REI INK

Arrived Homes, the Real Estate Investing Platform, Opens Access to Vacation Home Rental Investment to All

  • by
  • Comment Off
  • 335 views

Prospective investors can now buy shares in vacation rentals starting with homes in several cities including Joshua Tree, CA, Nashville, TN, and Panama City, FL Arrived Homes, the first SEC-qualified real estate investing platform that allows anyone to buy shares in single-family rentals starting at just $100, is now offering the opportunity to invest in short-term vacation rentals as well. Anyone can buy shares in the vacation rentals to access the rental income and property appreciation over time. Over the past year, Arrived has helped thousands of Americans gain access to the financial benefits of property ownership for the first time in their lives. We are excited to bring our model to vacation rentals, the fastest growing real estate segment right now”, said Ryan Frazier, CEO & Co-Founder of Arrived. “Platforms like Airbnb have helped vacation rental owners generate over $150 Billion dollars in rental income from serving 1 Billion guest arrivals, and yet, less than 0.5% of these guests have been able to access the wealth-building potential of this rapidly growing asset class. We’re changing that today by adding these assets to our platform.” The first seven vacation rental properties available through this new feature will be The Mirage in Joshua Tree, CA, The Oasis in Nashville, TN, The Cardinal in Glendale, AZ, The Ace in Scottsdale, AZ, The Hammock in Clearwater, FL, The Orchard in Blue Ridge, GA, and The Pointbreak in Panama City, FL. These new vacation rentals are collectively valued at $5M USD and feature desirable amenities including hot tubs, rooftops with downtown views, and prime locations near cultural and entertainment centers. Arrived has partnered with established vacation rental property managers and developers – Tony Robinson and Alpha Geek Capital team, Misfit Homes, Old Town Rental, Roseus Hospitality, Southern Comfort Cabin Rentals, and Techvestor – to oversee the design, furnishing, and upkeep of the homes, which eliminates the need for investors to be involved in day-to-day operations of the rental units. These managers bring hyperlocal hosting experience: including having their own seasoned teams, being on housing boards, and having established brand recognition across social platforms. While investors will go through the Arrived website to buy shares, anyone interested in renting the properties can find them on any major vacation rental property platform. Additionally to celebrate this launch, Arrived is hosting the #ArrivedGetaway where investors can win shares in a vacation rental, a trip for two, and five nights stay at a property they own a piece of. Arrived is the first company to offer SEC-qualified shares of single-family rental homes to accredited and non-accredited investors alike. This move to provide customers with the option to invest in short-term rental properties directly follows their recent $25M Series A, supporting their mission to democratize access to the real estate asset class across the United States. To date, Arrived has fully funded over 150 single-family rental properties in 27 markets across the country totaling over $55M in asset value. Arrived is planning to expand its offerings across both single-family rentals and vacation rental properties while opening new markets in Florida, Texas, Nevada, and Indiana. About Arrived Arrived Homes is a Seattle-based real estate investing platform that makes ownership of rental properties possible for anyone and everyone. At Arrived Homes, anybody can buy shares in rental properties starting with $100 and start earning money from day one. Arrived’s goal is to make real estate investing easy and accessible to millions of people who don’t have the expertise, time, or large amounts of capital needed to buy a rental property on their own. Arrived manages the operational work so that investors can sit back and collect passive rental income and their share of the home’s appreciation. For more information please visit www.arrivedhomes.com.

Read More

WORD OF THE DAY: Zonk

  • by
  • Comment Off
  • 398 views

[zoNGk] Part of speech: Verb Origin: of imitative/echoic origin, mid-20th century Definition: Fall or cause to fall suddenly and heavily asleep or lose consciousness; Hit or strike. Examples of Zonk in a sentence “Nothing makes me zonk out quite as quickly as NyQuil.” “The bowl zonked Cheryl when she tried to grab it from the top shelf.” About Zonk Zonk is a slang, onomatopoeic term from the mid-20th century with unknown origin. Did you Know? Zonk has its own unofficial meaning within the Army. A commanding officer will usually use it during physical training formations as a fun way to dismiss his or her unit from duty. Once the word is shouted out, the entire unit can run off while shouting with glee.

