https://www.redfin.com/blog/2018/05/doing-our-part-seattle-head-tax.html

Redfin did not sign the business community’s petition against Seattle’s head tax, which as of Monday afternoon was headed to the mayor’s desk for a signature. We made this decision even though we oppose the head tax, and even though we support the petition’s call for dialog on the city’s major problems, because we want to be more explicit about the policies we can support: zoning for more affordable housing, and higher taxes on corporate income or high personal income to fund subsidized housing and homeless services.

Now, more than ever, we want the people who hear the business community say “no” on the head tax also to hear, even more loudly and clearly, what we’d say “yes” to. Simply opposing every tax won’t work. The government faced fierce resistance to a state-wide income tax on the wealthy in 2010 and to a legally dubious city-wide income tax in 2016. In our view, the absence of a reasonable statewide income tax has given the city fewer alternatives to the unreasonable head tax now being considered.

Why the Head Tax is Wrong

But the head tax is unreasonable, at the $500 level or even the $275 level. The goal of all government economic policy should be to maximize, not penalize, employment. One of our goals as business leaders has to be different: to generate as much revenue as we can with as few employees as we can. Where those goals align is when Redfin does need to hire someone: the city should encourage us to hire that person as an employee, not a contractor, and to do it here, not in Boise or Bombay.

Entry-Level Jobs Will Be Most Affected

While a $275 head tax is perhaps small relative to the salary of a senior software engineer, it isn’t for the entry-level jobs that an economically diverse city needs most. Those are the jobs that will leave first due to this tax.

One simple way employers will avoid this tax is by using contractors for labor rather than employees. Contractors won’t have the benefits, career opportunities or job security of an employee. Redfin employs thousands of real estate agents when others in both the tech and real estate industries minimize costs by using contractors. We thus feel as strongly as anyone that a tax on employment is the wrong kind of tax. It’s a victory for Uber’s 1099 vision of the economy, and a setback for ours.

A Divide is Forming in Seattle

But there has to be a right kind of tax, on corporate income or high personal incomes, and we support it. Many of us have seen what happens when a divide forms between technology leaders and the rest of society. For years, several of us lived in San Francisco, a place where we began to feel hesitant rather than proud to say we worked in technology.

Government Has to Do Its Part

To avoid this divide, government leaders have to do their part too. We’ve tried contacting our city council members, now and over the past year, to ask what we could do to support an equitable Seattle. No one has returned our calls or emails.

We don’t expect special treatment just because an email or a call came from a CEO or an executive, and understand if councilmembers have chosen to meet with others in the business community. But we hardly know of anyone from one side of this debate who has met the other side. It’s important that folks in government and business make the effort to understand one another.

Zoning Matters More Than Taxes

We also want to be clear that taxes aren’t the only answer, or the main answer. The amount of housing the city can build with a head tax, or any tax, is nominal. The change that can make a major difference is to neighborhood zoning, which will lead to more home-building.

The Problem Is There Aren’t Enough Homes to Buy

Seattle’s home prices have increased 45% over the past three years, but that price increase has somehow only decreased the supply of homes for sale. The number of listings in Seattle has declined for 43 straight months. Since 2010, the number of residents per home for sale has tripled. Redfin alone had almost as many home-buying customers in Seattle for the month of April as there were homes for sale here on any given day that month, and Redfin is one of nearly a thousand brokerages in town.

Zoning Hasn’t Changed Because We Don’t Want It To

Normally, higher prices would induce more construction, but zoning laws prevent that. These laws, supported on the left and right, are fiercely defended by well-intentioned neighborhood associations that limit housing supply and increase property values. Some housing professors have said these associations effectively function as cartels. And it’s these laws, not market forces, that prevent builders from replacing parking lots, strip malls and single-family homes with affordable, high-density condos and townhouses.

It’s hard for homeowners to support zoning changes. It might mean an apartment building puts your house in the shade. But the alternative is worse: a city where people resent the economic success of those who can afford to live here, where police officers and teachers can’t live in the communities they serve, where traffic and long commutes are the norm because people have to move further and further away to afford housing.

Build More Housing of Every Type

The time for this zoning change, and for simplifications to the permitting process, is long overdue. In other towns, Redfin now finds itself in a curious position as the brokerage for people who have left our hometown; few cite taxes as a reason to stay or go, but almost everyone talks about housing costs. We need to stop arguing about whether to build affordable housing or expensive housing, and simply build more housing of every type. At least until we’ve funded a much better mass-transit system, it needs to be as close to the city as possible.

Taxes As a Last Resort

And then there are the taxes. We know better than anyone just how many businesses are already planning to shift hiring outside of cities like Seattle or San Francisco due to high housing costs. Any new taxes will give them more reason to do so.

And we understand the reluctance of most business leaders to raise taxes. We feel the same way about raising taxes that we do about raising our own prices: you can ask a customer, a company or a citizen to pay more for your services but only as a last resort, when you’re sure that the expense is worthwhile, and only after you’ve tried to fund it by reducing expenses elsewhere. We’ve learned through brutal experience that most ambitious ideas don’t work out as planned, and have to be tested at a small scale, even to address an urgent problem like homelessness. This is the discipline by which we run our business, and it applies to governments too.

But It’s Time to Pay Up, It’s Time to Step Up

Fiscal conservatives point out that the city has increased spending by 17.4% since 2015, when the city’s population has grown by about 10% in that time. And it’s not entirely clear that money will solve the homelessness problem. On one hand, a May 2018 McKinsey report found that Seattle needs to double its spending on homelessness; on the other, a study commissioned by the city in 2016 concluded that the problem can be solved by re-allocating existing funds.

Since the $200 million Seattle has already spent on homelessness has not led to a clear improvement, the city should agree on a new plan to spend the money effectively before we all beat each others’ brains out over where to get more money. But we’ve elected a government to figure out that plan; what the business community owes that government is a promise that if and when such a program requires more money, we’ll fund it.

We don’t want to live in a city of increasing affluence as more people live on the streets. We can only get so high on our horse about the need for government frugality when the city’s facilities are so much dingier than ours, and their pay so much lower.

It’s time to reshape the city with zoning laws, but if we also need to pay up just a little for the humane values that have made Seattle great, we want to be very clear that we’re happy to pay that tax, so long as it’s on income, not employment, and so long as we measure whether the programs we fund actually work. When one program doesn’t work, we’ll try something else until we figure this out, together.

Post script: We understand why most of our friends in the business community signed the petition against the head tax. We nearly did too. In the end, we just wanted to take that petition one step further, laying out the kind of taxes and zoning policies we could support. Not everyone who signed the petition agrees with taking those steps, but many do. We decided to publish our own view to say where we stand but also because, as a Seattle-based tech company focused on housing, we were so often being asked over the last week what our view was.

The post Doing Our Part appeared first on Redfin Real-Time.

https://www.redfin.com/blog/2018/05/minneapolis-portland-and-chicago-are-the-most-bikeable-cities-of-2018.html

Minneapolis, Portland and Chicago are 2018’s best cities for cycling according to the updated Bike Score® rankings by Redfin. Bike Score, a tool by Redfin company Walk Score®, rates locations based on several factors including access to bike lanes, as well as road connectivity and hilliness. With the latest rankings, Bike Score ratings have been added to 1,831 new cities and more than 10,000 new neighborhoods.

“Among the biggest improvements made to Bike Score was adding OpenStreetMap infrastructure data, enabling us to identify bike paths, bike lanes and sharrows in thousands more cities and neighborhoods across the United States,” said Matt Lerner, Walk Score co-founder and Redfin’s senior vice president of product and design. “OpenStreetMap data is fueled by a community of people who know the roads and paths better than anyone, which makes this update the most accurate measure of bikeability that we have ever created.”

Minneapolis once again topped the list of the most bikeable cities with a Bike Score of 81.9, up from 81.3 in 2015. Minneapolis passed a protected bikeway update in 2015 to develop goals, objectives and benchmarks to make biking in Minneapolis more widespread and safe. Minneapolis has also added more protected bike lanes on city streets using reflective white pylons as a divider on busier streets, with the goal of adding 30 miles of on-street protected bike lanes by 2020.

“As both a mayor and a bicyclist, I place a high priority on sustainable and inclusive transit,” said Minneapolis Mayor Jacob Frey. “Our greenway, our nationally-renowned parks, and our city’s commitment to creating streets safe for everyone have helped make Minneapolis a national model for bike and pedestrian embracing infrastructure. This first place finish is a testament to our collective commitment to the Minneapolis model for meeting the transportation, safety, and environmental demands of the 21st century.”

Below is a ranking of the top 10 U.S. cities (with populations of more than 300,000) for biking.

Rank
City
Bike Score
Change from 2015
Previous Rank (2015)

1
Minneapolis
81.9
+0.7
1

2
Portland
81.2
+9.2
3

3
Chicago
71.5
+1.3
6

4
Denver
71.3
0.0
4

5
San Francisco
70.7
-4.4
2

6
Seattle
70.0
+7.0
13

7
Boston
69.0
-1.4
5

8
New York
67.7
+2.6
12

9
Washington, D.C.
66.9
-2.6
7

10
Sacramento
65.9
-3.0
8

Portland had the biggest increase in its Bike Score, moving up 9.2 points from 2015 to 81.2 this year. In 2016, the Portland Bureau of Transportation (PBOT) received funding to create a system of bike lanes, bike crossings and neighborhood greenways that connects neighborhoods to the downtown area with commuter safety in mind. PBOT remains committed to keeping the city’s bike network in good structural shape and continually expanding as part of its 2030 Bicycle Plan.

