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How Americans surfed Zillow in 2023

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Analysis of 250 billion queries on Zillow reveal top search terms After analyzing more than 250 billion search queries, Zillow® has compiled the top search terms for 2023, showing the wide range of desires and preferences among America’s home shoppers. Earlier this year, Zillow introduced an AI-powered natural language search feature that lets home shoppers search for homes in a conversational way, similar to how they talk to family or friends. This search data provides a unique glimpse into what Americans were searching for in a home this year. Top 10 Zillow search termsFrom practical needs like a garage to sought-after amenities such as backyard retreats, pools and fireplaces, these preferences showcase a variety of both modern and classic housing desires. “Natural language search gives us this ability to look at unique and highly local trends across the U.S.,” said Nicholas Stevens, vice president of product, Artificial Intelligence, at Zillow. “This lets us go deeper than the typical search filters, helping us better show shoppers homes with the features they really want.” Hot and cold: Climate control systems rule home searchesClimate control Systems — centralized AC and heating — emerged among the top three search terms in 22 out of 30 cities. Central heating took the No. 1 spot in these southern cities with typically mild climates: Atlanta, Charlotte, Dallas, Jacksonville, Los Angeles, Nashville, San Antonio and Tampa. Buyers’ heightened interest in heating features might be a response to shifting climate patterns, influenced by recent occurrences of extreme cold snaps. City sights or mountain heightsBuyers are searching for a home with a view. In Seattle, mountain views, city views and water views rank among buyers’ top five searches, respectively, In Miami, buyers are looking for water views, while buyers in Atlanta and San Francisco search most often for city views. In Colorado Springs, mountain views are a top search term. Search standoutsOne of the top searches in Atlanta is for a double vanity.  While buyers in Naples are looking for tennis courts, clubhouses and tile roofs, Miamians and New Yorkers prioritize fitness areas and gyms. Buyers in Philadelphia are most often searching for street parking and finished basements. San Antonio shoppers want an “eat-in kitchen.” Tucson is the only city with an architectural choice among the top five searches across all cities, favoring “contemporary style” homes. New York, New York: StreetEasy x ZillowNew Yorkers want space and convenience, which shows up in popular searches as terraces and doormen. In NYC, a city known for its limited space, basements also have become a popular search item. Home shoppers, especially those looking at brownstones, recognize the potential of basements as additional rentable units. StreetEasy®, a Zillow brand built specifically for NYC, took an in-depth look at how New Yorkers searched for homes in 2023. It found that other amenities that ranked at the top of New Yorkers’ searches in this year included in-unit laundry, acceptance of pets, dishwasher, elevator and doorman. For more StreetEasy research on how New Yorkers are searching for homes, click here. SOURCE Zillow

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Boxabl Announces Factory Built Certification Approval for Arizona

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Boxabl has passed the required testing, and can now sell its Casitas/housing modules as factory-built homes in the State of Arizona. This is a significant step to bring affordable housing to the much-needed, highly underserved housing market.     “This is a major milestone for Boxabl and brings us much closer to our goal of providing affordable housing to the masses”, said Galiano Tiramani, Boxabl co-founder. “This hard-won approval for the State of Arizona is expected to be the springboard for obtaining required approvals in all 50 states”.   This approval from Arizona means that Boxabl passed its testing requirements for safety and building materials, and earned the confidence of the officials that Boxabl homes are in line with the rules and regulations of factory-built homes for the state.   “This is an exciting time for Boxabl,” said Boxabl CEO, Paolo Tiramani “This puts us on track to execute our plans to partner with major homebuilders such as D.R. Horton. The three goals of our technology are to manufacture in large volumes, at the highest quality for the lowest cost, and to be the ultimate in sustainability.” Boxabl’s mission is to revolutionize the standard of housing construction and affordability with its innovative, technology-based solution to mass-produce homes through advanced manufacturing. What differentiates Boxabl is the ability to deliver homes in a compact design.  SOURCE Boxabl CONTACT: Media inquiries directed to: Media@Boxabl.com

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Inaugural Neighborhood Stabilization Report Shows Community Impact of Distressed PROPERTY Dispositions

