Tag Archives: zillow

For-Sale Homes Hitting the Market is Dropping at its Fastest Pace in Almost Four Years

The number of single-family home rentals has increased by 6.2 million since 2005, one of the reasons why inventory remains low

By Jeff Sorg, OnlineEd Blog

(June 26, 2017)

sad disappointed coupleZillow® is reporting that the number of for-sale homes coming onto the market is dropping at its fastest pace in almost four years, according to their May Zillow® Real Estate Market Reports. Homes are staying on the market for the fewest days Zillow ever reported.

Across the country, home shoppers will have 9 percent fewer homes to choose from than a year ago, which is the greatest drop in inventory since August 2013 when inventory was down over 10 per cent. Homes are staying on the market for just 77 days.

 

The median home value across the country is $199,200, up 7.4 percent since this time last year. Seattle, Dallas and Tampa, Fla. reported the highest year-over-year home value appreciation among the 35 largest U.S. metros. In Seattle, home values rose almost 13 percent to a median value of $440,100. Home values in Dallas and Tampa are up about 11 percent since this time last year.

“On the demand side, simple demographic change is contributing to incredibly high demand as Millennials reach their prime home-buying years and begin to enter the market in droves. This is coupled with relatively low levels of new home construction on the supply side insufficient to keep pace with demand, and what is built is largely priced beyond the reach of many of the first-time and entry-level home buyers in the market. Thousands of single-family homes that were once bought and sold every few years prior to the recession have now been converted into rental properties by investors, trading hands much less frequently and further contributing to inventory shortages. And finally, in some still hard-hit markets, negative equity is likely keeping many homeowners of lower-end homes from listing their home for sale because they can’t afford to profitably do so. There is no silver bullet that will clear the market of all of these issues, and buyers frustrated by the status quo will likely have to remain patient and be ready to pounce once that perfect home does become available,” said Zillow Chief Economist Dr. Svenja Gudell.

 

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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 Group Launches RealEstate.com, Gives Millennial Buyers a New Way to Search

Buyers can search for homes by the monthly payment and down payment they can afford

By Jeff Sorg, OnlineEd Blog

(April 5, 2017)

canstockphoto44785937 guy buyer 1SEATTLE – May 2, 2017 – Zillow Group, which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and web, today launches RealEstate.com, a new consumer real estate brand tailored to first-time home buyers, many of whom are millennials.

On RealEstate.com, buyers can search for homes in a completely new way – by the monthly payment and down payment they can afford.

Home buyers say finding a home within their budget is their top concern, even more so than finding a home in a safe neighborhood, according to the 2016 Zillow Group Consumer Housing Trends Report. Yet, first-time buyers are nearly twice as likely to exceed their budget as repeat buyers.

To help buyers understand the additional costs associated with homeownership, RealEstate.com calculates an “All-In Monthly Price” for every home and breaks out estimated expenses that might roll up into a monthly payment, including principal and interest, property taxes, homeowner’s insurance, HOA fees and utilities, and closing costs.

In addition, home shoppers will be able to search for and see information about homes in English, Spanish or Chinese.

Nearly half of all home buyers (42 percent) are first-time buyers, and the majority of first-time buyers (56 percent) are millennials. In addition to playing an increasingly larger role in the housing market, the millennial generation is more diverse than older generations.

“RealEstate.com is designed to equip the next generation of home buyers to find a home that suits their needs and budget,” said Jeremy Wacksman, CMO at Zillow Group. “We know from our research that affordability is a huge driver for home buyers, and that first-time buyers are more likely to go over budget. By tailoring the home search experience on RealEstate.com around a home’s monthly cost, we hope to make the home buying experience less daunting and even more transparent for first-time buyers.”

Millennial home-shoppers are hungry for resources to help them in their home search. They rely heavily on technology early in the buying and selling process, according to the Zillow Group report. Agents continue to play an important role with this engaged group of buyers, with 70 percent using an agent in their home search and they are more likely to find their real estate agent online (29 percent) and to evaluate agents using online reviews (61 percent).

