the largest share of buyers since NAR's 2014 report. The most recent data shows that 82% of younger millennials and 48% of older millennials were first-time homebuyers, more than other age groups. According to the study, during the last year, 18% of homebuyers between the ages of 41 to 65 purchased a multigenerational home – a home that will house adult siblings, adult children, parents or grandparents. "There are a variety of reasons why large families and extended families are opting to live together, one of which is that it's a great way to save money," said Jessica Lautz, NAR's vice president of demographics and behavioral insights. "Also, in light of the pandemic, many grandparents and older relatives found that being under a single roof – quarantining with family rather than away – worked out better for them." Homebuyers ages 75 to 95 were the second most likely to purchase a multigenerational home, and were most likely to purchase senior-related housing, at 27%. With inventory levels being alarmingly low in recent years and even dropping to record-low levels last year, a number of would-be homebuyers consequently had difficulties finding adequate housing options. Nearly six in 10 homebuyers between the ages of 22 to 40 said just finding the right property was the most challenging step in the buying process. More than half of all homebuyers (53%) cited finding the right property as the most difficult step. Twenty-eight percent of homebuyers between the ages of 22 to 30 – those who make up younger millennial buyers – lived with parents, relatives or friends before purchasing. This is higher than any other generation. Living with family first tends to allow flexibility toward saving for a downpayment and finding a home, given the low housing inventory. Twenty percent of homebuyers between the ages of 22 to 30 were unmarried, a decline from 21% from a year ago. Additionally, 22% of homebuyers between the ages of 66 and 74 were single women. "Single women remain a large buying force," said Lautz. "A number of divorced women and those who were recently widowed purchased a home without the help of a spouse or roommate." In terms of buyer characteristics, 19% of older boomers – buyers between the ages of 66 and 74 – and 18% of Generation Xers – buyers ages 41 to 55 – were most likely to purchase a new home to prevent having to do renovations or avoid plumbing or electricity problems, and these buyers prioritized having the ability to choose and customize design features. Seventeen percent of buyers who are part of the silent generation – those between the ages of 75 to 95 – purchased newly-built homes. These buyers were least likely to compromise in their home search and least likely to purchase a detached single-family home. As is always the case in real estate, location proved to be an important component among buyers. Fifty-four percent of homes purchased by homebuyers ages 31 to 40 – older millennials – were located in a suburb or subdivision. Out of this age group, 69% said the quality of the neighborhood influenced their neighborhood selection. That sentiment was shared by buyers ages 22 to 30 to the tune of 65%. However, an even stronger factor among this 22-to-30 age bracket was "convenience to workplace," as 74% cited that when deciding on a neighborhood, proximity to where they worked was imperative. "The younger millennials overwhelmingly answered that they prefer to live closer to work, as many don't want a long commute and this was evident in their buying habits," said Lautz. "Additionally, both of these groups also placed a high value on being close to family and friends as 57% said that dynamic factored into what neighborhood they ultimately chose." Lautz added that older boomers and those in the silent generation were similarly heavily influenced by a desire to be close to family and friends. Forty-seven percent of both generations cited this as a factor in neighborhood selection. Older boomers (35%) and the silent generation (36%) also valued their neighborhood being close to areas in which they could shop, and both groups (28% and 31%, respectively) stated that proximity or convenience to a health care facility was an influential factor in choosing a neighborhood. Among all sellers, the most commonly cited reason for wanting to sell their residence was a desire to move closer to friends and family (15%), followed by the home being too small (14%) and a change in family situation (12%). In the midst of the pandemic, the usefulness of virtual tours skyrocketed, especially among 22- to 40-year-old buyers. "Homebuying aside, this segment of the population was already accustomed to doing research online," said Lautz. "So, to see them really embrace virtual tours and virtual open houses was a given, nonetheless, real estate agents are the top information source, and the data shows these buyers ultimately used agents to purchase a home." Out of all buyers, 88% cited a real estate agent as an information source they used during their home search, but that share rises to 91% among younger millennial buyers ages 22 to 30. Two percent of all buyers and sellers were from Generation Z. "Buyers used all tools available to them – whether it be a mobile device, yard sign or an online video – but at some point, nearly all buyers turned to an experienced agent to assist with the transaction," said Lautz. "This is especially true among younger millennial consumers as they are likely first-time buyers and need help navigating the market and all steps involved in the process." Buyers from all generations – more than half (51%) – primarily wanted their agent's help to find the right home to buy. Homebuyers also called on agents to help with brokering the terms of their sale and to aid with price negotiations. According to the NAR report, the oldest and youngest age groups, those 66 and older, as well as those ages 22 to 30, were more likely to want their agent's assistance with paperwork. In terms of selling and consistent across all age groups, nine in 10 home sellers worked with an agent to sell their home. "Realtors® continue to be an integral part of both the homebuying and the home selling process," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "Buyers and sellers should understand that we can assist with every part of the real estate transaction, from finding or listing a property, securing a loan and sorting through the exhaustive paperwork." The largest share of all home sellers were baby boomers, at 43%. Sellers aged 55 and younger often upgraded to a larger and more expensive home while staying relatively close to their prior home. Sellers 56-years and older regularly purchased a similarly-sized home, but less expensive than the home they sold by moving farther. Overall, sellers stayed in their previous home for a median of 10 years before selling, with a median of six years among sellers ages 31 to 40, and a median of 16 years among sellers 66 and older. Recently sold homes were generally on the market for a median of three weeks. Lautz explained that homes moved off the market so quickly because of the ongoing home inventory shortage. The limited supply of houses for sale also contributed to sellers being able to recoup so much on their transactions, according to Lautz. Sellers made a median of $66,000 in equity from their sale. Methodology NAR mailed a 131-question survey in July 2020 using a random sample weighted to be representative of sales on a geographic basis to 132,550 recent homebuyers. Respondents had the option to complete the survey via hard copy or online; the online survey was available in English and Spanish. A total of 8,212 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 6.2%. The sample at the 95% confidence level has a confidence interval of plus-or-minus 1.08%. The recent homebuyers had to have purchased a primary residence home between July 2019 and June 2020. All information is characteristic of the 12-month period ending July 2020 with the exception of income data, which are for 2019. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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REALM and Aidentified Integration Drives the Future of Luxury Real Estate through Technology and Innovation
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Real Estate Agents Eligible for PPP Loans Until March 31
ROSWELL, Ga., March 11, 2021 -- MooveGuru, the real estate industry's most extensive moving concierge service, today announced that they have partnered with Blueacorn to give independent contractors the ability to apply for the federal Paycheck Protection Program loan program through Capital Plus Financial. The second wave of federal loan funding to small businesses includes $250 billion earmarked to small businesses. As of right now, about $128 billion of that money is still available. Last week, the federal government extended the benefit to independent contractors including real estate agents. This program expires on March 31 unless there is an extension. Capital Plus Financial, a certified Community Development Financial Institution (CDFI), SBA PPP lender and subsidiary of Crossroads Systems, Inc., is collaborating with MooveGuru and Blueacorn to develop and launch an online website for real estate agents to easily apply for these loans. Paycheck Protection Program or PPP loans cover independent contractors in Real Estate, about 90% of the 1099 agents will qualify for the forgivable government PPP loan. The loan amount is likely to be around $5,000 on the low end and up to $20,833 on the high end, according to information provided by Capital Plus, Blueacorn, and MooveGuru. Approval rates are currently at 90%. The website to share with agents to apply for the loan is https://mooveguru.blueppp.com. To qualify, real estate agents may not have received a loan in the first round of PPP funding and received a commission check in February 2019 as an independent contractor. "When we investigated the new laws and realized that about 80% of the real estate agents in the U.S. could qualify for the PPP, we set out to find the right partner to help make the process easy for any real estate agent or mortgage loan officer to qualify within 15 minutes. Partnering with Blueacorn was the perfect match," says Scott Oakley, CEO of MooveGuru. "They already had an entire platform for real estate agents to qualify within minutes, and the average agent is getting $12,500 in forgivable PPP loans." About Blueacorn Blueacorn.co is a financial technology platform catering to overlooked small businesses such as the self-employed, independent contractors, and small businesses located within low-to-medium income (LMI) communities. Blueacorn.co has streamlined the origination and processing of Paycheck Protection Program loans - making it easier, faster, and simpler for the small business owner to apply, get funded, and start their loan forgiveness. About MooveGuru In 2016, Roswell, GA-based MooveGuru Inc. launched a free mover engagement program to real estate agents and brokers with the idea of connecting home buyers and sellers to convenience and savings on moving services. Using just-in-time delivery through artificial intelligence algorithms, MooveGuru Inc. ensures consumers receive agent-branded savings from national and local retailers, connects all utilities and makes the moving process more streamlined. Today, more than 1,100 brokerages, their agents, and clients are connected to the MooveGuru platform. About Crossroads Systems Crossroads Systems, Inc. is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads' subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp, which supports Hispanic homeownership with a long-term, fixed-rate single-family mortgage product.
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Matterport Partnership with roOomy Accelerates Real Estate Transactions, Opens Up New Revenue Opportunities for Retailers
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BoomTown Selected for Facebook's Real Estate Top Provider Initiative
Initiative aims to help the real estate industry identify solutions that offer the best-in-class tools to optimize their marketing efforts and grow their business via Facebook and Instagram CHARLESTON, S.C., March 11, 2021 -- BoomTown, the leading sales and marketing platform for real estate professionals, is excited to announce an extension of their partnership with Facebook as part of the company's Real Estate Top Providers Initiative. As more options flood the market for real estate advertising support, Facebook developed the initiative to highlight a trusted network of partners that have adopted the best practices for real estate advertising over the years, and demonstrated a proven track record of accountability and client success. The Top Providers Initiative is a new effort to help agents, brokers, and property management companies confidently choose a partner to aid in their real estate advertising efforts through Facebook and Instagram. BoomTown's social media marketing tools provide clients with the opportunity to run sophisticated marketing campaigns with minimum effort, their solutions are built in close partnership with Facebook, and they are proven to drive business growth for real estate agents and brokers. "We have enjoyed working closely with Facebook to develop our advertising tools and services, and appreciate the validation and clarity this initiative provides to an industry that is overwhelmed with solutions that often don't deliver the ROI," said Grier Allen, CEO & President of BoomTown. "Our clients have seen incredible success advertising in partnership with our digital marketing team and our Marketing Central self-service advertising portal, and we continue to see opportunity and huge growth potential in helping our clients target consumers on social media, engage with them where they spend their time, and drive more conversions." BoomTown's Digital Marketing Team consists of search, social, engineering, and digital strategy experts, exclusively dedicated to real estate industry advertising. Through their internally developed tools, diversified advertising strategies, and relationships with Facebook and Google, the company is able to secure the most leads in their clients' target markets within a prescribed budget. BoomTown's Marketing Central allows clients to generate more leads and listing opportunities through a self-serve advertising portal. Marketing Central offers clients the ability to: Build advertising campaigns through Instagram and Facebook to highlight active listings, promote open houses, and showcase successfully sold properties. Create custom video and image ads to promote content other than listings to generate additional traffic to their websites. Create dynamic ads to re-engage leads and visitors with listings that the individual would be most interested in, and prove value to seller clients by showing how many prospects have viewed a listing on their site, as well as on Facebook About BoomTown BoomTown exists to make real estate agents successful. 40k+ 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 coaching services from peers who have catapulted their growth with the system, 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. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA and San Francisco, CA. For more about BoomTown visit boomtownroi.com.
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More than 200,000 New Listings Are Missing from U.S. Housing Market, According to Realtor.com February Housing Report
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Planitar Heats Up Competition in 3D Virtual Tour Space with Its New iGUIDE PLANIX Camera System
Kitchener, ON, March 1, 2021 -- Planitar Inc., makers of the iGUIDE camera system and space mapping technology, today announced the launch of iGUIDE PLANIX, their latest camera system to scan property interiors. iGUIDE PLANIX is the first-ever mapping camera that can scan an average-sized property in less than 15 minutes to produce an accurate floor plan, immersive 3D tour, high-quality property images, and reliable measurements. iGUIDE PLANIX uses a time-of-flight laser scanner and an integrated 360 camera to enable a much faster data acquisition rate. "Planitar has always aimed to provide leading-edge technology solutions when it comes to mapping property interiors. We are extremely thrilled and proud to reach another milestone in our journey with the launch of iGUIDE PLANIX. This next generation system has a much longer measurement range, scans faster, is lighter and easier to use than ever before. It will be the most optimal and practical tool for many applications in residential and commercial real estate, providing floor area measurements that meet and exceed industry's accuracy requirements," said Alexander Likholyot, CEO and Co-founder of Planitar Inc. Planitar first launched commercially its 3D tour camera technology in 2013, and since then has successfully expanded its customer base across North America, and most recently, in other parts of the world as well. A name synonymous with accuracy, quality, and efficiency, iGUIDE is a popular choice amongst real estate photographers and professionals as they see it as a complete marketing solution for property listings. According to Michael Vervena, VP Sales & Marketing for Planitar, "Today, home buyers and sellers are looking for 3D virtual tour solutions that provide them with the true picture of a property, that are convenient, and also safe. And, with the iGUIDE technology, we are able to meet all those requirements. It provides everything that buyers want to see online – walkthrough 3D tour experience, interactive floor plan, easy navigation, accurate measurements as per the various standards in place. For the seller, it is convenient and safe as they don't have to worry about frequent open houses or strangers visiting their home." The new iGUIDE PLANIX camera system will be priced at US$2,199 and is expected to be commercially available on April 5th 2021. It can be pre-ordered at a promotional price of US$1,999 starting March 1st. About Planitar Inc. Founded in 2013 in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera system and software platform for connecting people with essential property information. iGUIDE is the most efficient system for mapping interior spaces that features immersive 3D tours, accurate floor plans, room dimensions, and reliable property square footage calculations. By integrating floor plans and 360° imagery, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments.
