2022 – Page 65

146 more U.S. cities pass the $1 million mark, the most ever in a single year

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– The U.S. currently has 481 million-dollar cities, in which the typical home value is at least $1 million. – Idaho, Montana and Tennessee gained million-dollar cities for the first time, although most exist within eight coastal metros. – There are more new $1 million cities this year than there were in the past six years combined. A record 146 U.S. cities became new “million-dollar cities” in 2021, Zillow data shows. There are now 481 cities in which the typical home value is at least $1 million. If current rates of appreciation hold, 49 more could join the $1 million club by midyear. The number of cities that crossed the $1 million threshold in 2021 is almost triple that of cities reaching those heights in 2020, underscoring a record-setting year of home appreciation that saw the typical U.S. home gain 19.6% in value. The majority of million-dollar cities are clustered within a few large coastal regions; the San Francisco and New York metro areas lead the way with 76 million-dollar cities each. The Los Angeles metro is third with 57 cities, and San Jose is fourth with 22. In total, 60% of all million-dollar cities lie within eight metro areas, and almost half (44%) are in California. “The surge in demand for housing last year sent home values skyrocketing, even in places where prices already were sky-high, and that helped tip a record number of cities into the million-dollar club,” said Jeff Tucker, Zillow senior economist. “The locations of these newly seven-figure towns bust the myth that everyone fled California and the Northeast last year, as California, Massachusetts and New York led the pack for the most new cities with home values above $1 million. Still, we’re seeing how the geography of wealth in the U.S. has begun to shift, as 2021 was the first year for both Idaho and Montana to place any cities on this list, and now those Western states boast three million-dollar cities each.” Indian Creek, Florida, an exclusive 300-acre island in Biscayne Bay in Miami, is the most expensive city in the country, with a typical home value of around $28.3 million. The city has a total population of fewer than 100 residents, including a handful of high-profile celebrities such as Tom Brady and Gisele Bündchen. In the No. 2 spot is Atherton, a small town on the San Francisco Peninsula where the typical home value sits around $7.7 million. Hunts Point, Washington; Jupiter Island, Florida; and Sagaponack, New York fill out the top five, with typical home values of roughly $6 million each. “With such sharp increases in home prices over the last year, we’re seeing tons of demand come from current homeowners who’ve decided to tap into their home equity to move up into their dream home,” said Erik Throm, an agent with Fast Real Estate in San Francisco. “But even expensive homes are moving quickly in this market, and shoppers should be prepared with a pre-qualification letter and the help of a trusted local agent who knows the pros and cons of their specific neighborhood and how to structure a winning bid that still protects a buyer in an incredibly competitive and high-priced market. “ Metros with the Most $1 Million Cities (December 2021) Metro Number of $1 Million Cities New York, New York 76 San Francisco, California 76 Los Angeles, California 57 San Jose, California 22 Boston, Massachusetts 18 Seattle, Washington 16 Miami, Florida 14 Washington, D.C. 11 Santa Maria–Santa Barbara, California 9 Santa Rosa, California 9 Top 10 Most Expensive Cities 2021 2021 Typical HomeValue 2011 2011 Typical HomeValue 1. Indian Creek, Florida $28,326,518 Indian Creek, Florida $15,558,572 2. Atherton, California $7,698,328 Atheron, California $3,827,781 3. Hunts Point, Washington $7,013,823 Jupiter Island, Florida $3,101,817 4. Jupiter Island, Florida $6,852,623 Sagaponack, New York $3,073,341 5. Sagaponack, New York $5,957,385 Belvedere, California $2,824,324 6. Hillsborough, California $5,369,777 Hunts Point, Washington $2,567,069 7. Los Altos Hills, California $5,250,550 Hillsborough, California $2,552,220 8. Golden Beach, Florida $5,178,527 Los Altos Hills, California $2,497,842 9. Belleair Shore, Florida $4,966,651 Montecito, California $2,424,874 10. Belvedere, California $4,689,895 Golden Beach, Florida $2,364,450 SOURCE Zillow

