Month: November 2017

29 Nov

Worsening Affordability Costs Renters $2,000 per Year

SEATTLE, Nov. 29, 2017 /PRNewswire/ — Rising rents are eating up an increasingly large share of American incomes, costing the typical renter $2,000 per year.

Currently, the median U.S. rental requires 29.1 percent of the median monthly income. However, in the years leading up to the housing bubble, renters spent just 25.8 percent of their income on housing. That means renters are spending $1,957 more on rent in 2017 than they would be if the percentage had remained the same.

By contrast, the typical homeowner spends less of their income on house payments than they did previously – saving about $3,300 per year on the typical home. Mortgage payments take up a smaller share of income now than they did historically – 15.4 percent in 2017 Q3, compared to 21 percent previously.

In expensive markets like San Jose, renters are spending nearly 39 percent of their incomes on rent, compared to 26 percent historically, which translates to $13,525 this year, more than any other metro Zillow analyzed. Renters in San Francisco are similarly affected by worsening rent affordability, spending $11,236 more on rents than they would have if the cost of rent had remained proportional to income. 

While rent affordability has worsened in most U.S. metros, rents in Pittsburgh have remained mostly level over the past several years, allowing incomes to keep up and even outpace rent appreciation. Renters in the metro actually spend a smaller share of income on rent than they did in pre-bubble years, meaning they are spending about $3,400 less per year than they would have at the historical rate.

“In most markets, current renters are at a disadvantage compared to years past because paying the rent takes up a much larger share of their income than it did before,” said Zillow® Chief Economist Dr. Svenja Gudell. “For many people, that can mean less cash to put toward paying off student debt, building an emergency fund, or saving for retirement. For those hoping to buy a home, it could be a significant part of their down payment. For parents, it could mean additional childcare or a family vacation. This is another example of how much worse rent affordability has gotten.”

Younger generations want to buy homes, and have traditional views on the value of homeownership. However, with home prices climbing, first-time buyers have to save more than $100 a month for a down payment just to keep up with rising home costs[i]. Low interest rates mean monthly mortgage payments are relatively affordable, but the majority of renters cite that initial down payment as the main barrier to buying a home[ii].