“Portland has some of the best bike infrastructure in the world—and it’s only getting better,” said Portland Mayor Ted Wheeler. “A high Bike Score isn’t just important because it highlights our world-class bike infrastructure, but it speaks to the livability, environmental sustainability and connectedness of our city.”

Top 5 Bike Score Increases

After Portland, Seattle, WA had the next-biggest Bike Score increase, up 7 points from 2015 to 70 this year. The emerald city moved from 13th place in 2015 to 6th place in 2018 thanks to the Seattle Bicycle Master Plan. As part of the plan, Seattle has added several off-street trails, neighborhood greenways and protected bike lanes to help riders pedal around the city as an additional mode of commuting.

Rounding out the top five places with the largest Bike Score increases are Oakland, CA (+3.6), Miami, FL (+3.3) and Dallas, TX (+2.8).

Top 5 Bike Score Decreases

Many cities lost points because Bike Score no longer counts unmarked road shoulders as bike lanes. Cities like Kansas City, MO (-8.5), Atlanta, GA (-8.5) and Las Vegas, NV (-8.0) saw their Bike Score ratings decrease significantly because their roads do not have painted lines or signs indicating that there are protected bike areas. This change was made because, without a designated area to ride, cyclists are at elevated risk of interfering with traffic. Other cities that posted similar declines were Nashville,TN (-7.4) and Arlington, TX (-6.3).

New Cities and Neighborhoods Added

With the addition of 1,831 new U.S. cities and more than 10,000 new neighborhoods, Bike Score ratings are now available for 1,985 cities and nearly 20,000 neighborhoods on walkscore.com. Among the newly added cities are bikeable tech hubs like Palo Alto, CA (87.0), Menlo Park, CA (73.2) and Mountain View, CA (86.3) in Silicon Valley, as well bikeable college campuses like East Lansing, MI (75.5), Evanston, IL (86.0) and Corvallis, OR (83.9).

To see how your home, neighborhood or city stacks up, search walkscore.com or Redfin.com.

Methodology

The Bike Score algorithm calculates a score based on four equally weighted components: bike lanes, hills, destinations and road connectivity and bike commuting mode share. The bike lane score is based on bike lane infrastructure from OpenStreetMap. Bike lane infrastructure currently includes all on and off street bike lanes/paths but does not include infrastructure such as bike parking, bike sharing, etc. To calculate the “hilliness” of an area we look at the steepest grade within a 200 meter radius of the origin. A grade of 10% – 2% is given a score of 0 – 100. Our data source is the National Elevation Data set from the USGS. To measure destinations and road connectivity we use a modified version of Walk Score which measures the network distances to a diverse set of amenities and calculates connectivity metrics such as average block length and intersection density. For bike commuting mode share, we create a 1 km moving window over the census tract level data and normalize bicycle mode share from 0 – 10% to a score between 0 – 100. For a more detailed Bike Score methodology, click here.

 

The post Minneapolis, Portland and Chicago are the Most Bikeable Cities of 2018 appeared first on Redfin Real-Time.

https://www.redfin.com/blog/2018/05/top-10-cities-for-accessibility.html

With Global Accessibility Awareness Day this month, we took a look at the most accessible cities throughout the country. The Social Security Administration estimates that one in five Americans is living with a disability, which can pose a specific set of challenges during everyday life. Although legislation exists that requires accessibility in public housing like hotels and university dorm rooms, the Americans with Disabilities Act doesn’t require all community features to be accessible.

Accessibility: How Did We Get Here?

The Americans with Disabilities Act and the Fair Housing Act – both pieces of federal legislation – mostly apply to public housing, multi-family dwellings and public spaces. The first nationally recognized standard, released in 1961, addressed “accessible and usable buildings and facilities.” More than a decade later, the Rehabilitation Act of 1973 prohibited discrimination and required some new construction of public spaces to be accessible, as well as allowed for alterations to make existing spaces accessible. In 1991, the U.S. Department of Justice adopted the ADA Standards for Accessible Design as its standard for new construction and alterations, which later formed the foundation for ADA guidelines on recreation facilities, government buildings and voting booths.

Many communities have launched efforts to become more accessible for the disabled, but others still have a long way to go. In 2017, we added a custom search filter on Redfin.com that allows you to find accessible homes for sale in your area. Using the accessible search filter and additional city data, we put together this list of the top 10 most accessible cities.

1. Metro D.C. (Alexandria, the District of Columbia, and Arlington)

Number of Accessible Listings in 2017: 10,634
Median Home Sale Price: $580,000
Percentage of People Living with a Disability: 6.7%

Metro D.C., which includes the nearby cities of Alexandria and Arlington, is the most accessible metropolitan area in the nation. The Washington, D.C. subway system also runs through Alexandria and Arlington, and each city has its own bus system; the city of Alexandria is home to GO Alex, a public transit service specifically designed for people with mobility issues. The metro area is packed with community recreational programs designed for people with disabilities, and all federal buildings are ADA-accessible. With wide sidewalks that are easy to navigate, ample access to high-quality healthcare and a number of ADA-compliant attractions, parks and businesses, this metro area has earned the #1 spot on this list.

2. Salt Lake City, UT

Number of Accessible Listings in 2017: 1,261
Median Home Sale Price: $265,500
Percentage of People Living with a Disability: 7.5%

Salt Lake City, famed for its high quality of life (thanks in part to the convenient and historic downtown area and breathtaking views of the Wasatch and Oquirrh Mountains), is close to Great Salt Lake and home to nationally renowned, ADA-compliant recreational areas and charming city parks. Ranking just behind the D.C. metro area on accessible, quality healthcare, The Crossroads of the West is also well-outfitted with curb ramps and offers free parking at city meters for people with disabilities who have a windshield placard or specialized license plate. Salt Lake City is also home to several accessible attractions, including the Salt Lake Temple, Hogle Zoo and Antelope Island State Park, where you can see free-roaming bison grazing in the valleys.

3. Tampa, FL

Number of Accessible Listings in 2017: 876
Median Home Sale Price: $265,000
Percentage of People Living with a Disability: 8.9%

The shores of Tampa Bay are known for pristine beauty, and the city itself is steeped in history; those factors, plus its warm, tropical climate make it a desirable location. However, Tampa is also known for its disability-friendly atmosphere, with wide sidewalks over flat terrain, accessible public parks and attractions, and the Sunshine Line – door-to-door transportation and bus passes for the elderly and people with disabilities. The Florida Aquarium, ZooTampa at Lowry Park and Busch Gardens are all ADA-compliant, and those are only a few of the notable (and accessible) attractions in the city.

4. Portland, OR

Number of Accessible Listings in 2017: 5,500
Median Home Sale Price: $370,000
Percentage of People Living with a Disability: 9.7%

As one of the most ADA-compliant cities on the West Coast, Portland is home to Pioneer Square, the Harborwalk and so much more – and most locations are easy to navigate. TriMet service runs through Portland and its suburbs while offering reduced fares for seniors and those with disabilities under its Honored Citizen program. Beautiful public parks and green spaces dot the city, and each is accessible and easy to navigate.

5. Tucson, AZ

Number of Accessible Listings in 2017: 7,699
Median Home Sale Price: $210,000
Percentage of People Living with a Disability: 10.9%

Tucson, home to the University of Arizona, is a flat-terrain city and sits between several mountain ranges. It has an accessible bus service: Sun Tran. Tucson attracts visitors to several ADA-friendly attractions, including the famed Mt. Lemmon, the Pima Air and Space Museum and the Tucson Museum of Art.

6. San Jose, CA

Number of Accessible Listings in 2017: 659
Median Home Sale Price: $780,000
Percentage of People Living with a Disability: 5.0%

Seasonably warm and surrounded by the Diablo and Santa Cruz Mountains in the heart of the Santa Clara Valley, San Jose is one of the most accessible cities on the West Coast. Featuring a booming high-tech industry and serving as a cultural hub for central California, it’s home to several notable ADA-compliant attractions, such as the Sunol Regional Wilderness and the beautiful Cathedral Basilica of St. Joseph. The Municipal Rose Garden, Happy Hollow Park and Zoo and several local businesses all over the city are also disability-friendly.

7. Vancouver, WA

Number of Accessible Listings in 2017: 3,024
Median Home Sale Price: $300,000
Percentage of People Living with a Disability: 10.5%

Vancouver is home to more than 450 acres of parks, trails and open space, most of which is ADA-compliant (the only exception is space that’s designed to preserve natural terrain). Many accessible hikes and outdoor attractions are available, including sightseeing at Captain William Clark Park Trail and the Columbia River Waterfront Renaissance Trail.

8. Atlanta, GA

Accessible Homes Listings in 2017: 3,855
Median Home Sale Price: $266,000
Percentage of People Living with a Disability: 8.6%

Atlanta, known for its grand old manor homes and several ADA-compliant attractions, such as the Georgia Aquarium, the Atlanta Zoo and the College Football Hall of Fame, is one of the most accessible cities in the nation. The city’s major transportation system, MARTA, is easily accessible.

9. San Antonio, TX

Number of Accessible Listings in 2017: 5,267
Median Home Sale Price: $231,990
Percentage of People Living with a Disability: 10.4%

With wide sidewalks and many ADA-compliant attractions, such as San Antonio’s River Walk, the Alamo and several historical attractions, San Antonio is Texas’s most accessible city. The city’s bus service, VIA, offers discounted fares and priority seating for people with disabilities, making public transit easy to navigate and use. The San Antonio Museum of Art, Botanical Garden and Missions National Historic Park are only a handful of accessible attractions in the city; there are several disability-friendly parks and recreation areas in and around town, as well.