For real estate professionals, RealEstate.com offers another way to connect with first-time home buyers and millennials. Buyers will be able to connect with real estate agents directly from the listing details page on the site. Listings come directly from multiple listing services, real estate brokerages and franchisors, agents will receive the same listing treatment they currently have on Zillow® and Trulia®.

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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.

OnlineEd® is a registered Trademark

Seattle and Portland Rents Expected to Rise 6% and 7%

Zillow forecasts rent growth of more than 7 percent in Seattle and 6 percent in Portland

By Jeff Sorg, OnlineEd Blog

canstockphoto33101878-no-vacancies (October 11, 2016) – According to the latest Zillow® Rent Forecast for August 2016 to August 2017, rents in the West’s tech job centers are predicted to be among some of the fastest growing in the nation over the next year. The Zillow® Rent Forecast predicts rent trends down to the zip-code across the U.S.

Rents in Seattle and Portland are expected to rise the most over the next 12 months — Zillow forecasts rent growth of more than 7 percent in Seattle and 6 percent in Portland. Denver, San Francisco, and San Jose are predicted to see rent appreciation of more than 4 percent. Only 11 of the 35 largest metros will see a slowdown in rents.

 

Highest Forecasted Rent Appreciation over the Next Year

  1. Seattle – 7.2 percent
  2. Portland – 6.0 percent
  3. Denver – 5.9 percent
  4. Cincinnati – 5.2 percent
  5. San Francisco – 4.9 percent
  6. Los Angeles – 4.8 percent
  7. Sacramento – 4.7 percent
  8. San Diego – 4.7 percent
  9. Phoenix – 4.6 percent
  10. San Jose – 4.5 percent

[Source: Zillow]

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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.

OnlineEd® is a registered Trademark

Homeowners Confident About Current Market but Renters Worry

A majority of homeowners believe now is a good time to sell

By Jeff Sorg, OnlineEd Blog

canstockphoto5341747confidence level(September 2, 2016) – According to the latest Zillow® Housing Confidence Index, homeowners are feeling more confident that now is a good time to sell, but renters are feeling uncertain they’ll be able to afford to buy.

Just 38 percent of renters surveyed said now is a good time to buy a home, and 70 percent of homeowners said now is a good time to sell. This confidence among homeowners is on the rise, with the most confident homeowners concentrated in Western and Southwestern cities.

“The overall health of the housing market looks great at first glance, but dig a bit deeper you’ll find inequality between renters and homeowners,” said Zillow Chief Economist Dr. Svenja Gudell. “Even though the majority of homeowners are confident and believe now is a good time to sell, they’re holding off because they expect home values to continue to appreciate and want to ride the wave. They also don’t want to turn around and become buyers in a competitive market. On the flip side, renters aren’t nearly as confident as homeowners — they’re discouraged by the shrinking number of homes for sale and rapidly rising prices. As housing gets more and more expensive, these trends are not sustainable in the long-run, especially once mortgage rates start to rise.”

The semi-annual U.S. Housing Confidence Survey (HCS), sponsored by Zillow and conducted by Pulsenomics LLC, asks 10,000 renters and homeowners about the condition of their local real estate market, their expectations for home value growth and affordability in the future, and their views on homeownership.

Housing confidence among homeowners continues to exceed that of renters in each of the metro areas surveyed. This gap is smallest in Miami and largest in Seattle, which has the highest year-over-year rent appreciation of the 35 largest U.S. metros and rapidly rising home values, up 11 percent over the past year.

“During the past two years, housing confidence has increased in all but two of the metro areas that we study,” said Terry Loebs, the founder of Pulsenomics LLC. “Rising home equity levels, healthy housing market expectations among millennials, and resilient homeownership aspirations among minority groups have all been factors in the robust readings of overall U.S. housing confidence. However, within certain metro areas and market segments, key sentiment indicators have begun to fade. Our measure of housing market expectations among residents of the largest and most expensive U.S. cities has actually fallen this year, and within most metro areas, the anxieties of prospective home buyers continue to rise. These and other signals in the ZHCI data suggest that home price appreciation and housing confidence could weaken in the coming months.”

