Ratio of single homeowners increases to record high

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https://realtybiznews.com/ratio-of-single-homeowners-increases-to-record-high/98757771/

Americans are increasingly heading into homeownership alone, with the share of homeowners in the U.S. who describe themselves as “single” hitting a record 38.4% in 2018, according to U.S. Census data.

Moreover, around 48.5% of singles aged 18 to 34 owned a home in 2018, the highest number since 2009, USA Today reported.

The
main reason for the higher figure is that more Americans are single,
experts say. Also, they’re being helped by the strong economy and
job market, which are even helping to offset rising home prices.

The
share of 18- to 34-year-old Americans who are single reached a record
in 2018 at 72.3%.

“People
are getting married later in life,” Ralph McLaughlin, chief
economist for Haus, a company that partners with individuals to buy
homes to reduce their costs, told USA Today. Women are increasingly
entering the workforce and are rising to higher-level positions,
delaying marriage and having children, he said. Older millennials who
were delayed by the Great Recession in 2007 through 2009 also may
have delayed marriage to put their careers first.

Then
there’s the increasing number of divorcees in the U.S. that account
for yet more single homeowners. In 2018, 16.1% of people aged 55 and
above were divorced, a record high and well above the 5% recorded in
1980. And in some cases, a divorce can produce two single homeowners,
McLaughlin said.

But
separating, or never getting married in the first place, doesn’t
curb people’s appetite for homeownership.

“Owning
a home is a better deal than renting”, McLaughlin told USA Today.
He said that homeowners, irrespective of their marriage status, are
realizing that and taking the plunge.

Builders
are starting to gradually respond by ramping up entry-level homes.
From 2015 to 2018, the share of homes less than 2,400 square feet
increased to 51% from 47%, according to an analysis from the National
Association of Home Builders.

But
buying a home solo can pose challenges. The national median home
price has increased 54% since 2012. However, the growth in average
wages in that time has increased only by 20%, according to data from
the National Association of Realtors.

Single
homeowners tend to be more common in markets that are less expensive.
For example, Des Moines, Iowa, tops the nation with nearly a quarter
of all young adults who are single homeowners. On the other hand,
less than 10% of young people are single homeowners in pricier
markets like New York or San Francisco.

The post Ratio of single homeowners increases to record high appeared first on RealtyBizNews: Real Estate News.

Raleigh Led Nation in iBuyer Market Share in 2019, followed by Phoenix, Charlotte and Atlanta

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https://www.redfin.com/blog/ibuyer-real-estate-q4-2019/

iBuyers Purchased 1 in 100 Homes that Sold in the U.S. in 2019

The nation’s top iBuyers purchased 1 of every 100 homes that sold in 2019 across the more than 200 U.S. metro areas Redfin tracks, nearly doubling their 2018 market share of 0.6%. That’s based on a Redfin analysis of MLS and public records data on home purchases and sales made by the most well-known national iBuyers, including Opendoor, Zillow, Offerpad and RedfinNow.

The term “iBuyer” (short for instant buyer) is used to describe real estate companies that use technology and AI to make instant offers to home sellers and then purchase homes in quick, cash transactions. iBuyers charge sellers a higher fee than a traditional real estate agent would for the convenience of avoiding home prep, showings and open houses and the certainty of a cash offer with a flexible move out day. These companies then make any necessary improvements and resell the homes to homebuyers.

While iBuying represents a sliver of overall U.S. real estate activity, it is growing quickly in many metro areas, particularly in the South and Southwest. Raleigh had the highest iBuyer market share in 2019, and iBuyers purchased 7.3% of the homes that sold there in 2019, up from 3.9% in 2018. Phoenix had the second highest iBuyer share at 5.9%, followed by Charlotte and Atlanta (both 5.2%) and Las Vegas (4.1%). iBuyers had market share of at least 1% in 21 markets, including in 11 markets where they had a share of 3% or more.

In raw numbers, instant offer companies purchased the largest number of homes in Phoenix at over 5,200, followed by Atlanta (over 4,300) and Houston (over 2,100).

“It’s no surprise Raleigh and Phoenix led the nation in iBuyer share because those housing markets are iBuyer sweet spots and are poised for price growth in 2020,” said Redfin chief economist Daryl Fairweather. “These markets work well for iBuyers which tend to purchase homes that are relatively affordable, were built within the last few decades and are easy to price accurately because they are located in tract neighborhoods with largely homogenous housing stock. iBuyers also try to buy homes that will likely retain or increase in value over the short period between purchase and sale. Our forecasts indicate that both Phoenix and Raleigh will have strong price growth in 2020.”

Fairweather also predicts the metros seeing strong iBuyer activity will also see growth in home sales.

