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PROPERTY MELD TO RELEASE AI SUITE ADDRESSING KEY CHALLENGES IN PROPERTY MAINTENANCE COMMUNICATION

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Property Meld, the leading residential property maintenance software company, announced today a suite of AI Communication tools aiming to solve the significant challenges around correspondence throughout the lifespan of a maintenance request. The suite, launching on December 15, 2023, focuses on three major problem sets that impact the absorption of information, oversight, and efficiency for several critical stakeholders in the maintenance operation. “We’re incredibly excited to innovate in the property maintenance industry, and layering AI with the powerful foundation of communication starts to paint a picture of where we’re going,” says Ray Hespen, CEO and Co-Founder of Property Meld. “Our customers expect us to help them win in the current competitive landscape… and we make it our mission to keep the gap between them and would-be competitors incredibly wide.” Property Meld’s AI Communication Suite will be available to all standard package customers on December 15, 2023. For more information or to request a demonstration, visit www.propertymeld.com/ai-communication-suite About Property Meld Founded in 2015, Property Meld is a stand-alone maintenance software platform for property management companies to optimize their maintenance process. Property management companies experience maintenance scheduling, communication, coordination, billing, and oversight friction. In response, Property Meld provides a solution that significantly reduces maintenance costs and increases satisfaction for all stakeholders in the maintenance process.  Learn more at www.propertymeld.com Contact: Madison Zimmerman, Property MeldPhone: (605) 431-0265  Email: madison@propertymeld.com

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Zillow predicts more homes for sale, improved affordability in 2024

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Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals The housing market’s headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room — but only a bit.  Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than previous generations. Many who buy will turn to homes that need some work, according to Zillow’s predictions, and do-it-yourself upgrades and repairs will keep new homeowners busy.  “I expect the beginning of a long healing process to kick off in the housing market next year,” said Skylar Olsen, Zillow chief economist. “We know there are a huge number of households in prime home-buying ages waiting for the winds to turn in their favor. While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability. Many will continue to look toward rentals, and given renter demographics single-family rental demand in particular will be strong. Recent deliveries should keep rent growth down, and concessions high in that market, too. This is our breather year.” More homes will hit the market as homeowners accept that current mortgage rates are sticking around“Higher for longer” is the key refrain regarding mortgage rates as Zillow economists look ahead to the next year in housing. It’s becoming clear that high mortgage rates have some staying power. Zillow economists expect more homeowners who locked in long-term payments when rates were near all-time lows to list their homes for sale, as they grow weary of waiting for the historically low rates of 2021 to return. A very small pool of homes for sale has kept competition fairly stiff for most of this year, even with high costs limiting the number of shoppers.  With mortgage rates rising over the past two years, homeowners have been reluctant to sell, opting instead to hold onto the ultralow interest rate on their current mortgage. Many of those homeowners will have their eye on a home with a bigger backyard, an extra bedroom or in their preferred neighborhood across town, and Zillow predicts more of these homeowners will end their holdout for lower rates and go ahead with those moves.  More homes on the market would be good news for buyers, spreading demand and slowing price growth.  Home-buying costs will level off, giving hopeful buyers a chance to catch upA typical home buyer in October would have spent more than 40% of their earnings on their mortgage payment — an all-time high according to Zillow data, which stretches back to the 1990s. While affordability will undoubtedly remain the top concern for potential home buyers in 2024, there is reason to expect those challenges to ease just a bit. Zillow’s latest forecast calls for home values to hold steady in 2024. Predicting how mortgage rates will move is a nearly impossible task, but recent inflation news gives the impression that rates are likely to hold fairly steady as well in the coming months.  The cost of buying a home looks likely to level off next year, with the possibility of costs falling if mortgage rates do. That would give time for wages and buyers’ savings to grow — welcome news after the rapid rise in housing costs over the past two years.  The new starter home will be a single-family rentalThough Zillow expects some improvement in home-buying affordability in 2024, many households will still be priced out. The median renter is now 41 years old, up from 37 in 2000, and the types of rentals they’re interested in has likely shifted. Zillow predicts demand — and prices — for single-family rentals will continue to increase next year as families look for a more affordable option for enjoying amenities like a private backyard or a home that doesn’t share walls with neighbors.  One possible path to more single-family rentals could lie in homeowners deciding to turn their home into an investment property and rent it out, rather than selling it when they move. The ultralow mortgage rates held by many existing homeowners make it more likely that this option would pencil out. Zillow Rental Manager offers a suite of tools — including free listings, pricing suggestions, background checks, online applications and state-specific lease generation — designed to provide comprehensive support for those seeking rental income from their homes. More markets will follow New York City’s lead, with rental demand surging near downtownsThroughout much of the pandemic, and even before, suburban rent prices were growing faster than rents in urban neighborhoods. While the gap has narrowed, suburban rents continue to outpace urban rents in most major markets, specifically, 33 of the 50 largest metro areas. In New York City, data from StreetEasy, Zillow Group’s New York City real estate marketplace, shows demand is surging for rentals in commutable areas with easy access to Downtown or Midtown Manhattan, while areas farther from these office-laden neighborhoods are seeing relatively less demand. StreetEasy experts predict a strong year for Manhattan demand in 2024, and Zillow foresees more markets following suit, with rental demand surging near downtown centers.  Renters looking for a place near downtown will likely have more options with this year’s multifamily-construction boom, which means a huge number of new homes have hit the market. More choices for renters looking for a new place means landlords who are trying to attract tenants have more reason to compete with each other on price. That’s a key reason more rental listings are offering concessions. Traditional home buyers will compete with flippers for homes that need a little TLCTypically the target of home flippers, homes that need a little work before they qualify for “dream home” status will see increased interest from buyers looking to move in.  Inventory has been far below normal for a while, and though Zillow economists predict more homes will hit the market in 2024, inventory will remain much lower than pre-pandemic norms. Faced with limited choices,