LRES Welcomes Natalie Harrison as Director, Vendor Management

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LRES Corporation, a provider of real estate appraisals and evaluations, asset management, and commercial trustee services, has expanded its leadership team to include industry veteran, Natalie Harrison, as Director of Vendor Management. Ms. Harrison oversees the management of LRES’ national panel of appraisers and real estate professionals, which includes panel outreach and all aspects of onboarding, management, and profile maintenance. “I am excited to be a part of the team and to be able to use my experience in REO vendor management to benefit LRES,” states Ms. Harrison. “In addition to day-to-day vendor oversight, my goal is to build and strengthen our relationships with our vendor panel so that LRES can provide even greater service to our clients.” “Our ability to provide timely and quality valuations relies heavily upon the strength of our panel. Natalie has been a tremendous addition to the team at a time when the industry is experiencing unprecedented volume,” states LRES Senior Vice President of Operations, Jill Haro. “Natalie has been able to expand our vendor coverage in areas where it had been historically difficult to attract new talent,” adds LRES President, Mark Johnson. “Our vendors are our partners, and Natalie fully embodies that LRES mindset.” Ms. Harrison has been in the industry for over 20 years, with the last 10 years at Fannie Mae as an Auction Asset Manager, and prior to that as an REO Sales Asset Manager at Saxon Mortgage. About LRES Founded in 2001, LRES Corporation provides property valuations, REO asset management, HOA solutions and commercial foreclosure services for the mortgage and real estate industry. At LRES, “We Hear You.“ Our team is committed to delivering superior service and customized, real-world solutions that help our clients effectively manage compliance and financial risks associated with property valuation and mortgage-related assets, and drive profitability. For the latest LRES information, visit the LRES Newsroom at www.lres.com/category/articles/ and register for email updates.

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People who need to move now are pinched by rising mortgage rates, sky-high home prices and rising rents The estimated monthly mortgage payment for a typical home for sale rose 25% year over year—or $388—to a record $1,931, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s based on the all-time high median asking price of $376,000 recorded during the four weeks ending February 6, and an average 30-year mortgage rate of 3.69%. Pending sales were down slightly from the same period in 2021, but 34% higher than they were two years earlier, weeks before the pandemic began. Meanwhile, the number of homes for sale was down 29% from a year earlier and down 50% from 2020. This constricted supply is depressing home sales, as mortgage purchase applications fell 10% during the week ending February 4. As a result, the market’s pace is accelerating. Over half (55%) of homes that found a buyer spent two weeks or less on the market—the highest rate on record for this time of year. “Movers are feeling a big pinch. There is nowhere for them to run from increasing housing costs now that mortgage rates are rising and inflation has spread to the rental market,” said Redfin Chief Economist Daryl Fairweather. “Homebuyers feel uneasy making offers on homes with such high asking prices, but there is no better alternative. Would-be homebuyers who bowed out last year are kicking themselves, but delaying purchasing a home another year could be a costly mistake. My advice to buyers who are worried they will have to overbid in order to win a home is to make sure they can see themselves living in the home for at least five years. I expect home values to rise over that time horizon even if there are short-term fluctuations in the housing market. Given how tough the housing market is for movers, it makes sense that so many homeowners are staying put. It’s also contributing to the shortage of new listings and making the market even tougher for buyers.” Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending February 6. Redfin’s housing market data goes back through 2012. The median home sale price was up 14% year over year to $353,750. The median asking price of newly listed homes increased 15% year over year to an all-time high of $376,000. The monthly mortgage payment on the median asking price was up 25% from a year earlier to an all-time high of $1,931. This was up 28% from the same period in 2020. Pending home sales were down 0.5% year over year, but sales were up 40% from the same period in 2020, just prior to the start of the pandemic. New listings of homes for sale were down 10% from a year earlier. Compared to January 2020, new listings were down 12%. Active listings (the number of homes listed for sale at any point during the period) fell 29% year over year, dropping to an all-time low of 440,000. Listings were down 50% from the same period in 2020. 55% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 49% rate of a year earlier and 41% in 2020. This is the highest the measure has ever been in January, and the highest level since March. 43% of homes that went under contract had an accepted offer within one week of hitting the market, up from 37% during the same period a year earlier and 29% in 2020. This measure is at a record high. Homes that sold were on the market for a median of 29 days, down from 38 days a year earlier and 59 days in 2020. 41% of homes sold above list price, up from 32% a year earlier and 19% in 2020. On average, 2.8% of homes for sale each week had a price drop, up 0.3 percentage points from the same time in 2021, but down 0.6 percentage points from 2020. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, was 100.2%. In other words, the average home sold for 0.2% above its asking price. Other leading indicators of homebuying activity: Mortgage purchase applications decreased 10% week over week (seasonally adjusted) during the week ending February 4. For the week ending February 10, 30-year mortgage rates rose to 3.69%, the highest level since January 2020. Touring activity through February 6 was 3 percentage points behind 2021 and 2 points behind 2020 relative to the first week of January, according to home tour technology company ShowingTime. The Redfin Homebuyer Demand Index rose 1% during the week ending February 6 and was up 9% from a year earlier. To view the full report, including charts and methodology, please visit:https://www.redfin.com/news/housing-market-update-record-high-monthly-mortgage/ About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