Read More

Black Knight: Against Sharpest Monthly Home Price Drop in 11 Years, Tappable Equity Backs Off Q2 Peak

  • by
  • Comment Off
  • 392 views

Annual home price growth shifted from deceleration to decline in July as the median home price fell 0.77% from June – the largest single-month decline since January 2011 More than 85% of the 50 largest U.S. markets are at least marginally off their peaks through July, with home prices down by >1% in a third, and more than one in 10 seeing prices fall by 4% or more Tappable equity – the amount a homeowner can borrow against while keeping a 20% equity stake – hit its 10th consecutive record high in Q2 2022 at $11.5T but appears to have peaked in May of this year Escalating declines in June and July have total tappable equity down 5% over the past two months, suggesting a sizeable reduction is likely in Q3, which would mark the first quarterly decline in three years In some markets, equity pullbacks have quickly become fairly significant, with the five most equity-rich West Coast markets shedding 10-20% of previously available tappable equity from April through July The impact of home price declines is twice as pronounced on tappable equity levels; a 5% decline in home values nationally would equate to a 10% decline in tappable equity, and so on. Overall, the market is on strong footing to weather a correction; total market leverage as of Q2 – including both first and second liens – was just 42% of mortgaged homes’ values, the lowest on record The Data & Analytics division of Black Knight, Inc. (NYSE: BKI) released its latest Mortgage Monitor Report, based upon the company’s industry-leading mortgage, real estate and public records datasets. The most recent data from the Black Knight Home Price Index shows the deceleration in home price growth on which the company has been reporting in recent months has shifted to actual decline. As Black Knight Data & Analytics President Ben Graboske explains, July’s month-over-month decline represents the first such contraction in nearly three years. “After 31 consecutive months of growth, home prices pulled back by 0.77% in July,” said Graboske. “Annual home price appreciation still came in at over 14%, but in a market characterized by as much volatility and rapid change as today’s, such backward-looking metrics can be misleading as they can mask more current, pressing realities. Case in point – this cooling has been indicated in our home price data for several months now, and at an increasing pace. In January, prices rose at 28 times their normal monthly rate before slowing to five times average in February as interest rates began to tick up. Even May was still about two times normal, before June growth came in 70% below the long-run average. And all the while, annual appreciation continued to appear historically strong, showing double-digit growth month after month. Without timely, granular data, market-moving trends don’t become apparent until they’re right in front of you – like a sudden shift to the largest single-month decline in home prices in more than a decade. “Similarly, while mortgage-holders’ tappable equity had grown 25% from last year to hit yet another record high in Q2, we noted that equity actually peaked in May and tracked the pullback that began in June before escalating in July. Tappable equity is now down 5% in the last two months, setting up Q3 to likely see the first quarterly decline in tappable equity since 2019. Some of the nation’s most equity-rich markets have seen significant pullbacks, most notably among key West Coast metros. From April through July, San Jose lost 20% of its tappable equity. Seattle followed, shedding 18% of tappable equity over that same three-month span. Likewise, San Diego (-14%), San Francisco (-14%) and Los Angeles (-10%) have all seen double-digit declines since April. Keep in mind that of the roughly 275K borrowers who would fall underwater from a 5% price decline, more than 80% purchased their homes in the first six months of 2022 – right at what appears to have been the top of the market. With prices continuing to correct and our McDash HELOC data showing home equity lending at its highest level in 12 years, we will keep a very close eye on equity positions in the coming months.”   The month’s report looks again at the inventory side of the housing supply/demand equation. Falling housing demand continued to allow inventory levels to build for the fifth month in a row, with July marking the third consecutive record-breaking increase. Despite a 128K rise in active listings, inventories remain 622K (45%) below 2017-2019 levels. Black Knight Collateral Analytics data shows 3.1 months’ worth of inventory as of the end of July, up from 1.7 months at the beginning of the year. If sales continue to fall at the rate they have the past four months and listings continue to build at their current pace, inventory would cross the six-month threshold by December – typically the point at which the landscape shifts from a seller’s to a buyer’s market.   Much more localized information on these and other topics can be found in this month’s Mortgage Monitor. About the Mortgage Monitor The Data & Analytics division of Black Knight manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The combined insight of the Black Knight HPI and Collateral Analytics’ home price and real estate data provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP-code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties. Black Knight’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, visit: https://www.blackknightinc.com/data-reports/ About Black Knight Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries,