“It’s a sellers market right now, but this can be a double-edged sword for sellers who also are looking to buy. iBuyers are a big help for folks who need the equity from their current home to buy the next, and want the flexibility of lining up their sale with the purchase of their new home. Homeowners who may have been reluctant to sell because they were concerned about carrying two mortgages or worried about the stress of choreographing two transactions may be persuaded by the convenience of an iBuyer sale.”

iBuyers had the highest year-over-year growth in market share in Raleigh (up 3.4 percentage points), followed by Houston, Atlanta and Denver. iBuyers grew their Houston market share from 0.1% in 2018 to 3.0% in 2019, in Atlanta from 2.2% to 5.2%, and in Denver from 0.2% to 2.7%. Orlando was the only metro area where share fell from 2018 to 2019, declining from 2.6% to 2.2%.

iBuyers Got Faster in 2019

Across the 21 largest iBuying markets in 2019, iBuyer-owned homes found a buyer after being listed on the market for a median of 38 days, compared to 53 days in 2018. A typical, non-iBuyer home spent 37 days on the market in 2019, compared to 35 in 2018.

In 9 of the 21 largest iBuying metros, iBuyers sold their inventory faster than a typical home, with the largest margins in Charlotte and Durham (26 days faster), Tucson (25) and Raleigh (21). Of the 12 metros where iBuyers lagged the overall market, the difference was most severe in Portland, where iBuyer-owned homes were on the market 28 days longer than the typical home, followed by Austin (23) and Houston (20).

“Every day an iBuyer owns a home the already narrow profit margin gets eaten up by property taxes, interest and upkeep,” said Fairweather. “As iBuyers scale, they are working to shrink their turnaround time for renovations and reduce the amount of time the home is listed on the market. iBuyers sold homes 15 days faster in 2019 than they did in 2018, even as the typical home took two days longer to sell in 2019 than 2018. This tells us that iBuyers were able to sell homes faster because of changes to their own buying and pricing strategies rather than external factors creating an overall faster market.”

iBuyers Bought Slightly More Expensive Homes in 2019

Across the top 21 markets, iBuyers bought homes for a median of $269,000, a 3% increase from 2018, but still below the national median of $306,000 in January. In every market but Riverside, CA and Orlando, iBuyers purchased homes below the metro-area median last year.

2019 Data

Metro AreaShare of Home Sales Purchased by iBuyers in 2019Share of Home Sales Purchased by iBuyers in 2018Median Price of Homes Bought by iBuyers in 2019Median Price of Homes Bought by iBuyers in 2018Median Days on Market for iBuyer Homes in 2019Median Days on Market for iBuyer Homes in 2018

Raleigh, NC7.30%3.90%$240,000 $237,000 2732

Phoenix, AZ5.90%5.40%$246,000 $238,000 2637

Charlotte, NC5.20%2.90%$218,000 $213,000 2647

Atlanta, GA5.20%2.20%$212,000 $213,000 4045

Durham, NC4.80%2.60%$216,000 $206,000 2125

Las Vegas, NV4.10%3.80%$280,000 $272,000 4449

Fort Worth, TX*4.00%3.30%$        -$        -3445

San Antonio, TX*3.80%1.70%$        -$        -4464

Dallas, TX*3.00%2.40%$        -$        -4455

Houston, TX*3.00%0.10%$        -$        -57110

Denver, CO2.70%0.20%$386,000 $362,000 3526

Austin, TX*2.30%0.00%$        -$        -4764

Orlando, FL2.20%2.60%$249,000 $241,000 3854

Nashville, TN2.10%1.10%$240,000 $276,000 4198

Tucson, AZ2.00%0.00%$201,000 $        -290

Jacksonville, FL1.90%0.00%$202,000 $        -440

Portland, OR1.70%0.00%$377,000 $308,000 5346

Tampa, FL1.50%1.20%$209,000 $211,000 3761

Riverside, CA1.50%0.20%$391,000 $389,000 3737

Minneapolis, MN1.20%0.20%$260,000 $298,000 4561

Sacramento, CA1.20%0.20%$376,000 $384,000 3799

21 Markets Combined3.30%1.80%$269,000 $261,000 3853

*Median sale prices are not available in Texas metros due to limited public records data. 

Fourth Quarter 2019 Highlights

Raleigh led the nation in iBuyer market share for the third consecutive quarter. Raleigh (7.9%), Durham (6.2%), Atlanta (5.8%), Phoenix (5.7%) and Charlotte (5.2%) all exceeded 5% market share in the fourth quarter.
iBuyer market share grew the most year-over-year in Tucson, where iBuyers bought 3.1% of the homes in the fourth quarter of 2019, up from zero purchases a year prior. Denver saw the second-largest increase, up to 2.7% from just 0.4% a year prior.
Market share fell year-over-year in Las Vegas (-3.4%), Phoenix (-1.2%) and Orlando (-1.0%).
The most expensive markets for iBuyer purchases were Riverside, CA, Denver and Portland, OR, where iBuyers bought homes for a median of $403,500, $371,000 and $367,000 respectively.
The most affordable markets for iBuyer purchases were Jacksonville, Tucson and Atlanta, where iBuyers bought homes for a median of $191,500, $200,400 and $207,800 respectively.
In 18 of the 19 iBuying metros for which we have a year-over-year comparison, iBuyers sold homes faster in the fourth quarter of 2019 than the fourth quarter of 2018. The change was most drastic in Sacramento, where iBuyer homes were on the market for a median of 20 days, compared to 90 days in the fourth quarter of 2018.

