DIRS.INFO The most relevant business & tech news

☆ US Housing Market: Home Prices Could Jump 5% in Next Year, Zillow Says
▼ + stars: | 2023-09-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Home prices could climb even higher over the next year, Zillow economists said. The real estate listings site revised its 12-month outlook for home prices, predicting a 4.9% increase by August 2024. That's slightly down from its 12-month home price outlook in July, when the firm predicted a 6.5% increase in home prices by July of next year. Experts have warned housing affordability is unlikely to improve until mortgage rates dial back more significantly. That could unlock more inventory to hit the housing market, but it's unlikely to happen anytime soon, with experts forecasting mortgage rates to end the year around 6%.

Persons: Jerome Powell, Bankrate, Zillow, uptick Organizations: Service Locations: Wall, Silicon

☆ The 21 cities where Gen Z homebuyers are moving in next door
▼ + stars: | 2023-09-21 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Gen Z accounts for 18% of homebuyers from April to July this year, Zillow said. In 21 metros, Gen Zers make up at least 20% of homebuyers. These places are "punching a little bit above their weight" with first-time homebuyers, Zillow said. But that hasn't deterred Gen Z from buying homes. Here are the places that have the highest share of Gen Z homebuyers.

Persons: Zillow, Gen Zers, Gen, Z, homebuyers, Manny Garcia, Zillow's, Aidan Dobbins, Zer, millennials Organizations: Service, Baltimore, Bureau of Labor Statistics Locations: homebuyers, Wall, Silicon, Midwest, New York

☆ Most Americans who want to buy a home next year can't afford a 20% down payment
▼ + stars: | 2023-09-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Most Americans who plan to buy a home next year can't afford a down payment, according to Zillow. There aren't enough homes on the market for everyone who wants to buy one, Zillow said. AdvertisementAdvertisement"There are about 54 million Americans who said they intend to buy a home — that represents 34 million unique households," Garcia said. Down payment requirements can range from 0% to more than 20%, Insider previously reported, and in America's 20 biggest cities, a 20% down payment ranges from $39,859 in Oklahoma City to $260,849 in San Jose, California. During 2023, the majority of people who successfully got a mortgage put down 20% of the cost of the home, according to Zillow.

Persons: Zillow, Manny Garcia, Zillow's, Garcia Organizations: Service, Zillow Locations: Wall, Silicon, Oklahoma City, San Jose , California

☆ 'House-rich' Americans are sitting on nearly $30 trillion in home equity. Here's how to tap it
▼ + stars: | 2023-09-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Thanks to skyrocketing housing prices, homeowners are now sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve — just shy of the 2022 peak. How to tap your home for cashFactor in the terms, rates and risksWhen it comes to borrowing against your home, the terms can vary greatly, according to a LendingTree report that analyzed more than 580,000 home equity loan offers across the country. The average home equity loan amount offered to homeowners is $104,102, LendingTree found. Access to HELOCs has improved, although the most preferable terms still go to borrowers with higher credit scores and lower debt-to-income ratios. "Though a home equity loan can be a good way to pay for big expenses, like major renovations, or to consolidate high-interest debt, getting one isn't without drawback," added Jacob Channel, LendingTree's senior economist.

Persons: Louis Federal Reserve —, LendingTree, Nicole Bachaud, Jacob, LendingTree's Organizations: Louis Federal Reserve Locations: Homes, Iowa, Maryland

☆ The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead
▼ + stars: | 2023-09-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Low inventory, high mortgage rates, and high prices have created a difficult housing market. Low inventory, high mortgage rates, and high prices have put the housing market into a state of unaffordability that's weighing on house hunters, current homeowners, and even real estate investors. AdvertisementAdvertisementAs things stand, roughly one-quarter of homeowners are sitting on mortgage rates of less than 3%, near the highest on record. The seasonally-adjusted data showed prices climbed in every single city in the group's 20-city index. Otherwise said, half the cities in our sample now sit at all-time high prices."

Persons: we've, Craig J, Lazzara, DJI, Daryl Fairweather, haven't, Shay Stein, Realtor.com, Fannie Mae, Bill McBride Organizations: Homeowners, Service Locations: Wall, Silicon, Realtor.com

☆ The housing market has gotten so unaffordable that Zillow is now offering prospective homebuyers a 1% down payment option
▼ + stars: | 2023-08-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The company is offering prospective homebuyers the option to put a 1% down payment on a house. The record-low 1% down payment target offered by Zillow beats out Freddie Mac's mortgage option of just a 3% down payment. But the 1% down payment option doesn't solve the housing affordability crisis, as smaller down payments lead to bigger monthly mortgage payments because borrowers have to take on more debt. Zillow's new down payment option comes as the company is expanding to be more than a platform to browse homes for sale. It seeks to become a one-stop shop for prospective homebuyers, offering direct access to real estate agents and home loans underwritten by them.