Read More

Walker & Dunlop Expands Affordable Housing Platform with Addition of New Investment Sales Team

  • by
  • Comment Off
  • 414 views

Walker & Dunlop, Inc. announced that it is expanding the capabilities of its affordable housing platform with the creation of a dedicated affordable investment sales team. The eleven-member team, led by Managing Directors Aaron Hargrove and Eric Taylor, formerly of Greystone Real Estate Advisors, brings invaluable experience and relationships in the affordable housing space and will play a strategic role in helping Walker & Dunlop further its mission of empowering clients to create, preserve and revitalize affordable communities. “We are excited and proud to join a company that believes in this mission and is making it an integral part of their business by investing in and expanding their platform to better serve stakeholders. We look forward to collaborating with the entire affordable team and adding our expertise in affordable investment sales,” said Aaron Hargrove. The new team of tenured affordable housing experts has experience that spans the full scope of affordable housing programs including Section 8, Section 42 LIHTC, and Rural Development. Drawing on their diverse backgrounds and areas of expertise, as well as their experience transacting in almost every state plus Puerto Rico, they are known to provide unmatched analysis and brokerage services for property owners in any situation, including disposition, refinancing, partnership dissolution, partnership buyout, asset repositioning, resyndication, and qualified contract execution. “We are thrilled to welcome Aaron, Eric, and the team to Walker & Dunlop. The addition of investment sales to our existing suite of affordable services ensures our ability to further our mission of creating and maintaining the nation’s affordable housing stock by elevating the ways in which we can support our clients,” said Sheri Thompson, Walker & Dunlop’s Executive Vice President for Affordable Housing & Investment Management/Proprietary Capital. “The team will also play an important role in helping Walker & Dunlop achieve its goal of originating $60 billion of affordable and workforce housing loans by 2025.” The creation of this investment sales team broadens Walker & Dunlop’s affordable-specific capabilities to now include debt financing and LIHTC equity, affordable housing preservation, appraisals, development support and construction management, affordable compliance software solutions, and investment sales and advisory. This full suite of services, combined with unparalleled affordable experience, exceptional expertise in transaction execution, and industry-leading technology positions Walker & Dunlop to continue to be a leader and set the standard in affordable housing. Eric Taylor added, “Our team is eager to join forces with Walker & Dunlop’s existing affordable platform to provide an investment sales solution to our combined client base. We are encouraged by the cross-collaboration between teams and how we can use W&D’s technology to enhance our processes, and by the opportunity to help build something special.” Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. The firm was also the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. Additionally, the affordable team financed $10B of affordable financing in 2021 through HUD, Fannie Mae, Freddie Mac, and capital markets sources. To learn more about our capabilities and financing options, visit our website. About Walker & Dunlop Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in the United States, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. Our people, brand and technology make W&D one of the most insightful and customer-focused firms in our industry. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune‘s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

Read More

WORD OF THE DAY: Quisquous

  • by
  • Comment Off
  • 939 views

[KWIS-kwəs] Part of speech: Adjective Origin: Unknown, 17th century Definition: Difficult to deal with or settle; perplexing; (of a person) of dubious character. Examples of Quisquous in a sentence “I wanted to trust him, but also knew that he had a quisquous reputation.” “She tried to be patient but knew that her friend was quisquous.” About Quisquous While we know that quisquous is a Scottish word that first came into use around the 17th century, its exact origins are uncertain. It could possibly originate from the Latin word “quisquis,” which means “whoever.” Did you Know? Quisquous characters have long been referred to as tricksters in mythology; the coyote (Indigenous cultures), the fox (East Asian cultures), Anansi (the spider god of West Africa), and Loki (Norse god) are all viewed as tricksters.