Q4 2019 Market Share and Median Sale Price in Areas Where iBuyers Have at Least 1% Share

Metro AreaShare of Homes Purchased by iBuyers, Q4 2019Share of Homes Purchased by iBuyers, Q4 2018Median Purchase Price of Homes Purchased by iBuyers, Q4 2019Metro-Wide Median Home Sale Price, Q4 2019

Raleigh, NC7.90%7.20%$242,500 $275,000

Durham, NC6.20%4.10%$221,500 $265,000

Atlanta, GA5.80%4.50%$207,800 $241,000

Phoenix, AZ5.70%6.90%$250,500 $285,000

Charlotte, NC5.30%4.50%$215,300 $249,000

Fort Worth, TX3.90%3.60%$239,000

San Antonio, TX3.80%3.20%$218,000

Las Vegas, NV3.40%6.80%$275,500 $285,000

Tucson, AZ3.10%$200,400 $229,900

Dallas, TX3.00%2.70%$278,000

Houston, TX2.70%0.80%$229,500

Denver, CO2.70%0.40%$371,000 $413,000

Nashville, TN2.40%2.40%$250,100 $285,000

Jacksonville, FL2.40%$191,500 $224,900

Orlando, FL2.40%3.40%$244,400 $250,000

Portland, OR2.30%0.10%$367,000 $398,700

Austin, TX2.10%0.10%$323,000

Riverside, CA1.90%0.40%$403,500 $380,000

Minneapolis, MN1.70%0.60%$275,600 $270,000

Tampa, FL1.60%1.80%$208,700 $229,000

Sacramento, CA1.20%1.00%$364,000 $409,000

21 Markets Combined3.40%2.70%$268,100 $284,600

*Median sale price data are not available in Texas metros due to limited public records data.

Days on Market for iBuyer Homes Sold in Q4 2019 in Areas Where iBuyers Have at Least 1% Share

Metro AreaMedian Days on Market for iBuyer Homes, Q4 2019Median Days on Market for iBuyer Homes, Q4 2018Metro-Wide Median Days on Market, Q4 2019

Raleigh, NC263150

Durham, NC245948

Atlanta, GA335732

Phoenix, AZ225638

Charlotte, NC134453

Fort Worth, TX294138

San Antonio, TX405448

Las Vegas, NV337853

Tucson, AZ3248

Dallas, TX325147

Denver, CO272623

Houston, TX439142

Jacksonville, FL3646

Orlando, FL266528

Nashville, TN458055

Portland, OR294630

Austin, TX356428

Riverside, CA214354

Minneapolis, MN375930

Tampa, FL289027

Sacramento, CA209026

21 Markets Combined305940

*Median sale prices are not available in Texas metros due to limited public records data. 

Methodology

To identify purchases made by iBuyers, we analyzed public records data of home sales across all the markets that Redfin covers. When an iBuyer purchases a home, public records usually show the buyer as an entity (e.g., corporation, partnership, or LLC), and each iBuyer can have multiple purchasing entities. Our analysis identifies these entities to the extent possible, and we connect them to iBuyers as they appear in the records, but sometimes there are homes that we don’t realize an iBuyer purchased until we see it hit the market for sale. When that happens we update our data to include all purchases by the entity on record for that home, which can cause our share numbers for previous periods to increase.

In determining market share, we included all currently known purchases by Bungalo, Opendoor, Offerpad, RedfinNow and Zillow as the numerator and all single-family, condo, and townhome sales, excluding new construction and bank-owned homes, as the denominator. There are numerous other companies that engage in iBuying in various markets, however Redfin tracks the most prominent, national iBuyers. While we collected data from many more markets across the country, for this report we primarily focused on the 21 metro areas where iBuyer purchases accounted for at least 1% of the market in the fourth quarter of 2019.

Median sale price data is omitted in Texas metro areas where this data is not available.

Our data showed transactions from the following companies in the 21 metro areas in the study.

