We first posted about Zillow Offers back in 2017 and just last week, we learned that Zillow is planning to sell about 7k homes as it seeks to recover from what Bloomberg called a “fumble in its high-tech home-flipping business.” Now fast-forward a few days and we learn that Zillow has decided to pull the plug on its Zillow Offers, making the the following statement on their website: “Zillow Offers is winding down, which means we are not making any new offers on homes. We’re focused on helping existing customers and selling our remaining inventory. If you’re looking to sell,…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
A recent report from Redfin says that as of late October, a third of homes sold went under contract within seven days of hitting the market – and they say that rate has been in the rise for 6+ weeks. In addition they point out that their Homebuyer Demand Index (measuring requests for home tours and other home-buying services) rose 1.2 points during the week ending October 24, and was up 10% from a year earlier. “Homes continue to sell quicker and quicker,” said Redfin Chief Economist Daryl Fairweather. “There are still plenty of homebuyers lying in wait who missed…
The U.S. government is reporting that the national vacancy rates for Q3, 2021 were 5.8% for rental housing and 0.9% for homeowner housing. The national homeownership rate for Q3, 2021 was 65.4% (same as Q2). In addition, approximately 89.3% of the housing units in the United States in Q3 were occupied and 10.7% were vacant. Owner-occupied housing units made up 58.4% of total housing units, while renter-occupied units made up 30.9% of the inventory. Click here to read the full release at the U.S. Census Bureau.
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 18% year-over-year in September. CoreLogic predicts that home prices will increase on a month-over-month basis by 0.1% through October, 2021, and on a year-over-year basis by 1.9% through September, 2022. “Remote work has allowed many employees to buy homes further away from their office. These homes are often in the suburbs or exurbs, where property prices and population density are lower and single-family detached housing more common.” – Dr. Frank Nothaft Chief Economist for CoreLogic Click here to read the full report at…
Next Thursday, November 11th is Veterans Day… Here’s a little history about this important day; In 1918, the armistice of the First World War officially took effect on the 11th day, of the 11th month, at the 11th hour. The following year President Woodrow Wilson declared November 11th as Armistice Day. It would later become a holiday to honor veterans of World War I and then in 1954, following World War II & the Korean War, it was renamed “Veterans Day” to honor all American veterans who served in times of war and peace. Stay safe and Happy Friday!!…..And, be…
According to the ATTOM Data’s Q4 2021 Vacant Property and Zombie Foreclosure Report, zombie foreclosures comprise only one of every 13,300 residential properties in U.S. However, they do caution that this figure is likely to rise following the recent end of the national foreclosure moratoriums. Across the country, there are 1.3 million (1,312,410) residential properties sitting vacant representing 1.3% (1 in 75 homes). In addition they point out that most neighborhoods literally have no empty, blight-inducing homes at any stage in the foreclosure process. Indeed…. “Zombie foreclosures are in a holding pattern this quarter – at least for now,” said…
According to various news reports, Zillow is planning to sell about 7k homes as it seeks to recover from what Bloomberg calls a “fumble in its high-tech home-flipping business.” They report that the company is seeking roughly $2.8 billion for these houses and will likely sell them to a multitude of buyers rather than packaging them in a single transaction. Interestingly, an analysis by KeyBanc Capital Markets says that of 650 homes owned by Zillow, two-thirds were priced for less than what the company paid for them. Indeed… “The move to offload homes comes as Zillow seeks to recover from…
According to recent data crunched by the NAHB’s Eye on Housing, new homes being built with decks has declined for the 3rd straight year. Interestingly, they point out that this is the first time the share has dipped below 20% since the 2005 re-design of the SOC (Census Bureau’s Survey of Construction). From 2005-08 over 25% of new single-family homes included decks.Click here to read the full report at the NAHB’s Eye on Housing.
Realtor.com & the Wall Street Journal recently released their 3rd Emerging Housing Markets Index which identifies markets they believe will be good areas to purchase a home for both homeowners and investors. To get their index, they used a slate of housing market, economic vitality, and quality of life metrics to identify emerging housing markets for the largest 300 metropolitan areas in the United States. “…After a rollercoaster over the past year and a half, the housing market is on better footing and has added approximately $3 trillion in value in the most recent 6 months while one measure of…
Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in October, 2021 was up 11.8% and the median two-bedroom rent was up 14.3%, since March, 2020. Be sure to check out their list of the top 100 metro areas. Click here to read the full report at Zumper.