10. Baltimore, MD

Number of Accessible Listings in 2017: 17,067
Median Home Sale Price: $171,000
Percentage of People Living with a Disability: 11.9%

Easily accessible transit options, including a subway service and buses, are available in many Baltimore locations to connect residents to the airport, Johns Hopkins Hospital and Washington, D.C. The city’s Inner Harbor area, where you’ll find restaurants and other attractions, is exceptionally well designed when it comes to accessibility.

Methodology

To find out which U.S. cities are leading the way in accessibility, we analyzed data from the Multiple Listings Service, U.S. Census Bureau and Numbeo. The cities were ranked on five accessibility factors: accessible housing, public transportation, community attractions and access to healthcare. The 10 cities with the highest scores in these areas earned a spot on the list.

The number of accessible homes for each area is based on the number of active listings with accessible features in 2017. Examples of accessible features include manageable entries or routes, wide doors suitable for wheelchair access, grab bars in bathrooms and usable kitchens and other rooms.

Fair Use Statement

Want to share this study? We’d love for you to do so. All we ask is that you link back to this page and credit Redfin for the work.

The post The 10 Best Cities for Accessible Living appeared first on Redfin Real-Time.

https://www.redfin.com/blog/2018/05/market-tracker-april-2018.html

 

The national median home sale price increased 7.6 percent in April from a year ago, to a median of $302,200. This is the first time the national median home price has surpassed the $300,000 mark across the 174 markets that Redfin tracks. While April posted solid growth in home sales, up 5.2 percent from last year, home sales from January through April were just 1.5 percent higher than the same period last year.

The number of homes newly listed for sale in April rose 5.7 percent, a welcome sign for buyers after a lackluster number of new listings went on the market in the first three months of 2018. Unfortunately, the new listings were not sufficient to overcome the inventory shortage. The supply of homes for sale declined 9.2 percent year over year in April. Competition escalated as buyers vied for a limited number of properties–just 2.8 months of supply remained at the end of the month compared to the six months that generally signals a balanced market.

The typical home that sold last month went under contract in 36 days, six days faster than a year earlier and faster than any month Redfin has recorded going back to 2010. Among homes that sold last month, 26.2 percent sold above their list price, up from 24.9 percent last April. The average sale-to-list price ratio was 98.8 percent, also the highest on record.

“Despite rising prices and low inventory, sales in 2018 so far are slightly higher than last year, which was the best year on record since the 2006 housing boom,” said Redfin chief economist Nela Richardson. “As we enter peak homebuying season, new listings will be key in maintaining sales growth and moderating the rapid price increases we’ve seen this year.”

Market Summary
April 2018
Month-Over-Month
Year-Over-Year

Median sale price
$302,200
2.1%
7.6%

Homes sold
243,900
3.9%
5.2%

New listings
342,800
4.4%
5.7%

All Homes for sale
677,500
4.0%
-9.2%

Median days on market
36
-7
-6

Months of supply
2.8
0
-0.4

Sold above list
26.2%
2.3%
1.3%

Median Off-Market Redfin Estimate
$287,700
2.2%
7.6%

Average Sale-to-list
98.8%
0.1%
0.6%

For the sixth month in a row, San Jose topped the nation with price growth over 25 percent. The supply of San Jose homes fell 30.1 percent year over year.

Michigan metros stood out in April for competition and price growth. Detroit was second to San Jose in price growth, up 21.2 percent year over year. Homes in Grand Rapids sold just as fast as homes in San Jose, spending a mere nine median days on market. Both Detroit and Grand Rapids were among the metros with highest year-over-year growth in home sales, up 18.3 percent in Grand Rapids and 15.5 percent in Detroit.

“Detroit and Grand Rapids are no different than other cities dealing with low inventory. In addition, buyers are pouring in from the east coast, west coast and Chicago, which is adding to the demand,” said Kent Selders, Redfin market manager in Michigan.

“Our region is experiencing a great resurgence and the economy is diversifying with new companies moving in and expanding thanks to the affordable cost of doing business and ample workforce. As home prices rise, it can be tough for local buyers to compete with buyers from elsewhere who have reverse sticker shock and loaded pockets from selling a home in San Francisco, Boston or Chicago.”

Other April Highlights

Competition

Denver, CO was the fastest market, with half of all homes pending sale in just 6 days, the same pace for Denver in April of last year. Seattle, WA was the next fastest market with 7 median days on market, followed by San Jose, CA, Grand Rapids, MI and Tacoma, WA at 9 days.
The most competitive market in April was San Jose, CA where 84.6% of homes sold above list price, followed by 78.6% in San Francisco, CA, 74.6% in Oakland, CA, 64.0% in Seattle, WA, and 50.8% in Tacoma, WA.

Prices

San Jose, CA had the nation’s highest price growth, rising 26.2% since last year to $1,210,000. Detroit, MI had the second highest growth at 21.2% year-over-year price growth, followed by Las Vegas, NV (17%), Seattle, WA (14.7%), and Tacoma, WA (13.4%).
No metros that have a population of at least 750,000 had price declines in April.

Sales

12 out of 73 metros saw sales surge by double digits from last year. Louisville, KY led the nation in year-over-year sales growth, up 20.5%, followed by Grand Rapids, MI, up 18.3%. Detroit, MI rounded out the top three with sales up 15.5% from a year ago.
Allentown, PA saw the largest decline in sales since last year, falling 15.7%. Home sales in Long Island, NY and Rochester, NY declined by 14.0% and 12.8%, respectively.

Inventory

Indianapolis, IN had the largest decrease in overall inventory, falling 42.1% since last April. Rochester, NY (-41.1%), Buffalo, NY (-37.5%), and San Jose, CA (-30.1%) also saw far fewer homes available on the market than a year ago.
Baton Rouge, LA had the highest increase in the number of homes for sale, up 24.6% year over year, followed by Portland, OR (22.7%) and Allentown, PA (20.7%).

Pricing Strategy

To see trends in sellers’ pricing strategies, we compare the list price to the Redfin Estimate, Redfin’s automated home-value estimate with the industry’s lowest published error rate for listed homes.
The median list price-to-Redfin Estimate ratio was 92.5% in San Francisco, CA, the lowest of any market. This indicates the typical home for sale in April was listed at 93.7% of its estimated value. Only 6.3% of homes in San Francisco, CA were listed for more than their Redfin Estimate.
Conversely, the median list price-to-Redfin Estimate ratio was 102.5% in Miami, FL and 102.2% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, FL, 85.1% of homes were listed above their Redfin Estimate, the highest percentage of any metro.

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets Redfin serves that have populations of 750,000 or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro
Median Sale Price
Month-Over-Month
Year-Over-Year