Metropolitan Area

Share of
Income
Spent On
Rent, 2017
Q3

Historic
Income
Spent On
Rent

Additional
Rent Costs
Per Year

Share of
Income
Spent On
Mortgage
Payments,
2017 Q3

Historic
Income
Spent On
Mortgage
Payments

Mortgage
Payment
Savings Per
Year

United States

29.1%

25.8%

$1,957

15.4%

21.0%

$3,289

New York/Northern New Jersey

39.3%

26.2%

$9,543

26.2%

29.7%

$2,566

Los Angeles-Long Beach-Anaheim, CA

48.4%

36.2%

$8,178

40.8%

35.2%

-$3,781

Chicago, IL

29.7%

25.2%

$3,020

14.4%

22.8%

$5,578

Dallas-Fort Worth, TX

30.2%

21.8%

$5,298

15.2%

20.4%

$3,256

Philadelphia, PA

27.7%

21.4%

$4,337

14.3%

20.0%

$3,901

Houston, TX

28.8%

24.3%

$2,848

12.8%

15.3%

$1,611

Washington, DC

26.1%

17.6%

$8,313

17.6%

22.3%

$4,651

Miami-Fort Lauderdale, FL

41.0%

28.5%

$6,741

21.3%

20.0%

-$717

Atlanta, GA

26.0%

19.3%

$4,261

12.9%

19.1%

$3,941

Boston, MA

33.8%

26.3%

$6,296

23.0%

26.2%

$2,687

San Francisco, CA

42.4%

30.7%

$11,236

40.6%

38.3%

-$2,189

Detroit, MI

24.9%

19.9%

$2,850

11.3%

16.6%

$2,991

Riverside, CA

36.7%

32.7%

$2,406

24.9%

26.5%

$969

Phoenix, AZ

27.3%

22.9%

$2,600

18.3%

21.3%

$1,791

Seattle, WA

30.2%

23.8%

$5,592

23.5%

25.2%

$1,493

Minneapolis-St Paul, MN

26.6%

21.3%

$3,903

15.2%

18.4%

$2,299

San Diego, CA

42.0%

34.7%

$5,322

34.4%

34.1%

-$198

St. Louis, MO

23.1%

21.2%

$1,132

11.2%

16.1%

$2,887

Tampa, FL

32.1%

27.6%

$2,271

16.5%

18.7%

$1,097

Baltimore, MD

27.4%

26.9%

$374

15.5%

21.4%

$4,476

Denver, CO

32.4%

23.7%

$6,531

22.1%

21.9%

$220

Pittsburgh, PA

22.5%

28.4%

-$3,392

10.8%

15.5%

$2,750

Portland, OR

32.5%

23.5%

$6,182

24.1%

22.5%

$1,078

Charlotte, NC

26.9%

19.3%

$4,344

14.0%

18.3%

$2,472

Sacramento, CA

31.8%

31.8%

$37

24.7%

28.6%

$2,611

San Antonio, TX

28.0%

26.2%

$1,068

13.0%

17.7%

$2,691

Orlando, FL

32.0%

22.6%

$4,987

17.6%

20.4%

$1,505

Cincinnati, OH

25.6%

19.2%

$3,808

11.6%

19.3%

$4,632

Cleveland, OH

25.5%

22.7%

$1,530

11.4%

20.0%

$4,616

Kansas City, MO

23.8%

17.5%

$4,046

11.3%

20.1%

$5,611

Las Vegas, NV

28.0%

24.1%

$2,126

19.1%

25.9%

$3,735

Columbus, OH

25.9%

22.0%

$2,393

12.2%

20.0%

$4,757

Indianapolis, IN

25.3%

21.8%

$2,013

10.9%

20.8%

$5,638

San Jose, CA

38.5%

26.0%

$13,525

43.3%

36.0%

-$7,938

Austin, TX

29.0%

23.3%

$4,027

17.6%

18.9%

$ 908

Zillow

Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, 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 also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

[i] http://zillow.mediaroom.com/2017-11-09-Home-Buyers-Need-to-Save-up-to-600-a-Month-Just-to-Keep-Up-with-Rising-Home-Prices 
[ii] https://www.zillow.com/research/down-payment-hurdle-zhar-14790/

SOURCE Zillow

27 Nov

Charity Deduction Faces Same Tax Reform Risk as MID

Of all of the itemized deductions, the main one for charitable contributions might seem ahead out the very best under tax reform. That’s because it’s the only real deduction under both homely house and the Senate versions of the bill that’s largely undiminished. And charities complain donations will dry out under tax reform yet. What gives?

“Provisions in the goverment tax bill the homely house and Senate are thinking about would make the problem worse” for charities, Ray Madoff, director of the Boston College Law School Forum on Philanthropy and the general public Good, says in a Nov. 27 NY Times opinion piece.

The nagging problem, Madoff says, may be the near doubling of the typical deduction. Challenging other itemized deductions either going or constrained by new caps away, most households will choose the standard deduction than continue steadily to itemize rather. That renders the tax deduction for charitable giving meaningless nearly. As Madoff puts it, “A massive most American taxpayers would no more itemize and for that reason would receive no benefits because of their charitable giving.”

That argument may problem. It’s exactly the same one NAR is making about homeownership. Beneath the Senate bill, the mortgage interest deduction will be left intact, however the deduction for state and local taxes would disappear completely. In the homely house, MID will be limited by mortgages of $500,000 and the deductions for property taxes will be capped at $10,000, as the deduction for state and local sales and taxes will be entirely repealed. So, while MID is preserved, either or partly entirely, today would continue steadily to do so hardly any households that itemize. As a total result, MID would continue being a benefit limited to the wealthiest households.

Given the structural changes to the tax code lawmakers have before them, preserving the deduction for charitable contributions is meaningless mostly. This is actually the ditto REALTORS&reg exactly; say about tax incentives for homeownership. They’re meaningless for some households if tax reform passes in its current form in both House and the Senate.

More on tax reform’s effect on homeowners in The Voice for Real Estate.

VRE 78 still

22 Nov

Median U.S. Home is $12,today when compared to a Year Ago 500 More Valuable

SEATTLE, Nov. 22, 2017 /PRNewswire/ — Home values are setting new records, on a monthly basis and homes are gaining thousands in value. The national median home value is $12,year ago 500 a lot more than it was just one single, the October Zillow&reg in accordance with; MARKET Reporti.

More than 1 / 2 of the country’s largest markets are worth a lot more than they were before the onset of the fantastic Recession. Home values in San Jose, Calif.year gained probably the most in value during the last, with homes worth 12.3 percent a lot more than these were in October 2016, which means a $118,200 increase. Seattle – 11.7 percent – and Las Vegas – 11.2 percent – year also saw double-digit home value appreciation in the last.

Limited housing supply and heavy demand continue steadily to are likely involved in driving up home prices. You can find 11.7 percent fewer virginia homes in the U.S. a year ago than. Inventory has dropped most significantly in San Jose, San Francisco and San Diego in the last year. In San Jose, you can find 60.year 4 percent fewer homes on the market than at this time last. In San Francisco and San Diego you can find 32 and 31 percent fewer homes fewer virginia homes, respectively.

“We have been amid a listing crisis that presents no signs of waning, impacting audience in the united states all,” said Zillow Chief Economist Dr. Svenja Gudell. “Home values are growing at a historically fast pace, and the ones potential buyers need to get on the market while they still can. Year but with homes gaining so much value in only one, buyers – first-time buyers &ndash especially; need to set aside a lot more money for a deposit just to match them. Unfortunately, there’s not enough virginia homes, and demand will continue steadily to drive prices higher until we reach an improved balance between demand and offer.”

month

Annual rent appreciation grew for the sixth consecutive, with rents increasing 2.2 percent from last October to a Zillow Rent Indexii of $1,432.

Mortgage ratesiii on Zillow ended the month of October at 3.73 percent. Rates reached a monthly most of 3.the month 82 percent near the end of, the month was 3 and the cheapest rate of.68 percent. Zillow’s real-time mortgage rates derive from a large number of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the newest changes on the market.

