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Home prices nationwide increased in February, albeit a slight 1.2% increase, with the four largest states staying within the same range. Here’s an extra break down of home prices in the four largest states. …read more

From:: Real Estate Wire

By Susanne Dwyer

The 2016 homebuying season is in full swing, with homes in May moving as fast as we’ve seen since the housing recovery began – even as asking prices continue to hit new record highs.

Based on preliminary May data released realtor.com, the median age of properties on realtor.com in May was 65 days, which was the same median age as a year ago and three days faster than last month. The median home was listed at $250,000 – 9 percent higher than one year ago and 2 percent higher than April. For-sale housing inventory also continues to increase on a monthly basis, but is still lower than one year ago. More than 550,000 new listings have been added to the market so far this month.

“Based on our early read of demand and supply data in May, this spring’s real estate market is coming in strong, just as we expected,” says Jonathan Smoke, chief economist of realtor.com. “Pent-up demand and low mortgage rates are driving consumers into the market with urgency. However, the recurring issue of limited supply is leading to record-high prices.

“Thankfully, we are finally seeing gains in new single-family construction and new home sales to provide a pressure release. Potential buyers are finding they can avoid a competitive bid situation if they elect to sign a contract on a home to be built. As the share of new homes sold goes up, we should eventually see signs of more balance in the existing home market, like lower price appreciation. However, we clearly aren’t there yet.”

Key Statistics:

• Median age of inventory is estimated to end at 65 days, the same as May 2015 and down 4 percent from April.
• Median listing price for May should reach a record high of $250,000, a 9 percent increase year over year and a 2 percent increase month over month.
• Listing inventory in May is showing a 4 percent increase over April. However, inventory decreased 4 percent year over year.
• com’s Hottest Markets receive two to three times the number of views per listing compared to the national average. In terms of supply, these markets are seeing inventory move 19-25 days more quickly than the rest of the U.S. They have also seen days on market drop by an average of three days from April.

For more information, visit www.realtor.com.

…read more

From:: Finance and Economy

By Susanne Dwyer

The 2016 homebuying season is in full swing, with homes in May moving as fast as we’ve seen since the housing recovery began – even as asking prices continue to hit new record highs.

Based on preliminary May data released realtor.com, the median age of properties on realtor.com in May was 65 days, which was the same median age as a year ago and three days faster than last month. The median home was listed at $250,000 – 9 percent higher than one year ago and 2 percent higher than April. For-sale housing inventory also continues to increase on a monthly basis, but is still lower than one year ago. More than 550,000 new listings have been added to the market so far this month.

“Based on our early read of demand and supply data in May, this spring’s real estate market is coming in strong, just as we expected,” says Jonathan Smoke, chief economist of realtor.com. “Pent-up demand and low mortgage rates are driving consumers into the market with urgency. However, the recurring issue of limited supply is leading to record-high prices.

“Thankfully, we are finally seeing gains in new single-family construction and new home sales to provide a pressure release. Potential buyers are finding they can avoid a competitive bid situation if they elect to sign a contract on a home to be built. As the share of new homes sold goes up, we should eventually see signs of more balance in the existing home market, like lower price appreciation. However, we clearly aren’t there yet.”

Key Statistics:

• Median age of inventory is estimated to end at 65 days, the same as May 2015 and down 4 percent from April.
• Median listing price for May should reach a record high of $250,000, a 9 percent increase year over year and a 2 percent increase month over month.
• Listing inventory in May is showing a 4 percent increase over April. However, inventory decreased 4 percent year over year.
• com’s Hottest Markets receive two to three times the number of views per listing compared to the national average. In terms of supply, these markets are seeing inventory move 19-25 days more quickly than the rest of the U.S. They have also seen days on market drop by an average of three days from April.

For more information, visit www.realtor.com.

…read more

From:: Real Estate News

By Susanne Dwyer

Sometimes, even publishers use the wrong words. While the title of RISMedia’s Power Broker Forum at the recent REALTORS® Legislative Meetings & Trade Expo in Washington, D.C., touted “emerging-market business,” we came to realize this was a misnomer. The reality is, these markets have already changed the face of the real estate business.

As Co-moderator Gary Scott said, “We’re talking about emerging markets, but I’d like to suggest that they’ve already emerged. Real estate firms better take note of what’s happening.”

During the Forum—officially titled, “Expand Your Horizons, Boost Business: Understanding and Capturing Emerging-Market Business,” a panel of key association heads and brokers offered in-depth insight into understanding and working with the Hispanic, Asian, LGBT markets and more. The line-up included:

Moderators

• John Featherston, President & CEO, RISMedia
• Gary Scott, President of Real Estate Brokerage, Long & Foster Inc.

