Record-Breaking Housing Market Continues: Prices Climb 11%, Pending Sales Up 15%

prnewswire | August 25, 2020

Record-Breaking Housing Market Continues: Prices Climb 11%, Pending Sales Up 15%
Home prices and year-over-year price gains hit another high as prices continued to rise during a time of year that they usually decline, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Pending home sales are also way up from 2019. The fact that the market is so steady continues to be a surprising sign of strength during a time of major economic uncertainty. For the week ending August 16, the seasonally adjusted Redfin Homebuyer Demand Index was up 29% from pre-pandemic levels in January and February. Prices are still showing no signs of the typical seasonal slowdown. The median price of homes that sold during the four-week period ending August 16 was up 11% year over year—the largest increase in over six years—to a new all-time high of $316,375. In the last week of the period, prices were up 14% from a year earlier.

Spotlight

Contemporary technology enables people to work in a wide variety of places apart from traditional offices. People now undertake work activity in a variety of venues such as trains, planes, coffee shops, hotels and at home.

Related News

INVESTMENTS

Berkshire Hathaway HomeServices Welcomes Berkshire Hathaway HomeServices Brick & Mortar Real Estate to Brokerage Network

Berkshire Hathaway HomeServices | August 24, 2021

Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, is delighted to welcome Berkshire Hathaway HomeServices Brick & Mortar Real Estate to its global network. The addition marks the brand's continued growth in the state of Washington and the 11th company in the state. “We are proud to have Berkshire Hathaway HomeServices Brick & Mortar Real Estate carry the brand into new markets in Washington.” Owned and operated by Gina and Mike Styler, the firm is located in Ellensburg, Washington and brings 12 combined years of experience serving the Kittitas Valley and the surrounding regions. Gina Styler was named the #1 Lower County Real Estate Agent in 2021 and earned the title voted by the public of “Best Real Estate Agent of the County for 2020.” “After years of building a successful real estate career, it was time to align with a global brand like Berkshire Hathaway HomeServices, to take the brokerage to the next level,” said Gina Styler, Owner of Berkshire Hathaway HomeServices Brick & Mortar Real Estate. “We look forward to building our legacy and elevating the real estate experience for our clients.” By joining, Berkshire Hathaway HomeServices Brick & Mortar Real Estate agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more. Berkshire Hathaway HomeServices has aligned with best-in-class technology platforms to deliver world-class support to its network members far into the future. “Ellensburg is known for its thriving art and culture community, supported by downtown organizations and the local University,” said Gino Blefari, Chairman of Berkshire Hathaway HomeServices. “We are proud to have Berkshire Hathaway HomeServices Brick & Mortar Real Estate carry the brand into new markets in Washington.” Berkshire Hathaway HomeServices Brick & Mortar Real Estate will also have full access to the recently unveiled, Real Estate I.Q. System. The System combines the Berkshire Hathaway HomeServices brand, marketing resources and technology with continuing education, training, mentoring, and consulting. The brand also provides global listing syndication, professional training and ongoing education and the exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients. “As the most centrally located town in Washington state, Ellensburg offers the best of two worlds, small-town charm and a big-city feeling and we can’t wait to build our legacy here under the Berkshire Hathaway HomeServices brand,” said Mike Styler, Owner, Berkshire Hathaway HomeServices Brick & Mortar Real Estate. “We look forward to fulfilling our customer's needs in the residential, commercial, new construction and luxury real estate areas.” About Berkshire Hathaway HomeServices Brick & Mortar Real Estate Berkshire Hathaway HomeServices Brick & Mortar Real Estate is a real estate brokerage in the State of Washington. Offering high-end services and experience to clients through an intentional working environment. Bringing together a group of skilled, passionate, and supportive individuals who are empowered by the brokerage and deliver an exceptional level of service. About Berkshire Hathaway HomeServices Berkshire Hathaway HomeServices is a global residential real estate brokerage franchise network with more than 50,000 real estate professionals and nearly 1,500 offices throughout the U.S., Canada, Mexico, Europe, the Middle East and India. In 2020, the Berkshire Hathaway HomeServices global network represented more than $138 billion in real estate sales volume. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability, and longevity.