Metropolitan Area

 Zillow Home
Value Index
iv

(ZHVI)

Annual
ZHVI
Change (%)

Annual
ZHVI
Change ($)

Annual
Inventory
Change

Zillow
Rent
Index
(ZRI)

Annual
ZRI
Change

United States

$203,400

6.5%

$12,500

-11.7%

$1,432

2.2%

New York, NY

$426,100

7.1%

$28,200

-16.8%

$2,393

0.5%

Los Angeles-Long Beach-Anaheim, CA

$615,800

5.4%

$31,600

-23.2%

$2,720

4.4%

Chicago, IL

$212,900

5.3%

$10,800

-9.3%

$1,651

1.0%

Dallas-Fort Worth, TX

$217,100

9.1%

$18,100

28.4%

$1,596

3.0%

Philadelphia, PA

$219,000

3.0%

$  6,400

-16.1%

$1,578

0.4%

Houston, TX

$183,300

4.6%

$  8,000

2.8%

$1,532

-2.0%

Washington, DC

$384,700

2.4%

$  9,000

-10.7%

$2,133

0.7%

Miami-Fort Lauderdale, FL

$259,200

6.8%

$16,400

-0.9%

$1,848

-1.5%

Atlanta, GA

$182,200

6.7%

$11,400

-11.6%

$1,379

4.3%

Boston, MA

$432,300

6.5%

$26,400

-19.1%

$2,365

2.2%

San Francisco, CA

$871,300

6.0%

$49,500

-32.0%

$3,379

-0.1%

Detroit, MI

$142,700

7.6%

$10,100

-16.9%

$1,181

1.4%

Riverside, CA

$335,200

6.0%

$19,100

-20.0%

$1,840

6.2%

Phoenix, AZ

$242,100

6.5%

$14,800

-12.6%

$1,344

3.7%

Seattle, WA

$457,700

11.7%

$48,100

-23.6%

$2,198

5.6%

Minneapolis-St Paul, MN

$246,200

5.5%

$12,800

-18.4%

$1,623

5.3%

San Diego, CA

$555,800

6.2%

$32,500

-31.0%

$2,535

4.4%

Tampa, FL

$189,100

8.1%

$14,100

-20.1%

$1,364

2.3%

Baltimore, MD

$262,000

3.1%

$  8,000

-18.8%

$1,730

0.2%

Denver, CO

$372,800

6.3%

$22,000

-23.3%

$2,035

1.8%

Pittsburgh, PA

$137,100

3.9%

$  5,100

-10.0%

$1,067

-1.5%

Portland, OR

$369,000

6.0%

$20,900

3.4%

$1,872

4.7%

Charlotte, NC

$179,100

8.5%

$14,000

-4.8%

$1,284

3.6%

Sacramento, CA

$376,900

8.4%

$29,100

-21.8%

$1,813

7.0%

San Antonio, TX

$167,100

7.5%

$11,700

3.7%

$1,335

1.0%

Orlando, FL

$209,900

7.7%

$15,000

-14.9%

N/A

N/A

Cincinnati, OH

$154,600

5.5%

$  8,100

-16.0%

$1,273

2.9%

Las Vegas, NV

$236,800

11.2%

$23,900

-24.5%

$1,284

3.9%

Columbus, OH

$168,400

6.9%

$10,800

-25.5%

$1,324

2.7%

San Jose, CA

$1,076,400

12.3%

$118,200

-60.4%

$3,488

0.1%

Austin, TX

$280,700

8.5%

$21,900

4.4%

$1,690

-0.6%

Virginia Beach, VA

$222,300

2.5%

$  5,400

-4.8%

$1,400

0.7%

Providence, RI

$273,300

6.2%

$16,000

-13.9%

N/A

N/A

Milwaukee, WI

$214,900

3.7%

$  7,700

-4.3%

N/A

N/A

Jacksonville, FL

$184,800

6.8%

$11,800

-6.5%

N/A

N/A

Zillow

Zillow may be the leading real rental and estate marketplace focused on empowering consumers with data, inspiration and knowledge round the accepted place they call home, and connecting them with the very best local professionals who is able to help. Furthermore, 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 a lot more than 450 markets at Zillow PROPERTY Research. Zillow sponsors the quarterly zillow Home Price Expectations Survey also, which asks a lot more than 100 leading economists, property experts and investment and market strategists to predict the road of the Zillow Home Value Index on the next five years. Launched in 2006, Zillow is operated and owned by zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.

Zillow is really a registered trademark of Zillow, Inc.

i The Zillow MARKET Reports certainly are a monthly summary of the national and local areas. The reports are published by Zillow PROPERTY Research. To learn more, visit www.zillow.com/research/. The info in Zillow’s MARKET Reports are aggregated from public sources by way of a amount of data providers for 928 metropolitan and micropolitan areas dating back to to 1996. Mortgage and home loan data are usually recorded in each county and publicly available by way of a county recorder’s office. All current monthly data at the national, state, metro, city, ZIP neighborhood and code level could be accessed at www.zillow.www and com/local-info/.zillow.com/research/data.
ii The Zillow Rent Index (ZRI) may be the median Rent Zestimate® (estimated monthly rental price) for confirmed geographic area on confirmed day, and includes the worthiness of most single-family residences, condominiums, cooperatives and apartments in Zillow’s database, whether or not they’re listed for rent currently. It really is expressed in dollars. 
iii Mortgage rates for a 30-year fixed mortgage
iv The Zillow Home Value Index (ZHVI) may be the median estimated home value for confirmed geographic area on confirmed day and includes the worthiness of most single-family residences, cooperatives and condominiums, of if they sold inside a given period regardless. It really is expressed in dollars, and adjusted seasonally.