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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.

OnlineEd® is a registered Trademark

Home Values Rise for 48th Straight Month – Portland, OR Tops List at 14.7%

 Portland, OR reported the highest year-over-year home value appreciation

By Jeff Sorg, OnlineEd Blog

rising housing prices 1(August 18, 2016) –  National home values appreciated for the 48th straight month this July to a Zillow Home Value Index (ZHVI) of $187,300, according to the Zillow® Real Estate Market Reports.

Home values are up 5 percent over the past year and have been consistently climbing since August 2012, but remain 4.7 percent below peak, which was hit in April 2007 when the median home value was $196,600.

Portland, Dallas, and Denver reported the highest year-over-year home value appreciation among the 35 largest metros across the country. In Portland, home values rose almost 15 percent to a median value of $334,900. Home values in Dallas and Denver appreciated 11.9 and 11.3 percent, respectively.

In notoriously expensive San Francisco, home values have been slowing since the beginning of the year. In January, home values were up almost 12 percent year-over-year and are now appreciating at about half that pace, up 6.6 percent over the past year.

“The consistent rise in home values that we’ve been seeing for the past four years masks a number of region-specific trends that have taken place over the past few months,” said Zillow Chief Economist Dr. Svenja Gudell. “In most areas, the market is being driven mainly by a strong labor market and tight supply, especially among entry-level homes that first-time buyers are after. But some markets – especially the red-hot Pacific Northwest – are adding more jobs and attracting more residents, putting the pressure on home values and rents. The Bay Area and Southern California are still growing at a faster pace than the nation as a whole, but growth rates have come back to earth a bit after several years of rapid growth. And markets in other regions, like the Northeast, keep steadily chugging along. All housing is local, and as the local economies in individual metros ebb and flow, housing will follow suit. More than at any time since the boom and bust, we’re seeing a housing market that is driven by local fundamentals, and not by national trends.”

Rents across the country rose 2 percent over the past year, to a Zillow Rent Index(ZRI) of $1,408 — this is the 47th straight month rents have appreciated.

Of the 35 largest U.S. metros, Seattle, Portland and San Francisco reported the highest year-over-year rent appreciation. In Seattle, rents rose almost 10 percent, to a median rent price of $2,052 per month, while rents in Portland rose just over 8 percent.

In San Francisco, the median rent price rose to $3,407 per month, the second highest of all U.S. metros, right after San Jose, CA. Rents in San Francisco appreciated 6 percent over the past year.

