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Redfin Reports More Sellers Are Listing Their Homes, Hoping to Cash in on High Prices and Demand From Buyers

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New listings posted their second-biggest annual increase since early summer this week, and pending home sales continue to rise New listings of homes for sale are up 7.6%, the biggest year-over-year increase since June (except the four weeks ending November 24, when the increase was inflated due to Thanksgiving), according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This is based on data from the four weeks ending December 15. There are several reasons more sellers are putting their homes on the market. One, home prices are high; the median U.S. home sale price is up 6% year over year, the second-biggest increase since October 2022. Two, consumer confidence rose to a 16-month high after November’s election, motivating more sellers to make the major financial decision to list their homes. And finally, some sellers are hoping to take advantage of the increased homebuying demand Redfin has seen over the last month. The latest demand signals show it is continuing to strengthen. Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of tours and other buying services from Redfin agents—is up 9% year over year, and is sitting near its highest level since August 2023. Mortgage-purchase applications are up 18% month over month, and pending home sales are up 4.1%, similar to the increases Redfin has seen over the last few months. Like sellers, many homebuyers are feeling more confident about making a big financial move after the summer and early fall slump. Declining mortgage rates are another reason more buyers are coming off the fence: The weekly average rate has declined for three weeks in a row to a two-month low of 6.6%. It’s worth noting that mortgage rates may have bottomed out for the time being; daily average rates rose above 7% on December 18 after the Fed signaled it will cut interest rates twice in 2025, instead of four times. “We’re having a busier winter than usual; I have a handful of listings ready to hit the market right after the new year. This time last year, it was crickets,” said David Palmer, a Redfin Premier agent in the Seattle area. “Buyers are coming out of the woodwork because they’ve accepted that rates in the 6% to 7% range are the new normal, and they know that if they wait to buy, mortgage rates will probably stay the same but prices will be higher.” For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page. To view the full report, including charts, please visit:https://www.redfin.com/news/housing-market-update-more-new-listings-demand Author admin View all posts

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Natural language search reveals insights into how people searched for homes this year From barns to laser tag, Zillow® AI-powered natural language search revealed 2024’s unique home-search trends, offering a window into what Americans wanted in their next home. This year, Zillow enhanced its natural language search feature, allowing home shoppers to search for their next home as naturally as they would speak to family or friends. Buyers and renters can use everyday language instead of preset filters to search by commute time, affordability and nearby schools or points of interest. This new feature showed what Americans were prioritizing in their home search this year. Most-searched-for home attributesThis year’s top home-search trends highlighted a preference for variety and character in housing. Ranch and ranch-style homes led the way for their charm and single-story convenience, while modern and Mid-Century Modern designs also made an appearance farther down the list. Scenic escapes, like lakeside retreats and cabins, along with unique options, like “barndominiums” and horse properties, weren’t far behind. There has been growing interest in flexible living spaces, with duplexes and lofts rising in popularity. Typical features like garages and patios continued to be in high demand, showing that homeowners have been blending practicality with personal style. Check out the most-searched home attributes: Top search terms by state showed home shoppers everywhere had a lot in common …The top home-search terms by state indicated how geography, lifestyle and climate shaped what people wanted in their homes, and also how many home shoppers shared priorities. In states like California, Florida and Texas, “pool” topped the list. Meanwhile, practical features like “garage” or “ranch” homes were the most-searched terms in colder or more rural states, like Alaska, North Dakota and Wyoming. “Pool” was among the three most common searches in 38 states this year, while “garage” made the list in 46 states. Alabama, Connecticut, South Carolina and Tennessee all shared the same top three search terms: “pool,” “garage” and “lake,” in that order. Coastal California and Indiana saw the most shoppers seeking places that “allow small dogs.” Still, home shoppers in some states had distinct preferences. Maine was the only state where “farms” cracked the top three in search criteria; it was the same with “backyard” for Mississippi shoppers. … but some were seeking a more fun and customized home to buySome searches trekked off the beaten path. One Colorado home shopper looked for a “roller coaster,” while another in Michigan was keen on a home with “laser tag.” If the home shopper who searched all over the country for a “party barn” found what they were looking for, their house could be the place to be in 2025. And for those embracing the eerie, at least one shopper in each of 22 states was hunting for a “haunted” home, while home shoppers in Illinois, Ohio and Oregon opted for something less intense — a “spooky” house. Locations for every lifestyleThe desire for theme park rides and ghostly roommates might be rare, but there are lifestyle trends that pull plenty of people together — and to certain areas of the country. Top point-of-interest searchesThis year, home shoppers gravitated toward scenic retreats and waterfront destinations as their top points of interest. Myrtle Beach, South Carolina; Lake Tahoe, Nevada; and Long Island, New York, topped the list, along with lakeside favorites Lake Minnetonka, Minnesota; Lake of the Ozarks, Missouri; and Smith Mountain Lake, Virginia. Other popular spots included Flathead Lake, Montana; Lake Oconee, Georgia; and Amelia Island, Florida. SOURCE Zillow, Inc. Author admin View all posts