Atlanta, GA: Bungalo, Offerpad, Opendoor, Zillow
Austin, TX: Offerpad, Opendoor, RedfinNow, Zillow
Charlotte, NC: Bungalo, Offerpad, Opendoor, Zillow
Dallas, TX: Bungalo, Offerpad, Opendoor, RedfinNow, Zillow
Denver, CO: Opendoor, RedfinNow, Zillow
Durham, NC: Offerpad, Opendoor, Zillow
Fort Worth, TX: Bungalo, Offerpad, Opendoor, RedfinNow, Zillow
Houston, TX: Offerpad, Opendoor, RedfinNow, Zillow
Jacksonville, FL: Opendoor
Las Vegas, NV: Offerpad, Opendoor, Zillow
Minneapolis, MN: Opendoor, Zillow
Nashville, TN: Opendoor, Zillow
Orlando, FL: Offerpad, Opendoor, Zillow
Phoenix, AZ: Offerpad, Opendoor, Zillow
Portland, OR: Opendoor, Zillow
Raleigh, NC: Offerpad, Opendoor, Zillow
Riverside, CA: Opendoor, RedfinNow, Zillow
Sacramento, CA: Opendoor, Zillow
San Antonio, TX: Offerpad, Opendoor, RedfinNow, Zillow
Tampa, FL: Bungalo, Offerpad, Opendoor, Zillow
Tucson, AZ: Offerpad, Opendoor

The post Raleigh Led Nation in iBuyer Market Share in 2019, followed by Phoenix, Charlotte and Atlanta appeared first on Redfin Blog.

More stuff on real estate please like = agree

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Dubbed the "nation's most avid trophy-home buyer" by the Wall Street Journal, Oracle co-founder Larry Ellison is no stranger to the real estate market.

Absolutely adore anything related to real estate

  Posted in Residential on

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Dubbed the "nation's most avid trophy-home buyer" by the Wall Street Journal, Oracle co-founder Larry Ellison is no stranger to the real estate market.

Raleigh Led Nation in iBuyer Market Share in 2019, followed by Phoenix, Charlotte and Atlanta

  Posted in Residential on

  by admin

https://www.redfin.com/blog/ibuyer-real-estate-q4-2019/

iBuyers Purchased 1 in 100 Homes that Sold in the U.S. in 2019

The nation’s top iBuyers purchased 1 of every 100 homes that sold in 2019 across the more than 200 U.S. metro areas Redfin tracks, nearly doubling their 2018 market share of 0.6%. That’s based on a Redfin analysis of MLS and public records data on home purchases and sales made by the most well-known national iBuyers, including Opendoor, Zillow, Offerpad and RedfinNow.

The term “iBuyer” (short for instant buyer) is used to describe real estate companies that use technology and AI to make instant offers to home sellers and then purchase homes in quick, cash transactions. iBuyers charge sellers a higher fee than a traditional real estate agent would for the convenience of avoiding home prep, showings and open houses and the certainty of a cash offer with a flexible move out day. These companies then make any necessary improvements and resell the homes to homebuyers.

While iBuying represents a sliver of overall U.S. real estate activity, it is growing quickly in many metro areas, particularly in the South and Southwest. Raleigh had the highest iBuyer market share in 2019, and iBuyers purchased 7.3% of the homes that sold there in 2019, up from 3.9% in 2018. Phoenix had the second highest iBuyer share at 5.9%, followed by Charlotte and Atlanta (both 5.2%) and Las Vegas (4.1%). iBuyers had market share of at least 1% in 21 markets, including in 11 markets where they had a share of 3% or more.

In raw numbers, instant offer companies purchased the largest number of homes in Phoenix at over 5,200, followed by Atlanta (over 4,300) and Houston (over 2,100).

“It’s no surprise Raleigh and Phoenix led the nation in iBuyer share because those housing markets are iBuyer sweet spots and are poised for price growth in 2020,” said Redfin chief economist Daryl Fairweather. “These markets work well for iBuyers which tend to purchase homes that are relatively affordable, were built within the last few decades and are easy to price accurately because they are located in tract neighborhoods with largely homogenous housing stock. iBuyers also try to buy homes that will likely retain or increase in value over the short period between purchase and sale. Our forecasts indicate that both Phoenix and Raleigh will have strong price growth in 2020.”

Fairweather also predicts the metros seeing strong iBuyer activity will also see growth in home sales.

“It’s a sellers market right now, but this can be a double-edged sword for sellers who also are looking to buy. iBuyers are a big help for folks who need the equity from their current home to buy the next, and want the flexibility of lining up their sale with the purchase of their new home. Homeowners who may have been reluctant to sell because they were concerned about carrying two mortgages or worried about the stress of choreographing two transactions may be persuaded by the convenience of an iBuyer sale.”

iBuyers had the highest year-over-year growth in market share in Raleigh (up 3.4 percentage points), followed by Houston, Atlanta and Denver. iBuyers grew their Houston market share from 0.1% in 2018 to 3.0% in 2019, in Atlanta from 2.2% to 5.2%, and in Denver from 0.2% to 2.7%. Orlando was the only metro area where share fell from 2018 to 2019, declining from 2.6% to 2.2%.

iBuyers Got Faster in 2019

Across the 21 largest iBuying markets in 2019, iBuyer-owned homes found a buyer after being listed on the market for a median of 38 days, compared to 53 days in 2018. A typical, non-iBuyer home spent 37 days on the market in 2019, compared to 35 in 2018.

