Home Real Estate Marketing

Real Estate Marketing

Here’s where homeowners are relocating

According to Redfin’s migration analysis, 25% of home searchers looked to relocate to another metro in the fourth quarter of 2018. This percentage is a slight increase from 23% in 2017, and now sits at the highest recorded level in the report's history. The migration report utilized data from Redfin’s website, gathering information from more than 1 million users who searched for homes across 87 metros, from October through December. In fact, Redfin states all of these metros saw their outflows (people moving away from the area) dramatically increase from the previous year, especially in San Francisco. In this metro, 24% of Bay Area Redfin users were searching for homes in another metro, which is an uptick from 19% during the same time period in 2017. However, Denver made the biggest move up 2017’s list, as 24% of Denverites searched for homes outside the metro, climbing from 17% the previous year. Interestingly, although Seattle’s market continues to be one of the most expensive in the nation, its net inflow (the number of people moving into an area) surged in Q4, making it the fifth-most popular migration destination. “In both Seattle and Denver prices were growing rapidly in 2017 and early 2018 to the point that buyers backed off in the second half of 2018,” Redfin Chief Economist Daryl Fairweather said. (Click to enlarge) NOTE: Redfin's sample-sized users must have viewed at least 10 listings during the quarter. In order to calculate net inflow and outflow, Redfin took the number of users looking to leave the metro area and subtracted the number of users looking to move to the metro area from another metro area.

Zillow awards $1 million prize for making Zestimates more accurate

LendingReal EstateValuationsTechnology Claims contest winners’ algorithm improves Zestimate accuracy The Zestimate that appears on every listing on Zillow is about to get a little closer to the expected sales price of a house, and all the online real estate giant had to do is give away more than $1 million. According to Zillow, the winning team beat the Zillow benchmark model by approximately 13%. The winning team includes data scientists and engineers from around the world: Chahhou Mohamed of Morocco, Jordan Meyer of the United States, and Nima Shahbazi of Canada. As a result of Mohamed, Meyer, and Shahbazi’s efforts to beat the Zestimate, the team will be awarded $1 million. Beyond that, Zillow also awarded $100,000 to the second-place team, and $50,000 to the third-place team. Zillow said that it will incorporate parts of the winning team’s model, along with other contest entries, to improve the accuracy of the Zestimate that appears on the listings for 110 million homes on Zillow. According to Zillow, the improvements to the Zestimate will decrease its current nationwide error rate of 4.5% to less than 4%, meaning that half of all Zestimates will be within 4% of the selling price, and half will be off by more than 4%. “We’re so proud that the winning team’s huge achievement, and the work of all the teams in the competition, will provide millions of homeowners with a better understanding of one of their biggest life investments.” According to Zillow, the winning team’s algorithm utilized several “sophisticated machine learning techniques, including using deep neural networks to directly estimate home values and remove outlier data points that fed into their algorithm.” Additionally, the winning team made use of publicly-available, external data including rental rates, commute times, and home prices, among other types of contextual information, like road noise, all of which are variables that factor into a home’s estimated value. “It’s amazing to know that millions of people will benefit from our ideas,” Shahbazi said. For every idea that worked, there were a hundred that didn't work.

These 3 U.S. cities make list of world’s 10 least affordable housing markets

Among the top 10, San Jose ranked No. 6 and San Francisco No. 8. on a list compiled and released this week by urban planning consulting firm Demographia. For the ninth consecutive year, Hong Kong claimed the top spot as the least affordable city in the world. By comparison, the median property price was 9.4 times the median household income in San Jose, 9.2 times in Los Angeles and 8.8 times in San Francisco. But, the U.S. is also home to all of the nine major affordable markets on Demographia’s list. Among the most affordable major housing markets in the world, Pittsburgh and Rochester, New York, were tied for No. 1, followed by Oklahoma City; Buffalo, New York; Cincinnati; Cleveland; St. Louis; Indianapolis and Detroit. Here are the least affordable housing markets in the world: (Cities are listed by median home price as a multiple of median income.) Hong Kong……….20.9 Vancouver…….….12.6 Sydney……….…...11.7 Melbourne…….....9.7 San Jose……...…9.4 Los Angeles……...9.2 Auckland………....9 San Francisco…...8.8 Honolulu………....8.6 London………......8.3 Toronto……...…...8.3

