Tag Archives: housing markets

Stats Say The Best Time to List is in Early May

On average homes listed in early May sell nine days faster and for one percent more 

OnlineEd Blog

canstockphoto1864187moneywoman(March 2, 2017) – Zillow– Listing a home toward the end of spring significantly increases a seller’s chances of selling their home faster and for more money, according to new analysis from Zillow. Nationally, homes listed from May 1 through May 15, sell around nine days faster and for nearly 1 percent more than the average listing. In 20 of the 25 largest metro areas, the best month to list is late spring, in either April or May.

Housing market dynamics, including low inventory, make the buying season more pronounced in some parts of the country. Sellers in the highly competitive Seattle, Portland, Ore., and Denver markets saw between a 1.5 and 2.5 percent boost to final sale prices when they listed in early May. The lack of new homes for sale in these markets elongates the home-buying season as many buyers are forced to consider several homes and make multiple offers. Less than half of buyers got the first home on which they made an offer, according to the Zillow Group Report on Consumer Housing Trends.

Weather patterns also affect the exact best window to sell in different areas. Sellers in Texas, California and Florida will find themselves with more flexibility in list timeframe, as many regions without distinct climate changes show little variation in sale price based on listing month.

“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell. “Many home buyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home— and will be more willing to pay a premium to close the deal.”

Additionally, listing on different days of the week can impact the number of buyers who will view the new listing. Listings that appear on Zillow on Saturday earn an average of 20 percent more views in the first week on market than early-in-the-week listings; similarly, Friday listings on Zillow earn 14 percent more views that those published on Monday.

To apply this analysis to individual homes, homeowners can use Best Time to List, a tool that estimates how much the timing of a listing will influence the final sale price for their home and their own market. Registered Zillow users access the tool by clicking the “Sell Your Home” tab on the home details page of their home, and obtain valuable information to pair with the expertise of a local real estate agent when determining the best time to put their home on the market.

Metro Area Ideal
Timeframe to
List Home
Days Sold
Faster than
Average
Average Sales
Premium (%)
Average Sales
Premium ($)
Ideal Day of the
Week to  List
United States  May 1 – 15 9 0.8% $1,500 Saturday
New York/Northern New Jersey May 1 – 15 7.5 0.7% $2,600 Saturday
Los Angeles-Long Beach-Anaheim, CA  April 16 – 30 15 1.0% $5,600 Friday
Chicago, IL  May 1 – 15 12.5 1.3% $2,500 Friday
Dallas-Fort Worth, TX  May 1 – 15 9 1.3% $2,400 Saturday
Philadelphia, PA  May 1 – 15 9.75 1.0% $2,000 Friday
Washington, DC April 1 – April 15 15 1.2% $4,500 Thursday
Miami-Fort Lauderdale, FL  March 1 – 15 8 0.7% $1,500 Saturday
Atlanta, GA  April 1 – April 15 19 1.4% $2,200 Friday
Boston, MA  April 16 – 30 13.5 1.2% $4,500 Wednesday
San Francisco, CA  May 16 – 31 5.5 1.3% $10,200 Friday
Detroit, MI  March 16 – 31 17.5 1.5% $1,900 Sunday
Riverside, CA  April 1 – 15 15 1.1% $3,400 Friday
Phoenix, AZ  April 16 – 30 14.5 0.8% $1,700 Saturday
Seattle, WA  May 1 – 15 15 2.5% $9,300 Thursday
Minneapolis-St Paul, MN  May 16 – 31 6 1.4% $3,200 Friday
San Diego, CA  April 1 – 15 13 1.3% $6,200 Saturday
St. Louis, MO  May 1 – 15 10.5 1.3% $1,800 Saturday
Tampa, FL  March 1 – 15 10.5 0.9% $1,500 Saturday
Baltimore, MD  April 1 – 15 21.5 0.9% $2,300 Saturday
Denver, CO  May 1 – 15 8 1.7% $5,600 Friday
Pittsburgh, PA  March 16 – 31 17 0.9% $1,100 Saturday
Portland, OR  May 1 – 15 16.5 2.0% $6,300 Friday
Charlotte, NC May 1 – 15 12.25 1.1% $1,700 Saturday
Sacramento, CA April 1 – 15 17.5 2.0% $6,600 Saturday
San Jose, CA May 1 – 15 9 1.6% $14,900 Wednesday

[Source: Zillow media release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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Los Angeles Housing Market is the Most Valuable Metro Area, Worth $2.5 Trillion

U.S. housing market regains value lost during the housing crisis

By Jeff Sorg, OnlineEd Blog

canstockphoto15953582-los-angeles(December 30, 2016) – Zillow® is reporting that the housing market saw a strong year of appreciation, growing 5.7 percent in value, or $1.6 trillion.

The U.S. housing market has regained all the value lost during the housing crisis. The cumulative value of all homes in the U.S. declined by $6.4 trillion between 2006 and 2012 as the housing market collapsed.

