NerdWallet: Decline in housing affordability is keeping Americans out of their desired markets

NerdWallet | September 10, 2019

As housing affordability becomes a top concern for homeowners across the country, a new report from NerdWallet indicates many are refraining from moving in order to evade relocation costs. According to the company’s data, 26% of Americans would prefer to live in a different location type, ranging from city, suburb, small town or rural area, but many cite financial reasons as primary obstacle to getting there.

Spotlight

At Long & Foster, we’re more than just a team of professional real estate agents. We’re your trusted advisors, your practiced negotiators, your skilled house-hunters, your neighborhood experts and more


Other News
REAL ESTATE ADVICE

Vietnam's Flamingo Group Wins Big in Prestigious International Real Estate Awards

Flamingo Group | June 24, 2022

The Flamingo Holding Group (Flamingo Group), a key player in the real estate arena both in Vietnam and around the world, has emerged as the winners of two vital categories at the prestigious International Property Awards (IPA) 2022. The Flamingo Group is also the only Vietnamese enterprise to be awarded a pair of wins at the BCI Asia Awards 2022. At the IPA 2022 June 23 event in London, the Flamingo Group surpassed hundreds of prestigious real estate developers worldwide. It came out on top as the project with the best landscape architecture in the Asia Pacific and the best complex architecture in the Asia Pacific for the Flamingo Hai Tien located in Thanh Hoa, an investment hotspot in Vietnam. Tasked with innovating on the luxury resort real estate model, Flamingo Group received high praise from the professional judges for its green architecture and unique "Forest in the Sky" style. In addition, the Flamingo Hai Tien project was developed according to the model of Ibiza - the largest party island in the world - with the result of a paradise of villas and plenty of entertainment and food options stretching for kilometers. Established in the UK with nearly 30 years of operation, the IPA is considered one of the most prestigious annual real estate awards on the planet and is often indicative of a guarantee of excellent quality in global real estate. The Flamingo Group was also awarded double honors at BCI Asia Awards 2022 to be held on June 30, they have won 2 awards categories: Top 10 Developer 2022 and IDA Interior Design Award 2022 for the Flamingo Cat Ba project, the first Vietnamese enterprise to do so. In addition to the sustainable profit factor and towards the highest standard of a 5-star resort, Flamingo's design is also associated with the everlasting philosophy with nature. We apply this philosophy in architectural design, green space renovation, and application of green technology in operation, bringing the difference and portraying the "Flamingo identity" in our customer's and partners' hearts." Mr. Truong Xuan Quy, General Director of Flamingo Land Business JSC, a subsidiary of Flamingo Group "Projects in Dai Lai - Vinh Phuc, Cat Ba - Hai Phong, Hai Tien - Thanh Hoa will all have the fastest access to the rigorous standards of world-renowned 5-star resorts," he added. The BCI Asia Awards have been held annually since 2005, where the BCI Media Group and its judges help provide an overview of the architecture and construction industry in the region by recognizing the various architects & developers. They have had a significant impact on the Vietnamese market. About Flamingo Group Established in 1996, Flamingo Group has constantly been developing with exponential growth in many industries: leisure, real estate, tourism, hospitality services, construction, architecture, etc. Motivated by an ambitious desire for Vietnamese brands to achieve international reach with world-class products and services, Flamingo Group is now recognized as a leading leisure realty and hospitality developer in Vietnam and the surrounding region, with a series of renowned projects and a hall of fame including 65 prestigious national and global awards.

Read More

REAL ESTATE TECHNOLOGY

Paraiso Real Estate Introduces Tokenized Vacation Rental Portfolio

Paraiso Real Estate | April 27, 2022

Paraiso Real Estate, a real estate rental and sales agency has launched its own token for its upcoming vacation rental portfolio. Founded by blockchain and real estate entrepreneur, Eric Klein, Paraiso Real Estate will allow exclusive access to its LATAM rental units for the firm's token holders and investors. The firm says it plans to remove centralised platforms such as Airbnb to provide a more private, upscale and exclusive experience. More details can be found in the firm's discord. Paraiso Real Estate operates much like a traditional vacation rental company. It offers private rentals with hotel amenities in some of the world's most beautiful destinations – starting with Medellin. What separates the firm from its competitors is the branded membership experience that users will receive including access to a variety of luxury rentals, spa services, massages, business amenities, networking opportunities, and more. "We're mobilizing the hotel industry" Eric Klein says. "Whether it's a villa, condo or penthouse, guests can expect consistent hospitality across the platform. Our vision is to provide elevated rentals with units around the world and guests have access to these properties through our token." Paraiso Real Estate launched on Unicrypt last week with their pre-sale selling out in under 20 minutes. The token went public on PancakeSwap on April 20th. The firm is anticipating a sharper rise once listed on CoinGecko, CoinMarketCap and other leading exchanges and indexes. To date, Paraiso already has over 700 members between their discord and telegram groups. We've done zero marketing. That goes to show that people are ready for a product like this. It's the way of the future. We expect to have over 60 properties by the end of 2022 and a membership base of over 1,000 token holders." Maria Caudia says, Director of Operations