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Gray Capital, a multifamily investment firm, has published their “2025 Multifamily Forecast” report, which covers the major trends in the housing market and economy that will impact the apartment market next year. Along with these broader trends, the new report includes data on apartment supply and demand, capital markets, and specific predictions for rent growth in 2025. “Multifamily is on the precipice of an inflection point. 2025 should see significantly more sales activity, but there is potential for additional volatility depending on the path of inflation and interest rates,” says Spencer Gray, President and CEO of Gray Capital. Gray Capital’s forecast report builds on previous research on loan maturities as an element of the multifamily investment market worth watching in 2025. This earlier research expanded on the effects of extend-and-pretend practices in pushing loan maturities forward into 2025, and Gray Capital’s new forecast highlights loan maturities as a potential catalyst for greater sales activity next year. “Multifamily sales volumes dropped to roughly half of the pre-pandemic average for the past two years, but if banks are less willing to provide workouts and extensions compared to 2023, loan maturities could lead to more deals coming onto the market and more sales activity in 2025,” says Matt Bastnagel, Director of Communications and Marketing at Gray Capital. Gray Capital expects a further balance between supply and demand in 2025, but supply levels will continue to be elevated in specific markets, with rent growth in many Sunbelt markets expected to be lower than markets in the Northeast and Midwest. Persistently high housing and apartment demand support the solid long-term investment prospects for multifamily assets, and Gray Capital anticipates a favorable investment environment in 2025 that aligns with recent improvements in investor sentiment. For additional information on the multifamily market in 2025, download the complete report or watch the webinar on the topic. To learn more about Gray Capital, visit www.graycapitalllc.com or follow Gray Capital on LinkedIn, Instagram, and YouTube. SOURCE Gray Capital Author admin View all posts

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Redfin reports homebuying activity picked up in November as election uncertainty dissipated and buyers grew more accustomed to elevated mortgage rates Existing home sales rose 0.7% month over month in November to a seasonally adjusted annual rate of 4,269,85—the highest level since March 2023. They jumped 4.5% year over year—the largest annual increase since July 2021, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. A seasonally adjusted annual rate is not a measurement of actual total sales for the year, but rather, the pace of sales at a given time. A seasonally adjusted annual rate of 4,269,851 in November means that existing home sales would end the year at that level if homes were sold at the November pace for each month of 2024. Redfin’s measure of existing home sales has them coming in at around 4.1 million for the full year of 2024. “Homebuying activity picked up steam in recent months as election uncertainty dissipated and house hunters realized that waiting probably isn’t going to get them a significantly lower mortgage rate anytime soon,” said Redfin Senior Economist Elijah de la Campa. “Since 2024 was a slow year for housing, existing home sales for the full year will still likely come in roughly the same as 2023, which was the weakest showing for sales since 1995. But we expect sales to tick up in 2025.” The average interest rate on a 30-year mortgage rose to 6.81% last month, the highest level since July, but that’s still below the 7.44% level of November 2023. Mortgage rates hit the highest level in over two decades last fall, putting a damper on sales—another reason sales this past month posted a sizable year-over-year gain. Overall home sales, including both existing and new homes, climbed 2.2% month over month in November to the highest level in over two years on a seasonally adjusted basis. They were up 7% year over year, the biggest annual increase since June 2021. Pending sales also inched up, rising 0.4% month over month to the highest level since February 2023 on a seasonally adjusted basis, and climbing 5.7% year over year. “The market was stagnant in the months leading up to the election, but within 48 hours of the results being announced, I was getting more home-tour requests,” said Rafael Corrales, a Redfin Premier real estate agent in Miami. “We definitely saw an uptick in demand on the buyside, but less so with listings.” Home Prices Posted Biggest Gain in Seven Months as Supply Remained Constrained The median home sale price increased 5.4% year over year to $430,107 in November, the biggest annual gain since April. Prices continue to rise because there’s still a shortage of homes for sale. New listings fell 1.6% month over month on a seasonally adjusted basis and dropped 4.8% year over year. While new listings slowed in November, active listings—a measure of all homes on the market—continued to rise. Active listings climbed 0.5% month over month to the highest level on a seasonally adjusted basis since July 2020, and increased 12.1% year over year. One reason active listings are rising is that some homes are taking a long time to sell, causing stale supply to pile up. The typical home that went under contract in November was on the market for 43 days—the slowest November pace since 2019. While active listings rose last month, they were still 18.2% below pre-pandemic (November 2019) levels. New listings were 13.8% below pre-pandemic levels. November 2024 Housing Market Highlights: United States November 2024 Month-over-monthchange Year-over-yearchange Median sale price $430,107 -0.9% 5.4% Existing home sales, seasonally adjusted annual rate 4,269,851 0.7% 4.5% Pending home sales, seasonally adjusted 495,299 0.4% 5.7% Homes sold, seasonally adjusted 441,032 2.2% 7% New listings, seasonally adjusted 525,178 -1.6% -4.8% Total homes for sale, seasonally adjusted (active listings) 1,736,884 0.5% 12.1% Months of supply 3.1 0.1 0.1 Median days on market 43 2 6 Share of homes sold above final list price 26.5% -1.3 ppts -2.3 ppts Average sale-to-final-list-price ratio 98.8% -0.2 ppts -0.2 ppts Monthly average 30-year fixed mortgage rate 6.81% 0.38 ppts -0.63 ppts Metro-Level Highlights: November 2024 To view the full report, including charts, please visit: https://www.redfin.com/news/existing-home-sales-rise-november. Author admin View all posts