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COST OF HOME REPAIRS INCREASES BY 6.6% FROM Q3 2022

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Prices rise nationally by more than 64% over the past decade The cost of home repairs and remodeling in the third quarter of 2023 jumped by 6.6% nationally compared to a year earlier according to the new Verisk Remodel Index. Costs rose 1.7% from the second quarter of 2023 and are at the highest levels in the past decade, rising over 64% from the first quarter of 2013. The Verisk Remodel Index tracks costs on 31 different categories of home repair, comprising over 10,000 line items ranging from appliances to windows. Data are compiled monthly in over 430 local market areas across the country. “Much like the price of homes and the cost of financing, we’ve seen repair costs rise significantly over the past year,” said Greg Pyne, VP, Pricing for Verisk Property Estimating Solutions. “The costs of products and materials used in home repairs jumped after the COVID-19 pandemic, and haven’t slowed down much after that initial burst in 2021.” Costs rose in all 31 categories both quarterly and annually. The cost of doors rose the most compared to the prior quarter, going up by 16.6% compared to the second quarter, and 17.7% compared to the prior year. The cost of tile rose by 7.3% quarterly, and had the highest annual increase, with prices soaring by 27%. Framing, which accounts for over 6% of repair and remodel costs, was up 2.2% from the prior quarter, but down 1% year-over-year, and down about 13% from its high point in the index in the second quarter of 2021. “At a 6.6% annual rate of increase, repair and remodeling costs are outpacing inflation, which is currently running at about 3.2%,” added Pyne. “Hopefully, as the rate of inflation continues to decline and supply chain disruptions are minimized, repair and remodeling cost increases will follow suit.” Pacific and Mid-Atlantic Regions Show Highest Quarterly Increases; Mountain and New England Regions Have Highest Annual Gains All regions experienced cost increases both quarterly and annually. The Mid-Atlantic and Pacific Regions both saw costs rise by 1.9% compared to the second quarter. The Mountain Region (7.4%) and New England Region (7.1%) had the highest rate of annual cost increases. The Mountain Region has also had the highest overall cost increases over the ten-year span covered by the index, rising over 69 points since the beginning of 2013. The West South Central Region had the lowest quarterly (1.4%) and annual (6.2%) cost increases, and has risen the least (58.5 points) since the beginning of the tracking period.   Q2-Q3 Q3 2022-Q3 2023 East North Central 1.5% 6.5% East South Central 1.6% 6.4% Mid-Atlantic 1.9% 6.6% Mountain 1.8% 7.4% New England 1.5% 7.1% Pacific 1.9% 6.4% South Atlantic 1.5% 6.4% West North Central 1.7% 6.3% West South Central 1.4% 6.2% Methodology The Verisk Remodel Index tracks costs on 31 different categories of home repair, comprising over 10,000-line items including appliances, doors, framing, plumbing, windows. Prices are compiled and updated monthly in over 430 local market areas across the country. The index cost basis is January 2013, and the report is updated quarterly. About Verisk Verisk is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. Verisk is traded on the Nasdaq exchange and is a part of the S&P 500 Index and the Nasdaq-100 Index. For more information, please visit www.verisk.com. Contact:        Rick Sharga                         CJ Patrick Company                         (949) 322-4583                         rick.sharga@cjpatrick.com