In 9 of the 21 largest iBuying metros, iBuyers sold their inventory faster than a typical home, with the largest margins in Charlotte and Durham (26 days faster), Tucson (25) and Raleigh (21). Of the 12 metros where iBuyers lagged the overall market, the difference was most severe in Portland, where iBuyer-owned homes were on the market 28 days longer than the typical home, followed by Austin (23) and Houston (20).

“Every day an iBuyer owns a home the already narrow profit margin gets eaten up by property taxes, interest and upkeep,” said Fairweather. “As iBuyers scale, they are working to shrink their turnaround time for renovations and reduce the amount of time the home is listed on the market. iBuyers sold homes 15 days faster in 2019 than they did in 2018, even as the typical home took two days longer to sell in 2019 than 2018. This tells us that iBuyers were able to sell homes faster because of changes to their own buying and pricing strategies rather than external factors creating an overall faster market.”

iBuyers Bought Slightly More Expensive Homes in 2019

Across the top 21 markets, iBuyers bought homes for a median of $269,000, a 3% increase from 2018, but still below the national median of $306,000 in January. In every market but Riverside, CA and Orlando, iBuyers purchased homes below the metro-area median last year.

2019 Data

Metro AreaShare of Home Sales Purchased by iBuyers in 2019Share of Home Sales Purchased by iBuyers in 2018Median Price of Homes Bought by iBuyers in 2019Median Price of Homes Bought by iBuyers in 2018Median Days on Market for iBuyer Homes in 2019Median Days on Market for iBuyer Homes in 2018

Raleigh, NC7.30%3.90%$240,000 $237,000 2732

Phoenix, AZ5.90%5.40%$246,000 $238,000 2637

Charlotte, NC5.20%2.90%$218,000 $213,000 2647

Atlanta, GA5.20%2.20%$212,000 $213,000 4045

Durham, NC4.80%2.60%$216,000 $206,000 2125

Las Vegas, NV4.10%3.80%$280,000 $272,000 4449

Fort Worth, TX*4.00%3.30%$        -$        -3445

San Antonio, TX*3.80%1.70%$        -$        -4464

Dallas, TX*3.00%2.40%$        -$        -4455

Houston, TX*3.00%0.10%$        -$        -57110

Denver, CO2.70%0.20%$386,000 $362,000 3526

Austin, TX*2.30%0.00%$        -$        -4764

Orlando, FL2.20%2.60%$249,000 $241,000 3854

Nashville, TN2.10%1.10%$240,000 $276,000 4198

Tucson, AZ2.00%0.00%$201,000 $        -290

Jacksonville, FL1.90%0.00%$202,000 $        -440

Portland, OR1.70%0.00%$377,000 $308,000 5346

Tampa, FL1.50%1.20%$209,000 $211,000 3761

Riverside, CA1.50%0.20%$391,000 $389,000 3737

Minneapolis, MN1.20%0.20%$260,000 $298,000 4561

Sacramento, CA1.20%0.20%$376,000 $384,000 3799

21 Markets Combined3.30%1.80%$269,000 $261,000 3853

*Median sale prices are not available in Texas metros due to limited public records data. 

Fourth Quarter 2019 Highlights

Raleigh led the nation in iBuyer market share for the third consecutive quarter. Raleigh (7.9%), Durham (6.2%), Atlanta (5.8%), Phoenix (5.7%) and Charlotte (5.2%) all exceeded 5% market share in the fourth quarter.
iBuyer market share grew the most year-over-year in Tucson, where iBuyers bought 3.1% of the homes in the fourth quarter of 2019, up from zero purchases a year prior. Denver saw the second-largest increase, up to 2.7% from just 0.4% a year prior.
Market share fell year-over-year in Las Vegas (-3.4%), Phoenix (-1.2%) and Orlando (-1.0%).
The most expensive markets for iBuyer purchases were Riverside, CA, Denver and Portland, OR, where iBuyers bought homes for a median of $403,500, $371,000 and $367,000 respectively.
The most affordable markets for iBuyer purchases were Jacksonville, Tucson and Atlanta, where iBuyers bought homes for a median of $191,500, $200,400 and $207,800 respectively.
In 18 of the 19 iBuying metros for which we have a year-over-year comparison, iBuyers sold homes faster in the fourth quarter of 2019 than the fourth quarter of 2018. The change was most drastic in Sacramento, where iBuyer homes were on the market for a median of 20 days, compared to 90 days in the fourth quarter of 2018.