WORD OF THE DAY: Inglenook

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[ING-ɡəl-nook] Part of speech: Noun Origin: Scottish, late 18th century Definition: A space on either side of a large fireplace Examples of Inglenook in a sentence “The central feature of the living room was the inglenook.” “Some historical homes have inglenook fireplaces tucked under a grand staircase.” About Inglenook This word originates from “ingle,” perhaps from the Scottish Gaelic “aingeal” meaning “light, fire,” Irish aingeal “live ember.” “Nook” is from Middle English and refers to a “corner or fragment.” Did you Know? Inglenooks originated as a partially enclosed hearth area that was part of a larger room. The hearth was used to cook food, and the alcove became a natural gathering place to seek warmth. American architects like Henry Hobson Richardson and Frank Lloyd Wright often incorporated inglenooks into their designs.

Entera Welcomes Chief People Officer, Jeffrey Belanger and SVP of Growth, Alejandro Guerrero

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Entera, the leading platform for single-family real estate investors, announced the appointment of Jeffrey Belanger as Chief People Officer (“CPO”), and Alejandro Guerrero as the Senior Vice President of Growth to Entera’s executive leadership team. In their roles, Belanger will be responsible for all aspects of Entera’s human resource strategies and Guerrero will take a leading role in scaling and executing Entera’s next phase of growth. Belanger brings over three decades of human resource leadership experience where he scaled and led global teams at both publicly and privately held companies. He comes to Entera with a long history of success in designing and implementing holistic people strategies that supported business priorities at fast-growing organizations. Belanger started his career as a strategy consultant at PwC focused on learning and development and organizational effectiveness, then transitioned in-house to lead the building of HR infrastructures that helped accelerate companies including Pandora Media, IPG/Mediabrands, Organic/Omnicom, Kenexa (formerly Salary.com), and most recently Semrush and Buildium. As the CPO, Belanger will lead all aspects of human resources and drive Entera’s mission to be the destination for top talent in the proptech industry. Entera also welcomes the appointment of Guerrero as the Senior Vice President of Growth. Leveraging over 25 years of experience in enterprise software sales, finance, and general management, Guerrero brings a significant track record of delivering transformational success across early stage technology startups and global software companies. Prior to joining Entera, Guerrero held leadership roles across companies like American Management Systems, CGI, GT Nexus, First Data, and most recently Infor. In his role, Guerrero will focus on transforming Entera’s entire customer life cycle and service level across all business units to extend Entera’s industry leadership and support Entera’s growth trajectory. Martin Kay, Chief Executive Officer of Entera, said, “I’m delighted to welcome Jeff to the Entera team. His unique background, combined with his proven ability to foster a high performance culture rooted in a diverse and inclusive work environment, will support Entera’s ambitious growth strategy.” Martin continued, “We are also very excited to add Alejandro to the Entera team. He is known for his strategic leadership in driving an unwavering focus on customer-centric innovation across all business units within enterprise software companies. Alejandro will join Entera’s leadership team in driving the overall company strategy focused specifically on attracting and retaining customers while identifying new pathways for growth.” The addition of these two experienced operators comes at the heels of a transformational year in Entera’s company history. In 2021, Entera’s software platform empowered 6,000 unique buyers and sellers to transact on $2 Billion in residential real estate, registering nearly 10x growth from the previous year. With a market footprint in 24 markets across 17 states, Entera is rapidly expanding its talent pool to continue its unparalleled growth in 2022. About Entera Entera is a leading real estate technology company operating a full service SaaS platform coupled with a team of local real estate experts and a network of services providers for single family investors to make intelligent decisions, scale their operations, and maximize returns with 100% control. Many of the largest real estate investors in the world use Entera daily to find, buy and operate single family homes across 24 markets. The company is headquartered in New York City, New York and Houston, Texas. For more information visit us at www.entera.ai