SOURCE Zillow

15 Nov

Zillow Predicts Suburban Sprawl to come back in 2018

SEATTLE, Nov. 15, 2017 /PRNewswire/ — Those dreaming about rest from the ongoing inventory crisis won’t believe it is in 2018.

Next year, current homeowners can look to remodel their homes than sell rather, limiting inventory further, sufficient reason for limited space to incorporate new homes in city centers, suburban sprawl shall create a return. Newly built homes will be made with both millennials and aging adults at heart, as both generations are searching for similar features.

Zillow’s 2018 Housing Predictions:

Inventory shortages will continue steadily to impact the housing marketplace: Having less virginia homes will remain a premier concern in 2018, playing a substantial role in rising home prices. Inventory has been falling since 2011, year agoi and you can find 12 percent fewer virginia homes than there have been a. This is particularly problematic for first-time homebuyers who don’t possess the capital from the previous home sale to greatly help with the deposit, especially in hot markets like Seattle and San Jose.

Homeowners will elect to remodel rather than sell: Today’s homeowners, cautious with becoming buyers in that limited market, will elect to remodel their homes of moving instead, worsening the inventory crisis.

Baby Boomers and millennials will drive home design: Livable design features that interest both millennials and SENIORS is a focus in new construction. Homes will be made to make living simple and comfortable – for example, with wide hallways that may accommodate both wheelchairs and strollers.

More entry-level homes: Builders will react to the demand developed by more first-time buyers entering the marketplace and increase new construction of entry-level homes.

Suburban sprawl will return: The suburbs will expand because the cost of land and construction reaches a tipping point in cities. Urban living is popular the type of searching for close usage of job centers and cultural amenities, but building regulations and costs will result in increased development in the suburbs.

Home price growth will slow: Home prices will grow 4.1 percent, in accordance with a lot more than 100 housing economists and experts surveyed in the most recent Zillow® Home Price Expectations Survey. Home values are growing at 6.9 percent annually.

Statement from Zillow Chief Economist Dr. Svenja Gudell

“We’re on the far side of the housing recovery, and the true estate market looks unique of it did 15 as well as five years back quite. We have an enormous generation entering the marketplace. They would like to be homeowners really, and they’re confronted with a listing crisis that leaves them with few options. Builders won’t ignore this hungry market, and we’ll begin to visit a rise in new construction at the less expensive end, rather than all of the luxury buildings we’ve seen lately. However, builders are facing high costs also, so rather than adding density in cities where zoning land and laws costs often preclude affordable building, we’ll start to see the suburbs grow and expand outward.

“Generally in most markets round the country, housing has turned into a game of musical chairs, and nobody really wants to function as last one with out a seat. Homeowners that are buying change will turn to remodeling and redecorating rather than selling their home and facing the challenges to be a buyer in a sellers’ market.

“New homes will undoubtedly be made to be particularly attractive to the millennial and Boomer generations. Wide hallways makes it easier to move around in, in addition to make it better to navigate a wheelchair or stroller through the halls. Large drawers shall replace cabinets, making it simpler to access everyday items which were hard to attain previously.”

Zillow
Zillow may be the leading property and rental marketplace focused on empowering consumers with data, inspiration and knowledge round the accepted place they call home, and connecting them with the very best local professionals who is able to help. Furthermore, 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 a lot more than 450 markets at Zillow PROPERTY Research. Zillow sponsors the quarterly zillow Home Price Expectations Survey also, which asks a lot more than 100 leading economists, property experts and investment and market strategists to predict the road of the Zillow Home Value Index on the next five years. Launched in 2006, Zillow is operated and owned by zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.

Zillow is really a registered trademark of Zillow, Inc.

ihttps://www.zillow.com/research/september-2017-market-report-17073/

SOURCE Zillow

14 Nov

Don’t Just Sell a Home; Market a Lifestyle

Kevin Tengan told attendees at the REALTORS® Conference & Expo to remember that home buyers are looking for “a place for their life to happen.”

To help your listing stand out from the competition, focus on the lifestyle the property will help buyers achieve, in addition to common details such as square footage and number of bedrooms.

That’s the advice of visual effects specialist Kevin Tengan, who has turned his experience working on Hollywood productions into the foundation for a real estate business that reflects his love for imagery and storytelling. A buyer might say they want a four-bedroom, three-bath house with a sunny kitchen and a backyard, but what they’re really looking for is “a place for their life to happen,” he said during a session at the REALTORS® Conference & Expo in Chicago earlier this month.

“A lot of what we communicate is ‘what’ and ‘how,’ but few talk about ‘why,’” said Tengan, CRS, chief operating officer of RE/MAX Prestige in Honolulu. “Start with the why.”