Read More

BUYING/SELLING

LGI Mortgage Solutions, joint venture between loanDepot and LGI Homes, Now Serving Customers in Arizona, Colorado and Florida

LGI Homes, Inc | November 08, 2021

LGI Mortgage Solutions, the joint venture formed by loanDepot, the nation's second largest nonbank retail lender and LGI Homes, Inc., one of the fastest growing home builders in the nation, is now offering full-service, residential mortgage solutions and personalized service in Arizona, Colorado and Florida. The company has plans to expand into ten additional states—Georgia, Tennessee, New Mexico, Minnesota, Oklahoma, North Carolina, South Carolina, Oregon, Washington and Alabama—during the first quarter of 2022, with six additional states coming online later in the year. As a national preferred lender with LGI Homes since 2015, we know the quality of work and high-level of service the company provides, Launching LGI Mortgage Solutions allows loanDepot to expand our relationship and service the financial needs of LGI Homes' customers, streamlining the home financing process to make the dream of homeownership a reality for even more individuals and families across the country. - Dan Peña, loanDepot executive vice president of national joint ventures LGI Mortgage Solutions also expands loanDepot's footprint in the purchase mortgage market and is an important part of the company's unique channel diversification strategy. Headquartered in The Woodlands, Texas, LGI Homes is known for its well-crafted homes and simplified buying process. The company focuses on customer feedback to ensure that they are continuously offering an outstanding product and exceptional customer service. Named the Builder of the Year in 2016 by Professional Builder Magazine, LGI Homes focuses on customer care, integrity, ethical behavior, loyalty, efficiency and profitability to ensure a consistent outstanding experience for its home buyers. Working exclusively with loanDepot through this joint venture ensures that our customers will enjoy an exceptional homebuying experience from first visit through loan close, Backed by two best-in-class companies with well-matched values and quality standards, LGI Mortgage Solutions will deliver competitive rates, superior customer service, and a transparent, streamlined mortgage process enabling industry-leading customer service and a stress-free lending experience for LGI customers. - Mike Snider, LGI Homes president and chief operating officer. About loanDepot loanDepot is a digital commerce company committed to serving its customers throughout the home ownership journey. Since its launch in 2010, loanDepot has revolutionized the mortgage industry with a digital-first approach that makes it easier, faster and less stressful to purchase or refinance a home. Today, as the nation's second largest retail mortgage lender, loanDepot enables customers to achieve the American dream of homeownership through a broad suite of lending and real estate services that simplify one of life's most complex transactions. With headquarters in Southern California and offices nationwide, loanDepot is committed to serving the communities in which its team lives and works through a variety of local, regional and national philanthropic efforts. About LGI Homes, Inc. LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes. As one of America's fastest growing companies, LGI Homes has a notable legacy of more than 18 years of homebuilding excellence, over which time it has closed more than 50,000 homes and has been profitable every year. Headquartered in The Woodlands, Texas, LGI Homes has operations across 35 markets in 19 states and, since 2018, has been ranked as the 10th largest residential builder in the United States based on units closed. Nationally recognized for its quality construction and exceptional customer service, LGI Homes' commitment to excellence extends to its more than 900 employees, earning the Company numerous workplace awards at the local, state and national level, including Top Workplaces USA's 2021 Cultural Excellence Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation

Read More

REAL ESTATE INVESTMENT

Archer Announces Revolutionary Data-Powered Underwriting Tool for Multifamily Investors