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Buyers Carry Momentum Into 2021, Led By a Record Number of Home Tours In Austin, Boulder, Denver and Seattle Per Data from ShowingTime
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Home Price Increases in Opportunity Zone Redevelopment Areas Keeping Pace with Nationwide Gains
Median Prices Rise Annually in Fourth Quarter of 2020 in Three-Quarters of Opportunity Zones; Median Values Jump At Least 10 Percent in Almost Two-Thirds of Zones; Prices Go Up at Roughly the Same Pace as Increases Outside of Zones IRVINE, Calif. - Feb. 18, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its fourth-quarter 2020 special report analyzing qualified low-income Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017 (see full methodology below). In this report, ATTOM looked at 3,588 zones around the United States with sufficient sales data to analyze, meaning they had at least five home sales in the fourth quarter of 2020. The report found that median home prices increased from the fourth quarter of 2019 to the fourth quarter of 2020 in 77 percent of Opportunity Zones with sufficient data and rose by more than 10 percent in nearly two-thirds of them. Those percentages were roughly the same as in areas of the U.S. outside of Opportunity Zones. With prices remaining well below average in most Opportunity Zones, about 38 percent of the zones with enough data to analyze still had median prices of less than $150,000 in the fourth quarter of 2020. However, that was down from 46 percent a year earlier as prices inside some of the nation's poorest communities rolled ahead with broader market, defying troubles flowing from the 2020 Coronavirus pandemic that slowed or idled significant sectors of the U.S. economy. The pandemic's impact generally has hit hardest in lower-income communities that comprise most of the zones targeted for tax breaks designed to spur economic redevelopment. Housing markets inside Opportunity Zones continued to benefit from the nation's nine-year price boom. Opportunity Zones are defined in the Tax Act legislation as census tracts in or along side low-income neighborhoods that met various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas with 1,200 to 8,000 residents, with an average of about 4,000 people. "The country's long run of home-price increases continues to leave no part of the housing market untouched, boosting fortunes from the wealthiest to the poorest parts of the United States. The latest evidence is the fourth-quarter 2020 data showing prices going up in Opportunity Zone neighborhoods at around the same rate, and sometimes more, than in more well-off communities," said Todd Teta, chief product officer with ATTOM Data Solutions. "No doubt, prices remain substantially lower in Opportunity Zones, but the fact that they often rose by double-digit percentages in Q4 is significant. Not only does it show market strength, but it also suggests that many distressed communities are ripe for the redevelopment that the Opportunity Zone tax breaks are designed to promote." High-level findings from the report include: Median prices of single-family homes and condos rose from the fourth quarter of 2019 to the fourth quarter of 2020 in 77 percent of Opportunity Zones with sufficient data to analyze and increased in 58 percent of the zones from the third to the fourth quarters of 2020. By comparison, median prices rose annually in 79 percent of census tracts outside of Opportunity Zones and quarterly in 58 percent of them. (Of the 3,588 Opportunity Zones included in the report, 3,183 had enough data to generate usable median prices in the fourth quarters of both 2019 and 2020; 3,179 had enough data to make comparisons between the third and fourth quarters of 2020). Measured year over year, median home prices rose more than 10 percent in the fourth quarter of 2020 in 1,945 (61 percent) of Opportunity Zones with sufficient data to analyze. That price increase occurred in 56 percent of other census tracts throughout the country with sufficient data. A wider gap emerged when looking at areas where prices rose at least 25 percent from the fourth quarter of 2019 to the fourth quarter of 2020. Measured year over year, median home prices rose by that level in 1,098 (34 percent) of Opportunity Zones and 24 percent of census tracts elsewhere in the country. States with the largest percentage of zones with median prices that rose, year over year, during the fourth quarter of 2020 included Utah (median prices up, year over year, in 89 percent of zones), Oregon (86 percent), Washington (85 percent), Arizona (85 percent) and Connecticut (84 percent). Of all 3,588 zones in the report, 1,356 (38 percent) had a median price in the fourth quarter of 2020 that was less than $150,000 and 598 (17 percent) had medians ranging from $150,000 to $199,999. The total percentage of zones with typical values below $200,000 was down from 64 percent in the fourth quarter of 2019. Median values in the fourth quarter of 2020 ranged from $200,000 to $299,999 in 837 Opportunity Zones (23 percent) while they were at least $300,000 in 797 (22 percent). The Midwest continued to have the highest portion of Opportunity Zone tracts with a median home price of less than $150,000 (59 percent), followed by the South (49 percent), the Northeast (40 percent) and the West (6 percent). Median household incomes in 89 percent of Opportunity Zones were less than the medians in the counties where they were located. Median incomes were less than three-quarters of county level figures in 59 percent of zones and were less than half in 16 percent. Report methodology The ATTOM Data Solutions Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM Data Solutions compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the fourth quarter of 2020. Median household income data for tracts and counties comes from surveys taken by the U.S. Census Bureau (www.census.gov) from 2015 through 2019. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Goodbye City Life: Rising Rents Match Homebuying Hotspots
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NAR's "That's Who We R" Advertising Campaign Highlights How Realtors Open Doors to Opportunity for Their Clients and the Communities They Serve
WASHINGTON (February 16, 2021) – The National Association of Realtors unveiled today the newest iteration of its successful "That's Who We R" national branding campaign. Created in partnership with Havas Chicago, the series of television spots emphasize the positive impact Realtors have on their clients and the communities they serve. The campaign advances NAR's advertising strategy to further distinguish Realtors – members of the National Association of Realtors and guided by the association's Code of Ethics – from non-member agents and listing apps. "Realtors® combine trusted expertise and professionalism with a commitment to service to make a difference in their communities," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "These ads highlight the value Realtors® bring to the transaction and beyond, and show the trusted partnership they have with their clients to make property ownership a reality." In the new spots, doors serve as a framework and catalyst for realistic stories of human partnership that help unlock future possibilities, rooted in property transactions. The new commercials use an exciting visual technique that provides consumers a peek into a future state where clients are seen living their dreams of buying a home or running a business. Consumers will relate to the human relationships between the Realtor® and their clients, and perhaps even recollect their own "a-ha moment" of when they viewed a property and envisioned a better life for themselves, their family or their business. Attention-grabbing visuals work together with breakthrough scripts to reinforce the value Realtors® bring, as well as the lifestyle benefits and emotions that property ownership can unlock. "Through this work, it was crucial to bring human, emotional storytelling to life through the journey that home buyers and small business owners have with their Realtor®," said John Norman, chief creative officer at Havas Chicago. "The insight is cleverly brought on screen through a time trick technique and distinct narratives that help visualize dreams of buying a home or starting a business. It really puts the buyer in the center of the story." The TV campaign will launch both 15- and 30-second versions, with creative extensions into various media touchpoints, including streaming and terrestrial audio, social media and branded content partnerships. In addition to paid media, NAR will once again launch a full suite of new campaign assets for its members and Realtor® associations to leverage locally. The five "That's Who We R" TV spots feature four storylines, including "Family," "Game Night," "Hair Salon" and "Food Bank": Family (30 seconds) Game Night (15 seconds) Hair Salon (15 seconds) Food Bank (30 seconds) Food Bank (15 seconds) Visit ThatsWhoWeR.realtor for more information on NAR's "That's Who We R" national advertising campaign. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. About Havas Chicago Havas Chicago is committed to building meaningful American brands through craft and culture. The agency brings an unmatched understanding of emerging consumers' mindsets and behaviors, and a passion for embracing tomorrow's trends shaping business and pop culture. Part of Havas Group, a leading integrated marketing communications agency and the first to be named Global Agency of the Year by both Advertising Age and Campaign in the same year, Havas Chicago fuses an independent spirit with global scale to support the network's mission to be the world's best company at creating meaningful connections between people and brands through creativity, media and innovation. Learn more on the website. About Havas Media Group Havas Media Group (HMG) is the media experience agency. HMG delivers this brand promise through the Mx system, where meaningful media helps build more meaningful brands. HMG is part of the Havas Group, owned by Vivendi, one of the world's largest integrated content, media and communications groups. HMG also consists of two global media networks: Havas Media and Arena Media. The media experience agencies are home to more than 10,000 specialists across 150 countries worldwide, with 62 Villages. Global clients include Hyundai Kia, Puma, TripAdvisor, Michelin, Telefónica, Swarovski, Reckitt Benckiser, among many others.
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Buyers on Notice: Act Quickly and Be Prepared to Pay Up, According to Realtor.com January Housing Report
2021 kicks off with record low inventory and rising home prices, foreshadowing a competitive home-buying season SANTA CLARA, Calif., Feb. 4, 2021 -- If January provides any insight into what to expect this spring, home shoppers are in for another fiercely competitive home-buying season with record low inventory pushing prices higher and homes selling more quickly, according to the realtor.com® Monthly Housing Trends Report released today, which shows buyers returning to the market in earnest at the start of the year. "Demand for housing was already strong coming into the year and we don't see that slowing down with millennials reaching prime home-buying age, and many remote workers still in the market for more space," said realtor.com® Chief Economist Danielle Hale. "At the same time, sellers failed to materialize in January, which has pushed the number of homes for sale to new lows and suggests that our new normal of rising prices and brisk sales is here to stay at least through the first half of the year. Those thinking of getting into the market this spring should brace themselves for a competitive season, especially in the market for existing homes." Strong buyer demand and a lack of sellers push inventory to new lows The number of homes for sale in the U.S. in January was down 42.6% year-over-year, a new low that translated into 443,000 fewer homes for sale compared to the same time a year ago. Active listings also fell below 600,000 for the first time since realtor.com® began tracking the metric in 2012. Despite an uptick in sellers toward the end of December, newly listed homes were down 23.2% nationally year-over-year in January. This is a marked contrast from single-family construction trends for new homes which have seen 20% or greater year-over-year increases in both starts and permits in each of the last four months. Housing inventory in the 50 largest U.S. metros overall declined by 41.8% over last year in January, up from December's 38.6% decline. New listings in the 50 largest U.S. metros were down 17.3% year-over-year with Cleveland, Jacksonville, Fla. and Memphis, Tenn. registering the largest drops at 37.1%, 36.9% and 32.6%, respectively. Of the 50 largest metros, two Northern California markets -- San Jose and San Francisco -- and Denver saw an increase in the number of newly listed homes at 24.8%,14.4%, and 1.8%, respectively. Homes sell fast with Virginia Beach, Va., Sacramento and Birmingham, Ala., leading the decline in days on market The typical U.S. home spent 76 days on the market in January, 10 days less than last year. The decline in days on market slowed compared to December 2020, when homes sold 13 days more quickly than the previous year. In the 50 largest U.S. metros, the typical home spent 60 days on the market -- 12 days less on average, compared to January 2020. Homes saw the greatest decline in time spent on the market in Virginia Beach (-27 days); Sacramento (-24 days), and Birmingham, Ala. (-22 days). Only two markets -- New York (+11 days) and Miami (+5 days) -- saw time on market increase compared to the previous year. Home listing prices continue to go up, up, up The median national home listing price grew by 15.4% over last year to $346,000 in January, higher than December's growth rate of 13.4%. The nation's median listing price per square foot was up 17.5% in January compared to last year. Listing prices in the nation's 50 largest metros grew by an average of 10.9% from a year ago with listing prices increasing the most -- 16.8% -- in the Northeast. Prices jumped 12.3% in the West, 10.4% in the Midwest and 8.0% in the South year-over-year. At the metro level, Austin, Texas, (+30.2%), Rochester, N.Y., (25.9%), and Los Angeles (+22.4%) posted the highest year-over-year median list price growth in January. Miami (-3.2%), and Minneapolis (-0.4%) were the only top 50 metros to see listing prices decline year-over-year in January. Metros With the Largest Decline in Active Listings *Some data for Pittsburgh, Seattle and San Diego has been excluded due to data quality. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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U.S. Home Seller Profits Soar in 2020 as Prices Set New Records in Spite of Coronavirus Pandemic
Profits on Home Sales Increase in Nine of Every 10 Housing Markets in 2020; National Median Home Price Up 13 Percent From Last Year to $266,250; Homeowners Now Staying In Their Homes More Than Eight Years Before Selling IRVINE, Calif. -- Jan. 28, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its Year-End 2020 U.S. Home Sales Report, which shows that home sellers nationwide in 2020 realized a home-price gain of $68,843 on the typical sale, up from $53,700 in 2019 and $48,500 two years ago. Profits rose in more than 90 percent of housing markets with enough data to analyze and the latest figure, based on median purchase and resale prices, marked the highest level in the United States since at least 2005. The $68,843 profit on median priced single-family homes and condos represented a 34.7 percent return on investment compared to the original purchase price, up from 29.4 percent last year and 27.2 percent in 2018, to the highest average home-seller return on investment since 2006. Both raw profits and ROI have improved nationwide for nine straight years. And last year's gain in ROI – up more than five percentage points – marked the largest annual increase since 2017. Profits shot up as the national median home price rose 12.8 percent in 2020 to $266,250 – a record high. The combination of rising profits and record prices came during a year when the national housing market fended off damage that afflicted wide swaths of the U.S. economy after the Coronavirus pandemic of 2020 began spreading across the country in February. Unemployment rose to levels not seen since the Great Depression as millions of businesses temporarily or permanently closed or cut back. But a housing market boom that began in 2012 continued into its ninth year as a spate of buyers relatively unaffected financially by the pandemic – including a cluster looking to escape virus-prone urban areas – chased a declining supply of houses and pushed prices ever higher. "Last year marked a unique year in the history of home prices and profits in the United States. A once-in-a-century health crisis tore through much of the nation's economy but seemed to have the opposite effect on the housing market," said Todd Teta, chief product officer at ATTOM Data Solutions. "Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market. But they went after a narrowing supply of housing stock, so prices soared and so did seller profits. While it's unclear how long that will last, in the annals of history, there will be few years recorded as better for sellers and more challenging for buyers." Among 132 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western states continued to reap the highest returns on investment, with concentrations on or near the West Coast. The top 10 metro areas with the highest ROIs on typical home sales were all in the West, led by in San Jose, CA (87.3 percent return on investments); Seattle, WA (72.1 percent); Salem, OR (69.6 percent); Spokane, WA (69.2 percent) and San Francisco, CA (68.2 percent). Prices rise at least 10 percent in more than half the country as most markets hit new highs The U.S. median home price increased 12.8 percent in 2020, hitting an all-time annual high of $266,250. The annual home-price appreciation in 2020 outpaced the combined increases of 4.4 percent in 2019 and the 4.8 percent increase in 2018. The increase in 2020 topped all annual gains since at least 2006 in the United States. Since the U.S. housing market began recovering in 2012 from the Great Recession of the late 2000s, the national median home price has risen 72.3 percent. All 132 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data saw median prices increase in 2020, while 69 saw prices spike at least 10 percent. Those with the biggest year-over-year increases in median home prices were Bridgeport, CT (up 21.4 percent); Myrtle Beach, SC (up 20.5 percent); Crestview-Fort Walton Beach, FL (up 19.6 percent); Boise, ID (up 18.7 percent) and Hilton Head, SC (up 18.3 percent). The largest median-price increases in metro areas with a population of at least 1 million in 2020 came in Milwaukee, WI (up 15.3 percent); Memphis, TN (up 15.1 percent); Phoenix, AZ (up 14.9 percent); Birmingham, AL (up 13.7 percent) and Seattle, WA (up 12.9 percent). Home prices in 2020 reached new peaks in 129 of the 132 metros (97 percent) analyzed, including New York, NY; Los Angeles, CA; Chicago, IL; Dallas, TX and Houston, TX. The smallest gains among the 132 metro areas were in Worcester, MA (up 1.9 percent); Harrisburg, PA (up 2 percent); Pittsburgh, PA (up 3.3 percent); Boston, MA (up 3.5 percent) and Daphne-Fairhope, AL (up 4.1 percent). Profit margins increase in more than 90 percent of nation Profit margins on typical home sales rose in 121 of the 132 metro areas with sufficient data to analyze in 2020 (92 percent). The largest annual increases in investment returns came in Mobile, AL (margin up 181.1 percent); Augusta, GA (up 112.8 percent); Huntsville, AL (up 84.4 percent); Davenport, IA (up 75.6 percent) and New Haven, CT (up 73.4 percent). Among metro areas with a population of at least 1 million in 2020, the largest annual ROI increases were in Birmingham, AL (up 71.5 percent); Hartford, CT (up 56.9 percent); Cleveland, OH (up 52.2 percent); Rochester, NY (up 49.9 percent) and St. Louis, MO (up 45.7 percent). The biggest annual decreases in investment returns in 2020 came in Honolulu, HI (down 11.8 percent); Greeley, CO (down 8.9 percent); Miami, FL (down 7.7 percent); Cape Coral, FL (down 7.4 percent) and San Francisco, CA (down 5.7 percent). Aside from Miami and San Francisco, the only metro areas with a population of at least 1 million and declining profit margins in 2020 were Pittsburgh, PA (down 4.1 percent); Denver, CO (down 3.3 percent) and Dallas, TX (down 0.9 percent). Homeownership tenure hits another record nationwide Homeowners who sold in the fourth quarter of 2020 had owned their homes an average of 8.33 years, up from 7.98 years in the previous quarter and 7.96 years in the fourth quarter of 2019. The latest figure represented the longest average home-seller tenure since at least the first quarter of 2000, the earliest period of available data. Tenures were up, year over year, in 73, or 68 percent, of the 107 metro areas with a population of at least 200,000 and sufficient historical data. As in the third quarter of 2020, the top tenures for home sellers in the fourth quarter of 2020 were all in Connecticut: Bridgeport, CT (13.15 years); Norwich, CT (12.98 years); Torrington, CT (12.83 years); New Haven, CT (12.47 years) and Hartford, CT (12.23 years). Counter to the national trend, 34 of the 107 metro areas (32 percent) posted a year-over-year decrease in average home-seller tenure, led by Madera, CA (down 10 percent); Champaign, IL (down 9 percent); Salem, OR (down 9 percent); Boston, MA (down 8 percent) and Cincinnati, OH (down 8 percent. Cash sales at 13-year low in 2020 Nationwide, all-cash purchases accounted for 23.5 percent of single-family home and condo sales in 2020, the lowest level since 2007. The latest figure was down from 25.2 percent in 2019 and 27 percent in 2018, and was well off the 38.4 percent peaks in 2011 and 2012. Among metropolitan statistical areas with a population of at least 200,000 and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in 2020 were the same as in 2019: Macon, GA (48.7 percent of sales); Naples, FL (47.2 percent); Chico, CA (46 percent); Fort Smith, AR (43 percent) and Montgomery, AL (41.8 percent). U.S. distressed sales share at 15-year low Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales and short sales — accounted for 7.8 percent of all U.S. single-family home and condo sales in 2020, down from 11.1 percent in 2019 and 12.4 percent in 2018. The latest figure was less than one-quarter of the peak of 38.6 percent in 2011 and marked the lowest point since 2005. States where distressed sales comprised the largest portion of total sales in 2020 were Connecticut (15.3 percent of sales), Rhode Island (14.7 percent), Delaware (13.8 percent), Illinois (12.6 percent) and Maryland (12.6 percent). Those with the lowest were Utah (2.1 percent), Maine (2.2 percent), Idaho (2.6 percent), Montana (3.2 percent) and Mississippi (3.5 percent). Among 196 metropolitan statistical areas with a population of at least 200,000 and with sufficient data, those where distressed sales represented the largest portion of all sales in 2020 were Chico, CA (18 percent of sales); Atlantic City, NJ (17.6 percent); Peoria, IL (16.8 percent); New Haven, CT (16.2 percent) and Norwich, CT (16.2 percent). Those with the smallest shares were Provo, UT (1.8 percent of sales); Salt Lake City, UT (1.9 percent); Ogden, UT (2.1 percent); Savannah, GA (2.3 percent) and San Jose, CA (2.9 percent). Among 53 metropolitan statistical areas with a population of at least 1 million, those with the highest levels of distressed sales in 2020 were Hartford, CT (15.5 percent of sales); Providence, RI (14.9 percent); Baltimore, MD (13.9 percent); Cleveland, OH (13.5 percent) and Chicago, IL (12.2 percent). Aside from San Jose and Salt Lake City, metro areas with at least 1 million people that had the lowest shares were Austin, TX (3.1 percent of sales); San Francisco, CA (3.6 percent) and Seattle, WA (3.8 percent). Institutional investing at lowest level this century Institutional investors nationwide accounted for 2.2 percent of all single-family home and condo sales in 2020 – the lowest level since at least 2000. The latest figure was down from 3.2 percent in 2019 and 3 percent in 2018. Among metropolitan statistical areas with a population of at least 200,000 and sufficient institutional-investor sales data, those with the highest levels of institutional-investor transactions in 2020 were Memphis, TN (7 percent of sales); Atlanta, GA (6.8 percent); Laredo, TX (6.2 percent); Fort Wayne, IN (6.2 percent) and Montgomery, AL (6.1 percent). FHA sales remain low as portion of all transactions Nationwide, buyers using Federal Housing Administration (FHA) loans accounted for 11.9 percent of all single-family home and condo purchases in 2020, down from 12 percent in 2019 but up from 10.6 percent in 2018. Still, the 2020 percentage marked the second-lowest annual level since 2008. Among metropolitan statistical areas with a population of at least 200,000 and sufficient FHA-buyer data in 2020, those with the highest share of purchases made with FHA loans again were in Texas. They were led by McAllen, TX (31.5 percent of sales); El Paso, TX (26.6 percent); Beaumont, TX (26.6 percent); Amarillo, TX (24.9 percent); and Visalia, CA (24.7 percent). Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a 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 Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 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, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Buyer Activity Continued Its Late-season Surge Across the U.S., Led by Denver, Colorado Springs and Three Utah Cities
