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Former Zillow Execs Launch Tomo Real Estate, a Next-Gen Home Search Portal Redefining Home Buyer Strategies
I-powered search, insider equity insights, and negotiation tips give home shoppers an edge in today's competitive housing market STAMFORD, Conn., Feb. 20, 2024 -- Tomo, the mortgage startup founded by Zillow alumni that has raised $110 million, today launched a new real estate portal, Tomo Real Estate, designed to give homebuyers a strategic advantage. Tomo Real Estate's unique home search experience offers home buyers insider intel, transforming the way they approach negotiations and ultimately helping them land their dream homes. Tomo Real Estate has built an AI-first platform that leverages OpenAI to power free-text search capabilities. Home buyers can simply describe their ideal home just as they would in a conversation, and the platform delivers accurate results. The new portal augments Tomo's core business — purchase mortgages, offered through Tomo Mortgage. The company has spent the last three years building mortgage tech that shortens closing times and provides a better customer experience. Tomo is taking a major step forward in furthering its mission to support home buyers at every stage of their journey. The company is extending its commitment to better another critical, yet technologically stagnant, step of the home shopping experience: search and find. Tomo Real Estate offers home buyers insider intel, such as home equity data and owner names, transforming the way they approach negotiations and ultimately helping them land their dream homes. "Tomo's beginnings as a mortgage company set us apart in the real estate industry. We recognized that the mortgage process was the catastrophe of the real estate transaction, and tackled that first. Now, we're channeling that motivation into the real estate search," said Tomo Co-founder and CEO, Greg Schwartz. "Let's face it. The search and find process hasn't changed much since mobile phones launched. Home buyers have been stuck adapting to the technology and experiences available, instead of the technology and experience streamlining how people actually search for homes – which is far more nuanced than a zip code, bed and bath count." At launch, Tomo Real Estate will be available in key markets covering 50 percent of real estate listings in the U.S. To better meet the needs of the next generation of home buyers, Tomo Real Estate has built an AI-first platform that leverages OpenAI to power free-text search capabilities. Unique to Tomo Real Estate, home buyers can simply describe their ideal home just as they would in a conversation with a friend or real estate agent — such as, "a Seattle home that has a top of the line kitchen with space to entertain, great views, and a spot to WFH" — and the platform delivers accurate results, making the home-search process more intuitive and efficient. Additionally, Tomo Real Estate is pioneering the use of computer vision to index photos, extracting over 200 attributes that go beyond standard property descriptions, including features like water views, fenced backyard, and natural light. Home buyers will also have access to valuable information such as home equity data and owner names. Equity data is a game-changer, allowing buyers to gauge negotiation strategies based on a seller's financial situation. Owner names will be displayed based on public record data, serving as a resource to better understand an owner's motivations for selling. "We're not just another listing portal," said Carey Armstrong, Tomo Co-founder & COO. "Tomo Real Estate is here to give home buyers a distinctive advantage with real, actionable insights — not overwhelming them with a buffet of information and ads to decipher alone. Think of Tomo Real Estate as your strategic partner, paving the way for home-buying success." The new portal works in lock-step with Tomo Mortgage's existing purchase mortgage business, which has among the best customer satisfaction in the business. Tomo Mortgage regularly logs NPS scores that are 20-plus points higher than industry stalwarts like Rocket Mortgage, thanks to its tech and customer service center. Start your home search with Tomo Real Estate at https://tomo.com. About Tomo Tomo is a fintech startup on a mission to digitize residential mortgages and vastly improve the home-buying experience through its two companies, Tomo Mortgage and Tomo Real Estate. With a unique perspective rooted in its founding DNA as a mortgage company, Tomo Real Estate is a next-gen real estate portal offering a comprehensive home shopping experience, leveraging AI, visual insights, and purpose-driven data to give home buyers an advantage and redefine the real estate industry.
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Luxury Presence Launches AI Lead Nurture, an Advanced AI-Powered Lead Engagement Tool
AUSTIN, TX -- Luxury Presence, a leading proptech startup that provides real estate growth marketing solutions, today announced the release of AI Lead Nurture, an innovative AI-powered tool that boosts lead engagement and appointment requests. AI Lead Nurture leverages human-like AI to engage and qualify more leads. The tool automatically responds to inbound messages 24/7 and continues to strategically follow up, keeping leads warm and driving them toward an appointment request. It also does the work of learning a lead's timeline, budget, and preferences, allowing busy real estate professionals to prioritize the highest-quality prospects. With an average of 25 touchpoints, AI Lead Nurture frees up agents' time while increasing lead response rates to over 50% and warm handoff rates to over 14%. In the three months after implementing the tool, top-ranked New Jersey broker Taylor Lucyk generated 40 appointment requests and a 22% warm handoff rate, demonstrating the efficiency of AI Lead Nurture in qualifying leads. "AI Lead Nurture joins our suite of market-leading products that help real estate professionals get in front of their target audience, collect more leads, and drive the most valuable prospects toward appointment requests," said Malte Kramer, Founder and CEO of Luxury Presence. "The tool is incredibly smart—it feels like having a real conversation with the agent—and it gives agents time back to focus on nurturing relationships and closing deals. It also allows even the busiest agents to satisfy buyers and sellers' desire for responses on-demand, impressing potential clients from the jump." About Luxury Presence Luxury Presence is a Los Angeles proptech startup that provides growth marketing solutions to over 10,000 agents, teams, and brokerages–including more than 20 of the top 100 WSJ real estate agents. The company's award-winning real estate websites, expert marketing solutions, and AI-powered mobile platform help agents attract more business, work more efficiently, and impress their clients. Since launching in 2016, Luxury Presence has raised over $52M. Its notable investors include Zillow Co-Founder Spencer Rascoff, real estate coach Tom Ferry, NBA Champion Dirk Nowitzki, NFL Pro Larry Fitzgerald, Switch Ventures, Toba Capital, and Bessemer Venture Partners. Luxury Presence has a sales and customer support office in Austin, TX. For more information, visit https://www.luxurypresence.com.
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Inside Real Estate Launches 2024 with New Innovations in AI, Platform and Home Ownership Tech
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Matterport Launches Property Intelligence: Transforming Real Estate and Property Management with AI and Automation
Leveraging years of innovation in spatial data and AI, Matterport's new suite of AI-powered features revolutionizes property analytics, enhancing Marketing, Design, Construction, and Facilities Management solutions. SUNNYVALE, Calif. Feb 15 — Matterport, Inc. is today launching Property Intelligence, a collection of AI-powered features that provides customers with access to automated measurements, layouts, editing, and reporting capabilities generated from a Matterport digital twin of their property. The result of years of advancements in spatial data, computer vision, and deep learning, Property Intelligence unlocks information and data about a property that has never been so easily available thanks to the power of automation and AI at Matterport. These new features bolster the company's Property Marketing, Design and Construction, and Facilities Management solutions for automating key elements of home listings, construction projects, and factory floor operations. "Since day one, our mission has been to fundamentally transform how people understand and access the built world. Our 3D digital twin technology set the industry standard for the virtual tour, and now we're delivering unprecedented information and customization capabilities to our customers for any type of property anywhere in the world," said RJ Pittman, Chairman and CEO, Matterport. "Across the globe, Matterport serves nearly one billion virtual tours each year to let people walk through their potential dream home, manage a chain of retail stores, or operate their manufacturing facilities remotely. Our advancements in AI, automation, and property insights save our customers valuable time and help them make smarter decisions for their businesses and better serve their clients." As part of Matterport's Winter 2024 Release: Automating the Future, the company is introducing a series of new Showcase plugins that streamline property navigation and expert connections for users. Compass and Minimap plugins help visitors intuitively navigate large spaces with new visual cues, while the new Business Card and Quick Link plugins provide key contact details and additional property information inside the digital twin experience. Real estate agents can brand virtual tours, while property and facility managers can insert key information in the form of a card anywhere in the virtual space, including operations manuals, restaurant menus, reservation pages, and more. To better serve real estate agents and property marketers, Matterport has upgraded its RICS-standard schematic floor plans with options such as color floor plans, branding, multiple languages, and the ability to add or remove furniture. These new floor plans help agents attract qualified buyers while saving time by reducing site visits. Announced in beta last December, the Matterport CAD file add-on is now available, which converts Matterport digital twin point clouds into editable CAD drawings for any space in several formats, including DWG and DXF files. This add-on introduces a powerful CAD file export feature, offering construction and design teams a seamless solution to the traditionally labor-intensive tasks of documenting existing conditions and manually tracing files. The CAD file add-on streamlines the process of as-built documentation and speeds up project timelines. Matterport is also sharing a preview of Project Genesis, the company's upcoming generative AI release that leverages the organization's experience in machine learning and AI to automatically reimagine and redesign a space within the digital twin. Initially, customers will be able to de-furnish an entire space, remove items from the property, or clean out the clutter. Next, customers will be able to reimagine an entire property with AI-generated interior design styles and furnishings. Project Genesis, leading the transformation of the digital twin and built world itself, is slated to enter its first beta with select customers later this year. To learn more about the new capabilities and features, explore the 2024 Winter Release and read our blog. About Matterport Matterport, Inc. (Nasdaq: MTTR) is the World's #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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REACH Australia and New Zealand Unveils Nine Companies Selected to 2024 Scale-up Program
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Zillow expands rental marketplace with room listings, offering more affordable and flexible options
Renters and homeowners can now list a room for rent on Zillow, reducing housing expenses by finding a roommate to share costs SEATTLE, Feb. 8, 2024 -- Zillow® today announced a significant addition to its rental offerings: the option to search for and list individual rooms for rent. This new listing type is particularly timely, as U.S. rents have surged nearly 30% since the pandemic, and a startling 50% of renters are now cost-burdened, spending 30% or more of their income on rent and utilities. Splitting costs with a roommate can help alleviate this financial burden. Renters using Zillow can now include "room" listings in their searches alongside traditional "entire place" options. These listings, easily identifiable in Zillow search results, cater to those seeking shared living spaces in an increasingly expensive market. This new listing option especially benefits renters looking for roommates, a common scenario among Gen Z and millennial renters, who make up more than half of the U.S. rental market. According to a Zillow survey conducted by The Harris Poll, 59% of these younger renters report feeling uncertain about where they would go to find a roommate if they needed one. The survey also reveals 60% of respondents reported finding a good roommate is harder than finding a romantic partner, with a higher percentage of women (68%) feeling this pressure compared to men (49%). Recognizing the challenges renters face in finding a roommate, Zillow's room listings simplify this process by facilitating connections between renters and potential roommates. "We know finding the right place to call home isn't one-size-fits-all," said Michael Sherman, vice president of Zillow Rentals. "By introducing room listings, we're crafting a robust marketplace of options that truly reflects the varied needs of renters. We're committed to providing a platform where searching for a room, a house, an apartment or anything in between is as easy as clicking a button." Maximizing opportunities: How room listings benefit homeowners and landlords Zillow's room listing feature is beneficial not only for renters, but also for homeowners, providing an opportunity to reduce mortgage expenses and enhance their financial stability. By listing available bedrooms, homeowners can create new income streams, which may be especially valuable in unpredictable markets. For landlords, this flexibility allows for more dynamic property management, offering single-room rentals as a quick vacancy solution. How to find room listings Renters can discover room listings by selecting the "Room" filter, located under the "Home Type" drop-down menu on the Zillow website and within the "Space" section of the app's filtering options. They can tailor their search further with filters based on budget, lifestyle and preferred location. Each listing includes details about the available bedroom, shared spaces and current roommate(s). Room listings are currently only permitted in single-family rentals, select condominiums and townhomes. How to list a room for rent on Zillow Steps for renters and property owners: Create a listing: Both renters and property owners can list a room for rent using Zillow Rental Manager. Throughout the listing path, they are prompted to provide details about the room, including size, any private bathrooms, shared spaces, current roommate(s), policies on pets, smoking, parking and more. Connect with potential roommates/tenants: The room listing will appear on both Zillow and HotPads. Renters and property owners can manage their listing and interact with interested individuals through their Zillow Rental Manager dashboard. Additional information for renters and property owners: For renters: Renters should check their lease agreement before listing a room for rent. They may need their landlord's permission to add a roommate. For homeowners and landlords: Property owners who list rooms have the option to use Zillow Applications for the tenant screening process and Zillow Payments for convenient online rent collection, both available at no cost. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.
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Realtor.com Avail Survey Finds Despite Cooling Rental Prices, Homeownership Remains Out of Reach for Many
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More Than 85% of Metro Areas Registered Home Price Increases in Fourth Quarter of 2023
WASHINGTON (February 8, 2024) – More than 85% of metro markets (189 out of 221) registered home price increases in the fourth quarter of 2023 as the 30-year fixed mortgage rate dropped from 7.79% to 6.61%, according to the National Association of REALTORS®' latest quarterly report. Fifteen percent of the 221 tracked metro areas experienced double-digit price gains over the same period, up from 11% in the third quarter. "Homeowners have benefited from housing wealth accumulation. However, many homebuyers have been shocked at high housing costs, with a typical monthly mortgage payment rising from $1,000 three years ago to more than $2,000 last year," said NAR Chief Economist Lawrence Yun. "This doubling in housing costs for recent home buyers is not included in the official consumer price index inflation calculations and contributes to the sense of dissatisfaction about the economy." Compared to one year ago, the national median single-family existing-home price grew 3.5% to $391,700. In the prior quarter, the year-over-year national median price increased 2.2%. Among the major U.S. regions, the South posted the largest share of single-family existing-home sales (45%) in the fourth quarter, with year-over-year price appreciation of 3.2%. Prices also climbed 7.3% in the Northeast, 4.7% in the Midwest and 4.2% in the West. "Sales were restrained due to limited inventory," Yun said. "But increased homebuilding, along with lower mortgage rates, will not only improve housing affordability but also help bring more homes onto the market in 2024." The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all recorded gains of at least 14.8%. Those include Dayton, Ohio (19.9%); Kingsport-Bristol-Bristol, Tenn.-Va. (19.2%); Fond du Lac, Wis. (18.6%); Trenton, N.J. (17.3%); Salinas, Calif. (17.1%); Newark, N.J.-Pa. (16.7%); Anniston-Oxford, Ala. (15.7%); Bloomington, Ill. (15.4%); Johnson City, Tenn. (15.2%); and Anaheim-Santa Ana-Irvine, Calif. (14.8%). Eight of the top 10 most expensive markets in the U.S. were in California. Overall, those markets are San Jose-Sunnyvale-Santa Clara, Calif. ($1,750,300; 11%); Anaheim-Santa Ana-Irvine, Calif. ($1,299,500; 14.8%); San Francisco-Oakland-Hayward, Calif. ($1,251,000; 4.3%); Urban Honolulu, Hawaii ($1,069,400; -1.9%); Salinas, Calif. ($993,900; 17.1%); San Diego-Carlsbad, Calif. ($931,600; 8.7%); Oxnard-Thousand Oaks-Ventura, Calif. ($916,800; 7.9%); San Luis Obispo-Paso Robles, Calif. ($912,100; 5.7%); Los Angeles-Long Beach-Glendale, Calif. ($884,400; 6.7%); and Boulder, Colo. ($849,400; 11.8%). Less than one-fifth of markets (14%; 32 of 221) experienced home price declines in the fourth quarter, down from 17% in the third quarter. Housing affordability marginally improved in the fourth quarter on the back of declining mortgage rates. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,163, down 1.2% from the third quarter ($2,189) but up 10% – or $196 – from one year ago. Families typically spent 26.1% of their income on mortgage payments, down from 26.7% in the previous quarter but up from 24.2% one year ago. Lack of inventory and affordability continued to impact first-time buyers during the fourth quarter. For a typical starter home valued at $332,900 with a 10% down payment loan, the monthly mortgage payment fell slightly to $2,120, down 1.2% from the prior quarter ($2,146). However, that was an increase of $190, or 9.8%, from one year ago ($1,930). First-time buyers typically spent 39.4% of their family income on mortgage payments, down from 40.3% in the prior quarter. A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 47.1% of markets, up from 45.7% in the previous quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 2.3% of markets, down from 2.7% in the prior quarter. About the National Association of REALTORS® The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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Home is where the heart is: 42% of recent home buyers find love after moving
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January 2024 Marks the Third Consecutive Month of Annual Inventory Growth
Data Showed a 2.8% Increase in Newly Listed Homes for Sale Compared to the Same Time Last Year SANTA CLARA, Calif., Feb. 1, 2024 -- Sellers became more eager this January as new data indicated they're getting ready to sell, if not already there. The number of homes actively for sale was notably higher compared to last year, growing by 7.9%, according to the Realtor.com® January Housing Report released today. With the rise in inventory, median listing prices remained relatively stable, experiencing a growth of 1.4% compared to the same time last year, while time spent on market dropped to more than two weeks shorter than pre-pandemic levels. "We are seeing increases in inventory and, importantly, gains in newly listed homes for sale indicating sellers are more ready to make moves. Time on market fell, signaling that buyers are ready to make offers on these new options," said Danielle Hale, Chief Economist of Realtor.com®. "While the drop in mortgage rates since last fall has helped boost buyer purchasing power, rates may not fall as quickly in the months ahead, and the anticipated improvement in affordability may be more uneven." January 2024 Housing Metrics – National New Listings Increase In January, more than half of the 50 metros included in the analysis saw new listings increase over the previous year, with some of the largest growth happening in Denver (+21.3%), Seattle (+20.6%) and Miami (+20.2%). On the flip side, there were places that also saw declines in new listings including Chicago (-16.4%), New Orleans (-14.7%), and Philadelphia (-12.9%). Grab 'em While They're Hot Compared to January 2023, the typical home spent four less days on the market. In some spots, the time spent on the market decreased even more with Las Vegas (-19 days), Phoenix (-14 days) and San Francisco (-13 days) seeing the most decline. Other areas saw an increase in time on market including Indianapolis (+6 days), New Orleans (+4 days), and Birmingham, Ala. (+3 days). Only a handful of markets saw an increase over the typical 2017-2019 pre-pandemic time on market. These include the major west coast tech hub of San Francisco (+9 days), as well as Seattle (+9 days), Denver (+7 days), Portland, Ore. (+4 days), Austin, Texas (+3 days), San Antonio (+3 days), Los Angeles (+3 days) and San Jose, Calif. (+1 day). Listing Price Inches Higher Buyers are looking at slight price increases and higher mortgage rates compared to last January. The cost of financing the typical home, assuming a 20% down payment, increased by roughly $108 (5.4%) per month compared to a year ago. With this increase, the required household income to purchase the median-priced home went up by $4,300 to $84,000, before accounting for the cost of tax and insurance. However, as interest rates are falling and listing prices growth has remained muted, the increase in the monthly cost to purchase a home has slowed, down from 6.1% year-over-year last month to January's increase of 5.4%. Additional details and full analysis of the market inventory levels, price fluctuations and stabilization, as well as days on market tallies can be found in the Realtor.com® January Monthly Housing Report. January 2024 Housing Overview by Top 50 Largest Metros Methodology Realtor.com® housing data as of January 2024. Listings include the active inventory of existing single-family homes and condos/townhomes/rowhomes/co-ops for the given level of geography on Realtor.com®; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com®. Realtor.com® data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB). With the publication of the January 2023 data, metro-level data has reverted to the prior OMB metro area definitions, published March 2020, and historical data has been revised to be consistent over time. Realtor.com® plans to adopt the July 2023 vintage definitions after other data providers have, so geographies are consistent with commonly used 3rd party sources. For example, the American Community Survey plans to update with the release of its 2023 estimates. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Homes.com Ranked Among Top 50 U.S. Domains in Organic Visibility Improvement in 2023
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Experience the future of home tours with Zillow Immerse on Apple Vision Pro
Take home shopping on Zillow to the next level with a new spatial touring experience SEATTLE, Feb. 1, 2024 -- Zillow® Immerse, the most interactive way to explore select home listings on Zillow, today launched in the App Store for Apple Vision Pro. Zillow Immerse elevates the home tour experience to a jaw-dropping degree with its virtual walkthroughs and interactive 3D floor plans. "At Zillow, we're leaders in embracing the latest in technology to help more people get home with speed, confidence and ease," said Josh Weisberg, senior vice president of Artificial Intelligence. "Apple Vision Pro enables Zillow shoppers to fully experience homes as we envisioned when we first introduced Listing Showcase. This advanced spatial technology allows users to explore homes in a way that is the next best thing to being there in person." Zillow Immerse utilizes the full capabilities of Apple Vision Pro to teleport users inside a for-sale home, giving a panoramic 360-degree view of every room, from the ceiling to the floor. Home shoppers can take a virtual walk down hallways and pop their heads into every closet, all while using an AI-generated floor plan as a guide, providing a better understanding of where they are in the home's layout and getting a sense of its flow. 3D tours and interactive floor plans are key priorities for home buyers Zillow Immerse aligns with the preferences of home shoppers. According to Zillow's latest Consumer Housing Trends Report, 74% of prospective buyers agree that 3D tours help them to get a better feel for a home's space than static photos, and 70% wish that more listings had 3D tours available. One of the key features of Zillow Immerse is the AI-powered interactive floor plan, which helps users better understand the layout and flow of a home. Zillow's survey shows that more than half of prospective buyers regret wasting time visiting properties they would have skipped if they had access to the floor plan beforehand. At the same time, 79% of prospective buyers are more likely to view a listing if it includes a floor plan that appeals to them. Additionally, 3 out of 4 prospective buyers recognize the value of a dynamic floor plan, which links each photo to where it was taken in the floor plan, providing the best possible understanding of whether a particular home is the right fit for their needs. The listing of the future: Listing Showcase® on Zillow Zillow Immerse is an experience designed specifically for Apple Vision Pro utilizing Listing Showcase listings. Real estate agents who subscribe to Listing Showcase will now have their listings automatically integrated into the Zillow Immerse app. Listing Showcase is an elevated listing experience available only on Zillow. Showcase listings feature high-resolution scrolling hero images, room-by-room photo organization, interactive floor plans and 3D tours —technology that lends itself perfectly to the Zillow Immerse app for Apple Vision Pro. Listing Showcase, available to real estate agents nationwide, offers agents the tools to highlight a home's best features and gives buyers a deep understanding of the home before they ever step inside. See more information about Zillow Immerse on Apple Vision Pro here. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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Travis Kelce is the football player Americans most want as their neighbor
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Homebuyers on a $3,000 Monthly Budget Have Gained $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall
Redfin reports buyers can afford a more expensive home now that mortgage rates have dropped to 6.7%, down from nearly 8% in October SEATTLE — A homebuyer on a $3,000 monthly budget has gained nearly $40,000 in purchasing power since mortgage rates peaked this past fall, according to a new report from Redfin, the technology-powered real estate brokerage. A $3,000 monthly budget will buy a $453,000 home with a 6.7% mortgage rate, roughly this week's average. That's compared to the $416,000 home the same buyer could have purchased in October with an average rate of 7.8%. To look at affordability from another perspective, the monthly mortgage payment on the typical U.S. home, which costs roughly $363,000, is $2,545 with a 6.7% rate. The monthly payment was nearly $200 higher— $2,713— when rates were at 7.8%. Homebuyers are getting some relief in 2024 as mortgage rates come down from the two-decade high they hit this past October. Weekly average rates dipped into the 6.6% range by the end of 2023, and ticked up slightly to 6.7% this week. While that's double the record-low 3% rates buyers scored during the pandemic, Redfin agents report that buyers have come to terms with the 6% range— but they were more hesitant when they were approaching 8%. "Bidding wars are picking up as mortgage rates decline and inventory stays low. I've seen a few homes get 15-plus offers recently, and one got more than 30," said Shoshana Godwin, a Redfin Premier agent in Seattle. "Late last year, many listings sat on the market as buyers sat on the sidelines, hoping for rates to drop. Now, buyers are snapping up homes because even though rates haven't plummeted, people are realizing that the longer they wait to buy a home, the more competition they're likely to face." Mortgage rates likely to stay in the 6's for the foreseeable future Redfin economists predict mortgage rates will end the year lower than they started, but the path is likely to be bumpy. Redfin is keeping an eye on next week's Fed meeting to provide more clues on how soon they will cut interest rates: It could be as soon as March, but it's likely to be later. Mortgage rates should come down a little— but not a lot— when interest rates are cut. "My advice to serious house hunters: Trying to time the market around mortgage rates is probably a waste of energy, as affordability is unlikely to change meaningfully in the next several months," said Redfin Chief Economist Daryl Fairweather. "Instead, buyers should consider their own personal and financial circumstances: What matters most is whether the home meets your needs long term and whether you can afford it. Timing the market mattered in 2021, when we were in a golden window of record-low rates— but that window is closed." View the full report here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
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NAR's Volunteering Works Program Announces Mentoring Recipients
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Lofty Unveils AI Powered Virtual Assistant at Inman Connect New York
Lofty Assistant serves as platform's central intelligence hub and features new voice capabilities to better support the way agents work; Lofty executives to discuss the next phase of AI at annual industry event PHOENIX and NEW YORK, Jan. 23, 2024 -- Today, award-winning real estate innovator Lofty unveiled Lofty Assistant, a new virtual assistant that operates as the platform's central intelligence, managing all automations and AI features. From qualifying leads to creating marketing content, the new assistant was designed to better support an "on the go" workday, typical of most agents, and provides a single point of control for all of Lofty's robust AI capabilities. Unveiled at the annual Inman Connect New York, Lofty Assistant also features new voice capabilities designed to help busy agents spend more time focused on building strong client relationships and closing deals. Lofty Assistant Designed for the Way Agents Work With nearly a decade of experience supporting the real estate industry, Lofty keenly understands the typical way agents work and roadblocks to tech adoption when working on the go. The new virtual assistant eliminates the need for agents to cater to the technology and instead was designed to enhance existing agent workflows. Now, Lofty Assistant not only answers online chats and qualifies leads but can create content for multiple channels – from email and text to social posts and blogs. By empowering agents with a wide range of capabilities virtually, Lofty removes the friction in platform adoption and delivers a practical resource in efficiently growing the business. "As a busy agent, I prefer technology that meets me where I am, which is typically on the go. If it is too hard to incorporate into my day-to-day life, I know I won't use it," said Adam Frank, "The CRM Coach™," eXp Realty. "I appreciate Lofty's continued focus on delivering new capabilities that fit my life and not the other way around. I look forward to learning more about how Lofty Assistant can help me be more productive and grow my business this year." New Voice Capabilities Boost Productivity and Increase Efficiencies With simple voice commands, Lofty Assistant can be directed to call, text or update a lead allowing an agent to conduct essential yet time consuming tasks on the go. An agent can also ask the assistant to call the Lofty knowledge base to learn more about how to execute new or unfamiliar tasks. By making resources easily accessible, Lofty Assistant helps shorten the learning curve and allows real estate professionals to take full advantage of all the powerful Lofty platform features. In addition, Lofty Assistant can easily field inbound calls, answer typical questions, and create a new lead based on feedback. If deemed a high quality, sales ready lead, Lofty Assistant can transfer to an agent to engage further. And because the virtual assistant works 24/7, agents can rest easy knowing they will never miss a call or opportunity to qualify a lead, even after hours. Future enhancements are planned to further customize the assistant and continue to optimize the AI for high quality lead capture and engagement. Commitment to AI Refinement Fuels Platform Enhancements A recognized tech innovator, Lofty has been on the forefront of AI for years, thoughtfully and practically applying the technology to address an agent's most pressing business challenges. Today's announcement underscores Lofty's razor focus on meeting time strapped agents where they are and delivering innovative, yet practical tools designed to boost productivity and increase efficiency. Continued enhancements to the AI are planned to refine the virtual assistant and enable new learnings for the benefit of the more than 50k agents who rely on Lofty today. "With deep roots in the real estate industry, we understand the nuances of typical agent life and designed Lofty Assistant to serve as an easily accessible resource for hard working agents on the go," said Stuart Sim, Vice President, Industry Development, Lofty. "New voice capabilities represent our team's commitment to delivering continuous platform enhancements and expanding our AI to help real estate professionals be more productive and efficient, no matter where they are. We are thrilled to unveil these new capabilities at Inman Connect and share our experiences with colleagues, partners, and customers." For more information on Lofty and how we can help your real estate business grow, visit lofty.com. About Lofty Inc. Lofty Inc. (formerly Chime Technologies) provides an AI-powered platform that helps real estate professionals increase their productivity and accelerate business growth. Featuring award-winning technology, the Lofty platform is designed to optimize every step of the real estate journey, from search to settlement. By leveraging one unified hub, customers can automate marketing programs, streamline the sales process, and maximize collaboration between agents empowering them to spend more time building relationships and their business. Headquartered in Phoenix, Arizona, Lofty operates as a US subsidiary of Moatable, Inc. (NYSE: MTBL). For more information, visit lofty.com.
