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London's Luxe Housing Market Could Benefit From Europe's ... - Mansion Global

Wed, 2017-03-22 16:24


Mansion Global

London's Luxe Housing Market Could Benefit From Europe's ...
Mansion Global
London's high-end housing market could benefit from political uncertainty in Europe and the U.S. this year despite ongoing Brexit negotiations, according to a ...

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Categories: Europe

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Data Gets Real: How HouseCanary’s Predictive Analytics Can Raise Your Game

Wed, 2017-03-22 15:40

Collaboration with Google Boosts Interest in Real Estate Services

As in most industries, data has changed the way real estate professionals do business. From home valuations to local school, business and crime statistics, today’s brokers and agents are armed with a lot of information—consumers have come to expect nothing less.

While the industry has come a long way in the data arena, a new player stands to raise the bar by empowering agents with credible, three-year projections of a home’s value. San Francisco-based HouseCanary is a real estate analytics company using data science to accurately value and forecast over 18,000 U.S. residential markets and 100 million properties. In January, HouseCanary announced $33 million in funding from several top-level tech players—including Hillspire and Alphabet Executive Chairman Eric Schmidt’s family office. Last week, HouseCanary announced its collaboration with Google Cloud Platform Commercial Datasets, adding its home price indices to Google’s service providing premium data to financial institutions.

Big names, big money and big data. The question is, what does HouseCanary mean to the residential real estate professional?

Let’s start with the most important component: the quality of the data. In an industry where accuracy is paramount and valuations have been suspect, data is only as good as its precision. HouseCanary believes it has resolved the inaccurate data dilemma by applying complex algorithms to ingesting, scrubbing, organizing and analyzing data on 100 million U.S. residential properties to create a single source of reliable, accurate insight.

“Other home valuation methods are based largely on historical comparable sales,” explains HouseCanary CEO Jeremy Sicklick. “HouseCanary measures price movements on every residential block in the country, allowing for precise valuations today and three years into the future. Our algorithms combine 40 years of history, 1 billion residential transactions and hundreds of proprietary calculations influencing home values, such as capital markets, jobs, traffic…even views from a property’s backyard.”

Such high-caliber data elevates the real estate professional’s role as information provider and trusted advisor. In markets challenged by low inventory, rising prices and increasing interest rates, the ability to provide prospects and clients with a three-year forecast of a property’s value serves as a clear competitive advantage.

“Giving REALTORS® instant access to accurate house value and the ‘why behind the value’—like market demand, months-of-supply, macroeconomic data, even rental values—allows REALTORS® to become a trusted source of data unattainable elsewhere, and helps them guide sellers to the optimal listing price,” says Sicklick. “We hear all the time that our data allows them to ‘prove their gut’ on property prices and local market trends.”

So, while HouseCanary has established itself with lenders, real estate investors and appraisers, it is also quickly forging new roads for real estate agents, providing them with important tools to compete on the frontlines for listings. Agents can bring their local expertise to HouseCanary reports by adding or removing properties or property details to instantly adjust a home’s comparable value. HouseCanary reports can also be personalized, branded and printed, as well as shared through its mobile-friendly app.

“Our rich reports are accessible instantly, customized with the agent’s name, photo and contact information, sharable and printable as testimony to their expertise,” says Martin Morzynski, HouseCanary’s CMO. “The precision, presented with professional charts and graphs, boosts an agent’s credibility and helps substantiate their local market expertise.”

That said, given the funding and scope of HouseCanary’s business model, not to mention the collaboration with Google Cloud Datasets, it begs the question, what is House Canary’s ultimate end game? Should brokers and agents be worried (yet again) about disintermediation? Sicklick says no.

“Our Google data product is designed for banks and large investors,” he explains. “HouseCanary has launched individual products designed specifically to meet the needs of real estate professionals. This is not about competing for the consumers’ business—it’s about competing for the REALTORS®’ business by giving them an information advantage otherwise only available to institutions. We see Google selecting HouseCanary as a provider of real estate data to banks and Wall Street investors as brand endorsement that further solidifies HouseCanary’s position as the most accurate provider of real of data in the business.”

Want to see more? Sicklick recently spoke at the Google Cloud Next ’17 conference in San Francisco. While his discussion was geared toward HouseCanary’s investor audience, it provides a clear picture of what HouseCanary does and its application for residential real estate professionals. View the presentation below:

For more information, please visit www.housecanary.com.