Read More

REAL ESTATE TECHNOLOGY

Broadmark Realty Capital Expands and Further Strengthens Board of Directors

Broadmark Realty Capital | April 26, 2022

Broadmark Realty Capital Inc., an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield’s addition increases the size of the Board of Directors to eight members, including six independent directors. We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive experience in public relations, corporate affairs and investor relations. Pinkie will complement our already strong group of directors as we look to expand our business, execute our strategy to provide capital solutions for our customers, and maintain our commitment to our communities and the Company's stakeholders.” Dan Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee Ms. Mayfield has been Chief Communications Officer and Vice President of Corporate Affairs at Graham Holdings Company (formerly The Washington Post Company), a diversified conglomerate whose principal operations include education and media. In her current role since 2018, Ms. Mayfield is responsible for corporate affairs, public relations, communications and strategic initiatives. Since joining Graham Holdings in 1998, she has held a number of executive leadership positions. Prior to joining Graham Holdings, Ms. Mayfield was a Vice President and Trust Officer at NationsBank (now Bank of America) in the Investment Services Division. A director of Founders Bank, a Washington D.C.-based community bank, she has chaired the audit committee since joining the board in 2020. Ms. Mayfield also serves as treasurer of the board of directors of the District of Columbia College Access Program and a trustee of the Philip L. Graham Fund. Ms. Mayfield graduated magna cum laude with a BA in business administration from Trinity Washington University and earned an MBA from the University of Maryland University College. About Broadmark Realty Capital Broadmark Realty Capital Inc. is a specialty real estate finance company, providing financing solutions generally in the $2 to $50 million range across the entire debt capital stack for commercial and residential real estate opportunities throughout the United States. Broadmark is particularly well equipped to address complex financing requirements that require rapid response, investing across a variety of market conditions and economic cycles.

Read More

REAL ESTATE TECHNOLOGY

First-time buyers, inventory expected to rebound in 2024

Zillow | March 25, 2022

The housing market is expected to return to pre-pandemic, 2019 norms — at least in terms of inventory and the share of purchases made by first-time home buyers — by 2024 according to a panel of housing market experts polled in the latest Zillow Home Price Expectations Survey. The dwindling supply of homes for sale has been a key driver of the recent explosion in U.S. home values, which have risen 32% in the past two years. Total inventory has fallen from a monthly average of 1.6 million units in 2018 and 2019 to just over 1 million in 2021, and monthly figures in 2022 are lower still. Inventory should return to a monthly average of 1.5 million units or higher in 2024, according to the largest group (38%) of respondents to Zillow's survey. But many are more optimistic — the second-largest group (36%) believes supply will bounce back to pre-pandemic levels in 2023, while 2025 earned the third-highest share of votes with 12%. Inventory and mortgage rates will determine how far and how fast home prices will rise this year and beyond. We are seeing new listings returning to the market, slowly, as we enter the hottest selling season of the year, but this supply deficit is going to take a long time to fill." Jeff Tucker, Zillow senior economist Return of the first-time home buyer The pandemic ushered in record-breaking price growth alongside rent hikes that made saving for down payments even more difficult. As a result, the share of first-time home buyers dropped from 45% in 2019 to 37% in 2021, according to a Zillow survey of recent buyers. First-time buyers should regain their pre-pandemic share of the market in a couple of years, according to the majority of experts polled, with 26% pointing to 2024, and 25% liking 2025. Eighteen percent of the experts polled did not believe the share of first-time buyers will rise above 45% until after 2030, despite millennials — the largest U.S. generation ever — aging well into their prime home-buying years before that time. Inflation considerations Inflation has already begun eroding the bottom lines of American households, with the Bureau of Labor Statistics noting rising costs for energy, housing and food as prime factors driving it to a four-decade high. Of the six categories considered, survey participants expect energy prices to increase the most over the course of 2022, followed by house prices, residential rents and food costs. Employee wages and stock prices were ranked fifth and sixth, respectively, rounding out the list. Price growth projections Pulsenomics founder Terry Loebs said the panel's average projections for home price growth in 2022 have been revised upward, from 6.6% three months ago to 9% in this survey. "Against the backdrop of tightening Fed policy and increasing mortgage rates, this more bullish outlook for home values suggests that home inventory shortages will remain the dominant price driver this year," Loebs said. "If price increases this year for homes, rents, energy, and food each exceed wage growth – as the panel expects – home affordability challenges will intensify further, especially for low- and moderate-income renters." Zillow economists forecast a 16.3% rise in typical home values from February through December. 1 This edition of the Zillow Home Price Expectations Survey surveyed 109 housing market experts and economists between February 16 and March 2, 2022 to gather their predictions for the outlook of the housing market in 2022 and beyond. The survey was conducted by Pulsenomics, LLC on behalf of Zillow, Inc. The Zillow Home Price Expectations Survey and any related materials are available through Zillow and Pulsenomics. About Zillow Group Zillow Group, Inc. is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow, Zillow Offers, Zillow Premier Agent, Zillow Home Loans, Zillow Closing Services, Zillow Homes, Inc., Trulia, Out East, ShowingTime, Bridge Interactive, dotloop, StreetEasy and HotPads. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287. About Pulsenomics Pulsenomics LLC is an independent research firm that specializes in data analytics, opinion research, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey, The U.S. Housing Confidence Survey, The Housing Confidence Index, and The Transaction Sentiment Index. Pulsenomics, The Housing Confidence Index, The Transaction Sentiment Index, and The Housing Confidence Survey are trademarks of Pulsenomics LLC.

Read More

Spotlight

At Long & Foster, we’re more than just a team of professional real estate agents. We’re your trusted advisors, your practiced negotiators, your skilled house-hunters, your neighborhood experts and more

Resources