Ritz-Carlton Residences appear to southwest Florida
Kolter City has announced the launch of The Ritz-Carlton Residences, Sarasota Bay, a 20-tale residential tower coming to the Quay Sarasota waterfront district. Designed by SB Architects, the building will house 78 a few- and 4- bedroom luxury residences with 13-foot ceilings, designer-curated finishes, and expansive terraces with crafted-in grills. It will also supply residents a cafe, golf swing simulator room, and a waterfront gymnasium on the first ground.
When it is concluded in late 2025 or early 2026, the Sarasota Bay venture will be the the 12th Ritz-Carlton branded assets in Florida, subsequent individuals in Estero Bay, Fort Lauderdale, Miami Beach front, Coconut Grove, Orlando, Palm Beach, Pompano Beach, Sarasota, Singer Island, Sunny Isles Seashore, and Tampa. “We could not be extra delighted to introduce yet another luxury handle underneath the famous Ritz-Carlton model,” Kolter Urban president Bob Vail mentioned in a assertion. Leading Sotheby’s Global Realty is top sales, with costs ranging from $3.5 million to $11 million.
The Sky Lounge at 11 Hoyt
Colin Miller
11 Hoyt accomplished in downtown Brooklyn
Tishman Speyer is celebrating the completion of 11 Hoyt, the 57-floor Studio Gang–designed apartment in Brooklyn, by sharing the first photos of the building’s interiors. The 620-foot modernist tower provides 481 studio- to four-bedroom households, a lot of with expansive sights of the New York Harbor, the Statue of Liberty, and decrease Manhattan. It’s the initially residential developing in New York for Studio Gang, as nicely as for London-primarily based architecture and style company Michaelis Boyd, which created the interiors. Landscape architect Hollander Layout created the outdoor facilities and the landscaping, which include an just about-30,000 square-foot elevated park that surrounds the constructing in towering shade trees and native bouquets.
“I often like to see a little something on the human scale, a thing you can respond to,” Studio Gang principal Jeanne Gang told Advert in 2019, when construction topped out. “Also, because it is a tall building, there is an means to make a pattern that’s more on the city’s scale.”
Corcoran Sunshine is managing product sales for 11 Hoyt, exactly where current availability ranges from $795,000 for a studio to $6,550,000 for a high quality a few-bedroom penthouse.
News
New York was a “choppy luxurious market” in 2022
New York City’s luxury current market held rapidly in 2022, in accordance to the yr-in-overview report from Olshan Realty. Some 1,304 contracts have been signed at $4 million and above, totaling above $10.3 billion in sales. A great deal of that action was in the initial fifty percent of the year, with only 468 promotions closed in the latter half of 2022. “We now come across ourselves navigating a choppy luxury market—some secure months and some lousy kinds,” wrote veteran real estate agent Donna Olshan, who prepares the report.
She advises towards hoping to examine this yr to 2021, which observed 1,877 significant-conclusion gross sales, many thanks to “a residence-obtaining spree fueled by lower curiosity charges and a bloated stock current market.” But, Olshan added, 2022 falls “exactly in the center of the pack” around the previous 10 years. “[This year] did outperform every yr from 2016 to 2020,” she wrote. “We’ll get it.”
Sabrina Should is pondering wherever her vacation rental bookings have gone.
“I would have produced upwards of $12,000 in a month in the summer,” says Ms. Ought to, 37, who for just about three yrs has shorter-phrase rented her two-bed room, a single-toilet property in Encinitas, Calif., a beach front city situated about 25 miles north of San Diego. “Any weekend I required to be booked all through the pandemic, I was booked. It was kind of like that prepandemic. Not as chaotic, but however occupied.”
Then a little something changed. Ms. Should, who doubles as a genuine-estate investor and a material creator and guide, discovered a substantial fall in bookings setting up late this earlier spring. By August, she experienced only one particular scheduling for the entire month. This astonished Ms. Must, a seasoned vacation-rental host who has been in the rental game with several qualities in excess of the previous 10 years.
“I’ve felt a substantial fall,” says Ms. Must, who in the peak of the pandemic could command a lot more than $1,000 for every night time on a holiday weekend but now has her prices beginning all around $275 on Airbnb. “I am so outside of stressed by it.”