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Renting a Home Still More Affordable Than Owning Across U.S. Even as Both Remain Financial Stretch
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Zillow empowers renters with credit-building payment reporting
Innovative new feature helps renters build a credit history at no cost to them or their landlord SEATTLE, Jan. 17, 2024 -- Zillow is introducing a new feature that allows renters who pay their rent on Zillow to have their on-time payments reported to a major national credit bureau at no cost to them. This is a first for any online rental marketplace, offering a unique opportunity for renters to build credit through regular rent payments at no additional cost. Zillow's rent reporting program is rooted in the recognition of a significant gap in credit reporting. Despite renters in the U.S. spending hundreds of billions of dollars annually on rent, these substantial payments often aren't reported. Concurrently, Consumer Financial Protection Bureau data indicates that approximately 26 million Americans are "credit invisible," meaning they lack a history with major credit bureaus. Recent research by Zillow highlights the importance of this issue, particularly in Black communities, where residents often pay more in rent than they would toward a mortgage. This is due, at least in part, to limited credit access — a remnant of historic redlining. For example, in New Orleans, the median renter in a credit-insecure area spends 77.5% of their income on rent, compared to 28.6% for a typical mortgage. Reporting on-time rent payments can help renters build or enhance their credit history, an important step in accessing broader financial opportunities. Higher credit scores can potentially lead to easier loan approvals as well as better rates for home purchases, credit cards, future rentals and more, with the impact varying based on the credit scoring model that lenders use. "Every on-time rent payment is a testament to a renter's reliability, yet it's often overlooked in credit reports, and we want to change that," said Michael Sherman, vice president of Zillow Rentals. "This new program is all about acknowledging and supporting consistent financial habits. It ensures renters' largest expense can now work in their favor and potentially help them on their path to finding and securing a place they can call home." All renters who use Zillow to pay their rent can opt in to this feature for free. Once a renter decides to opt in, Zillow will report on-time rent payments to Experian, a major credit bureau. How rent reporting on Zillow works Zillow's rent reporting feature is designed for ease and efficiency, providing renters with a straightforward, secure path to building credit. Here's an overview of the process: Opt In: Renters already utilizing Zillow for rent payments can enable rent reporting via their Renter Payments Dashboard on Zillow. New renters will be asked if they'd like to opt in when they enroll in the service. Payment Tracking: Once a renter opts in to this service, Zillow identifies on-time rent payments, defined as payments made within 30 days of their due date. Credit Reporting: These on-time payments are then reported to Experian on a monthly basis. Late payments, defined as those more than 30 days past due, are not reported by Zillow. After the user's enrollment, the process is automatic. Zillow continues to report the renter's on-time monthly rent payments without requiring further action from the renter. Renters may opt out of rent reporting at any time. Zillow is committed to broadening this service while consistently offering valuable solutions that benefit renters. This launch is part of Zillow's commitment to creating tools to empower individuals in their housing journey. It complements Zillow's comprehensive marketplace for buying, selling and renting properties, showcasing our dedication to streamlining the process to get more people home. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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National Association of Realtors Announces Partnership with Chirpyest
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HomeActions and IndustryNewsletters Announce New AI Module
GREEN COVE SPRINGS, Fla., Jan. 16, 2024 -- HomeActions, which provides customizable e-newsletters for the real estate market, as well as for the financial and business markets through its IndustryNewsletters division, announces AIComposer, an artificial intelligence ChatGPT module that it has incorporated into its system. HomeActions/IndustryNewsletters clients can now create AI-generated articles and add them seamlessly to their newsletters alongside the professionally written articles they already receive. Without leaving their HomeActions/IndustryNewsletters dashboard, clients can access AIComposer to create a new article, rewrite or repurpose an existing article, create a blog post or create a social media post. Real estate agents can even use AIComposer to write real estate listings. Custom templates mean clients don't need a background in AI or to be familiar with ChatGPT to take advantage of the new module — the system walks them through the creation process, including the development of an image. "We want to keep our clients on the cutting edge of content creation," said Barry Friedman, founder and CEO of HomeActions/IndustryNewsletters. "Artificial intelligence keeps getting better and better, and we are thrilled to offer this AI-generated option to help our clients take advantage of the latest and most sophisticated technology. With AI alongside hundreds of professionally written articles, there's nothing our clients can't achieve with their newsletters." Indeed, an article on Forbes.com noted: "When efficiency is your goal, AI content generators can go a long way toward removing the tedious parts of writing so you can get more done." Less time spent on content creation means more time spent doing your job. AIComposer helps clients get there. About HomeActions/IndustryNewsletters The HomeActions/IndustryNewsletters platform provides automated prospecting and marketing delivered biweekly via email to a professional's sphere of influence. The professionally written articles portray a range of professional trusted advisers looking out for readers' interests. With instant lead access, customer relationship management capabilities and robust predictive metrics, the system has the capability to generate real-time leads and top-of-mind awareness while nurturing relationships that lead to long-term success and more referrals. HomeActions, with its IndustryNewsletters division, is a privately held virtual company that employs more than 50 people and is headquartered in Green Cove Springs, Florida. For more information, visit www.homeactions.net.
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Interstate movers chased affordability in 2023
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Realtor.com Forecasts the 10 Best Markets for First-Time Homebuyers in 2024
Small and Mid-Size Towns Prove to Be the Hottest Options for Buyers Starting Their Home Ownership Journey SANTA CLARA, Calif., Jan. 11, 2024 -- First-time homebuyers are optimistic when it comes to buying a home in 2024 with 61% indicating that now is a good time to buy, per a recent Realtor.com® survey. And, when it comes to investing in their first home, they may find the best luck in some unexpected places. In its most recent report, Realtor.com® unveiled the Best Markets for First-Time Homebuyers in 2024. This year's ranking includes Irondequoit, N.Y.; Benton, Ark.; Winterset, Iowa; Newington, Conn.; Council Bluffs, Iowa; Cheektowaga, N.Y.; Grand Rapids, Mich.; Moore, Okla.; Mattydale, N.Y. and Riviera Beach, Md. "Buying a first home can be a daunting task. Couple high interest rates with historically low inventory of homes available for sale in 2023 and hopeful buyers have faced a particularly challenging market," said Danielle Hale, Chief Economist, Realtor.com®. "While affordability will remain an issue in 2024, a recent Realtor.com® survey showed that 95% of prospective first-time homebuyers overwhelmingly feel that they'll be able to afford a home within their lifetime, with 40% saying they'll be able to afford it within the next year." The Realtor.com® analysis of Best Markets for First-Time Homebuyers uncovers a collection of small to mid-size towns and cities that are hidden gems of opportunity where affordability meets healthy inventory, culture and liveliness, lower than average commute times, forecasted price growth, and good company of similar-aged peers. Affordability - As one of the biggest purchases consumers will make in their lives, affordability is a major decision driver. In its analysis, Realtor.com® looked at listing prices compared to gross household incomes of 25- to 34-year-olds in a city for the past 12 months to understand home affordability. A lower ratio indicates a more affordable place to live. The top markets in this year's list had an average 2023 listing price to income ratio of 3.1 compared to the national rate of 5.4. Additionally, homes in these towns/cities had an average median listing price that is 42% lower than the national median of $382,000. Within the top 10 list, Mattydale, N.Y., was the most affordable market relative to local incomes for 25–34-year-olds. Investing in growth - Buying a home is not only a large investment up front, it's a commitment for the duration of ownership, which means investing in the ongoing upkeep and maintenance of the home. Naturally, first-time home buyers are looking for homes that fit everything they want, but also provide opportunities for their investment to grow. The top markets are located within metro areas that have an average forecasted 2024 home price growth rate of 6.1%, which is considerably higher than the national expected decline of -1.7%. Irondequoit, N.Y., is located in the metro area with the highest expected median sale price growth rate (10.4%). Options to buy - At a time marked by chronically low inventory levels, the top markets had an average count of 40.2 active listings per 1,000 existing households in 2023, and one area in particular, Riviera Beach, Md., had the most active listings per household (59.3 per 1,000) across the list of top 10. Things to do - It's not only about the house but what surrounds it, and first-time buyers are keen on finding areas that have plenty of things to do. The top places on this year's list have great options for restaurants, cafes, bars, shopping, and entertainment businesses such as theaters, comedy clubs, and arts classes per point of interest data provided by Yelp. As a group, the top cities and towns have 16.6 of these businesses per 1,000 households, slightly higher than the overall city/town average of 15.6. However, Cheektowaga, N.Y.; Grand Rapids, Mich.; and Newington, Conn. particularly shine, with a ratio higher than 19 per 1,000 households. Shorter commutes - The time it takes getting to and from work is a major consideration for home buyers, especially as return to office becomes more prevalent. With an average expected 2024 commute time of 24 minutes for the top cities on this year's list, they clock in at less than the city/town average of 30 minutes and the national rate of 29 minutes – saving commuters about 50 hours per year for a 5-day commuter. Mattydale, N.Y., has the lowest average commute time to work, at 20 minutes. Youthful towns - Along with having things to do, first-time buyers may want to be close to people in similar life stages and around the same ages. The share of homeowners between the ages of 25 and 34 in this year's top markets is 8.1%, well above the national average of 5.4%. Among the top 10 cities and towns, Riviera Beach, Md., is expected to have the largest share of young adult homeowners (10.9%), which may prove to be a hot spot for the next generation of first-time home buyers. Realtor.com® Best Markets for First-Time Homebuyers Ranked Complete details of the report can be found on Realtor.com®, along with a First-Time Home Buyers Resource Center, multiple guides on mortgages and tools like a RealCost™ Buying Power Tool to help prospective buyers understand how much house they can afford. Methodology This year, the candidate list of places was filtered to only expose areas with an expected 2024 population of at least 5,000. The inventory of homes for sale and local median listing prices are from Realtor.com® December 2022 to November 2023 listing data and are reported at the city/place level. The cities and places are defined as postal codes mapped to Census Designated places and reflect approximate but not precise city or place boundaries. The population, household count, household income, and average commute time data were sourced from 2023 and 2024 Claritas estimates based on Census Bureau data. Population and household count numbers are at the city/place level but are also composed of mapped zip code data while household incomes and average commute times at the city/place level. The stated forecasted unemployment rates are Moody's Analytics projections of U.S. Bureau of Labor Statistics Local Area Unemployment Statistics for each city/place's surrounding metro area. Counts of culture and lifestyle businesses were aggregated from Yelp's November 2023 point of interest data and are aggregated at the city/place level. The 2024 sales and price forecasts are Realtor.com® projections for each city/place's surrounding metro area as detailed in our 2024 Housing Forecast and Top Housing Markets for 2024 reports. Additional data sourced from an October 2023 survey of 5,012 U.S. respondents aged 18+, conducted by Realtor.com® and Censuswide, with data weighted to be nationally representative. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Buffalo charges to the top of Zillow's 2024 hottest markets list
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Home Affordability Remains Difficult Across U.S. During Fourth Quarter Even as Prices Dip Downward
Major Home-Ownership Expenses Again Require One-Third of Average Wage Nationwide, a 16-Year High; Historical Affordability Also Stays at Worst Point Since 2007; But Both Measures End Nearly Three-Year Slide Amid Mixed Trends in Home Prices and Mortgage Rates IRVINE, Calif. – Dec. 21, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its fourth-quarter 2023 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the fourth quarter of 2023 compared to historical averages in 99 percent of counties around the nation with enough data to analyze. The latest trend continues a pattern dating back to 2021 of home ownership requiring historically large portions of wages around the country. WATCH: ATTOM Q4 2023 U.S. HOME AFFORDABILITY REPORT The report also shows that major expenses on median-priced homes consume 33.7 percent of the average national wage in the fourth quarter – a level considered unaffordable by common lending standards. Both measures – historical and current affordability – have stayed virtually the same from the third quarter to the fourth quarter of this year after trending consistently against home buyers for almost three years. That has happened as major ownership expenses and wages both are virtually unchanged this quarter. But the two measures are still worse than they were a year ago and far weaker than in 2021. For example, the portion of average wages nationwide required for typical mortgage payments, property taxes and insurance are up three percentage points from a year ago and 12 points from early in 2021, right before home-mortgage rates began shooting up from their lowest levels in decades. The latest expense-to-wage ratio continues to sit above the 28 percent level preferred by mortgage lenders and marks the highest point since 2007. "The good news is that home affordability has stopped getting tougher around the U.S., at least for the moment. The bad news is that owning a home remains more of a financial stretch than it's been for many years," said Rob Barber, CEO for ATTOM. "The annual Fall slowdown in the housing market clearly has helped stem the tide working against potential purchasers. Whether that's just a temporary thing tied to seasonal market patterns is something we won't know until next year, especially given recent signs that interest rates are coming down. But for now, there is some break into the growing financial stress for house hunters." The fourth-quarter trends come at a time of mixed patterns among home prices and home-mortgage interest rates. While average 30-year fixed mortgage rates around the U.S. have grown this quarter from 7.1 to 7.4 percent, the nationwide median home value has slipped almost 3 percent. Those two factors have helped to keep home ownership expenses steady from the third to the fourth quarter, which has helped to keep those costs from becoming even more unaffordable for average workers. Affordability had worsened almost every prior quarter since early 2021 as wage increases were outpaced by rising interest rates and prices that kept going up amid a decade-long market boom. Another round of price declines during the annual Winter market contraction combined with interest rate declines that have emerged very recently may help turn the affordability picture back around in favor of buyers. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage payments, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the U.S. Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home ownership costs in 572 of the 580 counties analyzed in the fourth quarter of 2023 are less affordable than in the past. That number is virtually the same as in the third quarter of this year and up slightly from the fourth quarter of last year, but more than double the figure from two years ago. Meanwhile, the portion of average local wages consumed by major home-ownership expenses on typical homes is considered unaffordable during the fourth quarter of 2023 in more than three-quarters of the 580 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. The most populous of the 130 counties where major expenses on median-priced homes are still affordable for average local workers in the fourth quarter of 2023 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia, County, PA, and Cuyahoga County (Cleveland), OH. Home prices decline quarterly but remain up annually in three-quarters of local markets After jumping almost 10 percent during this year's Spring and Summer home-buying season, the national median price for single-family homes and condos has decreased from $344,670 in the third quarter of 2023 to $335,000 in the fourth quarter. However, it is still up 6 percent from $316,000 in the fourth quarter of 2022. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2023. Among the 47 counties in the report with a population of at least 1 million, the biggest year-over-year increases in median prices during the fourth quarter of 2023 are in Orange County, CA (outside Los Angeles) (up 14.7 percent); Fulton County (Atlanta), GA (up 14.7 percent); Broward County (Fort Lauderdale), FL (up 10.6 percent); Santa Clara County (San Jose), CA (up 10.4 percent) and Palm Beach County (West Palm Beach), FL (up 10.4 percent). Counties with a population of at least 1 million where median prices remain down the most from the fourth quarter of 2022 to the same period this year are New York County (Manhattan), NY (down 10.3 percent); Travis County (Austin), TX (down 3.4 percent); Queens County, NY (down 2.9 percent); Bexar County (San Antonio), TX (down 2.6 percent) and Philadelphia County, PA (down 1.9 percent). Prices growing faster than wages in half the U.S. While home values have settled down around the U.S. housing market, annual price changes still have outpaced changes in weekly annualized wages during the fourth quarter of this year in 294, or 50.7 percent, of the 580 counties analyzed in the report. That was down slightly from the fourth quarter of 2022 when prices were growing faster annually than wages in 56 percent of the same counties. The current group of counties where prices are increasing more than wages annually, or decreasing less, include Los Angeles County, CA; Cook County, (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. Year-over-year changes in average annualized wages have bested price movements during the fourth quarter of 2023 in 286 of the 580 counties analyzed (49.3 percent). The latest group where wages are increasing more, or declining less, than prices include Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Dallas County, TX; Riverside County, CA, and Queens County, NY. Portion of wages needed for home ownership still up annually in most of nation Amid interest rates ticking up but home values inching down, the portion of average local wages consumed by major expenses on median-priced, single-family homes has grown from the third to the fourth quarter of 2023 in just 54.7 percent of the 580 counties analyzed. However, it remains up annually in 88.8 percent of those markets. The typical $2,016 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes nationwide consumes 33.7 percent of the average annual national wage of $71,708 this quarter. That remains the same as in the third quarter of 2023, as expenses and average wages both have risen less than 1 percent from the third to the fourth quarter. But the latest portion is up from 30.9 percent in the fourth quarter of last year and is far above the recent low point of 21.4 percent hit in the first quarter of 2021. The latest figure exceeds the 28 percent lending guideline in 450, or 77.6 percent, of the counties analyzed, assuming a 20 percent down payment. That is virtually unchanged from 78.3 percent of the same group of counties in the third quarter but up from 71 percent two years ago and more than twice the 31 percent level in early 2021. In slightly more than a third of the markets analyzed, major expenses consume at least 43 percent of average local wages – an amount considered seriously unaffordable. "This remains among the most important bits of fallout from the double-whammy of higher prices and mortgage rates over the past few years," Barber said. "Even though there are signs of better times for buyers this quarter, the high expense-to-wage ratio is still a stretch in most of the country for average workers who don't have a lot of other financial resources like significant savings or investments. Lenders will often push the 28 percent rule, especially if buyers have lots of financial resources outside of wages, we now are seeing fully three-quarters of markets around the country pushing the basic lending benchmark." Home ownership on the northeast and west coasts still eats up largest chunk of wages The top 20 counties where major ownership costs require the largest percentage of average local wages are again in the Northeast or the west coast. The leaders are Kings County (Brooklyn), NY (114 percent of annualized local wages needed to buy a single-family home); Santa Cruz County, CA (112.2 percent); Marin County, CA (outside San Francisco) (109.8 percent); San Luis Obispo County, CA (103.9 percent) and Monterey County, CA (100.8 percent). Aside from Kings County, those with a population of at least 1 million where major ownership expenses typically consume more than 28 percent of average local wages in the fourth quarter of 2023 include Orange County, CA (outside Los Angeles) (98.9 percent required); Alameda County (Oakland), CA (81 percent); Queens County, NY (80.8 percent) and Nassau County (Long Island), NY (77.2 percent). Counties where the smallest portion of average local wages are required to afford the median-priced home during the fourth quarter of this year are Cambria County, PA (east of Pittsburgh) (11.8 percent of annualized weekly wages needed to buy a home); Macon County (Decatur), IL (11.8 percent); St. Lawrence County (Canton), NY (12.3 percent); Peoria County, IL (13.5 percent) and Schuylkill County, PA (outside Allentown) (14.7 percent). Counties with a population of at least 1 million where major ownership expenses typically consume less than 28 percent of average local wages in the fourth quarter of 2023 include Wayne County (Detroit), MI (16 percent); Philadelphia County, PA (18.7 percent); Cuyahoga County (Cleveland), OH (20.2 percent); Allegheny County (Pittsburgh), PA (20.5 percent) and St. Louis County, MO (23.3 percent). Annual wages of more than $75,000 needed to afford typical home in nearly 60 percent of county markets Annual wages of more than $75,000 are needed to pay for major costs on the median-priced homes purchased during the fourth quarter of 2023 in 332, or 57.2 percent, of the 580 markets in the report. By contrast, just 11 percent of the counties reviewed have average annual wages that high. Looked at another way, the $86,404 income needed to afford a median-priced home in the U.S. is 20.5 percent more than the latest average national wage. The 20 highest annual wages required to afford typical homes are all on the east or west coasts, led by San Mateo County (outside San Francisco), CA ($392,418); Santa Clara County (San Jose), CA ($364,099); New York County (Manhattan), NY ($360,177); Marin County (outside San Francisco), CA ($356,537) and San Francisco County, CA ($327,652). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2023 are in Cambria County, PA (east of Pittsburgh) ($19,978); St. Lawrence County (Canton), NY ($25,275); Schuylkill County, PA (outside Allentown) ($27,325); Mercer County, PA ($27,565) and Macon County (Decatur), IL ($28,655). Almost all local markets historically less affordable this quarter Among the 580 counties analyzed, 572, or 98.6 percent, are less affordable in the fourth quarter of 2023 than their historic affordability averages. That is almost the same as the 98.8 percent level of a year ago but double the 48.7 percent figure from the fourth quarter of 2021. Historical indexes have worsened since the fourth quarter of last year annually in 88.8 percent of those counties, pushing the nationwide index to its lowest point since 2007. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered historically less affordable) include Fulton County (Atlanta), GA (index of 60); Mecklenburg County (Charlotte), NC (60); Wayne County (Detroit), MI (62); Hillsborough County (Tampa), FL (62) and Collin County (Plano), TX (63). Counties with the worst affordability indexes in the fourth quarter of 2023 include Newton County, GA (outside Atlanta) (index of 50); Jackson County, MS (index of 50); Paulding County, GA (outside Marietta) (52); St. Lucie County (Port St. Lucie), FL (53) and Forsyth County, GA (outside Atlanta) (54). Only 1 percent of markets are more affordable than historic averages Only eight of the 580 counties in the report, (1.4 percent), are more affordable than their historic averages in the fourth quarter of 2023. That is about the same as in the third quarter of this year, but less than the 12.1 percent level a year ago and far worse than the 51.3 percent that were historically more affordable in the fourth quarter of 2021. Counties that are more affordable in the fourth quarter of this year compared to historical averages include Macon County (Decatur), IL (index of 132); New York County (Manhattan), NY (114); San Francisco County, CA (107); Ector County (Odessa), TX (105) and Mercer County, PA (105). Report Methodology The ATTOM U.S. Home Affordability Index analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 580 U.S. counties with a combined population of 257.3 million during the fourth quarter of 2023. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed-rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home-ownership expenses on median-priced homes, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $335,000 in the fourth quarter of 2023 requires an annual wage of $86,404. That is based on a $67,000 down payment, a $268,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning wage earners would not be spending more than 28 percent of their pay on mortgage payments, property taxes and insurance. That required income is more than the $71,708 average wage nationwide, based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Redfin Reports Only 16% of Home Listings Were Affordable for the Typical Household in 2023
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RE Technology's Top 10 Articles of 2023
Over the past 10 days, we've been counting down our top 10 articles of the year. These articles are an exclusive breed—at RE Technology, we publish over 1,000 articles each year. So which articles were among the 1 percent that made it into our top 10? Not surprisingly, our most-read story of the year deals with the industry's biggest development of 2023: the commissions lawsuits. Similarly, ChatGPT was the most significant development in the tech space in 2023, and three of this year's top 10 articles reflect that (see articles #2, #9 and #10 below). So what else made it into this year's hall of fame? Check out the full list of our most-read articles below: The Jury Has Ruled on Commissions: What Are the Next Steps? Using ChatGPT Is Probably an MLS Violation Beware, DocuSign: Google Docs now offers eSignatures 10 Common Questions Home Buyers Ask Google (and 30 Key Phrases to Target with Google Ads) 13 Scary Listing Photos that Will Horrify Buyers How Agents Are (Unintentionally) Violating Fair Housing Top 10 Mobile Apps for Real Estate Agents 14 New iOS 17 Features That Were Built for Real Estate Agents We Asked 6 AI Bots to Recommend a Realtor. Here's What Happened 8 Browser Extensions for ChatGPT