Panelists

• Joseph Nery, President, The National Association of Hispanic Real Estate Professionals (NAHREP)
• John Yen Wong, CRB, Founding Chairman, Asian Real Estate Association of America (AREAA)
• Jeff Berger, Founder & CEO, The National Association of Gay & Lesbian Real Estate Professionals (NAGLREP)
• Dan Forsman, President & CEO, Berkshire Hathaway HomeServices Georgia Properties
• Eddie Berenbaum, President/Chief Marketing Officer, CENTURY 21 Redwood Realty

“The idea of talking about diversity 38 years ago [when Featherston started RISMedia] would never have happened,” said Featherston as he opened the Forum. And while we tend to take a statistical approach to determine what percentage of which demographic and ethnic groups comprise our particular markets, we need to instead realize that the face of every market has changed and is changing further.

“You can slice and dice the numbers,” said Featherston, “but it’s 100 percent of your marketplace.”

“I’ve been in real estate for 30 years,” said Scott. “There’s never been a more challenging and more opportunistic time to do what we do. The changes we’ve experienced in the last 38 months pale in comparison to the changes we’ll see in the next 38 months.”

If you’re at all doubtful about the changing face of homeownership, consider the statistics Joe Nery shared regarding Hispanics. According to NAHREP’s latest State of Hispanic Homeownership Report, while homeownership among the overall U.S. population trended down in 2015, Hispanic homeownership leapt off the charts, increasing from 45.6 to 46.1 percent that same year.

The other interesting fact Nery pointed out is that while most perceive the Hispanic population to be centered in big metro areas, towns like Omaha, Neb.; Des Moines, Iowa; and Wichita, Kan. are also experiencing high Hispanic population growth.

As Nery said, “We’re growing everywhere. We’re also the youngest ethnic group – the median age is 29. We are a young demographic leading the housing charge. If you’re not involved, you will be left behind.”

As John Wong aptly noted during the Forum, “Everyone in this room is business-focused and wants to know, ‘How can I make more money?’ You have to have ways for all agents to build business.”

When it comes to servicing Asian …read more

From:: Real Estate News

By Susanne Dwyer

Sometimes, even publishers use the wrong words. While the title of RISMedia’s Power Broker Forum at the recent REALTORS® Legislative Meetings & Trade Expo in Washington, D.C., touted “emerging-market business,” we came to realize this was a misnomer. The reality is, these markets have already changed the face of the real estate business.

As Co-moderator Gary Scott said, “We’re talking about emerging markets, but I’d like to suggest that they’ve already emerged. Real estate firms better take note of what’s happening.”

During the Forum—officially titled, “Expand Your Horizons, Boost Business: Understanding and Capturing Emerging-Market Business,” a panel of key association heads and brokers offered in-depth insight into understanding and working with the Hispanic, Asian, LGBT markets and more. The line-up included:

Moderators

• John Featherston, President & CEO, RISMedia
• Gary Scott, President of Real Estate Brokerage, Long & Foster Inc.

Panelists

• Joseph Nery, President, The National Association of Hispanic Real Estate Professionals (NAHREP)
• John Yen Wong, CRB, Founding Chairman, Asian Real Estate Association of America (AREAA)
• Jeff Berger, Founder & CEO, The National Association of Gay & Lesbian Real Estate Professionals (NAGLREP)
• Dan Forsman, President & CEO, Berkshire Hathaway HomeServices Georgia Properties
• Eddie Berenbaum, President/Chief Marketing Officer, CENTURY 21 Redwood Realty

“The idea of talking about diversity 38 years ago [when Featherston started RISMedia] would never have happened,” said Featherston as he opened the Forum. And while we tend to take a statistical approach to determine what percentage of which demographic and ethnic groups comprise our particular markets, we need to instead realize that the face of every market has changed and is changing further.

“You can slice and dice the numbers,” said Featherston, “but it’s 100 percent of your marketplace.”

“I’ve been in real estate for 30 years,” said Scott. “There’s never been a more challenging and more opportunistic time to do what we do. The changes we’ve experienced in the last 38 months pale in comparison to the changes we’ll see in the next 38 months.”

If you’re at all doubtful about the changing face of homeownership, consider the statistics Joe Nery shared regarding Hispanics. According to NAHREP’s latest State of Hispanic Homeownership Report, while homeownership among the overall U.S. population trended down in 2015, Hispanic homeownership leapt off the charts, increasing from 45.6 to 46.1 percent that same year.

The other interesting fact Nery pointed out is that while most perceive the Hispanic population to be centered in big metro areas, towns like Omaha, Neb.; Des Moines, Iowa; and Wichita, Kan. are also experiencing high Hispanic population growth.