Data from ShowingTime revealed double-digit showings per listing in multiple cities in the West including Ogden, Provo and Salt Lake City, Utah, while similar increases were recorded in Washington, D.C., Arlington & Alexandria, Va., and Worcester, Mass. CHICAGO - (January 27, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that December's usual seasonal slowdown was reversed in 2020, with showing traffic across the country surging 63.5 percent year-over-year as buyers had more on their minds than just shopping for gifts. "Of the 20 cities recording the heaviest showing traffic, all but three also had month-over-month increases. This is not what anyone expected, but 2020 was anything but normal," said ShowingTime President Michael Lane. "In December, Ogden and Provo were up 122 percent and 123 percent, respectively, compared to 2019. Denver had more than twice the average number of showings per listing, as did Colorado Springs. "While the year was a challenge for everyone, we've seen consumers in many markets make up for lost time shopping for homes. The industry adapted quickly, with the data suggesting the positive momentum will continue, so we're excited to help clients respond to the sustained demand." For the second consecutive month the West Region saw the most significant year-over-year increase in showing activity, with a jump of 82.1 percent. The South followed with a 69.7 percent increase, with the Midwest's 61.1 percent uptick and Northeast's 60.4 percent climb rounding out the gains. "2020 proved to be a tumultuous year, yet so far across the U.S. we continue to see increased levels of demand concentrated on a dwindling set of available listings," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Year-over-year increases are at historically high levels, especially on the West Coast, and although December's stats are more likely to be distorted by weather and other factors, the trajectory we've seen in 2020 points to continued upward pressure on prices in the next few months." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Realtor.com December Rental Report: Rents in Major Cities Continue to Decline Double Digits
Rent prices for one- and two-bedroom apartments were up compared to this time last year SANTA CLARA, Calif., Jan. 21, 2021 -- Major urban markets, such as San Francisco and Manhattan, continue to see double-digit declines compared to last year, but rent increases in less dense areas have kept nationwide rents growing for one- and two-bedroom units, according to the realtor.com December rental report released today. Nationally, the median rent for studio apartments was down 0.7% year-over-year, rent for one-bedrooms was up 0.8%, and rent for two-bedrooms was up 2.6% year-over-year. "Right now is a great time for renters in major cities to lock in a low price for 2021," said realtor.com® Chief Economist, Danielle Hale. "But renters in some other areas are seeing a very different trend. With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets. As vaccines are being rolled out nationwide, the question is, how much longer will these trends continue? What's clear, is that the mantra of real estate being local very much applies to rents, not just home prices." San Francisco led the nation in declines with average monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively. Rents for studios and one-bedrooms in nearby Santa Clara, Calif. and San Mateo, Calif. counties also saw double-digit decreases in December. Outside of the Bay Area, Manhattan, Boston, Seattle, and Washington, D.C. were among the metros seeing the largest year-over-year declines. These markets also represent some of the most expensive cities in the country, giving rents the most room to fall. In December, the median studio rent in Manhattan was $2,288, down 21.0% year-over-year. Median one-bedroom rent in Manhattan was $3,100, down 18.4% compared to last year. Median two-bedroom rent in Manhattan was $5,200 in December, down 16.1% compared to last year. When it comes to rent increases, Sacramento, Calif. is leading the nation with average monthly rent increasing 20.3%, 12.4%, and 9.1% for studio, one-bedroom and two-bedrooms year-over-year, respectively. It was followed by New Haven County, Conn.; Essex County, N.J.; and Monroe County, N.Y., which saw average gains of 13.3%, 11.9%, and 11.9%, respectively. To see the full report, including which metros had the greatest increase in rent prices, see here. Top 10 Markets for Studio Rent Decreases - December 2020 Top 10 Markets for 1-Bed Rent Decreases - December 2020 Top 10 Markets for 2-Bed Rent Decreases - December 2020 About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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East Coast Housing Market Continues to Dominate Areas Most Vulnerable to Coronavirus Impact
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RealtyFeed and Generation Z Are the Future of Real Estate
We live in an era in which intuitive technology has overrun traditional and acquired systems. For decades, users have been forced to go through multiple pages of manuals and hours of training in order to be able to effectively use a new app or tool. The real estate industry has been one of the slowest industries to catch up. However, this is going to change. With Generation Z stepping into the market, new technologies are poised to make the necessary adaptations. All of this brings us to RealtyFeed, a groundbreaking technology developed by Realtyna. RealtyFeed is developed to build a future for the real estate industry, inspired by Generation Z. What Is RealtyFeed? After years of working with real estate agents, brokers, developers, and influencers, Realtyna came to the conclusion that there is a lack of appreciation for user experience in real estate apps and tools. That and numerous discussions with the new generation of real estate professionals inspired the team to develop an all-on-one platform to: Gamify real estate user experience; Provide a social platform for Realtors and their clients, B2B2C; Simplify real estate transactions; And much more. How Does It Gamify Real Estate Transactions? Log in to your MLS website or open your CRM. In most cases, it looks like what software used to look like in the 1990s, or it doesn't work very well. The main issue is that most apps and tools require hours of practice or training until you can get some results out of them. RealtyFeed has been designed with the aim to provide an intuitive experience for users. Now, users of RealtyFeed can improve their business by passing levels and reaching certain targets—just like you learned how to work with Instagram or TikTok. How Does It Simplify Real Estate Transactions? Simplifying real estate transactions goes way beyond gamification in RealtyFeed. If you go back to your daily transactions, the first thing you see is the number of tools you have to use to get things done: CRMs, websites, social media, and MLS systems, to name a few. RealtyFeed makes this simple by bringing everything under one roof. It is an all-in-one platform developed to bring Realtors and their clients together. What Can I Do? The future belongs to those who build it now. Realtyna is offering a limited opportunity to those who want to co-invest in revolutionizing real estate technology with RealtyFeed. This offer is going to be valid for a short time, so if you need more information or wish to take action, head out to our Republic.co page to learn more. To view the original post, visit the Realtyna blog.
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NAR Announces May Legislative Meetings Will Be Held Virtually in 2021
Last year's REALTOR Legislative Conference and Trade Expo tripled event's average participation numbers CHICAGO (January 15, 2021) -- The National Association of Realtors announced today that its REALTORS Legislative Meetings and Trade Expo will be held virtually for the second straight year from May 3-14, 2021. Registration for the event will open on February 24. While approximately 9,000 Realtors typically descend on Washington, D.C. for the conference every May, over 28,000 NAR members and real estate professionals participated in the first-ever virtual REALTORS Legislative Meetings in 2020. "After careful consideration, the REALTORS® Legislative Meetings & Trade Expo will be held virtually again this year," NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty, said in a video to NAR members on Friday afternoon. "Although this was a difficult decision – and one that we did not take lightly or without soliciting feedback from numerous members – our choice, in the end, was clear." Following the announcement in March 2020 to hold last year's conference virtually, NAR acknowledged that the pandemic was likely to alter the way Americans live, work and travel in the years ahead, and pledged to pursue virtual or hybrid components to all major events moving forward. While NAR and staff leadership had hoped to again convene in person by May 2021, persistent spikes in COVID-19 cases led the association to conclude that it was not yet safe to conduct an event of this magnitude from one central location. "One of NAR's core values is to put members first, and with that the health and safety of America's 1.4 million Realtors® remains our top priority," Oppler continued. "NAR leadership and staff had hoped we could gather in person for our 2021 Legislative Meetings, but after the success and record registration we witnessed last May, we are confident that more Realtors® will be better served by holding this year's conference virtually." In forming its final decision, NAR leadership concluded that lingering COVID-19 restrictions in Washington, D.C., would have made executing the in-person event safely nearly impossible. As cases continue to increase in the region and across much of the country, District Mayor Muriel Bowser recently reinstituted prohibitions on indoor gatherings of more than 10 people, while D.C. restaurants are still restricted from serving customers indoors. Perhaps most importantly, with the U.S. Capitol closed to visitors indefinitely because of COVID-19 concerns, NAR members would be unable to meet in person with their elected officials after traveling into Washington from all corners of the country. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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63% of 2020 Homebuyers Made an Offer Sight Unseen, Shattering Previous Record
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Second Century Ventures Joins the Oxford Future of Real Estate Initiative
CHICAGO (January 12, 2021) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors and the most active global fund in real estate, has joined the Oxford Saïd Business School's Future of Real Estate Initiative. Through this initiative, SCV will collaborate with FORE's industry partners and academics to address key questions on the future of global real estate. "The future of the industry will be influenced as never before by technology and innovation, and relevant real estate research requires significant industry collaboration from across the globe," said Oxford's Professor of Practice and Director of FORE Andrew Baum. "We're delighted to welcome SCV to FORE and look forward to working with them on key questions around the future of real estate." The new partnership will enable SCV and FORE to continue exploring the impact of technology, housing challenges, emerging sectors and models for real estate ownership and operation. Through partnerships with several industry leaders, including Arcadis UK, CBRE, EY, and Redevco, the FORE Initiative aims to predict many of the changes and challenges real estate can expect to face over the next decade. We are thrilled to join FORE and work closely with esteemed industry partners to discuss and collaborate on pivotal research for the property sector," said Dave Garland, managing partner, Second Century Ventures. "Joining this initiative truly amplifies our ongoing efforts to advance real estate through technology and innovation on a worldwide scale." In joining the program, SCV looks to provide resources and support to the University of Oxford's Research team's efforts akin to that of the recently published PropTech 2020." Learn more information about the SAID Business School FORE Initiative. Learn more about Second Century Ventures. About Saïd Business School Saïd Business School at the University of Oxford blends the best of new and old. We are a vibrant and innovative business school, but yet deeply embedded in an 800-year-old world-class university. We create programmes and ideas that have global impact. We educate people for successful business careers, and as a community seek to tackle world-scale problems. We deliver cutting-edge programmes and ground-breaking research that transform individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a world-class university, tackling world-scale problems. About Second Century Ventures Second Century Ventures is the most active global real estate technology fund backed by the National Association of REALTORS®, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. SCV helps scale its portfolio companies across the world's largest industries including real estate, financial services, banking, home services and insurance. SCV operates the award-winning global REACH technology scale-up program.
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Chime Successfully Executes Strategic Partner Program to Bolster Real Estate Sales Acceleration Platform
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Realtor.com December Housing Report: Number of Homes for Sale Hits an All-Time Low
Buyers and sellers remained active throughout holiday season, draining inventory while driving price growth and quick sales SANTA CLARA, Calif., Jan. 7, 2021 -- The number of homes for sale in the U.S. reached an all-time low in December, dipping below 700,000 for the first time as buyers remained active throughout the holiday season, according to realtor.com's Monthly Housing Trends Report released today. Due to unusually strong demand, home prices were up double digits compared to last year, however, the median listing price came down to $340,000 from a summer high of $350,000. "The shortage of homes for sale has been an ongoing issue for the last couple of years, but in December the combination of the holiday inventory slowdown and the pandemic buying trend caused it to dip to its lowest level in history," said realtor.com® Chief Economist, Danielle Hale. "Looking forward, we could see new lows in the next couple of months as buyers remain relatively active, but a surge of new COVID cases may slow the number of sellers entering the market. Newly listed properties have shown mixed trends. While December's data points to possible relief on the horizon, this figure has been impacted the most in areas with large COVID surges, and consistent improvement will be key in order to get out of this extreme shortage. We eventually expect to see improvements in the supply of homes for sale, especially in the second half of the year. Until then, finding a home will continue to be a top challenge for buyers across all price ranges." The number of homes for sale reached a historic low as buyer demand remained strong Nationally, the number of homes for sale was down 39.6%, amounting to 449,000 fewer homes for sale than last December. Newly listed homes were only down 0.8% compared to last year, a substantial improvement from November when new listings were down 8.7%. Western (+30.8%) and Northeastern larger markets (+15.0%) are seeing the strongest improvements with more new listings hitting the market, while the Midwest (+0.2%) and South (-4.0%) lagged behind. The West's surge in newly listed homes is primarily attributed to San Jose, Calif. (+123.8%) and San Francisco (+98.9%), which saw far more new listings this December compared to 2019. The metros with the largest declines in new listings compared to last year included: Nashville, Tenn. (-19.9%); Memphis, Tenn. (-18.5%); and Charlotte, N.C. (-16.0%). Home prices continued to grow at double-digits The median listing price grew 13.4% year-over-year, to $340,000 in December. This is a slight step back from its peak of $350,000. While prices increased nationwide, the largest gains were seen in the Northeast (+12.2%), followed by the West (+10.4%), Midwest (+8.6%) and South (+6.7%). Within the nation's 50 largest metros, prices increased by 8.8%, nearly the same as last month. The metros which had the largest gains in prices included: Austin, Texas (+20.0%), Riverside-San Bernardino, Calif (+17.2%), and New Orleans (+16.8%). Minneapolis (-1.6%) was the only metro to see price declines. Homes continued to sell rapidly during holiday season Homes sold in 66 days on average in December, which is 13 days faster than last year. Within the nation's 50 largest metros, homes sold even faster, spending only 56 days on average on market. The metros where homes sold the fastest compared to last year included: Virginia Beach, Va. (-28 days); Hartford, Conn. (-23 days); and Louisville, Ky. (-23 days). The four metros where homes sold more slowly compared to last included: San Diego (+6 days); Miami (+5 days); Buffalo, N.Y. (+3 days); and New York (+2 days). Metros With the Largest Increase in New Listings   *Some data for Pittsburgh has been excluded due to data quality. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Homeownership Slips Into Unaffordable Territory Across Majority of U.S. in Fourth Quarter of 2020
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More than a Third of Young Americans are More Interested in Smart Home Technology Due to the Pandemic
Technology for safety and security, energy efficiency, and entertainment and relaxation top consumers' stay-at-home wish lists SANTA CLARA, Calif. -- A new survey from realtor.com found that interest in smart home technology has increased since the pandemic began. A quarter (25%) of Americans said they are more interested in smart home technology now that they're spending more time at home and 41% of smart home technology owners have bought at least one device or feature since the pandemic began. These numbers were even higher for 18-34 year-olds, with 37% showing increased interest and 48% of current owners having purchased at least one device or feature since the start of the pandemic. Realtor.com® and YouGov surveyed more than 2,000 Americans between Dec. 3-7 about their thoughts on smart home technology. More than half (57%) of all Americans and 61% of younger Americans (18-34 year-olds) already own some smart home technology. The most commonly owned products were: smart TVs (36%), smart home speakers (22%), smart doorbells (12%), robot vacuums (10%) and connected climate control systems/smart thermostats (10%). "The survey results show that many Americans, and especially younger people, are leveraging smart home technologies to enhance their quality of life, even more so now that most of us re-shaped our homes into live, work, learn and play spaces," said realtor.com®. Senior Economist, George Ratiu. "In a year defined by a global pandemic, and fraught with civil unrest and economic volatility, it's not surprising that people are prioritizing the safety and security of their home, their finances, and having a comfortable place to relax and unwind." Safety and security are top priorities Survey respondents were particularly interested in technology that enhances the safety and security of their home. Specifically: When asked to select just one smart home feature to add to their home, a high-tech security system ranked first (21%) When choosing a smart home feature that would make a new home most desirable, two of the most popular responses were a smart doorbell with camera (36%) and a high-tech security system (34%) A larger share of respondents were willing to pay more for a home with a high-tech security system (21%) and a smart doorbell with a camera (21%) When asked to describe a futuristic home, 22% selected a 'fortress of safety' that can protect against climate-related challenges Energy efficiency and environmentally-friendly features rank high When describing a futuristic home with smart features, the most popular selection by far (35%) was a green, energy-efficient home. Further: When asked which feature would make a new home more desirable, solar roof tiles (37%), a home battery pack to store solar energy (32%), and standalone solar panels (24%) were among the top responses Many consumers would be willing to pay more for these green features that could have a return on investment (24%, 20%, and 17%, respectively) When asked to pick just one smart home feature that would improve their current living space, a connected climate control system/smart thermostat (17%) was the second most popular choice At-home entertainment and relaxation are more important than ever 2020 was a year with many outside stressors, which led respondents to think about their home as a place for relaxation and entertainment. As such: When asked which features would make a new home more desirable, 26% said a high-tech home theater, and 18% want TVs that pop up out of dressers or drop down from the ceiling Eighteen percent signaled that a sleep sanctuary with ambient sound, soothing music and a bed that automatically adjusts for the perfect night's sleep would be among the features which could most improve their current living space Fifteen percent selected a high-tech massage chair, and Six percent of respondents were interested in an automatic cocktail maker Methodology: Realtor.com® commissioned YouGov America to conduct the survey. All figures, unless otherwise stated, are from YouGov America. The total sample size was 2,284 adults. Fieldwork was undertaken Dec. 3-7, 2020. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+). About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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CoStar Group Announces Acquisition of Houses.com URL
WASHINGTON -- CoStar Group, the leading provider of commercial real estate information, analytics and online marketplaces, announced its acquisition of Houses.com, setting the stage for its entry into residential real estate marketplaces. On December 16, 2020, the Federal Trade Commission cleared CoStar Group's acquisition of Homesnap, Inc., which provides real estate brokers with a mobile platform and other technology for managing and analyzing their listings and the housing market. CoStar Group has been successful for many years running marketplace verticals in the commercial real estate space with Loopnet.com, Cityfeet.com and Showcase.com; the multifamily space with Apartments.com, ForRent.com, ApartmentFinder.com, ApartmentHomeLiving.com and Apartamentos.com; the land space with Land.com, LandsofAmerica.com, LandWatch.com and LandandFarm.com; and the businesses for sale space with BizBuySell.com and BizQuest.com. With the acquisition of the Houses.com domain name, CoStar Group plans to develop a vibrant national marketplace for agents and owners to successfully sell homes without disenfranchising or disintermediating valuable real estate agents in the process. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 million monthly unique visitors. Realla is the UK's most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group's websites attracted an average of approximately 69 million unique monthly visitors in aggregate in the third quarter of 2020. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com.