Albany, NY
$205,500
2.8%
10.2%

Allentown, PA
$189,900
-4.8%
8.5%

Atlanta, GA
$237,000
3.0%
9.0%

Austin, TX
$315,000
5.0%
4.5%

Bakersfield, CA
$229,500
2.0%
4.3%

Baltimore, MD
$263,000
1.2%
5.2%

Baton Rouge, LA
$199,900
2.5%
6.9%

Birmingham, AL
$195,000
3.7%
4.7%

Boston, MA
$480,000
4.2%
7.0%

Buffalo, NY
$135,000
-2.2%
3.8%

Camden, NJ
$173,000
2.8%
1.8%

Charlotte, NC
$245,000
3.3%
6.1%

Chicago, IL
$247,100
3.0%
3.0%

Cincinnati, OH
$180,000
4.2%
12.5%

Cleveland, OH
$143,500
6.4%
6.4%

Columbus, OH
$200,000
5.3%
9.6%

Dallas, TX
$290,000
-1.7%
3.6%

Denver, CO
$415,000
3.5%
9.2%

Detroit, MI
$126,000
6.8%
21.2%

Fort Lauderdale, FL
$252,500
-1.0%
9.8%

Fort Worth, TX
$236,000
2.7%
6.1%

Fresno, CA
$260,000
0.3%
8.3%

Grand Rapids, MI
$192,500
2.9%
7.0%

Greenville, SC
$197,500
-1.2%
5.1%

Hampton Roads, VA
$225,900
0.4%
2.7%

Honolulu, HI
$550,000
-1.4%
3.8%

Houston, TX
$239,900
3.4%
4.8%

Indianapolis, IN
$175,000
1.2%
8.8%

Jacksonville, FL
$220,000
-3.0%
7.8%

Kansas City, MO
$207,000
1.0%
8.9%

Knoxville, TN
$186,000
-4.0%
6.3%

Las Vegas, NV
$269,000
1.5%
17.0%

Long Island, NY
$425,000
1.2%
7.6%

Los Angeles, CA
$610,000
1.7%
8.9%

Louisville, KY
$185,000
6.3%
7.6%

Memphis, TN
$167,000
-1.2%
4.4%

Miami, FL
$290,000
0.0%
3.6%

Milwaukee, WI
$205,000
6.5%
2.0%

Minneapolis, MN
$265,000
3.9%
10.4%

Montgomery County, PA
$290,800
-1.4%
3.0%

Nashville, TN
$282,500
0.8%
9.1%

New Orleans, LA
$216,500
8.3%
13.4%

Oakland, CA
$755,000
5.6%
11.0%

Oklahoma City, OK
$171,000
3.7%
4.3%

Omaha, NE
$190,000
2.7%
7.3%

Orange County, CA
$700,000
-1.4%
6.1%

Orlando, FL
$242,900
3.4%
10.4%

Oxnard, CA
$595,000
2.8%
2.6%

Philadelphia, PA
$200,000
5.3%
12.7%

Phoenix, AZ
$257,000
0.8%
8.6%

Pittsburgh, PA
$163,000
1.9%
8.7%

Portland, OR
$396,000
2.9%
8.5%

Providence, RI
$257,500
2.0%
7.3%

Raleigh, NC
$283,300
1.2%
6.5%

Richmond, VA
$241,000
0.9%
7.1%

Riverside, CA
$360,000
1.4%
7.5%

Rochester, NY
$141,000
9.3%
11.5%

Sacramento, CA
$395,000
2.6%
10.3%

Salt Lake City, UT
$306,000
-1.3%
7.4%

San Antonio, TX
$217,000
0.9%
3.1%

San Diego, CA
$575,000
3.4%
8.5%

San Francisco, CA
$1,429,400
2.1%
13.2%

San Jose, CA
$1,210,000
-5.2%
26.2%

Seattle, WA
$580,000
4.2%
14.7%

St. Louis, MO
$175,000
4.9%
3.9%

Tacoma, WA
$340,000
-2.3%
13.4%

Tampa, FL
$224,900
2.8%
11.3%

Tucson, AZ
$212,000
3.4%
9.8%

Tulsa, OK
$165,000
3.2%
6.5%

Warren, MI
$200,000
1.9%
2.8%

Washington, DC
$400,200
2.6%
4.0%

West Palm Beach, FL
$269,000
-0.4%
5.5%

Worcester, MA
$257,500
5.1%
8.6%

National
$302,200
2.1%
7.6%

Homes Sold

Redfin Metro
Homes Sold
Month-Over-Month
Year-Over-Year

Albany, NY
698
-9.6%
-0.1%

Allentown, PA
641
-3.0%
-15.7%

Atlanta, GA
9,446
-1.3%
3.5%

Austin, TX
2,815
-3.8%
3.5%

Bakersfield, CA
734
-2.3%
2.5%

Baltimore, MD
3,749
8.2%
12.7%

Baton Rouge, LA
866
-6.4%
-2.8%

Birmingham, AL
1,479
5.9%
13.7%

Boston, MA
3,477
12.1%
7.7%

Buffalo, NY
699
-3.9%
-7.7%

Camden, NJ
1,609
-2.2%
-10.0%

Charlotte, NC
3,496
2.8%
2.7%

Chicago, IL
10,371
24.9%
13.2%

Cincinnati, OH
2,100
5.0%
7.8%

Cleveland, OH
2,255
-1.7%
2.0%

Columbus, OH
2,436
3.7%
0.7%

Dallas, TX
5,309
-0.5%
0.2%

Denver, CO
5,237
20.3%
14.8%

Detroit, MI
1,714
0.5%
15.5%

Fort Lauderdale, FL
2,871
-8.7%
-5.3%

Fort Worth, TX
2,876
5.0%
2.1%

Fresno, CA
818
-0.5%
0.4%

Grand Rapids, MI
1,331
9.2%
18.3%

Greenville, SC
1,061
-1.4%
10.8%

Hampton Roads, VA
2,134
5.2%
9.4%

Honolulu, HI
834
6.0%
8.7%

Houston, TX
7,370
3.3%
6.9%

Indianapolis, IN
2,933
8.2%
0.4%

Jacksonville, FL
2,296
1.1%
2.5%

Kansas City, MO
2,957
6.1%
0.7%

Knoxville, TN
1,230
4.0%
9.7%

Las Vegas, NV
3,506
-9.8%
-0.8%

Long Island, NY
1,812
-11.8%
-14.0%

Los Angeles, CA
5,983
-5.8%
1.2%

Louisville, KY
1,483
20.4%
20.5%

Memphis, TN
1,126
5.6%
-2.4%

Miami, FL
2,840
-0.5%
12.5%

Milwaukee, WI
1,743
9.9%
6.6%

Minneapolis, MN
5,087
17.1%
10.4%

Montgomery County, PA
2,034
16.5%
4.1%

Nashville, TN
3,177
1.4%
4.8%

New Orleans, LA
1,259
13.6%
6.1%

Oakland, CA
2,359
4.2%
4.4%

Oklahoma City, OK
1,804
-0.3%
9.9%

Omaha, NE
1,140
18.4%
3.7%

Orange County, CA
2,626
0.7%
-2.1%

Orlando, FL
4,175
-6.2%
15.4%

Oxnard, CA
686
-4.7%
-5.0%

Philadelphia, PA
1,999
2.5%
5.6%

Phoenix, AZ
8,895
-5.7%
4.2%

Pittsburgh, PA
2,109
10.9%
6.8%

Portland, OR
3,170
5.2%
7.7%

Providence, RI
1,499
4.2%
-2.9%

Raleigh, NC
2,256
6.1%
4.4%

Richmond, VA
1,589
0.1%
5.4%

Riverside, CA
5,124
2.4%
2.8%

Rochester, NY
735
-4.9%
-12.8%

Sacramento, CA
2,792
11.5%
5.0%

Salt Lake City, UT
1,561
-5.7%
-2.6%

San Antonio, TX
2,499
-1.2%
7.5%

San Diego, CA
3,083
5.7%
-5.1%

San Francisco, CA
978
-0.1%
7.5%

San Jose, CA
1,449
10.3%
7.2%

Seattle, WA
4,078
9.3%
8.0%

St. Louis, MO
3,560
10.8%
0.3%

Tacoma, WA
1,340
-1.9%
4.1%

Tampa, FL
6,051
1.1%
13.7%

Tucson, AZ
1,575
-2.0%
9.4%

Tulsa, OK
1,124
2.1%
7.5%

Warren, MI
3,338
7.8%
9.3%

Washington, DC
8,187
9.3%
6.5%

West Palm Beach, FL
3,085
-4.0%
-0.6%

Worcester, MA
743
14.7%
0.5%

National
243,900
3.9%
5.2%

New Listings

Redfin Metro
New Listings
Month-Over-Month
Year-Over-Year

Albany, NY
1,279
33.1%
14.2%

Albuquerque, NM
1,564
-1.3%
-1.9%

Allentown, PA
1,358
31.1%
0.4%

Atlanta, GA
12,387
-1.3%
14.3%

Austin, TX
4,390
4.2%
6.6%

Bakersfield, CA
1,098
3.3%
11.5%

Baltimore, MD
5,546
4.3%
0.8%

Baton Rouge, LA
1,244
-3.7%
9.6%

Birmingham, AL
1,926
8.7%
1.0%

Boston, MA
7,156
38.8%
13.4%

Buffalo, NY
1,302
17.7%
7.4%

Camden, NJ
2,659
11.1%
5.2%

Charlotte, NC
4,669
-5.8%
-0.5%

Chicago, IL
15,907
4.0%
8.4%

Cincinnati, OH
2,878
5.5%
2.2%

Cleveland, OH
3,376
7.8%
-0.7%

Columbus, OH
3,300
5.7%
0.0%

Dallas, TX
8,241
5.6%
17.4%

Denver, CO
6,164
6.6%
7.6%

Detroit, MI
2,532
14.3%
10.9%

Fort Lauderdale, FL
4,098
-9.0%
3.1%

Fort Worth, TX
4,173
8.1%
12.5%

Fresno, CA
1,004
-1.0%
4.9%

Grand Rapids, MI
1,540
-0.7%
-8.7%

Greenville, SC
1,521
0.4%
14.6%

Hampton Roads, VA
3,028
1.7%
11.0%

Honolulu, HI
1,158
12.3%
7.5%

Houston, TX
11,638
4.2%
7.8%

Indianapolis, IN
3,496
7.4%
-2.1%

Jacksonville, FL
3,076
0.4%
11.2%

Kansas City, MO
4,242
1.9%
9.8%

Knoxville, TN
1,632
2.7%
11.7%

Las Vegas, NV
4,419
1.1%
7.0%

Long Island, NY
4,128
19.1%
4.2%

Los Angeles, CA
8,592
7.2%
2.3%

Louisville, KY
1,719
2.3%
0.2%

Memphis, TN
1,466
0.5%
-7.1%

Miami, FL
3,771
-15.9%
-4.8%

Milwaukee, WI
2,101
1.3%
-9.5%

Minneapolis, MN
6,756
8.6%
-7.6%

Montgomery County, PA
3,558
24.4%
0.5%

Nashville, TN
4,531
0.0%
11.9%

New Orleans, LA
1,751
-9.2%
4.7%

Oakland, CA
3,125
8.2%
3.1%

Oklahoma City, OK
2,396
1.0%
5.4%

Omaha, NE
1,589
7.8%
3.9%

Orange County, CA
3,788
11.3%
2.9%

Orlando, FL
4,760
-2.8%
-1.0%

Oxnard, CA
1,038
2.8%
7.1%

Philadelphia, PA
3,363
13.0%
3.7%

Phoenix, AZ
9,615
-8.2%
1.9%

Pittsburgh, PA
3,034
16.5%
5.0%

Portland, OR
4,510
13.9%
15.6%

Providence, RI
2,537
29.4%
6.5%

Raleigh, NC
2,946
0.8%
4.5%

Richmond, VA
2,247
3.9%
0.9%

Riverside, CA
6,744
4.9%
5.4%

Rochester, NY
1,419
14.4%
1.2%

Sacramento, CA
3,836
13.0%
9.8%

Salt Lake City, UT
2,136
2.3%
0.8%

San Antonio, TX
3,482
-4.4%
6.5%

San Diego, CA
4,096
-0.4%
3.5%

San Francisco, CA
1,299
6.0%
15.2%

San Jose, CA
1,779
14.3%
5.6%

Seattle, WA