As you develop marketing campaigns, remember that saying a home is in a great neighborhood isn’t as powerful as showing why that is the case, said Tengan. For example, if you produce a video property tour, include footage of nearby attractions such as beaches, museums, shopping districts, and other aspects of a community that can inspire a buyer to want to live in the area—not just in the home. Anything you can do to tie your listing to the lifestyle buyers want will attract more traffic, Tengan said.

One of the keys to developing marketing materials that will resonate with buyers looking for a certain lifestyle is understanding the trends that characterize the people you are trying to reach, said Emily Line, vice president of commercial services for Realtors Property Resource®. As a real estate professional, you have access to an enormous amount of data about what consumers are looking for. There are services that can sift through the information and create reports to help you develop an effective pitch, Line said.

The data can help you tune in to trends that reflect the kind of buyers you want to reach. You can identify people in certain kinds of occupations, where they like to shop, and what they like to do for entertainment, Line said. This information can help you connect with buyers in your area, as well as investors who want to purchase commercial or residential properties that will attract certain types of tenants, she said.

Turn the information you collect into a marketing tool by incorporating it into a story that connects the property to the goals and lifestyle of those who would buy it, Tengan said. “At the end of the day, the story is all that matters. A great story evokes a reaction.”

10 Nov

Homeownership is a Shared Value across Party Lines

SEATTLE, Nov. 10, 2017 /PRNewswire/ — Homeownership is an American value that transcends political parties, according to the Zillow® Housing Aspirations Report™i. The biannual survey found that 68.7 percent of Republicans and 65.1 percent of Democrats see owning a home as essential to living the American Dream.

About two-thirds of self-identified Republicans and Democrats agreed that homeownership is key to a higher social status, and close to three-quarters of respondents who identified with either party also believe that being a homeowner increases standing in the local community.

Many issues have a distinct political divide, but the majority of Republicans and Democrats agree on the value of owning a home. National homeownership rates are returning from a historical low point following the housing crisis, a signal that the recession did not fundamentally harm overall sentiment toward homeownership. Millennials, who delayed homeownership but are finally buying homes, are the generation most likely to say homeownership is part of the American Dream, regardless of political affiliation.

“In a time of political division, these survey results remind us of something most Americans share – the sense that owning a home is a big part of living the American Dream,” said Zillow Chief Economist Dr. Svenja Gudell. “Home ownership — and its ability to create wealth, stability, and community – doesn’t depend on political affiliation. As we debate the national and local politics surrounding affordability and tax reform, it’s worthwhile to pause and remember a value most of us can agree on.”

The survey showed Americans across the country agree that buying a home is part of the American Dream and a good financial decision in markets that are regularly setting record-high prices and those that have yet to recover from the housing crash.

Los Angeles is one of the least affordable housing markets in the country, and nearly half of the survey respondents expect they will have to wait at least three years to buy a home. However, Los Angeles residents are more likely than residents of other large metropolitan areas to say that owning a home is necessary to live the American Dream, with 72 percent of respondents agreeing with the statement.

In Las Vegas, home values are still 23.3 percent below the peak values set during the housing bubbleii, and 15.9 percent of homeowners are underwater on their mortgagesiii. Despite this, 67 percent of respondents agree that homeownership is essential to the American Dream.

The survey also revealed that even amidst rapidly rising home values, most Americans feel confident that they will be able to stay in their current homes as long as they would like, but residents of the most expensive metros are less certain they will eventually be able to buy their own home. Ninety-one percent of Republicans and 89.6 percent of Democrats report feeling confident that they will be able to afford to stay where they live now, but at least 40 percent of respondents in West Coast markets don’t plan on buying a home for at least five years, if they ever do.

Republicans and Democrats alike tend to think that homeownership offers advantages beyond financial benefits. The vast majority of respondents to the survey view owning a home as better for raising a family, making ties within the community, and overall quality of life, regardless of their local housing market.

The Zillow Housing Aspirations Report is a semi-annual survey sponsored by Zillow and conducted by IPSOS. It asks 10,000 renters and homeowners in 20 metros across the country about their views on homeownership and their personal housing expectations for the future.

Agree that owning a home is necessary
to live The American Dream

Metropolitan Area

Democrat

Republican

Atlanta, GA

67.3%

66.2%

Boston, MA

62.2%

66.5%

Chicago, IL

64.7%

56.7%

Dallas-Fort Worth, TX

64.9%

62.4%

Denver, CO

60.3%

66.4%

Detroit, MI

64.9%

67.0%

Las Vegas, NV

69.5%

64.3%

Los Angeles-Long Beach-Anaheim, CA

69.1%

76.0%

Miami-Fort Lauderdale, FL

73.9%

72.2%

Minneapolis-St Paul, MN

52.6%

63.4%

New York, NY

64.6%

72.1%

Philadelphia, PA

61.7%

75.8%

Phoenix, AZ

71.9%

70.6%

San Diego, CA

64.3%

66.0%

San Francisco, CA

69.4%

75.2%

San Jose, CA

67.5%

71.8%

Seattle, WA

60.4%

68.7%

St. Louis, MO

62.5%

68.7%

Tampa, FL

66.1%

68.2%

United States

65.1%

68.7%

Washington, DC

63.4%

76.9%

Zillow

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, 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 also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc. Housing Aspirations Report is a trademark of Zillow, Inc.