Read More

Redfin Reports More Sellers Retreat Amid Falling Prices, Volatile Mortgage Rates

  • by
  • Comment Off
  • 430 views

The average sale-to-list ratio fell below 100% for the first time since March 2021 and the share of homes with a price drop came down from its record high. The average home sold for less than its list price for the first time in over 17 months during the four-week period ending August 28, as the housing market cooldown continued. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Every month since March of 2021 has seen an average sale-to-list ratio of over 100%, meaning that the average home has sold for more than its final asking price, after all price drops. This comes as the share of listings with a price drop has finally begun to plateau. Despite the easing in home prices, demand from homebuyers is still chilled—mortgage purchase applications and pending sales both saw large declines from a year ago—thanks in large part to another spike in mortgage rates, which rose to 5.66%, their highest level since June. Home sellers are also reluctant to step into the market: new listings and total inventory of homes for sale saw large declines as well. “While the cooldown appears to be tapering off, there are signs that there is more room for the market to ease,” said Redfin Chief Economist Daryl Fairweather. “The post-Labor Day slowdown will likely be a little more intense this year than in previous years when the market was super tight. Expect homes to linger on the market, which may lead to another small uptick in the share of sellers lowering their prices. Homebuyers’ budgets are increasingly stretched thin by rising rates and ongoing inflation, so sellers need to make their homes and their prices attractive to get buyers’ attention during this busy time of year.” Leading indicators of homebuying activity: For the week ending August 25, 30-year mortgage rates rose to 5.66%. That’s down from a 2022 high of 5.81% but up from 3.22% at the start of the year. Fewer people searched for “homes for sale” on Google. Searches during the week ending August 27 were down 26% from a year earlier. The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was up 15% from the 2022 low in June during the week ending August 28, but was down 16% year over year. Touring activity as of August 28 was down 9% from the start of the year, compared to a 11% increase at the same time last year, according to home tour technology company ShowingTime. Mortgage purchase applications were down 2% week over week, seasonally adjusted, and were down 23% from a year earlier during the week ending August 26. Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending August 28. Redfin’s weekly housing market data goes back through 2015. The median home sale price was $370,000, up 6% year over year. Prices have declined 6% from the record high of $393,725 hit during the four-week period ending June 19. A year ago, they rose 0.4% during the same period. Three metro areas saw a year-over-year decline in their median home-sale price: Honolulu, HI, where prices fell 3.6% to $676,875, Oakland, CA, where prices fell 3% to $918,500, and San Francisco, where prices were down 3.7% to $1,453,125. The median asking price of newly listed homes increased 9% year over year to $379,194. Asking prices are down 5.8% from the all-time high set during the four-week period ending May 22. Last year during the same period they were down just 0.4%. The monthly mortgage payment on the median asking price home was $2,306 at the current 5.66% mortgage rate, up 39% from $1,665 a year earlier, when mortgage rates were 2.87%. That’s down from the peak of $2,461 reached during the four weeks ending June 12. Pending home sales were down 18% year over year. New listings of homes for sale were down 16% from a year earlier, the largest decline since May 2020. Active listings (the number of homes listed for sale at any point during the period) fell 0.9% from the prior four-week period. On a year-over-year basis, they rose 4.2%. 35% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 43% a year earlier. 24% of homes that went under contract had an accepted offer within one week of hitting the market, little changed from the prior four-week period but down from 30% a year earlier. Homes that sold were on the market for a median of 26 days, up from 21 days a year earlier and the record low of 17 days set in May and early June. 37% of homes sold above list price, down from 50% a year earlier. On average, 7.5% of homes for sale each week had a price drop, a record high but unchanged from the prior four-week period. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, fell to 99.8% from 101.4% a year earlier. In other words, the average home sold at its asking price. This was the first time since March 2021 the ratio has fallen below 100%, meaning the typical home is now selling for below asking price. To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-homes-sell-below-asking-price/

Read More