Q4 2019 Market Share and Median Sale Price in Areas Where iBuyers Have at Least 1% Share

Metro AreaShare of Homes Purchased by iBuyers, Q4 2019Share of Homes Purchased by iBuyers, Q4 2018Median Purchase Price of Homes Purchased by iBuyers, Q4 2019Metro-Wide Median Home Sale Price, Q4 2019

Raleigh, NC7.90%7.20%$242,500 $275,000

Durham, NC6.20%4.10%$221,500 $265,000

Atlanta, GA5.80%4.50%$207,800 $241,000

Phoenix, AZ5.70%6.90%$250,500 $285,000

Charlotte, NC5.30%4.50%$215,300 $249,000

Fort Worth, TX3.90%3.60%$239,000

San Antonio, TX3.80%3.20%$218,000

Las Vegas, NV3.40%6.80%$275,500 $285,000

Tucson, AZ3.10%$200,400 $229,900

Dallas, TX3.00%2.70%$278,000

Houston, TX2.70%0.80%$229,500

Denver, CO2.70%0.40%$371,000 $413,000

Nashville, TN2.40%2.40%$250,100 $285,000

Jacksonville, FL2.40%$191,500 $224,900

Orlando, FL2.40%3.40%$244,400 $250,000

Portland, OR2.30%0.10%$367,000 $398,700

Austin, TX2.10%0.10%$323,000

Riverside, CA1.90%0.40%$403,500 $380,000

Minneapolis, MN1.70%0.60%$275,600 $270,000

Tampa, FL1.60%1.80%$208,700 $229,000

Sacramento, CA1.20%1.00%$364,000 $409,000

21 Markets Combined3.40%2.70%$268,100 $284,600

*Median sale price data are not available in Texas metros due to limited public records data.

Days on Market for iBuyer Homes Sold in Q4 2019 in Areas Where iBuyers Have at Least 1% Share

Metro AreaMedian Days on Market for iBuyer Homes, Q4 2019Median Days on Market for iBuyer Homes, Q4 2018Metro-Wide Median Days on Market, Q4 2019

Raleigh, NC263150

Durham, NC245948

Atlanta, GA335732

Phoenix, AZ225638

Charlotte, NC134453

Fort Worth, TX294138

San Antonio, TX405448

Las Vegas, NV337853

Tucson, AZ3248

Dallas, TX325147

Denver, CO272623

Houston, TX439142

Jacksonville, FL3646

Orlando, FL266528

Nashville, TN458055

Portland, OR294630

Austin, TX356428

Riverside, CA214354

Minneapolis, MN375930

Tampa, FL289027

Sacramento, CA209026

21 Markets Combined305940

*Median sale prices are not available in Texas metros due to limited public records data. 

Methodology

To identify purchases made by iBuyers, we analyzed public records data of home sales across all the markets that Redfin covers. When an iBuyer purchases a home, public records usually show the buyer as an entity (e.g., corporation, partnership, or LLC), and each iBuyer can have multiple purchasing entities. Our analysis identifies these entities to the extent possible, and we connect them to iBuyers as they appear in the records, but sometimes there are homes that we don’t realize an iBuyer purchased until we see it hit the market for sale. When that happens we update our data to include all purchases by the entity on record for that home, which can cause our share numbers for previous periods to increase.

In determining market share, we included all currently known purchases by Bungalo, Opendoor, Offerpad, RedfinNow and Zillow as the numerator and all single-family, condo, and townhome sales, excluding new construction and bank-owned homes, as the denominator. There are numerous other companies that engage in iBuying in various markets, however Redfin tracks the most prominent, national iBuyers. While we collected data from many more markets across the country, for this report we primarily focused on the 21 metro areas where iBuyer purchases accounted for at least 1% of the market in the fourth quarter of 2019.

Median sale price data is omitted in Texas metro areas where this data is not available.

Our data showed transactions from the following companies in the 21 metro areas in the study.

Atlanta, GA: Bungalo, Offerpad, Opendoor, Zillow
Austin, TX: Offerpad, Opendoor, RedfinNow, Zillow
Charlotte, NC: Bungalo, Offerpad, Opendoor, Zillow
Dallas, TX: Bungalo, Offerpad, Opendoor, RedfinNow, Zillow
Denver, CO: Opendoor, RedfinNow, Zillow
Durham, NC: Offerpad, Opendoor, Zillow
Fort Worth, TX: Bungalo, Offerpad, Opendoor, RedfinNow, Zillow
Houston, TX: Offerpad, Opendoor, RedfinNow, Zillow
Jacksonville, FL: Opendoor
Las Vegas, NV: Offerpad, Opendoor, Zillow
Minneapolis, MN: Opendoor, Zillow
Nashville, TN: Opendoor, Zillow
Orlando, FL: Offerpad, Opendoor, Zillow
Phoenix, AZ: Offerpad, Opendoor, Zillow
Portland, OR: Opendoor, Zillow
Raleigh, NC: Offerpad, Opendoor, Zillow
Riverside, CA: Opendoor, RedfinNow, Zillow
Sacramento, CA: Opendoor, Zillow
San Antonio, TX: Offerpad, Opendoor, RedfinNow, Zillow
Tampa, FL: Bungalo, Offerpad, Opendoor, Zillow
Tucson, AZ: Offerpad, Opendoor

The post Raleigh Led Nation in iBuyer Market Share in 2019, followed by Phoenix, Charlotte and Atlanta appeared first on Redfin Blog.

