Half the cities on Case-Shiller are seeing all-time high home prices

Los Angeles and San Diego reach all-time high home prices, putting half the cities on the influential S&P CoreLogic Case-Shiller index at that milestone

Single-family listings are at all-time highs in 10 of the 20 regions tracked on this month’s S&P CoreLogic Case-Shiller home price index numbers.

Bespoke Investment first pointed out the milestone over at the financial blog Seeking Alpha. The index as a whole showed a 6.3 percent year-over-year gain for home prices in February, released earlier this week. Home prices, according to the index, showed no sign of slowing and were similar to rising home prices in the 15 years before the financial crisis.

Continue reading Half the cities on Case-Shiller are seeing all-time high home prices

Zillow to Buy & Sell homes using agents

The real estate tech giant will start buying homes and going head-to-head with Opendoor and OfferPad. Zillow also confirmed it will be using agents in its Premier Agents program to sell the homes it purchases

Zillow executive Errol Samuelson announced a major new business initiative for the real estate tech giant: Zillow will expand its Zillow Instant Offers program and begin buying and selling homes with its own money in Phoenix and Las Vegas, putting it in direct competition with iBuyers like Opendoor and OfferPad — the latter of whom Zillow also partners with on Instant Offers.

Zillow Instant Offers, which launched last year in Orlando and Las Vegas initially, lets prospective homesellers visit the Zillow website to receive an offer on their home from iBuyer investors, including companies such as OfferPad, as well as a professional home valuation and comparative market analysis (CMA) from a licensed real estate agent. The home seller can then choose to take the instant offer from the investor and receive all cash for their home, likely at a reduced rate, or list their home on the open market with an agent and potentially get a higher sale price.

Zillow’s new enterprise — offering to buy homes outright and resell them, using handpicked local real estate agents who are already participating in Zillow’s separate Premier Agent program to represent Zillow in both its purchase of homes and its re-sale of them — will launch within weeks, according to Samuelson, Zillow’s Chief Industry Development Officer. The company projects that it will have somewhere between 300 and 1,000 homes in its inventory by the end of 2018, according to an investor presentation released yesterday.

Continue reading Zillow to Buy & Sell homes using agents

OfferPad cuts ties with Zillow over Instant Offers expansion

The startup says it was blindsided by Zillow’s decision to begin buying and selling homes directly and has ended their business partnership

Privately-held real estate startup OfferPad has officially ended its partnership with Zillow in response to Zillow’s announcement earlier this month that it will begin buying homes directly from consumers and re-selling them — a move that puts Zillow in direct competition with OfferPad.

OfferPad launched in 2015 with the aim of making homeselling faster and easier by giving prospective sellers a cash offer on their home online within 24 hours — whether they have an agent or not. If a seller accepts the offer, OfferPad then purchases the home, makes improvements and re-lists it for sale.

Continue reading OfferPad cuts ties with Zillow over Instant Offers expansion

Real estate community reacts to Zillow’s entry as an iBuyer

Agents aren’t that surprised that Zillow is finally financing offers itself, and major competitor Opendoor welcomes Zillow to the party

Zillow made a long-anticipated entrance into real estate transactions on Thursday with the announcement that the mammoth real estate listings site would buy homes through its Instant Offers program and then resell them quickly — all with the help of agents.

Zillow has operated Instant Offers in two test markets, Las Vegas and Orlando, since last year, allowing homesellers to secure investor offers on their homes and then choose whether to accept an instant investor offer or go with a traditional real estate agent. But those offers shown to consumers by Zillow have come from outside investors and iBuyers like OfferPad.

Now, Zillow is fronting the money themselves, and expanding Instant Offers to a new market: Phoenix. The company will buy homes from Instant Offers customers and then resell those homes starting in the Phoenix and Las Vegas markets. Agents who pay fees to Zillow to be part of its Premier Agent program will be tapped to work on both sides of those transactions.

Continue reading Real estate community reacts to Zillow’s entry as an iBuyer

Zillow’s other big announcement: higher quality leads for Premier Agents

Zillow’s concierge service will connect agents with validated buyers and sellers instantly for phone calls or texts at times of mutual convenience

Zillow Group this month plans to roll out a new update to its Premier Agent program that will now filter quality buyer and seller leads directly to agents 24/7, the Seattle-based company announced.

The rollout will begin later this month in Butte, Montana, and then expand nationwide this year, according to a Zillow announcement on Thursday. It will allow agents paying to participate in Zillow’s Premier Agent program to text or talk by phone to potential buyers after being validated by a Zillow representative. The update will allow potential buyers to schedule calls during a time that’s convenient for all parties, rather than spontaneously, a Zillow executive said on Thursday.

Continue reading Zillow’s other big announcement: higher quality leads for Premier Agents

Home price growth is unstoppable, ‘no weak spots’ in housing markets

Seattle, Las Vegas and San Francisco continue to experience year-over-year price gains of more than 10%

January’s S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index shows that home price growth is unlikely to slow down anytime soon — January 2018’s national index comes in at 196.31, a 6.2 percent year-over-year and a seasonally adjusted 0.5 percent month-over-month increase.

Continue reading Home price growth is unstoppable, ‘no weak spots’ in housing markets

Here’s why NAR wants to raise Realtor dues by $30 next year

Dues would also rise every year under new proposal to fund political spending, zipLogix software and more

The National Association of Realtors (NAR) seeks to raise dues for its 1.3 million members by $30 next year, with additional built-in increases of 2.5 percent per year beginning in 2020.

NAR’s 2019 budget proposal, approved by its budget review and finance committees two weeks ago, calls for a $35.5 million jump in annual spending. NAR says it will devote $17 of the increase to boost its political advocacy spending and the remaining $13 will cover a Realtor-owned transaction management platform for members, building maintenance and renovation, and programs devoted to professionalism, financial wellness, and strategic business innovation.

Continue reading Here’s why NAR wants to raise Realtor dues by $30 next year