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BoomTown Announces Winners of Inaugural Give Back Awards
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The Green Building Registry Partners with RESNET to Provide HERS Data
PORTLAND, Ore., Dec. 15, 2020 -- Earth Advantage, Inc. and RESNET announced today a partnership to help deliver green and energy-efficient home data through the Green Building Registry (GBR). Historically, important information on a home such as energy ratings, third-party building certifications or renewable power production estimates (solar panels) has not made it into for-sale listings. Thousands of dollars of value could be lost because trustworthy data was not available for a listing agent and potential buyers to react to at the time of sale. That lack of data has also prevented appraisers and lending institutions from accounting for those market reactions. Since 2017, GBR has provided green home data to the public and real estate multiple listing services. The DaaS (Data as a Service) platform provides verified data directly from sources such as U.S. Department of Energy, Home Energy Scores, LEED® for Homes, National Green Building Services (NGBS), solar data, and other regional third-party verification programs throughout the country. Nationwide values for the HERS Index, a scoring system for home energy performance administered by RESNET, will now be included in GBR for the entire United States. Steve Baden, executive director of RESNET, stated, "A RESNET HERS Rating provides an invaluable tool for builders, consumers, real estate agents and appraisers in unlocking the value of energy-efficient homes. RESNET has been working with MLS systems across the nation to incorporate HERS Index Scores into their listings. Our collaboration with Earth Advantage will boost this effort by providing the GBR with the largest dataset of energy-efficient homes in the country." David Heslam, executive director at Earth Advantage, stated, "Data drives the modern economy. That's especially true for the real estate industry which provides the data for millions of home sales and mortgages every year. The HERS Index is in use across the country, especially on efficient new homes. Adding more than one million HER Index scores to the Green Building Registry will make that data easily available to MLS systems, agents, appraisers, and lenders." About GBR The Green Building Registry (GBR) was built and is maintained by the 501(c)(3) nonprofit Earth Advantage, Inc. GBR is a single-source solution for the public and real estate industry to facilitate auto population of verified green data into listings throughout the United States. Earth Advantage's mission is to accelerate the adoption of high-performance and sustainable, residential building practices. We focus on two key pathways for success: maintaining well-above-code standards for our own certifications and providing information to the public in the form of third-party data and professional training. Visit the GBR public website at us.greenbuildingregistry.com to learn more. For more information on Earth Advantage, visit earthadvantage.org. About RESNET The Residential Energy Services Network (RESNET) is the independent, national nonprofit organization that homeowners trust to improve home energy efficiency and realize substantial savings on their utility bills. RESNET's industry-leading standards are recognized by the housing industry, federal, state and local government agencies, among others. To date, over three million homes have been energy-rated and issued HERS Index Scores in the U.S. For more information, visit www.resnet.us. For more information, contact Meg Garabrant at 503.310.9138 x62 or email [email protected]
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Realtor.com Acquires Avail
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2021 Marketing Strategy Guide (FREE DOWNLOAD)
Planning your goals, budget and overarching marketing strategy can feel like daunting work, but it's a crucial part of running a successful business. This FREE guide from the experts at Elevate is designed to help you focus on what's important, and to encourage you to expand your marketing for the start of the new year. Download your FREE copy now!
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Realtor.com Top Housing Markets: Tech Hubs and State Capitals Will Dominate 2021
Sacramento, Calif., San Jose, Calif. and Charlotte, N.C. are forecasted to see the highest home price appreciation and sales growth in 2021 SANTA CLARA, Calif., Dec. 7, 2020 -- Millennial homebuyers, relative affordability, and strong local economies will drive realtor.com's Top Markets of 2021 to lead the nation in a year when real estate is expected to be strong coast to coast. This year's list in rank order includes: Sacramento, Calif., San Jose, Calif., Charlotte, N.C., Boise, Idaho, Seattle, Phoenix, Harrisburg, Pa., Oxnard, Calif., Denver, and Riverside, Calif. (see below for full 100 market ranking). Based on realtor.com®'s local market forecast, the areas on this list are expected to see the strongest home price and sales growth in the U.S. in 2021. In fact, home prices across the top 10 markets are forecasted to increase by 6.9% and sales by 13.1% year-over-year, which is significantly higher than the national projection of 5.7% price appreciation and 7.0% sales growth. "This past year, we've all become more reliant on technology to work, learn, and maintain personal connections. The technology hubs that make this possible are thriving, as are their housing markets," said realtor.com®'s Chief Economist, Danielle Hale. "Additionally, the relative stability of government jobs in the past year has driven home prices and sales in several state capitals to the top. Home buyers, particularly younger first-time buyers, looking in one of these markets should expect rising prices and heavy competition. Meanwhile, sellers will remain in a position of power, but will find themselves on the other side of the bargaining table when buying their next home." Tech Titans A common driver of this year's top markets is the prevalence of high paying tech jobs. Tech salaries in Sacramento, San Jose, Boise, Denver, and Seattle have driven home prices through the roof over the last several years and this trend is expected to continue in 2021. Additionally, areas such as Charlotte and Phoenix are quickly establishing themselves as rising tech hubs with a plethora of jobs in technology, as well as education, government and healthcare. In fact, the projected unemployment rate for 2021's top markets is 7.9% compared to the national average of 8.2%. Tech-related jobs make up an average of 8.7% of the workforce in this year's top markets list compared to 6.4% of the U.S. as a whole. Relative Affordability Home prices in eight of the top 10 markets are more expensive than the average of the top 100 markets. But many are relatively affordable when compared to their nearby counterparts or offer significantly more square footage for a similar price. For example, buyers priced out of New York ($216 per sq.ft.) can find increased space and affordability in Harrisburg ($122 per sq.ft.), while buyers in Sacramento ($284 per sq.ft.) can get more bang for their buck than nearby San Francisco ($679 per sq.ft.). This is also true when comparing Oxnard ($413 per sq.ft.) and Riverside ($247 per sq.ft.) with Los Angeles ($556 per sq.ft.). Millennial Magnets On average, the top 10 markets have a larger share of millennials (14.1%) than the U.S. as a whole (13.5%). A market's ability to lure millennials is a good indicator of the livability of the area including: job opportunities, dining, and entertainment. However, when it comes to millennials purchasing homes in the top 10, two trends are emerging. In half of this year's top markets, including: Charlotte, Boise, Phoenix, Harrisburg and Riverside, millennials are already homeowners and expected to make the majority of the home purchases that drive home price growth and sales. In the other group of markets, such as San Jose, Seattle, and Denver, the high cost of living has made homeownership a difficult accomplishment, not only for millennials but for all generations. The high number of millennials in the market shows how popular these markets have become, but older, more financially established generations will be the ones purchasing the majority of the homes next year. State Capitals Half of the top markets are state capitals, including: Sacramento, Boise, Phoenix, Harrisburg and Denver. The strong government presence in these areas offers stability for their local economy and jobs markets. This is especially important after a year when a global pandemic has significantly disrupted local economies across the nation. On top of the government jobs, these areas also have strong job diversity in both the public and private sectors, including education, healthcare, technology, manufacturing and military, which is positioning them for solid growth in the future. The average GDP growth rate for the top markets is forecasted to be 5.34% in 2021, versus 4.85% for the top 100 metros. 2021 Top Markets 1. Sacramento Median home price: $554,050 Home price change: +7.4 percent Sales change: +17.2 percent Combined sales and price growth: +24.6 percent Sacramento takes first place on this year's top markets list. Due to the increased freedom to work remotely, buyers from the San Francisco Bay Area are flocking to California's state capital for the increased affordability, without having to completely uproot their lives in Northern California. The area draws a diverse crowd ranging from first time homebuyers to empty nesters looking to downsize. Many young families are also drawn to Sacramento for the area's strong school system, including West Campus high school which has a 99% graduation rate and received a 10/10 on greatschools.org. When residents want a change of scenery, it's a short trip to Lake Tahoe, wine country or San Francisco. 2. San Jose Median home price: $1,199,050 Home price change: +10.8 percent Sales change: +10.8 percent Combined sales and price growth: +21.6 percent Also located in Northern California, San Jose is the largest city in Silicon Valley. Apple, Google, Facebook, Linkedin and even realtor.com® are all within commuting distance of San Jose. Unsurprisingly, the area's strong economy and top notch school system, including Lynbrook High School (10/10 greatschools.org), lure top tech talent from all over the country. Those looking for a change of scenery can easily drive to San Francisco or the nearby mountains. Without a ton of room for new construction, inventory in the area is tight, so serious buyers should expect to pay above asking price. 3. Charlotte Median home price: $368,819 Home price change: +5.2 percent Sales change: +13.8 percent Combined sales and price growth: +19.0 percent Rounding out the top three on this year's top markets list is Charlotte. The area's high quality of life, great weather, strong school system including Providence High (10/10 greatschools.org) and rich history draw a diverse mix of both young and old buyers. Millennials are beginning to transition from the downtown city center toward the suburbs as they raise families and take advantage of the increased affordability and extra space. With access to both the beach and mountains, Charlotte has something for everyone, including kayaking along the Catawba River and hiking the Carolina Thread Trail. Housing supply has been tight, but new construction is booming as builders try to meet current demand. Charlotte was No. 7 on 2018's top markets list. 4. Boise Median home price: $445,000 Home price change: +9.1 percent Sales change: +9.8 percent Combined sales and price growth: +18.9 percent Idaho's capital city is firmly establishing itself as a rising tech hub in the U.S. The area's high quality of life and strong economy draw people from all over the country, with the biggest influx coming from Washington, Oregon and California. This trend has accelerated as the ability to work remotely has drawn many young workers looking for a slower pace of life, increased affordability, and access to the area's many outdoor amenities. Boise offers residents a mild four season climate, a vibrant revitalized downtown with plenty of entertainment, as well as a plethora of restaurants and boutique shopping. Outdoor enthusiasts are drawn to the area's adrenaline pumping outdoor activities such as white water rafting and four different ski resorts. New construction has been booming in Boise over the past few years as builders scramble to keep up with rising demand. Boise is no stranger to realtor.com®'s Top Markets list, it was No. 1 in 2020 and No. 8 in 2019. 5. Seattle Median home price: $629,050 Home price change: +9.7 percent Sales change: +8.9 percent Combined sales and price growth: +18.6 percent Coming in fifth is Seattle, which is home to some of America's largest and most well known companies including: Amazon, Starbucks, Costco, Microsoft and Nordstrom. The area's booming tech scene, high quality of life, and access to both the water and mountains draws a crowd from all over the country. New and growing families will find a strong school system, including Greenwood Elementary School which scored a perfect 10/10 on greatschools.org, as well as four other schools which received scores of 9/10. Driven by high home prices and the desire for more space, buyers are beginning to search for homes further from the downtown center. This is especially true for first time homebuyers. 6. Phoenix Median home price: $412,260 Home price change: +7.0 percent Sales change: +11.4 percent Combined sales and price growth: +18.4 percent Arizona's state capital has become a magnet for both younger buyers looking to take advantage of the affordable cost of living, as well as retirees who want to soak up the sun. Recently, the area has seen a large influx of people from pricey West Coast markets -- San Francisco, Seattle and Portland. While builders have struggled to meet the rising demand for housing, Phoenix set a record for new home permits in March, April and May, so new inventory is on the way. Phoenix offers residents all the big city amenities of shopping, dining and entertainment, without the traffic of larger metropolitan cities. Additionally, those who want to get out and hit the golf course have over 400 courses to choose from. Phoenix is a business friendly city and has a diverse list of large employers in both the public and private sectors from education, government and healthcare to technology, manufacturing and military. Phoenix was No. 5 on 2019's top markets list. 7. Harrisburg Median home price: $262,000 Home price change: +3.8 percent Sales change: +14.4 percent Combined sales and price growth: +18.2 percent The state capital of Pennsylvania has become a hot spot for buyers looking for the quiet suburban lifestyle, more space, and increased affordability. Harrisburg is centrally located near New York, Baltimore, Washington D.C., Pittsburgh and Philadelphia. Millennials in particular have been drawn to the area as both first time homebuyers and move-up buyers looking for more space for their growing families. Harrisburg boasts a strong job market not only for government employees working at the state capital, but those in healthcare and shipping industries as well. One of the biggest draws to the area is the ability to go from downtown, to the suburbs, to more rural areas, in under 15 minutes. 8. Oxnard Median home price: $824,000 Home price change: +5.5 percent Sales change: +12.5 percent Combined sales and price growth: +18.0 percent Located north of Los Angeles on the Pacific Coast is Oxnard, Calif. The area is a mix of farmland and Pacific Coast beaches, such as Hollywood Beach -- a second home market for wealthy Angelanos looking for a break from the hustle and bustle of city life. Farmers in the area grow strawberries and lima beans and the annual Strawberry Festival is a big draw for Southern California locals. Thanks to its affordability, the area has seen a boost in demand from buyers seeking relief from Los Angeles and Orange County home prices. Beach homes in the area are significantly more affordable than those in Malibu or Santa Monica, making this a popular alternative for buyers hoping to get more bang for their buck. 9. Denver Median home price: $520,000 Home price change: +5.4 percent Sales change: +12.5 percent Combined sales and price growth: +17.9 percent Colorado's state capitol is located just outside of the Rocky Mountains. The area's housing market has been red-hot for the last several years and builders have struggled to keep up with the high demand for housing. Though the city is rapidly expanding, it still holds much of its Old West charm, and its cost of living remains relatively affordable compared to other Western markets. Many of Denver's residents are outdoor enthusiasts who love to take advantage of the area's easy access to mountains, rivers and lakes. No matter the season, there is an outdoor activity closeby. Denver's high quality of life is a major draw for many residents, as well as all the amenities of downtown. With boutique shopping, dining, and endless entertainment, the area has been supremely popular with millennials. Due to the area's spike in demand, home prices have grown rapidly, causing many first time home buyers to search further out from the downtown center. 10. Riverside Median home price: $475,050 Home price change: +5.5 percent Sales change: +12.4 percent Combined sales and price growth: +17.9 percent Located in the Inland Empire, Riverside, Calif., is named for its location along the Santa Ana River. Riverside draws many people who want to take advantage of Southern California's temperate weather, but don't want to pay Los Angeles or Orange County home prices. Riverside is centrally located, just 30 minutes to the beach, mountains or desert, making it a great location for anyone that loves to be outdoors. Additionally, it's in close proximity to Southern California's attractions of Disneyland in Anaheim, skiing in the San Bernardino Mountains, wine tasting in Temecula or the endless entertainment in Los Angeles. Due to Southern California's high cost of living, Riverside's relative affordability and strong school system including Riverside Stem Academy (9/10 greatschools.org), have made it a popular destination for first time homebuyers, growing families, and retirees. 2021 Top Housing Markets Ranked About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Pending Sales Return to Typical Seasonal Trend, Still Up 28% From 2019
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Gaining Momentum: Annual U.S. Home Prices Appreciated 7.3% in October, CoreLogic Reports
U.S. Home Price Index experienced the fastest annual acceleration since April 2014 IRVINE, CALIF. - DECEMBER 01, 2020 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for October 2020. Nationally, home prices increased 7.3% in October 2020, compared with October 2019, marking the fastest annual appreciation since April 2014. On a month-over-month basis, home prices increased by 1.1% compared to September 2020. Home prices climbed in recent months due to heightened demand and ongoing home supply constraints. The supply shortage could further intensify as COVID-19 cases continue to rise and would-be sellers remain hesitant about putting their homes on the market. However, to keep up with the rising demand, new home construction surged in October and builder confidence reached a new high for the third consecutive month. The decreased pressure on supply could moderate home price growth over the next year. This is reflected in the CoreLogic HPI Forecast, which shows home prices slowing to 1.9% by October 2021. However, should the economic recovery from the pandemic be more robust, then we would expect projections for home price performance to improve. "Home buyers have been spurred by record-low mortgage rates and an urgency to buy or upgrade to more space, especially as much of the American workforce continues to work from home," said Frank Martell, president and CEO of CoreLogic. "First-time buyers in particular should remain a big part of next year’s home purchases, as the largest wave of millennials is heading into prime home-buying years." Despite the rapid acceleration of national home price growth, local markets continue to vary. For instance, in Phoenix, where there is a severe shortage of for-sale homes, prices increased 12.1% in October. Meanwhile, the New York-Jersey City-White Plains metro recorded only a small annual increase of 2.1%, as residents continue to seek out more space in less densely populated areas. At the state level, Maine, Idaho and Arizona experienced the strongest price growth in October, up 14.9%, 13.1% and 12%, respectively. "The pandemic has shifted home buyer interest toward detached rather than attached homes," said Dr. Frank Nothaft, chief economist at CoreLogic. "Detached homes offer more living space and are typically located in less densely populated neighborhoods. And while prices of single-family detached homes posted an annual increase of 7.9% in October, the price of attached homes rose only 4.5% year over year." The HPI Forecast also reveals the disparity in expected home price growth across metros. In markets like Las Vegas, where the local tourism economy and job market continue to struggle, home prices are expected to decline 1.8% by October 2021. Conversely, in San Diego, home prices are forecasted to increase 7.9% over the next 12 months as low inventory continues to push prices up. The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that metros such as Lake Charles, Louisiana, and Prescott, Arizona, are at the greatest risk (above 70%) of a decline in home prices over the next 12 months, while Miami, Las Vegas and Gulfport-Biloxi-Pascagoula, Mississippi, are at moderate risk (50%-70%) of a decrease. About CoreLogic CoreLogic (NYSE: CLGX), the 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.