Ratio of single homeowners increases to record high

  Posted in Residential on

  by admin

https://realtybiznews.com/ratio-of-single-homeowners-increases-to-record-high/98757771/

Americans are increasingly heading into homeownership alone, with the share of homeowners in the U.S. who describe themselves as “single” hitting a record 38.4% in 2018, according to U.S. Census data.

Moreover, around 48.5% of singles aged 18 to 34 owned a home in 2018, the highest number since 2009, USA Today reported.

The
main reason for the higher figure is that more Americans are single,
experts say. Also, they’re being helped by the strong economy and
job market, which are even helping to offset rising home prices.

The
share of 18- to 34-year-old Americans who are single reached a record
in 2018 at 72.3%.

“People
are getting married later in life,” Ralph McLaughlin, chief
economist for Haus, a company that partners with individuals to buy
homes to reduce their costs, told USA Today. Women are increasingly
entering the workforce and are rising to higher-level positions,
delaying marriage and having children, he said. Older millennials who
were delayed by the Great Recession in 2007 through 2009 also may
have delayed marriage to put their careers first.

Then
there’s the increasing number of divorcees in the U.S. that account
for yet more single homeowners. In 2018, 16.1% of people aged 55 and
above were divorced, a record high and well above the 5% recorded in
1980. And in some cases, a divorce can produce two single homeowners,
McLaughlin said.

But
separating, or never getting married in the first place, doesn’t
curb people’s appetite for homeownership.

“Owning
a home is a better deal than renting”, McLaughlin told USA Today.
He said that homeowners, irrespective of their marriage status, are
realizing that and taking the plunge.

Builders
are starting to gradually respond by ramping up entry-level homes.
From 2015 to 2018, the share of homes less than 2,400 square feet
increased to 51% from 47%, according to an analysis from the National
Association of Home Builders.

But
buying a home solo can pose challenges. The national median home
price has increased 54% since 2012. However, the growth in average
wages in that time has increased only by 20%, according to data from
the National Association of Realtors.

Single
homeowners tend to be more common in markets that are less expensive.
For example, Des Moines, Iowa, tops the nation with nearly a quarter
of all young adults who are single homeowners. On the other hand,
less than 10% of young people are single homeowners in pricier
markets like New York or San Francisco.

The post Ratio of single homeowners increases to record high appeared first on RealtyBizNews: Real Estate News.

I always adore anything like this

  Posted in Residential on

  by admin

I always adore  anything like this

3 Ways to Design the Perfect Kitchen Island

How remodelers are giving this kitchen staple an update.
February 24, 2020

Ratio of single homeowners increases to record high

  Posted in Residential on

  by admin

https://realtybiznews.com/ratio-of-single-homeowners-increases-to-record-high/98757771/

Americans are increasingly heading into homeownership alone, with the share of homeowners in the U.S. who describe themselves as “single” hitting a record 38.4% in 2018, according to U.S. Census data.

Moreover, around 48.5% of singles aged 18 to 34 owned a home in 2018, the highest number since 2009, USA Today reported.

The
main reason for the higher figure is that more Americans are single,
experts say. Also, they’re being helped by the strong economy and
job market, which are even helping to offset rising home prices.

The
share of 18- to 34-year-old Americans who are single reached a record
in 2018 at 72.3%.

“People
are getting married later in life,” Ralph McLaughlin, chief
economist for Haus, a company that partners with individuals to buy
homes to reduce their costs, told USA Today. Women are increasingly
entering the workforce and are rising to higher-level positions,
delaying marriage and having children, he said. Older millennials who
were delayed by the Great Recession in 2007 through 2009 also may
have delayed marriage to put their careers first.

Then
there’s the increasing number of divorcees in the U.S. that account
for yet more single homeowners. In 2018, 16.1% of people aged 55 and
above were divorced, a record high and well above the 5% recorded in
1980. And in some cases, a divorce can produce two single homeowners,
McLaughlin said.

But
separating, or never getting married in the first place, doesn’t
curb people’s appetite for homeownership.

“Owning
a home is a better deal than renting”, McLaughlin told USA Today.
He said that homeowners, irrespective of their marriage status, are
realizing that and taking the plunge.

Builders
are starting to gradually respond by ramping up entry-level homes.
From 2015 to 2018, the share of homes less than 2,400 square feet
increased to 51% from 47%, according to an analysis from the National
Association of Home Builders.

But
buying a home solo can pose challenges. The national median home
price has increased 54% since 2012. However, the growth in average
wages in that time has increased only by 20%, according to data from
the National Association of Realtors.

Single
homeowners tend to be more common in markets that are less expensive.
For example, Des Moines, Iowa, tops the nation with nearly a quarter
of all young adults who are single homeowners. On the other hand,
less than 10% of young people are single homeowners in pricier
markets like New York or San Francisco.