Marketing Strategy: How To Leverage Instagram’s Three Key Algorithm Features

If you’re a competitive business, you’re on social media. I've worked with businesses who've just created their first Instagram page and clients with an audience of over 3 million raving fans. Relationships Instagram is a social platform. Proactively engaging with other users on the platform and followers of your page through likes, tags and comments can show that you've created a meaningful relationship between users. The more human your brand feels (from real, authentic interactions), the more your fans can develop an authentic relationship with you. With this in mind, note that creating a content calendar and posting schedule of evergreen content as well as curated content can help your Instagram profile grow. You also want to make sure that you schedule this content at peak times of the day for social media posting — in the time zone you're trying to target. Make sure you actively engage with your audience and you post content that’s going to excite people and prompt a quick engagement when they see it on their feed. Bonus Factor: Authenticity There are many services out there that will promote social proof (through fake followers, likes and interactions). Focus on real and authentic engagement, and your audience will be likely to grow naturally.

These are the best housing markets to pay off debt

In 2018, American consumer debt reached a whopping $4 trillion, contributing to tightening affordability concerns in the housing sector. In fact, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index, housing affordability sat at a 10-year low in the third quarter of 2018. As the cost of living is often a significant factor in determining where people choose to live, homeowners often seek out more affordable markets. LendingTree recently released a report that highlighted the best U.S. metros for paying off debt. According to the company's data, the top metros had a rent-to-income ratio below 20%, and all but one had a below-average price on goods and services. 1 metro in the country for paying down debt, with a score of 77.2. The company calculated this total by comparing factors related to residents’ abilities to pay down debt in the 50 largest metros across the country. Notably, Milwaukee and Minneapolis followed closely behind with scores of 75.6 and 75.5, respectively. Residents living in Detroit and Los Angeles were also challenged, with scores totaling 40.8 and 42.3, respectively. The image below shows which metros are the best for paying off debt: (Click to enlarge) (Source: LendingTree) NOTE: LendingTree scored cities based on factors including credit rate, household income, unemployment rate, price parity for goods and services and more.

Home prices are rising faster than wages in 80% of U.S. markets

Climbing home prices and less than significant increases in wage growth have contributed to renting becoming a more affordable option for Americans, according to ATTOM Data Solutions' latest Rental Affordability Report. In 59% of U.S. metros studied, renting a three-bedroom property is less expensive than purchasing a median-priced home. That’s a whopping 442 out of the 755 counties, according to the report. Notably, ATTOM discovered that renting is also a more affordable option in 18 of the nation’s most populated counties and 93% of counties with a population consisting of more than 1 million people. “With home price appreciation increasing annually at an average of 6.7% in those counties analyzed for this report and rental rates increasing an average of 3.5%, coupled with the fact that home prices are outpacing wages in 80% of the counties, renting a home is clearly becoming the more attractive option in this volatile housing market,” ATTOM Data Solutions Director of Content Jennifer von Pohlmann said. In fact, median home prices increased at a faster pace than average weekly wages in 601 of the 755 counties analyzed in its report. Furthermore, home prices outpaced rents in 70% of housing markets, and median home prices rose faster than average fair market rents in 531 counties, according to ATTOM. That being said, 76% of the 469 counties analyzed in ATTOM's Home Affordability Report posted an affordability index below 100 in Q4 of 2018, according to ATTOM’s analysis. “With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream,” Pohlmann concluded. NOTE: The Rental Affordability Report analyzes average rental data for three-bedroom properties in 2018 and early 2019 from the U.S. Department of Housing and Urban Development, along with wage data from the Bureau of Labor Statistics.

Understanding How Millennials Respond To Your Marketing Efforts

How do you market to a generation that lives and works differently than any other generation before it? That’s the challenge that digital marketers are currently facing when it comes to grabbing the attention of the generation known as Gen Y, the selfie generation, the always-on generation or, the term most commonly used, millennials. Here’s what we know about millennials. Millennials are expected to be America's largest generation by 2019, which means they make up a fair share of the marketing audience. Millennials shop differently than past generations. The millennial generation knows how to take advantage of technology to get the best quality for the best price. I’ve also learned that millennials are social media mavens. When they have a great experience with a product or service, they’re happy to let their peers know about it on social media. Millennials have caught on to the idea that most stores will price match, so they have come to expect it. Businesses that actively support and promote a greener economy will get millennials to take a breather from scrolling and learn more about what the company has to offer.