Metropolitan Area Zillow Home Value Index (ZHVI) Year-Over-Year ZHVI Change  Peak ZHVI Change from Peak Zillow Rent Index (ZRI) Year-Over-Year ZRI Change
United States $           187,300 5.1% $      196,600 -4.7% $         1,408 2.2%
New York/Northern New Jersey $           387,800 3.4% $      445,200 -12.9% $         2,411 3.2%
Los Angeles-Long Beach-Anaheim, CA $           572,400 5.3% $      604,000 -5.2% $         2,585 4.7%
Chicago, IL $           199,800 4.0% $      247,000 -19.1% $         1,645 0.3%
Dallas-Fort Worth, TX $           191,500 11.9% $      191,500 0.0% $         1,543 4.0%
Philadelphia, PA $           209,200 3.0% $      230,600 -9.3% $         1,582 2.0%
Houston, TX $           173,500 7.6% $      173,500 0.0% $         1,581 1.5%
Washington, DC $           368,600 1.7% $      427,600 -13.8% $         2,123 0.7%
Miami-Fort Lauderdale, FL $           237,300 9.3% $      305,100 -22.2% $         1,887 4.8%
Atlanta, GA $           167,300 7.5% $      174,500 -4.1% $         1,311 3.9%
Boston, MA $           396,300 5.8% $      396,300 0.0% $         2,308 4.5%
San Francisco, CA $           807,800 6.6% $      807,800 0.0% $         3,407 6.2%
Detroit, MI $           128,300 6.2% $      157,100 -18.3% $         1,175 2.8%
Riverside, CA $           311,700 7.1% $      403,900 -22.8% $         1,738 4.0%
Phoenix, AZ $           221,900 8.0% $      273,600 -18.9% $         1,298 4.8%
Seattle, WA $           394,600 11.3% $      394,600 0.0% $         2,052 9.9%
Minneapolis-St Paul, MN $           228,400 6.2% $      240,500 -5.0% $         1,541 3.0%
San Diego, CA $           513,600 5.4% $      543,700 -5.5% $         2,424 5.0%
St. Louis, MO $           143,100 5.0% $      158,900 -9.9% $         1,135 1.5%
Tampa, FL $           168,800 9.4% $      214,200 -21.2% $         1,332 3.7%
Baltimore, MD $           253,000 2.8% $      289,100 -12.5% $         1,735 1.0%
Denver, CO $           339,600 11.3% $      339,600 0.0% $         2,013 5.1%
Pittsburgh, PA $           131,000 4.7% $      131,000 0.0% $         1,113 1.8%

Portland, OR

$           334,900

14.7%

$      334,900

0.0%

$         1,772

8.2%

Charlotte, NC $           163,400 6.8% $      163,400 0.0% $         1,240 2.3%
Sacramento, CA $           343,000 7.0% $      420,800 -18.5% $         1,675 5.6%
San Antonio, TX $           152,900 6.6% $      152,900 0.0% $         1,318 1.5%
Orlando, FL $           187,500 7.8% $      256,200 -26.8% $         1,370 3.2%
Cincinnati, OH $           144,700 4.9% $      144,700 0.0% $         1,241 0.4%
Cleveland, OH $           128,800 3.5% $      145,400 -11.4% $         1,148 1.6%
Kansas City, MO $           150,000 5.2% $      159,500 -6.0% $         1,240 2.7%
Las Vegas, NV $           204,700 7.2% $      304,700 -32.8% $         1,238 2.6%
Columbus, OH $           156,900 3.6% $      156,900 0.0%

(Article 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

Zillow to Pay $130 Million to NAR’s Move, Inc.

Move, Inc. and Zillow Reach Settlement Agreement

By Jeff Sorg, OnlineEd Blog

canstockphoto0389625 handshake(June 7, 2016) – The National Association of REALTORS is reporting in a press release that Zillow Group, Inc. has agreed to a settlement amount of $130 million in damages instead of going to trial to settle a 2014 lawsuit alleging misappropriation of trade secrets. Zillow Group and Move, Inc. are both reporting that they have reached an amicable resolution.

Move will receive the bulk of these funds but NAR hopes that they will invest this money to enhance the consumer experience on realtor.com® and benefit our members in support of the REALTOR® brand.

NAR reported that it will receive 10 percent of the settlement payment after Move deducts its legal fees, since Move covered the costs of the lawsuit. After this amount is determined, NAR’s Leadership Team will consider how best to apply those funds in service of NAR’s REALTOR® members; we will share that information as soon as a decision is made.

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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.

OnlineEd® is a registered trademark of Harlow Spaan and Jeffrey Sorg

Homes with Barn Doors Can Sell for Up to 13 Percent More and 60 Days Faster

For-sale listings touting craftsman or farmhouse-style design features sell faster 

By Jeff Sorg, OnlineEd Blog

canstockphoto10816297barn doors(April 29, 2016) –  Why do some homes sell for a premium? In addition to timing, a home’s listing description can have a significant impact on its final sale price. Listings mentioning keywords like “barn door,”shaker cabinets” or “subway tiles,” sell faster and for up to 13 percent more than expected, according to a Zillow Digs® analysis.