5,321
3.1%
7.7%

St. Louis, MO
4,928
5.3%
2.1%

Tacoma, WA
1,808
6.9%
7.5%

Tampa, FL
6,574
-5.3%
4.9%

Tucson, AZ
1,824
-3.2%
5.7%

Tulsa, OK
1,504
8.6%
1.9%

Warren, MI
4,629
11.2%
3.5%

Washington, DC
12,473
7.2%
4.2%

West Palm Beach, FL
3,947
-5.8%
3.5%

Worcester, MA
1,358
32.2%
7.9%

National
342,800
4.4%
5.7%

All Homes for Sale

Redfin Metro
All Homes for Sale
Month-Over-Month
Year-Over-Year

Albany, NY
2,259
4.1%
-24.2%

Albuquerque, NM
2,943
-27.8%
-35.8%

Allentown, PA
3,355
36.2%
20.7%

Atlanta, GA
27,637
19.2%
-12.9%

Austin, TX
7,009
5.9%
-4.4%

Bakersfield, CA
1,926
-0.2%
-5.9%

Baltimore, MD
11,107
6.4%
0.7%

Baton Rouge, LA
3,627
-4.0%
24.6%

Birmingham, AL
4,981
3.9%
-18.1%

Boston, MA
6,846
26.4%
-13.3%

Buffalo, NY
1,576
8.3%
-37.5%

Camden, NJ
7,727
9.1%
-2.4%

Charlotte, NC
10,343
3.7%
-23.9%

Chicago, IL
37,281
8.0%
-10.5%

Cincinnati, OH
7,186
8.4%
-10.0%

Cleveland, OH
7,558
3.0%
-17.1%

Columbus, OH
5,694
9.5%
-14.8%

Dallas, TX
13,270
-0.9%
3.5%

Denver, CO
5,306
9.7%
-8.2%

Detroit, MI
3,650
1.5%
-7.0%

Fort Lauderdale, FL
13,058
-6.5%
-7.6%

Fort Worth, TX
5,734
-1.7%
-8.7%

Fresno, CA
1,417
-1.3%
-11.1%

Grand Rapids, MI
1,743
-0.2%
-20.4%

Greenville, SC
4,085
11.1%
-1.2%

Hampton Roads, VA
7,048
2.6%
-13.3%

Honolulu, HI
3,218
1.6%
5.8%

Houston, TX
24,257
3.1%
-7.0%

Indianapolis, IN
4,195
-15.7%
-42.1%

Jacksonville, FL
6,408
-0.1%
-6.8%

Knoxville, TN
4,456
1.6%
-11.6%

Las Vegas, NV
9,362
5.3%
-18.0%

Long Island, NY
9,810
6.6%
-13.8%

Los Angeles, CA
14,725
3.2%
-12.7%

Louisville, KY
2,710
6.1%
-11.1%

Memphis, TN
2,793
3.3%
-20.9%

Miami, FL
16,920
-6.8%
-6.6%

Milwaukee, WI
4,666
3.9%
-27.1%

Minneapolis, MN
8,782
7.0%
-23.4%

Montgomery County, PA
7,491
19.6%
-4.7%

Nashville, TN
9,737
6.4%
4.9%

New Orleans, LA
6,586
7.3%
14.0%

Oakland, CA
2,438
18.0%
-15.8%

Oklahoma City, OK
5,046
-1.6%
-17.5%

Omaha, NE
1,546
2.7%
-19.7%

Orange County, CA
6,807
6.3%
-12.9%

Orlando, FL
8,502
-4.6%
-18.6%

Oxnard, CA
1,518
8.4%
-0.4%

Philadelphia, PA
7,069
9.9%
-9.5%

Phoenix, AZ
19,036
-5.1%
-16.9%

Pittsburgh, PA
9,037
5.1%
-12.6%

Portland, OR
5,097
15.3%
22.7%

Providence, RI
4,581
9.4%
-15.6%

Raleigh, NC
6,310
3.8%
-10.2%

Richmond, VA
2,903
1.5%
-20.2%

Riverside, CA
14,465
-0.7%
-10.9%

Rochester, NY
1,628
5.9%
-41.1%

Sacramento, CA
4,244
9.9%
-0.3%

Salt Lake City, UT
2,510
-23.2%
-14.2%

San Antonio, TX
7,196
-6.1%
-9.6%

San Diego, CA
5,701
4.2%
1.6%

San Francisco, CA
1,234
14.2%
-17.1%

San Jose, CA
1,215
31.4%
-30.1%

Seattle, WA
3,557
20.8%
-1.1%

St. Louis, MO
11,122
0.0%
-9.9%

Tacoma, WA
1,506
5.0%
-19.6%

Tampa, FL
11,828
-5.6%
-12.1%

Tucson, AZ
4,489
-3.9%
-10.5%

Tulsa, OK
4,674
26.2%
14.0%

Warren, MI
5,762
5.6%
-16.3%

Washington, DC
21,615
12.5%
16.9%

West Palm Beach, FL
14,629
-2.5%
-3.9%

Worcester, MA
1,598
7.2%
-24.3%

National
677,500
4.0%
-9.2%

Median Off-Market Redfin Estimate

Redfin Metro
Estimate
Month-Over-Month
Year-Over-Year

Albany, NY
$207,400
0.1%
5.0%

Allentown, PA
$197,600
0.4%
4.3%

Atlanta, GA
$201,100
0.8%
9.9%

Austin, TX
$291,800
0.7%
1.7%

Bakersfield, CA
$203,700
0.8%
5.9%

Baltimore, MD
$245,900
0.4%
2.7%

Baton Rouge, LA
$149,100
0.9%
-2.5%

Birmingham, AL
$142,700
1.0%
5.9%

Boston, MA
$472,600
0.9%
4.9%

Buffalo, NY
$147,900
0.4%
7.3%

Camden, NJ
$187,200
0.6%
3.3%

Charlotte, NC
$192,100
0.8%
15.7%

Chicago, IL
$230,600
0.6%
2.8%

Cincinnati, OH
$160,000
0.7%
7.6%

Cleveland, OH
$130,900
0.6%
3.0%

Columbus, OH
$179,200
0.8%
10.4%

Dallas, TX
$246,600
0.7%
9.6%

Denver, CO
$397,200
1.4%
10.0%

Detroit, MI
$96,300
5.9%
18.8%

Fort Lauderdale, FL
$250,800
0.5%
8.1%

Fort Worth, TX
$201,300
1.1%
11.1%

Fresno, CA
$242,000
1.1%
9.1%

Grand Rapids, MI
$150,500
1.0%
7.7%

Greenville, SC
$158,900
0.5%
8.1%

Hampton Roads, VA
$217,700
0.4%
3.6%

Honolulu, HI
$681,000
1.5%
3.9%

Houston, TX
$198,700
0.5%
5.9%

Indianapolis, IN
$150,100
1.1%
8.6%

Jacksonville, FL
$204,000
0.9%
14.2%

Kansas City, MO
$176,500
0.8%
8.5%

Knoxville, TN
$141,500
0.5%
5.3%

Las Vegas, NV
$252,300
1.3%
16.0%

Long Island, NY
$425,000
0.3%
6.5%

Los Angeles, CA
$600,700
0.9%
8.3%

Louisville, KY
$144,000
-0.1%
-3.0%

Memphis, TN
$130,500
0.6%
10.6%

Miami, FL
$284,000
0.5%
7.1%

Milwaukee, WI
$197,500
0.7%
7.6%

Minneapolis, MN
$245,500
0.8%
7.4%

Montgomery County, PA
$308,400
0.3%
3.9%

Nashville, TN
$235,000
1.0%
12.4%

New Orleans, LA
$162,500
0.3%
-5.8%

Oakland, CA
$744,700
1.5%
10.5%

Oklahoma City, OK
$136,400
0.5%
1.1%

Omaha, NE
$161,700
0.8%
6.1%

Orange County, CA
$695,900
0.6%
5.6%

Orlando, FL
$219,900
0.7%
9.3%

Oxnard, CA
$585,600
0.6%
5.7%

Philadelphia, PA
$194,200
1.1%
9.8%

Phoenix, AZ
$254,200
0.8%
6.9%

Pittsburgh, PA
$135,000
0.0%
0.7%

Portland, OR
$381,200
0.5%
4.3%

Providence, RI
$282,600
0.5%
6.5%

Raleigh, NC
$251,400
0.6%
6.6%

Richmond, VA
$214,200
1.0%
7.4%

Riverside, CA
$350,700
0.8%
8.9%

Rochester, NY
$136,600
0.6%
4.4%

Sacramento, CA
$388,000
0.8%
7.6%

Salt Lake City, UT
$305,300
1.1%
9.7%

San Antonio, TX
$183,400
0.5%
7.2%

San Diego, CA
$575,700
0.9%
8.0%

San Francisco, CA
$1,309,700
2.2%
13.8%

San Jose, CA
$1,228,500
3.5%
26.1%

Seattle, WA
$545,100
1.6%
14.8%

St. Louis, MO
$148,900
0.8%
1.2%

Tacoma, WA
$327,400
1.1%
12.8%

Tampa, FL
$207,800
0.7%
9.7%

Tucson, AZ
$196,200
0.7%
6.7%

Tulsa, OK
$134,200
0.5%
2.0%

Warren, MI
$200,300
0.9%
5.6%

Washington, DC
$377,000
0.4%
2.9%

West Palm Beach, FL
$257,800
0.4%
3.7%

Worcester, MA
$272,700
0.7%
7.5%

National
$287,700
2.2%
7.6%

The post Homes Sold Faster Than Ever in April; Prices Rose 7.6% appeared first on Redfin Real-Time.

http://realtybiznews.com/how-are-landlords-effectively-handling-tenant-selection-processes-in-2018/98748984/

A real estate business might be the wealth-building tool you have been seeking since first becoming an entrepreneur. Having the possibility of reaching impressive monthly gains is certainly an appealing prospect, but rental building ownership does come with its own set of hardships. Among the most difficult, yet important things you need to handle on the regular, as a landlord, is finding the right tenants. When your rental offers are attractive one, it’s natural for you to be contacted by a large number of interested people, so sorting out through them and actually choosing reliable and trustworthy tenant is your responsibility. How are landlords ensuring the safety of their choice in 2108? How are processes handled better these days? Here are a few options you should contemplate upon:

Run a credit check
You probably won’t; want to have people living in your building who are not exactly on top of their finances, and are dealing with bad credit. You have probably dealt on roe than one occasion with tenants who have not been able to cover their monthly rent, leaving you with a hole in your pocket. Regardless if you have already informed yourself on how much the said person gains at their job, and their salary seems to be a reasonable one, if they are in debt, causing you financial inconveniences could happen. A quick credit check should be a starting point in your selection process.