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Realtor.com 2021 Housing Forecast: Sellers Will Get Top Dollar as Buyers Struggle with Affordability
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Rental Beast November 2020 Market Report: Rental Concessions Gone Wild!
Data Indicates City Living Loses Some Appeal November 24, 2020 -- A combination of surging Coronavirus cases, new lockdowns, expiring government stimulus, and colder weather has set off a Rental Concessions bonanza in U.S. markets, as property managers, owners, agents, and tenants struggle to navigate continued volatility when securing housing plans before year's end. While we have seen Rental Concessions gain momentum as the pandemic continues, the velocity, size, and scope of some of Rental Concessions being offered in some markets have set off desperation alarm bells. Additionally, Rental Inquiries in most cities featured in this report show continued year-over-year (YOY) declines, as renters seek out alternatives away from urban centers, including rentals with more space, to combat the prolonged impact of the pandemic. Atlanta, Boston, Dallas, and Miami continued their months' long trend of lower YOY Rental Inquiry rates, while Chicago and Philadelphia remain volatile but managed to report higher numbers. In our seventh edition of the Rental Beast Market Report, we are pleased to include data and insights on the Dallas/Fort Worth metropolitan area, the fourth-largest urban center in the United States. Rental Concessions Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. Rental Beast aggregates single family and multifamily Rental Concessions information from our 22 active markets. Our findings are summarized below. Atlanta For the majority of 2020, Rental Concessions in Atlanta have been significantly higher than last year, and October was no exception, with the city registering a 50% YOY increase. We spoke with a local rental marketing specialist who described Atlanta's Rental Concession environment as "desperate." Having a hard time filling units, her firm is trying anything and everything as the pandemic and its impact on peoples' health and jobs drive both higher vacancy rates and depreciated demand. Rental Concessions from large, multifamily operators like hers have become more aggressive, including bundling multiple concession offers to attract tenants. In many cases tenants claim as many as three concessions packaged into a single, special offer. These 3-for-1 specials can include one month's worth of free rent, a $500 gift card, and a 50% reduction in pet deposits and fees. In November, the same company offered a Veteran's Day special, waiving all application and rental fees, or charging a flat $11 administrative fee for servicemembers. Need an air fryer? The same company is giving them away to tenants signing a lease within 48 hours of viewing a property, along with a month's worth of free rent. Given these observations and the increase in concessions seen in the greater market, the Atlanta market has clearly taken a negative turn over the past 60 days. Our marketing executive interviewee expects heavy concessions to continue for at least the next six months. Boston October represented the 10th consecutive month Boston logged negative Rental Inquiry rates and higher YOY Rental Concession numbers. In October, Boston's Rental Inquiry levels dropped 44% YOY, while Rental Concessions increased by 95%. Savanna Rivas from Princeton Properties describes the Boston rental market as "desperate." "With so many Bostonians working from home, why would anyone pay a premium to live in the city, especially if you can't take advantage of all that a Boston has to offer?" says Rivas. Prior to the pandemic's onset, Princeton Properties did not offer short-term leases. Continued market volatility and decreased demand has forced the firm to reevaluate business practices and become more flexible. They now entertain five-month leases, rather than a typical, minimum twelve-month term. Additionally, Savanna indicated that while it has become common to offer one-two months' worth of free rent, the firm is wary of creating difficult situations where aggressive concessions at the start of a lease lead to challenges for tenants when rates are normalized upon renewal when tenants are forced to move because they can no longer afford their unit. In addition to offering a free month's worth of rent, some tenants are securing a full year of free internet access. Savanna describes this as unprecedented. "I've fielded many calls from current residents who are looking to re-negotiate their leases, hoping to get in on the discount frenzy—but a lease is a lease and terms must be honored." Chicago Like so many U.S. cities, COVID-19 has wreaked havoc on the Windy City. Racial protests, political unrest, and the end of the rental season brought on by cooler weather has created an environment ripe for peak Rental Concessions. For October, Rental Concessions were up 98% YOY, as landlords and property managers work to secure tenant leases before the holidays and start of winter. In October, Chicagoans remained concerned about their long-term living options while struggling to maintain employment. Rental Inquiries for Chicago were up a whopping 214% YOY in the month. We spoke with Alex Fenton, Property Administrator at Tandem, who describes the Rental Concessions environment in Chicago as being "huge". "People are aggressively shopping for concessions, which typically include two or even three months' worth of free rent, and waived administrative fees." Fenton indicated that in exchange for aggressive concessions his firm is pushing for 18-24 month leases, in hopes of securing longer-term occupancy rates. Even current tenants are looking to get in on the concession rage. "Under certain circumstances we'll re-negotiate leases and offer specials to current tenants, but again try for longer lease terms, as well as try to have the leases end during the summer months, when it is usually easier to rent." For those signing two-year leases on penthouse units, Tandem will provide creative "move-in gifts," such as furniture items, including trendy standing desks. Alex indicated they've also introduced an incentive that includes a $750 rent credit for referrals who ultimately sign leases. Dallas/Fort Worth We are thrilled to include the Dallas/Fort Worth market in this edition of the Rental Beast Market Report. Similar to the trends seen in other urban centers, Rental Inquiries for Dallas declined 40% YOY, while Rental Concessions jumped 128%. Brandi Sakayam, District Manager at BH Management in Dallas, oversees a portfolio of primarily Class A properties; and she tells us Rental Concessions are on the rise across the entire Dallas Fort-Worth area. She indicated that one month's worth of free rent is standard for Dallas, but in some cases, landlords are waiving some or all application and administrative fees. With continued new construction in the DFW area, lease-ups will often offer four to eight weeks' worth of free rent. Sakayam said she sees a continuation of new tenants relocating from other parts of Texas, but is also seeing an increased number of families moving from California and the Northeast. While her firm is hopeful that they can pull back on Rental Concessions in 2021, they don't expect to return to anything close to normal until the second or third quarter of next year, as their occupancy rates have dipped from 95% to 93%. Olivia Taylor, General Manager of The National Residences, described Dallas as a "concessions driven market." While it's typical for properties to offer one month's worth of free rent, she's observed movement to six-eight weeks' free rent. "There is so much new construction in Dallas you can see construction cranes everywhere. Buildings are competing for tenants. I'm aware of look-and-lease deals where tenants can secure a $1,000 Visa gift card for committing to a one-year lease within 48 hours of viewing a unit." Like Brandi, Olivia is also seeing families moving to Dallas from California and Chicago, as companies like Uber, McKesson Corp., and Charles Schwab open large local offices. While Olivia is currently seeing slower traffic at her properties, she attributes that both to increasing Coronavirus cases and the onset of typical holiday-related seasonality. Los Angeles Rental Beast recently entered the Los Angeles market, and, as part of the ramping up process, we spoke with Danny Levin, Co-Founder of TDI Properties. While many urban rental markets across the country are struggling to find qualified renters, Danny said that L.A. has long suffered from a significant residential rental supply shortage. "If you have a unit that is clean and well-priced it will get rented," said Levin. While the Los Angeles rental market typically slows in November and December, Levin indicates that seasonality isn't impacting the market, and he's not seeing a barrage of Rental Concessions observed in other cities. Instead, he said that class A & B properties continue to offer one month's worth of free rent to entice tenants. Says Levin, "The pandemic has slowed the pace in which Class A & B properties in LA are rented, but they are getting rented." Miami Like Boston, Miami registered ten consecutive months of lower YOY Rental Inquiries, and during the same time period Rental Concessions have consistently overpowered 2019 rates. For October, Rental Inquiries in Miami were down 30% YOY, while Rental Concessions jumped 115%. According to the Federal Reserve Bank of St. Louis, Miami started the fourth quarter of 2020 with a 13% unemployment rate, with COVID-19 continuing to impact the service, travel, hotel and tourism industries. While many people in Miami are experiencing Covid-19 fatigue, the dramatic increase in the number of Coronavirus infections and deaths has driven South Floridians to continue to explore living options outside of Miami, as they yearn for more space to accommodate work from home situations and remote school learning. Philadelphia As we have seen for most of the year, Rental Inquiries for Philadelphia remain strong. The city logged a 86% YOY increase, while Rental Concessions declined 71%. New York City has more than 16,000 vacant apartments, and many New Yorkers leaving the Big Apple are contemplating calling Philadelphia home. While anecdotal indications paint Philly's Rental Concessions environment similarly to Atlanta and Boston, our rental data indicates a 71% YOY decline. We will continue to monitor this change to determine if this is a temporary movement or a prolonged trend. Rental Beast recently spoke with a Marketing Manager from a prominent, Philadelphia-based property management firm. This Manager described the current Rental Concessions environment as "vicious," as she believes Philadelphia has hit a peak in Rental Concession issuance. She notes two to three months' worth of free rent being consistently offered, as landlords continue to cope with the fallout from the pandemic. The same contact indicates that in a normal year "meds and eds" (medical and undergraduate and graduate students) drive high occupancy rates in Philadelphia, but this year is far from normal. She explains, "Students are studying virtually at home, and many international students are not allowed to travel and therefore do not require rental housing. While most buildings would be well leased up at this point in the year, property managers and owners are starting to panic as we head into the 'dead season' a.k.a winter months." In addition to offering two to three months' worth of free rent, our contact indicates that her firm is also offering waived amenity fees, application fees, and are offering gift card incentives to potential tenants. Waived or reduced security deposits are also available in some cases. Rental Inquiries Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace, and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of nearly nine million off-MLS rental properties. With active listings in 22 markets across the United States, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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NAR Launches 'First-Time Buyer' Streaming Video Series on ROKU
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CoStar Group Agrees to Acquire Homesnap, a Digital Residential Real Estate Solutions Provider Used by 300,000 Agents Responsible for More Than Half of All US Residential Real Estate Sales
WASHINGTON--CoStar Group, Inc., the leading provider of commercial real estate information, analytics and online marketplaces, announced today that it has reached an agreement to acquire Homesnap, Inc. for $250 million in cash. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Over 300,000 agents nationwide use the application an average of 30 times each month. Those 300,000 agents are also the nation's most productive, selling the majority of homes in the US. The platform enjoys high growth and engagement as the number of active monthly users has grown at a compounded annual growth rate of over 40% since 2016, while marketing product sales have risen over 75% per year over that same period. Supported by a consortium of hundreds of the country's largest multiple listing services (MLSs), over 1.1 million real estate agents have access to Homesnap Pro. These agents represent over 90% of the residential real estate agents and listings in the United States. With the support of this impressive consortium, Homesnap's public residential real estate portal showcases 1.3 million active property listings. Tens of millions of home shoppers use the Homesnap website and app to look for a home. "The acquisition of Homesnap will enable us to enter a new space and expand the total addressable markets in which we can compete," said CoStar Group founder and CEO, Andy Florance. "The estimated value of commercial real estate assets in the U.S. is $16 trillion. With the new addition of clients and information covering 90% of the estimated $27 trillion dollar U.S. residential real estate market we are almost tripling the size of our addressable markets. Over the past thirty years, CoStar has become the leading real estate technology platform by working in partnership with commercial real estate brokers to serve their needs for data, analytics and advertising exposure for their property listings. Similarly, Homesnap works in very close partnership with residential agents to serve their needs for data, analytics and advertising exposure for their property listings. We will continue to differentiate our residential real estate portal and solutions by working solely to help agents market their listings and their brands, which is in sharp contrast to other portals that increasingly advertise on top of agent listings and offer brokerage services directly." The addition of Homesnap's complementary offerings will quadruple the number of professional, paying brokers and active agent users on the CoStar Group U.S. platforms from approximately 100,000 today to over 400,000. The number of U.S. property listings available across CoStar's brands will double from approximately 1.35 million today to over 2.6 million. "Homesnap has great relationships, data, software, and tools for residential real estate professionals that are complementary to our existing offerings," continued Florance. "The tools and functionality developed by Homesnap for residential property agents, such as lead generation, client collaboration, and digital advertising, have direct applicability to commercial brokers. Our goal is to make these enhanced capabilities available to all of our audiences. Combining forces with Homesnap is also expected to enable us to expand and deepen our collaboration with MLSs nationwide. A very large percentage of CoStar's clients such as investors, banks, government agencies, appraisers, suppliers, and brokerage firms are active in both commercial and residential real estate, so we believe that they would welcome a more comprehensive solution for their needs across all real estate segments." "Homesnap has spent years building tools that reinforce the agent-client relationship and arm both home buyers and agents with the data and software they need to find homes and do their jobs," said John Mazur, CEO of Homesnap. "In addition, residential property agents spend an estimated $10 billion every year on software and marketing, while influencing a further $21 billion of spending in adjacent markets, such as lending, insurance and relocation services. We are excited to join CoStar Group and leverage their 30 years of knowledge and experience in property data, software and marketing to take advantage of this significant growth opportunity." Homesnap is also headquartered in the Washington, D.C. area, employs approximately 150 people and is projected to achieve approximately $40 million of revenue for the full year 2020, representing revenue growth of approximately 45% compared to the full year 2019. The transaction is expected to close in 2020, subject to customary closing conditions and regulatory review. The preceding forward-looking statements reflect CoStar Group's expectations as of November 22, 2020. We are not able to forecast with certainty whether or when certain events, such as acquisition-related costs, the exact timing of the closing of the acquisition, or the exact amounts or timing of any investments related to the acquisition will occur. Given the risk factors, uncertainties and assumptions discussed above, actual results may differ materially. Other than in publicly available statements, CoStar Group does not intend to update its forward-looking statements until its next quarterly results announcement. About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online with over 7 million monthly unique visitors. Realla is the UK's most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group's websites attracted an average of approximately 69 million unique monthly visitors in aggregate in the third quarter of 2020. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of over 4,300 worldwide, including the industry's largest professional research organization. For more information, visit www.costargroup.com. About Homesnap Based in Bethesda, MD, Homesnap was founded in 2012 to provide residential real estate agents and consumers with an intuitive technology that facilities buying and selling homes. Homesnap's flagship product, Homesnap Pro, is a free software application for real estate agents to view and manage property listings, communicate with clients, receive market alerts and schedule showings on their mobile devices. Homesnap collects data from over 500 data sources and has subscription service agreements with approximately 240 MLSs who provide data and subscription revenue to Homesnap in exchange for free agent access to Homesnap Pro. Homesnap also provides marketing products through its mobile application that agents can use to promote their listings, as well as a premium product called Homesnap Pro+, which provides agents with enhanced functionality and business intelligence through individual subscription agreements. The Homesnap platform contains approximately 1.3 million active property listings, including residential, commercial, land and other property types, covering approximately 90% of active listings. The company also aggregates information on property taxes, mortgages, individual property parcels, neighborhood schools and other property data elements.