Extra: Significant Condominium, Big Cost Hike—Manhattan’s Greatest Models Are Obtaining Much Much more High priced
Holiday-rental homeowners throughout the U.S. have taken to social media, from Facebook to Twitter to Reddit, to lament that their bookings have occur to a screeching halt, punctuating their disquietude with #Airbnbust, a hashtag that went viral this tumble.
“I was normally total,” states Lilly Lazarus, an interior designer and real-estate agent who, since 2017, has accumulated a portfolio of six brief-phrase rental properties of assorted measurements in southwest Houston. “I stored on owning to acquire a lot more and more residences to accommodate folks,” claims Ms. Lazarus, 53, who caters to tourists trying to get treatment at the close by Texas Health-related Center and at present rates rates on Airbnb starting around $200 for each night. “Now I have an opening here for a 7 days and an opening there for a 7 days. It’s extremely unusual.”
It is the very same circumstance for trend designer Fiona Burbank, 30, and her partner, Francesco Pollice, 35, who is a manner brand’s shopper enhancement supervisor. In addition to functioning a espresso catering business together, they decided to incorporate their interests in design and style, actual estate and vacation and get into the holiday vacation rental small business. Since the start off of the pandemic, they bought two two-bedroom, two-lavatory houses in California’s Palm Desert, about 15 miles southeast of Palm Springs. They started off leasing their very first assets in Oct 2021. “Our bookings were great in the commencing. And then nothing during the summer,” states Ms. Burbank, whose charges at present begin at about $220 per night time on Airbnb. They detailed their second assets in Oct 2022. “That a single has been incredibly slow,” she states.
Data from AirDNA, a shorter-term rental analytics business, lose some gentle on what’s causing the drought: As of Oct 2022, the number of long term nights booked—a true-time indicator of the wellbeing of the shorter-term rental industry—was up 15.8{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} 12 months-more than-calendar year.
“For all the individuals inquiring if we see any weak spot at all in customer reserving actions, that is saying no,” states Jamie Lane, AirDNA’s vice president of investigate. “People are booking quick-time period rentals, and they are booking stronger than ever ahead of.”
On the other hand, when the absolute selection of bookings has risen, there has also been a sharp increase in supply of accessible short-phrase rental listings in the U.S., up 23.3{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} in Oct 2022 as opposed with Oct 2021. “That’s huge growth,” Mr. Lane states. In the spring, at the peak of the brief-expression rental offer raise, there have been amongst roughly 80,000 and 88,000 shorter-time period rentals becoming added for every thirty day period. There has been some pullback considering that then—it is standard to see far more new supply added forward of the summer months high year and some slowdown in the fall—but in between about 66,000 and 70,000 new listings have even now been additional for every thirty day period given that August.
The internet outcome? In Oct 2022, every small-expression rental house in the U.S. acquired an common of 6{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} fewer nights booked, mentioned Mr. Lane.
The source improve has numerous results in. Taylor Marr, an economist at serious-estate brokerage business Redfin, notes that in the course of the pandemic, need for 2nd houses really much doubled. But, Mr. Marr states, “as the all round housing current market has started to cool mainly because of the financial state tightening up, that has impacted sellers who would list their homes for sale. To maintain on to their reduced interest costs, they are stating, ‘Why not rent the property?’ ”
There are also second-residence owners who acquired attributes prior to the pandemic who have resolved that now is the time to enter the getaway rental pool. “We listen to these stories each solitary day,” suggests Brian Egan, co-founder and CEO of Evolve, a vacation-rental management and hospitality organization. “All this stock that has been sitting down there is getting brought into the brief-expression rental marketplace now.”
A lot more: Castle in New Canaan, Connecticut, Could Split an Region File
Mr. Egan thinks it is a mixture of men and women whose finances are strained by inflation observing where by they can generate cash flow and men and women not seeking their attributes to sit vacant since it feels wasteful.
As financial headwinds keep on to blow, it is not just 2nd-house proprietors that are eyeing the family vacation-rental market as a way to climate the storm. Beginning previous summer season, any time Los Angeles-based mostly screenwriter Leslie Rathe traveled for a 7 days or extra, she regarded renting out her principal property, a a few-bedroom, a few-lavatory 1920s Spanish bungalow in Larchmont Village, a quaint community tucked in the center of Los Angeles. Her house is detailed on Onefinestay, a luxury house and villa rental company with a international portfolio of 5,000 rentals. Ms. Rathe’s inquiring price tag starts off at $770 for every evening.