The post Ratio of single homeowners increases to record high appeared first on RealtyBizNews: Real Estate News.

Ratio of single homeowners increases to record high

  Posted in Residential on

  by admin

https://realtybiznews.com/ratio-of-single-homeowners-increases-to-record-high/98757771/

Americans are increasingly heading into homeownership alone, with the share of homeowners in the U.S. who describe themselves as “single” hitting a record 38.4% in 2018, according to U.S. Census data.

Moreover, around 48.5% of singles aged 18 to 34 owned a home in 2018, the highest number since 2009, USA Today reported.

The
main reason for the higher figure is that more Americans are single,
experts say. Also, they’re being helped by the strong economy and
job market, which are even helping to offset rising home prices.

The
share of 18- to 34-year-old Americans who are single reached a record
in 2018 at 72.3%.

“People
are getting married later in life,” Ralph McLaughlin, chief
economist for Haus, a company that partners with individuals to buy
homes to reduce their costs, told USA Today. Women are increasingly
entering the workforce and are rising to higher-level positions,
delaying marriage and having children, he said. Older millennials who
were delayed by the Great Recession in 2007 through 2009 also may
have delayed marriage to put their careers first.

Then
there’s the increasing number of divorcees in the U.S. that account
for yet more single homeowners. In 2018, 16.1% of people aged 55 and
above were divorced, a record high and well above the 5% recorded in
1980. And in some cases, a divorce can produce two single homeowners,
McLaughlin said.

But
separating, or never getting married in the first place, doesn’t
curb people’s appetite for homeownership.

“Owning
a home is a better deal than renting”, McLaughlin told USA Today.
He said that homeowners, irrespective of their marriage status, are
realizing that and taking the plunge.

Builders
are starting to gradually respond by ramping up entry-level homes.
From 2015 to 2018, the share of homes less than 2,400 square feet
increased to 51% from 47%, according to an analysis from the National
Association of Home Builders.

But
buying a home solo can pose challenges. The national median home
price has increased 54% since 2012. However, the growth in average
wages in that time has increased only by 20%, according to data from
the National Association of Realtors.

Single
homeowners tend to be more common in markets that are less expensive.
For example, Des Moines, Iowa, tops the nation with nearly a quarter
of all young adults who are single homeowners. On the other hand,
less than 10% of young people are single homeowners in pricier
markets like New York or San Francisco.

The post Ratio of single homeowners increases to record high appeared first on RealtyBizNews: Real Estate News.

Ratio of single homeowners increases to record high

  Posted in Residential on

  by admin

https://realtybiznews.com/ratio-of-single-homeowners-increases-to-record-high/98757771/

Americans are increasingly heading into homeownership alone, with the share of homeowners in the U.S. who describe themselves as “single” hitting a record 38.4% in 2018, according to U.S. Census data.

Moreover, around 48.5% of singles aged 18 to 34 owned a home in 2018, the highest number since 2009, USA Today reported.

The
main reason for the higher figure is that more Americans are single,
experts say. Also, they’re being helped by the strong economy and
job market, which are even helping to offset rising home prices.

The
share of 18- to 34-year-old Americans who are single reached a record
in 2018 at 72.3%.

“People
are getting married later in life,” Ralph McLaughlin, chief
economist for Haus, a company that partners with individuals to buy
homes to reduce their costs, told USA Today. Women are increasingly
entering the workforce and are rising to higher-level positions,
delaying marriage and having children, he said. Older millennials who
were delayed by the Great Recession in 2007 through 2009 also may
have delayed marriage to put their careers first.

Then
there’s the increasing number of divorcees in the U.S. that account
for yet more single homeowners. In 2018, 16.1% of people aged 55 and
above were divorced, a record high and well above the 5% recorded in
1980. And in some cases, a divorce can produce two single homeowners,
McLaughlin said.

But
separating, or never getting married in the first place, doesn’t
curb people’s appetite for homeownership.

“Owning
a home is a better deal than renting”, McLaughlin told USA Today.
He said that homeowners, irrespective of their marriage status, are
realizing that and taking the plunge.

Builders
are starting to gradually respond by ramping up entry-level homes.
From 2015 to 2018, the share of homes less than 2,400 square feet
increased to 51% from 47%, according to an analysis from the National
Association of Home Builders.

But
buying a home solo can pose challenges. The national median home
price has increased 54% since 2012. However, the growth in average
wages in that time has increased only by 20%, according to data from
the National Association of Realtors.

Single
homeowners tend to be more common in markets that are less expensive.
For example, Des Moines, Iowa, tops the nation with nearly a quarter
of all young adults who are single homeowners. On the other hand,
less than 10% of young people are single homeowners in pricier
markets like New York or San Francisco.

The post Ratio of single homeowners increases to record high appeared first on RealtyBizNews: Real Estate News.