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More Investors Paying with Cash, But Pricing Discounts Decline Real estateinvestor purchases accounted for 16.4% of all home purchases nationally in Q3 2021 compared with 11.7% in Q3 2020, a year-over-year increase of just over 40 percent, according to the RealtyTrac® Investor Purchase Report. The report measures the share of all single-family home sales purchased by investors, the average price discount of investor-purchased properties, and the share of all-cash sales. Investors purchase single-family homes in order to fix and flip the properties, or convert them into long-term rentals. The increase in investor purchase activity was national in scope – all but five states saw increases in the percentage of investor purchases among all home sales from Q3 2020 to Q3 2021. Alaska, Delaware, Iowa, Nebraska and Vermont were the only states to show a decrease in real estate investor purchases during that period. “The share of investor purchases continues to rise in the vast majority of states,” said RealtyTrac Executive Vice President Rick Sharga. “Despite historically low inventory of homes for sale, and historically high prices, both fix-and-flip and rental property investors continue to be very active in the residential market.” Investor Purchase Share for Q3 2021 Top Ten States with Highest RE Investor Purchase Share Q3 2021 Investor Purchase Share Arizona 26.6% Georgia 25.2% Arkansas 23.5% Florida 23.1% Mississippi 22.7% Nevada 22.1% North Carolina 21.8% New Hampshire 21.2% Missouri 19.7% Delaware 18.5% Top Ten States with Lowest RE Investor Purchase Share Q3 2021 Investor Purchase Share Vermont 0.5% Alaska 1.3% South Dakota 7.1% New Mexico 7.4% Montana 8.1% Idaho 8.3% Wyoming 8.5% Oregon 9.0% West Virginia 9.5% Washington 9.7% Source: ATTOM Data Solutions, RealtyTrac analysis The RealtyTrac report, citing home sales data from ATTOM Data Solutions, also shows that investors across the country paid an average of 18.9% less than the overall median sale price in Q3 2021, with a median purchase price of $245,000 for investors compared to $302,000 for all home purchases. This average price discount is significantly lower than the discount in Q2 2021 when investors paid an average of 29.4% less. The states with the highest average price discounts for investor properties as of Q3 2021 include: Arkansas: 76.7% discount West Virginia: 60.0% discount Michigan: 59.5% discount Louisiana: 51.5% discount Delaware: 47.9% discount Investors continue to pay with cash in a majority of cases, with the share of all-cash purchases among investors increasing. In Q3 2021, 79.0% of all investor purchases were cash sales compared with 69.5% in Q3 2020, a year-over-year increase of 9.5 percentage points. Cash purchases accounted for more than 50% of all investor purchases in every state, other than Alaska, Wyoming and the District of Columbia. “As mortgage rates rise, investors benefit even more by being able to execute all-cash purchases,” Sharga noted. “Rising home prices and inflation make it difficult for investors to achieve their ROI objectives, but they make it even harder for the average consumer to afford to buy a property. So even though investor profit margins may be declining, it’s possible that we’ll continue to see the investor share of purchases increase over the next few quarters.” Full state-level data is available in the Winter 2022 RealtyTrac Investor Purchase Report. About RealtyTrac Founded in 1996, RealtyTrac publishes the largest database of foreclosure property information in the U.S. along with other real estate and mortgage data used by real estate investors and professionals to find, analyze and purchase residential and commercial distressed properties. RealtyTrac is owned and operated by ATTOM Data Solutions, a leading provider of publicly recorded tax, deed, mortgage and foreclosure data as well as proprietary neighborhood and parcel-level risk data for more than 150 million U.S. properties. For more information, visit www.RealtyTrac.com. Contacts Alyson Austinalyson@gaffneyaustin.com949-403-0484 Lori Guytonlori@gaffneyaustin.com901-277-6066