“We never will need to lease out the property, but with the overall economy the way it is appropriate now, I’d be lying to say we weren’t renting it out to make some additional earnings,” says Ms. Rathe. She and her partner, who works in promoting, are each in their 40s and have owned their household for a ten years.
“Owners who want to triumph in a market this complex and competitive require to master 3 vital regions: attain, conversion, and experience,” claims Evolve’s Mr. Egan. He points out that arrive at, or how quite a few guests see a listing, is pushed by marketplace algorithms. Conversion, or how several lookers turn into bookers, is affected by the high-quality and competitiveness of the listing. And practical experience is how company sense about their stay.
Extra: Should I Fork out Stamp Duty or Pick out New South Wales’s Ongoing Land Tax?
Ms. Rathe lists her household on Onefinestay, a luxury residence and villa rental organization that features a total administration service. ‘We needed an individual to glimpse immediately after our home and not have to take care of it ourselves,’ she says.
Onefinestay
Lilly Lazarus in Houston has been doing work on conversion: She reduced her properties’ nightly pricing and least-period periods, which she states has been helpful. Fiona Burbank in Palm Desert has also dropped her nightly charge. She has been making an attempt to improve her reach by updating her market listings with more shots, and she has also been endorsing her properties’ Instagram accounts, which she suggests has led to reserving inquiries. In an effort to up her hospitality video game, she has decorated for the holidays.
Mr. Egan states, “I feel we can all agree that the future 4 to six quarters, as a result of the conclusion of 2023, we must be organized for a down marketplace. This could actually drive much more householders into the market as they search for to monetize getaway homes and convert them from merely an pricey merchandise into an cash flow-manufacturing asset.”
Evolve co-founder and CEO Brian Egan suggests rental accomplishment is pushed by three key factors: access, conversion, and expertise. Listed here are his guidelines for bettering each individual.
Get to What it signifies: How quite a few company see a listing. What to know about it: “Reach is pushed by the algorithms that marketplaces use to identify which attributes present up at the best of lookup effects,” Mr. Egan says. “This matters due to the fact, just like Google searches, most attendees never ever make it past the very first page.” How to increase it: Do your investigate. Many marketplaces present information and facts about what their unique algorithm prioritizes.
How a lot of lookers flip into bookers. What to know about it: “Conversion is influenced by the excellent and competitiveness of your listing,” Mr. Egan states. How to enhance it: Give precedence to skilled images and be aware of how your pricing and guidelines stack up towards other properties of a related measurement, in a identical site, and with comparable features. Reaction time also plays a issue in conversion: Quite a few owners do not notice that their response price and common time to reply to friends are posted on their listing.
Encounter What it signifies: How guests come to feel about their keep. What to know about it: “Experience is crucial because it leads to reviews, and assessment scores, which have a direct influence on a listing’s attain and can finally identify the achievements or failure of your trip rental,” Mr. Egan says. How to boost it: Owners really should assume of by themselves as micro-hoteliers and try out to carve out a niche for their trip rental to work in. Look at what form of visitor you are trying to find, and feel about how to cater to their requires and increase the bar for their continue to be. Perform on ironing out any friction factors that could possibly take place through someone’s take a look at. For illustration, be proactive and ship friends significant facts perfectly ahead of test-in, this sort of as the Wi-Fi password, directions on how to enter the home and a contact range to arrive at you 24/7 if issues crop up. Remember, all visitors want to be treated with a sense of hospitality. No make any difference what, make sure the property is all set for arrival and, most critical, fulfills or exceeds the expectations set in the listing.
CALIFORNIA — The year-end holidays may be upon us but realtors are not taking a vacation from listing homes for sale. Here are 13 featured homes in Southern California this Thanksgiving weekend.
Massive Malibu House Boasts Vaulted Ceilings, Ocean View
This $11.5 million Malibu home features a gorgeous ocean view and tall, vaulted white ceilings.
Legislation is being introduced to increase housing supply and speed up housing development in communities throughout the province where the need is greatest. Amendments are also being made to the Strata Property Act that will remove discriminatory age and rental restrictions in strata bylaws to broaden access to existing housing in B.C.
Housing supply act:
The housing supply act builds on existing requirements for local governments to create Housing Needs Reports that identify housing demand and supply factors in their jurisdictions.
In 2018, government introduced a new requirement for local governments to produce housing needs reports every five years. The first reports were submitted by April 2022. The Province provided $5 million over three years to support this work.