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Inside Real Estate Releases Smart Assistant, a First-of-its-Kind AI Integration Powered by ChatGPT
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Small Northeast towns reign supreme as Zillow's 2023 most popular markets
West Chester, Pennsylvania, ranked as Zillow shoppers' favorite market of 2023 SEATTLE, Dec. 19, 2023 -- The most popular market among Zillow® surfers this year was West Chester, Pennsylvania. After the West Coast ruled in 2021 and the Midwest took the top spot last year, the Northeast dominated this year's list. Zillow surfers generally gravitated toward smaller cities in 2023. Of the 10 most popular markets, only one — Manchester, New Hampshire — has a population of more than 100,000, and most have less than half that number. The top 10 most popular markets of 2023 on Zillow: West Chester, Pennsylvania Nashua, New Hampshire Manchester, New Hampshire Wethersfield, Connecticut West Hartford, Connecticut Stow, Ohio Middletown, Connecticut Twinsburg, Ohio Newington, Connecticut Concord, New Hampshire Chula Vista, California, won out for most popular large city. South Portland, Maine, was the most popular seaside town, while Vermilion, Ohio, took the top spot among vacation towns. North Carolina's Pinehurst edged out Hilton Head Island, South Carolina, for the top retirement town. West Chester also ranked first among college towns, with Kent, Ohio, coming in just behind it. "Affordability was the word on home shoppers' minds this year, and it shows in the most popular cities that buyers on Zillow gravitated toward," said Zillow Chief Economist Skylar Olsen. "Heading into next year, the winds appear to be shifting just a bit. Buying a home will still be expensive in much of the country, but more listings and much flatter home price growth will make life easier for home shoppers." To rank the most popular markets among Zillow surfers, Zillow analyzed housing metrics that indicate consumer demand — including page-view traffic, home value growth and days on market — for nearly 2,300 U.S. cities. Most popular on Zillow overall: West Chester, Pennsylvania West Chester, Pennsylvania, a quaint town of about 20,000 people near Philadelphia, took the top spot in Zillow's list of 2023's most popular markets. Strong interest among home shoppers on Zillow has helped push West Chester home values about 8% higher over the past year. The typical home in West Chester is worth about $584,000, putting it among the more expensive cities in Pennsylvania. But given its relative affordability compared to larger markets nearby, such as New York City and Washington, D.C., those looking for a break from city life may see West Chester as an attractive and affordable place to call home. West Chester ranked within the top 100 cities in Zillow page views per listing in Zillow's rankings, far outperforming its size. Almost two-thirds of those views came from outside the city, possibly signaling interest in moving there. While West Chester took the top spot, New England towns were the favorite among Zillow surfers this year: Seven of the 10 most popular markets of 2023 were in either New Hampshire or Connecticut. Most popular large city: Chula Vista, California While affordability ruled the day for many home shoppers on Zillow, the San Diego area also had a strong pull. Chula Vista, just south of San Diego, was the most popular large city — those with a population of 250,000 or greater — among Zillow surfers. The typical home in Chula Vista is worth about $808,000. San Diego itself, with a typical home value of about $962,000, ranked third. Fort Wayne, Indiana, took second in Zillow's most popular large cities ranking. Cincinnati and Durham, North Carolina, were fourth and fifth, respectively. Most popular seaside town: South Portland, Maine South Portland was the most popular seaside town among Zillow surfers this year. Buyers eyeing a home in South Portland must move quickly; homes that sold there in 2023 typically found a buyer after just one week on the market. Two Connecticut cities — West Haven and Milford — were the second- and third-most-popular seaside towns this year. Oceanside, California, was the top Pacific Ocean destination, ranking fourth overall. Most popular vacation town: Vermilion, Ohio Situated along the shore of Lake Erie, Vermilion came out on top in Zillow's rankings of the most popular vacation towns this year. Vermilion is a popular summer destination for boaters and those looking for a city with old-fashioned charm. This year's results may reflect the impact that higher mortgage rates are having on even those shopping for a vacation home. While last year's most popular vacation town, Lavallette, New Jersey, boasts a typical home value of more than $1 million, the typical home in Vermilion is worth a little more than $225,000. Most popular retirement town: Pinehurst, North Carolina While Florida held the top spots for Zillow's most popular retirement towns last year, the Carolinas took the crown this year. Pinehurst was the most popular retirement town among Zillow surfers in 2023, edging out Hilton Head Island, South Carolina. With warm climates and golf courses galore, it's easy to see why both cities are popular among retirees. Most popular college towns: West Chester, Pennsylvania, and Kent, Ohio Zillow's most popular market overall for 2023, West Chester, also took the title of the most popular college town, as the home of West Chester University. Coming in second was Kent, Ohio, with Kent State University. Rounding out the top five were Newark, Delaware (University of Delaware); San Luis Obispo, California (California Polytechnic State University); and Ypsilanti, Michigan (Eastern Michigan University). About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, and Spruce®.
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Inside Real Estate Announces Winners of Fourth Annual Give Back Awards
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National Association of Realtors Announces Partnership with SnoopDrive
WASHINGTON (December 14, 2023) – The National Association of Realtors® today announced SnoopDrive as a new partner with NAR REALTOR Benefits®. As part of the agreement, NAR members will receive significant discounts on automotive products, such as warranties and mishap coverage. A complimentary maintenance program is also available with the purchase of an auto warranty. "We are thrilled to partner with SnoopDrive to provide our members with a valuable, equitable and transparent service," said Rhonny Barragan, NAR vice president of strategic alliances. "SnoopDrive's innovative, digital-first approach to automotive protection ensures that members have access to top-quality, stress-free warranty and mishap coverage at an average savings of 50% off dealership pricing." "As the automotive industry evolves, consumers are looking for a purchase process that reflects their needs and preferences," said SnoopDrive CEO Jeffrey Danford. "SnoopDrive's offering is based on our core values of transparency, fairness and simplicity. We recognize that NAR has the same commitment to its members, who depend on their vehicles to serve their clients – and we're excited to offer online access to A-rated products through a 100% digital process at unparalleled pricing." To take advantage of this offer and receive a quote, NAR members can visit snoopdrive.com/nar. About the National Association of Realtors® The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About SnoopDrive SnoopDrive was founded by a group of automotive executives with several decades of industry experience, who have dedicated themselves to creating innovative, direct-to-consumer platforms for more than 20 years. Based in Irvine, California, SnoopDrive provides access to hundreds of A-rated auto protection products for over 22 million employees and members of national organizations throughout the country. The company is the exclusive automotive protection provider to many Fortune 500 companies and leading membership groups.
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Take an AI-powered tour of Santa's $1.18M North Pole cabin on Zillow
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IRAR Trust Partners with NAR to Offer Exclusive Self-Directed Retirement Plans
WALNUT CREEK, Calif., Dec. 6, 2023 -- At the recent event NAR NXT, The REALTOR® Experience in Anaheim, CA, IRAR unveiled its latest retirement savings initiative exclusively designed for NAR members. Serving as the preferred provider for self-directed retirement plans under NAR REALTOR Benefits®, IRAR extends discounted offerings for self-directed IRAs and solo 401(k) accounts to NAR members, their families, and association staff at the national, state, and local levels. "We are thrilled to announce the collaboration between IRAR Trust and NAR, to introduce a retirement platform for NAR members. This partnership is geared towards empowering members not only in savings but also in cultivating business growth," affirms Liane Bathey, Founder and CEO at IRAR. "We have full confidence that NAR is the perfect partner to present this valuable opportunity, enabling its members to prioritize both personal and financial advancement." The program provides NAR members with the opportunity to take full control of their savings through self-directed IRAs and Solo 401(k)s, enabling them to invest in assets they understand well, such as real estate. Additionally, NAR members can benefit from exclusive discounted fees, with an agreement offering a flat annual fee of $299 for self-directed IRAs and $799 for solo 401(k) accounts. These accounts provide NAR members with powerful tax advantages, enabling them to: Invest in real estate with retirement dollars—tax-deferred. Reduce taxable income through contributions. Accelerate business growth by assisting IRA investors with transactions. "Partnering with IRAR Trust Company underscores NAR's dedication to delivering value to our members, offering them tools and resources needed for their financial wellbeing," said Rhonny Barragan, NAR Vice President of strategic alliances. "This collaboration not only amplifies the choices available to our members for retirement planning but also aligns seamlessly with their professional expertise and goals." For detailed information on this program, NAR members can visit iraresources.com/nar. About IRAR Trust Company Founded in 1996, IRAR Trust Company (IRAR) serves as a custodian for self-directed retirement accounts nationwide. IRAR works with real estate agents and their clients helping them to invest in real estate to diversify their retirement portfolios. IRAR's mission is to empower people to build retirement wealth through real estate at a lower cost. About NAR The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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Second Century Ventures Opens Applications for 2024 REACH U.S. Program
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Freddie Mac Announces Action to Make Down Payment Assistance Programs More Accessible for Individuals and Families Across the Nation
Multi-pronged approach removes industry-wide barriers to DPA programs MCLEAN, Va., Dec. 04, 2023 -- Freddie Mac today announced new, standardized mortgage documents that increase clarity, consistency and accessibility of down payment assistance (DPA) programs nationwide. These documents can be used by lenders working with housing finance agencies (HFAs) at the state, city, county and local levels to eliminate confusion and misinterpretation of DPA programs. Currently, these forms vary greatly. "Saving for a down payment continues to be the largest barrier to homeownership for lower-income and first-time homebuyers," said Danny Gardner, Single-Family Senior Vice President of Mission and Community Engagement at Freddie Mac. "We know that standardization has increased efficiency, lowered costs and improved many areas of the mortgage industry. By embracing standardization and creating a set of industry-wide documents, we are providing clarity and consistency that will enable more lenders to help more individuals and families leverage down payment assistance programs across the country." Historically, subordinate lien documents for various DPA programs have been HFA-specific and worded differently, leaving room for confusion when interpreting terms and payment plans. Through standardization, Freddie Mac is helping to bring efficiency to the loan manufacturing process, creating time and cost saving opportunities across the industry. This greater visibility will also help increase the number of lenders interested in participating in DPA programs as well as the number of individuals and families able to access them. "This effort by Freddie Mac compliments NCSHA's HFA1 Affordable Homeownership Lender Toolkit online resource, which enables home mortgage lenders to partner more efficiently with state housing finance agencies in providing mortgage loans and down payment assistance to lower-income home buyers," said Stockton Williams, Executive Director, National Council of State Housing Agencies. To construct the standardized subordinate lien documents, Freddie Mac partnered with Fannie Mae and state HFAs as co-creators and early adopters. By the end of this year, standardized lien documents will be available for at least nineteen states followed by the remaining states and the District of Columbia. Current versions of the state standardized lien documents are available on Freddie Mac's website for the following states: Alabama Arkansas Arizona California Colorado Connecticut Idaho Illinois Iowa Massachusetts Minnesota New Mexico South Dakota Tennessee Virginia Washington The effort is part of Freddie Mac's multipronged approach to create more standardization and awareness around down payment assistance programs. Last month, Freddie Mac announced DPA One®, an innovative new tool that aggregates and showcases down payment assistance programs on a single, insights-rich platform so lenders can easily access and compare programs while providers can have less submission errors, make real-time updates, and receive more visibility for their programs. DPA One is available at no cost to lenders, housing counselors and down payment assistance program providers. DPA One currently has the down payment assistance programs available for 48 of the 50 state housing finance agencies, including local and municipal programs for the Texas, Minnesota, Florida, California, Virginia and Kentucky markets. The remaining local and state assistance programs will come online throughout 2024. About Freddie Mac Freddie Mac's mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home.
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Zillow predicts more homes for sale, improved affordability in 2024
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Matterport Signs Multi-Year Partnership with Vacasa to Provide Digital Twins for International Portfolio of Vacation Homes
Matterport's Property Marketing Solution will become an integral part of Vacasa's home onboarding and guest experience for the tens of thousands of properties Vacasa manages SUNNYVALE, CA (November 30, 2023) — Matterport, Inc., the leading digital twin platform to access, understand and utilize properties, and Vacasa, Inc., North America's leading vacation rental management platform, today announced a new multi-year partnership to leverage Matterport's Digital Twin Platform and Capture Services. Vacasa will expand its use of Matterport's Digital Twin Platform as an integral part of its home onboarding and guest service experiences for the tens of thousands of properties Vacasa manages. Matterport's full-stack digital twin solutions will enable Vacasa to more efficiently and effectively capture, document and promote its listings. Each digital twin will produce an immersive virtual tour as well as high-resolution photos to deliver a consistent showcase experience across Vacasa's rentals, all through a single capture appointment. Sourcing visual documentation through Matterport will assist Vacasa in delivering a consistent guest experience and maintaining brand consistency across its international network of listings. Vacasa will leverage Matterport's APIs and software development kit to integrate Vacasa's platform data with the digital twin of each listing to automate historically manual data-capture processes and improve efficiency. "Vacasa is proud to provide our owners with immersive home tours and high-quality digital photographs for each and every one of the properties under our care," said Chief Operating Officer, John Banczak. "It's one of the many benefits we provide to ensure their homes stand out from the rest. Matterport tours ensure guests have a full picture of what they are booking and the vacation experience they'll have in that home—whether that is simply understanding the layout of the home for family and friends to addressing if the home meets accessibility needs." "Matterport is the only all-in-one solution to both market and optimize a global network of properties," said Jay Remley, Chief Revenue Officer, Matterport. "Our work with Vacasa demonstrates our ability to deliver value throughout the property life cycle, from marketing to operations, and ultimately the customer experience–all made possible by the investments we've made in our digital twin platform for promoting and operating properties anywhere in the world." Matterport is the industry standard for marketing properties, helping people and businesses across industries such as real estate, travel, hospitality and entertainment increase engagement and sales. To learn more about how Matterport can support your organization's property marketing, management or design needs, visit Matterport.com. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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New Analysis Reveals Best Day to Buy a Home Based on Lowest Premium Above AVM
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Realtor.com 2024 Housing Forecast: Housing Affordability Finally Begins to Turnaround
Buyers will finally see lower prices (-1.7%) and mortgage rates of 6.8% (on average), but may scramble to find inventory (-14%) as current owners happy with their low mortgage rates and pandemic home purchases stay put. SANTA CLARA, Calif., (Nov. 29, 2023) – Lower mortgage rates and easing prices will help spark the beginning of an affordability turnaround in 2024, according to the Realtor.com® 2024 Housing Forecast released today. But the supply of existing homes will still be tight and renting will remain a competitive option in most markets. Overall in 2024, Realtor.com® forecasts that buyers and sellers can expect: Average mortgage rates of 6.8%, with rates edging down over the year to reach 6.5% by the end of the year. Home prices to ease slightly and drop by 1.7% after generally increasing since 2012. Rents to drop by 0.2%, making renting a more budget-friendly option than buying in most markets. A -14% year over year drop in inventory, as existing homeowners with low mortgage rates stay put. Home sales to hold steady, rising 0.1% year over year to 4.07 million. "Our 2024 housing forecast reveals the green shoots we've been waiting to see in the housing market and should give buyers some optimism after a grueling few years. Although mortgage rates are expected to ease throughout the course of the year, the continuation of high costs will mean that existing homeowners will continue to have a high threshold for deciding to move, but we will start to see some interest," said Danielle Hale, chief economist for Realtor.com®. "Moves of necessity – for job changes, family situation changes, and downsizing to a more affordable market – are likely to drive home sales in 2024. Home buyers will continue to seek out markets where they feel like they get the most out of their dollar as they look for homes that better meet their needs." Key 2023 housing trends and wildcards Affordability will officially turn around in 2024!! In 2024, the typical monthly purchase cost for the median priced home listing is expected to be slightly less than $2,200/month, or about 35% of the typical household income. That's an improvement from 2023, when purchase costs ate up nearly 37% of income and the typical for-sale home cost $2,240. This tick up in affordability will give a foothold to some buyers trying to break into the market. Buyers planning to get into the market this year should use Realtor.com®'s Buying Power tool which uses results from the affordability calculator to tag homes as "affordable," "stretching," or "difficult" based on typical lending criteria. Even more sellers hang back, but they could get motivated if rates drop faster than forecasted. Despite the fact that builders have been catching up, the lack of excess capacity in housing has been obvious over the last few years. With home sales activity forecasted to continue at a relatively low pace, the number of unsold homes on the market is also expected to remain low. But if rates drop faster than expected (which is possible given the roughly half point decline seen in November 2023), this could lessen rate lock sooner and bring more homes to the market than forecasted. Shiny new rental construction will hit the market. A once-hot rental market has slowed down, with the rental vacancy rate rising slightly, up to 6.6% in the third quarter of 2023, about where it was right before the pandemic. In 2024, an increase in new rentals will help push vacancy higher, closer to the 7.2% average seen from 2013-2019. While the surge in new rental options gives renters more to choose from, the sheer number of renters will minimize the potential price impact. The median asking rent in 2024 is expected to drop only slightly below its 2023 level (-0.2%). Sellers should be ready to compete with new construction. Home sales will likely be driven by moves of necessity in 2024. And even with the lower inventory of existing homes, sellers will be competing with new housing. Single-family home housing starts will increase an estimated 0.4% in 2024. Sellers will need to look at the new construction market in their area to make sure pricing and marketing are competitive. Geopolitics and inflation are among 2024's wildcards: Even as markets adjusted to Russia's war in Ukraine, conflict in the Middle East heated up to historic levels in the 4th quarter of 2023. Both wars have the potential to affect the global economy in ways that can't be fully anticipated. On the domestic front, the 2024 election season, with its attendant uncertainty, will be in full swing. And while inflation is expected to continue to subside, anything that reverses that trend could raise long-term interest rates, and in turn nudge mortgage rates higher than expected. That might discourage potential sellers from making a move and could keep potential buyers on the sidelines, putting a damper on home sales. "Buyers and sellers who are planning to get into the market this year should be prepared. Tools like Realtor.com®'s RealCost rent vs. buy and affordability calculators can help buyers ensure they are making a sound financial decision based on current interest rates and their personal financial situation. Sellers can use the RealValue™ tools in Realtor.com's My Home to understand what their proceeds from a sale could be, and plug this data into our mortgage payment calculator with current interest rates to understand exactly how much they would pay each month with a new home purchase. Additionally, everyone can see what our projections mean for home prices around the country by checking out the forecast layer in our RealViewTM mapping tool," Hale added. Realtor.com®'s RealViewTM mapping tool now shows 2024 forecasted home price data by ZIP code right on the map. To view this information, simply start a search on Realtor.com® and select the map view to start filtering. Then, select the Forecast map layer to see predicted average home prices in your ZIP codes of interest. This feature is included for the top 100 largest U.S. metros and is available on the Realtor.com® Mweb and desktop. Local Market Predictions – 100 Largest U.S. Metros (in alphabetical order) Methodology Realtor.com®'s model-based forecast uses data on the housing market and overall economy to estimate values for these variables in the year ahead. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
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Transactly and Earnnest Announce Strategic Partnership and Integration: New Partnership Continues the Modernization of the Real Estate Transaction Industry
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Second Century Ventures Selects Seven Tech Companies for 2024 REACH Canada Program
CALGARY – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, announced seven companies selected for its 2024 REACH Canada program. These firms operate within a diverse range of market segments and specializations, from empowering agents and brokers through productivity and efficiency solutions, to resources that help real estate businesses combat fraud and address some of society's growing housing challenges. "Each year, the REACH Canada program showcases the powerful blend of technology and innovation that is transforming the real estate market," said Dave Garland, managing partner of Second Century Ventures. "The 2024 class emphasizes the role of technology and collaboration in addressing some of real estate's core challenges in Canada and across the globe. We're thrilled about the transformative potential these companies bring, and we're proud to be supporting their efforts to shape this industry's future." Second Century Ventures is the most active global venture fund in real estate technology, with more than 230 portfolio companies worldwide. SCV operates the global REACH scale-up program in six major markets: U.S. Residential, U.S. Commercial, Australia, Canada, the United Kingdom and Latin America. The award-winning REACH program helps high growth-potential companies scale across the real estate, financial services, banking, home services and insurance industries. Companies joining the 2024 program are broadly categorized within three verticals: affordable and equitable access to housing; enhancing housing supply; and streamlining the agent and consumer experience. The seven companies selected for REACH Canada 2024 are as follows: Collegium: Makes real estate development a data-driven process by bringing owners, architects, engineers, building trades, constructors, financiers, and insurance underwriters together onto one platform, with an end-to-end process and next-generation digital tools. Maket: Revolutionizing design with generative AI that empowers architects, designers, builders, contractors and developers to automate residential floor plans, create 3D renders and explore limitless styles. Proxima HQ: A digital, end-to-end real estate sales platform that enables agents to sell anywhere with the best buying experience. Propra: A suite of property management tools that improves efficiency, communication, and cost-savings while elevating the resident experience. ilumin.ai: A continuous anti-money laundering (AML) compliance and monitoring tool for the real estate sector. Infinite Creator: Helps real estate professionals create captivating content for real estate that's fast, easy, affordable and professional PropTexx: Provides generative AI, data analytics and actionable, real-time business intelligence for the real estate industry. "This cohort of companies offers a remarkable range of diverse solutions that leverage REACH's rapidly expanding global presence," said Lynette Keyowski, Managing Partner of REACH Canada. "These innovators are working to advance the real estate ecosystem through unique value-added solutions for homeowners, asset owners, real estate operators and agents." REACH Canada will offer its 2024 program a robust curriculum including education, mentorship, exclusive networking opportunities and significant exposure to the global real estate marketplace. Learn more about the companies selected for the REACH Canada program and how you can get involved at www.narreach.ca. About NAR The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. About REACH REACH is a unique technology scale-up program created by Second Century Ventures, the most active global fund in real estate technology. Backed by the National Association of Realtors®, Second Century Ventures leverages the association's more than 1.5 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies scale across the real estate vertical and its adjacent markets through education, mentorship and market exposure. For more on REACH, visit www.narreach.com.