Persons: Zillow, Freddie, It's Organizations: Service, Zillow Locations: Wall, Silicon, Arizona, Phoenix , Arizona

☆ Zillow rolls out new 1% down payment program in Arizona
▼ + stars: | 2023-08-25 | 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 EmailZillow rolls out new 1% down payment program in ArizonaOrphe Divounguy, Zillow home loans senior economist, joins 'The Exchange' to discuss America's housing affordability crisis, Zillow offering a one percent down payment loan program in Arizona, Zillow's plan to roll out the home loan plan beyond Arizona.

Locations: Arizona

☆ These 14 cities will see at least 20% home-price growth over the next 3 years, according to Scholaroo — and 5 of them have current median prices under $200,000
▼ + stars: | 2023-08-24 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

The firm expects home prices in these cities to grow between 20%-43% in that time frame. To form their projections, they calculated the average annual change in home prices over the last five years across 152 cities. Below, we've compiled in ascending order the 14 markets where prices are expected to jump by at least 20% in three-years time. Among those 14, some are still relatively affordable, with five having current median home prices under $200,000 and two having a median under $85,000. Below are the cities, their current median home prices, their projected three-year growth rates, and the prices those translate to by 2026.

Persons: Scholaroo, Skylar Olsen, we've Locations: Scholaroo

☆ Almost 40% of first-time home buyers seek out money from their parents, says Zillow's Skylar Olsen
▼ + stars: | 2023-08-23 | 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 EmailAlmost 40% of first-time home buyers seek out money from their parents, says Zillow's Skylar OlsenHosted 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: Zillow's Skylar Olsen, Brian Sullivan, “ Organizations: CNBC

☆ Jokeeta and Donte Marzett make tens of thousands of dollars on every home they flip. They share how they finance their home purchases and remodels — and how to mitigate risks associated with flipping.
▼ + stars: | 2023-08-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

The Marzetts' financing strategyAfter their first flipping experience, the Marzetts decided to continue down the path of house flipping. Hard money lenders are a good option for some because they're easier to obtain a loan from than a bank. One example of how the Marzetts have used a hard money lender is in a house they're currently flipping in Texas. For the remaining cost of the house (around $220,000), they borrowed from the hard money lender, plus another $75,000 for renovation costs. That means they can expect to profit between $80,000-$110,000, depending on final renovation costs.

Persons: Donte Marzett, they've, Donte, They've, Skylar Olsen, Olsen Locations: Texas, Backflip

How much do you need for a down payment on a house? On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. It depends on what type of loan you're getting, but you may need between $9,000 and $60,000 for a down payment on a $300,000 house. A 20% down payment on a house allows you to avoid paying for private mortgage insurance, meaning you'll have a lower monthly mortgage payment and likely a lower mortgage rate as well.

Persons: you'll, Fannie Mae, Freddie Mac, you've Organizations: Service, Phoenix, Fort, Oklahoma, PMI, National Association of Realtors Locations: Oklahoma City, San Jose , California, Wall, Silicon, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Fort Worth , TX, Jose, Columbus, Charlotte, NC, Indianapolis, Seattle, WA, Francisco, Denver, homeownership, Chevron

☆ The 10 most affordable places to live in the U.S.—none are in Florida
▼ + stars: | 2023-07-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

According to U.S. News and World Report, Hickory, North Carolina is the cheapest place to live in the U.S. This month, U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners. The average Hickory home value is $276,748, up 5.3% over the past year, according to Zillow's Home Value Index. Youngstown, Ohio is the second cheapest place to live in the U.S., according to U.S. News and World Report. Since 2010, new businesses have been popping up in its downtown, according to U.S. News and World Report.

Persons: it's, IN, TN Organizations: U.S . News, Black, U.S . Census Bureau, FBI, U.S . Department of Labor, Hickory, Hickory Furniture Mart, Huntsville, AL Fort Wayne, IL, . Census, Tri - State, Istock, Getty Locations: U.S, Hickory , North Carolina, Hickory , NC Hickory , North Carolina, Catawba County, Charlotte, Asheville, Hickory, North Carolina, Youngstown , Ohio, Hickory , NC Youngstown, Huntington, WV, Ashland , KY, IN Beaumont , TX Peoria, IL Green, , WI, IL Knoxville, Pittsburgh, Cleveland, Youngstown, Ashland , West Virginia , Kentucky, Ohio

☆ Piper Sandler upgrades Zillow, sees real estate stock rallying more than 30%
▼ + stars: | 2023-07-11 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Zillow shares have even more room to run despite their hot start to 2023, according to Piper Sandler. Zillow stock has soared 49.3% in 2023. ZG YTD mountain Zillow stock has skyrocketed more than 49% in 2023. We raise '24 revenue by ~2% & EBITDA [earnings before interest, taxes, depreciation and amortization] by 14%," Champion said. Champion also noted that the first quarter of 2023 saw Zillow's Premier Agent gain the most market share since 2018.