i The Zillow Housing Aspirations Report is computed from an IPSOS poll which combines sample of 10,000 U.S. adults from 20 U.S. core-based statistical area (CBSA) metropolitans (Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Los Angeles, Las Vegas, Miami, Minneapolis, New York, Philadelphia, Phoenix, St. Louis, San Diego, San Francisco, San Jose, Seattle, Tampa, and Washington, D.C.) age 18+, surveyed online in English. The survey has a credibility interval of plus or minus 1.1 percentage points for all respondents from the 20 U.S. metropolitans and approximately 5.0 percentage points for an individual U.S. metropolitan. Post-hoc weights were made to the population characteristics on gender, age, region, and race and ethnicity. For more information about conducting research intended for public release or IPSOS’ online polling methodology, please visit the Public Opinion Polling and Communication page.

iihttps://www.zillow.com/research/september-2017-market-report-17073/

iiihttps://www.zillow.com/research/q1-2017-negative-equity-15888/

SOURCE Zillow

9 Nov

Home Buyers Have to Conserve to $600 per month — Merely to Match Rising Home Prices

SEATTLE, Nov. 9, 2017 /PRNewswire/ — For future home buyers wondering when to avoid saving and obtain into the housing marketplace, the math is clear: the earlier the higher. With home values forecasted to go up atlanta divorce attorneys major U.S. year metro on the next, a 20 percent deposit on the median-priced home today will definitely cost thousands more just one single year from now.

Nationally, the median home will undoubtedly be worth $6,per year from now 275 more, in accordance with Zillow®‘s home value forecasts. Which means the common U.S. buyer should save yet another $105 per month – $1,year &ndash 260 total on the next; per year from now merely to account for just how much more a 20 percent deposit will cost.  

In hot coastal markets like San Jose, home values are anticipated to rise around $35,year 934 by this time around next, the best annual dollar increase of the metros analyzed. A buyer in 2018 will need $7,today 188 more for a deposit on the median home than they might. For all those saving monthly for another home purchase, that compatible putting away yet another $599 per month just to match home value appreciation, let other things that is necessary for the deposit itself alone. Future home buyers in Seattle, San Diego and Riverside, Calif. may also be prepared to spend thousands more on down payments for the median home per year from now.

Saving for a deposit is among the biggest hurdles to homeownershipi. Which may be why over fifty percent (59 percent) of most first-time buyers today put significantly less than 20 percent down on the home purchase, in accordance with Zillow Group’s Consumer Housing Trends Report 2017. However, a little down payment will not come without risks. The report also discovered that buyers with larger down payments will obtain offer accepted, averaging 1 just.9 total offers before winning their house in comparison to 2.4 for buyers with reduce payments. When time is money, a minimal down payment could be costly.

“Sky-high rents and rising home prices are putting first-time buyers in a catch-22,” says Dr. Svenja Gudell, Zillow chief economist. “Buying now with a minimal down payment could be riskier, and the offer is probably not regarded as competitive by owner. However, a renter who saves for another year to attain a larger deposit could find that the home they love today is outside their budget per year from now. Year for all those considering buying within the next, today could make more financial sense than they think engaging in the market.”

Buyers may use the Zillow affordability calculator to observe how much they are able to actually afford to invest on a home, predicated on their income, savings and debt. The Zillow mortgage calculator may also provide custom deposit estimates predicated on home interest and price rates.

Metro

Median Home Value (Sept. 2017)

20 Percent DEPOSIT (Sept. 2017)

YoY Home Value Forecast (%)

YoY Home Value Forecast ($)

Median Home Value (Sept. 2018)

20 Percent DEPOSIT (Sept. 2018)

Avg. Year &nbsp monthly Savings Had a need to Match Home Prices Over Next;