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Interest in 'house hacking' explodes among Millennial and Gen Z home buyers seeking extra income
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Inside Real Estate Announces Fourth Annual Give Back Awards, Nominations Now Open
Awards will recognize three members of the real estate community who have made an impact on the lives of others, their businesses, or the community around them, and celebrate the impact of "paying it forward" MURRAY, Utah, November 3, 2023 -- Inside Real Estate, one of the fastest-growing independent real estate software companies and trusted technology partner to nearly 500,000 agents, teams, brokerages and top franchise brands, is excited to announce the fourth annual Give Back Awards, highlighting members of the real estate community who have made a significant impact through service within their communities in 2023. The Give Back Awards include three categories, The Helping Hand Award for those jumping in to aid friends, family, employees, another business or the community, The Walk-The-Talk Award for those making charitable giving a part of their business, and The Creative Changemaker Award for those using their creativity to put an innovative spin on giving back. "In times of so much market volatility, it's a special privilege to highlight some consistency, especially when it comes to real estate professionals going above and beyond to make a positive impact in their business and community," said Joe Skousen, Founder & CEO of Inside Real Estate. "These awards celebrate the real estate leaders who are putting service over self, and making an impact by paying it forward, and we are excited to share their stories." Nominations close on December 7, 2023, and three winners will be selected by a panel of judges from Inside Real Estate, based on how strongly they exemplify each award. The winners will be announced on December 13, 2023. Winners will be featured on social media, and the Give Back Awards website, and receive a $1,000 prize with the option to donate the prize to an organization of each winner's choice. To learn more and submit a nomination, visit https://s.insiderealestate.com/give-back-awards-2023.
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CoreLogic Announces ScanToSketch, an Augmented Reality Measuring Tool for Appraisers
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Sentrilock Announces Sentrikey Showing Service Now Included for All Customers
The basic tier of SentriKey Showing Service® provides REALTORS® with a complete showing and client management tool to manage their listings, manage showing feedback, and facilitate scheduling for buyer and seller clients all within the same secure mobile app that they use to control property access. "We continue to bring innovative solutions to REALTORS® and ensure we provide a trusted platform that does not turn REALTORS® livelihoods into data that can be used by others for their own purposes," said Scott Fisher, CEO of SentriLock. "Our integrated lockbox and scheduling management platform bring a fantastic set of tools for our customers to use. Making this showing service more widely available just made sense. We want our clients to have all the best tools they need so they can save time and concentrate on what they do best – helping their clients achieve their real estate dreams." SentriLock is currently working with their current SentriKey Showing Service® customers to ensure that all customers have the option to remain within their current tier or upgrade to higher tiers. Agents and brokerages will also be able to upgrade directly to higher tiers, which provide features like a full office dashboard and scheduling center, access to the concierge call center to schedule appointments, ability to sign clients up to the Client Connect app, and access to the enhanced features in the industry's first AI-Enabled assistant, SAM™, who assists agents in their day to day client appointments. "We cannot wait for our customers to have access to a great showing management product designed to be a part of our SentriLock ecosystem of products," said Andrew Sims, Vice President of Revenue. "This is a product designed and improved by the help of our REALTOR® members. It's not something we just bought and tried to make fit. We really see this full suite of products as well as integrations with other leading proptech partners as our future." All SentriLock customers will now be able to take advantage of this offer. To start the conversation, please contact our sales team at [email protected].
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Lone Wolf kicks off vision for the future with a connected platform for real estate agents
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Plunk and BHR Partner to Integrate AI-powered Property Analytics into RealReports Platform
Data partnership streamlines access to property research, comprehensive valuation, and remodeling insights into one platform BELLEVUE, WASH. – November 14, 2023 – Plunk, the world's first AI-powered analytics platform for residential real estate, announced a partnership with BHR, a leading provider of property intelligence for real estate professionals. This collaboration will see Plunk's proprietary AI technology integrated into BHR's RealReports™ platform, creating a streamlined and powerful solution for real estate professionals to access and leverage a wealth of property data effortlessly. "In this current market, the more insight you have into a property, the more competitive you can be. Plunk's real-time valuation and AI-powered remodel recommendations are a powerful layer of insight for agents using RealReports and their clients to drive more informed decision-making," remarked James Rogers, Co-founder and CEO of BHR. "Partnering with Plunk is a no-brainer for us because our mission and values are so intrinsically aligned. Both of our teams are passionate about increasing transparency within the real estate industry and driving innovation using cutting-edge technology to provide real value for all of our users," added Zach Gorman, Co-founder and COO of BHR. Property data and intelligence has become critical for agents looking to remain competitive in today's demanding real estate climate. Having easy access to Plunk's one-of-a-kind remodel data along with the extensive property information provided by RealReports enables agents to stand out to prospective clients. "The integration of Plunk's advanced analytics into RealReports™ will enable real estate professionals to access a comprehensive and powerful tool to optimize decision-making processes and drive business growth," commented Brian Lent, Co-founder and CEO of Plunk. To get a RealReport, visit bhr.fyi. To gain access to Plunk's AI-powered home analytics platform, visit getplunk.com/developers. About PlunkPlunk is bringing advanced analytics and unique data to residential real estate for more confident investing in the largest asset class in the world. Harnessing the power of Artificial Intelligence, computer vision and deep learning, Plunk delivers real-time insights into home valuation, risk assessment and remodeling analysis through its SaaS platform. For more information, visit www.getplunk.com. About BHR BHR is the ultimate property intelligence solution for real estate professionals. BHR's flagship product, RealReports provides comprehensive property information for every home in the United States, powered by over 30 top data providers and Aiden, an AI real estate copilot, which can answer any property question instantly.
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NAR Unveils Flood Disclosure Tracker
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Introducing RealStat: The Insightful Solution for Real Estate Professionals
From the award-winning data platform, Revaluate Golden, CO (November 9, 2023) – Revaluate, is artificial intelligence, insight and data for the real estate and mortgage industry that segments lists and databases for marketers by propensity to move, is proud to introduce "RealStat," a groundbreaking solution designed to empower real estate professionals, teams and the industry. It's available starting on Thursday November 9th. Real estate professionals are all too familiar with the sinking feeling of losing a potential sale to another agent. Whether it's the drive-by with another agent's sign in the yard or a social media post revealing that your past client's property listed with a different agent, especially in this market where each listing is more valuable, the agony of missed opportunities can be unbearable. In the competitive world of real estate, it's crucial to have the right tools and insights to stay ahead of the game. "The primary problem that RealStat addresses is the need for a comprehensive and real-time view of the active listings within a real estate professional's client database. This new product offers an instant and accurate health check of what's happening within your client database. Never before has the industry had access to such a level of insight," said Chris Drayer, CEO & Co-founder of Revaluate. RealStat is a digital coach, a live dashboard that provides real estate professionals with the information they need to make informed decisions, find listings and stay competitive in the market. It offers a wide range of benefits, including: Grades the Database Quality: RealStat allows you to audit your database for completeness. Identifies opportunities for Growth: Displays lost commissions over the last 12 months offering a snapshot of how your marketing to your database is performing so you can see the opportunities at your disposal. Effectiveness of Outgoing Marketing: RealStat allows real estate professionals to measure the effectiveness of their marketing efforts, providing valuable insights into what works and what doesn't. Measuring the Effectiveness of Prior Marketing: Without measurement, it's impossible to know which marketing strategies are delivering results. RealStat helps bridge this gap. Identifying Expireds and Potential Listings in Your Database: RealStat can identify people in your database who have listed their properties, with or without your assistance. Enhanced Contact Information: By using RealStat, you can ensure that your contact data, including physical addresses and email addresses, is more complete and accurate. Compliance with Marketing Regulations: RealStat helps agents avoid marketing to individuals with active listings, reducing the risk of violating regulations and facing fines. Expert Guidance: The Revaluate Lab connects you with industry experts who can provide insights into additional automation, systems and scripts to get more listings. Geography Visualization: RealStat allows you to visually see where your database is on a map - along with where your marketing is working and not working. RealStat seamlessly integrates with Revaluate's award-winning and trusted AI platform, which predicts likely movers and offers top-tier contact data quality. Together, this powerful combination validates whether real estate professionals are effectively staying in front of their clients or losing them along the way. "Revaluate is so far ahead in its thinking and knows how to provide the data that is critical for me to build my real estate business the way it needs to be built." said Barry Jenkins, CMO and owner of Better Homes and Gardens NAGR in Virginia Beach. RealStat is set to become an invaluable tool for real estate professionals seeking to gain a competitive edge, enhance their marketing strategies, and improve their database management. Revaluate is proud to introduce this new solution to the real estate industry, enabling professionals to prevent missed opportunities and secure their sales. For more information about RealStat and Revaluate, please visit https://revaluate.com/talk About Revaluate Revaluate is artificial intelligence for the real estate and mortgage industry. Revaluate segments lists and databases for marketers by propensity to move. The award winning third-party validated accuracy is the best in the industry at identifying people who are likely to move in the next six months.
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Only 3 in 10 Veterans Know They Can Buy a Home with Zero Down
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Chime Technologies Rebrands to 'Lofty'
Newest AI-powered Innovation Streamlines Marketing Content Creation and Execution for Busy Real Estate Agents and Teams Phoenix, AZ – November 7, 2023 – Award-winning real estate innovator, Chime Technologies today announced the company has rebranded as Lofty. This marks a significant step in the evolution of the company and underscores the organization's persistent commitment to providing practical AI-powered innovations for the modern real estate professional as they seek to better manage and grow their business. To learn more and hear directly from the executive team about what this evolution means visit, lofty.com/chimetolofty. As the real estate space becomes more competitive, AI has the potential to greatly increase process efficiency through automation and lowering operating costs, all while empowering agents to spend more time doing what they do best – building relationships and selling properties. Powered by proven AI technology, Lofty's cohesive platform ensures real estate pros can spend less time juggling multiple software applications and more time building their business. Customers have been successfully leveraging the company's AI innovations since 2019. The Lofty platform features a single, flexible hub to help automate marketing programs, streamline the sales process, maximize collaboration, and convert more leads into transactions. Most recently, the company introduced an AI Marketing Assistant designed to help busy agents and teams streamline marketing content creation and execution. Unlike simple point solutions and outdated CRM software, Lofty seamlessly optimizes every step of the customer journey from search to settlement. "The real estate industry is arguably amid the most significant, positive disruption in its history. It stands to unravel structures that have long undermined innovation and competition. The agents and firms that best utilize technology and systems will outcompete the competition and seize market share," noted Robert Lucido Jr., chief strategy officer at Lucido Global. "Our team has long been impressed by Lofty's commitment to providing best-in-class innovations that make a real difference in the lives of our agents and teams. We are excited to leverage Lofty's next wave of product development and aggressively compete in the next era of our industry." In tandem with the rebrand, Lofty is also introducing a significantly upgraded mobile app, recognizing that efficiencies generated by AI will enable agents to spend more time out in the field while still requiring on-the-go access to the Lofty platform. Built from inception as a mobile-first offering, the Lofty app will bring together all the key capabilities customers know and love plus brand-new features including: Chat Groups – Enables greater team collaboration and efficiency around listings and provides an upgraded user experience for agent-to-consumer chat. Showing Management – Provides a NEW innovative solution for agents to communicate and coordinate showings, create more engagement, and capture more interest on their listings. Listing Management – Agents can now easily search, manage, and promote listings directly from their mobile device empowering them to be even more productive while on the go. "As the real estate industry continues to change rapidly, we have expanded our vision to best meet the evolving needs of our customers, helping them navigate and prosper in a world that will be driven by AI," noted Joe Chen, CEO of Lofty. "We want our brand to inspire customers to believe in their future success and set ‘lofty' goals for their business. Our clients can continue to expect the same high level of product innovation and commitment to addressing their business needs through the practical application of AI technology." For more information on Lofty and how we can help your real estate business grow, visit lofty.com/chimetolofty. About Lofty, Inc. Lofty, Inc. (formerly Chime Technologies) provides an AI-powered platform that helps real estate professionals increase their productivity and accelerate business growth. Featuring award-winning technology, the Lofty platform is designed to optimize every step of the real estate journey, from search to settlement. By leveraging one unified hub, customers can automate marketing programs, streamline the sales process, and maximize collaboration between agents empowering them to spend more time building relationships and their business. Headquartered in Phoenix, Arizona, Lofty operates as a US subsidiary of Moatable, Inc. (NYSE: MTBL). For more information, visit lofty.com.
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Realay.com Is Modernizing How Referrals Are Done
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RentSpree Celebrates 2 Million Users Milestone on Its Rental Platform
RentSpree's user base doubles in less than two years LOS ANGELES, Oct. 31, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, today announced it reached two million users on its platform, effectively doubling its user base in less than two years. "It took us more than five years to get to the first million mark and less than two years to add the second million," said Michael Lucarelli, CEO and co-founder of RentSpree. "This is a testament to the power of our platform, our prolific industry partnerships and strong demand for smart rental solutions." Since a $620,000 pre-seed round in 2017, RentSpree has been able to raise a total of $28 million in Series A and B financings. The funds have enabled the company to expand product offerings for agents, landlords and renters and secure additional strategic partnerships. The company's exponential growth - a 598 percent revenue increase over three years - has landed it on the Inc. 5000 of fastest-growing private companies in the U.S. this year. RentSpree's key feature, its tenant screening solution, allows agents to view a rental applicant's report instantly. Over the years, RentSpree added a substantial array of additional rental solutions for agents, landlords and renters. Its latest is Credit Builder, RentSpree's rent payment reporting tool that allows renters to opt into having on-time payments reported to a credit bureau. RentSpree's comprehensive suite of tools helped boost transactions on the platform in any one month to a record 485,000 in July. These transactions include running tenant screening reports, agents adding properties to the system and renters submitting reviews for agents. Demand for rentals continues to be a timely topic as mortgage rates hovering around 8 percent and continuously increasing property prices have made buying a home out of reach for many. According to a recent study by CBRE, the cost comparison between purchasing a home and renting one has reached its most significant disparity since at least 1996. The study reveals that the average monthly new mortgage payment is now 52 percent higher than the average apartment rent. As part of its strategy to reach the largest number of users to benefit from its rental solutions, RentSpree has also formed hundreds of partnerships, including with three of the top five multiple listing services (MLS) in the United States – California Regional Multiple Listing Service (CRMLS), First Multiple Listing Service (FMLS), and Bright MLS. Other key partners include Beaches MLS, Miami Association of REALTORS®, Austin Board of REALTORS®, RE/MAX and Realty ONE Group, along with more than 250 of the most trusted brands in real estate, such as Lone Wolf Technologies. RentSpree's latest partnership includes OneKey® MLS, the largest multiple listing service in New York. RentSpree's key offerings include: Rental Application - Rental Application allows for easy-view, easy-to-read, and mobile-friendly applications. No need to be tied down to an office or computer to find the best tenants. Tenant Screening - Tenant Screening allows for agents to screen prospective tenants with a comprehensive background check from a credit bureau. Rental Client Manager - Rental Client Manager (RCM) leverages key milestones to help agents provide real estate guidance to clients. Listing Pages - With Listing Pages, RentSpree empowers agents to market their properties with a best-in-class user experience. Agent Profiles - Agent Profiles enable agents to create a personalized profile to promote their experience, feature their expertise, and market their listings. Accept/Deny Letters - Send a congratulatory welcome letter to new tenants and get off on the right foot, or a standardized denial letter to make it as painless as possible. Rent Payment - Rent Payment ensures all your rental transaction needs can be managed under one roof. RentSpree partners with Stripe to safely deposit payments into your bank account and automates the process to make sure to remind tenants when rent is due. Credit Builder - Renters can opt in to have on-time rent payments reported to a credit bureau to help boost their credit score. E-Sign Documents - Upload and send documents for fast and convenient signing anytime, anywhere. Agents can stay organized by uploading only the documents needed for the transaction and tracking the signature status. Renters Insurance - Insurance can help avoid issues during the lease. Tenants can purchase renters insurance or submit proof of their policy in one step. Rent Estimate - Rent Estimate helps agents discover similar properties in the area and develop strategies to maximize property values. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps easily connect real estate agents, landlords, and renters to simplify the entire rental process. The platform is known across all 50 states for its seamless and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree was ranked on Inc. 5000's fastest-growing private companies in 2022 and 2023. Visit http://www.rentspree.com for more information.
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RPR Integrates with Risk Factor to Provide Property-Specific Climate Risk Assessments
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Zillow Group to acquire Follow Up Boss, an industry leader in customer relationship management
Zillow Group's investment in the Follow Up Boss platform will further help teams and agents deliver great customer experiences, boost productivity and grow their businesses SEATTLE, Nov. 1, 2023 -- Zillow Group has entered into an agreement to acquire Follow Up Boss, a customer relationship management (CRM) system for real estate professionals. Follow Up Boss gives teams and agents a central hub to stay organized, engage customers, close deals and grow their production. As part of Zillow Group, Follow Up Boss will be able to invest further in improving its product offerings, helping their clients deliver the best possible customer experience while supercharging their businesses. Follow Up Boss will remain an independent brand and will continue to build its client base as a standalone product offering while serving all existing clients, regardless of whether an agent engages with other Zillow Group platforms. "We're excited to have more resources to invest in new features and functionality while still delivering the great experience our clients enjoy today," said Follow Up Boss co-founder Dan Corkill. "Our mission remains the same — to serve top-performing real estate teams and agents by providing industry-leading technology to power their businesses. We know Zillow Group shares that commitment." Follow Up Boss also plans to continue supporting its vast ecosystem of third-party integration partners, enabling agent clients to keep using their preferred systems seamlessly. Additionally, Zillow Group will continue supporting third-party CRM integrations on the Zillow Premier Agent app so Premier Agent partners can work in whichever CRM they choose. "Follow Up Boss is beloved by agents across the industry, including many Zillow Premier Agent partners and ShowingTime+ clients. Zillow Group continues to invest in tech solutions to help agents deliver an increasingly seamless experience for our shared customers," said Zillow president Susan Daimler. "Follow Up Boss has built the best CRM for agents and teams in the industry, and we look forward to supporting its continued success so agents can exceed the needs of today's buyers and sellers." Zillow Group has a track record of responsibly investing in the growth of industry tools, including in its previous acquisitions of dotloop and ShowingTime. Security and customer data privacy are a top priority for both Zillow Group and Follow Up Boss, and both companies have robust processes to secure customer data. The customer data that Follow Up Boss subscribers enter into the system is theirs, just as it always has been, and will stay within Follow Up Boss. In addition, Follow Up Boss will work with a third-party validator to ensure that the data stays safe and protected under the Follow Up Boss terms of use and privacy policy. The acquisition purchase price includes $400 million of initial cash consideration and up to $100 million in a potential cash earnout. Follow Up Boss has approximately 100 full-time employees who will join Zillow Group once the acquisition closes, including co-founders Dan Corkill and Tom Markov. More information can be found here. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; ShowingTime+℠; and Spruce®.
