DIRS.INFO The most relevant business & tech news

☆ Even wealthy Los Angeles residents are moving to (slightly) cheaper cities and mansions out of state
▼ + stars: | 2024-01-15 | by ( Dan Latu | Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Many wealthy buyers say they were driven out by a so-called mansion tax in Los Angeles, among other tax-related issues. Los Angeles topped Redfin's list of US metropolitan areas that homeowners are most looking to leave, based on their user data of home searches. Wealthier Americans — those making more than $200,000 per year — are moving out of high-cost cities like New York and Los Angeles, according to personal finance site SmartAsset. San Diego real-estate agent Jennifer Janzen says she's recently had Los Angeles clients head south to trade up in style. Another client of Janzen's was a young family who grew tired of the city life in Los Angeles.

Persons: —, Gus Lira, Lira, Lira's, Summerlin, she's, Jennifer Janzen, Janzen, Sotheby's, grâce, Jade Mills, Rob Desantis, Mary Fitzgerald Organizations: Service, Getty, Hollywood, Las, Golden, LA, Bloomberg, Los, Netflix Locations: Los Angeles, Malibu, California, Orange County, Las Vegas, Nevada, Vegas, Red, Vegas from California, Seattle, Florida , Texas, Tennessee, New York, Diego, Angeles, Rancho Santa Fe, San Diego, LA, Santa Fe, Manhattan

☆ High mortgage rates have limited opportunities for homebuyers and sellers. How that may change in 2024
▼ + stars: | 2023-12-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Lower mortgage rates have prompted mortgage applications to pick up. Even the recent decline in mortgage rates may not provide incentive for homeowners to move. watch now"The story for 2023 has been one of homeowners staying put," said Daryl Fairweather, chief economist at Redfin. Monthly payments are falling as mortgage rates come down from their peak. The weekly average 30-year mortgage rate fell to 7.29% in late November, down from a 7.79% high in October, according to Redfin.

Persons: Daryl Fairweather Organizations: Bank of, Redfin, Redfin's

☆ People are fleeing California. Here's where they're plotting to move to.
▼ + stars: | 2023-12-04 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

San Francisco, Los Angeles, and San Diego residents are looking to move to Las Vegas and Seattle, Redfin found. Some parts of California are losing residents due to the high cost of living, politics, and crime. Bob Giramma, a 63-year-old business owner, moved away from San Diego and landed in Murfreesboro, Tennessee , a town 30 miles southeast of Nashville. Now residents of some of the most populous cities in California — Los Angeles, San Diego, and San Francisco — are eyeing other cities, according to home-listings site Redfin, which tracks where its users are house-hunting. Allan BaxterPeople looking to move out of San Francisco, Los Angeles, and San Diego, Redfin additionally found, are most often searching for homes in Las Vegas and Seattle.

Persons: Redfin, —, Bob Giramma, Giramma, Francisco —, Allan Baxter, relocators, Andrew Arevalo, he's, Arevalo Organizations: Service, Census Bureau, Business, California —, Las, Los, Denver Locations: California, San Francisco , Los Angeles, San Diego, Las Vegas, Seattle, Murfreesboro , Tennessee, Nashville, Tennessee, Texas, Arizona, Florida, Oregon, Colorado, California — Los Angeles, Francisco , Los Angeles, —, Vegas , Nevada, San, Los Angeles, Washington, Nevada, Millennials, Las, Vegas

☆ Home prices are poised to drop as the frozen housing market thaws, 2 top experts say
▼ + stars: | 2023-11-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Price drops may be needed to thaw the housing market, which could take years, Zandi said. Kelman expects home prices to drop next year, as listings are up and sellers are cutting prices. AdvertisementHouse prices may be headed lower, dealing a blow to sellers but providing relief to buyers, two experts say. The housing market ground to a halt this year, as the Federal Reserve's inflation-fighting hikes to interest rates have boosted mortgage rates to two-decade highs. "I don't expect the housing market to come roaring back here, certainly not in 2024," he said.

Persons: Mark Zandi, Glenn Kelman, Price, Zandi, Kelman, —, Morgan Stanley's, there's, we've, Redfin's Kelman Organizations: Service, Yahoo Finance, Fox

☆ Homeowners associations can be a boon, or bust, for buyers. Here's how to vet HOAs when house hunting
▼ + stars: | 2023-11-05 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Different types of homes can be affiliated with an HOA, from single-family homes to co-operatives. Single-family homes are separate units where residents own both the plot of land and the house on it, said Clare Trapasso, executive news editor at Realtor.com. They have their own entrances and access to the street and don't share utilities or other systems with other homes. In a condo, residents own their individual units but jointly own the land and the common areas with other residents. Condos are run with a board of people on the homeowners association making decisions for the community, said Jaime Moore, a premier agent for Redfin.