According to an April 2022 report from the Homebuilders Association Vancouver, 19 out of 20 Metro Vancouver municipalities are not building enough housing to meet their projected population growth for 2040.
Initially, it is expected that housing targets will be established in consultation with approximately eight to 10 municipalities with the greatest need and highest projected growth. The targets will be based in part on information and advice provided by municipalities through their housing needs reports on housing demand and supply factors, and will include criteria, such as unit size and densities, tenure and affordability. Targets will also factor in community plans, projected population growth, economic projections, the local development environment and other relevant factors. Once a housing target is established in a municipality, the municipality will be required to report on its progress, including homes delivered and the actions taken or planned toward meeting the target.
The act will allow the Province to appoint an independent adviser to review the processes of municipalities that struggle to make progress on housing targets. The adviser would help the provincial government better understand unique challenges of the municipality and provide recommendations for actions the municipality or the Province could take to ensure housing targets are met.
The United Kingdom and California have similar housing target frameworks. California has been doing this since 1969 and the U.K. since the early 1980s. Target-setting in both jurisdictions is iterative as new information becomes available and lessons are learned. California has implemented compliance consequences, which allow the state to bar access to grants and loans, including those for infrastructure, if a local government does not fully participate in their targets process.
To support implementation, B.C. will continue to provide new tools and supports to local governments to help them speed up their local housing approvals processes through the continued implementation of the Development Approvals Process Review, as the Province also accelerates work to speed up provincial approvals.
In 2021, government provided $15 million to local governments to support the implementation of initiatives to improve and speed up development approvals processes, while meeting local government planning and policy objectives. Recent amendments to the Local Government Act also provide new tools to municipalities to help them speed up local approvals.
Strata Property Act amendments:
Amendments to the Strata Property Act will ban strata rental-restriction bylaws and limit age restrictions in strata housing to 55 and older, preserving seniors’ communities, while opening up housing options for families. These changes fulfil a recommendation of the Province’s Rental Housing Task Force.
Rental restriction bylaws have already been banned in strata corporations formed since Jan. 1, 2010. The change extends the ban on rental restrictions to stratas formed before that date. There are approximately 300,000 strata units built before 2010 that may still be subject to rental bans.
Data from the Speculation and Vacancy Tax shows that in areas of B.C. covered by the tax, there were nearly 2,900 vacant units in strata buildings with rental restrictions in 2021 – the last year the exemption was available before it phased out. If passed, age and rental restrictions would be lifted immediately, and these empty units will be available to renters.
Stratas that want to restrict short-term rentals, like AirBnBs, will still be encouraged to do so to ensure long-term rental options are available for British Columbians. The Province is working with municipalities to bring in further short-term rental restrictions in future legislative sessions. In addition, the Residential Tenancy Branch policy guidelines have been updated to state that a strata corporation can issue a notice to end a tenancy and apply to the Residential Tenancy Branch for dispute resolution in place of the landlord, while recovering the costs of that application.
The Province is also making life easier for those who live in stratas by making electronic meetings a permanent option. During the COVID-19 pandemic, electronic meetings became a reliable and safe way to conduct strata operations and often increased owner participation. Electronic meetings may be held by phone or online via Zoom or Teams, for example, or as a hybrid both in-person and electronically.
If approved, this change would take effect immediately. The Province’s temporary regulation allowing stratas to hold electronic meetings was set to expire on Dec. 31, 2022.
For Rebeca Blázquez, the past few weeks have been a “nightmare.”
Based in Madrid but hoping to find work in London before starting her master’s degree, the 22-year-old university graduate spent a month searching online for a room to rentin London on a £900 budget ($1,070). She sent dozens of messages to landlords and vacating tenants, and logged in forvirtual viewings only to find that the room had already been taken.
“I think that I sent over 100 messages to different ads, and I only had [a] reply to 30 messages,” she told CNN Business.
Renters, real estate agents and property searchspecialists described to CNN Business a frenzied scramble for rental units since the spring as students and workers flocked back to thecityafter the pandemic.
That surge in demand collided with a steep drop in supply. Data from Rightmove, an online property portal, shows that the number of available rentals in London fell by almost a quarter between July and September from the same period in 2021. Prices have soared as a result to all-time highs.
The average monthly rent, including bills, for a room in a shared house or apartment hit £933 ($1,109)in October, up 17{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} from before the pandemic, according to data from SpareRoom, the country’s biggest roommate search site.