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Auction.com, the nation’s leading distressed real estate marketplace, released its 2023 Neighborhood Stabilization Report, a first-ever report that shows distressed properties sold on a transparent auction platform produce higher homeownership rates, more value added during renovation and shorter renovation timelines than distressed properties sold in the traditional retail market. To view the full report, visit: https://www.auction.com/lp/in-the-news/2023-neighborhood-stabilization-report/ Those findings are based on an analysis of nearly 325,000 distressed property dispositions nationwide over the last five years using public record data and underserved area data from the Federal Housing Finance Agency (FHFA). That analysis also shows that renovated properties resold or rented by auction buyers are still affordable for local families, including in low-income and minority neighborhoods. The report uses Auction.com buyer data to provide a data-based profile of buyers at distressed property auctions, 77 percent of which are local community developers who purchase fewer than 10 properties a year and live within 25 miles of most distressed properties they purchase. Another 15 percent are owner-occupant buyers. A transparent foreclosure auction marketplace also helps to uncover and protect home equity for distressed homeowners, equity that is lost if a property reverts to the foreclosing lender as real estate owned (REO). The report looks at the share of foreclosure auction sales with potential equity for distressed homeowners and the average amount of that potential equity. Finally, the report spotlights a Birmingham, Alabama, zip code where many distressed property sales are in low-income and minority Census tracts. Using public record data, Auction.com sales data and FHFA underserved area data, along with interviews with local community developer buyers purchasing in that zip code, the report shows how responsible disposition can positively impact communities. Highlights from the report: About Auction.com Auction.com is the nation’s leading online marketplace for the disposition of distressed residential properties. The company goes beyond traditional disposition programs, offering tools and services that stabilize neighborhoods, expand homeownership, maximize sales, shorten the sales cycle, yield higher returns, mitigate risks and elevate results. Our seller strategy includes customized and flexible programs, data intelligence and buyer insights, and pioneering technology. This includes Remote Bid®, which expands the buyer base nationwide by letting buyers bid on and win select foreclosure sales from anywhere, and Portfolio Interact™, featuring Bid Interact™. The national footprint for online and in-person auctions includes all 50 states, as well as Washington, DC, and Puerto Rico. Auction.com is headquartered in Irvine, CA, with offices in key markets nationwide. Contact Daren BlomquistAuction.com Tel.949.355.3371 Email: dblomquist@auction.com

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Dwellsy Comp Report – Powered by DwellsyIQ

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In the realm of real estate, accurate and comprehensive data is the cornerstone of making informed decisions. That is where DwellsyIQ shines. As the driving force behind Dwellsy’s Comp Reports, DwellsyIQ brings a robust data aggregation capability to the table, amassing data from the largest pool of listing data. Strategize Pricing with Precision Imagine a world where every pricing decision you make is backed by robust market analysis. Discover the average cost per square foot and fair rent prices in your locale, ensuring your pricing strategy aligns with market realities while appealing to potential renters. Enhance Your Property’s Appeal Stand out in a crowded market by highlighting the unique offerings of your properties. With comprehensive comparative data, refine your listings to resonate with tenant preferences, enhancing the appeal and competitive edge of your properties! Promote Location Advantages Leverage the proximity analysis to market the strategic location of your properties. Whether it is the ease of commute or access to essential facilities, showcase the location benefits of your listings to attract prospective tenants. Who Can Use the Dwellsy Comp Report The Dwellsy Comp Report caters to a diverse array of audiences, each benefiting uniquely from its comprehensive market insights. Below are specific audiences and how the report benefits them: Harness the power of DwellsyIQ and make every property decision an informed one. The Dwellsy Comp Report is not just a tool, it’s your partner in navigating the real estate market with precision and confidence.

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Falling Mortgage Rates Breathe New Life Into Housing Market

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Listings, Pending Sales and Price Growth Hit Highest Level in Roughly a Year New listings and pending home sales both climbed to the highest level in roughly a year in November as buyers and sellers got tired of waiting on the sidelines and mortgage rates ticked down. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Home prices also jumped, posting the biggest year-over-year increase since late 2022. New listings rose 1.3% month over month to the highest level since October 2022 on a seasonally adjusted basis, and increased 0.1% from a year earlier—a small gain, but the first in a year and a half. Active listings, or the total supply of homes for sale, grew 3.9% month over month—the biggest increase since July 2022 (though they fell 7.9% from a year earlier). “Buyers and sellers are learning to live with uncertainty,” said Shay Stein, a Redfin Premier real estate agent in Las Vegas. “They’ve realized no one has a crystal ball that can predict exactly when mortgage rates will fall back to 5%, so they’re making moves now because they can only wait so long to be near their grandkids, live in an RV like they’ve always dreamt of or finalize their divorce.” While rates aren’t back to 5%, they have fallen in recent weeks, which has motivated buyers, Stein said. In many cases, their monthly payment is $200 less than it would’ve been had they locked in a rate three weeks ago when they started looking, she explained. The average 30-year-fixed mortgage rate declined every week in November after hitting a 23-year high of 7.79% at the end of October. It ended November at 7.22%, and currently stands at 6.95%, though that’s still higher than the 6.3% rate of a year ago. Pending home sales rose 2% month over month in November to the highest level in a year on a seasonally adjusted basis, and fell 0.1% from a year earlier. “Another reason sales are ticking up is buyers and sellers are finally living in the same reality,” Stein said. “A year ago, sellers had trouble understanding why they weren’t getting $20,000 over the list price like their neighbor did during the pandemic homebuying boom. Now, they understand that to sell their home, they need to price it fairly and in some cases offer the buyer concessions like money toward closing costs or mortgage-rate buydowns.” Home Prices Posted the Biggest Increase Since October 2022 The median U.S. home sale price was $408,732 in November. That’s up 3.7% from a year earlier—the biggest jump since October 2022—and down 1.1% from a month earlier. Annual home price growth seems to be normalizing after prices surged as much as 26% at the height of the pandemic homebuying boom and then fell as much as 4% in early 2023 amid elevated mortgage rates. Price growth is now back to the 2%-7% range it was in prior to the pandemic. Even though elevated mortgage rates have dampened demand in recent months, prices have continued rising in part because buyers are competing for a limited number of homes. While listings have inched up in recent months, they remain low by historical standards. Purchases Fell Through at Record Rate as Some Buyers Got Cold Feet While pending sales hit the highest level in a year in November, closed sales hovered near their recent low. They were little changed from a month earlier (0.2%) on a seasonally adjusted basis, and fell 5.4% from a year earlier. That’s partly because a lot of deals fell through at the last minute. Roughly 45,000 U.S. home-purchase agreements were canceled in November, equal to 16.9% of homes that went under contract that month—the highest percentage in Redfin records that date back to 2017. That’s up from 16.8% one month earlier and 15.6% one year earlier. While some buyers and sellers have come to terms with today’s economic uncertainty, that same uncertainty is causing many of them to get cold feet, Stein said. Even though mortgage rates have dropped, housing affordability remains strained, meaning a lot of buyers still get nervous when they see their monthly payment on paper. Economic woes are keeping many people out of the housing market altogether. A lot of Americans feel that the economy is in a bad place despite economic growth, rising wages and low unemployment. One obvious culprit is the housing market, which is in its least affordable year on record. November 2023 Highlights: United States   November 2023 Month-Over-Month Change Year-Over-Year Change Median sale price $408,732 -1.1% 3.7% Pending sales, seasonally adjusted 406,687 2% -0.1% Homes sold, seasonally adjusted 411,958 0.2% -5.4% New listings, seasonally adjusted 504,263 1.3% 0.1% All homes for sale, seasonally adjusted (active listings) 1,504,094 3.9% -7.9% Months of supply 2.9 0.2 -0.1 Median days on market 36 2 -1 Share of for-sale homes with a price drop 18.7% -1.3 ppts -0.7 ppts Share of homes sold above final list price 28.7% -3 ppts 2.3 ppts Average sale-to-final-list-price ratio 99% -0.3 ppts 0.5 ppts Pending sales that fell out of contract, as % of overall pending sales 16.9% 0.1 ppts 1.3 ppts Average 30-year fixed mortgage rate 7.44% -0.18 ppts 0.63 ppts Metro-Level Highlights: November 2023 To view the full report, including charts and a metro-level breakdown, please visit: https://www.redfin.com/news/housing-market-tracker-november-2023