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National Association of Realtors Announces Partnership with IRAR Trust Company
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Nearly 70% of prospective buyers would buy a haunted house if it checked all their boxes
Zillow survey finds 35% of prospective buyers would buy a haunted house if it cost less SEATTLE, Oct. 24, 2023 -- This spooky season, a new survey from Zillow® finds that a scary number of prospective home buyers would be willing to put up with a few ghosts in the attic if those spirits happened to haunt the right home. More than two-thirds of prospective buyers (67%) say they could be convinced to buy a haunted house if it had appealing features, were in the right location, were more affordable or for another reason. These findings highlight the extreme compromises buyers are willing to make in order to land a home in today's housing market. Zillow's survey of prospective buyers finds that 40% say they could be convinced to buy a haunted house if it had features such as a big backyard, a pool or a two-car garage. Nearly one-third of prospective buyers (32%) say the same if the home were in their desired location. Finding a home that checks all the boxes has become challenging with frighteningly few new listings hitting the market. Zillow's latest monthly market report finds that inventory is starting to creep back up, but it remains more than 10% lower than this time last year, and more than 40% lower than 2019 levels. More than one-third of prospective buyers (35%) say they could be convinced to buy a haunted house if it were priced lower than the rest of the market. Home values remain near record highs after the pandemic-era run-up in prices. Meanwhile, mortgage rates surpassed a 22-year high this month, slashing buying power and spooking many would-be home shoppers. A new Zillow analysis finds buyers now need a six-figure income to comfortably afford the typical U.S. home, assuming a 10% down payment. "The combination of high prices, limited inventory and rising interest rates is creating a witches' brew of trouble for would-be homeowners," said Manny Garcia, a senior population scientist at Zillow. "Despite these chilling conditions, life events like job changes, coupling up and having children still drive households to buy. These shoppers have to square their budgets with important home characteristics like bedrooms, bathrooms and floor plans. When balancing so many priorities in an inventory-starved market, avoiding ghosts and ghouls doesn't always make the cut." In order to afford a home, many buyers end up trick-or-treating at the bank of Mom and Dad. A new Zillow report finds that 43% of recent buyers received a gift or loan from family or friends to help finance their down payment. Others are seeking out down payment assistance programs, which are listed on every for-sale home on Zillow. To reduce monthly mortgage costs, 45% of buyers are paying more money up front to buy points and lower their interest rate, according to a survey by Zillow Home Loans. There are new tools helping buyers better understand what they can afford. Mortgage and affordability calculators can help shoppers set a budget. Those shoppers can then search for homes by monthly cost instead of by sticker price when they are shopping on Zillow. Teaming up with a great agent and lender can also help manage the fear factor. For some brave souls, an otherworldly roommate can be a selling point. Nearly 30% of prospective buyers say they would be more likely to purchase a home if it were haunted (29%), while 20% say ghostly apparitions wouldn't impact their purchase decision. Either way, buyers may not know who is haunting the halls of their dream home. A Zillow analysis finds most states don't require sellers to disclose paranormal activity in the home they're selling. A spine-tingling 12% of successful buyers say their home is definitely haunted, while an additional 17% say their home may be harboring spirits. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
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Rental Beast and RPR Announce Integration for Streamlined Rental Applications
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U.S. Home-Seller Profits Continue Rising as Home Values Hit New Highs in Third Quarter
Profit Margins on Typical Home Sales Nationwide Increase to Almost 60 Percent; Returns Rise for Second Straight Quarter as Median U.S. Home Price Hits Another Record; Seller Profits Still Down from Year Ago Following Earlier Slide IRVINE, Calif. – Oct. 19, 2023 — ATTOM, a leading curator of land, property and real estate data, today released its third-quarter 2023 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales in the United States increased to 59 percent in the third quarter – the second straight quarterly increase following several declines. The improvement in typical profit margins, from 56.6 percent in the second quarter of 2023, came amid a continued rebound in the U.S. housing market that pushed the median nationwide home price up 2 percent to a new high of $350,000. Both the nationwide profit margin and median home price have increased since an unusual decline from the middle of 2022 to the early part of 2023 that had threatened to reverse a decade-long market boom. However, even as seller fortunes improved again in the third quarter, the typical investment return nationwide did remain below the 62 percent level recorded in the third quarter of 2022 and a high point of 62.3 percent in the second quarter of last year. "Prices and profits around the U.S. got another boost over the Summer as the housing market continued recovering from last year's setbacks," said Rob Barber, chief executive officer for ATTOM. "Things do remain uncertain heading into the market's annual Fall slowdown, especially at a time when mortgage rates are rising again, home affordability is getting tougher and the potential for a recession hangs in the air. But the latest gains fell in line with what we often see during the third quarter and showed that any predictions of an extended market fallback may have been premature." Gross profits on typical single-family home and condo sales across the country also went up during the third quarter of 2023. They rose 5 percent quarterly, to $129,900, and were up 3.2 percent annually. The continued gains in profits and prices around the U.S., while representing typical growth for a third-quarter period, still came amid a mix of forces that could turn the market up or down over the coming months. Both measures improved over the Summer as the supply of homes for sale in the U.S. remained historically low. That put upward pressure on prices, which, by extension, helped to push up profits. But mortgage rates started increasing again in the third quarter, rising toward an average of 8 percent for 30-year fixed loan following a stable second quarter. Consumer-price inflation also ticked back up after dropping dramatically over the prior year from 9 percent to 3 percent, while the stock market declined and the national unemployment rate rose close to 4 percent. Profit margins grow quarterly in roughly half the country but remain down annually Typical profit margins – the percent difference between median purchase and resale prices – increased from the second quarter of 2023 to the third quarter of 2023 in 85 (55 percent) of the 155 metropolitan statistical areas around the U.S. with sufficient data to analyze. However, they were still down annually in 103, or 66 percent, of those metros as the recent improvements were not enough to wipe out the earlier losses. That happened as the third-quarter improvement in home prices outpaced smaller increases that recent sellers had been paying when they originally bought their homes. Larger gains at the point of resale translated into higher profit margins. Metro areas were included if they had sufficient population and at least 1,000 single-family home and condo sales in the third quarter of 2023. The biggest quarterly increases in typical profit margins came in the metro areas of Scranton, PA (margin up from 72.2 percent in the second quarter of 2023 to 92 percent in the third quarter of 2023); Reading, PA (up from 70.3 percent to 88.5 percent); Flint, MI (up from 66.7 percent to 84.6 percent); Evansville, IN (up from 32.9 percent to 45.9 percent) and Roanoke, VA (up from 44.4 percent to 56.3 percent). The biggest quarterly profit-margin increases in metro areas with a population of at least 1 million in the third quarter of 2023 were in Birmingham, AL (return up from 41.2 percent to 50.9 percent); Buffalo, NY (up from 73.9 percent to 82.9 percent); Rochester, NY (up from 65.4 percent to 71.9 percent); Kansas City, MO (up from 44.5 percent to 50.2 percent) and Tucson, AZ (up from 59.1 percent to 64.8 percent). Typical profit margins decreased quarterly in 70 of the 155 metro areas analyzed (45 percent). The biggest quarterly decreases were in Lake Havasu City, AZ (margin down from 101.7 percent in the second quarter of 2023 to 81.6 percent in the third quarter of 2023); Albany, NY (down from 44.8 percent to 27.4 percent); Naples, FL (down from 84.5 percent to 73.7 percent); Bakersfield, CA (down from 76.1 percent to 65.9 percent) and Tallahassee, FL (down from 73.8 percent to 63.6 percent). The largest quarterly decreases in profit margins among metro areas with a population of at least 1 million came in San Jose, CA (down from 105.4 percent to 98.1 percent); Fresno, CA (down from 77.1 percent to 70.8 percent); Raleigh, NC (down from 61.9 percent to 56.3 percent); San Diego, CA (down from 78.7 percent to 73.8 percent) and Austin, TX (down from 50.3 percent to 45.5 percent). Metro areas with a population of at least 1 million where typical profits remained down the most annually included Austin, TX (margin down from 68.8 percent in the third quarter of 2022 to 45.5 percent in the third quarter of 2023); Honolulu, HI (down from 69.9 percent to 50.6 percent); Phoenix, AZ (down from 80 percent to 61.9 percent); Raleigh, NC (down from 73.9 percent to 56.3 percent) and Nashville, TN (down from 84 percent to 68 percent). Raw profits up in almost two-thirds of U.S. Profits on median-priced home sales nationwide, measured in raw dollars, increased from $123,716 in the second quarter of 2023 to $129,900 in the third quarter, a 5 percent gain. Typical raw profits went up quarterly in 95, or 61 percent, of the metro areas analyzed for this report. Measured annually, the typical nationwide raw profit also was up, by 3.2 percent, from $125,875 in the third quarter of 2022. The figure rose year over year in 54 percent of the markets analyzed. The biggest quarterly raw-profit increases in areas with a population of at least 1 million were in Buffalo, NY (up 22 percent); New York, NY (up 15 percent); Birmingham, AL (up 13 percent); Rochester, NY (up 13 percent) and Kansas City, MO (up 11 percent). On an annual basis, the largest improvements in raw profits on median-priced home sales among metros with a population of at least 1 million came in Hartford, CT (up 33 percent); Rochester, NY (up 24 percent); Chicago, IL (up 15 percent); Cincinnati, OH (up 13 percent) and Buffalo, NY (up 13 percent). Eighteen of the top 20 largest raw profits on median-priced sales in the third quarter of 2023 were along the northeast or west coasts. They were led by San Jose, CA (profit of $718,000); San Francisco, CA ($485,000); San Diego, CA ($361.000); Los Angeles, CA ($347,233) and Seattle, WA ($331,938). Nineteen of the smallest 20 raw profits were in the Midwest or South. The lowest were in Shreveport, LA ($2,744); Beaumont, TX ($24,312); Peoria, IL ($37,500); Lubbock, TX ($44,725) and McAllen, TX ($47,030). Prices up in almost three-quarters of nation Median single-family home and condo prices increased from the second to the third quarter of 2023 in 110 (71 percent) of the 155 metro areas around the country with enough data to analyze, and were up annually in 125 of those metros (81 percent). Nationwide, the median home price rose to a new high of $350,000, up 2 percent over the previous record of $343,000 in the second quarter of 2023 and 6.1 percent from $329,900 in the third quarter of last year. Metro areas with the biggest increases in median home prices from the second quarter of 2023 to the third quarter of 2023 were Buffalo, NY (up 14.7 percent); Scranton, PA (up 11.4 percent); Trenton, NJ (up 11.1 percent); New York, NY (up 9.9 percent) and Syracuse, NY (up 9.8 percent). Aside from Buffalo and New York, the largest quarterly median-price increases in metro areas with a population of at least 1 million were in Detroit, MI (up 7.8 percent); Hartford, CT (up 6.3 percent) and Philadelphia, PA (up 6.3 percent). Home prices tied or hit new highs during the third quarter of 2023 in 86, or 55 percent, of the 155 metro areas in the report. Metro areas with a population of more than 1 million that set or tied records in the third quarter included New York, NY; Chicago, IL; Philadelphia, PA; Miami, FL, and Atlanta, GA. Metro areas with a population of at least 1 million where the median home price declined most from the second to the third quarter of 2023 included New Orleans, LA (down 5.2 percent); Indianapolis, IN, (down 4.6 percent); San Francisco, CA (down 4.4 percent); Austin, TX (down 4 percent) and Dallas, TX (down 3 percent). Homeownership tenure up close to high point for this century Homeowners who sold in the third quarter of 2023 had owned their homes an average of 7.86 years, which marked the second highest point since 2000. The latest figure was up from 7.6 years in the second quarter of 2023 and from 7.21 years in the third quarter of 2022. Average tenure was up from the third quarter of 2022 to the same period this year in 96 percent of metro areas with sufficient data. The largest annual increases were in Santa Barbara, CA (tenure up 32 percent); Madera, CA (up 27 percent); Santa Rosa, CA (up 27 percent); Truckee, CA (up 24 percent) and Santa Cruz, CA (up 21 percent). The top 40 longest average tenures among sellers in the third quarter of 2023 were in the Northeast or West regions of the U.S. They were led by Barnstable, MA (13.84 years); Bridgeport, CT (12.79 years); Norwich, CT (12.59 years); Santa Rosa, CA (12.58 years) and Boston, MA (12.56 years). The smallest average tenures among third-quarter sellers were in Provo, UT (6.44 years); Austin, TX (6.46 years); Crestview-Fort Walton Beach, FL (6.47 years); Oklahoma City, OK (6.57 years) and Lakeland, FL (6.57 years). Lender-owned foreclosure sales remain near low point since 2000 Home sales following foreclosures by banks and other lenders represented just 1.4 percent, or one of every 73 U.S. single-family home and condo sales in the third quarter of 2023. That was down from 1.5 percent in the second quarter of 2023, although up from 1.1 percent in the third quarter of last year. Still, it remained just a tiny fraction of the 30 percent peak this century hit in early 2009 during the aftermath of the Great Recession of 2007. Among metropolitan statistical areas with sufficient data, those areas where REO sales represented the largest portion of all sales in the third quarter of 2023 included Flint, MI (6.2 percent); Macon, GA (5.8 percent); Hilo, HI (4.1 percent); Lansing, MI (3.4 percent); and Chicago, IL (3.3 percent). Cash sales up Nationwide, all-cash purchases accounted for 36.6 percent of single-family home and condo sales in the third quarter of 2023. That was up slightly from 36.4 percent in the second quarter of 2023 and up from 35.2 percent in the third quarter of last year. "The level of cash sales has inched up over the past year as mortgage rates in the U.S. have continued their march higher, now close to an average of 8 percent for a 30-year loan," Barber said. "If rates keep rising, that should continue creating favorable conditions for more all-cash deals." Among metropolitan areas with a population of 200,000 or more and sufficient cash-sales data, those where cash sales represented the largest share of all transactions in the third quarter of 2023 included Athens, GA (63.3 percent); Myrtle Beach, SC (60 percent of all sales); Macon, GA (58.9 percent); Claremont, NH (56.8 percent) and Naples, FL (56 percent). Those where cash sales represented the smallest share of all transactions in the third quarter of 2023 included Greeley, CO (16.3 percent); Boulder, CO (19.7 percent); Cedar Rapids, IA (21.6 percent); Washington, DC (21.7 percent) and Vallejo, CA (21.7 percent). Institutional investment drops to three-year low Institutional investors nationwide accounted for 5.9 percent, or one of every 17 single-family home and condo purchases in the third quarter of 2023. That was down from 6.2 percent in the second quarter of 2023 and from 7.6 percent in the third quarter of 2022, to the lowest point since the fourth quarter of 2020. Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the third quarter of 2023 were Oklahoma (8.8 percent of all sales), Tennessee (8.7 percent), Texas (8.4 percent), Georgia (8 percent) and Indiana (7.9 percent). States with the smallest levels of sales to institutional investors in the third quarter of 2023 included Hawaii (1.9 percent of all sales), Rhode Island 2.9 percent), Maine (3 percent), New Hampshire (3 percent) and Louisiana (3.2 percent). FHA-financed purchases down quarterly, up annually Nationwide, buyers using Federal Housing Administration (FHA) loans comprised 8.8 percent of all single-family home purchases in the third quarter of 2023 (one of every 11). That was down from 9.3 percent in the second quarter of 2023 but still up from 8 percent a year earlier. Among metropolitan areas with sufficient FHA-buyer data, those with the highest levels of sales to FHA purchasers in the third quarter of 2023 included Merced, CA (25.3 percent); Lakeland, FL (24.3 percent of all sales); Bakersfield, CA (22.9 percent); Yuma, AZ (20.5 percent) and Visalia, CA (20.1 percent)). Report methodology The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Zillow unveils a new look for property pages, their biggest redesign in 5 years
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Redfin Reports That Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home -- About $40,000 More Than the Typical American Household Earns
Sky-high mortgage rates and still-rising home prices have made it harder than ever to afford a home, especially for first-time buyers SEATTLE -- A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic, according to a new report from Redfin, the technology-powered real estate brokerage. That's the highest annual income necessary to afford a home on record. "In a homebuyer's ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. But that's not what's happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates—and that's propping up prices," said Redfin Economics Research Lead Chen Zhao. "Buyers—particularly first-timers who are committed to getting into a home now—should think outside the box. Consider a condo or townhouse, which are less expensive than a single-family home, and/or consider moving to a more affordable part of the country, or a more affordable suburb." Housing costs are higher than ever because of the one-two punch of sky-high mortgage rates and rising home prices. The average rate on a 30-year fixed mortgage was 7.07% in August. Mortgage rates have climbed even higher since then, hitting 7.57% during the week ending October 12—their highest level in over two decades. But even though soaring mortgage rates have dampened demand, low inventory is causing home prices to increase. The typical U.S. home sold for about $420,000 in August, up 3% year over year and just about $12,000 shy of the all-time high hit in mid-2022. The typical U.S. homebuyer's monthly mortgage payment is $2,866, an all-time high. That's up 20% from $2,395 a year earlier, and by that time payments had already increased substantially from the beginning of the pandemic, a time of ultra-low mortgage rates and yet-to-skyrocket home prices. In August 2020, for instance, the typical monthly payment was $1,581, based on that month's average mortgage rate of 2.94% and median home price of $329,000. At that time, a homebuyer would have needed to earn $75,000 per year to afford the typical home. The typical American household earns about $40,000 less than the income needed to buy a median-priced home. The median household income was roughly $75,000 in 2022, the most recent year for which annual income data is available. Hourly wages have risen in 2023, but not nearly as fast as the income necessary to afford a home is rising: The average U.S. hourly wage has increased by about 5% over the last year. Affordability is less of a problem for all-cash and move-up buyers. Buyers who can afford to pay cash aren't impacted by high mortgage rates, and they likely earn more than the income necessary to purchase a home, anyway. Buyers who are selling a home to buy another one are in a better boat than first-timers because they have likely built up equity in their current home, which takes a bit of the sting out of soaring monthly payments. The caveat to the caveat is those who bought at the height of the pandemic-era market with an ultra-low mortgage rate and need to sell now: Not only are they giving up a low rate, they also may have lost money on their home. Metro-level highlights: Income needed to buy a home has risen in all major metros, with biggest uptick in Miami and smallest in Austin August 2023, analysis includes 100 most populous U.S. metros for which sufficient data is available Metros where necessary income has increased most: In both Miami and Newark, NJ, homebuyers must earn 33% more than a year ago to afford the typical home—the biggest percent increase of the major U.S. metros. Homebuyers in Miami need to earn $143,000 annually to afford the area's typical monthly mortgage payment of $3,580, and Newark buyers need to earn roughly $160,000 to afford that area's $3,989 payment. Other metros where necessary income has increased by over 30%: The income necessary to afford a median-priced home has increased by over 30% in four other metros, all in the eastern half of the country: Bridgeport, CT ($183,000); Dayton, OH ($60,000); Rochester, NY ($66,000); and Hartford, CT ($95,000). Buyers need to earn more in every major metro: Skyrocketing mortgage rates have caused the income necessary to buy a home to increase in every major metro, even the places where prices have declined over the last year. Necessary income has increased least in pandemic homebuying hotspots: Austin, TX homebuyers must earn $126,000 to afford the median-priced home, 8% more than a year ago—the smallest increase of all the major U.S. metros. That's despite Austin home prices falling 7% year over year in August after they skyrocketed during the pandemic, with remote workers flocking in. Boise, ID, another pandemic homebuying hotspot where demand has since dropped, experienced the next-smallest increase: up 9% to $127,000. Salt Lake City, Fort Worth, TX and Lakeland, FL come next, with year-over-year increases of about 13% each. Home prices are down from a year ago in all those metros. Homebuyers must earn six figures to buy a home in half the major metros in the country: In 50 of the 100 metros in this analysis, buyers must earn at least $100,000 to afford the median-priced home in their area. Buyers must earn at least $50,000 everywhere in the country. Bay Area buyers must earn $400,000: Buyers in the most expensive markets in the country—San Francisco and San Jose, CA—must earn more than $400,000 to afford the median-priced home in their area, both up nearly 25% year over year. The next five metros are all in California: Anaheim ($300,000), Oakland ($250,000), San Diego ($241,000), Los Angeles ($237,000) and Oxnard ($233,000). Rust Belt buyers need the least income—but it's still up from a year ago: Detroit homebuyers must earn about $52,000 to afford the area's median-priced home, up 19% from a year ago. That's the lowest income required to afford a home in the U.S. Next come three Ohio metros (Akron, Dayton and Cleveland) and Little Rock, AR, all of which require roughly $60,000 in annual income to buy a home. View the full report, including a chart, a metro-level breakdown and methodology, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
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Freddie Mac Launches New Tool to Help Millions of Homebuyers Take Advantage of Down Payment Assistance Programs Nationwide
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Chime Technologies Unveils AI Marketing Assistant
Newest AI-powered Innovation Streamlines Marketing Content Creation and Execution for Busy Real Estate Agents and Teams Phoenix, AZ – October 11, 2023 -- Chime Technologies, an award-winning real estate technology innovator, today unveiled the latest AI-powered innovation to be added to the Chime platform, the all new AI Marketing Assistant. Designed to help real estate agents and teams quickly and easily create compelling marketing content, the AI Marketing Assistant generates a wide range of content marketing assets from open house events to emails newsletters, without requiring time from agents to identify, develop, and execute ideas. Integrated directly into the Chime campaign dashboard, the new solution streamlines this critical lead nurturing function and allows real estate professionals to spend more time building relationships and closing deals. To learn more or to see the solution in action, click here. Chime's AI Marketing Assistant can help clients generate compelling content with minimal effort. Through a series of AI-generated prompts, the Marketing Assistant quickly guides agents through the process of creating multiple content and lead nurturing assets. From open house events to blog copy, email newsletters to social media posts, the new solution effortlessly creates copy and automatically manages the execution. By coupling this advancement with Chime's additional lead nurturing capabilities, such as the platform's Smart Plans application, customers can minimize the time spent on creating marketing assets and reap the benefits of AI-powered content creation.AI Marketing Assistant can help clients generate compelling content with minimal effort. Through a series of AI-generated prompts, the Marketing Assistant quickly guides agents through the process of creating multiple content and lead nurturing assets. From open house events to blog copy, email newsletters to social media posts, the new solution effortlessly creates copy and automatically manages the execution. By coupling this advancement with Chime's additional lead nurturing capabilities, such as the platform's Smart Plans application, customers can minimize the time spent on creating marketing assets and reap the benefits of AI-powered content creation. "AI is an easy term to throw around the industry, but our team has been developing AI-driven solutions that focus on providing practical benefits for nearly five years," noted Joe Chen, CEO of Chime. "Our latest innovation, AI Marketing Assistant will not only save agents time but enable them to engage and nurture their leads more often without having to do more intense marketing follow up." To learn more about Chime and how our AI-driven innovations deliver real business value to real estate agents, teams, and brokerages, visit chime.me/. About Chime Technologies Chime is an award-winning real estate technology innovator headquartered in Phoenix, Arizona. Our AI-powered platform empowers real estate professionals, teams, and brokerages with the tools they need to automate lead generation operations, drive conversions, and grow their business. Chime Technologies operates as a US subsidiary of Moatable, Inc. (NYSE: MTBL). For more information, visit www.chime.me.
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HomeZada Provides Severe Weather Alerts Integrated with Zada AI Empowering Homeowners
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Search by school on Zillow makes house hunting as easy as ABC
Find homes in specific school districts when searching for homes to buy or rent SEATTLE, Oct. 11, 2023 -- Today, Zillow is launching search by school, a new feature on the Zillow app that makes it easy for home shoppers to discover homes for sale or rent within specific school attendance zones or school districts just by using the search bar. "Nearly one-third of home shoppers have children younger than 18, making 'search by school' an important feature on the Zillow app," said Nicholas Stevens, vice president of product at Zillow. "We understand the perfect home often extends beyond the property itself, and this feature makes it easy for shoppers to explore homes for sale or for rent in their desired school districts." The search-by-school feature is accessed through the Zillow search bar and offers auto-complete suggestions for relevant schools and school districts based on the user's search history. Searching by school is currently available on Zillow's iOS mobile app and will launch on Android platforms by the end of the year; it will be on the web in 2024. Additionally, Zillow is introducing the ability for home shoppers to receive instant or daily alerts about new for-sale or for-rent homes within their preferred school attendance zone or school district. How to search by school on the Zillow app Using the Zillow mobile app, searching for homes within a particular school attendance zone or school district is as simple as typing the name into the search bar. The feature helps home shoppers by auto-completing their search, offering relevant suggestions for schools and school districts based on their previous searches. Once a school or school district is selected, the app will automatically display the attendance zone boundaries on the map. Users will then see which homes are available for sale or rent within that attendance zone. Searches for open enrollment, or charter or private schools without assigned boundaries will display homes within a 5-mile radius surrounding the school. Zillow aims to unlock information and empower home shoppers to make better decisions. The search-by-school feature gives people the ability to effortlessly locate homes within a specific school attendance zone or school district, making their home search process as smooth as possible.   School districts: A key priority for home buyers According to Zillow's Consumer Housing Trends Report, a significant share of home buyers value living in their preferred school district. The importance of school district selection was particularly evident among buyers in their 30s, with 75% of them emphasizing its significance. In addition, 67% of buyers in their 40s and 61% of first-time buyers considered it a highly important factor in their home search. Statistics from 2021 revealed that 68% of buyers with kids younger than 18 emphasized the importance of school districts, compared to 20% of buyers without children. Year over year, the percentage of buyers who considered school districts highly important remained steady at 43% from 2018 to 2021. However, in 2023, there has been a notable increase to 52% of buyers, indicating a growing preference among home buyers for locating homes within specific school districts. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.
