Median-priced homes aren't affordable in 74% of U.S. housing markets

ATTOM Data Solutions | September 25, 2019

The average wage earner can’t afford a median-priced home in 74% of U.S. markets, according to a new study from ATTOM Data Solutions. According ATTOM's 2019 U.S. Home Affordability Report, median home prices in the third quarter of 2019 were not affordable for average wage earners in 371 of 498 U.S. counties analyzed. The largest populated counties where a median-priced home in Q3 of 2019 was not affordable for average wage earners included Los Angeles County, California; Cook County, Illinois; Maricopa County, Arizona; San Diego County, California; and Orange County, California. These are some of the 67% of markets where it requires at least 30% of wages to buy a home.

Spotlight

Insights about today's real estate consumers from the National Associations of REALTORS® (NAR) Profile of Home Buyers and Sellers, based on results from a survey of primary residence buyers and sellers between July 2017 and June 2018.


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REAL ESTATE TECHNOLOGY

National Real Estate Firm Evernest Acquires Kansas City Property Management Business

Evernest | April 29, 2022

Evernest, a national, full-service real estate and property management firm, announced that they have acquired the property management portion of Kansas City-based Hunter Properties. The acquisition represents Evernest's foray into the Kansas City market, complimenting the 16 other real estate markets already served by the firm. The combination of Hunter Properties' local property management footprint in Kansas City, along with our full-service real estate offerings, will ensure an ideal experience for their current clients and allow us to build something special in the Kansas City market. Owners, residents, and investors will continue to receive the high-quality care they have come to expect, but now with Evernest's touch." Matthew Whitaker, Evernest Founder and CEO "Evernest's commitment to client care is one of the primary reasons for this deal," said Hunter Properties owner, Robin Hunter. "I have confidence in their ability to serve my valued clients and, as I'm retaining the real estate side of my business, I'm now able to focus primarily on buying and selling homes for my clients." Hunter Properties is the 18th organization purchased by Evernest. "Our goal is to find best-in-class property management providers who are ready to exit the industry. We take the legacy they've built and infuse it with our distinctive culture, including a national brand, in-house brokerage services, and in-house underwriting." In other words, this acquisition also opens the door for real estate investors looking to break into Kansas City. "As Evernest moves into KC, we're excited to help residents, owners, and investors achieve their real estate goals, whatever those may be," said Whitaker. AboutEvernest Evernest is based in Birmingham, Alabama, and operates in 17 real estate markets across the country. It is one of the nation's largest single-family and small multi-family investment brokers and property management providers. The firm manages more than 6,500 homes for over 3,000 owners, brokers more than 700 investment deals annually, and has made the Inc5000 list five of the last six years.

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INVESTMENTS

Brennan Acquires In-Fill Industrial Sites along I-90 in Hoffman Estates, Illinois

Brennan Investment Group | February 01, 2022

Brennan Investment Group, a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States, has announced its acquisition of two land parcels totaling approximately 21 acres along I-90 in Hoffman Estates, IL. The plan is to develop a state-of-the-art, speculative industrial building totaling 201,600 square feet on the larger, 17-acre site and simultaneously pursue build-to-suits on the smaller, 4-acre site. The properties are situated 10 miles northwest of O'Hare International Airport and provide excellent access to the Chicago MSA via key highway systems and transportation infrastructure. The properties will have I-90 visibility and benefit from convenient access to I-90 at the Barrington Road interchange, and subsequently, to interstates I-290, I-294, and I-355, providing superior transportation routes for the end user, their customers, and their employees, As of Q4 2021, the overall Chicago industrial market contained approximately 1.2 billion square feet of industrial inventory, which equates to a vacancy rate of 3.3%." Kevin Brennan, Managing Principal for the Midwest Region. This transaction is illustrative of Brennan's preferred method of land acquisition: in-fill parcels in major markets whose submarkets have compelling fundamentals, Brennan's overall development pipeline will exceed $1 billion in 2022." Scott McKibben, Brennan's Chief Investment Officer. About Brennan Investment Group Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired or developed $5 billion in industrial real estate in 30 states. The company's current portfolio spans 27 states and encompasses approximately 46 million square feet. Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The company has 11 regional offices throughout the United States, and the firm's management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada and Europe.

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REAL ESTATE TECHNOLOGY

In Just 8 Months, YourHomeHub Powered by MooveGuru Has Already Sold Out 26 States and 28 Regional Territories. And It's Just Getting Started