Maria Patterson is RISMedia’s executive editor. Email her your real estate news ideas at maria@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Data Gets Real: How HouseCanary’s Predictive Analytics Can Raise Your Game appeared first on RISMedia.

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Existing-Home Sales Sputter in February

Wed, 2017-03-22 15:36

Existing-home sales sputtered in February as lower-than-low inventory kept a lid on activity, the National Association of REALTORS® (NAR) reports. Existing-home sales totaled 5.48 million, a 3.7 percent slip from a decade-high in January and a 5.4 percent hike from one year prior.

“REALTORS® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” says Lawrence Yun, chief economist of NAR. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”

Though existing-home inventory expanded to 1.75 million in February, supply is still 6.4 percent below one year prior—and last month marked the 21st month in a row of the downtrend, according to the report.

“The bad news is that February existing-home sales are down 3.7 percent from January, which more than eradicates the growth in sales we saw in January,” says Joseph Kirchner, senior economist at realtor.com®. “The good news is that sales are up 5.4 percent from a year ago.

“The culprits for the reported drop are declining affordability and lack of inventory,” Kirchner says. “There are plenty of buyers in the market, but they are unable to find the homes they want at the prices they can afford. These affordability challenges are the result of inventory shortages—which leads to bidding wars—and rising mortgage rates, resulting in higher monthly payments. We see the largest inventory shortages among the most affordable homes, which also saw the greatest decline in sales with homes under $100,000 down 15 percent from a year ago.”

“Our biggest challenge is lack of inventory in the entry and move-up price points,” confirmed Rei Mesa, CEO of Berkshire Hathaway HomeServices Florida Realty, in a recent interview for RISMedia’s soon-to-be-released 2017 Power Broker Report. “There is demand, but a great deal of it is pent-up. This is a challenge for all of us, not just my firm.”

“We are experiencing a frenzied market for homebuyers trying to get a home,” echoed Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We are virtually sold out of inventory, so each new listing is receiving multiple offers. With such a severe shortage of inventory, it is now creating seller gridlock in the more affordable and mid-price ranges. Sellers are afraid to put their home on the market because it will sell instantly, and they are faced with trying to win in a multiple-offer situation to get their next home.”

Existing homes in February lasted just 45 days on the market, down substantially from 59 days one year prior. Forty-two percent were on the market for less than one month. Months supply of inventory is currently 3.8. Data from realtor.com show the markets with the shortest days on market were again San Jose-Sunnyvale-Santa Clara, Calif. (23 days), San-Francisco-Oakland-Hayward, Calif. (27 days), Vallejo-Fairfield, Calif. (33 days) and Seattle-Tacoma-Bellevue, Wash. (36 days), in addition to Boulder, Colo. (37 days).

Spurred by the shortage, the median existing-home price continued its ascent, up 7.7 percent to $228,400 from $212,100 one year prior. The median existing condominium and single-family home prices also grew, 8.2 percent to $216,100 and 7.6 percent to $229,900, in order.

Existing-home sales fell in every region but the South, where sales were up 1.3 percent. Sales in the Northeast landed 13.8 percent lower, while sales in the Midwest dropped 7 percent. Sales in the West slid 3.1 percent. The median price in the West was $339,900 (a 9.6 percent annual increase); the median price in the Northeast was $250,200 (4.1 percent); the median price in the South was $205,300 (9.6 percent); and the median price in the Midwest was $171,700 (6.1 percent).

First-time homebuyers comprised 32 percent of existing-home sales in February—a share a smidge lower than in January, which equaled 33 percent. All-cash sales comprised 27 percent, while distressed sales comprised 7 percent.

“Seek a preapproval from a lender, know what your budget is and begin discussions with a REALTOR® early on about your housing wants and needs,” advises NAR President Bill Brown. “Homes in many areas are selling faster than they were last spring. A buyer’s idea of a dream home in a popular neighborhood is probably the same as many others. That’s why they’ll likely have to decide quickly if they see something they like and can afford.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Existing-Home Sales Sputter in February appeared first on RISMedia.

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European Commercial Real Estate Limited Announces Agreement to Acquire German Property - Digital Journal

Wed, 2017-03-22 15:35


European Commercial Real Estate Limited Announces Agreement to Acquire German Property
Digital Journal
European Commercial Real Estate Limited (the "Corporation") (TSX VENTURE:ERE) is pleased to announce that it has entered into an agreement (the "Acquisition Agreement") to acquire a 172,838 square foot (16,057 square meters) office property in ...