Zillow Digs analyzed listing descriptions from over 2 million homes nationwide sold between January 2014 andMarch 2016 to see how certain keywords referring to home features, amenities and design styles impacted their sale price.

Of the 60 keywords analyzed, listings mentioning “barn doors,” a rustic sliding door often used on bedroom closets and kitchen pantries, saw the highest sale premium (13 percent above expected values). Other common craftsman-style keywords like “farmhouse sink” were also found in top-performing listings. Furthermore, homes described as “craftsman” performed better than any other design style analyzed. While people may think the rustic mason jar-vibe is out, it is still very popular with today’s buyers.

“When it comes to real estate listing descriptions – words matter,” says Dr. Svenja Gudell, Zillow chief economist. “Your listing description is an opportunity to highlight specific details and finishes that might not be visible in photos. Craftsman-style homes and amenities resonate incredibly well with today’s buyers – so if you’ve got them, flaunt them! Meanwhile, not only are subway tiles and shaker cabinets popular with home buyers, but they may also signal that the home has other desirable features like an open floor plan or a well-appointed kitchen.”

Understanding what’s popular among buyers can also help homeowners who are considering remodeling. For example, listings descriptions that included “new carpets” had no effect on the home’s sale price, but listings mentioning “hardwood floors” sold for two percent more than expected. While everyone has different preferences, when it’s time to sell, a listing saying hardwood floors may be more likely to catch a future buyer’s eye.

This report stems from an analysis in the New York Times best-seller, “Zillow Talk: Rewriting the Rules of Real Estate,” which looks at how certain listing descriptors like “unique” or “captivating” can impact final sale prices. More information can be found at http://www.zillow.com/zillowtalk/.

Home Feature Keyword

Effect (percent

homes sells for

above expected

values)

Effect (how

many days

faster than

expected the

home sells)

Most Common

Metro

Barn Door

13.4%

57

Phoenix, AZ

Shaker Cabinet

9.6%

45

Los Angeles, CA

Farmhouse Sink

7.9%

58

Los Angeles, CA

Subway Tile

6.9%

63

Philadelphia, PA

Quartz

6.0%

50

Los Angeles, CA

Craftsman

5.4%

14

Seattle, WA

Exposed

Brick

4.9%

36

New York, NY

Pendant Light

4.6%

48

Phoenix, AZ

Frameless Shower

4.6%

38

Dallas, TX

Heated Floors

4.3%

28

Seattle, WA

Stainless Steel

4.2%

42

Chicago, IL

Granite

4.1%

38

Dallas, TX

Backsplash

4.1%

46

Philadelphia, PA

Tankless Water Heater

4.0%

43

Los Angeles, CA

Outdoor Kitchen

3.7%

19

Tampa, FL

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For more information about Zillow, visit www.zillow.com. Zillow and Zillow.com are registered trademarks 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 of OnlineEd, Inc.

New Zillow® Report Indicates Homes Worth More Than Ever Before

In February, home values rose 4.3 percent year-over-year

By Jeff Sorg, OnlineEd Blog

(c) Can Stock Photo(March 25, 2016) – According to the February Zillow® Real Estate Market Reports, homes were worth more than ever before in 26 percent of U.S. housing markets.

Many of the experts surveyed for the November 2015  Zillow Home Price Expectations Survey told Zillow they are concerned that homes in San Francisco, Seattle, San Diego, and Los Angeles are overvalued and approaching bubble conditions.

“These new records mean we’re no longer making up ground lost during the housing recession –we’re laying a new path forward, based on demand for housing and economic growth throughout the economy,” said Zillow Chief Economist Dr. Svenja Gudell. “In some markets, these new highs are a return to normalcy. The fact that other markets are still off by double digits may not mean those markets are far from being recovered. It just highlights how extraordinarily inflated home values had been during the housing bubble.”