A home is typically the biggest part of an individual or family’s wealth, and the cumulative value of the U.S. residential housing stock is similarly significant to the national economy. The U.S. GDP is an estimated $18.7 trillioni, nearly $10 trillion less than the value of all homes in the country.

Los Angeles and New York metros hold the highest shares of the country’s overall housing value, at 8.6 percent and 8 percent, respectively. The next most valuable metro is San Francisco, worth 4.2 percent of the overall housing value.

While several markets are now more valuable than they were at the height of the housing bubble, about 60 percent of the markets in the U.S. are still below the maximum values reached during the bubble years. For example, Chicago is still about $134 billion below the highest value it reached in 2006.

“Housing is incredibly important to us personally and to the economy as a whole,” said Zillow Chief Economist Dr. Svenja Gudell. “The U.S. housing stock is worth more than ever, which is a sign of the ongoing housing recovery. As buying a home gets more expensive, affordability remains a concern for many, and these numbers highlight just how much people are spending on housing. The total value of the housing stock grew nearly 6 percent this year, a pace that will likely mean some American families are priced out of homeownership.”

Renters this year paid $478.5 billionii, a $17.7 billion increase from 2015. About 635,000 new renter households formed in 2016, contributing to the amount of rent spent even as rent appreciation slowed. Apartment renters spent nearly $50 billion more than renters of single-family homes, as more multifamily construction became available this year.

Renters in the New York/Northern New Jersey metro paid the most this year, spending nearly $55 billion on rent.

Metropolitan Area  Total Home Value, Year-End 2016 Total Rent Paid, Year-End 2016
United States  $29.6 trillion $478.5 billion
New York/Northern New Jersey  $2.4 trillion $54.6 billion
Los Angeles-Long Beach-Anaheim, CA  $2.5 trillion $38.6 billion
Chicago, IL  $772.7 billion $14.9 billion
Dallas-Fort Worth, TX  $456.9 billion $11.1 billion
Philadelphia, PA  $589.2 billion $8.5 billion
Houston, TX  $373.2 billion $10.5 billion
Washington, DC  $975.1 billion $14.4 billion
Miami-Fort Lauderdale, FL  $818.8 billion $12.3 billion
Atlanta, GA  $413.6 billion $8.4 billion
Boston, MA  $672.7 billion $10.3 billion
San Francisco, CA  $1.3 trillion $15.8 billion
Detroit, MI  $288.7 billion $4.9 billion
Riverside, CA  $440 billion $7.2 billion
Phoenix, AZ  $441.5 billion $7.1 billion
Seattle, WA  $571.4 billion $8.8 billion
Minneapolis-St Paul, MN  $332.5 billion $5.1 billion
San Diego, CA  $596 billion $9.6 billion
St. Louis, MO  $192 billion $3 billion
Tampa, FL  $254.7 billion $5 billion
Baltimore, MD  $287.9 billion $4.3 billion
Denver, CO  $377.5 billion $5.8 billion
Pittsburgh, PA  $148 billion $2.3 billion
Portland, OR  $286.6 billion $4.5 billion
Charlotte, NC  $186.1 billion $3.2 billion
Sacramento, CA  $269.4 billion $4.4 billion
San Antonio, TX  $116.4 billion $3 billion
Orlando, FL  $187.5 billion $3.8 billion
Cincinnati, OH  $128.6 billion $2.4 billion
Cleveland, OH  $116.8 billion $2.3 billion
Kansas City, MO  $129.7 billion $2.7 billion
Las Vegas, NV  $175.9 billion $4 billion
Columbus, OH  $132.9 billion $2.7 billion
Indianapolis, IN  $111.7 billion $2.4 billion
San Jose, CA  $636.2 billion $6.3 billion
Austin, TX  $161.4 billion N/A

[Source: Zillow]

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Zillow is a registered trademark of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit  www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Metro Home Prices Continue Growth

Report shows unwavering price gains in an overwhelming majority of metro areas during the first quarter of the year

By Jeff Sorg, OnlineEd Blog

rising rents(May 10, 2016) – The median existing single-family home price increased in 87 percent of measured markets, with 154 out of 178 metropolitan statistical areas showing gains based on closed sales in the first quarter compared with the first quarter of 2015, according to the latest quarterly report by the National Association of Realtors®. Twenty-four areas (13 percent) recorded lower median prices from a year earlier.

There were more rising markets in the first quarter compared to the fourth quarter of 2015, when price gains were recorded in 81 percent of metro areas. Twenty-eight metro areas in the first quarter (16 percent) experienced double-digit increases – a slight decrease from the 30 metro areas in the fourth quarter of 2015; fifty-one metro areas (28 percent) experienced double-digit increases in the first quarter of last year.