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Categories: Europe

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European Commercial Real Estate Limited Announces Agreement ... - Digital Journal

Wed, 2017-03-22 15:35


European Commercial Real Estate Limited Announces Agreement ...
Digital Journal
European Commercial Real Estate Limited (the "Corporation") (TSX VENTURE:ERE) is pleased to announce that it has entered into an agreement (the ...

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Categories: Europe

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Mortgage Credit’s More Crunched Than in 2001—Here’s Why

Wed, 2017-03-22 15:34

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Too many mortgage lenders played it fast and loose in the lead-up to the crash, then wound it up tight when the inevitable struck—and in roughly the decade since, too few have loosened their grip.

A research paper recently published by the Urban Institute classifies today’s credit environment as “extraordinarily tight”—so tight, in fact, that more than one million mortgages were lost in 2015, the majority of which would have gone to homebuyers with credit scores below 660.

“Mortgage lenders are taking less than half the credit risk they were taking in 2001, a period of reasonable lending standards,” writes author Laurie Goodman. “Tight credit means that in the future, fewer households will have the opportunity to build wealth by owning their home, contributing to growing economic inequality.”

The paper illustrates stark differences in the lending landscape between 2001 and 2015. Upwards of 5.7 million home sales occurred in 2001, while some 5.5 million occurred in 2015. In 2015, however, mortgages only totaled 3.5 million, compared to 4.6 million in 2001. The former is a 4 percent decline; the latter, 32 percent.

What’s more: In 2001, more than 30 percent of borrowers had credit scores lower than 660—a share that has dropped to less than half, at 14 percent in 2015. Access to credit has not only remained narrow, but has also become closed off completely to those with subpar scores.

Why have lenders been reluctant to relax their standards? According to Goodman, “credit is very tight in large part because originators are putting credit overlays on top of the Fannie Mae, Freddie Mac, and FHA underwriting box”—in other words, imposing a second set of rules.

“Why would originators knowingly drive away business? Because they are concerned that the costs of producing and servicing mortgages that are less pristine are higher than what they can earn on the mortgages,” Goodman writes.

Lenders are apprehensive specifically about the cost of servicing—as well as the possibility of having to repurchase—delinquent mortgages, and liability, especially as it pertains to the False Claims Act.

To date, the Federal Housing Finance Agency (FHFA) and Fannie Mae and Freddie Mac have made more strides in alleviating those concerns than the Federal Housing Administration (FHA)—a problem, because lower-income homebuyers rely more on FHA-backed mortgages.

“The inability of the FHA to match the GSEs’ progress has a particular impact on access to mortgage credit for low- and moderate-income borrowers, most of whom cannot put down a large down payment,” writes Goodman. Though the FHA did lower mortgage insurance premiums in 2015, more action is needed.

“Until the FHA resolves the issues causing lender overlays, it is hard to see how the credit box can open considerably for such borrowers.”

Crunched credit has broader implications, as well. Minorities are set to overtake whites in household formation in the years ahead, led primarily by Asian and Hispanic populations—but minorities overall have lower credit scores and incomes.

“Given that the composition of new homeowners is skewed to Hispanics and nonwhites, who have lower credit scores and have less income and less wealth than their non-Hispanic white counterparts, the tight credit box will inhibit homeownership even more going forward than it has in the past, unless we do something to correct it,” writes Goodman.

“Homeownership is the traditional way that households build wealth; choking off this important wealth-building channel will likely contribute to growing economic inequality.”

Source: Urban Institute

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Mortgage Credit’s More Crunched Than in 2001—Here’s Why appeared first on RISMedia.

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10 Tips for Homebuyers and Sellers This Spring

Wed, 2017-03-22 15:31

Spring is here, and so is spring home-buying and -selling. Buyers and sellers preparing to take action this season should put those plans into play now—according to Zillow Group’s Report on Consumer Housing Trends, the No. 1 regret for both buyers and sellers is “not starting their home search or prepping their home to sell soon enough.”

“This spring, both buyers and sellers should be prepared for fast-moving sales, intense negotiations, and even bidding wars,” says Jeremy Wacksman, CMO at Zillow Group. “Home shoppers and sellers are motivated to become more strategic and knowledgeable about what’s happening in their neighborhood. Understanding whether you are in a buyer’s or a seller’s environment will help you manage your expectations and will give you insight into what you’re going to need to bring to the table in order to close the deal.”