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Happy Grasshopper Introduces New 1-Year Annual Consulting Program with 100% Money Back Guarantee
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NAR's 2023 Good Neighbor Awards Winners Celebrated for Community Impact
WASHINGTON (October 5, 2023) – The National Association of Realtors® today announced the recipients of the 2023 Good Neighbor Awards. Celebrating its 24th year, these awards spotlight real estate agents who make an extraordinary impact on their communities through volunteer work. The winners exemplify a tireless commitment to serving their communities and working to make life better for people in their neighborhoods. The 2023 Good Neighbor Award winners are as follows: Debbie Arakaki, Compass, Lahaina, Hawaii, major fundraiser for Maui Food Bank Karen DeMarco, Coldwell Banker Residential Realty, Tenafly, New Jersey, co-founder of The Food Brigade Kasia Maslanka, Douglas Elliman, Fort Lauderdale, Florida, co-founder of Morningday Community Solutions Sandra Shank, TAG Ventures Real Estate Services Co., Palm Coast, Florida, founder of Abundant Life Ministries–Hope House Inc. Anita Sherley and Jay Sherley, Big Sky Brokers LLC, Helena, Montana, founders of Life Houses Inc. "As we honor this year's Good Neighbor Awards recipients, we are reminded of the broader purpose that unites us in the real estate profession," said NAR President Tracy Kasper, a Realtor® from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. "Beyond sales and contracts, it's the people, stories and shared dreams that matter. These winners are making a difference in communities and improving lives, underlining the true spirit of community engagement." Each of the five winners – selected by a multistage, criteria-based judging process – will receive a $10,000 grant for their charity and be featured in the fall 2023 issue of REALTOR® Magazine. NAR will formally present each with their award on November 15 during NAR NXT, the association's annual conference that will take place in Anaheim this year. More About Each Winner: Debbie Arakaki, Compass, Lahaina, Hawaii In the state with the nation's highest food costs, Debbie Arakaki has raised funds to provide more than one million meals through the Maui Food Bank. Since 2015, Arakaki has rallied the real estate community to host food drives, run fundraisers and volunteer for food-packing events. Now, in the aftermath of the Maui wildfires, she is amping up her efforts to help thousands of families who lost their homes. She and a group of other long-time Maui residents collaborated to create the Maui Pono Foundation to provide immediate funds to neighbors in need. Karen DeMarco, Coldwell Banker Residential Realty, Tenafly, New Jersey Karen DeMarco was inspired by her community's support during her battle with breast cancer and decided to pay it forward. Within three years, DeMarco went from cooking meals in her kitchen to co-founding The Food Brigade, a food pantry network that has provided more than 1,700 tons of food to tens of thousands of people across three New Jersey counties. Kasia Maslanka, Douglas Elliman, Fort Lauderdale, Florida Kasia Maslanka co-founded Morningday Community Solutions to redirect overstocked or returned excess merchandise from retail businesses to nonprofits and people in need. Over 13 years, they have saved nonprofits $10 million in spending and diverted more than 400 tons of unused products from landfills each year. Sandra Shank, TAG Ventures Real Estate Services Co., Palm Coast, Florida In 2003, Sandra Shank opened Abundant Life Ministries–Hope House Inc. to give troubled teenage boys in Florida's foster care system a supportive foundation. For 20 years, she has housed and mentored 300 of the most vulnerable residents, with current plans to break ground on an affordable housing complex offering holistic care services to families in need. Anita and Jay Sherley, Big Sky Brokers LLC, Helena, Montana Anita and Jay Sherley provide stable housing and mentoring to at-risk young men and women recently released from jail or too old for foster care, those typically at higher risks of homelessness. In the 16 years since they founded Life Houses Inc., the Sherleys have helped more than 200 at-risk young adults build life skills to transition to productive, goal-oriented lives of purpose. In addition to the winners, the following Realtors® have been recognized as Good Neighbor Awards honorable mentions and will each receive $2,500 grants for their charity: Betsy Brint, @properties, Highland Park, Illinois, Highland Park Community Foundation Rick Furnish, Landmark Realty & Development Co., Spearfish, South Dakota, America's Kids Belong and Hope Ranch Jed Nilson, Nilson Homes, Ogden, Utah, Northern Wasatch Association of REALTORS®' Have a Heart Foundation Irene Sawyer, Keller Williams High Country, Boone, North Carolina, High Country Breast Cancer Foundation Steven Sharpe, Keller Williams Realty, Chattanooga, Tennessee, Camp Horizon NAR's Good Neighbor Awards is supported by primary sponsor Realtor.com® as well as the Center for REALTOR® Development. In September, Realtor.com® invited the public to vote for their favorite of the 10 finalists. The top three vote-getters all received additional donations for their charities. The following Realtors® have been crowned as this year's Web Choice Favorites: Anita and Jay Sherley, who will receive an additional $2,500 bonus donation for Life Houses Inc. Karen DeMarco, who will receive an additional $1,250 bonus donation for The Food Brigade. Debbie Arakaki, who will receive an additional $1,250 bonus donation for Maui Food Bank. "This year's Good Neighbor Award winners continue the tradition of raising the bar on what's possible through giving back," said Realtor.com® CMO Mickey Neuberger. "Their stories have moved us at Realtor.com®, and they've inspired everyone who voted for their Web Choice Favorite. We are honored to be long-time sponsors of the Good Neighbor Awards program." Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. The Center for REALTOR® Development (CRD), a wholly owned subsidiary of NAR, is devoted to lifelong learning, career advancement, and specialized credentials for real estate professionals. With 10+ designations and certifications, over 100 microcourses, learning pathways, an award-winning podcast, and educational events, there is a learning experience for every real estate professional. Learn more at crd.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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Fannie Mae Launches New Resources to Help Latino Communities Access Homeownership
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RentSpree Launches Rent Reporting Feature to Empower Renters on the Path to Homeownership
RentSpree's Credit Builder feature reports on-time rent payments directly to credit bureaus LOS ANGELES, Oct. 3, 2023 -- RentSpree, the industry's premier end-to-end rental management software provider, is excited to announce the launch of Credit Builder, a rent reporting feature designed to enhance renters' financial health and facilitate their journey toward homeownership. Through its Credit Builder feature, RentSpree facilitates secure online rent payments that can automatically be reported to TransUnion. "No pun intended, but let's give credit where credit is due," said Michael Lucarelli, CEO and Co-Founder of RentSpree. "Building a credit history through rent payments can significantly impact loan approvals, especially for those with limited credit history. RentSpree aims to facilitate this process and empower renters to achieve their financial goals, whether it's securing a loan, purchasing a vehicle, or buying their dream home." Despite being one of the largest monthly expenses for renters, usually accounting for between 30 percent and 40 percent of their income, rent payments traditionally have not contributed to their credit history. Unlike homeowners, renters do not build credit with each timely rent payment. Recognizing the significance of rent payments in the financial success of individuals, Fannie Mae and Freddie Mac recently began to consider this monthly financial outlay as part of borrowers' credit histories. As consumers are unable to directly report on-time rent payments, RentSpree's Credit Builder feature bridges this gap. "Credit Builder is a powerful tool that can truly help renters and landlords alike," said Lucarelli. "Research shows that when payments are reported to credit bureaus, seven out of 10 renters are more likely to pay on time. So this feature is going to benefit those who are already punctual while encouraging others to develop greater consistency. It's a win-win." He added, "All of us who are in the business of helping renters – whether it is the landlords who provide the space, the agents who work with renters or the organizations that in turn support agents such as MLSs — can ultimately play an important part in helping renters transform rent payment obligations into stepping stones toward a better credit score and a more financially sound life." About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps easily connect real estate agents, landlords, and renters to simplify the entire rental process. The platform is known across all 50 states for its seamless and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree was ranked on Inc. 5000's fastest-growing private companies in 2022 and 2023. Visit www.rentspree.com for more information.
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Homes.com Skyrockets Past 100 Million Unique Visitors in September
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Finding Leads in Your Sphere Easier Than Ever Before with Latest Innovation from MoxiWorks
MoxiWork's dynamic duo MoxiPresent & MoxiEngage helps agents make their market, even in a down one Seattle, WA (September 28, 2023) – MoxiWorks, your partner in real estate success, providing stackable tech solutions that agents and brokers actually want to use, has launched an upgrade connecting their dynamic duo of MoxiPresent and MoxiEngage like never before. MoxiPresent is an agents' more than just a CMA tool enabling them to create dynamic presentations from CMAs and buyer tours, to annual property reviews and more. MoxiEngage is the Customer Relationship Management (CRM) tool that keeps you on task and in flow, syncing and updating info and insights about your sphere, and ultimately helping you win more listings and better serve your clients. The latest innovation has made it even easier to spin-up any presentation and send it off to your sphere of influence directly in MoxiEngage. One of the proven ways to bring more transactions into an agent's orbit is by staying in flow with their sphere of influence and providing value to clients like annual property reviews. This is one of the most surefire ways to educate someone on the value of their home and show them all the benefits that buying/selling would do for them, no matter the market. And that's why MoxiWorks has made it even easier to create and send these presentations to garner more activity and ultimately more listings. "Innovation at MoxiWorks is always done with an eye towards making the agents more efficient and maximizing their opportunities. In a market as tough as this, it is always about gaining that edge," said Dave Greenbaum, MoxiWorks' VP of Customer Engagement. "This deeper integration between two of our most-beloved products is all about making it easier for agents to really delight their clients — to be that expert, to have the answers, and to stay in touch long after or long before that contact is ready to transact." Finding leads in your sphere easier than ever before with latest Innovation from MoxiWorks So how does it work? You can now quickly launch presentations from the MoxiEngage My People contact cards. Associate presentations with specific contacts and automatically pull in their property addresses while crafting a presentation in MoxiPresent. MoxiPresent will give you the option to pull in addresses from more than one contact, too. Have a client that has a new/different address? Simply enter that address into MoxiPresent and you can push that new address to the contact profile(s) in MoxiEngage, ensuring that the contact profile(s) is up to date with the most current address. "For years we've talked about the secret weapon of annual property reviews," said York Baur, CEO MoxiWorks. "Your CRM is full of people who may be ready to list their property, but they need a trusted expert to show them what their opportunity looks like. We know agents are the experts in their markets and they are best equipped to help their clients realize what's possible. This new update makes putting these property reviews together easier than ever." This is just the first of many innovations and upgrades coming down the pipeline as MoxiWorks continues to build deeper integrations between products and with our partner platforms, thanks to the MoxiCloud. Ultimately creating an even more cohesive experience across the platform. To learn more or to get in touch, visit moxiworks.com. About MoxiWorks MoxiWorks, a real estate tech platform that has revolutionized the industry for more than a decade, powers more than 800 brokerages and 400,000 agents to be more productive with an easier and faster marketing and management experience. Flexible, stackable, and tailored MoxiWorks solutions make the day-to-day of running a brokerage less daunting so real estate rockstars can shine. Find out more and supercharge your growth at moxiworks.com.
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New Renovation Calculator on Realtor.com Takes the Guesswork Out of Home Remodeling Plans
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Plunk Partners with Award-Winning Marketing Platforms to Deliver AI-Powered Analytics Across Multiple Digital Channels
Union Street Media and Realforce join Plunk's growing list of partners to deliver real-time housing market insights to target audiences BELLEVUE, Wash. , Sept. 26, 2023 -- Plunk, the world's first AI-powered analytics platform for residential real estate, announced a partnership with two of the real estate industry's top marketing platforms. Union Street Media is the leader in omnichannel marketing, providing integrated campaigns across web, mobile, voice, search engine optimization and social media. Realforce (previously Adfenix) is modernizing the marketing infrastructure by streamlining the martech stack for real estate teams. "We believe that AI-powered, real-time data and analytics will become the industry standard within the next five years," predicted Ted Adler, a marketing visionary and Founder of Union Street Media. "With Plunk, we're getting ahead of that adoption curve and delivering home valuation, remodeling analytics and market insights to our target audiences across every digital medium — right now." The housing market is in constant flux and Plunk's AI-powered home analytics platform is transforming the speed at which buying and selling decisions are made, by offering up-to-the-second insights into home valuation, risk assessment and remodeling possibilities. These partnerships set a precedent for greater access to real-time data in an industry that has historically experienced challenges with providing timely and accurate data. It also sets a new bar for more efficient delivery of relevant data to current and potential customers. "Through this strategic partnership with Plunk, we aim to address a longstanding challenge in the real estate industry: the generation of high-quality leads with a measurable and positive return on investment," added Philip Hegge, US Director, Realforce. "Not only does this enhance the consumer experience, but it also simultaneously delivers top-tier leads that drive business for brokerages and agents." To gain access to Union Street Media's marketing channels: www.unionstreetmedia.com/plunk. To learn more about Realforce's streamlined marketing solutions: www.realforce.com. To get sample code for Plunk's AI-powered APIs: www.getplunk.com/developers. About Plunk Plunk is bringing advanced analytics and unique data to residential real estate for more confident investing in the largest asset class in the world. Harnessing the power of Artificial Intelligence, computer vision and deep learning, Plunk delivers real-time insights into home valuation, risk assessment and remodeling analysis through its SaaS platform. For more information, visit www.getplunk.com. About Union Street Media Union Street Media is the first real estate marketing company to leverage the power of omnichannel marketing, driving success for real estate professionals for nearly three decades. With an unwavering focus on innovation and customer service, Union Street Media provides tailored solutions that seamlessly blend technology with creativity. For more information, visit www.unionstreetmedia.com. About Realforce Realforce (previously Adfenix) is the top platform for Marketing Automation in the real estate industry. Globally, Realforce works with over 350 brands, including some of the biggest names in the field. Its automated solutions are designed to streamline marketing programs, boost brand impact and aid in the success of agents. For more information, visit www.realforce.com.
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Matterport Announces the Next Generation of AI-Powered Real Estate Insights, Now in Beta
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Renting Beats Buying in All but Three of the Largest U.S. Metros
Buying a starter home in the top 50 metros cost $1,111 (60.3%) more than renting in August, as median U.S. rents see fourth consecutive month of year-over-year declines SANTA CLARA, Calif., Sept. 21, 2023 -- The elevated mortgage rates, steep home prices and declining rent costs familiar in today's housing market have made it less costly to rent than to buy a starter home in all but three of the largest metros in the U.S., according to the Realtor.com® Monthly Rental Report released today. In August 2023, the cost of buying a starter home in the top 50 metros was $1,111 (60.3%) higher than renting in those markets on average. "Rents have registered steady declines for the past four months and, while they remain well above pre-pandemic levels, when you factor in the impact of record-high mortgage rates and high home prices, it's understandable that many would-be homebuyers are choosing to remain on the sidelines," said Danielle Hale, Chief Economist at Realtor.com®. "The downward trend in rental prices reduces the sense of urgency, giving renters more time to save for a home. In the period ahead as rents soften, we expect more households will remain renters for longer." August 2023 Rental Metrics – National Nationally, rents drop for fourth straight month, while homebuying costs increase Median rents for 0-2 bedroom units declined consistently year-over-year for the past four months which, when combined with mortgage rates hovering above 7% and a low enough supply to drive prices up despite subdued demand, tipped the scales further in favor of renting. In August, homeownership costs exceeded renters' monthly costs by nearly $300 compared with the start of the year. August marked the fourth month of year-over-year rent declines in a row for 0-2 bedroom properties, which overall are down -0.6% year-over-year. Rents dropped -0.7% for 2-bedrooms, -0.5% for 1-bedrooms, and -0.2% for studios. Specifically, the median asking rent in the 50 largest metros dipped to $1,752, down $7 from last month and down $25 from the peak in July 2022. However, median rents remain $336 (23.7%) higher than the same time in 2019, prior to the pandemic. In the majority of the largest U.S. metros, though, renting a starter home remains more affordable than buying one. During the past 12 months, with an average 30-year fixed mortgage rate jumping from 5.22% to 7.07%, the cost to buy a starter home in markets that favor renting climbed at an average rate of 21.4%, increasing from $2,500 to $2,959. Renting beats buying in nearly all major metros, and the advantage is increasing In August, renting was more affordable than buying a starter home in 47 of the 50 largest metros, up from 45 during the same time last year. Declining rents and the increasing costs of buying a home contributed to the jump in savings from renting. While skyrocketing mortgage rates pushed up the cost of taking on a mortgage, climbing home prices expanded the base of mortgages as well, making buying even less affordable compared to renting. The advantage of renting continues to grow in all rent-favoring markets. In the top 10 metros that favor renting over buying, most of which have a higher concentration of tech workers and high earners, both the average cost to rent and to buy are higher than the national average. Austin, Texas topped the list of markets that favor renting, where the monthly cost of buying a starter home was $3,946 – 136.3% more than the monthly rent – for a monthly savings of $2,276. Meanwhile, Baltimore and St. Louis flipped from buy-favoring to rent-favoring markets during the past 12 months. In August 2023, the monthly savings in rent-favoring markets were $483 higher compared to the prior year. The median asking rent declined -0.5% year-over-year in rent-favoring markets, a trend significantly different from 12 months ago. In these markets, the monthly cost of buying a starter home in August 2023 was $2,959, which is $1,183 or an average of 64.3% higher than the cost of renting. Comparatively, in August 2022 buying a starter home in rent-favoring markets cost an additional $700 (36.2%) more than renting. San Jose saw the most substantial surge in savings when comparing renting and buying. In August 2023, renting a starter home in San Jose yielded monthly savings of $3,214, a significant increase from the $1,964 saved last year. Indianapolis, however, saw the largest percentage increase in savings from renting. In August 2023, renting a starter home in Indianapolis would save renters $431 compared to buying, ten times the savings seen 12 months ago ($43). In markets favoring buying, the advantage is shrinking In August 2023, only three of the top 50 U.S. metros favored buying starter homes rather than renting: Birmingham, Ala., Memphis, Tenn., and Pittsburgh; however, the cost-benefits of buying have decreased since the same time last year. In buy-favoring markets, the monthly cost of buying a starter home was $29 cheaper on average, or -2.1% lower than the cost of renting, a significant decrease from the savings of $192 in the same time last year. In particular, the savings from buying a starter home instead of renting dropped from $434 to $43 in Memphis, $282 to $6 in Birmingham, and $139 to $39 in Pittsburgh over the past 12 months. As the benefit of buying diminishes in these markets, prospective homebuyers will need to consider all trade offs when deciding whether to buy or continue renting. This is particularly important given that today's elevated mortgage rates and still-high home prices pose substantial challenges for would-be buyers. To help homebuyers better understand their options, as part of its RealCost set of tools, Realtor.com® offers a free rent or buy calculator, which estimates how long a new homebuyer would need to remain in their home for buying to make more financial sense than renting. "As we noted in our July Rental Trends report, seasonality and recent momentum in the rental market make it very unlikely the market will see a new peak rent in 2023," said Jiayi Xu, Economist at Realtor.com®. "Still, rents remain well above pre-pandemic levels, contributing to ongoing affordability concerns for renters, regardless of whether they plan to rent or buy in the months ahead." Top 10 Metros that Favor Renting over Buying in August 2023 Rental Data – 50 Largest Metropolitan Areas – August 2023 Methodology Rental data as of August for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019. The monthly cost of buying a home was calculated by averaging the median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Monthly buying costs assume a 7% down payment, with a mortgage rate of 7.07%, and include taxes, insurance and HOA fees. With the release of its July rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since July 2023 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com.
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Need to Move? We're Approaching the Best Time to Buy in 2023
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Local Logic and Plunk Partner to Enhance Data Insights for Residential Real Estate
Location intelligence leader to combine insights with AI-powered home analytics platform to provide the most comprehensive property analysis for the US residential real estate market MONTREAL, Sept. 12, 2023 -- Local Logic, a location intelligence leader that quantifies location at scale to shape smarter developments and more sustainable cities, today announced a partnership with Plunk, a company bringing advanced analytics to residential real estate for more confident investing in the largest asset class in the world. In an increasingly competitive market, the data and insights from this partnership will enable real estate investors, agents, and homeowners to accelerate and improve purchasing decisions. Plunk's AI-powered home analytics platform aims to transform the real estate market by offering real-time insights into home valuation, risk assessment, and remodeling possibilities. Local Logic's core offering provides crucial and often overlooked information on the property's location, including historical and demographic insights. Combined, this synergistic partnership will provide users with all the information on the property and its location to drive better decision-making for investors and home buyers and create a more efficient workflow for agents. "Real-time data and localized market insights play a crucial role to investors, homeowners, and real estate professionals," shares Brian Lent, co-founder and CEO of Plunk. "Plunk and Local Logic strive to fully power the residential market with the information it needs to grow exponentially. Combining our efforts will drive a new level of innovation in the industry." Local Logic has a reputation for partnering with some of the most prestigious tech vendors in the residential real estate industry, such as Black Knight, Constellation1, CoreLogic, Inside Real Estate, and MoxiCloud. As a leading insights provider for the real estate industry, Local Logic brings in unparalleled expertise and granularity. "Plunk has created industry-leading data solutions in the residential space," says Vincent-Charles Hodder, co-founder and CEO of Local Logic. "This partnership will further drive our mission to empower end-users with the technology and insights they need to make better-informed real estate decisions." This partnership comes off the heels of a $13 million Series B financing round with the primary goal of further quantifying the role that location plays in the success of real estate investments and arming investors with definitive data that will enable them to make the best possible decisions. Additionally, Local Logic plans to continue expanding strategic partnerships with broker sites and MLS organizations to further impact residential real estate decision-making. For more information on Local Logic's solutions, please visit locallogic.co. About Plunk Plunk is the first AI-powered, real-time home analytics platform leveraging next-generation applications of Artificial Intelligence, machine learning and image analysis to revolutionize the way homeowners, real estate professionals and investors value and invest in residential real estate. For more information, please visit www.getplunk.com. About Local Logic Local Logic is a location intelligence platform that digitizes the built world for consumers, investors, developers, and governments – delivering unrivaled clarity and actionable insights capable of creating more sustainable, equitable cities. With more than 75 billion unique data points – the largest unique location data set in the U.S. and Canada – the platform creates a digital twin of cities, quantifying the built world and offering predictive, precise analytics to inform the present and future of over 250 million individual addresses.
