iBuying Is Transforming The Real Estate Market

iBuying | June 21, 2019

iBuying Is Transforming The Real Estate Market
The tech world has been nudging its way into the residential real estate market for some time with virtual open houses, mortgages closings with just the press of your finger, and now real estate agents are being outsourced by apps. Zillow, the most popular real estate website for those individuals looking to lease or buy homes, is now digitally flipping houses. They are integrating instant buying (aka iBuying) into their product offering through Zillow Offers. Zillow Offers began buying residential housing in April of 2018 and started to sell them in July 2018.

Spotlight

Long gone are the days when money was no object, when occupiers alike would think nothing of spending astronomical sums on meeting their property needs. Equally, investors are now looking for much more frugal ways of attracting the right type of tenant.

Spotlight

Long gone are the days when money was no object, when occupiers alike would think nothing of spending astronomical sums on meeting their property needs. Equally, investors are now looking for much more frugal ways of attracting the right type of tenant.

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The REMM Group Announces Leasing of Van Daele Development's Lincoln Village Apartment Community in Riverside

prnewswire | September 21, 2020

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LA City Council Passes Planning Reforms, Addresses Affordable Housing Shortage

LA City Planning | November 25, 2021

The Los Angeles City Council approved revisions to City Planning's Housing Element that will establish one of the most ambitious rezoning programs in the nation and address the systemic inequity in planning and land use policies that has contributed to the city's current housing crisis. The proposed changes will set new citywide strategies in motion to achieve a more equitable distribution of affordable housing across Los Angeles. The ambitious rezoning program would rezone parts of the city, in order to allow for over 250,000 new housing units within three years of the plan's adoption. This plan puts Los Angeles on track to meet the state's request for nearly 500,000 new units by 2029. "The Plan to House LA is designed to protect the most vulnerable Angelenos from displacement, eviction, and homelessness, It centers racial equity and environmental justice at the forefront of our planning considerations, aligning Los Angeles' citywide land use strategies to improve future access to housing, preservation, and production." - Director of City Planning Vince Bertoni. In addition to housing production, the plan also focuses on preventing displacement and advancing racial equity and opportunity. The Housing Element includes anti-displacement strategy studies, eviction defense programs, inclusionary zoning studies, a Citywide Housing Needs Assessment, and a focus on rezoning in higher opportunity areas. The California-mandated Regional Housing Needs Assessment (RHNA) allocation will be focused on high-opportunity areas of the city near jobs and transit, expanding existing programs that give incentives for developers to include affordable housing in new buildings and ensuring that Community Plan updates have housing goals based on equity and combat the concerning housing shortage. For decades, the City, surrounding region, and the State have alarmingly underbuilt housing. This shortage has led to LA having some of the highest rents and home prices in the nation. The biggest impact of LA's housing shortage is on working class families of all backgrounds, who find themselves facing exorbitant rents putting upward mobility out of reach. The city will have three years to create ordinances to put these policies into effect. Technical amendments to the City's Safety and Health Elements were also passed to reflect the update of the Housing Element in accordance with state laws. Rezoning will take effect through active community and neighborhood planning efforts, citywide rezoning efforts, and affordable housing incentive programs.

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Robin Zellers, CRE, of NAI CIR Announces the Top Ten Issues Affecting Real Estate COVID-19 and Economic Renewal Lead 2020-2021 List

NAI CIR | August 20, 2020

Contact: Robin Zellers 717-761-5070 rzellers@naicir.com Lemoyne, PA – June 30, 2020: Robin Zellers, SIOR, FRICS, CRE, and President of NAI CIR, shared the current and emerging issues expected to have the most significant impact on real estate in 2020 and 2021, as identified by The Counselors of Real Estate. The COVID-19 pandemic ranked as the leading concern of the 1,000-member organization. “The change wrought by the COVID-19 crisis and its aftermath will teach us about priorities, resilience, and demand in ways that we did not dare test before,” said Zellers, a Counselor of Real Estate. “The 2020-21 Top Ten Issues are highly interrelated and are an attempt to overlay this new world onto an already changing real estate environment. In examining real estate markets, we must consider existing fragility, adaptability to new demands, and potential relevance to new markets. Demand will be defined by the extent to which this crisis leads us to abandon old habits and adopt new ones. The duration of the lockdown has been a factor, and so is the confidence with which we emerge.” Economic renewal ranked second on The Counselors’ list, with the U.S. economy showing signs of decline prior to the COVID-19 pandemic. “There were a number of statistical signals of deceleration for those willing to see them,” said Zellers. “The challenges facing the economy and the real estate industry are deep and persistent, with leisure and hospitality, retail, construction, and air travel seeing slow and partial rebounds into 2022.“ The Counselors cite that the impact of the economic lockdown on state and local tax revenues could reduce non-federal government employment levels and shelve important infrastructure projects, with such risks suggesting an unusual “W-shaped” recession. “The post-COVID-19 economy will be constrained by long-run potential GDP growth of only 1.5 – 1.6 percent. That is the ‘new normal’ for which we need to prepare,” added Zellers. Capital market risk rounded out the top three issues of concern for The Counselors, as the last four months have presented not only real time volatility of the capital markets, but also confirmed how quickly debt and equity capital liquidity can stop flowing when risk and returns are difficult to measure. “One thing we have seen since March is that volatility has spiked which makes pricing debt more challenging,” said Zellers. “Federal intervention helped to limit a complete seizing of the markets, but doesn’t necessarily mitigate the longer-term concern about defaults and loses. While pricing stability and liquidity appear to have somewhat returned, late payments and loan defaults have seen a significant increase.” The remaining issues identified by The Counselors of Real Estate are Public and Private Indebtedness, Affordable Housing, Flow of People, Space Utilization, Technology and Workflow, Infrastructure, and ESG (Environmental, Social, and Governance), respectively. “Clients of Counselors seek unbiased, objective advice on the critical factors that will impact all property sectors today, as well as those issues that may affect their decisions over the next ten years. This thought leadership initiative is an invaluable service to those clients and to the real estate industry in general.” The Top Ten Issues Affecting Real Estate is developed by The Counselors of Real Estate’s External Affairs Committee, with issues identified, debated, and voted on by the general membership. For additional information and perspective on each issue, visit https://www.cre.org/topten. About Robin Zellers, SIOR, FRICS, CRE Robin Zellers, President of NAI CIR, is a member of the Society of Industrial and Office Realtors (“SIOR”), an elected Fellow of The Royal Institution of Chartered Surveyors (“FRICS”) and an invited member of The Counselors of Real Estate (“CRE”). Zellers is the Broker of Record of NAI CIR, a Past President of the NAI Global Members Leadership Board, current member of the NAI Global Strategic Planning Committee and Past Chair of the Delaware Valley Chapter of the Counselors of Real Estate. Zellers’ clients have included the Commonwealth of PA, UPMC Pinnacle, Morgan Stanley and Cantor Fitzgerald. 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