Persons: Clare Trapasso, Jaime Moore, Thomas M, Skiba, Homebuyers, Moore, Redfin's Moore Organizations: Community Associations Institute Locations: New York, Boston, HOA, Nevada

☆ An Airbnb host whose SF duplex was flooded by a guest says she only got enough compensation to 'make a difference' after posting on X
▼ + stars: | 2023-11-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +7 min

Erika Gemzer says her Airbnb guests flooded her San Francisco duplex, leaving her $300,000 in debt. She posted a thread on X six months later, criticizing Airbnb for its compensation offer. AdvertisementAdvertisementSix months after Airbnb host Erika Gemzer's duplex in San Francisco was flooded, she took to social media to confront the vacation rental company. Here's the story of how I ended up pregnant and homeless and in over $300,000 of debt after Airbnb guests flooded my home. While the new amount doesn't cover everything, it covers enough to "make a difference," Gemzer told Insider via text.

Persons: Erika Gemzer, Airbnb, Gemzer, —, Erika Gemzer's, rika, ake, emzer, rika G emzer, ince, ingle, lanning, ike Organizations: Service, ust Locations: Francisco, San Francisco

☆ Homebuyers must earn more than $400,000 to afford a home in the 2 priciest metro areas — and New York isn’t one of them
▼ + stars: | 2023-10-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"The Bay Area has consistently been one of the most expensive markets in the country," said Daryl Fairweather, chief economist at Redfin. Why the New York metro area is low on the listMidtown Manhattan, New York, as seen from Hoboken, New Jersey. That's because the metro area goes beyond Manhattan and the city's four other boroughs, extending into nearby counties. "Even though Manhattan is really expensive, once you get to the outlying areas [in] the New York metro area, it actually becomes quite affordable," said Fairweather. Interested homebuyers in the region still need to earn six figures annually to afford a home, about $197,734, Redfin estimates.

Persons: Thomas Barwick, San, Daryl Fairweather, Gary Hershorn, Fairweather Organizations: Area, Redfin, California metros, San Diego —, New, Midtown, Corbis, Council for Community Locations: Getty, San Francisco, San Jose , California, California, Anaheim, Oakland, San Diego, New York, Midtown Manhattan , New York, Hoboken , New Jersey, Manhattan, U.S

☆ Stocks making the biggest moves midday: Spotify, Coca-Cola, DraftKings, 3M and more
▼ + stars: | 2023-10-24 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

3M — The conglomerate jumped 5.8% after beating analyst expectations in the quarter and raising its earnings outlook. The company missed consensus estimates from analysts polled by FactSet on both lines in the quarter, while fourth-quarter revenue guidance was also lower than expected. It also raised its full year revenue guidance to $235 million to $238 million, greater than prior guidance of $230 million to $235 million. The Trade Desk — Shares advanced 3.2% after Loop Capital initiated coverage of the advertising technology stock with a buy rating. Criteo — The advertising technology stock traded 4.1% higher after KeyBanc initiated coverage with a buy rating.

Persons: DraftKings, Coinbase, bitcoin, Microstrategy, TrueBlue, FactSet, Hexcel, DA Davidson, Baird, Criteo, KeyBanc, Morgan Stanley, Calvin Klein, Tommy Hilfiger, —, Sarah Min, Samantha Subin, Hakyung Kim, Tanaya Macheel Organizations: Spotify —, LSEG, General, General Electric, 3M, Barclays — U.S, Microsoft, Google, Marathon, Apollo Capital, U.S . Securities, Exchange Commission, Monday, Loop, Rio Tinto, Barclays, FMC, JPMorgan Locations: Rio

☆ Stocks making the biggest moves after the bell: Redfin, Cadence Design Systems and more
▼ + stars: | 2023-10-23 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Fourth-quarter revenue guidance was also soft, as the company called for $450 million to $475 million, while analysts anticipated $501 million. KKR Real Estate Finance Trust — The real estate trust added 3.5% after distributable earnings per share smashed expectations in the third quarter. KKR Real Estate Finance Trust posted 25 cents per share in distributable earnings, while analysts surveyed by FactSet expected 4 cents per share. The company also raised its full-year guidance for revenue, anticipating revenue between $235 million and $238 million. Cadence Design Systems — The electronic system designer lost about 4% after delivering weak guidance for current quarter earnings per share.