Lookup sites and tools
With the advancement of technology as well as increased informative resources put at your disposal by the internet, seeking accurate information on personas is not as difficult as it used to be back in the day. If you want to take your selection processes one step further, and truly document yourself on a potential tenant, you got to use technology to your advantage. Nowadays, lookup sites have provided effective solution not only to owners of rental estates but to employers, recruiters and basically anyone who needs accurate information on a certain individual. Platforms of his kind as well as mobile applications that focus on the same principle allow you to discover a wide range of details regarding a said person, as long as you have their phone number, name or address. With a Reverse address lookup feature, you will be able to find out if the person interested in renting one of your apartments is someone you would want your business to be associated with or not. From regular find such as current place of residence, to more sensitive information, including employment info and even online identities, in just a few simple steps, you can gain access to all the resources you need to make a proper decision in this department. This could save you from dealing with people who won’t pay their rent on time, have a record of causing damage to properties or are unemployed and unable to afford paying utility bills. A lookup site could simplify your job tremendously, so try to never skip this step – it won’t even take a lot of your time or patience. This has become an indispensable support tool for numerous successful landlords, who have understood what taking control of their selection processes means.

Rental history – look for previous evictions
While a person might seem like a good fit at first, having no records of bad credit, seeming like a good employee and citizen, they may not exactly be characterized as a great tenant. One of the ways you can establish if you can trust an individual to live in your building, is by analyzing their rental history and looking into potential previous evictions. If you have the possibility to, get in touch with some of the tenant’s previous landlords, and ask them a few relevant questions. Why did they move in the first place? Did they use to pay their rent and bills on time? Where there any complaint from neighbors? Did they provide a notice before moving out? Did they manage keeping their apartment in a good condition? These are only a few of the many questions you should consider finding the answers to, but you can come up you with your own if other are the details that matter to you most. This becomes an even more important priority when you are renting out premium accommodation, and potential damages caused to the premises might put you under a lot of costs.

Know where to advertise
Sometimes, coming across good tenants means you need to take your rental advertising strategies to another level. Whenever you are picking a newspaper or an online platform to place your “for rent” ads, think carefully if this is the place the right types of tenants would look. By advertising in a proper manner, you will be raising your odds of being contacted only by trustworthy people.

Just trust your instinct
Often, first impressions matter more than you think. If the person interested in renting a place seems pleasant and reliable when first discussing with them, then perhaps they might actually be. If you don’t have a good feeling about the individual you are talking with, then maybe you should go another way, even if they have come with a clean record and no signs of misconduct. Sometimes, you just need to trust your instinct, and rely on what the other person is transmitting.

Running a rental business can be extremely profitable, and depending on the nature of your property, management doesn’t need to involve a lot of effort and responsibilities. However, in order for business to go smoothly, and for inconveniences to not arise on the regular, the tenants that have access to your rentals are the most important ones. Although making the ideal choices in this department is not always possible, there are a few things you can do to improve your selection processes. These are the things successful rental building owners seem to be doing in 2018, in order to ensure the reliability of their tenants, and what you should consider doing yourself. It’s better to put in a bit more effort in the beginning rather than facing unpleasant incidents later on.

The post How are landlords effectively handling tenant selection processes in 2018 appeared first on RealtyBizNews: Real Estate News.

https://www.redfin.com/blog/2018/05/redfin-agent-helps-plan-epic-marriage-proposal-in-milwaukee.html

Kevin Murray’s home search wasn’t special just because he found the perfect house, but also because he found the perfect person to help call it home. He knew the newly purchased Bayview home would be just the right backdrop for an epic marriage proposal, and consulted his Redfin agent to help with the plan.

“Kevin had a great idea to make the proposal extra special by incorporating their story permanently throughout the home,” said Redfin Milwaukee agent Randy Lee. “Since they were already planning to re-paint the interior, he landed on writing their story all over the walls, where it would remain beneath their new paint.”

The special love notes include stories about the pets they’ve adopted, lyrics from their favorite song and a timeline containing all of the cities they’ve live in during their five-year relationship.

“Randy and I spent days planning this proposal, while making sure Kimberly didn’t go in the home for a couple days so we could keep this under wraps,” said Murray. “We were able to keep it a surprise, and we’re looking forward to our life together in this beautiful new home.”

“My favorite part was he put our cats’ names on the walls, so they will also always be a part of this home,” said newly engaged Kimberly Gendron. “Painting over the writing was so emotional, but I feel comforted knowing the words will always be there.”

Congrats to the happy couple!

 

The post Redfin Agent Helps Plan Epic Marriage Proposal in Milwaukee appeared first on Redfin Real-Time.

https://www.redfin.com/blog/2018/05/top-us-cities-for-cider.html

Hard cider is quickly becoming the most popular drink in many cities across the U.S. – and it’s easy to see why. With a rich history dating back to the British colonists, who drank cider more than ale, and a huge variety of customized brews available, it’s a crisp, refreshing drink that’s enhanced by the addition of other fruits (like pears and apricots). From smooth and sweet to tart and tangy, you’ll find your favorite brew in one of the U.S.’s top 10 cities for cider lovers.

We also included the city’s Walk Score to show you the ease of strolling from one cider bar or taproom to another. Also included is the median home sale price to help you analyze the cost of living and how much of your paycheck can be dedicated to sipping cider.

1. Portland, OR

Walk Score: 65
Median Home Sale Price: $440,000

What better way to enjoy the beautiful Willamette River, which winds around Portland’s downtown hotspots, than with a crisp, cool cider in-hand? The City of Roses has several exceptional local brews to match its charmingly funky vibe.

Notable cider bars: Portland Cider House, Bushwhacker Cider, Cider Bite, Reverend Nat’s Hard Cider, Cider Riot!, Portland Cider Co., Schilling Cider House, The Civic Taproom

2. Seattle, WA

Walk Score: 73
Median Home Sale Price: $730,000

Seattle is one of the hottest cider spots in the U.S. This gorgeous seaport city, which initially boomed during the Gold Rush and is known for its rich musical history, is now packed with trendy cider bars and great places to enjoy your favorite distillations.

Notable cider bars: Capitol Cider, Schilling Cider House, Seattle Cider Company, Number 6 Cider, Locust Cider – Ballard Taproom, Cockrell Brewing

3. New York, NY

Walk Score: 89
Median Home Sale Price: $540,000

New York City is a cider lover’s mecca. The Big Apple, with its unmistakable skyline and world-class attractions, is also home to some of the finest cider bars in the country. Most are in the heart of Manhattan, though several are sprinkled throughout Brooklyn, Queens, The Bronx and Staten Island, as well.

Notable cider bars: Brooklyn Cider House, The Owl Farm, Eli’s Night Shift, The Ginger Man, Craft Culture, Taproom No. 307, Fools’ Gold, Valhalla NYC, Haymaker Bar and Kitchen

4. Denver, CO

Walk Score: 48
Median Home Sale Price: $425,000

Tucked in the South Platte River Valley, Denver is a Rocky Mountain paradise for cider aficionados. Teeming with great pubs and cideries, the Mile-High City is a spectacular place to search for your next favorite beverage.

Notable cider bars: C Squared Ciders, Hops & Pie, Colorado Cider Company, Stem Ciders, The Rackhouse, Falling Rock Tap House

5. San Francisco, CA

Walk Score: 86
Median Home Sale Price: $1.42 million

The City by the Bay is a great place to sample new ciders from local artisans and enjoy tried-and-true favorites. Known for its spectacular views of the Golden Gate Bridge and its famed Fisherman’s Wharf, San Francisco has earned its place on the map when it comes to cider.

Notable cider bars: Upcider, Fermentation Lab, Crooked City Cider, The Crafty Fox Alehouse, Shotwell’s, 21st Amendment Brewery and Restaurant, Elixir, Mikkeller Bar

6. Ann Arbor, MI

Walk Score: 51
Median Home Sale Price: $361,000

Home to the University of Michigan and a fabulous downtown area, Ann Arbor is Southeast Michigan’s best spot for cider lovers. Many of the best brews in A² come from locally sourced apples – the state is home to one of the largest concentrations of orchards in the Midwest.

Notable cider bars: Arbor Brewing Company, Bill’s Beer Garden, Beer Grotto, Grizzly Peak Brewing Company, Salt Springs Brewery

7. Chicago, IL

Walk Score: 78
Median Home Sale Price: $300,000

Chicago is a cider lover’s dream space – it’s packed with great cider bars, most within a short distance (or right on) Lake Shore Drive. Relax in the cool Lake Michigan breezes with your favorite cider in hand or cheer for the Bears from your favorite watering hole; either way, the Windy City is an ideal place for cider connoisseurs. If you’re there during February, attend events during Chicago Cider Week.