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Archwest Capital (“Archwest”), a premier direct lender specializing in business-purpose financing for residential real estate investors, announced the appointment of Tuan Pham as Chief Marketing Officer. Pham, a seasoned leader in the business-purpose lending (BPL) sector, brings over 23 years of experience in marketing, branding, and client engagement, most recently serving as the Chief Marketing Officer of Dunmor. Previously, Pham led as Chief Marketing Officer of CoreVest, where he played a crucial role in helping the company exceed $20 billion in loans by applying a diverse range of marketing, communications, and business development strategies to connect with clients and prospects. He was also instrumental in developing the company’s customer experience portal and leading marketing technology innovations. His strategic approach to client acquisition and retention, paired with his leadership in tech-driven solutions, makes him a key addition to Archwest as the company enters its next phase of growth. “Tuan’s proven track record of building top-performing marketing teams and driving exceptional client experiences aligns perfectly with Archwest’s goals,” said Shawn Miller, Founder and Chief Executive Officer of Archwest. “His deep industry knowledge will accelerate our marketing efforts and further elevate visibility for our brand and innovative suite of diversified lending products.” “I have long admired Tuan’s leadership and innovative approach,” added Tricia Mitchell, Chief Operating Officer of Archwest. “We are excited to collaborate with him as we expand our client base and continue to deliver outstanding service to our borrowers and broker partners.” “I am honored to join Archwest, a company that places a strong emphasis on people, technology, and innovation,” said Pham. “I look forward to optimizing our national reach and marketing functions to drive impactful business development efforts and enhance the overall customer journey.” About Archwest Capital Archwest Capital is a national direct lender focused on providing business purpose financing secured by residential, multifamily, and mixed-use properties. As bankers, lawyers and real estate entrepreneurs, the founders of Archwest have created and operated multiple firms in the past two decades that have managed more than $8 billion of assets and originated more than $3 billion of business purpose loans. Their deep experience and national reach have culminated in the formation of Archwest, which provides a comprehensive suite of diversified lending products, including fix and flip, bridge, construction, rental, and multifamily loans. Since 2022, Archwest has helped investors meet the need for increased housing across the nation, providing direct capital solutions throughout the development process, from ground-up to light/heavy rehab to stabilization, in addition to offering flexible permanent financing alternatives to agency commercial products. For more information, visit www.archwestcapital.com. SOURCE Archwest Capital Author admin View all posts

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2025 has the potential to be a pivotal turning point for global real estate markets, according to leading global real estate investment manager Hines’ 2025 Global Investment Outlook report. The report, titled “A New Dawn: Seizing Real Estate’s Moment of Opportunity,” highlights the key trends and sector-specific strategies Hines sees shaping the global real estate market as it transitions into a new cycle of growth and recovery, with a specific focus on the potential opportunities unfolding in the private markets. “As we enter 2025, we remain in the midst of a massive transition in the investment landscape,” said David Steinbach, Global Chief Investment Officer of Hines. “The dynamics of the previous cycle–where unusually low interest rates propelled growth and easy leverage–have faded and are being replaced by a higher-for-longer interest rate environment where investors will need to focus on alpha generation. We will likely look back on 2025 as a pivotal moment of recovery in many areas of the commercial real estate sector–now is the time for investors to put capital to work and reposition their portfolios.” Priority Sectors and High-Conviction Themes Global Markets Takeaways According to Hines’ analysis, as of the third quarter of 2024, just over 66% of global markets were in some phase of the Buy cycle, the highest level since 2016. “As we close the door on 2024 and look ahead to 2025, our data finds that the global real estate market presents a promising, but complex, landscape,” said Joshua Scoville, Head of Global Research at Hines. “It’s our conviction that the year ahead will bring stability, clarity, and potential opportunity for global real estate investors as the dust settles and the asset class turns a corner into recovery.” Hines’ “A New Dawn: Seizing Real Estate’s Moment of Opportunity,” 2025 Global Investment Outlook is available for download on the Hines website. About Hines Hines is a leading global real estate investment manager. We own and operate $93.0 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 31 countries draw on our 67-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media. Author admin View all posts