YourHomeHub | June 01, 2022

In October 2021, a likely source emerged with the first ever property tech franchise—MooveGuru. Through its automated data capture and delivery platforms, MooveGuru has been perfecting the consumer experience during the moving process. In January, the robust platform announced extended support for consumers with services throughout the homeownership lifecycle with a franchise model aimed at real estate service providers in brokerage, title and mortgage. Franchises have been selling faster than homes in red-hot housing markets. To date, MooveGuru has sold 28 regional proptech franchise territories, selling out 26 states in the process. No doubt, our experience and trust in the real estate community and a focused approach in identifying them as a target franchise audience has played a role in the rapid success of initial franchise sales. While a lot of franchises take the approach that anyone can be their own boss, with our organization we've emphasized the value of additional revenue streams for real estate professionals and it's paying off. We've created a buzz the real estate community can't get enough of. It's why we've sold more than half of the states in the U.S. in less than a year." Scott Oakley, CEO of MooveGuru The MooveGuru franchise enables franchisees to deliver a home ownership portal called YourHomeHub that allows homeowners to gain access to preferred local services at a discount. The success comes from being local. YourHomeHub, is the first consumer portal that is "Everything Home," meaning it allows homeowners to manage both the financial details and physical elements of their home. Consumers can monitor extensive information about their home and local market conditions, store important documents, generate accurate estimates for home repairs and find a local contractor for over 1,000 different home service categories. Each YourHomeHub is sponsored by local real estate brands, driving top of mind marketing and revenue from consumer purchases. The platform, provided by real estate professionals, gives a powerful homeowner resource to their customers. "We have expanded our franchise coverage area to 26 states in eight months—this is unprecedented in the franchise industry," said Kathleen Kuhn, President of MooveGuru, who brings more than three decades in the home services franchise industry to the organization. "While there are still opportunities in some major markets, the window is closing for those looking to be regional territory owners." Opportunities are still available for ownership in key markets such as Nevada, New Jersey and Illinois. Franchise owners' trend towards real estate brokerages who have experience with operating affiliate companies, followed by mortgage and title companies. Mortgage brokers typically partner with their top real estate agents for co-branding and split the opportunity fifty-fifty for RESPA compliance. Title companies are offering the service on all their title closings. The franchise pays 10-20 percent of net subscription to franchise owners. The more subscriptions to YourHomeHub and the more leads generated for service pros, the more the franchise owner makes. Recent regional owners include owners in real estate brands such as RE/MAX, Keller Williams, EXP, ERA and also include owners in mortgage and title. About MooveGuru MooveGuru Inc. is based in Roswell, GA. In 2016 the company launched a free mover engagement program to real estate agents and brokers with the idea of connecting home buyers and sellers to convenience and savings on moving services. Using just-in-time delivery through artificial intelligence algorithms, MooveGuru Inc. ensures consumers receive agent-branded savings and convenience from national and local retailers and utility connections as they step through the relocation process. Today, more than 2,000 brokerages, 316,000 agents, and millions of homeowners are connected to the MooveGuru and YourHomeHub platforms.

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INVESTMENTS

Lev Lending Launches to Vertically Integrate Commercial Real Estate Financing

Lev | February 09, 2022

Lev has launched Lev Lending, the world's first end-to-end digital lending platform for commercial real estate (CRE), to transform the industry's notoriously complex lending process into a surprisingly beautiful digital experience. Lev Lending is the new direct lending arm of Lev, the CRE financing platform that originated nearly $1 billion in loans via its marketplace in 2021. Lev brings speed and transparency to CRE financing by streamlining the application process with automation and deal management tools for borrowers and brokers, along with powerful financing and closing technologies. Borrowers are automatically matched with the right lender through an intuitive interface. Lev Lending utilizes Lev's proprietary AI tech and deep industry expertise to rewire the entire CRE financing process from quote to close. The platform will initially specialize in permanent, non-recourse loans on single-tenant net lease (NNN) properties. In its soft launch period, Lev Lending closed multiple million-dollar loans on retail properties such as Dollar General and KFC in as little as 30 days–or as much as 3x faster than traditional lenders. Over the last decade, most industries have been simplified by technology. Finally, these changes are coming to CRE lending, We're building a platform that not only makes life easier for current investors to get financing, but also simplifies the experience for the lender. It's a win-win for all industry players." Yaakov Zar, founder and CEO of Lev. Lev's technology infrastructure allows the company to scale its business nationally and support all asset types. By automating manual tasks, it has changed the way originators, executors and brokers provide support to their clients. As a result of this differentiated experience, the company grew 10x in 2021–its second year in business. Our goal is to become the nexus of all CRE transactions. Today's commercial borrowers are demanding fast, digital experiences that mirror consumer processes. They want a Rocket Mortgage for their commercial properties. Whether you're a borrower using our marketplace for the best deal, or you're a natural fit for NNN via Lev Lending, we're here with a fast, beautifully-engineered lending experience." Zar. About Lev Lev is the commercial real estate financing platform offering fast, transparent access to capital from the world's leading financial institutions. Having closed $1 billion in CRE mortgages in 2021, Lev has grown 10x year-over-year thanks to its proprietary approach to CRE financing, including the industry's only API. Founded in 2019, Lev has raised $40 million from StepStone Group, First American Title, NFX, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures, among others.

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Spotlight

Insights about today's real estate consumers from the National Associations of REALTORS® (NAR) Profile of Home Buyers and Sellers, based on results from a survey of primary residence buyers and sellers between July 2017 and June 2018.

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