Persons: Redfin, TrueBlue, FactSet, Agilysys Organizations: Apollo Capital, U.S . Securities, Exchange Commission, Wall, KKR Real Estate Finance Trust, Cadence, Systems

☆ Influx of multi-family properties could slow down rent acceleration, says Redfin's Daryl Fairweather
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflux of multi-family properties could slow down rent acceleration, says Redfin's Daryl FairweatherHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Redfin's Daryl Fairweather, Brian Sullivan, “ Organizations: CNBC

☆ The average monthly mortgage on a new home is 52% higher than the average rent on an apartment: report
▼ + stars: | 2023-10-23 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +2 min

High home prices and mortgage rates are locking a lot of first-time homebuyers out of the market. A monthly mortgage on a new home is now 52% higher than rent on an apartment, per WSJ. Mortgage and rent used to roughly cost the same, according to CBRE. AdvertisementAdvertisementThe average monthly mortgage on a new home is 52% higher than the average rent on an apartment as housing prices and interest rates continue to climb. In the past, a monthly mortgage could cost the same or less as the monthly rent on an apartment, according to an April report from CBRE.

Persons: —, Goldman Sachs, Daryl Fairweather, Redfin's, Insider's Jacob Zinkula, there's, David Meyer Organizations: Mortgage, Service, Street Journal Locations: CBRE

☆ 3 reasons it could be the right time to buy a home, despite high interest rates
▼ + stars: | 2023-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Despite high prices and mortgage rates, they said homeownership will pay off for many people in the long-run. Many Americans have been left wondering when — if ever — the time will be right for them to enter the housing market. "Many homeowners first bought their home when interest rates were high — the 50-year average rate on a mortgage is 7.8%," he said. Even if cuts to interest rates cause mortgage rates to fall, they're unlikely to return to the near-zero levels they were in 2022. If and when mortgage rates fall, Yun said that some homeowners who have been eager to move — but have been reluctant to give up their low interest rates — will likely decide to sell.

Persons: homeownership, —, Andy Walden, homebuyers, Jerome Powell, Alex Wong, Daryl Fairweather, Redfin's, Lawrence Yun, Yun, Selma Hepp, Connolly, Mott aren’t, David Meyer, Redfin's Fairweather, Fairweather, There's, there's, Jenna Stauffer, Hepp, Meyer Organizations: Service, National Association of Realtors, ICE Mortgage Technology, CNBC, Federal Reserve, Reserve, CoreLogic, Brigade, Homeowners, International Realty Locations: Washington , DC

☆ The interest rate on the most popular American home loan hits 8% for the first time since 2000
▼ + stars: | 2023-10-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rates on the 30-year fixed mortgage hit 8% on Wednesday, per Mortgage News Daily. It's the first time the interest rate on the most popular US home loan hit that mark since mid-2000. AdvertisementAdvertisementFor the first time since 2000, the rate on the typical 30-year fixed mortgage hit 8% on Wednesday, according to Mortgage News Daily. Mortgage rates are a critical input for the affordability equation for prospective home buyers, and in previous eras of rising rates, home prices have declined as borrowing costs increase. The rise in rates has sent mortgage applications tumbling to their lowest level in almost three decades, according to the Mortgage Bankers Association.

Persons: Bond, — Organizations: Mortgage, Service, Mortgage News, Treasury, Association, National Association of Realtors

☆ The 30-year mortgage rate hits a new 23-year high, pushing closer to 8%
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rates on the 30-year fixed mortgage hit 7.92% on Tuesday, Mortgage News Daily's Rate Index showed. High mortgage rates, expensive home prices, and low inventory have strained the US housing market. AdvertisementAdvertisementThe average rates on the 30-year fixed mortgage hit 7.92% on Tuesday, according to Mortgage News Daily's index. Rates on the 30-year fixed mortgage hit 7.92% on October 17. It's helped fuel a lock-in effect for current homeowners unwilling to move homes due to having previously secured a lower mortgage rate, keeping both sellers and buyers off the market.