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15% of U.S. Consumers Experienced Housing Discrimination: Homes.com Survey
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NAR Announces Innovative Simulation Training to Tackle Discrimination in Real Estate
New interactive training simulation helps agents identify, confront discrimination in homebuying CHICAGO (November 19, 2020) -- The National Association of Realtors today announced the release of a new interactive training platform designed to help combat discrimination in America's real estate market – made available at no cost to real estate professionals throughout the country. Fairhaven is an immersive simulation where agents work against the clock to close four deals, confronting various scenarios where discrimination enters into the transaction. The training, which also provides customized feedback to help real estate professionals incorporate fair housing principles in their daily interactions, will be offered directly to NAR members and to brokerage firms and Realtor® associations. It was produced in partnership with global professional services firm Ernst and Young. "We are excited to announce the release of Fairhaven today, a new approach to fair housing training that is unlike anything currently available in the real estate industry," said Charlie Oppler, the CEO of Prominent Properties Sotheby's International Realty who was installed as NAR's 2021 president this week. "Fairhaven uses the immersive power of storytelling to deliver powerful lessons that will help promote equity in our nation's housing market. NAR will continue our work to create innovative anti-discrimination training and to champion efforts that encourage diversity, fight racial bias and build more inclusive communities." In the fictional town of Fairhaven, agents must choose how to respond to various scenarios involving discrimination in real estate. They advance through the simulation based on their answers and receive feedback on their performance. In an innovative approach, the course also places agents in the role of a client experiencing discrimination. The client point-of-view scenarios are paired with powerful testimonials illustrating the impact of housing discrimination in real people's lives. Fairhaven.realtor comes as part of NAR's ACT! Initiative, the association's fair housing action plan that emphasizes Accountability, Culture Change and Training to promote equal opportunity in real estate. In addition to training, the ACT! plan introduces self-testing and other mechanisms for holding real estate professionals accountable for discrimination. As industry leaders in support of fair housing initiatives, NAR will make the resource available to all NAR members, industry partners and other real estate professionals directly via an online portal, found at Fairhaven.realtor. NAR will also offer Fairhaven as a software package for brokerage and association learning management systems. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Buffini & Company, NAR Announce Partnership on New '100 Days to Greatness' Educational Course
Newest REALTOR Benefits Program offering, 14-week program is designed for new and emerging agents CHICAGO (November 16, 2020) -- A new educational resource for real estate agents developed by North America's largest training and coaching firm, Buffini & Company, was unveiled at the kickoff event of the 2020 REALTORS Conference & Expo on Monday. Standing alongside National Association of Realtors CEO Bob Goldberg, Buffini & Company's Founder and Chairman Brian Buffini introduced the 14-week program, 100 Days to Greatness®, designed primarily to help new and incoming agents build long-term success and for existing agents looking to jumpstart their businesses. "I've long admired Brian's ability to motivate and inspire our industry, and I know we have a shared passion for creating a strong path of success for Realtors®, especially those who are new to the field," Goldberg told thousands of Realtors® tuned in virtually to Monday's event. "At NAR, our job is to provide members with the resources and support they need to make their businesses thrive, and this partnership is part of that commitment to their success." Registration will be offered to NAR members at a discount through the association's REALTOR Benefits® Program. In addition, brokers can offer 100 Days to Greatness® as a mentor/facilitator to support their agents as the work to complete the course. This course features 21 modules of video training and embeds other important NAR resources that new members should be aware of as they begin to build their businesses. The program focuses on helping agents develop skills in specific areas, including building a database, hosting open houses, listing presentations and handling price reductions. As part of their enrollment, agents receive a training workbook, professionally-designed marketing materials and access the Online Resource Center offering interactive role plays, support videos and other helpful resources. While holding agents accountable for each week's action steps, the program also generates a steady stream of quality leads for agents while helping them build a unique, individualized database. It also highlights strategies for money management and financial planning, an area of focus NAR has worked to address through its Center for Financial Wellness. "We're proud to partner with the National Association of Realtors® to help agents launch their careers," said Buffini. "100 Days to Greatness® is the most comprehensive training program for real estate agents on the market today. With this program, agents will set the foundation for a professional career that will withstand the test of time and get them quickly on the road to building a successful real estate business." Buffini & Company has trained and coached more than three million agents from 37 countries since its inception in 1996. In the U.S., Buffini & Company-coached agents earn roughly ten times the average agent's annual income. On Monday, Goldberg told the group that he knew NAR needed to step in after hearing from countless broker owners about new agents who enter the field with excitement but quickly fizzle out due to the difficulties of managing their day-to-day business operations. "For broker owners, supporting this program means helping to put a stop to the churn of new agents in whom you are investing by ensuring they are trained well from the very beginning with the help of a well-respected leader like Brian Buffini," Goldberg concluded. Buffini & Company is the largest training and coaching company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company's comprehensive business coaching, training programs and cutting-edge content have helped more than 3 million professionals in 37 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California. To learn more about Buffini & Company, visit buffiniandcompany.com. The REALTOR Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries. The National Association of Realtors® is America's largest trade association, representing 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Rent Declines Accelerate in Tech Hubs as Remote Work Prompts the Desire for More Space
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U.S. Properties with Foreclosure Filings on the Rise as Pandemic Remains a Threat to Economy
11,673 U.S. Properties Received a Foreclosure Filing in October 2020, Up 20 Percent from Last Month; Foreclosure Rates Highest in South Carolina, Nebraska and Alabama; Foreclosure Starts Uptick Monthly in North Carolina, Ohio and Illinois IRVINE, Calif. - November 10, 2020 -- ATTOM Data Solutions, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, a foreclosure listings portal, today released its October 2020 U.S. Foreclosure Market Report, which shows there were a total of 11,673 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in October 2020, up 20 percent from a month ago but down 79 percent from a year ago. "It's a little surprising to see foreclosure activity increasing in spite of the various foreclosure moratoria that are in place," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company. "It's likely that many of these properties were already in the early stages of default prior to the pandemic, or are vacant and abandoned, which makes them candidates for expedited foreclosure actions." South Carolina, Nebraska and Alabama post highest state foreclosure rates Nationwide one in every 11,683 housing units had a foreclosure filing in October 2020. States with the highest foreclosure rates were South Carolina (one in every 6,133 housing units with a foreclosure filing); Nebraska (one in every 6,246 housing units); Alabama (one in every 6,660 housing units); Louisiana (one in every 7,078 housing units); and Florida (one in every 7,208 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2020 were Peoria, IL (one in every 1,543 housing units with a foreclosure filing); Champaign, IL (one in every 1,674 housing units); Beaumont, TX (one in every 1,880 housing units); Birmingham, AL (one in every 1,993 housing units); and Houma, LA (one in every 2,964 housing units). Those metropolitan areas with a population greater than 1 million that posted the worst foreclosure rates in October 2020, including Birmingham, AL, were Cleveland, OH (one in every 4,511 housing units); Jacksonville, FL (one in every 5,119 housing units); New Orleans, LA (one in every 6,397 housing units); and Miami, FL (one in every 6,794 housing units). Foreclosure starts increase monthly nationwide A total of 6,042 U.S. properties started the foreclosure process in October 2020, up 21 percent from last month but down 79 percent from a year ago. While foreclosure starts are down annually in many states across the nation, a few states did see annual increases in foreclosure starts in October 2020, including Idaho (up 109 percent) and Nebraska (up 56 percent). Those states that posted the greatest monthly increases and that had 200 or more foreclosure starts in October 2020, included North Carolina (up 294 percent); Ohio (up 74 percent); Illinois (up 30 percent); New York (up 24 percent); and South Carolina (up 18 percent). Among metropolitan areas with a population greater than 1 million, those with the greatest number of foreclosure starts in October 2020 were New York, NY (485 foreclosure starts); Chicago, IL (240 foreclosure starts); Los Angeles, CA (196 foreclosure starts); Miami, FL (151 foreclosure starts); and Houston, TX (143 foreclosure starts). "It's probably not a surprise that almost all of the metro areas where foreclosure activity increased on a month-over-month basis are also places where unemployment rates are higher than the national average, and in many cases have been hotspots of COVID-19 infections," Sharga noted. "Still, it's important to keep the numbers in context – even with these increases, overall foreclosure actions are still below last year's levels by about 80%." Bank repossessions see a 28 percent increase from last month Lenders foreclosed (REO) on a total of 2,577 U.S. properties in October 2020, up 28 percent from last month but down 81 percent from a year ago. States that posted the greatest number of completed foreclosures (REOs) in October 2020, included Alabama (268 REOs filed); Florida (261 REOs filed); California (194 REOs filed); Texas (186 REOs filed); and Pennsylvania (145 REOs filed). Among the metropolitan areas with a population greater than 1 million, those with the greatest number of REOs filed in October 2020, included Birmingham, AL (233 REOs filed); Philadelphia, PA (98 REOs filed); New York, NY (97 REOs filed); Chicago, IL (62 REOs filed); and Miami, FL (52 REOs filed). About ATTOM Data Solutions ATTOM Data Solutions provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the premier foreclosure listing and search portal for investors and consumers looking to gain a competitive edge in the distressed market. Realtytrac.com grants access to insight that is typically only available to real estate professionals.
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The Residential Real Estate Council Launches New Education Subscription Option for Residential Real Estate Agents
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Buffini & Company Launches Second Installment of their Industry-Changing Real Estate Agent Training Program, The Pathway to Mastery--Advanced
The Pathway to Mastery--Advanced program lays out a complete career path for real estate agents to create a highly successful business over the course of this eight-week program. CARLSBAD, Calif., Nov. 03, 2020 -- Buffini & Company, the largest training and coaching company in North America, has released The Pathway to Mastery--Advanced, the second course in the three-part Buffini & Company real estate training series developed by industry legend Brian Buffini. The Advanced course lays out a complete real estate career path for agents, an industry first! Packed with real-life role plays, dialogues and proven strategies, The Pathway to Mastery—Advanced prepares agents to join the best-of-the-best agents in the world. Over the course of eight weeks, real estate agents will experience unique training modules packed with content that explores the next level of working by referral. The program includes video modules that teach agents how to handle the top five buyer and top five seller objections like a pro, a step-by-step guide on how to list a property and how to help buyers find their perfect home. Additionally, the course outlines next-level content like building a personal brand, offering world-class customer service and how to become a financial wizard. The Advanced course is ideal for experienced agents looking to take their career to the next level. "With methods and dialogues to handle objections, pricing presentations and showings, agents will build on a working by referral foundation to make the most out of their database, turning clients into loyal advocates," says Brian Buffini, founder and chairman of Buffini & Company. The Pathway to Mastery—Advanced is offered both on-demand or with a Buffini Certified Mentor or Facilitator in a classroom setting (virtual or in-person). The student course kit includes a workbook, professionally-designed marketing materials, access to a robust Student Online Resource Center and to Buffini & Company's award-winning Referral Maker® CRM, a productivity tool for managing real estate marketing and lead generation. Real estate brokers, owners and managers who want to increase their agents' income, productivity and retention rates can become Buffini Certified to lead their office in this state-of-the-art training program. Classes begin December 1. To register or lead The Pathway to Mastery—Advanced. please visit: buffiniandcompany.com/advanced
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High Demand and Low Inventory Continue Streak of High Residential Showing Traffic in Cities and Metropolitan Areas of U.S.
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Realtors Prepare to "Reset, Refocus, and Get Reinvigorated" During First-Ever Virtual Realtors Conference & Expo
WASHINGTON (October 30, 2020) -- The National Association of Realtors opens its first-ever virtual annual conference on Monday, November 2, when Realtors® from around the globe will experience the marquee event for the world's largest trade association. "Reset, Refocus, Get Reinvigorated and Find Your 'R'!" serves as the theme for this year's conference, which will welcome participants from all 50 states, several U.S. territories and more than 60 countries. Realtors® and their partners from across the industry will be able to interact with 75 exhibitors and choose from more than 50 educational sessions covering a wide array of topics, including how emerging technology like 5G and artificial intelligence will impact the real estate market, the state of global real estate in a post-COVID world, commercial real estate valuations, among many others. "In a year of significant and wide-ranging changes, Realtors® and real estate professionals from around the world will have the opportunity to connect with industry colleagues, experts and thought leaders to discuss the challenges and opportunities in real estate's 'now' normal," said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. "Our first-ever virtual annual conference offers a comprehensive lineup of impactful and engaging programming, networking, community service and more." NAR Chief Economist Lawrence Yun will review the impact of recent developments within the U.S. economy on the residential housing market and share his expectations for 2021. NAR CEO Bob Goldberg and AARP CEO Jo Ann Jenkins will discuss a new collaboration between the two organizations and the importance of enhancing consumer knowledge in age-friendly decisions for home-related purchases and actions. Long-time political strategists and high-profile couple James Carville and Mary Matalin will enlighten and entertain participants with their examination of today's most important political issues during the "All's Fair: Love, War and Politics" forum. Brian Buffini, founder of the largest training and coaching company in North America and real estate industry titan, will kick off Conference and Expo activities with an overview of his success strategies and tips for 2021. Conference-goers can participate or cheer on their friends for a good cause in the REALTORS® Relief Virtual 5K. Using a virtual 5K app, participants and their registered guests can complete and post their run or walk times to benefit the REALTORS® Relief Foundation. All proceeds will provide housing-related assistance to the victims of natural disasters across the U.S. New York Times best-selling author Glennon Doyle will close the conference with messages designed to inspire and empower. NAR installs its 2021 officers on Friday, November 13, during the association's Board of Directors meeting. NAR governance meetings will take place from November 2-13 and the Conference and Expo will occur from November 16-18. Visit www.conference.realtor to track all conference happenings and events. Follow NAR on Facebook, Twitter and Instagram @nardotrealtor and #NARAnnual. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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W+R Studios Announces Longest Free Trial Program in Company's History
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Realtor.com Survey Finds Ghosts and Goblins Don't Have Homeowners Hanging a For Sale Sign
Most who believe their house is haunted are perfectly fine with a few bumps in the night SANTA CLARA, Calif., Oct. 14, 2020 -- Haunted houses are popular attractions this time of year, but most Americans say they wouldn't consider living in one. However, a majority of those who believe they currently live in a home that is haunted say the spooky happenings they've experienced are not reason enough to move, according to realtor.com®'s annual Halloween survey released today. Survey results from more than 2,000 Americans reveal that 13% believe they currently live in a home that is haunted, and a majority of them -- 54% -- knew or suspected the house was haunted before moving in. Although nearly two-thirds (62%) of respondents indicated they'd be unlikely to consider living in a house that was rumored to be haunted, a majority (56%) of Americans who believe their home is haunted have not considered moving. "Haunted houses typically draw big crowds this time of year, but we wanted to see how many people actually believe they live in one," said Lexie Holbert, realtor.com® housing and lifestyle expert. "Although only a small percentage of respondents indicated they believe their home is haunted, it was surprising to see how many are perfectly comfortable sharing their space with spirits from the world beyond." Just where are these haunted houses? The West led the nation with the most respondents who believe they live in a home that is haunted at 18%, followed by 13% in the Northeast, 11% in the Midwest and 10% in the South. Of those who suspected their house was haunted prior to moving in, Northeasterners were most comfortable living with spirits at 76%, followed by those in the West at 57%, the South at 51% and 35% in the Midwest. What is it about a house that makes it haunted? Asked to select all the spooky happenings that made them think their home was haunted, strange noises topped the list at 44%. This was followed by: Shadows -- 38% Hot and cold spots -- 37% The feel of certain rooms -- 34% Odd pet behavior -- 30% Items moving and the feel of being touched -- 29% (tie) Levitating objects -- 17% Interestingly, the survey found the denizens of the netherworld don't necessarily make their presence known in the same manner throughout the country. Regionally, here's what topped the list of ghoulish sensory exploits: Northeast: Feel of the room (41%), shadows (34%), strange noises (33%) Midwest: Strange noises (57%), shadows (37%), items moving and hot and cold spots (36%) (tie) South: Strange noises (58%), shadows (48%), the feel of a certain room (44%) West: Hot and cold spots (38%), strange noises and shadows (33%) (tie), the feeling of being touched (28%) Who's more apt to buy a haunted house and at what price? For most respondents, buying a haunted house is not something they see themselves doing. Fifty-four percent of men said they were unlikely to ever consider living in a house that was rumored to be haunted, compared to 70% of women. By age, those aged 55 and over were most unlikely to consider living in a haunted house (64%), followed closely by those aged 18-34 at 62% and 35-54-year-olds at 59%. Regionally, 66% of respondents in the Northeast said they were unlikely to consider living in a haunted home, while 65% of those living in the Midwest and South and 52% in the West said they were unlikely to. When asked at what level of discount they would need to purchase a haunted house, 39% of those between the ages of 18-34, 33% aged 35-54 and 24% aged 55 and over said the discount would need to be greater than 10%. However, 37% of those 55+, 28% aged 35-54 and 23% aged 18-34 said no discount would be enough to live in a haunted house. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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NAR Launches 'NAR en Espanol' Website
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Northeastern Housing Markets Remain Most at Risk of Economic Impact from Coronavirus Pandemic
Most Vulnerable Counties in Third Quarter of 2020 Concentrated in States Running from Connecticut through Maryland; New York City, Baltimore, Washington, D.C. and Now Philadelphia Among Areas with Clusters of High-Risk Counties; Midwest Joins the West as Regions Less at Risk of Housing-Market Problems IRVINE, Calif. -- Oct. 8, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2020 Special Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic. The report shows that pockets of the Northeast and Mid-Atlantic regions were most at risk in the third quarter – with clusters in the New York City, Baltimore, Philadelphia and Washington, D.C. areas – while the West and now Midwest are less vulnerable. The report reveals that Connecticut, New York, New Jersey, Pennsylvania, Maryland and Delaware had 32 of the 50 counties most vulnerable to the economic impact of the pandemic in the third quarter. They included five suburban counties in the New York City metropolitan area, four around Washington, D.C., four around Philadelphia, PA, four around Baltimore, MD, and seven of Connecticut's eight counties. The only four western counties among the top 50 were in northern California and Hawaii, while Illinois had the only six in the Midwest. Another eight were loosely scattered across five southern states – Florida, Louisiana, North Carolina, Texas and Virginia. Third quarter trends generally continued from those found in the first and second quarters of 2020, but with different concentrations around several major metropolitan areas. The number of counties among the top 50 most at-risk was down from 11 to five in the New York City area, and from eight to three in the Chicago, IL, area, but up from two to four in the Baltimore region. Markets are considered more or less at risk based on the percentage of homes currently facing possible foreclosure, the portion of homes with mortgage balances that exceed the estimated property value, and the percentage of local wages required to pay for major home ownership expenses. The conclusions are drawn from an analysis of the most recent home affordability index, equity and foreclosure reports prepared by ATTOM. Rankings are based on a combination of those three categories in 487 counties around the United States with sufficient data to analyze. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. The findings come as the national housing market has largely staved off the effect of the virus pandemic. While home values have dipped in some areas of the nation, counties generally have seen prices rise 7 percent to 15 percent since the third quarter of 2019. But the market remains exposed due to high unemployment and other damage that has spread through the United States economy as the virus has surged throughout the country this year. "The U.S. housing market continues to show remarkable resilience during a time of widespread economic trouble and high unemployment stemming from the virus pandemic. But amid continued price gains, pockets around the country face greater risk of a fall, especially in and around the Northeast," said Todd Teta, chief product officer with ATTOM Data Solutions. "There is much uncertainty ahead, especially if another virus wave hits. We will continue to closely monitor home prices and sale patterns to see if, how and where the pandemic starts rattling local markets." Most vulnerable counties clustered around New York City, Baltimore, Philadelphia, Washington, D.C, and Chicago. Twenty of the 50 U.S. counties most at-risk in the third quarter of 2020 from housing-market troubles connected to the pandemic (among the 487 counties with sufficient data) were in the metropolitan statistical areas around New York, NY; Philadelphia, PA; Baltimore, MD; Washington, D.C., and Chicago, IL. They included five in the New York City suburbs (Bergen, Essex, Passaic and Sussex counties in New Jersey, along with Orange County, NY) and four around Philadelphia (Burlington, Camden and Gloucester counties in New Jersey, plus Bucks County, PA). Another four counties found most at risk are in the Baltimore metro area: Anne Arundel, Baltimore, Carroll and Howard counties. The three around Chicago are Lake, McHenry and Will counties. Seven of Connecticut's eight counties also are in the top 50, including Fairfield, Litchfield, Middlesex, New Haven, New London, Tolland and Windham counties. The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the third quarter of 2020 were Humboldt County (Eureka), CA; Butte County (Chico), CA; Shasta County (Redding), CA, and Hawaii County, HI. Florida also had three counties in the top 50: Charlotte County (outside Fort Myers), Flagler County (outside Daytona Beach) and Highlands County (Sebring). Higher levels of unaffordable housing, underwater mortgages and foreclosure activity in most-at-risk counties Major home ownership costs (mortgage, property taxes and insurance) consumed more than 30 percent of average local wages in 35 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the third quarter of 2020. The highest percentages were in Bergen County, NJ (outside New York City) (51 percent of the average local wage required for major ownership costs); Passaic County, NJ (outside New York City) (50 percent); Comal County, TX (outside San Antonio) (48 percent); Carroll County, MD (outside Baltimore) (46 percent); and Hawaii County, HI (46 percent). Among all counties in the report, major expenses on the median-priced home typically consumed 32 percent of the average local wage. At least 15 percent of mortgages were underwater in the second quarter of 2020 (the latest data available on owners owing more than their properties are worth) in 37 of the 50 most at-risk counties. Nationwide, 13 percent of mortgages fell into that category. Those with the highest underwater rates were Cumberland County (Vineland), NJ (34 percent); Saint Clair County, IL (outside St. Louis, MO) (33 percent); Lackawanna County (Scranton), PA (31 percent); Monroe County, PA (outside Wilkes-Barre) (30 percent) and Madison County, IL (outside St. Louis, MO) (29 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2020 (the latest available data) in 36 of the 50 most at-risk counties. Nationwide, about one in 4,449 homes were in that position. (Foreclosure actions have dropped about 80 percent this year amid a foreclosure moratorium on banks taking back properties from homeowners behind on their mortgages.) Those with the highest rates were in Saint Tammany Parish, LA (outside New Orleans) (one in 755 properties facing possible foreclosure); Tazewell County, IL (outside Peoria) (one in 816); Madison County, IL (outside St. Louis, MO) (one in 875); Saint Clair County, IL (outside St. Louis, MO) (one in 1,007) and Kent County (Dover), DE (one in 1,069). "While it's unlikely that we'll see a return to the historically high levels of foreclosure activity we saw during the Great Recession, it's a near-certainty that the number of defaults will increase once the foreclosure moratoria have been lifted, and the CARES Act forbearance program expires," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM Data Solutions company. "It's also likely that foreclosures will be concentrated in markets where there's a dual-trigger – for example, stubbornly high unemployment rates, and homeowners who are underwater on their loans." Counties least at-risk concentrated in Colorado, Indiana, Missouri, Texas and Wisconsin Twenty-five of the 50 least-vulnerable counties from among the 487 included in the third-quarter report were in Colorado, Indiana, Missouri, Texas and Wisconsin. The largest populated counties included Tarrant County (Fort Worth), TX; Travis County (Austin), TX; Marion County (Indianapolis), IN; Denver County, CO, and Arapahoe County, CO (outside Denver). Others among the 50 least at-risk counties with a population of at least 500,000 included Middlesex County, MA (outside Boston); Hennepin County (Minneapolis), MN; Fairfax County, VA (outside Washington, DC); Mecklenburg County (Charlotte), NC, and Wake County (Raleigh), NC. Lower levels of unaffordable housing, underwater mortgages and foreclosure activity in less-vulnerable counties Major home ownership costs (mortgage, property taxes and insurance) consumed less than 30 percent of average local wages in 28 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the third quarter of 2020. The lowest percentages were in Winnebago County (Oshkosh), WI (20 percent of the average local wage required for major ownership costs); Marion County (Indianapolis), IN (20 percent); Macomb County, MI (outside Detroit) (21 percent); Saint Clair County, MI (outside Detroit) (21 percent) and Benton County (Rogers), AR (21 percent). At least 15 percent of mortgages were underwater in the second quarter of 2020 (with owners owing more than their properties are worth) in only one of the 50 least at-risk counties. Those with the lowest rates were Chittenden County (Burlington), VT (3 percent); Washington County, WI (outside Milwaukee) (4 percent); Travis County (Austin), TX (5 percent); Multnomah County (Portland), OR (5 percent) and Boulder County, CO (5 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2020 in none of the 50 least at-risk counties. Those with low foreclosure rates included Davidson County (Nashville), TN (one in 50,975 properties facing possible foreclosure); Sheboygan County, WI (one in 50,939); Potter County (Amarillo), TX (one in 49,656); Suffolk County (Boston), MA (one in 47,605) and Washoe County (Reno), NV (one in 38,791). Report methodology The ATTOM Data Solutions Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2020 residential foreclosure and underwater property reports and third-quarter 2020 home affordability report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of *properties with a foreclosure filing during the second quarter of 2020, the percentage of properties with outstanding mortgage balances that exceeded estimated market values in the second quarter of 2020 and the percentage of average local wages need to afford the major expenses of owning a median-priced home in the third quarter of 2020. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Realtor.com Red Versus Blue Report: Blue State Americans Are Searching For Homes In Swing States; What Does That Mean For The Presidential Election?