Blázquez said that apartment hunting this fall was a far cry from her experience back in September 2020, when she last rented in the city. She settled on a place earlier this month, but is paying nearly £300 ($357) more for a similarly sized room in a less desirable location.
“I rented it without seeing a video or anything because I was so desperate,” she said.
Matt Hutchinson, communications director at SpareRoom, told CNN Business that the capital has seen a “huge influx” of students, young people and overseas workers in recent months — demand that the pandemic kept bottled up.
At the peak in September, there were almost nine people looking for every room listed on the site.
“We’ve never seen the market like it is now,” Hutchinson said.
Though demand has fallen back slightly since September, it is still higher than the average summer peak, when the market is usually its busiest.
“If someone has advertised a room in the last few months, chances are they’re getting hundreds of responses,” Hutchinson said. “It’s a battle to even get a response or get an agent to see you,” he added.
Renters across the United Kingdom are having to go to extraordinary lengths to secure a room.
In a SpareRoom survey of UK renters in September, a fifth said they ended up paying several months’ rent up front while another fifth said they had to bid over the asking price to secure the room.
Nearly half said they had to decide during a viewing whether to take the room.
Greg McLoughlin told CNN Business that when he started his “exhausting” six-week search for a room in early October, he was often asked to pay a deposit equivalent to eight weeks’ rent — double the typical four weeks.
McLoughlin,who works for a cryptocurrency exchange, said he “rarely got any messages back” on SpareRoom, despite payingan£11 ($13) weekly subscription so that he could respond to ads within seven days of them being posted.
He eventually snapped up a room in a five-bedroom housein south London for £950 ($1,130), though the landlord has warned that the rent will likely increase. Still, he’s relieved.
“Everyone’s super on edge looking for accommodation,” McLoughlin said. “You can’t hesitate in this market,” he added.
The problem is simple. There are too many renters chasing too few available homes.
Jeremy Leaf, founderof Jeremy Leaf & Co, a real estate agency in north London, told CNN Business that the number of properties advertised on his site is down by as much as 40{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} compared to November last year.
Landlords have been leaving the rental market as it becomes less and less profitable.
Since 2016, the UK government has increased taxes on purchases of second homes andcut the amount of tax landlords can claim back on their mortgage payments.
Many landlords are also worried that it will soon become very hard to evictdifficult tenants — including those whomay be behind on their rent, have caused damage or mistreated their roommates — if the government passes draft laws that prohibit “no fault” evictions, Leaf said. Landlords are able to evict tenants under a different process, but this often takes much longer and can involve a court hearing. Parliament is expected to vote on the new legislation before the end of the year.
Add to that spiraling inflation, and renting out property is not as lucrative as it used to be.
“Just the cost of getting people to renovate properties, the cost of materials has gone through the roof,” SpareRoom’s Hutchinson said. “Increasingly, landlords are leaving the market because they just can’t afford to do it,” he added.
Some landlords have even decided to sell up, taking advantage of an uptick in property prices this year, Amelia Greene, a director at real estate agency Savills, told CNN Business. The average asking price in the capital has risen 5{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} so far this year, according to Rightmove.
Aggravating the supply crunch this year, Leaf said, is that more renters are deciding to stay put and renew their current tenancies for a smaller rent increase than they would get elsewhere.
A sharp increase in mortgage rates is also keeping aspiring first time buyers stuck in the rental market, further reducing the amount of available stock.
London rent prices may have cooled a little since their “pretty unprecedented” rises during the summer, Leaf said, but the city’s chronic supply shortage means that further hikes are on the way.
“Upward pressure on rents is going to increase,” he said.
The average monthly rent for a two-bedroom apartment was £2,226 ($2,646) last month, Rightmove data shows. That’s 19{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} more than in February 2020, before the pandemic led to an exodus of workers from the capital.
Savills expects the average London rent — across all property types — to jump another 5.5{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} next year.
Those who are paying less are having to make big compromises.
Sally Vince, whoworks in commercial property, told CNN Business that after a “very stressful” time looking for her £700 ($832) room this summer, she took what she could get.
“[I] pay less rent, but I’ve had to compromise a lot on how many people I’m living with… the amenities available, and just the overall condition of the flat,” she said.
Vince compares her search to her previous apartment hunt in 2019. Then, about half of people advertising rooms would respond to her inquiries, but, this year, she received just three replies for the 50 requests she sent out.