United States

$ 202,700

$ 40,540

3.1%

$ 6,275

$ 208,975

$ 41,795

$ 105

Los Angeles-Long Beach-Anaheim, CA

$ 613,200

$ 122,640

1.2%

$ 7,495

$ 620,695

$ 124,139

$ 125

Chicago, IL

$ 213,600

$ 42,720

3.3%

$ 6,996

$ 220,596

$ 44,119

$ 117

Dallas-Fort Worth, TX

$ 214,800

$ 42,960

4.6%

$ 9,875

$ 224,675

$ 44,935

$ 165

Philadelphia, PA

$ 218,200

$ 43,640

2.0%

$ 4,455

$ 222,655

$ 44,531

$ 74

Houston, TX

$ 182,200

$ 36,440

2.8%

$ 5,059

$ 187,259

$ 37,452

$ 84

Washington, DC

$ 385,300

$ 77,060

2.4%

$ 9,251

$ 394,551

$ 78,910

$ 154

Miami-Fort Lauderdale, FL

$ 257,900

$ 51,580

1.6%

$ 4,080

$ 261,980

$ 52,396

$ 68

Atlanta, GA

$ 182,700

$ 36,540

5.2%

$ 9,573

$ 192,273

$ 38,455

$ 160

Boston, MA

$ 430,700

$ 86,140

2.9%

$ 12,347

$ 443,047

$ 88,609

$ 206

San Francisco, CA

$ 865,400

$ 173,080

1.3%

$ 11,538

$ 876,938

$ 175,388

$ 192

Detroit, MI

$ 142,400

$ 28,480

3.7%

$ 5,218

$ 147,618

$ 29,524

$ 87

Riverside, CA

$ 333,000

$ 66,600

4.8%

$ 15,949

$ 348,949

$ 69,790

$ 266

Phoenix, AZ

$ 240,500

$ 48,100

2.8%

$ 6,800

$ 247,300

$ 49,460

$ 113

Seattle, WA

$ 455,800

$ 91,160

5.2%

$ 23,651

$ 479,451

$ 95,890

$ 394

Minneapolis-St Paul, MN

$ 247,200

$ 49,440

2.3%

$ 5,742

$ 252,942

$ 50,588

$ 96

San Diego, CA

$ 553,900

$ 110,780

2.9%

$ 16,006

$ 569,906

$ 113,981

$ 267

St. Louis, MO

$ 148,300

$ 29,660

2.2%

$ 3,324

$ 151,624

$ 30,325

$ 55

Tampa, FL

$ 188,300

$ 37,660

3.4%

$ 6,385

$  194,685

$ 38,937

$ 106

Baltimore, MD

$ 262,000

$ 52,400

2.9%

$ 7,639

$ 269,639

$ 53,928

$ 127

Denver, CO

$ 372,800

$ 74,560

2.9%

$ 10,867

$ 383,667

$ 76,733

$ 181

Pittsburgh, PA

$ 137,800

$ 27,560

2.6%

$ 3,625

$ 141,425

$ 28,285

$ 60

Portland, OR

$ 369,700

$ 73,940

3.7%

$ 13,648

$ 383,348

$ 76,670

$ 227

Charlotte, NC

$ 178,700

$ 35,740

4.2%

$ 7,422

$ 186,122

$ 37,224

$ 124

Sacramento, CA

$ 373,600

$ 74,720

3.9%

$ 14,736

$ 388,336

$ 77,667

$ 246

San Antonio, TX

$ 166,100

$ 33,220

2.7%

$ 4,415

$ 170,515

$ 34,103

$ 74

Orlando, FL

$ 209,600

$ 41,920

4.2%

$ 8,764

$ 218,364

$ 43,673

$ 146

Cincinnati, OH

$ 154,100

$ 30,820

2.7%

$ 4,126

$ 158,226

$ 31,645

$ 69

Cleveland, OH

$ 136,300

$ 27,260

2.5%

$ 3,446

$ 139,746

$ 27,949

$ 57

Kansas City, MO

$ 161,100

$ 32,220

3.0%

$ 4,775

$ 165,875

$ 33,175

$ 80

Las Vegas, NV

$ 233,600

$ 46,720

5.9%

$ 13,731

$ 247,331

$ 49,466

$ 229

Columbus, OH

$ 166,400

$ 33,280

3.4%

$ 5,653

$ 172,053

$ 34,411

$ 94

Indianapolis, IN

$ 138,700

$ 27,740

3.2%

$ 4,486

$ 143,186

$ 28,637

$ 75

San Jose, CA

$ 1,052,500

$210,500

3.4%

$ 35,934

$ 1,088,434

$ 217,687

$ 599

Austin, TX

$ 274,700

$ 54,940

3.3%

$ 9,171

$ 283,871

$ 56,774

$ 153

Zillow

Zillow may be the leading real rental and estate marketplace focused on empowering consumers with data, inspiration and knowledge round the accepted place they call home, and connecting them with the very best local professionals who is able to help. Furthermore, Zillow operates an industry-leading economics and analytics bureau led by Zillow Group’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering a lot more than 450 markets at Zillow PROPERTY Research. Zillow sponsors the quarterly zillow Home Price Expectations Survey also, which asks a lot more than 100 leading economists, property experts and investment and market strategists to predict the road of the Zillow Home Value Index on the next five years. Launched in 2006, Zillow is operated and owned by zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.

Zillow is really a registered trademark of Zillow, Inc.

i Based on the first Zillow Housing Aspirations Report (ZHAR), a semi-annual survey of 10,000 Americans seeking insight to their views on homeownership and their housing plans.

SOURCE Zillow

6 Nov

Your New Real Estate Motto: ‘Helping Beats Selling’

Marketing Expert Kelly McDonald offers indispensable advice for connecting with prospects and clients.

Think of the U.S. as a “salad bowl”—rather than a “melting pot”—that integrates many different cultures as you develop marketing strategies to reach a diverse set of prospects and clients. Marketing expert and author Kelly McDonald offered attendees a range of tips to foster strong and meaningful connections in her Monday session, “How to Market and Sell to People Not Like You,” at the REALTORS® Conference and Expo.