Americans are migrating from Democratic urban areas to more affordable suburbs and rural areas that lean Republican. But will they turn any red states blue? SANTA CLARA, Calif., Oct. 6, 2020 -- The ongoing trend of Americans migrating from densely populated typically Democratic urban areas to more affordable suburbs and rural areas that historically lean more Republican could potentially have an impact on the outcome of the upcoming presidential election, according to a new analysis released today by realtor.com®. The report reveals that the majority of out of town searches for homes in the battleground states of Florida, Michigan, Pennsylvania and Wisconsin come from states and counties that lean blue. The analysis examines the searches of home shoppers on realtor.com® looking outside their local market over the last three years. For the purpose of this study, the analysis assumes the political affiliation of the home searchers is proportional to the distribution of their county of origin during the 2016 presidential election. It does not account for changes in political affiliation, other factors that may cause someone to shift their allegiances, or the migration of renters, who tend to move more frequently. "For years homebuyers have looked from urban areas to more suburban and rural areas to find the affordability that makes buying a home possible. The additional time at home and flexibility to work remotely as a result of the pandemic have further fueled this trend," said realtor.com® Chief Economist Danielle Hale. "Although many factors will ultimately influence voting decisions, what we may learn in just a little over a month is whether these shoppers ended up changing the results in the states they moved into, or not. We know a number of blue staters' interest in swing state moves; but we just don't know how many of them actually did move, and whether they themselves vote Democratic or Republican." According to the analysis, which examined all 50 states and the District of Columbia, the majority of out of town searches for homes in Florida, Michigan, Pennsylvania and Wisconsin -- four of the 13 identified by a Politico analysis as battleground states -- are coming from states and counties that lean blue. These search patterns also indicate that, with the exception of Georgia, the 30 states that went red in 2016 may be impacted one way or another by blue staters moving in. At the same time, eight blue states and the District of Columbia are seeing an influx of people from states that are red. "A critical question - as blue staters move to swing or red states, are they Democratic voters seeking out a more suburban or rural lifestyle, or are they Republican voters wanting to move out of a more Democratic neighborhood or do their political opinions shift as they move to areas that have traditionally supported Republican candidates? We may know how to better answer these questions, once the votes are counted," said Hale. Out of state searches in the four potential swing states Florida (Red in 2016 and considered a toss up state in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Florida are coming from Georgia (a red state in 2016) followed by New York, New Jersey, Illinois and California, all blue states in 2016. At the county level, the highest share of non-local searches in the state come from all blue counties -- Dekalb County, Ga., Cook County, Ill., Fulton County, Ga., New York County, N.Y. and Essex County, N.Y. Michigan (Red in 2016 and considered to be leaning blue in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Michigan are coming from Ohio, Illinois, California, Georgia and Florida. Although only two of the top viewing states are blue, the highest share of non-local searches are from blue counties -- Cook County, Ill., Summit County, Ohio, Dekalb County, Ga., Cuyahoga County, Ohio and Franklin County, Ohio. Pennsylvania (Red in 2016 and considered to be leaning slightly blue in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Pennsylvania are coming from New York, New Jersey, Maryland, Ohio and Virginia. Of these five states, only Ohio was red in 2016. At the county level, the highest share of non-local searches in the state come from all blue counties, Washington, D.C., New York County, N.Y., Essex County, N.J., Kings County, N.Y. and Montgomery County, Md. Wisconsin (Red in 2016 and considered to be a toss up in the upcoming election by Politico) Realtor.com® analysis: The biggest share of non-local home searches in Wisconsin are coming from Illinois, Minnesota, Pennsylvania, Iowa and California, three of which (Illinois, Minnesota and California are blue states). At the county level, four of the five highest share of non-local searches in the state come from blue counties -- Cook County, Ill., Lake County, Ill., Hennepin County, Minn. and Bucks County, Pa. The exception is McHenry County, Ill. Editor's note: This analysis is not a prediction of the outcome of the election. Whether these home searches benefit either political party depends on factors that cannot be accurately measured: first, realtor.com® does not have data on how many of these searches actually resulted in a move to a new market, though these searches have historically correlated well with migration patterns; and second, there is no way to determine the political leanings or party affiliation of those who do cross-market searches and/or ultimately move. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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ShowingTime's Data Finds Home Showings Continue at a Torrid Pace, Jumping Nationwide for Fourth Consecutive Month
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RateMyAgent Launches an Industry-Wide Agent of the Year Awards Program
Client service is celebrated as the real estate industry undergoes transition from being transactional to service-driven SAN DIEGO, Sept. 30, 2020 -- RateMyAgent, an agent review and digital marketing platform for real estate professionals to generate, aggregate, and syndicate client reviews, today announced the launch of the real estate industry-wide customer service awards program called the Agent of the Year Awards. This national awards program is based on verified client review data instead of focusing solely on traditional awards criteria like sales volumes and commission dollars. RateMyAgent understands what a review actually embodies--a real estate professional's hard work, long hours, heart, and soul, all for the sake of creating remarkable consumer experiences. The RateMyAgent proprietary algorithm will calculate both verified and unverified reviews captured from coast to coast and will surface the top agents based on client feedback. There will be a winner from each state, along with the seven U.S. geographic regions: New England, Mid-Atlantic, Midwest, Southeast, Southwest, Mountain, and West. One of the regional winners will be named the national winner, who can claim the official title, U.S. Agent of the Year. "We launched the Agent of the Year Awards program six years ago in Australia," said Mark Armstrong, co-founder and chief strategy officer of RateMyAgent. "We wanted to reward hard work and honor the consumer experience. Now is the perfect moment to do the same for the U.S. real estate industry." The process is simple. Deliver excellence. Focus on the client experience. Raise the quality of customer service. An agent's effort, captured in a RateMyAgent verified review, which is tied directly to the transaction for authenticity, is the entry ticket. No fees, no lengthy application process, no nominations. Winners will be announced at Inman Connect in early 2021. All reviews for consideration need to be received by 11:59 PM PST, Sunday, January 3, 2021, for property transactions throughout 2020. Three Easy Steps to Enter the Agent of the Year Awards: Activate free RateMyAgent Profile which is available to every real estate professional Collect verified RateMyAgent reviews, linked directly to the transaction Focus on delivering an excellent client experience RateMyAgent is endorsed by the 2019 REACH program by the National Association of Realtors® About RateMyAgent RateMyAgent is an Australia-based review platform now expanding rapidly in the United States. In Australia, RateMyAgent is used by agents who sell 80% of property across Australia and get reviews for 1 in 3 homes sold nationally. RateMyAgent launched in the United States in 2018 and has partnerships with MLS's from Florida to California, including CRMLS, the country's largest MLS. They are the first review platform to be included in NAR's REACH Accelerator Program. RateMyAgent is listed on the Australian stock exchange. More information about RateMyAgent can be found at www.ratemyagent.com
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Realtor.com Weekly Housing Report: Nearly 400,000 Fewer Homes Have Been Listed Since the Start of the Pandemic
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Rental Beast September Market Report: Conversation with Brian Horrigan, Chief Economist at Loomis Sayles
September 23, 2020 -- In conjunction with our regular monthly Market Report, Rental Beast interviewed Brian Horrigan, Chief Economist at Loomis Sayles, a Boston-based investment management firm with more than $310 billion in assets under management, to discuss economic trends and COVID-driven real estate developments. Rental Beast spoke with Horrigan on the 19th anniversary of the September 11th attacks, and Horrigan draws enlightening parallels between the economic conditions following 9/11, and today's COVID pandemic. Horrigan explains that 9/11 permanently changed the way airport security is handled. Similarly, he expects the pandemic to have long-term effects on where we work and where we live. Although COVID-19 restrictions will eventually ease, Horrigan expects many companies will adopt a permanent hybrid work from home model. "Extended lockdowns forced millions of employees to experience working from home for the first time, and many workers found that a work from home model resulted in both more productive working hours, and the ability to spend more time with family and pursuing other interests," says Horrigan. "Even after restrictions are eased, many employees may not want to return to pre-pandemic routines and will make future real estate decisions without considering proximity to the office." Since mid-March, Rental Beast's Rental Inquiry data has shown renters moving away from urban centers to the suburbs. Horrigan emphasizes that, for millennials in their prime family formation years, the pandemic has highlighted the risks of urban living. Horrigan comments on the rise in millennial-driven suburban living, saying, "Even before the onset of the COVID-19 pandemic, many millennials left cities in search of suburban affordability and space. And, with the spike in urban violence, fear of COVID-19 contagion, and concern of future outbreaks, the number of millennials interested in non-urban living options will continue to rise." However, Horrigan is careful to point out, "This is not all bad news for urban centers. Cities will need to re-define themselves, and we may see more commercial projects pivot towards residential activity in order to address major pre-pandemic issues, including poor housing availability and affordability." But, as developers look ahead to new projects, a lack of available land near city centers will push development further away from major metro areas. If Horrigan's theory plays out, a combination of more work from home opportunities and millennial-driven suburban development may result in more affordable housing options in urban centers. While much of the resale and rental market is, in Horrigan's words, "Go, go, go," homeownership and rentals in city cores have been compromised. He emphasizes that it took most cities decades to develop the levels of safety and vibrancy needed to attract and keep residents. "COVID is dramatically changing these dynamics. Major cities will need years to repair the damage done." Rental Beast's August 2020 data reflects slowing interest in the urban rental market. In this report, we evaluate exclusive data from five major U.S. cities: Atlanta, Boston, Chicago, Miami, and Philadelphia. We track year-over-year (YOY) changes in Rental Inquiries and Rental Concessions in each city to gain a picture of market conditions. Rental Inquiries Rental Inquiry Volume Continues to Fall in Most Markets Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. August was yet another month of high anxiety for renters. Americans continued to process powerful economic and social factors, including the expiration of the CARES Act, ongoing confusion about school re-opening plans, numerous social reform protests, amped up messaging ahead of the U.S. presidential election, and, of course, the continued effects of COVID-19. In August, Rental Inquiries were down YOY in three out of five markets surveyed. Boston, Miami and Atlanta all recorded significant YOY declines, while Chicago and Philadelphia registered YOY increases: Chicago and Philadelphia registered positive YOY Rental Inquiry results, with gains of 144% and 32%, respectively. Despite health, economic, and social challenges, August represented the 4th consecutive month of positive YOY Rental Inquiry results in Chicago. Rental Beast had the opportunity to discuss the state of the Chicagoland rental market with Chicago real estate leader and CEO of Exit Strategy Realty, Nick Libert. Libert, who has a successful track record of working with both homebuyers and renters, explains that due to historically low interest rates more Chicagoans are considering homeownership, many for the 1st time. This desire for homeownership has driven his 2020 business to record levels. However, a key factor in the growth of the for-sale market is job security. Conversely, some clients must adjust their housing plans due to layoffs. Libert shares that some clients who were in the market to buy a home decided to rent due to recent furloughs. Other potential homebuyers choose to continue renting in pursuit of better deals on home prices—Libert adds that many of his clients who may be financially positioned to purchase a home are choosing to rent, waiting for lower home prices while the economic fallout from COVID-19 persists. For three of the past four months, Philadelphia recorded positive YOY Rental Inquiries as the city of Brotherly Love continues to benefit from renters moving out of NYC in pursuit of more space and lower costs. August represents the eighth consecutive month that both Boston and Miami reported negative YOY Rental Inquiry rates—down 65% and 62%, respectively. Atlanta also reported a 53% decline, continuing the city's nearly year-long trend of negative YOY Rental Inquiries. Like most major metros, many of Boston's large office complexes sit empty as companies re-think their real estate needs. While the shift to virtual models by Boston's universities and large corporate employers has dampened rental demand, Horrigan is optimistic that Boston will recover more quickly. "Unlike many other cities across the US, Boston crime-rates have remained relatively low, suggesting a smoother road to recovery." Like Boston, Miami recorded negative YOY Rental Inquiry rates, as tourism continues to suffer under COVID-19 restrictions. Rental Concessions Rental Concessions Settle in Some Markets While Remaining Prevalent in Others Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. For August, Rental Concessions dropped in Philadelphia, Chicago, and Atlanta, while Boston and Miami registered YOY increases: Throughout August, anxious landlords and tenants hoped for guidance from Congress about new rent relief measures. Absent further guidance, landlords continued to slow the pace of Rental Concessions with the following YOY declines: Philadelphia (-99%), Chicago (-54%), and Atlanta (-14%). "Lawmakers in Congress and the Administration need to come back to the table and work together on comprehensive legislation that protects and supports tens of millions of American renters by extending unemployment benefits and providing desperately needed rental assistance," said Doug Bibby, National Multifamily Housing Council President. Boston & Miami landlords continue to offer Rental Concessions to prospective tenants. Boston Rental Concessions were up 99% YOY for August, while Miami posted a 82% YOY increase. Pre-COVID, Boston landlords rarely offered Rental Concessions. However, landlords have quickly adjusted to reduced demand by offering high concessions. Ishay Grinberg, Rental Beast's founder and CEO, comments, "As a landlord, I want to make sound financial decisions while still attracting the best residents. I don't want to lower rents, because it will be very difficult to raise them to market value later. Offering Rental Concessions strikes the right balance—they help landlords fill vacancies, and tenants benefit from some financial relief." About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of over eight million off-MLS rental properties. With active listings in 19 markets across the United States, and 5 additional markets opening within the next 30 days, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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MoveEasy Launches Mobile App
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Why Homesnap Pro+ Has Been Dubbed the Amazon Prime of Real Estate