Archer | August 23, 2021

Archer has unveiled AIM Automated Underwriting, a data-driven underwriting tool that significantly enhances the multifamily underwriting process and reduces the amount of time required to complete a first underwriting from days to minutes. AIM Automated Underwriting solves one of biggest challenges that real estate investors face today – evaluating and underwriting deals efficiently and effectively. With AIM Automated Underwriting, investors can complete a first underwriting of any multifamily property in less than 15 minutes. "Quality underwriting is crucial to the successful execution of an investment strategy, but speed also matters because investors that act quickly have an advantage over their competitors," says Thomas Foley, co-founder and CEO of Archer. "Before AIM Automated Underwriting, investors had to choose between speed and quality. AIM Automated Underwriting gives investors all the information they need to estimate expected returns, mitigate known risks, and take advantage of upside potential." AIM Automated Underwriting supports Archer's mission to make real estate investing easier through better data, technology, and local expertise. The tool is an extension of AIM, Archer's proprietary technology platform, which helps investors source opportunities by converting raw, disjointed data into actionable market intelligence with a click of a button. "Real estate investors today are overwhelmed and stretched," says Fred Canney, co-founder, COO, and CFO of Archer. "Their teams are trying to do more with less and are constantly looking for ways to differentiate their capabilities. AIM Automated Underwriting not only vastly improves the quality of each underwritten model, it also gives back the most valuable commodity of all: time." By leveraging machine learning, AIM Automated Underwriting predicts operating costs, identifies the best comps in the market for revenues or sales, and automatically sorts through thousands of comparable properties to select only the best. It then organizes the information in a useful and intuitive way through a user interface that helps real estate acquisitions teams quickly apply their expertise to adjust the base level assumptions as needed. AIM Automated Underwriting provides: Speed to the first underwrite – 15 minutes or less for a full multifamily evaluation, with or without a rent roll or T-12 Transparency in decision making – see all rent, operating costs, and sales comps; understand why each comp was chosen, and importantly, which comps were not chosen and why Expansion of scope – with an automated underwriting model, investors can look at more deals than before, prioritize deals faster, and choose where to spend their time "I can't imagine going back to the old way of underwriting," says Miles Pratt, managing director of acquisitions for Archer. "Being able to confidently underwrite dozens of properties in several different markets in a fraction of the time is a real game-changer. Though human-level refinement is still necessary for perfecting underwriting, the speed that you can get to the refinement part of the analysis is a huge leap in productivity." AIM Automated Underwriting effectively produces a baseline underwriting complete with comparable analysis and all the information necessary for investors to make smart, informed decisions. "At Archer, we know that data is only the start of the equation – real estate professionals bring a tremendous amount of market knowledge and acquisitions expertise," Canney says. "We believe AIM Automated Underwriting helps prioritize effort, focuses human energy where it can add the most value, and allows investors to pursue more deals with the teams they have today." Q&A: Archer's Canney Explains the Ins & Outs of AIM Automated Underwriting AIM Automated Underwriting is just one of Archer's unique technology tools. The company's talented data science team recently developed a recommendation engine to help investors expand from their local market into "look-alike" markets where they have a less of a presence. The powerful recommendation engine analyzes new markets at scale that would traditionally require an army of analysts. Learn more about Archer's recommendation engine. Since launching the platform in March 2021, Archer has grown its real estate clients to more than a dozen funds and operators who are sourcing off-market opportunities in more than 25 markets. For example, Archer has partnered with a Houston-based private equity firm to expand its market entry to Austin and San Antonio. It's also working with an investor with very specific investment criteria to identify pockets of opportunity within San Diego and Salt Lake City. About Archer Archer is a real estate investment firm that helps investors build their ideal portfolios. By targeting specific cities and properties, Archer is transforming the way investors enter new markets and expand into new property types. The firm has developed a transformative technology tool, Actionable Insights Model (AIM), that merges data from trusted sources and insights from local market experts. Guided by AIM, Archer identifies the most strategic assets, allowing investors to reduce the risk associated with market entry.

Read More

Spotlight

Contemporary technology enables people to work in a wide variety of places apart from traditional offices. People now undertake work activity in a variety of venues such as trains, planes, coffee shops, hotels and at home.