“I’ve got a permanent job now, I know how it works and know a lot of people in London, but it was much, much more difficult this time round,” she said.
Can technology bridge the gap between buyers, sellers and funds?
The property market landscape is changing. Not only have 30-year mortgage rates reached their highest levels in two decades, but the pandemic-driven widespread move to digital solutions is a change that is likely here to stay. Along with these market shifts, much of what has been familiar in the homebuying and selling processes for generations is being remodeled.
One area of the real estate industry that is getting a particularly large overhaul is the homebuying and financing space with the emergence of iBuyers (instant buyers) and other related PropTech technologies. IBuying allows homeowners to quickly sell their properties online for all cash, typically to large, deep-pocketed investors and corporations.
In 2021, venture capital investment into real estate tech reached a record-breaking $32 billion, a 28{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} increase in funding since 2020, according to The Center for Real Estate Technology & Innovation (CRETI). Much of this funding landed with companies that provide iBuying and bridge financing solutions – two approaches to the homebuying process that prioritize certainty of transaction completion for buyers and sellers while also adding additional efficiencies to a process that has many contingencies and much uncertainty built in.
“These PropTechs are trying to bring venture capital technology to the consumer to give them choice and flexibility as to how they either find a house, buy a house or protect the house,” said CoreLogic’s real estate tech solutions expert Mark Weaver.
Will the Cooling Housing Market Affect iBuyers?
IBuyers are not a new phenomenon in the real estate space. They are, however, an option that has gained popularity in the last two years as market dynamics encouraged quick transactions.
But as the housing market begins to cool, the long-term success of market-leading companies such as OpenDoor and OfferPad is predicated on the accuracy and reliability of their data. After all, iBuyers typically use a “buy-box” model whereby they define the acceptable parameters, based on market conditions, for purchasing a home instantly for cash. If an estimated valuation is off, an iBuying company stands to lose a significant portion of its investment, especially when executing large purchase volumes.
“In the PropTech space, we’ve worked with a leading iBuyer to navigate market conditions as they started to change and the company’s risk appetite changed,” explained Weaver. “We helped this leading iBuyer overhaul what we call their ‘buy-box,’ so that now they’re only going to make instant offers on homes under certain parameters and conditions that we help them refine in response to the changing market.”
The relaxing market has also brought forth questions surrounding maximizing a home’s market value. Given the importance of a property’s market value, sellers that work with iBuyers want to be sure that they are receiving a highly competitive offer. Since it can be difficult to know whether the data supporting an iBuyer’s offer is of the highest quality, working with an experienced and trustworthy real estate agent is still the most popular approach to ensure that all aspects of a home’s value, from school districts to neighborhood amenities, are considered and marketed to potential buyers.
The Human Touch Remains Important
As pandemic market trends begin to give way to new realities — easing competition and a slowing pace of home price gains are trends that are taking hold — real estate agents are still a highly reliable resource for both homebuyers and sellers.
Working with a real estate agent is not what it used to be. A new generation of agents is supporting buyers in a way that merges old-school community knowledge with data-powered, digital tools. With access to services like Matrix, which provides instant access to new home listings, and portals that allow for instant communication through every step of the process, agents are a valuable resource in the homebuying and selling process — especially when weighing whether to engage with automated technology solutions like iBuyers.
While options like iBuying should not be overlooked, it can also be helpful to consult a real estate agent because they can offer advice on current market conditions, as well as insight into how much one can reasonably expect to earn on a home sale. If sellers are armed with accurate market information, they will be better able to judge instant offers and decide whether that route is feasible or whether they should take the traditional route and put the property on the open market. Should a seller choose the latter avenue, it is invaluable to tap a knowledgeable, experienced agent who can offer insights on how to price a home, the number of offers to reasonably expect and how long a sale might take.
Similarly for buyers, many real estate agents have a deep understanding of the most current market trends, including supply levels, the average number of offers on homes, the percentage of all-cash bids and the quality of local schools. Arming yourself with that knowledge can not only help buyers purchase the right home, but it can allow them to optimize and streamline the overall experience via the use of new technologies.
To learn more about how technology advances are altering the property market, tune in to CoreLogic’s podcast or get the latest market data, trends and insights on Intelligence.
.jpg "Leslie Jordan’s Final L.A. Home Hits the Market, Steve Wynn Lists His Million Duplex, and More Real Estate News")
.jpg)