Notable cider bars: ERIS Brewery and Cider House, Right Bee Cider, The Northman, Fountainhead, Hopleaf Bar, The Long Room, Sleeping Village, Emporium Arcade Bar, Begyle Brewing Company, The Bad Apple, Bangers & Lace

8. Philadelphia, PA

Walk Score: 79
Median Home Sale Price: $199,000

Philadelphia is one of the Northeast’s best spots for hard cider tasting trips. The City of Brotherly Love backs up to the Delaware River, and you’ll find noteworthy cider bars minutes from the shore – and many of the brews are local, coming from rich orchards scattered throughout nearby valleys.

Notable cider bars: Cinder, Hale & True Cider Co., Original 13 Ciderworks, City Tap House – Logan , Commonwealth Ciders, Stone & Key Cellars, Kurant Cider

9. Asheville, NC

Walk Score: 36
Median Home Sale Price: $320,000

Asheville, home of the Biltmore Estate and the famed Basilica of St. Lawrence, is a fun mountain town packed with amazing cider bars. From local brews to those imported from other areas, the Land of the Sky is definitely a fabulous place to sample new blends and infusions.

Notable cider bars: Urban Orchard Cider Company, Noble Cider, Daidala, TreeRock Social Cider House, Sovereign Remedies

10. Minneapolis, MN

Walk Score: 69
Median Home Sale Price: $290,000
The City of Lakes – Minneapolis – is a great place to enjoy fantastic cider brews. This gorgeous city, known for its proximity to neighboring St. Paul and its unmistakable skyline, great nightlife and local attractions, is home to several amazing cider bars that get rave reviews from critics and everyday guests.

Notable cider bars: Urban Forage, Sociable Cider Werks,   Town Hall Brewery, Elevated Beer + Wine + Spirits, Crooked Pint Ale House, Kieran’s Irish Pub, Red Cow

 

Methodology

To figure out the top cities for cider lovers, we compiled a list of the most notable cider bars in the nation – the cider bars that critics can’t get enough of and that get raves from excited guests all over social media. Then, we segmented those bars by city and arranged them by the number of favorable reviews. Cities with the most rave-worthy cider bars made our cut, which we then pared down by the quality and quantity of reviews. In order for a city to make Redfin’s Top 10 Cities for Cider Lovers list, it must have multiple cider bars with excellent ratings.

 

Lists Referenced

Best Places to Drink Cider
6 of the Best Cities for Cider Lovers
Great American Towns for Hard Cider
United States Cider Map
Best Places to Drink Cider
7 Great Places to Drink Cider Around the USA
The 15 Best Places to Drink Hard Cider in the U.S.

 

Fair Use Statement

Want to share this study? Don’t worry, be happy! We’d love for you to do so. All we ask is that you link back to this page and credit Redfin for the work.

The post Here Are the Top 10 Cities for Drinking Cider appeared first on Redfin Real-Time.

https://www.redfin.com/blog/2018/05/denver-joins-seattle-and-san-francisco-with-outmigration.html

In the first three months of 2018, Denver posted a “net outflow” of Redfin users for the first time, meaning that more Denver-based Redfin users were searching for homes in other metro areas than Redfin users elsewhere looking to move in. Of all Denverites using Redfin, 20 percent were searching for homes in another metro, up from 15 percent during the same time period a year earlier. Nationally, 23.9 percent of Redfin.com users looked to relocate to another metro area last quarter, up from 19.8 percent a year earlier.

Seattle, which is grappling with a controversial tax related to the city’s housing crisis, has seen two consecutive quarters of net outflow, based on Redfin user data. In the first quarter, 12 percent of Seattle-based Redfin users were looking in other metro areas, up from 9 percent during the same period last year.

Home searches are a forward-looking indicator of what is likely to happen to a city’s population. We saw this in 2015 in the Bay Area, when more Bay Area Redfin users were searching elsewhere. By 2016, the U.S. Census Bureau showed San Francisco had lost residents. Now we see signs that Denver and Seattle, cities that once attracted those fleeing high home prices, are becoming unaffordable as well.

Moving Out – Metros with the Highest Net Outflow of Redfin Users:

Table: Top 10 Metros by Net Outflow of Users and Their Top Destinations

Rank
Metro*
Net Outflow:† Q1 2018
Q1 2017
Portion of Local Users Searching Elsewhere
Top Destination
Top Out-of-State Destination

1
San Francisco, CA
15,137
15,028
20.7%
Sacramento, CA
Seattle, WA

2
New York, NY
11,707
7,106
33.9%
Boston, MA
Boston, MA

3
Los Angeles, CA
7,189
5,328
15.3%
San Diego, CA
Las Vegas, NV

4
Washington, DC
4,209
3,999
10.9%
Philadelphia, PA
Philadelphia, PA

5
Seattle, WA
2,270
-1,203
12.3%
Los Angeles, CA
Los Angeles, CA

6
Chicago, IL
2,023
2,617
9.3%
Phoenix, AZ
Phoenix, AZ

7
Denver, CO
309
-424
19.6%
Colorado Springs, CO
Phoenix, AZ

8
Houston, TX
297
816
26.1%
Austin, TX
Chicago, IL

9
Eugene, OR
245
-97
45.6%
Portland, OR
Seattle, WA

10
Detroit, MI
131
-75
25.9%
Chicago, IL
Chicago, IL

*Combined statistical areas with at least 500 users in Q1 2018
†Negative values indicate a net inflow; among the one million users sampled for this analysis only

Census data shows that Denver peaked at 40,000 net domestic migrations in 2015, meaning that many more people moved to Denver than left. Since then, while still positive, the net migration has declined each year. Looking ahead, based on Redfin user search trends, we expect Denver to see a negative net migration, or a loss of residents, in the 2019 Census.

Meanwhile in Seattle, the Census data reveal peak net domestic migration in 2016, a year later than Denver, and the decline in 2017 was less dramatic. Redfin search data, however, shows users increasingly looking to leave the Seattle area. Since October 2017, more Seattleites are looking at homes elsewhere than the other way around.

Where are they going?

Residents looking to leave Seattle and Denver last quarter were mostly looking in areas that were more affordable and less competitive. Los Angeles looks like an exception on the surface, because the metro area on average is more expensive than Denver and Seattle. However, when we looked at the county level, we saw that the most common areas homebuyers were looking at were more affordable areas of the LA market, like the Inland Empire (Riverside County, CA).

Phoenix was a top destination for both Seattle and Denver last quarter, and had the largest net gain of Redfin users looking to move to the area from elsewhere. This was up significantly—34 percent—from a year ago. Phoenix is also much more affordable, with a median home sale price of $257,000 as of April, compared to $415,000 in Denver and $580,000 in Seattle.

The rate of home-price growth in Denver and Seattle is staggering, with Denver up 64 percent and Seattle up 76 percent over the last five years—more than double the national growth rate of 37 percent. They also both consistently hold the top spots for the fastest housing market, in terms of how long homes stay on the market. These competitive forces serve as a likely cause for the uptick in out-migration.

Major cities in Texas, as well as Chicago and Portland are also attractive to those leaving Seattle and Denver. This has resulted in a disbursement of wealth throughout the country to cities that have made it easier to build new housing.

Which Cities Will be Next?

Below are the 10 metros that are the most likely to receive big inflows of new residents in the next year from expensive coastal markets, based on the number of users looking to relocate there versus leave. With these new residents, economic growth and rising home prices will likely follow, as we saw in Seattle and Denver.

Moving In – Metros with the Highest Net Inflow of Redfin Users:

Table: Top 10 Metros by Net Inflow of Users and Their Top Origins

Rank
Metro*
Net Inflow:† Q1 2018
Q1 2017
Portion of Searches from Users Outside the Metro
Top Origin
Top Out-of-State Origin

1
Phoenix, AZ
4,117
2,744
33.6%
Los Angeles, CA
Los Angeles, CA

2
Sacramento, CA
3,169
4,089
39.5%
San Francisco, CA
Seattle, WA

3
Las Vegas, NV
2,925
2,476
43.6%
Los Angeles, CA
Los Angeles, CA

4
Atlanta, GA
2,713
1,506
26.3%
New York, NY
New York, NY

5
Miami, FL
2,295
1,202
27.7%
New York, NY
New York, NY

6
Austin, TX
1,807
1,189
26.7%
San Francisco, CA
San Francisco, CA

7
Dallas, TX
1,556
2,071
23.0%
Los Angeles, CA
Los Angeles, CA

8
Portland, OR
1,511
1,556
17.4%
San Francisco, CA
San Francisco, CA

9
Tampa, FL
1,187
878
43.9%
Washington, DC
Washington, DC

10
San Diego, CA
1,159
1,109
24.3%
Los Angeles, CA
Seattle, WA

*Combined statistical areas with at least 500 users in Q2 2018
†Negative values indicate a net outflow; among the one million users sampled for this analysis only

The new destinations will be at risk for becoming unaffordable over time as well, unless they build enough new homes to keep up with the influx of people. Cities like Las Vegas, Atlanta and Austin are building thousands of new housing units to accommodate this growth.

Meanwhile Sacramento, Portland and San Diego are good examples of markets experiencing early signs of slowing growth, with smaller net inflows of Redfin users in the first quarter of this year than in the same time period in 2017. These metro areas have not expanded housing as rapidly to dampen growth in housing costs.

Below are charts showing the top origins of people migrating to these cities.

Find Your City

Below is an interactive tool to see where people are looking to move and where people are coming from for 80 U.S. metros. Find the city you’re interest in by clicking on the drop down menu:

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// ]]>

Methodology

Redfin analyzed a sample of more than 1 million Redfin.com users searching for homes across 75 metro areas from January through March. Users must have viewed at least 10 listings during the quarter. We also excluded locations that in aggregate represented less than 20 percent of a user’s searches. We determined the home metro by mapping the user’s IP address of the most common location they searched from. If a user was searching in more than one metro, we accounted for the share of searches in each metro. Combined Statistical Areas (as defined here) must have had at least 500 users either searching from or in that metro during the first quarter.