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HomesUSA.com Debuts “Breakthrough” Tech Platform for Builders

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Automated SpecDeck elevates MLS listings in Houston, San Antonio and Austin HomesUSA.com, the No. 1-ranked US brokerage for new home sales, announced the debut of its new, groundbreaking Multiple Listing Service distribution platform for home builders in Houston, Austin and San Antonio, and will also launch in Dallas-Ft. Worth, set for early 2024. Called SpecDeck, its cutting-edge technology empowers builders to replace their in-house MLS listing process. SpecDeck uses strategic automation to create a more streamlined and simpler way for builders to have their listings fully managed, and it’s the first time automation has been fully leveraged in the MLS listing process. Most importantly, according to HomesUSA.com, SpecDeck more than pays for itself, generating hundreds of additional dollars in profits on average for every listing when production builders enter all their listings into the platform. Builders who sell more than 100 new homes a year – also known as production builders – continue to struggle in maintaining their MLS home listing data, which is often the core distribution source for other home sales channels, like Zillow, Homes.com, BDX, realtor.com, and other real estate portals. “HomesUSA.com built SpecDeck as a breakthrough MLS listing and data distribution process for builders,” said Ben Caballero, founder and CEO of HomesUSA.com and creator of SpecDeck. “Through automation and human verification, SpecDeck manages 52 different automated validations for every new home listing as it advances from the lot stage to construction and completion phases. It’s the most accurate, advanced MLS system for builders available today.” Now in Beta rollout in three of the largest home building markets in Texas – and the US – SpecDeck is already being embraced by HomesUSA.com’s top builder clients. The No.1-ranked real estate agent by transaction sides and dollar volume each year since 2013, Caballero calls SpecDeck “the most important technology advancement for builders” since he debuted his HomesUSA.com service in 2007. Research shows that, depending on the builder and market conditions, HomesUSA.com delivers builders $700 to $1,100 more in profits per listing versus non-clients. “The day of builders trying to manually manage their listings in the MLS needs to end because it is too costly,” added Caballero. “Why would a builder waste money on a manual MLS system when they can make money with SpecDeck?” he asked rhetorically. SpecDeck features a modern dashboard, intuitive navigation, an aesthetically pleasing graphical interface, improved speed, and, perhaps most importantly to top builders, strong security. After the builder’s data is transferred, SpecDeck manages the entire MLS listing process, keeping all information updated and current to promote new home listings accurately through the MLS and all other sales channels.   The three-time Guinness World Records title holder for “Most annual home sale transactions through MLS by an individual sell-side real estate agent,” Caballero and his HomesUSA.com brokerage exclusively works with more than 60 builders in Dallas-Ft. Worth, Houston, Austin, and San Antonio. Learn more about HomesUSA.com and SpecDeck online at homesusa.com. SOURCE HomesUSA.com

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