As Nery said, “We’re growing everywhere. We’re also the youngest ethnic group – the median age is 29. We are a young demographic leading the housing charge. If you’re not involved, you will be left behind.”

As John Wong aptly noted during the Forum, “Everyone in this room is business-focused and wants to know, ‘How can I make more money?’ You have to have ways for all agents to build business.”

When it comes to servicing Asian …read more

From:: Real Estate News

By Susanne Dwyer

A recently released analysis shows homes owned by single men on average are valued 10 percent more and have appreciated $10,112 (16 percent) more since purchase than homes owned by single women, says a new RealtyTrac® report.

The analysis covered more than 2.1 million single family homes nationwide owned by either single men (1,139,493) or single women (1,011,572) based on public record tax assessor data collected by RealtyTrac.

The average estimated current market value of homes owned by single men was $255,226 — 10 percent higher than the average current market value of homes owned by single women: $229,094.

Homes owned by single men have gained an average of $63,921 since purchase, a 33 percent return on purchase price. That was $10,112 (16 percent) more than the average $53,809 gain since purchase for homes owned by single women, a 31 percent return on purchase price.

“Women earn less than men on average — 19 percent less in 2015 according to the Bureau of Labor Statistics — giving them less purchasing power when it comes to buying a home,” says Daren Blomquist, senior vice president at RealtyTrac. “So it’s not surprising to see the 10 percent gender gap in average home values between single men and single women homeowners; however, the slower home price appreciation for homes owned by single women demonstrates that less purchasing power is also having on a domino effect on their ability to build wealth through homeownership as quickly as single men.”

Housing gender gap widens with more years of homeownership
Among homes owned for at least 15 years, those owned by single men on average had a current market value of $288,912 — 17 percent higher than the average current market value of homes owned by single women: $240,166.

Homes owned for at least 15 years by single men have gained an average of $170,765 since purchase — a 145 percent return on purchase price. That was $36,496 more than the average $134,269 gain since purchase for homes owned at least 15 years by single women — a 127 percent return on purchase price.

Markets with biggest housing gender gap
Average values of homes owned by single men were the highest above average values of homes owned by single women in the District of Columbia (14 percent higher), followed by Florida (12 percent higher), West Virginia (12 percent higher), Wisconsin (12 percent higher), Texas (10 percent higher), and Alabama (10 percent higher).

There were three states where the average values of homes owned by single women were higher than the average values of homes owned by single men: Massachusetts (11 percent higher), Kentucky (2 percent higher), and Kansas (1 percent higher).

Average home value gains for homes owned by single men were highest above …read more

From:: Finance and Economy

By Susanne Dwyer

A recently released analysis shows homes owned by single men on average are valued 10 percent more and have appreciated $10,112 (16 percent) more since purchase than homes owned by single women, says a new RealtyTrac® report.

The analysis covered more than 2.1 million single family homes nationwide owned by either single men (1,139,493) or single women (1,011,572) based on public record tax assessor data collected by RealtyTrac.

The average estimated current market value of homes owned by single men was $255,226 — 10 percent higher than the average current market value of homes owned by single women: $229,094.

Homes owned by single men have gained an average of $63,921 since purchase, a 33 percent return on purchase price. That was $10,112 (16 percent) more than the average $53,809 gain since purchase for homes owned by single women, a 31 percent return on purchase price.

“Women earn less than men on average — 19 percent less in 2015 according to the Bureau of Labor Statistics — giving them less purchasing power when it comes to buying a home,” says Daren Blomquist, senior vice president at RealtyTrac. “So it’s not surprising to see the 10 percent gender gap in average home values between single men and single women homeowners; however, the slower home price appreciation for homes owned by single women demonstrates that less purchasing power is also having on a domino effect on their ability to build wealth through homeownership as quickly as single men.”

Housing gender gap widens with more years of homeownership
Among homes owned for at least 15 years, those owned by single men on average had a current market value of $288,912 — 17 percent higher than the average current market value of homes owned by single women: $240,166.

Homes owned for at least 15 years by single men have gained an average of $170,765 since purchase — a 145 percent return on purchase price. That was $36,496 more than the average $134,269 gain since purchase for homes owned at least 15 years by single women — a 127 percent return on purchase price.

Markets with biggest housing gender gap
Average values of homes owned by single men were the highest above average values of homes owned by single women in the District of Columbia (14 percent higher), followed by Florida (12 percent higher), West Virginia (12 percent higher), Wisconsin (12 percent higher), Texas (10 percent higher), and Alabama (10 percent higher).

There were three states where the average values of homes owned by single women were higher than the average values of homes owned by single men: Massachusetts (11 percent higher), Kentucky (2 percent higher), and Kansas (1 percent higher).

Average home value gains for homes owned by single men were highest above …read more

From:: Real Estate News