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HOME-MORTGAGE LENDING DECLINES AGAIN ACROSS U.S. DURING THIRD QUARTER AS MORTGAGE RATES CLIMB

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Residential Loans Drop 3 Percent After Brief Second-Quarter Surge; Purchase and Home-Equity Lending Both Down 7 Percent Following Earlier Gains; But Refinance Activity Rises for Second Straight Quarter ATTOM, a leading curator of land, property, and real estate data, released its third-quarter 2023 U.S. Residential Property Mortgage Origination Report, which shows that 1.54 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the third quarter, representing a 3 percent decline from the prior three-month period. That drop-off marked the ninth decline in the last 10 quarters – a string broken only by a spike during the second quarter of this year. The third-quarter downturn, which came amid increases in mortgage rates and home prices, left total residential lending activity down 26 percent from a year earlier and 63 percent from a high point hit in 2021. Lending activity resumed its extended downturn during the third quarter with a mix of gains and losses in major categories of residential lending, as growth in refinance activity was more than offset by drops in purchase and home-equity lending. The number of refinanced loans increased 5 percent quarterly, to roughly 516,500, while lending to home buyers went down 7 percent, to about 752,000. Home-equity credit lines also dipped 7 percent, to 272,000. Measured monetarily, lenders issued $482 billion worth of residential mortgages in the third quarter of 2023. That was down 4 percent from the second quarter of 2023 and 28 percent from the third quarter of last year. Despite the third-quarter shifts, the portion of all residential mortgages represented by different kinds of loans remained roughly the same compared to the second quarter. Purchase loans still comprised about half of all mortgages issued during the third quarter, while refinance packages made up one-third and home-equity loans just under 20 percent. However, that remained far different from two years ago, when refinance deals comprised two-thirds of all activity and purchase loans just a third. “The mortgage industry took another hit in the third quarter as the spike in residential lending during the Spring turned out to be temporary,” said Rob Barber, CEO at ATTOM. “Refinance deals stood out as the lone bright spot. That seemed a bit odd given that interest rates went up, but may have stemmed from homeowners pulling cash out of their growing equity. Overall, the impact of higher rates and other forces working against borrowers remained striking, resulting in total loan activity still off by a remarkable two-thirds over just two years.” Barber added that “the typical housing market slowdown during the Fall is likely to further reduce purchase lending in the immediate future, while borrowing by homeowners should hold fairly steady if projections for stable interest rates turn out to be accurate.” The third-quarter lending trends took shape as hHome-mortgage rates increased again over the Summer, pushing up the cost of borrowing after dipping slightly in the first and second quarters of 2023. Average rates for 30-year, fixed loans rose above 7 percent, which was more than double the historically low rates from two years earlier. At the same time, an ongoing tight supply of properties for sale across the U.S. helped keep a lid on the number of buyers seeking mortgages to purchase homes. Total lending activity decreases quarterly in almost two-thirds of nation Banks and other lenders issued a total of 1,539,828 residential mortgages in the third quarter of 2023, down 3 percent from 1,589,359 in the second quarter of 2023. The fallback resumed a two-year run of declines that was broken only by a 22 percent spike in the second quarter of this year. The latest total also was down annually by 26 percent, from 2,077,214 in the third quarter of 2022, and 63 percent from a recent high point of 4,167,003 hit two years ago. A total of $482.5 billion was lent to homeowners and buyers in the third quarter, which was down 4 percent from $504.3 billion in the prior quarter and down 28 percent from $674.1 billion in the third quarter of 2022. Overall lending activity dipped lower from the second to the third quarter of this year in 126, or 63 percent, of the 201 metropolitan statistical areas around the U.S. that had a population of 200,000 or more and at least 1,000 total residential mortgages issued from July through September of 2023. Total lending also remained down from the third quarter of 2022 in 195, or 97 percent, of the metro areas analyzed. It was off by at least 25 percent annually in 98 of those markets (49 percent). The largest quarterly decreases were in St. Louis, MO (total lending down 33.7 percent from the second quarter of 2023 to the third quarter of 2023); Atlanta, GA (down 24.3 percent); Naples, FL (down 17.6 percent); Salisbury, MD (down 17.4 percent) and Barnstable, MA (down 15 percent). Aside from St. Louis and Atlanta, metro areas with a population of least 1 million that had the biggest decreases in total loans from the second quarter of 2023 to the third quarter of 2023 were San Jose, CA (down 12.6 percent); Washington, DC (down 11 percent) and San Francisco, CA (down 10.9 percent). The biggest quarterly increases among metro areas with a population of at least 1 million came in Buffalo, NY (total lending up 15.2 percent from the second to the third quarter of 2023); Grand Rapids MI (up 9.8 percent); Honolulu, HI (up 7.9 percent); New York, NY (up 6.2 percent) and Detroit, MI (up 5.6 percent). Refinance mortgage originations rise for second straight quarter after two-year fall Lenders issued 516,461 residential refinance mortgages in the third quarter of 2023. That was up 5 percent from 490,412 in the prior quarter, marking the second quarterly increase in a row since loan rollovers hit a low point this century in early 2023. At the same time, though, the number of refinance packages remained down 25 percent from 692,113 in the third quarter of 2022 and