Persons: Piper Sandler, Piper Sandler's, Thomas Champion, Champion, Fannie Mae, Michael Bloom Locations: Wall

☆ Mortgage rates falling and time will spur movement in housing market, says Zillow's Olsen
▼ + stars: | 2023-06-30 | 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 EmailMortgage rates falling and time will spur movement in housing market, says Zillow's OlsenSkylar Olsen, chief economist at Zillow, joins 'Squawk on the Street' to discuss why existing homeowners aren't buying other existing homes, why there isn't more movement in the housing market, and more.

Persons: Zillow's Olsen Skylar Olsen

☆ These are the 10 most expensive metro areas in the U.S. for renters—4 of them are in California
▼ + stars: | 2023-06-19 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

The New York City tri-state area ranked as the most expensive on the list. While the average rent in Newark is $1,850 and $2,500 in Jersey City, in New York City it is $3,610, according to Zillow's rental manager. The metro area of New York City, N.Y., Newark, Jersey City, N.J ranked as the most expensive for renters. 2 on the list is the Miami, Fort Lauderdale and Pompano Beach, Florida metro area. The Oxnard, Thousand Oaks and Ventura area in California ranked third on the list.

Persons: Payscale, Alexander Spatari, John Elk Iii Organizations: New, Urban, Washington D.C, The New York City, Thousand Oaks, Bank, Getty Locations: New York City, N.Y, Newark, Jersey City, N.J, Miami, Fort Lauderdale, Pompano Beach, Fla, Oxnard, Thousand Oaks, Ventura, Calif, San Diego, Chula Vista, Carlsbad, Urban Honolulu, Hawaii Los Angeles, Long Beach , Anaheim, Napa , Calif, Naples, Marco Island, Washington, Arlington, Alexandria, Virg . Bridgeport , Stamford , Norwalk, Conn, Pompano Beach , Florida, Florida, California

☆ Low housing supply could squeeze home prices up 5% in 2023 even though mortgage rates have spiked, Zillow economist says
▼ + stars: | 2023-06-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Low housing inventory will squeeze prices higher, according to Zillow's chief economist. Goldman Sachs also recently revised its 2023 outlook for home prices up from a 6.1% plunge to just a 2.2% fall, citing "the tailwind from tight housing supply." Demand for housing tends to fall when the cost of borrowing to buy a home rises, driving down prices. Olsen's 5% home-price growth target clashes with most of Wall Street, with Goldman and other banks still forecasting declines. Read more: Wall Street is divided on the outlook for US house prices.

Persons: Skylar Olsen, ”, —, she's, CNBC's, Olsen, Goldman Sachs, Freddie Mac, Goldman, Elon Musk, Jeremy Siegel Organizations: Service

☆ Home prices could grow as much as 5% this year, says Zillow's Skylar Olsen
▼ + stars: | 2023-06-12 | 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 EmailHome prices could grow as much as 5% this year, says Zillow's Skylar OlsenSkylar Olsen, Zillow chief economist, joins 'Closing Bell Overtime' to discuss the state of the housing market, risk in real estate, and high rent prices hitting consumers.

Persons: Zillow's Skylar Olsen Skylar Olsen

☆ Home flippers are still booking nice profits, if they can find the right house
▼ + stars: | 2023-06-07 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Home flips are generating more profit but on fewer properties, according to Toorak Capital Partners. The investors, Beacham said, just have to be pickier. Investors are far more discriminating of the limited inventory because they see their own costs rising, Beacham said. Flippers have to be more mindful of the slowdown in home price appreciation, or home price declines, too. To be sure, some of the risks for flippers have eased, according to Beacham.

Persons: —, John Beacham, Beacham, Aria Khosravi, who's, Alan Blue, Insider's Kathleen Elkins, Topping, Khosravi Organizations: Toorak Capital Partners, Service, Toorak, KKR, Investors, US Bureau of Labor Statistics Locations: Toorak

☆ US home prices just jumped for the second-straight month, suggesting the housing downturn could be over. Here are the 6 cities where prices are rising the fastest.
▼ + stars: | 2023-05-31 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

In the 20-city version of the index, all 20 of the cities saw home prices rise month-over-month. "That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months." "A shortage of listings, plentiful jobs, and strong wage growth are largely offsetting the headwind to housing from high mortgage rates," Adams told Insider. Their reasons include high mortgage rates, historically low affordability, and a potential recession. Below, we've listed in descending order the six cities in the Case-Shiller 20-city index that posted month-over-month growth of at least 2%.