Comparing Amazon Prime to Homesnap Pro+ may seem pretty lofty. But allow us to explain why it's an apt analogy: Amazon Prime offers a collection of benefits that, together, satisfy every need or want a member could have. Subscribers can order groceries for delivery in under two hours. Cook dinner with the kitchen utensils they bought at a discount on Prime Day. Settle in after their meal and watch original programming on Amazon Prime's streaming service. And then, before bed, read a New York Times' bestseller on their Kindle Paperwhite. Virtually everything and anything members could ever need on a day-to-day basis is readily accessible at little more than a click of a button. Homesnap Pro+ is built upon that same principle of ease-of-use, consistency and convenience. For one annual subscription fee, agents get access to a bundle of products and services that aid them in taking a holistic approach to their digital marketing. They'll be empowered to build a consistent, wide-reaching, and credible presence across the web—from social media to search engines, home-search portals and business websites—on one platform. What's included in Homesnap Pro+ and how each feature works to improve your digital marketing Google Business Profile Verification, Optimization and Management As an established Google Premier Partner, Homesnap Pro+ can instantly verify, manage, and optimize your Google Business Profile for you. We'll take all the guesswork, technical know-how, and general head-scratchers out of managing a Google Profile. We'll help you claim your profile and load it with your photos, listings, contact information and regularly optimize your profile's performance, so you can boost your appearance search results—by as much as 5,000%. Then, we'll send you regular performance reports so you track your progress toward becoming a top, sought-after agent in your area every step of the way. Why does this matter? Today's consumers don't search for specific agents, but for more broad terms like "best real estate agent" or "top-rated agents near me." Because of this, Google has to decide what results to display—it has to determine which businesses most accurately reflect the users' search parameters and are therefore most likely to satisfy the query. The more information Google has about a business, the more likely it is to recommend it (i.e., rank it higher in search results) to its users. In years past, this could have been accomplished by SEO (content on blogs, websites, social media, etc.). Now, though, Google has changed the game. Google wants businesses to provide the information it needs to make a decision directly to Google. Put simply: Google wants you to use a Google product (the Google business profile) to rank high on Google search. Homesnap recently ran a study that traced the growth of our customers using Homesnap Pro+ to verify, manage, and optimize their Google business profiles and found the following results: After three months, customers increased their appearance in searches 380% After six months, customers increased their appearance in searches 1,037% After one year, customers increased their appearance in searches 3,087% After a year and a half, customers increased their appearance in searches 5,037% Real Estate Websites Homesnap Pro+ Real Estate Websites are professionally developed, personally branded, and powered by Homesnap Search. They enable you to establish a credible, lead-generating online presence in minutes, not weeks—and are ready to go live with little more than a click of a button—at a fraction of the cost of traditional website builds. These professionally designed websites include: A simplified, elegant layout that prominently features your preferred web address name and brand across all pages A built-in search portal powered by Homesnap, featuring the most accurate, real-time data in the industry Powerful, lead-generating real estate tools built-right in that consumers love. A built-in search portal powered by Homesnap, featuring the most accurate, real-time data in the industry Why does this matter? Real estate agent websites are important for obvious reasons, but Homesnap Pro+ Real Estate Websites offer agents a modern, fully customizable solution. You'll never have to worry about upkeep, maintenance, or outages because Homesnap will handle all of the backend management for you. And because a Homesnap Pro+ Real Estate Website comes as part of your membership, you'll save hundreds of dollars each year on third-party hosting and management fees—meaning your Homesnap Pro+ subscription practically pays for itself. We'll even migrate your existing website and domain name at no additional cost. One-Click Review Tool The One-Click Review Tool is designed to make it easier than ever for agents to invite clients, colleagues, and personal connections to leave reviews on Google. No more calling or texting asking for a positive review on Google. No more awkward conversations. Simply add the person's email address or click on a Homesnap contact, and we'll instantly send an email on your behalf asking them to leave a positive review. With the One-Click Review Tool, agents receive a positive review for every 2.6 review requests they send, which is 3X more often than the industry average. And agents who've used the One-Click Review Tool regularly (five or more times) had an average lifetime review rating of 4.95. Those who didn't? Their rating averaged out to just 1.5. Why does this matter? You know reviews are important for your reputation, but clients aren't particularly motivated to leave positive reviews without a nudge. Not only does the One-Click Review Tool help you get those positive reviews you need to win more business, but it will also boost your overall search rankings. According to our data scientists: Agents with an average review rating of 4.0 or better on Google appear in 350% more Google searches than agents with an average review rating of 0-3. Agents with a 4.0 average review rating on Google received 300% more actions (calls, texts, website views, and direction requests) than those with a review rating of 0-3. The more reviews an agent has, the better they perform in search, views, and actions. The only problem? The impact of positive reviews tends to diminish over time: Without at least one review every 90 days, the above benefits decrease by about 50%. So, you need to make sure your reviews are constantly up to date. Advanced Off-Market Search Filters Are you familiar with our heatmaps and off-market search filters, like Likelihood to List, that are available to agents right now as part of their Homesnap Pro membership (which is included as part of your MLS subscription)? Homesnap Pro+ unlocks additional advanced features, so you can dig even deeper on the status of off-market properties. These include: Distressed Information, Ownership Type, Home Equity, Loan Balance, and Consumer Demographics (which includes age, gender, marital status, income, and number of children, as well as social media information.) Why does this matter? As prospecting gets harder and harder and in-person canvassing takes a backseat in a pandemic world, being able to zero in on properties likely to hit the market before they do can be a huge boon for agents. In short, if you're looking for a more strategic way to discover listings before your competition, Homesnap's Off-Market Search Filters are some of the best tools available to do it. Enhanced Agent Profiles With a Homesnap Pro+ membership, you'll have an enhanced version of our agent profile page. We'll populate new sections to your profile such as your Google reviews, content posts, business details, and more. We'll include a blue checkmark badge on your profile photo that highlights you're a verified, credible agent. Why does this matter? Trust, as you know, is integral to agent-client relationships. An enhanced agent profile lets the 1,000,000+ users of the Homesnap Search Portal know you're a credible, professional, and recommended agent. Who's Viewed My Listings & Profile Homesnap Pro+ includes Who's Viewed My Listings & Profile. Who's Viewed allows you to see how many consumers have viewed your listings in the last 90 days, as well as which how many agents have viewed your profile and listings in the last 90 days. Why does this matter? By using the Who's Viewed feature, you can connect with interested buyers, report back to sellers how many agents and clients have viewed their listing, and monitor your growing business and understand how your digital presence is changing over time. Custom Lead Pages With Homesnap Pro+'s Custom Lead Pages, you'll get instant access to an optimized lead-gen tool. When you have a listing, we'll generate a custom lead page that you can use for all your marketing needs, from listing pages to social media and other marketing materials. Why does this matter? Not only will these professionally designed pages impress your sellers, they'll also help you save time while ensuring you're optimizing lead generation. They're branded to you and purpose-built to encourage prospects to provide personal information you can use to get in touch. NEW Sell Speed Like Amazon Prime, we're constantly adding new features, and Sell Speed is the latest edition to the Homesnap Pro+ bundle. Currently in beta, Sell Speed is a proprietary artificial intelligence algorithm, composed of hundreds of up-to-the-minute real estate market data points, that predicts how quickly a home will sell at various price points. Homesnap Pro agents can use Sell Speed on their listings or any off-market property, and Homesnap Pro+ agents can also add Sell Speed to any available active listing*. Why does this matter? Sell Speed takes the guesswork out of determining an asking price or making an offer for a property on behalf of a client. Use Sell Speed to help clients set realistic goals and expectations or arm yourself in buyer negotiations and get a fair market offer for your clients. Bottom Line Homesnap Pro+, like Prime, provides members access to a collection of benefits that seamlessly work together to make agents' lives easier. No more piecemeal tactics. No more disparate platforms or lack of a cohesive strategy. Just everything an agent could ever need to bolster awareness, enhance credibility, and generate more leads—all in one place. Is Homesnap Pro+ Right For You? Learn More. To view the original post, visit the Homesnap blog.
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W+R Studios Co-founder Greg Robertson Releases Debut Title, 'The Art of the CMA'
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Homebuyers on a $2,500 Monthly Budget Can Afford $33,000 More with Low Mortgage Rates, But Higher Home Prices Cancel Out Increase
Historically low rates are motivating homebuyers even though prices were up 8.2% year over year in July, effectively cancelling out the 6.9% increase in purchasing power SEATTLE, Sept. 3, 2020 -- A homebuyer with a $2,500 monthly housing budget can afford a home priced $33,250 higher than a year ago, thanks to historically low mortgage rates, according to a new report from Redfin, the technology-powered real estate brokerage. At a 3% mortgage interest rate—roughly the average 30-year fixed rate for July and August 2020—a homebuyer can afford a $516,500 home on $2,500 per month, up from the $483,250 they could afford on the same budget when the average was 3.77% in July 2019. The $33,250 rise in purchasing power from last year (from $483,250 to $516,500) is a 6.9% increase. The 8.2% year-over-year home-price increase in July, the largest rise in more than two years, was higher. Historically low mortgage rates are responsible for both: They push up homebuyer demand, which leads to an uptick in home prices. Those are the intended results, as the Fed is using low interest rates to stimulate the economy during the pandemic-driven recession. "Low mortgage rates are motivating many people to purchase a home, particularly those who want more space to work from home," said Redfin chief economist Daryl Fairweather. "But because there hasn't been an increase in the number of homes for sale since rates started dropping with the onset of the pandemic, many buyers end up competing for the same homes, driving up prices. Those competing forces make the current market a wash for many buyers looking for single-family homes in competitive areas. Buyers searching for condos can find a better deal, both on overall price and mortgage payments, because most condos are less competitive than single-family homes as people move out of densely populated urban areas." The continuing housing supply shortage means there are fewer affordable homes for sale for someone with a $2,500 monthly budget than last year. In July 2020, 70.6% of homes nationwide were affordable on that budget, down slightly from 71.9% in July 2019. Despite bigger budgets, buyers have fewer options in many metros There were fewer homes for sale on a $2,500 monthly budget than last year in the majority of metros Redfin analyzed. Salt Lake City (-5.2 percentage points), Kansas City (-3.7), Austin (-3.2) and Boston (-3) saw the biggest declines in the share of affordable homes for sale. Miami (+2.1), Jacksonville (+2), Columbus (+2) and Milwaukee (+2) experienced the biggest increases. In Providence, Rhode Island, where the share of affordable homes has declined 1.5 percentage points since last year, Redfin agent Lisa Bernardeau says low rates are the primary motivation for buyers right now. "Back in June, homebuyers thought they could take advantage of low rates and get a good deal because of the pandemic. Now they're seeing that's not the case because inventory is so tight and there's so much competition, but most buyers are still powering through. Regardless of high prices, a lot of buyers have been watching the market and they don't want to miss out on historically low rates or risk prices going even higher. Low interest rates are the number one driver right now." To view the full report, including charts and methodology, please click here. About Redfin Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country's #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.
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NAR Announces New International Language Assets Available on NAR+Photofy App
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Real estate agent survey reveals how home builders can increase sales
Dallas area agents want the same access to new homes they have for existing homes DALLAS, TX - September 2, 2020 -- A new study shows real estate agents would sell more new homes if they were as easy to show as other homes listed for sale. HomesUSA.com, America's number one brokerage for new home sales, polled more than 4,000 agents who sold both new and resale homes in the Dallas-Ft. Worth area. A vast majority (86 percent) of agents responding said they would sell more new homes if they could show them outside of regular builder hours. The survey also found that two digital real estate tools widely used to expedite showings by agents of existing homes are needed to increase agent sales of new homes. Three-in-four agents (74 percent) said if builders provided electronic key boxes and an online scheduling service, they would sell more new homes. HomesUSA.com CEO Ben Caballero is a current Guinness World Record title holder who set a new record for home sales in Dallas-Ft. Worth last year. He says builders are missing a massive opportunity by not offering agents easier access. "Real estate agents are nearly unanimous in what builder can do to help them sell new more homes. Agents need more flexibility scheduling and showing new homes," said Caballero. Agents pay additional fees to use these digital products, as these showing technologies enable them to be more productive. However, builders do not use these digital services with their new home offerings. This puts an unnecessary obstacle that discourages agents from showing new homes, the survey found. "The first rule of selling is to make buying easy," Caballero, who has sold more new homes than any other real estate agent in history, said. "Every impediment an agent encounters in showing a home reduces the foot traffic in that home. Unfortunately, some builders tell me that they would rather lose a sale than lose control of access to their homes." Caballero notes that it wasn't too long ago when as buyer's agent had to call the listing agent to schedule showings and then pick up a key from them. Today, these outdated practices have been replaced by technology that is used universally in real estate, except for home builders. Online showing services can allow agents to schedule showings before or after builder hours and at times builders typically make homes available to buyers. HomesUSA.com's Caballero, says that based on his experience working with 60+ builder clients throughout Texas, most builders choose the wrong agent incentives. "Builders spend a tremendous amount of money on bonuses, trips, and other perks to encourage agents to sell their homes," Caballero said. "Most overlook a simple, easy, and inexpensive way to motivate agents to sell their homes. Builders can save a lot of money by allowing agents the same flexibility they have when selling existing homes." The survey found that 91 percent of agents agreed that "a scheduling service is the best way to schedule showings." Nearly nine out of ten (89 percent) agreed that "electronic boxes are the most convenient way to access homes." "It's common for builders to offer a financial incentive – a bonus – to a real estate agent for selling a new home. But the survey shows that access to a new home is far more important to an agent than a bonus," Caballero added. Over half of agents surveyed say they are not strongly influenced by a bonus to show a home. "Bonuses are expensive. It's much less expensive for a builder to allow agent to use keyboxes and online scheduling services that agents are accustomed to using," he added. About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018 when he achieved more than $2 billion. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Play. An infographic illustrating Ben's sales production is here. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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Historic Jump in Showing Activity Seen Nationwide as July Home Buyer Traffic Surges 60.7 Percent
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Realtor.com Helps Home Shoppers Understand a Property's Flood Risk
For-sale and off-market properties across the contiguous U.S. now include Flood Factor from First Street Foundation and FEMA flood data SANTA CLARA, Calif., Aug. 26, 2020 -- To help consumers better understand flood risk and take necessary precautions, realtor.com now includes flood risk information on for-sale and off-market properties. Properties now display a Flood Factor from First Street Foundation, a nonprofit research and technology group, which is a score between one and 10 that represents its cumulative risk of flooding over a 30-year mortgage. Properties also display their FEMA Flood Zone, providing realtor.com users with a comprehensive understanding of their flood risk. This first-of-its-kind data integration on realtor.com® will give home shoppers and homeowners easy access to previously hard-to-find information about flood risk. Users can also drill down for additional details on past, present and future risk, and explore the interactive flood map. "Historically, determining a property's flood risk was an onerous process -- in some cases, potential buyers would have no idea a property was in a flood zone until it was flagged by the mortgage company prior to closing, or in some cases not at all," said Leslie Jordan, senior vice president of product, realtor.com® . "By surfacing this information upfront, consumers can avoid surprises and have all the information they need to make informed decisions and feel confident about the home buying process." First Street Foundation has developed the industry's most comprehensive, climate adjusted flood risk model, assessing flood risk at the individual property level today and in the future throughout the continental U.S. The model incorporates local adaptation, includes areas not currently mapped by FEMA, and assesses risk from four types of flooding events, including riverine, rainfall, storm surge, and tidal sources. The model addresses the reality that these sources have been, and continue to be, impacted in different ways by a changing environment. The First Street Foundation Flood Model was produced in partnership with more than 80 of the world's leading hydrologists, researchers and data scientists and has been reviewed by some of the world's leading research institutions. FEMA Flood Maps are the official public source for flood hazard information produced in support of the National Flood Insurance Program. A property that is in a Special Flood Hazard Area is identified as having flood, mudflow or flood-related erosion hazards and requires mandatory purchase of flood insurance. In order to make the most informed decisions, home shoppers should consider multiple sources of data and have a discussion with their real estate agent. "Integrating Flood Factor on realtor.com® provides millions of current and future homeowners with a comprehensive, accessible understanding of a property's flood risk due to a changing environment over the life of a 30-year mortgage," said Matthew Eby, executive director of First Street Foundation. "By democratizing access to this information, First Street Foundation is helping homeowners protect what is likely their largest, most valuable asset: their home." Realtor.com® aims to provide consumers with as much information as possible so they can feel confident in their real estate decisions. By better understanding a property's risk of flood, homeowners can protect their home with flood insurance and other precautionary measures. Realtor.com®'s new flood data can help reduce flood-related surprises at the closing table. Agents and brokers can use this valuable information to provide additional context, guidance and insights to the buyers and sellers they work with. Professionals can use both the FEMA and Flood Factor™ data on realtor.com® to help reduce the number of clients who buy high-risk properties by surprise or list properties before mitigating the risk by helping their buyer and seller clients perform due diligence and increase confidence in real estate markets, particularly where FEMA does not currently map. Flood risk data is now available on realtor.com® web, mobile web, iOS and Android apps. For more information on Flood Factor and a free online flood data visualization, visit floodfactor.com. About realtor.com® Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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