It’s worth noting that net inflow and outflow data does not account for Redfin’s market share or the population of metro areas. In metros where Redfin has a larger number of website visitors, we may have a higher volume of inbound and outbound searches than in metros that are smaller or where Redfin has a smaller user base. The U.S. Census Bureau measures net migration flows, which is a common practice when analyzing migratory patterns.

The post Denver Joins Seattle and San Francisco as a Tech Hub with More People Looking to Move Out than Move In appeared first on Redfin Real-Time.

https://www.redfin.com/blog/2018/05/virginia-beach-memphis-and-indianapolis-are-the-most-affordable-housing-markets-for-veterans.html

Of the more than 600,000 homes currently listed for sale in the 45 most populous metro areas, only 8.9 percent are affordable to someone earning the local median veteran income. This is down from 27.4 percent in 2012. Since then, home prices have grown by 55.3 percent in these metros, far outpacing the 1.6 percent increase in veterans median incomes from 2012 to 2016. Every market in our analysis posted a decrease in its share of listings affordable to veterans in the last six years.   

“The affordability of VA loans is a major reason why the homeownership rate among veterans has historically been higher than for the general population. But this may be changing,” said Redfin chief economist Nela Richardson. “Homeownership among active-duty military declined significantly during the housing crisis and remains at historic lows. Veteran homebuyers are battling affordability as the fast pace, high prices and low inventory in today’s market make it hard to compete with all-cash buyers. U.S. housing policy should continue to ensure that the people who serve our country also have the opportunity to invest in our country through homeownership.”

Virginia Beach is the most affordable metro for veterans, with 38.1 percent of homes for sale affordable, followed by Memphis (36.3%), Indianapolis (26%) and Louisville (25.3%).

Virginia Beach is the San Diego of the East Coast with several bases representing virtually all branches of the military,” said Redfin Virginia Beach agent Jordan Hammond. “For veteran home buyers transferring to the area, Virginia Beach is the perfect location. Not only is it close to the water and the nation’s capital, but it offers a much lower cost of living than California, where many are moving from.”

San Jose, the nation’s most competitive market, is the least affordable for veterans. Unsurprisingly, many coastal markets, including Los Angeles, San Francisco, Boston and Seattle, have fewer than 2 percent of listings within the reach of veterans.

Below is a ranking of metros according to the percentage of homes affordable for veterans.

Rank
Metro Area
Share of Homes Affordable for Local Veterans
Median Annual Income for Veterans
Max Home Price Veterans Can Afford
Median List Price
Percentage Point Change in Affordability Since 2012

1
Virginia Beach, VA
38.1%
$49,517
$140,000
$275,000
-13.8 pts.

2
Memphis, TN
36.3%
$38,008
$90,000
$193,499
-3.7 pts.

3
Indianapolis, IN
26.0%
$37,154
$80,000
$267,068
-32 pts.

4
Louisville, KY
25.3%
$35,958
$80,000
$269,900
-31.8 pts.

5
Detroit, MI
22.3%
$37,527
$90,000
$264,900
-27.8 pts.

6
Baltimore, MD
22.1%
$49,393
$140,000
$339,000
-12.8 pts.

7
St. Louis, MO
21.8%
$38,830
$90,000
$209,900
-2.3 pts.

8
Pittsburgh, PA
19.7%
$33,437
$70,000
$189,900
-12.3 pts.

9
Washington, DC
19.6%
$73,435
$260,000
$490,000
-14.2 pts.

10
Birmingham, AL
19.2%
$36,780
$80,000
$239,900
-7 pts.

11
Richmond, VA
19.0%
$43,973
$120,000
$329,995
-37.3 pts.

12
Jacksonville, FL
16.8%
$41,412
$100,000
$309,900
-24.3 pts.

13
Philadelphia, PA
16.0%
$39,887
$100,000
$279,900
-9.3 pts.

14
Cleveland, OH
15.5%
$34,282
$70,000
$184,900
-7.1 pts.

15
San Antonio, TX
15.3%
$45,903
$130,000
$300,000
-30.2 pts.

16
Cincinnati, OH
14.6%
$37,657
$90,000
$239,539
-16.2 pts.

17
Kansas City, MO
13.3%
$40,328
$100,000
$265,000
-20.6 pts.

18
Tampa, FL
12.1%
$35,185
$70,000
$284,900
-26.8 pts.

19
Columbus, OH
12.0%
$37,760
$90,000
$269,900
-12 pts.

20
Charlotte, NC
11.9%
$37,812
$90,000
$334,900
-24.9 pts.

21
Raleigh, NC
10.4%
$44,900
$120,000
$354,579
-37.9 pts.

22
Atlanta, GA
9.3%
$41,899
$110,000
$330,000
-28.6 pts.

23
Houston, TX
7.4%
$43,691
$120,000
$330,000
-29.7 pts.

24
Dallas, TX
6.2%
$43,725
$120,000
$379,900
-29.6 pts.

25
Orlando, FL
6.1%
$35,279
$70,000
$319,000
-27.9 pts.

26
Miami, FL
5.5%
$37,108
$80,000
$385,000
-16 pts.

27
Minneapolis, MN
5.5%
$41,883
$110,000
$352,000
-27.8 pts.

28
New York, NY
4.7%
$42,653
$110,000
$549,000
-9.9 pts.

29
Las Vegas, NV
4.4%
$37,870
$90,000
$309,888
-32.3 pts.

30
New Orleans, LA
3.9%
$35,240
$70,000
$270,000
-5 pts.

31
Riverside, CA
3.9%
$39,733
$100,000
$406,398
-23 pts.

32
Nashville, TN
3.4%
$38,603
$90,000
$359,550
-28.6 pts.

33
Chicago, IL
2.8%
$40,235
$100,000
$335,000
-4.3 pts.

34
Providence, RI
2.3%
$36,941
$80,000
$359,900
-11 pts.

35
Austin, TX
2.2%
$46,206
$130,000
$375,000
-20.8 pts.

36
Boston, MA
1.4%
$42,705
$110,000
$575,000
-6.2 pts.

37
Seattle, WA
1.3%
$47,052
$130,000
$599,950
-17.7 pts.

38
Sacramento, CA
1.2%
$42,081
$110,000
$485,000
-46.8 pts.

39
Portland, OR
0.9%
$40,624
$100,000
$499,000
-12.7 pts.

40
San Diego, CA
0.7%
$46,634
$130,000
$713,995
-7.6 pts.

41
Phoenix, AZ
0.6%
$38,635
$90,000
$352,258
-6.2 pts.

42
Denver, CO
0.5%
$44,772
$120,000
$524,900
-1.8 pts.

43
San Francisco, CA
0.3%
$47,942
$140,000
$998,000
-6.5 pts.

44
Los Angeles, CA
0.2%
$41,132
$100,000
$775,000
-11.2 pts.

45
San Jose, CA
0.0%
$47,226
$130,000
$1,249,000
-1.7 pts.

Affordability for Female Veterans is Worse

Housing affordability is even worse for female veterans, for whom only 6.2 percent of homes currently listed across the 45 metros are affordable, compared to 9.1 percent for male veterans.

The most affordable metro areas for female veterans, with at least 20 percent affordable listings, are also more affordable for male veterans:

Metro Area
Share of Homes Affordable to Local Female Veterans
Share of Homes Affordable to Local Male Veterans

Memphis, TN
31.4%
37.2%

Indianapolis, IN
23.3%
26.0%

Virginia Beach, VA
21.2%
41.2%

Louisville, KY
20.5%
25.3%

These gender differences in affordability are largely driven by the lower median incomes earned by female veterans. For this study, we did not control for differences in work experience and job type; factors that may reflect the differences in median incomes between male and female veterans.  

To download all rankings by veteran status, please click here.

VA Loans may increase affordability for veterans in certain markets

Our study assumes a veteran is looking to purchase a home using the conventional 30-year fixed-interest mortgage. However, veterans are increasingly making use of VA loans to help afford a home in the current housing market. VA loans have a zero down payment requirement and it may even be possible to get a lower-than-market interest rate. In markets with a large military presence, such as Virginia Beach, VA loans are still the best route to homeownership. However, these loans may take longer to close, making it harder for buyers using them to compete in bidding wars, which are common in most markets due to low inventory. They may also require further approval for condos which would be entry-level homes for the most competitive markets. We encourage veterans to learn more about VA loans from their real estate agents and from the U.S. Department of Veterans Affairs.

Methodology

We gathered median incomes for veterans for each metropolitan statistical area (MSA) from the American Community Survey (5-year) for 2016 and 2012. Based on these median incomes, we calculated the maximum monthly mortgage payment, at a 4.6 percent current interest rate (and 3.8 percent for 2012), using a 30 percent of gross income affordability threshold.

Next, we gathered all multiple listing service (MLS) listings active on the market in the 45 largest metros for which data was available as of April 30, 2018. Using the list price, current homeowners association (HOA) dues, and the property tax rate for each listing, we calculated the estimated monthly mortgage cost with a 4.6 percent interest rate and 20 percent down payment of the current list price and determined the percentage of homes where the monthly mortgage payment was equal to or less than the max monthly mortgage payment possible for the veteran median income in each metro.

We then performed the same analysis for the same date in 2012 to make a six-year comparison in incomes and affordable listings by area.

The post Virginia Beach, Memphis and Indianapolis are the Most Affordable Housing Markets for Veterans appeared first on Redfin Real-Time.