“The solid run of sustained job creation and attractive mortgage rates below 4 percent spurred steady demand for home purchases in many local markets,” said Lawrence Yun, NAR Chief Economist. “Unfortunately, sales were somewhat subdued by supply and demand imbalances and broadly rising prices above wage growth. As a result, the path to homeownership so far this year remains strenuous for a segment of prospective buyers in the most competitive areas.”

  • The national median existing single-family home price in the first quarter was $217,600, up 6.3 percent from the first quarter of 2015 ($204,700). The median price during the fourth quarter of 2015 increased 6.7 percent from the fourth quarter of 2014.
  • Total existing-home sales, including single family and condo, rose 1.7 percent to a seasonally adjusted annual rate of 5.29 million in the first quarter from 5.20 million in the fourth quarter of 2015, and are 4.8 percent higher than the 5.05 million pace during the first quarter of 2015.

“The demand for buying is there, but unless the stock of new and existing homes for sale increases significantly – especially in several markets in the West – the housing market will struggle to reach its full potential,” added Yun.

  • At the end of the first quarter, there were 1.98 million existing homes available for sale, which was below the 2.01 million homes for sale at the end of the first quarter in 2015. The average supply during the first quarter was 4.3 months – down from 4.6 months a year ago.
  • Despite an increase in the national family median income ($68,431), climbing home prices and higher mortgage rates caused affordability to decline in the first quarter compared to the first quarter of last year.

“Current homeowners in many metro areas – especially those who purchased a home immediately after the downturn – have enjoyed a sizeable boost in housing equity and household wealth in recent years,” adds Yun. “At a time of stagnant wage growth and mounting rent increases, the same cannot be said for renters. Their inability to reach the market because of affordability and supply restrictions is contributing to rising wealth inequality in the U.S.”

  • The five most expensive housing markets in the first quarter were the San Jose, Calif., metro area, where the median existing single-family price was $970,000; San Francisco, $770,300; Honolulu, $721,400; Anaheim-Santa Ana, Calif., $713,700; and San Diego, $554,300.
  • The five lowest-cost metro areas in the first quarter were Cumberland, Md., $67,400; Youngstown-Warren-Boardman, Ohio, $77,500; Decatur, Ill., $83,300; Wichita Falls, Texas, $95,200, and Rockford, Ill., $95,800.

[Article Source: NAR news release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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Zillow Predicts Hottest Housing Markets for 2016

Topping the list is Denver, followed by Seattle and Dallas-Fort Worth, all of which are major tech towns; Portland, Ore. lands at number 10

By Jeff Sorg, OnlineEd Blog

top ten list(January 12, 2016) –  It’s a new year and everyone is making their predictions about housing. And Zillow® is no different. On Tuesday Zillow announced its predictions for the ten hottest housing markets in 2016. Topping their list is Denver, followed by Seattle and Dallas-Fort Worth. Other places that made the list are Utah markets Ogden and Salt Lake City, along with Omaha, Nebraska, Boise, Idaho and Portland, Oregon holds the number 10 spot with a forecast 5% appreciation in 2016.

Zillow economists looked at home value appreciation, low unemployment rates, and strong income growth as factors to determine which markets will be hot. Omaha has the lowest unemployment rate of the ten hottest markets, at just 2.9 percent. Denver saw home values rise 16 percent in 2015, and Zillow is forecasting them to rise another 5 percent in 2016.

 

Zillow’s Top 10 Housing Markets for 2016:

  1. Denver, Colo.
  2. Seattle, Wash.
  3. Dallas-Fort Worth, Texas
  4. Richmond, Va.
  5. Boise, Idaho
  6. Ogden, Utah
  7. Salt Lake City, Utah
  8. Omaha, Neb.
  9. Sacramento, Calif.
  10. Portland, Ore.

“Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015. But this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation,” said Zillow Chief Economist Dr. Svenja Gudell. “As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns. This year’s hottest markets have something for everyone, whether they’re looking for somewhere to raise a family or start their career.”

Three variables influenced Zillow’s hot market predictions: Zillow’s Home Value Forecasti, which forecasts the change in the Zillow Home Value Index over the next 12 months, recent income growth, and current unemployment rates. Those three variables were then scaled and combined to form a ‘hotness score,’ producing the top ten list.

 

Metropolitan Area Forecasted Home Value Appreciation Income Growth Unemployment Rate
Denver 5.0% 1.1% 3.1%
Seattle 5.4% 1.1% 4.5%
Dallas-Fort Worth 5.6% 1.1% 4.0%
Richmond 2.2% 1.2% 4.4%
Boise 4.7% 1.0% 3.3%
Ogden 4.9% 1.0% 3.4%
Salt Lake City 4.4% 1.0% 3.1%
Omaha 3.2% 1.1% 2.9%
Sacramento 5.1% 1.1% 5.5%
Portland 5.0% 1.0% 5.0%

 

Zillow is a registered trademark of Zillow, Inc.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

 All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.