For buyers, that means:

Keep your options open. More than half (52 percent) of homebuyers surveyed in the report said they also considered renting, and more than one-third (37 percent) of first-time buyers seriously considered continuing to rent. Savvy shoppers should have a Plan B in place, hoping to buy if it works out, but willing to sign a lease for a home if they don’t make a deal by the time they need to move.

Be realistic with your budget. Once you set it, stick to it. First-time home buyers are more likely to exceed their budget than repeat buyers (39 percent versus 26 percent), according to the report. Before you meet with a lender to determine how much mortgage you’ll be approved for, take a good look at your individual finances and spending preferences to determine the monthly payment range that you feel you can comfortably afford. (Use Zillow’s mortgage calculator to help with you with the math.)

Get your financing squared away early. Plan to meet a few lenders four to six months ahead of when you’re planning to buy to ensure you can make a competitive offer quickly when you find your dream home. The majority (82 percent) of buyers get pre-approved, with 77 percent getting pre-approval from a lender before finding a home on which they are interested in placing an offer.

Find an agent with a winning track record. Take the time to find an agent who has expertise in fast negotiation, leveraging escalation clauses, and winning bidding wars. Only 46 percent of buyers got the first home on which they made an offer, according to the report, demonstrating that competition is now part of the process. Use search tools, like Zillow’s Agent Finder, to choose an agent based on sales and listing activity, area of expertise and reputation.

Communication is key. Make sure your preferred method—and frequency—of communication matches that of your agent. One-third (33 percent) of all buyers surveyed in the report preferred phone calls with their agent over emailing (21 percent) or texting (15 percent). Buyers can use the agent reviews on Zillow to learn more about prospective agents and their clients’ experiences.

And for sellers:

Start early and be strategic. Sellers consider putting their home on the market for five months before they list it—but the top seller regret is that they wished they spent more time prepping for the sale. Many cities have a magic window in the spring when homes have a higher likelihood of selling quickly for more money.

Work with an agent from the start. The vast majority (90 percent) of sellers surveyed in the report who sold quickly and for more than list price worked with an agent, and two out of three (58 percent) began working with an agent at the very beginning of their selling journey.

Pay attention to your online curb appeal. The majority of buyers begin their search online. Sellers who sold their home for more than list price made imagery and home information available online: 48 percent had professional photos taken of the home; 30 percent shot video footage; and 21 percent shot drone footage. Zillow’s video walk-throughs give sellers an easy way to show home features that are hard to capture in photos.

Home improvements can be a worthwhile investment. Sellers who fetched above list price tackled home improvements before listing their home, being 50 percent more likely to take on a large project like modifying an existing home plan and 20 percent more likely to renovate a kitchen than the average seller.

Don’t be afraid to try again. In many markets, nearly half of listing views occur in the first week the home is on the market. Twenty-six percent of those who sold above list price took their home off the market once to adjust the sales price, opting to start anew, rather than letting the home languish on the market with minimal activity. 

For more information, please visit www.zillow.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post 10 Tips for Homebuyers and Sellers This Spring appeared first on RISMedia.

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How Sears CEO Lampert cashes in as stores cash out - USA TODAY

Wed, 2017-03-22 12:59


USA TODAY

How Sears CEO Lampert cashes in as stores cash out
USA TODAY
USA TODAY estimates that the value of Lampert's Sears stock has declined by roughly $519 million since the end of 2014. That estimate was derived by calculating the value of his Sear's holdings at the end of each year ... •Real estate: Sears sold 235 ...
The retail apocalypse has officially descended on AmericaBusiness Insider
Sears warns there's 'substantial doubt' about company's futureCrain's Chicago Business
Document - SECSEC
SHC Speaks - Sears Holdings Corporation
all 428 news articles »

Categories: USA

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Do Zillow leads to lenders violate RESPA? CFPB mum

Wed, 2017-03-22 12:07

Are the agents and lenders who participate in Zillow's lender co-marketing program violating a federal anti-kickback law? The CFPB has not issued any guidance in regards to whether participating in Zillow's lender co-marketing program violates RESPA, which has promoted uncertainty among agents and lenders across the country ...