  • Be relevant in your marketing. “Identify what people want, and give it to them,” McDonald said. You may have lots of information about the features and attributes of a property to share with buyers, but that matters much less than keying in on “why it benefits them. You have to be able to make sure people understand ‘why I should care’ about what you’re telling them.”
  • Adapt to the needs of your clients and prospects. People need you to understand and relieve their pain, but you need to know what the pain points are,” McDonald said. She cited an example of an auto glass repair company that set up an introduction system so that customers knew which technician would be coming to their home. They sent along a photo in advance, so clients knew who to look out for. “This addressed the strong need women have for a sense of security and great personal service, she said.
  • Keep your communications short. Your clients and customers don’t have enough time in their lives as it is, so present information “in bite-sized portions,” she said. Use white space between paragraphs and bullet points to increase the chance people will read what you send them. “Whenever possible, shorten your voicemail and emails, and use pictures and graphics to make your points.”
  • Cultivate your ‘pilot fish.’ It’s important to know what you’re doing wrong, but you may not learn what that is until you ask someone with whom you’ve done business. “People won’t tell you if you don’t ask them,” she said. “And don’t be afraid of acknowledging the problems. You can’t fix them if you don’t know about them.”
  • Foster a culture of empathy when hiring. “It’s more important to hire the right person than the right resume,” McDonald said. “Don’t be afraid to recruit from new ponds” because you can always get them up to speed on the tasks and skills needed for the job. “Awesome people are awesome no matter where they are working.”
  • Don’t be defensive when you’re wrong. If something is going haywire with a transaction, people only want to hear five words from you: “We’ll take care of it.” The blame game is never productive, so “stop offering excuses when things go wrong. People want to know how you’re going to take care of problems, so unless they ask for a lot of details about how something went amiss, don’t go there,” she said.
6 Nov

The Tips for Learning to be a Better Leader

Whether you’re owning a small team or perhaps a large office, your brokerage’s success shall be determined by how good you’re at inspiring and motivating those whom you manage.

“In the event that you don’t get leadership right, the rest will apart fall,” said Alicia Matheson, business coach for Matheson Global Consulting, sunday on &ldquo as she led a crowded session;Evolutionary Leadership” through the 2017 REALTOR® Conference & Expo.

The nagging problem is that lots of leaders may believe they’ re better leaders than they’re actually, she said, citing a Gallup poll that showed 90 percent of managers rate their leadership as above average. However, another Gallup poll discovered that employees say that the very best day on the job is when their boss has gone out of any office.

“We’re only as great because the people we lead say we have been,” Matheson said. Also, “it’s vital that you not be considered a &lsquo just;good’ leader but a ‘great’ leader. There exists a huge gap between ‘good’ and ‘great.’”

Matheson highlighted several skillsets of a stellar leader: the opportunity to inspire, be knowledgeable, provide resources and support staff, and become creative in sharing innovative and new ways for agents to conduct their business. “Being truly a better leader starts with collaborative ideas and pushing the boundaries of human capital with leading edge technology and innovation,” Matheson said.

It’s vital that you lead by asking your team questions, she said. For instance, what support do they want from one to do their jobs better? How is their business going?

Make sure your agents and staff understands your company’s overall purpose, too. In case a buy-in is got by you from everyone in your workplace, they’ll feel more motivated, inspired, and loyal with their jobs, Matheson said. The reason might add a commitment to a charitable cause, or your core mission of helping sellers and buyers achieve their dreams in homeownership. Articulate your vision in an obvious, memorable way.

“Show people you care and make people desire to be a right section of your brand,” Matheson said. “Connect your behaviors to your purpose. We may judge ourselves by intention, but others shall judge us by our behaviors.”

Here are Matheson’s 11 key everyday habits of effective leaders:

1. Each day awaken early.

2. Make your bed.

3. Workout. If you don’t have time and energy to exercise, strike a “power pose.” Channel your inner Wonder or Superman Woman, and strike a robust pose and hold it for just two 2 minutes. Research implies that workers are 33 percent more productive if they do. Matheson said a brokerage she works together with started integrating the charged power pose within their team meetings, per month their sales raised by 30 % and after.

4. Have a wholesome breakfast.

5. Day and keep maintaining a journal review your.

6. Your day create a course of action for. (Consider: Who is able to I make smile today?)

7. Meditate or visualize your entire day (e.g. Day can look like visualize just what a successful.)

8. Finish probably the most difficult or important task first.

9. Create an overview for the next day’s activities.

10. Learn or read something inspirational.

11. Go to sleep early. (Invest in 7-8 hours of sleep every night; research shows it can boost your productivity.)

Melissa Tracey

Melissa Dittmann Tracey is really a contributing editor for REALTOR® Magazine, authoring home & design trends, technology, and marketing and sales. She manages the magazine’s award-winning Styled, Staged & Sold blog.

More PostsWebsite

5 Nov

Sal Giunta’s Shoot for More

By Lauren Tussey

Sal Giunta

day of the 2017 REALTORS&reg

To start the final; Conference & Expo in Chicago, Staff Sgt. Sal Giunta spoke about his journey from 18-year-old Subway employee to something member earning the best award open to members of the U.S. military.

“We all have been in this global world together. Most of us have opportunities. Most of us be capable of do more,” Giunta said. As a soldier, he bravely ran into enemy fire to save lots of American soldiers from the Taliban. His heroism earned him the Medal of Honor this year 2010, making him the initial living recipient of the award because the Vietnam War. At the Sunday session to take his &ldquo he challenged those;100 percent challenge” day every.

“It’s benefiting from the proper time we’ve and doing the very best we can,” Giunta said. “And when you fail, don’t quit.”