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Buyers Have a Few Things to Be Thankful For This Week, With Listings Rising and Mortgage Rates Falling

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The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%. Buyers are acting on the good news: Mortgage-purchase applications increased 4% this week to their highest level in six weeks. This week has brought some hopeful news for homebuyers, with new listings posting their biggest year-over-year increase since 2021, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Declining mortgage rates are also giving buyers a bit of relief, with rates clocking in around 7.3% this week, down from 8% a month ago. Redfin is taking a break from full analysis this week, but please see the bullet points and charts below for more housing-market data. Redfin will be back with commentary next week. Leading indicators Indicators of homebuying demand and activity   Value(if applicable) Recent change Year-over-yearchange Source Daily average 30-year fixed mortgage rate 7.32% (Nov. 22) Down from 7.58% a week earlier; lowest level since mid-September Up from 6.64% Mortgage News Daily Weekly average 30-year fixed mortgage rate 7.29% (week ending Nov. 22) Down from two-decade high of 7.79% a month earlier; fourth straight week of declines Up from 6.61% Freddie Mac Mortgage-purchase applications (seasonally adjusted)   Up 4% from a week earlier (as of week ending Nov. 17) Down 20% Mortgage Bankers Association Redfin Homebuyer Demand Index (seasonally adjusted)   Down 3% from a month earlier (as of the week ending Nov. 19) Down 7% Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents Google searches for “home for sale”   Down 11% from a month earlier (as of Nov. 18) Down 7% Google Trends Touring activity   Down 23% from the start of the year (as of Nov. 20) At this time last year, it was also down 35% from the start of 2022 ShowingTime, a home touring technology company Key housing-market data U.S. highlights: Four weeks ending November 19, 2023Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.   Four weeks endingNovember 19, 2023 Year-over-yearchange Notes Median sale price $367,750 4.6% Biggest increase in over a year. Prices are up partly because elevated mortgage rates were hampering prices during this time last year Median asking price $377,099 6.3% Biggest increase in over a year Median monthly mortgage payment $2,616 at a 7.29% mortgage rate 13% Down $124 from all-time high set a month earlier Pending sales 66,456 -8%   New listings 73,891 5.2% Biggest uptick in over two years. The increase is partly because new listings were falling at this time last year. Active listings 871,492 -7.3% Smallest decline since June. Near highest level since the start of 2023. Months of supply 3.7 months +0.1 pt. 4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions. Share of homes off market in two weeks 34.8% Up from 31%   Median days on market 34 -3 days   Share of homes sold above list price 27.9% Up from 26%   Share of homes with a price drop 6.5% +0.2 pts.   Average sale-to-list price ratio 98.9% +0.4 pts. Lowest level since April Metro-level highlights: Four weeks ending November 19, 2023Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.   Metros with biggest year-over-year increases Metros with biggest year-over-year decreases Notes Median sale price Anaheim, CA (17.4%) Cincinnati, OH (12.6%) San Diego, CA (12.6%) Baltimore, MD (10.2%) West Palm Beach, FL (9.9%)  Austin, TX (-9.3%) San Antonio, TX (-3.4%) Portland, OR (-1.9%) Fort Worth, TX (-1.2%) Declined in 4 metros Pending sales San Jose, CA (14.2%) Columbus, OH (4.2%) Las Vegas (1.2%)  Cincinnati, OH (-22.3%) New York (-19.1%) Portland, OR (-18.4%) Providence, RI (-17%) New Brunswick, NJ (-15.1%) Increased in 3 metros New listings San Jose, CA (25.6%) Phoenix (20.8%) West Palm Beach, FL (18.5%) Orlando, FL (16.5%) Pittsburgh, PA (13.2%) Atlanta (-16.1%) San Francisco (-10.3%) Seattle (-10.3%) Newark, NJ (-8.8%) Providence, RI (-5.5%)  Declined in 16 metros To view the full report, including charts, please visit:https://www.redfin.com/news/housing-market-update-listings-rise-mortgage-rates-fall