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EasyKnock Acquires Home Management Platform Onder
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Elevated Home Prices and Mortgage Rates, Limited Inventory are Home Buying Barriers, According to Realtors and Prospective Home Buyers Across Races and Ethnicities
WASHINGTON (September 14, 2023) -- The current real estate market's high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors® and prospective home buyers across races and ethnicities cite as barriers to purchasing a home, according to two new reports from the National Association of Realtors®. In partnership with Morning Consult, NAR's 2023 Experiences & Barriers of Prospective Home Buyers Across Races/Ethnicities report surveyed White, Hispanic/Latino(a), Black and Asian prospective home buyers about their experiences. NAR's 2023 Experiences & Barriers of Prospective Home Buyers: Member Study surveyed Realtors® who focus on residential real estate regarding the latest buyer with whom they worked who has not yet purchased a home, and it compares findings with the consumer study. "Home buyers face the most difficult affordability conditions in nearly 40 years due to limited inventory and rising mortgage interest rates," said Jessica Lautz, NAR's deputy chief economist and vice president of research. "The impact is exacerbated among first-time buyers who are more likely to be from underrepresented segments of the population." Among prospective home buyers, Asian (27%), Hispanic (24%), Black (20%) and White (15%) respondents say the main reason they have not yet bought a home is because they are waiting for prices to drop. White respondents (15%) are just as likely to say it is because they are waiting for mortgage rates to drop. Additional market-related reasons that prospective home buyers cite as barriers include waiting for mortgage rates to decline (18% - 25% of all four groups) and not enough available homes within their budget (19% - 24% of all four groups). The top three reasons why Realtors® say buyers have not yet purchased homes are the same as reported by consumers: not enough homes available for purchase in buyers' budgets (34%), buyers are waiting for mortgage rates to drop as higher prices affect affordability (18%) and buyers are waiting for prices to drop (9%). These three factors greatly impact affordability since limited inventory drives up home prices and higher rates increase monthly mortgage payments. Saving for a competitive home down payment is also a primary obstacle for prospective home buyers (6% - 9% of all four groups). In terms of what holds them back from saving for a sufficient down payment, prospective home buyers across races and ethnicities cite as barriers current rent/mortgage payments (43% - 56% of all four groups) and credit card payments (38% - 57% of all four groups). Despite this, awareness about existing down payment assistance programs is low among prospective buyers saving for down payments. Only 8% - 15% of all four groups applied for these programs, 20% - 33% considered but did not apply to these programs, 21% - 32% did not consider these programs, and one-third (30% - 33% of all four groups) say that they are not aware of these assistance programs. For prospective home buyers who are aware of down payment assistance programs, the primary reason they did not apply for them is because they did not know enough about the programs (44% - 58% of all four groups). Likewise, more than half of Realtors® (53%) say that at least one issue is holding their latest buyer back from saving a competitive down payment: most likely current rent or mortgage payments (23%) or credit card balances or payments (17%). Further, only 23% of Realtors® say that their buyers experiencing these challenges have applied for down payment assistance programs. This is most likely because their income is too high (30%), they did not know enough about the programs (19%), or they are worried about the competitiveness of their offers in multiple-bid situations (17%). "Down payment assistance programs often fly under the radar for potential home buyers. Using programs – like FHA, VA or USDA loans – can make homeownership more attainable. Experts, such as agents who are Realtors®, can educate potential buyers about these programs. Doing so will bring in more first-time buyers and narrow the racial homeownership gap," added Lautz. Discrimination also plays a role in the homebuying process. About one in six (13% - 16% of all four groups) prospective home buyers across races and ethnicities report facing discrimination. More than half of Black (63%), Asian (60%) and Hispanic (52%) prospective home buyers who report this say it was due to their race or ethnicity. Of these, the largest proportions of every group are most likely to report that this discrimination manifests in steering toward or away from specific neighborhoods (36% - 51% of all four groups) and more strict requirements (32% - 48% of all four groups). Despite all of this, most discrimination during the homebuying process goes unreported: 47% - 81% who describe it did not report it to a government agency or legal aid organization. Interestingly, only 1% of Realtors® who took the survey report that their buyers experienced discrimination during the homebuying process, while 13% are not sure. Those reporting discrimination are most likely to say this is based on race or ethnicity and lay this at the feet of lenders, saying that buyers experienced this in the type of loan product offered (43%) or that buyers did not receive a call back from lender(s) (29%). Of those who report discrimination, 57% report it based on race, 29% report it based on age and 21% report it based on familial status (including marriage or parental status). Just 7% say that the buyer reported the discrimination, which was on the basis of either race or religion or both, to a government agency or legal aid organization. To help address discriminatory practices in real estate, NAR offers several resources to its members, including Fairhaven, an interactive training simulation based on real fair housing cases; Bias Override, an implicit bias training course with practical tips to override bias; At Home With Diversity, a certification course aimed at serving diverse consumers; and a confidential voluntary self-testing program for brokerages to assess agents' compliance with fair housing laws. In Washington, NAR advocates for strong fair housing and fair lending enforcement, and policies aimed at closing homeownership gaps among demographic groups. About the National Association of Realtors® The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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Realtor.com Launches Listing Toolkit for Agents to Win and Sell More Listings
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Delta Media launches DeltaNET 7, real estate's most customizable, automated, AI-powered CRM-based digital marketing platform
Canton, Ohio -- September 12, 2023 - Delta Media Group, one of America's largest technology solutions providers for real estate brokerages, announces the launch of one of the industry's most advanced CRM-based, all-in-one digital marketing platform. The new "made for mobile" DeltaNET 7 leverages artificial intelligence and automation with unmatched brokerage and user-level customization. "By simplifying nearly 30 years' worth of features combined with the reinvestment of over $40 million, DeltaNET 7 takes the all-in-one brokerage solution to the next level by avoiding sacrificing functionality for simplicity," said Michael Minard, CEO and owner of Delta Media Group. "DeltaNET 7 is more simple, more automated, and even more customizable for real estate brokerages and its agents than ever before. It's true customization – not just an off-the-self white-label solution. Most importantly, it's agent-friendly and made for mobile," Minard added. For the first time, large real estate brokerages can create and design their own custom-branded platform to meet individual needs based on specific roles, ranging from agents to admins to other support staff. In addition, the DeltaNET 7, which recently began rolling out to brokerages, uniquely allows ultra-personalization that features down-to-the-button design and navigation that brokerages can fully control to amplify their brand. "What we appreciate the most about DeltaNET 7 is the hyper-customization," said Travis Guillory, Chinowth & Cohen, Oklahoma's largest independent real estate company with 14 offices across the state and 700-plus Realtors. "We were able to visually and functionally customize DeltaNET 7 to fit our needs and look more appealing to our agents. This has resulted in a huge increase in engagement company-wide," he added. Delta Media Group, the only real estate technology offering a written "no sell guarantee" to its customers, fuels the marketing platform used by nearly a dozen of the top 100 (or number of the largest top) most innovative real estate brokerages in the US. Family-owned and profitable for nearly 30 years. DeltaNET 7 is fully integrated with Delta Custom Websites with industry-leading SEO software. In addition, it offers a new customizable Delta Academy online training & education system as well as a full stack of digital marketing tools, including its one-click CMA (Comparative Market Analysis) machine Delta Pitch. DeltaNET 7 also features Social Connector for agent social media automation, Local Showings, Properties in Motion, and Open House Connector. "We've seen a new-found excitement for the platform amongst our agents as they embrace the vastly improved CRM and its simple integrations to core tools like MCFL, Market Watch Reports and the aptly named regeneration of Delta Create" said Brett Williford, Realtor/Manager, Irongate Inc., Realtors, an industry-leading brokerage based in Dayton, Ohio. Williford added, "The new dashboard and navigation systems are simple to use, streamlined, and logical. The learning curve is small, the benefits are big and dynamic," Front and center in DeltaNET 7 is its "My Customer For Life" marketing tool, a dynamic, AI-driven email newsletter featuring new, unique content each week. With a stunning 60% click-through rate, content automatically customizes to the user's interest based on engagement. In addition, brokerages can customize all major elements of the newsletter for customized branding and individual agent information. Built on top of Delta's new AI platform, Delta Pitch allows agents to create a complete CMA in as little as one-click but also doubles as a presentation builder. It instantly provides all relevant properties and essential information in an interactive flipbook. Delta Pitch also creates a new lead generation opportunity for brokerages. When consumers visit their Delta-powered website and enter a property address through the AVM, consumers can automatically get a CMA based on current listings in their area. DeltaNET 7 features a unified brand identity, so all internal tools look and feel the same. For example, brokerages can create custom dashboards showing agents their daily scheduled activities. In addition, brokerages can gain insight into agent CRM use and lead processing - automatically - based on the agent's customer activity. DeltaNET 7's AI also remembers individual preferences. For example, when agents return to the system, they will see information on the last contact opened. Another significant new brokerage feature is DeltaNET Academy, an agent training center. The new integrated Academy empowers brokerages to offer customized and personalized training courses and deliver class schedules to agents. Delta Media Group, Inc., located in Canton, Ohio, is a leading and trusted technology partner for many of the best-known real estate brands, including over 80 LeadingRE Affiliates and more than 50 top-ranked brokerages nationwide. Discover more at deltamediagroup.com.
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Zurple Launches Pipeline Boost: A Social Media Leads Product Offering Real Estate Agents Quick, Steady Growth
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Realtor.com Now Offers Airbnb Host Estimates
Learn how much you can potentially make by hosting one room or your whole house on Airbnb SANTA CLARA, Calif., Sept. 7, 2023 -- Short-term rental popularity is on the rise, in fact, 39% of homeowners have or would consider renting out part of their primary home, according to a new survey from Realtor.com® and CensusWide. To help consumers better understand their home's potential value, Realtor.com® today announced the addition of potential short-term rental income estimates from Airbnb in their My Home dashboard. This first-of-its-kind integration empowers homeowners with possible earnings estimates for hosting one room or their whole house. Among those surveyed, 23% of homeowners have rented out their home before or plan to rent part of their home out in the future, and 16% would consider it. Their reasons to rent are largely financial, with one-third (34%) of those renting or planning to rent out their home doing so to save money for a home purchase with a higher mortgage rate, to prepare for potential upswings in a variable mortgage (29%), or to help pay their current mortgage (21%). Whether looking to rent their home out and earn extra money while away on vacation, or renting out an extra room to help with mortgage payments, homeowners can now easily access information about how much they can potentially earn by hosting their space on Airbnb in the Realtor.com® My Home dashboard. Uncovering the short-term rental earning potential of a home can also help homeowners evaluate if it's a good idea to rent out their current home as an alternative to selling it. Looking to the future, 60% of surveyed homeowners would consider renting out their current home rather than selling if/when they look to buy or rent somewhere else. Most cited financial reasons as the motivator: 21% saying it'd be great to have extra income from a renter, and 19% would do so to maintain the home equity they've already built. To get started with the tool, homeowners can simply input their address in the Realtor.com® My Home dashboard to claim their home. They can then view their potential earnings from hosting on Airbnb in the Host or Rent tab of the dashboard. The interactive tool can be adjusted for renting a private room or all of the home; estimated earnings for a seven-day rental are based on Airbnb data from similar listings in the ZIP code. "Short-term rentals are a great way to help with some of the costs of homeownership – renting out their house for a couple days or weeks out of the year when it's not in use could generate extra income that can be put toward the mortgage, maintenance, or even help cover the cost of a vacation," said Mausam Bhatt, chief product officer, Realtor.com®. "By arming homeowners with information about how much they could potentially make by renting a room or their whole home on Airbnb, Realtor.com® is helping them better understand their options and in turn make more informed decisions about their home." The Airbnb integration will make the Realtor.com® My Home dashboard even more valuable for current homeowners who can also manage their home's details, track their home's value with up to three valuation estimates, explore their equity and discover how their home compares to others nearby, as well as see recently sold homes in their area and compare top local real estate agents. The ability to host and a homeowners' actual earnings will depend on local laws, availability, rental price, and demand in their area. The earnings estimates aren't a valuation or appraisal of your home. To get started exploring their home's potential rental income, homeowners visit realtor.com/myhome. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com. About Airbnb Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home, and has since grown to over 4 million Hosts who have welcomed over 1.5 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.
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Revive introduces 'Revive Vision AI,' an AI-powered Listing Tool for Real Estate Professionals
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NAR Celebrates 2023 Good Neighbor Awards Finalists for Community Dedication
WASHINGTON (August 31, 2023) -- The National Association of Realtors® today announced the 10 finalists for its 2023 Good Neighbor Awards, which honor NAR members who make an extraordinary difference in their communities through volunteer work. Now in its 24th year, the Good Neighbor Awards recognize volunteers who donate time, money and passion to enrich the lives of people in their communities. "Each year, the Good Neighbor Awards serve as a poignant reminder of the heart and soul of our real estate community," said NAR President Tracy Kasper. "It's not just about buying or selling properties; it's about investing in the places we call home. These finalists exemplify the essence of what it means to be a good neighbor, turning their passion and dedication into real-world change." Five winners will each receive a $10,000 grant and national media exposure for their charity, including a feature in the fall issue of REALTOR® Magazine. The winners will also be honored in November during NAR NXT, The REALTOR® Experience, in Anaheim, California. Five honorable mentions will receive $2,500 grants. Starting now, the public can vote for their favorite Good Neighbor finalists. The top three vote-getters will be recognized as Web Choice Favorites, the winner will take home $2,500, and the second- and third-place finishers will each receive $1,250, funded by Realtor.com®. Cast your vote at realtor.com/goodneighbor between August 31 and October 1. Both the winners, as determined by judges, and the Web Choice Favorites, determined by online voting, will be announced on October 5. The 10 NAR Good Neighbor Awards finalists are as follows: Debbie Arakaki, Compass, Lahaina, Hawaii  In the state with the nation's highest food costs, Debbie Arakaki has raised funds to provide more than one million meals through the Maui Food Bank. Since 2015, Arakaki has rallied the real estate community to host food drives, run fundraisers and volunteer for food-packing events. Now, in the aftermath of the Maui wildfires, she is amping up her efforts to help thousands of families who lost their homes. She and a group of other long-time Maui residents created the Maui Pono Foundation to provide immediate funds to neighbors in need. Betsy Brint, @properties, Highland Park, Illinois A 10-year volunteer with the Highland Park Community Foundation, Betsy Brint led the response after a mass shooting occurred at the 2022 Independence Day Parade in her hometown. She oversaw the distribution of $5.8 million to the families of the deceased, injured victims and nonprofit organizations that provide mental health, legal and other services to community members affected by the shooting. Karen DeMarco, Coldwell Banker Residential Realty, Tenafly, New Jersey Karen DeMarco was inspired by her community's support during her battle with breast cancer and decided to pay it forward. Within three years, DeMarco went from cooking meals in her kitchen to co-founding The Food Brigade, a food pantry network that has provided more than 1,700 tons of food to tens of thousands of people in three New Jersey counties. Rick Furnish, Landmark Realty & Development Co., Spearfish, South Dakota A foster parent and adoptive parent, Rick Furnish brought America's Kids Belong to South Dakota and created a collaborative relationship between the state, faith community, local businesses and the arts community to improve outcomes for kids in the foster care system. He launched "I Belong" videos, which have given nearly 150 kids a voice as they wait to be adopted. Furnish has also spent 20 years volunteering with Hope Ranch International. Kasia Maslanka, Douglas Elliman, Fort Lauderdale, Florida Kasia Maslanka co-founded Morningday Community Solutions to redirect overstocked or returned excess merchandise from retail businesses to nonprofits and people who need it. Over 13 years, they've saved nonprofits $9 million in spending and have diverted over 400 tons of unused products from landfills each year. Jed Nilson, Nilson Homes, Ogden, Utah Jed Nilson has built 15 homes through the Northern Wasatch Association of REALTORS®' Have a Heart Foundation, which sells the homes to families in need at a deep discount. His company, subcontractors and suppliers have donated millions of dollars in labor and supplies to make these dream homes a reality. Nilson is also building a resource center for the nonprofit Encircle to support LGBTQ+ youth and families. Irene Sawyer, Keller Williams High Country, Boone, North Carolina A breast cancer survivor, Irene Sawyer founded the High Country Breast Cancer Foundation, which eases the burden of medical bills for cancer patients. The nonprofit funds wigs, mastectomy bras, breast prostheses and other cancer-related garments. They also contribute to the college funds of surviving children and have brought a mammogram bus to the area for the first time. Sandra Shank, Tag Ventures Real Estate Services Co., Palm Coast, Florida In 2003, Sandra Shank opened Abundant Life Ministries–Hope House Inc. to give troubled teenage boys in Florida's foster care system a supportive foundation. For 20 years, she has housed and mentored 300 of the most vulnerable boys and now plans to break ground on an affordable housing project to provide holistic care for troubled families. Steven Sharpe, Keller Williams Realty, Chattanooga, Tennessee Steven Sharpe co-founded Camp Horizon with his wife, Lindsey, to offer a summer camp experience to kids who have physical disabilities like paralysis, spina bifida or cerebral palsy. Since 2005, the camp has engaged more than 500 kids in accessible activities such as canoeing, horseback riding and fishing. To ensure the children's happiness and safety, the camp has more than 50 volunteer counselors, many with medical training. Anita and Jay Sherley, Big Sky Brokers LLC, Helena, Montana Anita and Jay Sherley provide stable housing and mentoring to at-risk young men and women, many of whom are homeless, recently released from jail or too old for foster care. In the 16 years since they founded Life Houses Inc., the Sherleys have helped more than 200 at-risk young adults build life skills to transition to productive, goal-oriented lives of purpose. NAR's Good Neighbor Awards are supported by primary sponsor Realtor.com® as well as the Center for REALTOR® Development. "We continue to be inspired by the positive change the Good Neighbor Award finalists are making in their communities across the country," said Realtor.com® CMO Mickey Neuberger. "They serve as role models not just for their fellow real estate agents, but for everyone else who comes in contact with them. Realtor.com® is once again proud to recognize the differences they're making." Nominees were judged on their personal contribution of time as well as financial and material contributions to benefit their cause. Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®. The Center for REALTOR® Development (CRD), a wholly owned subsidiary of NAR, is devoted to lifelong learning, career advancement, and specialized credentials for real estate professionals. With 10+ designations and certifications, over 100 microcourses, learning pathways, an award-winning podcast, and educational events, there is a learning experience for every real estate professional. Learn more at crd.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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NAR Names Productive.ai Winner of 2023 Pitch Battle Competition at iOi Summit
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Zombie Foreclosures Hold Steady During Third Quarter, Still with Minimal Impact Around Most of U.S.