Persons: —, they've, Redfin Organizations: Mortgage, Service, Mortgage News Daily Mortgage, Federal

☆ Homebuyer demand has crashed to its lowest level in almost a year as mortgage applications hover near a 3-decade low
▼ + stars: | 2023-10-13 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Mortgage-purchase applications are hovering near their lowest mark in 30 yearsRedfin's Homebuyer Demand Index dropped to its lowest level in nearly a year, down 5% since last October. AdvertisementAdvertisementThe unaffordable housing market has weighed on homebuyer demand across the US, according to a Thursday Redfin report. Many house hunters and current owners have stayed sidelined with mortgage rates near two-decade highs and the median monthly mortgage payment approaching $3,000. Plus, Redfin's Homebuyer Demand Index, a gauge that tracks tour requests and other early-stage demand signals, has dropped 5% compared to last October, seasonally adjusted, hovering at its lowest level in nearly a year. AdvertisementAdvertisementWeak homebuyer demand comes amid the Federal Reserve's historic rate hiking campaign.

Persons: —, Redfin Organizations: Mortgage, Service, Association .

☆ Home buyers are finally seeing a light at the end of the tunnel, but it is going to be painful for homeowners and sellers
▼ + stars: | 2023-10-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

There is no end in sight for high mortgage rates, and sellers are dropping prices. AdvertisementAdvertisementThe housing market is in an ugly place right now for buyers and while things may be stabilizing, that just means pressure will likely shift from buyers to sellers. Redfin CEO Glenn Kelman made headlines in recent weeks with several interviews where he said the housing market had hit "rock bottom." "The housing market is just taking a beating because affordability is at a four-decade low. While the market might not get worse for buyers, sellers are not yet at rock bottom after enjoying years of rising home values.

Persons: —, Glenn Kelman, Kelman, ZIlloq, Paul Bradbury, Zillow, Jeff Tucker, Redfin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch, Luis M, Alvarez, Tom Barkin, Alou Diarra, Getty Organizations: Service, CNBC, Getty, Cleveland Fed, Altos Research, Rosenberg Research, North, AP, Richmond, Fed Locations: North American

☆ The 10 least expensive states to own a home
▼ + stars: | 2023-09-17 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Here are 10 states, including Ohio and Iowa, where homeownership is less than the national average. According to Zillow, the average cost of a home in the US is $349,770, as of August. Hawaii is one of the more expensive states to live in, and has the highest cost of homeownership, according to Self. But there's good news for prospective homebuyers: There are states where the costs of homeownership are significantly less than the national average. Here are the 10 least expensive states to own a home, according to Self.

Persons: homeownership, Zillow, Angi Organizations: Service Locations: Ohio, Iowa, Wall, Silicon, Hawaii

☆ The housing market is brutal. These 6 charts show just how bad things are for buyers.
▼ + stars: | 2023-09-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Record-high monthly mortgage payments and low home inventory have made the housing market historically unaffordable. Below are 6 charts illustrate how difficult the current housing market is for buyers. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementThe housing market has never before been this unaffordable for Americans. These six charts from real estate group Redfin show just how brutal it is for people navigating the current market. AdvertisementAdvertisementSeparate National Association of Realtors' data published last month showed that home prices saw a record increase in over half of the US housing market over the past quarter.

Persons: it's Organizations: Service, Federal Reserve, Redfin, metros, Association of Realtors Locations: Wall, Silicon, San Jose, Milwaukee, Atlanta, Las Vegas, Newark , NJ, Seattle, San Antonio ,, San Jose ,

☆ The No. 1 best state to retire in the U.S.—it's not Florida
▼ + stars: | 2023-08-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The best state to retire in 2023 isn't Florida. 1 state to retire, according to a recent Bankrate study. To determine which states are the best for retirees, Bankrate used data from a number of sources, including the U.S. Census Bureau, the Tax Foundation and the Centers for Medicare and Medicaid. Since most retirees live on a fixed income, lower housing costs can help them stretch their dollars further than other states, Bankrate reports. Here are the best and worst states to retire in 2023, according to Bankrate.

Organizations: Southeast . Iowa, U.S . Census Bureau, Tax Foundation, Centers, Medicare Locations: Florida, Southeast

☆ The housing market is at 'rock bottom,' says Redfin's CEO, as high rates and prices take their toll
▼ + stars: | 2023-08-17 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

High mortgage rates and price increases have meant fewer property listings. The market has hit "rock bottom," Redfin CEO Glenn Kelman told MarketWatch. Redfin CEO Glenn Kelman says it's hit "rock bottom." Kelman told MarketWatch that higher house prices have played a part in reducing mobility for young people in the US. "Apartments are expensive and houses are expensive, so I think household formation is going to be low," he said.