The national Zillow Home Value Index was $184,600 in February, which is still 5.9 percent below the record median home value set in mid-2007. The Zillow Rent Forecast shows rents are rising at 2.6 percent year-over-year and that rents will continue to slow significantly over the next year.

Metro  Feb. 2016
Zillow Home
Value Index
YoY Home Value
Change
Percent From
All-Time High
Zillow Rent Index
United States $         184,600 4.3% -5.9% $           1,383
New York/Northern New Jersey $         383,900 2.2% -13.9% $           2,401
Los Angeles-Long Beach-Anaheim, CA $         561,000 6.1% -8.1% $           2,507
Chicago, IL $         193,500 3.2% -21.3% $           1,631
Dallas-Fort Worth, TX $         180,700 13.7% 0.0% $           1,506
Philadelphia, PA $         203,900 1.6% -12.4% $           1,554
Houston, TX $         170,800 6.6% 0.0% $           1,575
Washington, DC $         358,700 0.6% -16.9% $           2,110
Miami-Fort Lauderdale, FL $         228,800 10.5% -25.4% $           1,838
Atlanta, GA $         162,300 6.4% -6.6% $           1,280
Boston, MA $         387,400 5.9% 0.0% $           2,250
San Francisco, CA $         792,600 10.9% 0.0% $           3,350
Detroit, MI $         122,600 6.5% -22.0% $           1,143
Riverside, CA $         300,400 6.0% -25.5% $           1,695
Phoenix, AZ $         218,300 8.1% -21.1% $           1,257
Seattle, WA $         373,000 9.4% -1.9% $           1,946
Minneapolis-St Paul, MN $         218,600 4.5% -9.7% $           1,501
San Diego, CA $         503,400 5.8% -6.5% $           2,338
St. Louis, MO $         141,500 6.0% -11.0% $           1,123
Tampa, FL $         163,000 9.2% -25.3% $           1,301
Baltimore, MD $         245,200 2.0% -15.4% $           1,713
Denver, CO $         326,300 14.5% 0.0% $           1,959
Pittsburgh, PA $         125,700 0.9% -0.1% $           1,098
Portland, OR $         315,800 13.4% 0.0% $           1,699
Charlotte, NC $         159,000 5.0% 0.0% $           1,220
Sacramento, CA $         335,700 8.2% -20.3% $           1,608
San Antonio, TX $         148,800 6.3% 0.0% $           1,297
Orlando, FL $         183,200 7.8% -29.5% $           1,345
Cincinnati, OH $         142,900 3.9% -0.9% $           1,221
Cleveland, OH $         124,800 2.3% -13.4% $           1,114
Kansas City, MO $         147,500 6.0% -7.5% $           1,212
Las Vegas, NV $         201,900 9.0% -33.8% $           1,210
Columbus, OH $         152,300 4.7% 0.0% $           1,270
Indianapolis, IN $         130,400 3.3% -6.8% $           1,181
San Jose, CA $         938,700 11.4% 0.0% $           3,453
Austin, TX $         245,500 9.0% 0.0% $           1,686

(Source: Zillow®)

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Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data. Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research.

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 mark of OnlineEd, Inc.

Zillow Launches Best Time to List Tool

New tool helps homeowners and brokers identify the optimal time to list a home for sale

By Jeff Sorg, OnlineEd Blog

canstockphoto1578542spring flowers(March 2, 2016) – A recent analysis by Zillow® discovers that, nationally, homes sold between May 1 through May 15 sell around 18.5 days faster and for 1 percent more than the average listing.

“The housing market today is heavily influenced by low inventory,” said Zillow chief economist Dr. Svenja Gudell. “Faced with increasingly competitive markets, many buyers are forced to consider several homes and make multiple offers, elongating the home shopping experience. By listing homes further into the shopping season, sellers may attract buyers who are increasingly eager to purchase and may be more willing to pay a premium for the home.”