Home price growth slows in most states

The latest data from Black Knight reveals that home price growth has slowed in 33 states and in 71 of the nation’s 100 largest markets. Annual gains decelerated by 1.3% from February to October, according to Black Knight’s latest Mortgage Monitor report. October saw growth flatten to just 0.01%, down significantly from February’s four-year high of 6.7%. (See map below for nationwide declines in home price appreciation; click to enlarge.) The report notes that home price appreciation from July through October was the most tepid four-month stretch in nearly four years. And, while the slowdown is apparent across much of the nation, the west saw the most deceleration, with California the standout as price growth fell below the national average for the first time since early 2012. In February, home prices in California were up 10%, but fell to less than 5% by October, a trend Black Knight said is likely driven by lack of affordability. Washington saw similar declines, falling from February’s 12.4% to 7.5% in October. Now, Nevada, Idaho and Utah have the highest appreciation rates in the nation, with home prices in all three states up at least 10% from last year, while the majority of states have seen growth in the 5-8% range over the last year. (See map below for annual home price appreciation nationwide; click to enlarge.)

How Instagram Analytics Can Help Boost ROI in 2019

To help you strategize for 2019, we’re looking at three key Instagram analytics that can help you improve and develop your overall marketing strategy and drive more traffic your business. Engagement rates Knowing what kind of Instagram content resonates best with your audience could help you plan your content calendar and marketing strategy for the future. There’s no hard-and-fast rule when it comes to measuring your engagement rate, but most marketers will agree that it’s usually based around this calculation: divide the total number of likes and comments by your follower count, which will give you a percentage. Or you can use tools or apps dedicated to deciphering your Instagram Analytics, which will automatically calculate your engagement rate for each post so you can get a snapshot of what content ranks top of the list month after month. Your exposure on Instagram is linked to your post’s engagement levels. By paying particular attention to your engagement rate and the content themes that performed the best, you’ll find strong indicators from your target audience of where you should be investing your time, energy and budget. But with Instagram Analytics, you can focus on your click-through rate and the effectiveness of your link placement with Instagram Stories’ swipe-up feature and your link in bio if you want to drive traffic to your business’ site. Small changes to how you present your bio link will help drive your audience from your Instagram feed to your business website, where they can get more information, make a purchase or browse your brand in more detail. Monitoring the click-through rates of your Instagram Stories helps determine what content works best for driving sales to your website. By focusing on identifying your audience’s behavior patterns, gathering customer feedback and pinpointing what content resonates most with your followers, you’ll be armed with the best information to strategically invest in the future.

How Social Media Is Being Used to Sell Real Estate

Millennials now make up 66 percent of the market for first-time homebuyers, and 99 percent of those looking for homes use the internet to research properties. House hunters are now including property-related hashtags and social media feeds in their searches, and that’s only the tip of the iceberg. 86 percent of home shoppers say they would use video to learn more about a specific community they are considering. How does a home seller use social media platforms like Instagram or Snapchat to move real estate? 69 percent of real estate agents use Facebook because it works. Chances are, it may resonate with a buyer. When 300 hours of video are uploaded to YouTube every minute, it’s essential to create content that differentiates you from the rest of the real estate crowd. This is great for experimenting with different hashtags, captions or photography styles. Make sure to max out your hashtags (you can have up to 30) to tap into that ever-expanding community. You never know when a potential homebuyer may be scrolling through your feed.

TRENDING

5 Mortifying Reasons Mortgage Applications End Up in the ‘Reject’ Pile

Picture this nightmare: You apply for a mortgage, but your application gets rejected. Sadly, this is a reality for some home buyers. It's also a way to establish a credit history that shows you've got a solid track record paying off past debts. While a poor credit history riddled with late payments can certainly call your application into question, it's just as bad, and perhaps worse, to have little or no credit history at all. There’s a silver lining, though, for those who don’t have credit established. New credit card applications can ding your credit score by up to five points, says Beverly Harzog, a consumer credit expert and author of “The Debt Escape Plan.” That hit might seem minuscule, but if you’re on the cusp of qualifying for a mortgage, your new credit card could cause your loan application to be denied by a lender. So, the lesson is simple: Don’t open new credit cards right before you apply for a mortgage—and, even if your lender says things look good, don't open any new cards or spend oodles of money (on, say, furniture) until after you've moved in. You missed a medical bill Credit cards aren't the only debt that count with a mortgage application—unpaid medical bills matter, too. Problem is, mortgage lenders like to see at least two years of consistent income history when approving a loan. But if you’re gainfully employed and just considering changing jobs, you’ll want to wait until after you close on a house so that your mortgage gets approved.