Persons: Craig J, Lazzara, Bill Adams, Adams, Suisse's Ray Farris, Rosenberg Research's David Rosenberg, Ian Shepherdson, American Enterprise Institute's Desmond Lachman, Skylar Olsen Organizations: Home, NSA, Redfin, Comerica Bank, American Enterprise Locations: Denver, Detroit, San Francisco, San Diego, Seattle, Minneapolis, West Coast, Miami , Florida, Tampa , Florida, Charlotte, North Carolina

☆ The Real Reason Rent Costs Are Sky High: People Left Their Roommates
▼ + stars: | 2023-05-10 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

Though rent growth has slowed in recent months, renters in large cities are still feeling the effects of the 2021-22 rent boom. Residents of these places are now asking the question: If so many people left, why is my rent still so expensive? The first was outbound migration, which led to weaker housing demand in city centers. "High house prices, high rents, and rising interest rates are probably pushing back against household formation," Ozimek told me. If more employees keep adopting remote work — which, I'll admit, is a big "if" — that indicates housing demand is bound to increase.

☆ A chief economist who called the 2008 housing crisis says home prices are set to drop another 15% as falling mortgage rates and a recession will create a supply-demand imbalance
▼ + stars: | 2023-05-09 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

This will drag 30-year mortgage rates — which track closely with 10-year Treasury rates because they typically have a lifespan of around 12 years — down to 6% or lower. One might argue that falling mortgage rates would also stimulate demand enough to meet the rise in supply, holding prices relatively steady. Now that's quite striking because mortgage rates are no longer at peak, but mortgage applications are still falling. Tight monetary policy and a pullback in lending will lead to a cooling labor market, he said, and that's bad for housing demand. Below is the National Association of Realtors' Housing Affordability Index, which takes into account incomes, home prices, and mortgage rates.

☆ The trendiest thing that adds value to your home – and livens up your summer BBQ: a pizza oven
▼ + stars: | 2023-05-06 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Pizza ovens tend to add more value to a home than they cost, with pricier models reaching $11,000. According to the report , having a pizza oven in your listing description can score you extra dough at selling time. Courtesy of the WatanabesThe desire for pizza, and pizza ovens at home, is only growing. Why pizza oven popularity is panning outKristi Jenkins, a Seattle-area broker for The Agency, showed her clients a $3.4 million home in Fall City, Washington — a 30-minute drive east of Seattle — with a large outdoor living space equipped with a Forno Bravo pizza oven. Douglas Elliman RealtyBianculli's pizza oven is a part of his kitchen and is connected to one of six fireplaces in the house.

☆ The 11 neighborhoods Zillow users are most obsessed with — and how much homes cost in each locale
▼ + stars: | 2023-04-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

The website HouseFresh identified the most popular neighborhoods with Zillow home shoppers. Home shoppers searched and viewed houses in these areas the most on Zillow. Read on for the top 11 locations, which are scattered throughout the South and West. A new report from HouseFresh, an indoor air quality advisory website, has ranked the neighborhoods that Americans find the most interesting. The majority of neighborhoods that make up HouseFresh's list have median home values that surpass the national average of $334,269, according to Zillow.

☆ There's an unusual decline in housing inventory that's preventing home prices from falling further
▼ + stars: | 2023-04-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

New listings of homes for sale are down more than 20% nationwide, according to Redfin. "The lack of new listings is driving an unseasonal decline in the total number of homes for sale." Nearly half of homes on the market sell within two weeks, the highest portion in almost a year. "The lack of new listings is driving an unseasonal decline in the total number of homes for sale." "High mortgage rates have caused some homebuyers to bow out of the market," Redfin deputy chief economist Taylor Marr said.

☆ GOP megadonor Harlan Crow isn't charging Clarence Thomas' mother rent. Zillow estimates suggest that would have saved her $155,000 since 2014.
▼ + stars: | 2023-04-17 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

GOP megadonor Harlan Crow bought SCOTUS justice Clarence Thomas' mother's house in October 2014. Thomas' mother still lives there rent-free, CNN reported. And that deal may have saved her more than $150,000 in rent for the property, according to Zillow estimates. According to Zillow's estimates for what the property would cost to rent, Williams could have saved as much as $154,900 over the years. ProPublica reported that after the sale, renovations equating to thousands of dollars were made to the home, including a repaired roof and a new carport.

Search resuls for: "Zillow's"

25 mentions found