Zillow also announced the launch of Best Time to List, a new tool that helps homeowners and brokers identify the optimal time to list a home for sale in their area. This new tool estimates how the timing of a listing will influence the final sale price.

Brokers can use this information to have a more informed conversation with their sellers to determine the best time to put their home on the market.

The chart below is the result of the current Best Time To Sell analysis from Zillow:

Metro Area Ideal Timeframe to List Home Days SoldFaster than Average Average Sales

Premium (%)

Average Sales Premium ($)
United States  May 1 – 15 18.5 0.9% $1,700
NewYork/NorthernNew Jersey  May 1 – 15 16.5 0.6% $2,400
Los Angeles-LongBeach-Anaheim,CA  May 16 – 31 12.5 0.9% $5,300
Chicago, IL  May 1 – 15 22.5 1.2% $2,400
Dallas-Fort Worth,TX  May 1 – 15 11.5 1.1% $2,000
Philadelphia, PA  May 1 – 15 12.75 0.7% $2,000
Houston, TX  June 1 – 15 12.75 0.7% $1,200
Washington, DC  April 16 – 30 18.0 1.1% $4,100
Miami-FortLauderdale, FL  April 16 – 30 16.25 0.9% $2,000
Atlanta, GA  April 1 – April 15 19.5 1.4% $2,200
Boston, MA  May 16 – 31 12.0 1.3% $5,200
San Francisco, CA  May 16 – 31 7.5 1.5% $12,200
Detroit, MI  May 1 – 15 19.5 1.6% $2,000
Riverside, CA  May 1 – 15 15 1.0% $2,900
Phoenix, AZ  May 1 – 15 12.5 1.2% $2,600
Seattle, WA  May 1 – 15 20.0 1.2% $2,600
Minneapolis-StPaul, MN  May 1 – 15 19.25 2.0% $4,300
San Diego, CA  March 16 – 31 13 1.0% $5,200
St. Louis, MO  March 16 – 31 17.75 1.2% $1,700
Tampa, FL  May 1 – 15 20 0.9% $1,500
Baltimore, MD  May 1 – 15 22.5 1.1% $2,800
Denver, CO  May 16 – 31 10 1.3% $4,300
Pittsburgh, PA  May 1 – 15 19.5 0.8% $1,000
Portland, OR  May 1 – 15 17.5 1.8% $5,500

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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.

Markets in the West Favor Sellers, Buyers Have More Power in the East

The supply of homes for sale in the U.S. is 8.6 percent below its level a year ago

By Jeff Sorg, OnlineEd Blog

canstockphoto22963234scarcity(February 23, 2016) – SEATTLE /PRNewswire/ — As the home shopping season approaches, lack of inventory continues to limit choices available to potential buyers, putting a strain on markets across the country.

Home shoppers had 8.6 percent fewer homes to choose from than they did last year, according to the January Zillow® Real Estate Market Reports. Housing starts reached a three-month low in January, indicating that newly built homes will not be a significant benefit for buyers, either.

A restricted supply of homes for sale will mean increased competition for homes that are available, and bidding wars that can price out entry-level or first-time buyers. Low inventory, along with a strong job market has been driving up home prices, especially on the West Coast.

Across the country, only a quarter of markets saw inventory increase over the past year. Among the largest metros in the U.S., Atlanta saw the largest increase in available homes for sale – 6.8 percent. Home shoppers in San Diego have significantly fewer options – inventory there has dropped 30 percent.

Besides inventory, Zillow looks at price cuts and days on market to help identify whether markets are better for buyers or sellers. According to Zillow’s latest Buyer/Seller analysis, markets that benefit sellers are mostly grouped in the West, where buyers are more likely to face bidding wars. Buyers will find themselves with more bargaining power in the East, in markets like Philadelphia and Baltimore.