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Orion European Real Estate Fund V raises €1.5bn - Property Week

Wed, 2017-03-22 11:00


Property Week

Orion European Real Estate Fund V raises €1.5bn
Property Week
Aref Lahham, chief executive of Orion, said: “We are excited by the opportunities being generated by current political uncertainty across Europe.” Orion said Rami Badri, who joined Orion 15 years ago will become an additional partner and a member of ...

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Categories: Europe

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Existing-home sales backtrack in February after January high

Wed, 2017-03-22 10:01

After rising to their highest level in almost a decade, existing-home sales slackened in February, with an inventory shortage continuing to constrain the market. ...

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Orion Capital raises €1.5bn for fifth European real estate fund - IP Real Estate

Wed, 2017-03-22 09:33


Property Week

Orion Capital raises €1.5bn for fifth European real estate fund
IP Real Estate
Orion Fund V continues the strategies of previous funds, investing in a wide range of assets across Europe. The firm was a major seller in 2014 and 2015. Rami Badr, who joined Orion 15 years ago, is becoming an additional partner and member of the firm ...
Orion European Real Estate Fund V raises €1.5bnProperty Week

all 2 news articles »

Categories: Europe

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Germany overtakes UK as most active European commercial property market - Property Wire

Wed, 2017-03-22 07:37


Property Wire

Germany overtakes UK as most active European commercial property market
Property Wire
Germany overtook the UK as the most active commercial property market in Europe in 2016 with transactions totalling €59 billion, according to the latest research. Although investment volumes declined 14% year on year, global real estate advisor Knight ...

Categories: Europe

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Sell-Side Analyst's Predictions: G-III Apparel Group, Ltd. (GIII), Pennsylvania Real Estate Investment Trust (PEI) - The USA Commerce

Wed, 2017-03-22 07:12


The USA Commerce

Sell-Side Analyst's Predictions: G-III Apparel Group, Ltd. (GIII), Pennsylvania Real Estate Investment Trust (PEI)
The USA Commerce
Shares of G-III Apparel Group, Ltd. (NASDAQ:GIII) dropped -3.94% to $22.68. During the trading on 03/21/2017. The relative strength index or RSI highlights overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 31.70 that ...

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Categories: USA

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Between The Numbers: Prologis, Inc. (PLD), Alexandria Real Estate Equities (ARE) - USA Commerce Daily

Wed, 2017-03-22 05:54


USA Commerce Daily

Between The Numbers: Prologis, Inc. (PLD), Alexandria Real Estate Equities (ARE)
USA Commerce Daily
Shares of Prologis, Inc. (NYSE:PLD) are on a recovery track as they have regained 25.14% since bottoming out at $41.67 on Mar. 24, 2016. Thanks to a rise of almost 2.13% in the past five days, the stock price is now down -3.65% so far on the year ...

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Categories: USA

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How to build relationships just waiting to happen on social media

Wed, 2017-03-22 05:00

In Episode 2 of Agent Insight, broker Chris Lazarus sits down with Rick Guerrero who is the director of branch sales and strategic partnerships with US Mortgage Corp. to discuss creating relationships via social media and other networking avenues. ...

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How much money do Opendoor sellers leave on the table?

Wed, 2017-03-22 05:00

How much money do homesellers leave on the table if they sell to Opendoor, the property-exchange platform that's raised $320 million? A look at Opendoor's listings in Las Vegas, the company's latest market, points towards the answer. On March 17, Opendoor was trying to sell its Las Vegas listings for an average of 6.13% more than it bought them for ...

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What WellcomeMat, a real estate listing video manager, has over YouTube

Wed, 2017-03-22 04:55

WellcomeMat doesn't create video for you. It's not an presentation or a content production tool. Its highest and best use is as a way to manage, distribute and measure video marketing ...

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Savills bolstered by strong growth in Asia and Europe - Financial Times

Wed, 2017-03-22 04:55


Financial Times

Savills bolstered by strong growth in Asia and Europe
Financial Times
The group said investors worldwide continue to buy real estate as they seek income in an environment of low interest rates. However, it added: “They have experienced a number of headwinds including material rises in property taxes in a number of markets.”.

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Categories: Europe

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Should buyer’s agents attend property inspections?

Wed, 2017-03-22 04:30

Buyer's agency creates expectations from and for both parties. Agents need clients to represent (that is how we get paid), and most buyers need guidance to complete a real estate purchase ...

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