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United States Real Estate Appraisal Market Insights and Forecast (2023-2028)

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Increasing Adoption of Remote Online Notarization and Digital Real Estate Transactions The “US Real Estate Appraisal Market: Insights and Forecast (2023-2028)” report has been added to ResearchAndMarkets.com’s offering. The US real estate evaluation market has seen significant changes in recent years, as technology has become increasingly important in the appraisal process. Today, many appraisers obtain and assess property information using digital techniques such as aerial imagery, 3D modelling, and data analytics, allowing them to complete values more quickly and precisely. The US real estate appraisal market is expected to be worth US$9.27 billion in 2023, witnessing growth at a CAGR of 4.24%, over the projected period. Top Impacting Factors Driver: Technology Penetration in the Appraisal Industry The Digital AMC platform has the ability to leverage technology to automate processes and manage the network of field agents to improve quality. The technology (Solidifi) platform uses automated quality scoring technology, in addition to manual reviews, to reduce the number of touchpoints relative to traditional AMCs. Moreover, Solidifi has a unique appraiser scoring system which ranks appraisers on performance and quality metrics. This scoring becomes important to provide unbiased feedback to appraisers and to provide a transparent performance-based system for assigning future appraisal assignments. Better performance is rewarded with more work. Thus, such platform motivates the appraisers to deliver high standard and authenticated appraisals. Challenge: Restricted Demand for Appraisers Based on the Region Appraisers works in a very defined location and geography mainly due to types of logistics involved in the essential part of appraisal report generation process (usually due to difference in state licensing requirements and requires a good level of knowledge with respect to the regional dynamics of a specific real estate market). Thus, the demand for appraisal is very regional by nature. Now, the part of the US which is having shortage of appraisers effects significantly on the appraiser’s fees compared to part where there is oversupply. Mostly, appraisals cost US$400-600 and take about three-seven days for inspection of the house, though this may vary with different location and landscape. Also, appraiser supply can often be an issue in rural markets and in very active real estate markets. In a nutshell, demand of appraiser is directly proportional to the region. Trend: Improvement in Logistical Management of Appraisers Logistical management of appraisers is mainly handled by AMCs in the appraisal process, but certainly some are better than others and have invested heavily in solutions that improve the order management, appraisal scheduling, and route efficiency solutions. For example, Solidifi (The US Real Matters brand) has invested significantly to build out its capabilities in network management. Specifically, the company is able to monitor the efficiency of appraisers in real time (turnaround time and defect rates) and routes more work to highly rated appraisers depending on their current capacity. Besides Solidifi, LRES in this area (automatic assignment technology that identifies the best appraiser for a certain job) and ServiceLink’s Exos business (has a comprehensive scheduling solution that connects appraisers with other parties involved in scheduling, including the homeowner). Thus, the improvement in logistical management of appraisers overall improve the appraisal process which in turn positively affect the industry. Market Dynamics Growth Drivers Challenges Market Trends Analysis of Key Players The US real estate appraisal market is is very fragmented. The market is likely to be led by large national firms, but there are also many smaller regional and local firms, as well as independent appraisers, that compete within specific markets or regions. Companies and appraisers need to have a strong reputation for accurate and reliable valuations, as well as a good understanding of the local real estate market and the ability to adapt to changing market conditions. Additionally, companies that can offer additional services, such as technology solutions or data and analytics, may have an advantage over competitors who only offer traditional appraisal services. The key players covered in the report include: For more information about this report visit https://www.researchandmarkets.com/r/23oii1 About ResearchAndMarkets.com ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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