 

Top 10 Sellers’ Markets Top  10 Buyers’ Markets
1. San Jose, Calif. 1. Philadelphia, Pa.
2. San Francisco, Calif. 2. Chicago, Ill.
3. Denver, Colo. 3. Baltimore, Md.
4. Seattle, Wash. 4. Hartford, Conn.
5. Nashville, Tenn. 5. New York/Northern New Jersey
6. Portland, Ore. 6. Miami, Fla.
7. Sacramento, Calif. 7. Indianapolis, Ind.
8. Raleigh, N.C. 8. Jacksonville, Fla.
9. Salt Lake City, Utah 9. Virginia Beach, Va.
10. San Diego, Calif. 10. Orlando, Fla.

 

“If you’re looking for a home or trying to sell, it’s important to know what kind of market you’re in,” said Zillow Chief Economist Dr. Svenja Gudell. “Hopeful buyers in a strong sellers’ market should be prepared to move quickly, since homes don’t stay on the market as long. In a buyers’ market, they can afford to take their time and be more selective. However, low inventory is a factor affecting the majority of the country, so buyers should be prepared for a limited selection as we enter the home buying season.”

National home values rose 4.2 percent to a Zillow Home Value Index of $184,000. The pace of home value appreciation has increased for ten straight months. Denver and Dallas continue to lead the way, with strong double-digit increases in home values.

Rents, on the other hand, continued their recent trend of leveling off, growing 2.9 percent from last January. San Francisco was the only large metro to see double-digit rent increases.

 

Metropolitan Area  January 2016 Zillow Home Value Index (ZHVI) ZHVI Change January 2015-January 2016 Zillow Rent Indexvi Change January 2015- January 2016 Inventory Change January 2015-January 2016
United States $184,000 4.2% 2.9% -8.6%
New York/Northern New Jersey $382,400 2.1% 4.9% -1.1%
Los Angeles-Long Beach-Anaheim, CA $559,000 6.5% 3.9% -14.8%
Chicago, IL $193,200 2.9% 0.4% -3.0%
Dallas-Fort Worth, TX $179,000 14.2% 4.3% -14.5%
Philadelphia, PA $203,400 1.4% 1.8% -3.5%
Houston, TX $170,300 7.1% 4.4% 4.0%
Washington, DC $358,000 0.6% 0.9% 0.3%
Miami-Fort Lauderdale, FL $227,200 10.5% 4.2% -15.1%
Atlanta, GA $161,600 6.6% 3.5% 6.8%
Boston, MA $384,500 5.9% 6.0% -4.7%
San Francisco, CA $790,700 12.0% 11.4% -5.2%
Detroit, MI $121,900 6.0% 2.0% -1.7%
Riverside, CA $298,900 5.9% 3.2% -8.3%
Phoenix, AZ $217,400 8.2% 3.6% -14.8%
Seattle, WA $371,100 9.5% 7.2% -27.1%
Minneapolis-St Paul, MN $217,800 4.7% 1.6% -4.1%
San Diego, CA $502,500 6.5% 3.7% -30.2%
St. Louis, MO $141,500 6.7% 1.2% -10.7%
Tampa, FL $161,700 9.0% 4.0% -18.6%
Baltimore, MD $243,500 1.3% 0.8% -3.8%
Denver, CO $324,500 15.4% 8.0% -9.3%
Pittsburgh, PA $126,000 1.3% 0.9% 1.7%
Portland, OR $312,700 12.8% 9.2% -26.2%
Charlotte, NC $158,600 5.3% 2.9% -29.0%
Sacramento, CA $334,400 8.4% 4.4% -14.4%
San Antonio, TX $148,300 6.3% 2.9% -16.2%
Orlando, FL $181,500 7.2% 4.2% -11.6%
Cincinnati, OH $142,700 4.0% 2.4% -15.0%
Cleveland, OH $124,700 2.2% -0.6% -2.3%
Kansas City, MO $147,100 5.7% 3.5% -7.5%
Las Vegas, NV $200,400 8.6% 1.5% -6.5%
Columbus, OH $151,500 5.0% 2.8% -14.9%<

 

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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.