Persons: Glenn Kelman, it's, Freddie Mac, " Kelman, Kelman Organizations: Service Locations: Wall, Silicon

☆ The US housing market hits a record value of $47 trillion as the inventory shortage fuels a price boom
▼ + stars: | 2023-08-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The US housing market just reached a new all-time high valuation of $47 trillion, Redfin reported. Low inventory has pushed up home values, according to a Redfin analysis of 90 million US residences. The report said a shortage of homes has been propping up housing values, based on a Redfin estimate on more than 90 million US residential properties. Notably, the housing market has now offset the $2.9 trillion decrease in value that happened between June 2022 and February 2023 as a result of rising mortgage rates. "The dominance of the 30-year fixed rate mortgage in America is propping up home values," Redfin economist Chen Zhao said.

Persons: Redfin, Chen Zhao, they're, That's, Zhao Organizations: Service Locations: Wall, Silicon, America, Los Angeles, U.S

☆ Home prices this summer have hit a new all-time high in a majority of the US
▼ + stars: | 2023-08-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Home prices hit a new-all-time high across the US in June as the shortage in inventory drags on. Prices reached fresh peaks in 30 out of 50 housing markets tracked by Black Knight, the firm said in a new report. Meanwhile, the housing market is short around 3.8 million units, per an estimate from Freddie Mac. Across all markets, prices grew 0.8% year-per-year in June, surging from just a 0.2% increase reported in May. The average 30-year fixed mortgage rate inched higher to 6.9% the last week, according to Freddie Mac.

Persons: Black Knight, Freddie Mac, We've, Andy Walden, That's Organizations: Service, Knight Locations: Wall, Silicon

☆ Mortgage payments are 19% more expensive than last year as home prices continue surging, Redfin says
▼ + stars: | 2023-08-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Mortgage payments are 19% more expensive than last year, Redfin data shows. The typical homebuyer's monthly mortgage payment was $2,605 during July. That's largely due to surging home prices and higher mortgage rates, which have raised the cost of borrowing. That's just below the all-time-high monthly mortgage payment of $2,637, which was notched in early July. Experts say affordability conditions are unlikely to improve until mortgage rates dial back more significantly, though that's unlikely to happen anytime soon.

Persons: That's, Redfin, Freddie Mac, Redfin's Organizations: Service, Mortgage, Association, American Enterprise Institute Locations: Wall, Silicon, That's

☆ The sluggish housing market is weighing on Redfin's stock as home sales 'near rock bottom'
▼ + stars: | 2023-08-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Redfin stock plunged as much as 24% Friday following a downbeat earnings report. "Sales volume is near rock bottom," CEO Glenn Kelman told analysts on Thursday. "Sales volume is near rock bottom," CEO Glenn Kelman told analysts on Thursday. For the third quarter, Redfin sees revenue dropping about 13% to $265 million-$279 million and losses narrowing to $21 million-$30 million from $90 million. Limited home inventory and elevated mortgage rates have kept house hunters sidelined and current homeowners reluctant to move, with many holding on to lower mortgage rates secured in prior years.

Persons: Glenn Kelman, Redfin, Redfin.com, Kelman Organizations: Service Locations: Wall, Silicon, New York, Seattle

☆ The 10 hottest cities for people who want a new hometown
▼ + stars: | 2023-08-01 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

More affordable cities such as Las Vegas topped Redfin's list for the first time ever. Major cities including San Francisco, New York, and Los Angeles saw the biggest outflow while Las Vegas topped Redfin's list for the first time ever. Like Las Vegas, both cities are relatively affordable in comparison to Los Angeles or San Francisco. The average Las Vegas home costs less than half as much as buying one in the major California cities, according to Redfin. Many of the popular cities boasted warm climates and low house prices — five of the 10 most popular destinations on Redfin's list were in Florida.

Persons: Redfin, keener, Terry Vine, Gregg Newton Organizations: Vegas, Service, Bank of America, Red Museum, Getty, Orlando , Florida Walt Disney Locations: San Francisco , New York, Los Angeles, Wall, Silicon, Vegas, Phoenix, Tampa, Las Vegas, San Francisco, California, Florida, Houston , Texas, Houston, Miami , Florida Miami , Florida, Dallas , Texas, Coral , Florida, Cape Coral , Florida, North Port, Sarasota , Florida, Sacramento , California, Orlando , Florida, AFP, Tampa , Florida Tampa , Florida, Phoenix , Arizona, Las Vegas , Nevada

Search resuls for: "Redfin's"

25 mentions found