Count of Vacant Homes in Foreclosure Increases for Sixth Straight Quarter; Zombie Properties Increase as Foreclosure Activity Keeps Growing; But Portion of Homes Nationwide That are Empty in Foreclosure Remains Just One in 11,600 IRVINE, CA - Aug. 24, 2023 -- ATTOM, a leading curator of land, property, and real estate data, today released its third-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,277,612) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation – the same as in the second quarter of this year. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties here. The report also reveals that 315,425 residential properties in the U.S. are in the process of foreclosure in the third quarter of this year, up 1.3 percent from the second quarter of 2023 and up 16.6 percent from the third quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021. Among those pre-foreclosure properties, about 8,800 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the third quarter of 2023. That figure is up slightly from the prior quarter, by 0.3 percent, and up 13.9 percent from a year ago. The latest increase marks the sixth straight quarterly gain. However, it was one of the smallest of the recent increases and continued to leave zombie foreclosures representing just a tiny fraction of the nation's total stock of 101.6 million residential properties. "Zombie foreclosures again are ticking up a tiny bit this quarter, tracking along with a small rise in overall foreclosure activity around the country. That's to be expected, as a handful of homeowners who can't catch up on overdue mortgage payments just walk away from their properties," said Rob Barber, CEO for ATTOM. "But the big picture remains the same. Abandoned properties pose almost none of the blight threats they brought a decade ago when far more homeowners were throwing in the towel after the Great Recession of the late 2000s.." The lack of zombie foreclosures throughout most of the country continues to stand out as one of the most significant effects of the U.S. housing market boom that has more than doubled the national median home value since 2012. The price runup resumed in the second quarter of this year after temporarily stalling in the second half of 2022, pushing the median single-family home price up another 10 percent nationwide and raising values in almost all major housing markets around the country. That resumed an upward path of home equity and home-selling profits, giving delinquent homeowners ever more incentive and options to stay out of foreclosure. "With a few exceptions – most notably New York City and Miami – lower-end markets still have the highest portions of zombie homes. That reflects larger portions of households with limited financial resources to avoid foreclosure," Barber said. "Those areas are likely at higher risk for issues related to zombie foreclosure if the overall housing market turns back downward." Zombie foreclosures tick upward again but still posing few problems A total of 8,782 residential properties facing possible foreclosure have been vacated by their owners nationwide in the third quarter of 2023, up from 8,752 in the second quarter of 2023 and from 7,707 in the third quarter of 2022. The number of zombie properties has grown quarterly in 19 states and annually in 28. While most neighborhoods around the U.S. have few or no zombie foreclosures, the biggest increases from the second quarter of 2023 to the third quarter of 2023 in states with at least 50 zombie properties are in Missouri (zombie properties up 51 percent, from 35 to 53), Maryland (up 22 percent, from 188 to 229), Oklahoma (up 15 percent, from 173 to 199), Connecticut (up 13 percent, from 77 to 87) and Pennsylvania (up 11 percent, from 401 to 446). The largest decreases among states with at least 50 zombie foreclosures are in Texas (zombie properties down 33 percent, from 168 to 112), Michigan (down 12 percent, from 59 to 52), Georgia (down 11 percent, from 95 to 85), Kentucky (down 9 percent, from 58 to 53) and Nevada (down 8 percent, from 108 to 99). Overall vacancy rates unchanged The vacancy rate for all residential properties in the U.S. has remained virtually the same for the fifth quarter in a row. It now stands at 1.26 percent (one in 79 properties), almost matching the 1.27 percent rate in the second quarter of 2023 and 1.28 percent in the third quarter of last year (one in 78). States with the largest vacancy rates for all residential properties are Oklahoma (2.26 percent, or one in 44, during the third quarter of this year), Kansas (2.13 percent, or one in 47), Alabama (2.03 percent, or one in 49), Indiana (2.02 percent, or one in 49) and West Virginia (2 percent, or one in 50). Those with the smallest overall vacancy rates are New Jersey (0.33 percent, or one in 308, in the third quarter of this year), New Hampshire (0.33 percent, or one in 301), Vermont (0.39 percent, or one in 259), Idaho (0.43 percent, or one in 230) and North Dakota (0.64 percent, or one in 155). Other high-level findings from the third quarter of 2023: Among 166 metropolitan statistical areas in the U.S. with at least 100,000 residential properties in the third quarter of 2023, those with at least 100 properties facing possible foreclosure and the highest zombie foreclosure rates are Cedar Rapids, IA (12.5 percent of properties in the foreclosure process are vacant); Peoria, IL (10.8 percent); Indianapolis IN (8.9 percent); Fort Wayne, IN (8.8 percent) and Youngstown, OH (8.3 percent). Aside from Indianapolis, the highest zombie-foreclosure rates in major metro areas with at least 500,000 residential properties and at least 100 homes facing foreclosure in the third quarter of 2023 are in Cleveland, OH (7 percent of homes in the foreclosure process are vacant); St. Louis, MO (6.5 percent); Baltimore, MD (5.8 percent) and Pittsburgh, PA (5.7 percent). Among the 23.4 million investor-owned homes throughout the U.S. in the third quarter of 2023, about 836,000 are vacant, or 3.6 percent. The highest levels of vacant investor-owned homes are in Indiana (6.9 percent vacant), Oklahoma (6.2 percent), Alabama (6.1 percent), Illinois (6 percent) and Ohio (5.9 percent). Among the roughly 14,800 foreclosed, bank-owned homes in the U.S. during the third quarter of 2023, 15.8 percent are vacant. In states with at least 50 bank-owned homes, the largest vacancy rates are in Kansas (30.4 percent vacant), Iowa (26.6 percent vacant), Ohio (26.1 percent), Michigan (25.9 percent) and Indiana (22.6 percent). The highest zombie-foreclosure rates in U.S. counties with at least 500 properties in the foreclosure process during the third quarter of 2023 are in Peoria County, IL (12.3 percent zombie foreclosures); Baltimore County, MD (12.2 percent); Marion County (Indianapolis), IN (12.1 percent); Broome County (Binghamton), NY (11.7 percent) and Lake County, IN (outside Chicago, IL) (9.4 percent). Among 435 counties with at least 50,000 residential properties in the third quarter of 2023, zombie foreclosures represent the highest portion of all homes in Broome County (Binghamton), NY (one of every 579 properties); Peoria County, IL (one of every 1,003); Suffolk County, NY (eastern Long Island) (one of every 1,132); Cuyahoga County (Cleveland), OH (one of every 1,144) and Tazewell County, IL (outside Peoria) (one of every 1,181). Among zip codes with enough data to analyze, 45 of the 50 with the largest portions of overall homes in zombie status are in New York, Ohio and Illinois, including seven in Cleveland, OH. The largest ratios are in zip codes 10993 in Rockland County (West Haverstraw), NY (one in 191 homes); 73554 in Greer County (Mangum), OK (one in 222); 44108 in Cleveland, OH (one in 255); 44127 in Cleveland, OH (one in 270) and 13754 in Broome County (Deposit), NY (one in 286). Report Methodology ATTOM analyzed county tax assessor data for about 101 million residential properties for vacancy, broken down by foreclosure status and owner-occupancy status. Only metropolitan statistical areas with at least 100,000 residential properties and counties with at least 50,000 residential properties were included in the analysis. Vacancy data is available at Marketing Lists – Property & Homeowners Lists | ATTOM (attomdata.com). About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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BoxBrownie.com and 72SOLD Partner to Boost Agents' Selling Power
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Zillow Home Loans offers a 1% down payment option, opening homeownership to more borrowers
This program can reduce the time needed to save for a down payment and provide another option for those who are otherwise ready to take on a mortgage payment SEATTLE, Aug. 24, 2023 -- Zillow Home Loans announced its 1% Down Payment program to allow eligible home buyers to pay as little as 1% down on their next home purchase. This program is initially being offered on properties located in Arizona, with plans to expand to additional markets. With the 1% Down Payment program, borrowers who qualify can now save just 1% to cover their portion of the down payment and Zillow Home Loans will contribute an additional 2% at closing. The 1% Down Payment program can reduce the time eligible home buyers need to save and open homeownership to those who are otherwise ready to take on a mortgage. Most markets are in the midst of an affordability crisis, and saving for a down payment remains one of the biggest barriers for many potential home buyers. This is especially true for first-time buyers, who are often paying high rents. Typical asking rent nationwide is $2,062, or 3.6% higher than one year ago and up 31% since the start of the pandemic. (The typical rent in the U.S. in February 2020 was $1,597.) The combination of record-breaking home price appreciation and rising interest rates means a majority of first-time buyers (64%) are putting down less than 20%, and one-quarter of first-time buyers are putting down 5% or less. Zillow Home Loans' 1% Down Payment program lowers the down payment barrier and increases access to the housing market for eligible borrowers. An analysis by Zillow Home Loans' shows that by reducing the down payment burden to 1% of the purchase price, a home buyer looking to purchase a $275,000 home in Phoenix, Arizona, who makes 80% of their area's median income and saves 5% of their income would need only 11 months to save for the down payment. By comparison, the same buyer who needed to save 3% of the purchase price would require two and half years (31 months) to save that amount. "For those who can afford higher rent payments but have been held back by the upfront costs associated with homeownership, down payment assistance can help to lower the barrier to entry and make the dream of owning a home a reality," said Zillow Home Loans' senior macroeconomist Orphe Divounguy. "The rapid rise in rents and home values means many renters who are already paying high monthly housing costs may not have enough saved up for a large down payment, and these types of programs are welcome innovations in lowering the potential barriers to homeownership for those who qualify." Home buyers looking to purchase in the next year should take steps to research and prepare for getting a mortgage as they start on their home-financing journey. Among those steps: Understand your credit profile: Credit scores are key to getting approved for a mortgage, but for many home buyers, understanding credit is complex. Improve your credit score: Once buyers familiarize themselves with what's in their credit report, they can take steps to pay down existing debts, pay bills on time, and review their credit report and dispute possible errors. Avoid closing accounts: Don't close an account to remove it from your report. Those accounts aren't automatically removed and will continue to show up on your report. Hold off on financing large new purchases: Wait to make purchases that need to be financed, such as a car, until after you close on a home. This type of purchase will impact your debt-to-income ratio, which will negatively affect the amount of home loan you qualify for. Determine what affordability looks like: Once buyers have a good understanding of their credit report and their credit score is at least 620 (generally the lowest score accepted by mortgage lenders) it's time to understand how much home they can afford. Use Zillow's mortgage affordability calculator to customize payment details. Zillow Home Loans' 1% Down Payment program is currently available to eligible borrowers in Arizona, with plans to expand. Through the 1% Down Payment program, Zillow Home Loans will pay 2% of the down payment for eligible borrowers. The 2% is paid through closing and not as a payment to the borrower. Interested applicants should call 1-833-372-1449 to speak with a Zillow Home Loans representative to learn more about the program and determine if it's the right fit for their circumstances. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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Realtor.com 2023 Hottest ZIP Codes in America Reveal Demand for Closer Commutes is Back
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Triple-I and NAR Release Homebuyers Handbook
NEW YORK, Aug. 8, 2023 -- To educate prospective homebuyers about their property insurance needs, the Insurance Information Institute (Triple-I) and the National Association of REALTORS® (NAR) today released a Homebuyers Insurance Handbook. "Now more than ever, given increased climate risk as well as economic and inflationary challenges, homebuyers need tools to help them make informed decisions to better manage what is often their largest individual investment," said Sean Kevelighan, CEO, Triple-I. "Having the right type and amount of insurance provides critical safe keeping to homes, and so by Triple-I teaming up with the National Association of REALTORS®, we will empower even more consumers with key insights during a most important transaction." Purchasing a home can be an exciting event that can also come with new responsibilities and questions, especially for first-time buyers. The Handbook's readers will discover information on making sense of these concerns in line with their financial goals. "The Homebuyers Insurance Handbook clearly explains how purchasing a homeowners insurance policy with the right type and amount of coverage protects a homeowner's investment and financial future," stated Kenny Parcell, president, NAR. "This eight-page Handbook includes the essential information a prospective homebuyer needs to prepare for a conversation with their insurance professional." For instance, the amount of coverage for the home itself should be based on what it would cost to rebuild the structure in the event of a total loss, in its current location, with comparable construction materials–at prices that may be affected by disaster-related demand surges or inflation. Protection to rebuild a home's structure is typically listed as dwelling coverage. Once the home's dwelling coverage limit has been established, personal property coverage usually equals 50% to 70% of that number. Also, to be covered for property damage caused by either floods or earthquakes, a homebuyer must purchase separate policies because both perils are excluded in a standard homeowners insurance policy, the Handbook notes. The Handbook says these are the six ways to get the right amount of homeowners insurance: Raise your deductible in exchange for a lower premium Ask about discounts and bundle options Make your home more disaster-resilient Don't confuse the total amount you pay for your house with its rebuilding costs Review your insurance coverage annually after you've purchased the home Keep in mind an insurer's value also includes the services it provides to policyholders The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
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The Typical Teacher Can Afford Just 12% of Homes for Sale Near Their School, Down From 30% in 2019
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NAR Announces 12 Tech Startups for iOi Summit's Pitch Battle
CHICAGO (August 8, 2023) – The National Association of Realtors® has announced the 12 companies participating in the Innovation, Opportunity & Investment (iOi) Summit's "Pitch Battle" competition from August 29–30 in Miami. NAR's venture capital arm, Second Century Ventures, will present the Pitch Battle competition, where each entrant will conduct a live, four-minute pitch about its product or service followed by a four-minute, rapid-fire question-and-answer session from a panel of judges. Contestants must present a compelling case for their new tech innovations or services and explain how it will improve the real estate industry. "The iOi Summit is about discovering the next big thing in real estate tech as we continue working to foster a culture of innovation and inclusivity," said NAR CEO and SCV President Bob Goldberg. "We are thrilled to see how the next generation of outstanding tech companies will leverage this platform to present their innovations." The Pitch Battle contestants include the following: Accacia: An AI-enabled SAAS platform for real estate owners, asset managers, investors and operators to measure their carbon footprint and design their decarbonization journeys. Highnote: A presentation platform that elevates how agents win deals with intuitive drag-and-drop, real-time notifications and a new AI assistant. Instacard: The digital business card for real estate professionals. Koggi: Connects real estate developers, buyers and financial institutions to simplify home financing throughout Latin America. ListAssist: An AI business specializing in real estate solutions which empower agents to focus on people, not process. Productive.ai: All you need to do is talk, with AI-enhanced call features that automatically summarize your conversations, create notes, tasks, calendar events and will even log everything to your CRM. Propify: Unified API for property management software that helps proptech companies launch integrations faster, reduce development costs and win more sales. Rechat: An app that provides real estate brokers and agents with a lead-to-close solution that includes a comprehensive marketing suite, CRM and mobile transactions. Rila: The modern real estate network that helps home seekers connect with agents' amazing properties by using AI to personalize their home discovery experience. Style to Design: A tech tool that empowers agents to seize opportunities with buyers, sellers, investors and builders by leveraging innovative reality renovations with staging and design features. Tongo: Like a business line of credit for agents, but better, to stabilize cash flows and grow. Work & Mother: A wellness tech company transforming the modern workplace with the necessary physical and digital support required to retain working parents. The winner will be awarded $15,000, a booth at NAR's annual conference in November (NAR NXT) and the opportunity to present iOi's 2024 Pitch Battle winner. "Each of these 12 startups offers something unique to our industry," said David Conroy, NAR's director of emerging technology. "Regardless of the outcome, each participating company is contributing to real estate technology's evolution, and that's a victory in itself." Learn more about the Pitch Battle and register to attend the iOi Summit at ioisummit.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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Real estate media software platform Aryeo joins ShowingTime+ to help deliver richer home shopping experiences
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Courtside Moms and Revive Partner to Provide Pro Basketball Rookies with Real Estate Investment Insight
IRVINE, Calif. — July 31, 2023 — In a world where professional athletes are often propelled into financial decisions far beyond their years, guidance from trusted family members and experienced professionals can be a game-changer. Recognizing this need, Courtside Moms, an organization dedicated to equipping the mothers of NBA and WNBA players with vital resources, teamed up with Revive for "A Moment for Moms" – an event aimed at fostering financial knowledge and empowering these families to make savvy financial, tax and investment choices. Courtside Moms recognizes that when athletes begin their professional careers, they and their families often find themselves navigating an intricate landscape of investments and asset management. Revive's participation, along with other tax and investment experts, was designed to ensure these families are prepared to handle these complexities. Michael Alladawi, founder and CEO of Revive Real Estate and a highly recognized presale renovation specialist, served as a lead panelist at this July event in Las Vegas. By sharing his knowledge and real estate investment expertise, he put a spotlight on how presale home renovations help maximize profits. Alladawi notes that people often undervalue their homes, typically leaving between 15 and 20 percent of potential profits untapped when selling them. Alladawi notes Revive is changing this narrative. "Becoming a professional athlete in the NBA or WNBA is a life-changing event, not only for the player but their entire family," said Alladawi. "To have the opportunity to inform and educate these players at the beginning of their careers – and their moms – about real estate and ways to maximize their property investments is truly a groundbreaking approach, and we hope other professional sports follow the path that Courtside Moms has pioneered." Revive research show that its sellers earn, on average, $186,000 in additional profits, with the ROI from Revive averaging 2.5x the original cost of the upgrades. Revive has assisted over 2,000 home sellers to date, creating over $70 million in additional wealth. Daynia La-Force, a leader of Courtside Moms, expressed gratitude for the support from Revive. "This event came to fruition thanks to Revive Real Estate's generous support. Working with Michael Alladawi and his team was an incredible experience. We believe their shared vision and outstanding community work made this partnership a perfect match." Wendy Sparks, creator of the Court-Side Moms Podcast, lauded Revive's efforts, saying, "Collaborating with Revive Real Estate instilled a strong sense of unity. Their commitment enabled us to seize a teaching moment and impart crucial information on initiatives vital to the success of our event." Rod Watson, Founder of Distinct Concierge and cohost of the event, echoed Sparks' sentiments, "Their unwavering commitment and involvement helped us seize a teaching moment and impart crucial information." Revive's participation in the Courtside Moms event underlies the company's steadfast commitment to one of its core values: to help homeowners create more wealth. "By contributing to successful events like 'A Moment for Moms,' Revive strives to guide homeowners and their agents to greater profits and success, one presale renovation at a time," said Alladawi. Pictured above (L to R): Janice Wofford, mother of Lou Williams, recently retired, and Michael Alladawi, Revive CEO and co-founder. Photos and video of the Courtside Moms event can be found here. About Revive Revive Real Estate's mission is to guide home sellers through presale renovations without upfront costs. By providing access to Revive's network of top contractors, home sellers gain an average of $186,000 in additional profit when selling their homes. Revive homes sell for more and help sellers move ahead by maximizing their sales value. Revive is last year's iOi Summit Pitch Battle winner. Learn more at www.revive.realestate.
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DocuSign Launches New AI-Powered ID Verification Solution
New DocuSign feature applies AI to live video selfies to make process more convenient & prevent identity spoofing and deep-fakes SAN FRANCISCO, July 25, 2023 -- DocuSign today announced the launch of its enhanced identity verification offering, Liveness Detection for ID Verification. Part of DocuSign's Identify portfolio, this new feature uses artificial intelligence (AI)-enabled biometric checks to confirm signers are who they say they are, are physically present at signing and that their IDs are valid. Identity verification is essential to establishing a trust relationship. Traditionally, it has been a cumbersome, in-person process. Using Liveness Detection for ID Verification, businesses can now easily, securely and remotely prevent the use of fake documents and the use of deep fakes or pre-recordings, as well as prevent identity spoofing. The global solution provides a critical capability for companies adopting identity-proofing as part of their onboarding workflows that improve trust, compliance and simplify the user experience. AI-enabled Liveness Detection for ID Verification delivers on our commitment to provide a secure intelligent agreement process. "At DocuSign, we don't believe in the false trade-off between either efficiency or risk," said Inhi Cho Suh, DocuSign President of Product & Technology. "We're infusing our entire product suite with AI to provide global customers with frictionless experiences that are smarter, easier and more trusted. Liveness Detection for ID Verification applies the power of artificial intelligence to live video selfies to provide the equivalent of face-to-face security without the inconvenience of showing up in person." Developed in partnership with Onfido, a global leader in automated identity verification, the new feature is tightly integrated with DocuSign's popular eSignature workflow, eliminating the need for users to use multiple platforms to complete secure agreements. The feature applies AI to live video selfies – taken by signers – to confirm that the signer taking the video matches the photo on their ID and that the face on the provided ID and the face in the selfie video match. Liveness Detection for ID Verification also confirms that there has been no spoofing detected, that the user was not using a fake webcam or an emulator, and that the signer is physically present at the time the video selfie was taken. "With instances of identity fraud on the rise, it's never been more essential for businesses to ensure that their online customers are who they say they are," said Mike Tuchen, Chief Executive Officer of Onfido. "We're excited to partner with DocuSign, which aligns with our goal of preventing fraud while simplifying the identity verification process for organizations across the globe." This enhancement to DocuSign's ID Verification solution is another step in the company's use of AI to strengthen its suite of agreement products. DocuSign recently announced the launch of Agreement Summarization, enabled by an integration with Azure's OpenAI Service, which simplifies the document review process by using AI to automatically surface the most critical components of a document, enabling signers to get a better grasp on key information in their agreement before they sign. This allows them to make more informed decisions faster, saving time in the review process. Pricing and Availability: Liveness Detection for ID Verification is available globally and is offered to all existing ID Verification or ID Verification Premier customers. About DocuSign DocuSign redefines how the world comes together and agrees, making agreements smarter, easier and more trusted. As part of its industry leading product lineup, DocuSign offers eSignature, the world's #1 way to sign electronically on practically any device, from almost anywhere, at any time. Today, over 1 million customers and more than a billion users in over 180 countries use DocuSign products and solutions to accelerate the process of doing business and simplify people's lives. For more information visit http://www.docusign.com.
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Deal Management Platform Blockrails Now Accessible through NAR REALTOR Benefits
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Adwerx Empowers Top Producers with Highly-Effective Digital Branding and Nurture Campaigns
Newly launched Top Performer Packages provide high producing real estate and mortgage professionals with enhanced advertising techniques DURHAM, N.C., July 25, 2023 — Adwerx, the preferred digital advertising platform to hundreds of the nation's top real estate and mortgage companies, announces the launch of its Top Performer Packages, a solution designed specifically with leading professionals in mind to increase their productivity and scale efficiency. Based on insights gathered from over a decade of working with many of the top real estate agents and mortgage originators in the U.S., the new packages are specifically designed to meet the needs of top producers, providing an ideal mix of brand building to help maintain their leadership positions, and nurture campaigns to engage their key referral sources. "Adwerx has been helping individuals and enterprises grow their businesses for years," said Michael Collins, CEO of Adwerx. "Savvy top producers were already purchasing from our suite of services to run brand and nurture campaigns, but we really needed a one-stop, strategic solution that did this for them. Using our proven technology, we developed an integrated ad strategy for top performing professionals that comes with dedicated onboarding, enhanced ad templates and reporting and a committed Premier Support team." These innovative packages empower top agents, loan officers, and other market leaders to expand their advertising strategies with easy-to-execute, pre-built campaigns that run on the most widely viewed websites, mobile apps, social media platforms and Streaming TV networks. Nurture: Because up to 75% of business comes from repeat clients and referrals, packages keep producers consistently engaged with their Sphere of Influence. Engage: Research suggests a consumer needs to see an ad 7-8 times before it resonates. Packages include a minimum of 50,000 impressions per month to establish the producer as the go-to resource for real estate or mortgage lending. Innovate: Traditionally, TV advertising has only been used by the world's biggest brands, due to the high costs associated. With Adwerx, Top Performers can now target qualified prospects directly with personalized commercials on streaming TV services, giving them unprecedented access to premium TV as a marketing channel. Scale efficiency: Adwerx streamlines a complicated and time-consuming marketing process, allowing agents and loan officers to focus their time on high-value activities like guiding clients through the transaction. "Working with Adwerx has been a game changer," said Aimee Siers, Realtor at Berkshire Hathaway HomeServices Commonwealth Real Estate. "Through Adwerx, I not only promote my listings but also increase my online brand awareness. Adwerx gives me the ability to reach my sphere and market to my key neighborhoods by delivering my message on all the important online channels. Adwerx is the perfect solution for any busy top producing agent who needs to build their online presence." "We are committed to helping our clients establish trust, build credibility and become leaders in their respective markets," added Collins. "Our Top Performer Packages empower real estate and mortgage professionals to elevate their advertising game and achieve exceptional results." To learn more about Adwerx's Top Performer Packages and how they can enhance your advertising strategy, visit www.adwerx.com/ad-packages. About Adwerx Adwerx is an industry-leading digital advertising automation platform that provides personalized, hyper-targeted, and fully-automated digital advertising solutions for real estate and mortgage companies. Scalable for businesses of any size, Adwerx executes advertising with the power needed for large enterprises and the simplicity expected for an individual agent. As a trusted partner to thousands of real estate and mortgage firms and their top producers, Adwerx enables its customers to stay ahead of the competition by reaching new audiences and nurturing existing relationships. For more information about Adwerx and its suite of digital advertising solutions, visit www.adwerx.com.
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CoreLogic Unveils an Insightful Look Back at Barbie Dreamhouse Prices from 1962 to 2023
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HomeZada's New AI Chat Assistant Gives Homeowners More Power to Manage their Home
EL DORADO HILLS, Calif. -- Imagine the hundreds of questions that the average U.S. homeowner asks designers, architects, contractors, remodelers, maintenance and cleaning experts, mortgage and insurance brokers, home-financing specialists and others during the course of owning a home. Now imagine if you could get those questions answered instantaneously by the most-recognized experts in the home space and then delivered instantly to your personal device to allow you to make the best, fastest decisions possible. HomeZada, the world's first and only fully integrated, cloud-based platform dedicated to digital home management, is harnessing the unique power of AI to do just that. The platform is adding the AI Chat Assistant "Zada" to its all-in-one suite of apps designed to help homeowners simplify the ownership, maintenance, management and equity growth of what is for most their single-largest investment. According to HomeZada co-founder John Bodrozic, the new Zada AI Chat Assistant provides homeowners with the knowledge to answer any question about home maintenance, home remodels, home products and services, home insurance, home finances and the real estate process. He says it represents the most innovative upgrade to the HomeZada platform since it pioneered the digital home management space in 2012. "HomeZada's mission is to allow homeowners to access all of the data about their largest financial asset in one place," said Bodrozic. "Integrating Zada AI Chat with HomeZada's already-robust blend of unique apps, content and data gives our customers even more of the latest information they need to maximize the value of their homes and save money, time, stress and impact on the environment." Bodrozic says that homeowners spend considerable time looking for answers on remodel and renovation projects; product and brand comparisons; architect, contractor and designer searches; and how-to questions about new installations, maintenance and repairs. First-time buyers are most interested in home finances, insurance and the overall home-buying process – and a typical internet search for these topics leads to results that are often cluttered with irrelevant links and an unorganized cluster of saved bookmarks in the browser. "The new Zada Home AI assistant was integrated into the secure HomeZada application specifically to allow homeowners to ask complex homeownership questions that will empower them to better manage, maintain, protect and improve their homes." HomeZada customers can use "Zada" to accomplish the following: Engage in an interactive, two-way conversation about any home and residential real estate-related subject Answer questions about home management in a clean and clutter-free user interface Provide a long-threaded conversation that remembers previous questions and answers, allowing homeowners to explore answers at a deeper level than search engines Suggest additional questions with every answer Integrates with maintenance tasks to provide "How to…" instructions for every task Offer a remodel template with an automated budget range for each project item Provide a customized list of product and brand options for every remodel Save all questions and answers and link the chats to specific tasks and projects Allow previous chats to be searched to allow homeowners to aggregate their collective home research and knowledge in one place. Consistent with the nature of AI, HomeZada is committed to continually upgrading its AI Chat Assistant and other platform capabilities to give homeowners the latest information to allow them to make the best decisions possible about their homes. For a how-to video about HomeZada, go here. To see how HomeZada integrates its Home AI Chat Assistant into its suite of home management services, click here. About HomeZada HomeZada is the home industry's first and only fully integrated, cloud-based platform dedicated to digital home management. Created by project management pros in 2012 who wanted a similar, all-encompassing digital platform for their home, the Northern California company offers an all-in-one suite of apps able to schedule maintenance and repairs, streamline remodeling projects, document inventory for insurance purposes and manage all finances associated with the home. For the homeowner, the result is maximum property value and peace of mind and a significant savings of time, money, personal stress, and impact on the environment. For information, visit https://www.homezada.com.
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