The digital real estate platform Opendoor is opening a 100,807 square-foot space in Tempe, Arizona, to serve as the company’s regional hub.
The space will support over 500 jobs.
Read MoreSan Francisco Tech Company Expands in Tempe
Tag: real estate
Buyers Need 40 Percent More Income to Buy a Home in Top Metro Areas: Report
Demand for homes in certain areas of the country has caused supply to dwindle, prices to skyrocket and buyers needing nearly 50% more income than they would have last year to even enter top markets, according to a report by the real estate brokerage firm, Redfin.
“Housing is significantly less affordable than it was a year ago because the surge in housing costs has far outpaced the increase in wages, meaning many Americans are now priced out of homeownership,” Redfin Deputy Chief Economist Taylor Marr said.
Read MoreVirginia Husband and Wife Realtor Team Plead Guilty to Federal Wire Fraud Charge, Now Await Sentencing
A husband and wife realtor team from Abingdon, Virginia, pleaded guilty Wednesday to federal wire fraud charges related to their scheme to create fake residential sales contracts in order to obtain advance sales commissions to which they were not entitled, according to a press release by the Western District of Virginia U.S. Attorney’s Office.
Read MoreAverage Home Price in Williamson County Rises over $1 Million as Real Estate Values Continue to Climb
The average home price in Williamson County has surpassed $1 million, according to data compiled by the Williamson County Association of Realtors.
Read MoreU-Haul Data Ranks Tennessee as Top Three State for Yearly Migration Trend
Tennessee ranked third in the nation for growth in moves to the state in the year 2021 according to a press release by the moving company U-Haul. The ranking is based on the company’s yearly U-Haul Growth Index which analyzed the net gain of one-way entry to states for the year.
Read MoreNashville Real Estate Hottest in the U.S., RE/MAX Says
Nashville real estate is selling in 12 days on average, according to The RE/MAX National Housing Report for November 2021. The rate, which is the fastest of any other metro area in the county, is twice as quick as the overall average rate in November which is 29 days.
Read MoreHome Prices Soar in Third Quarter as Housing Market Remains Hot
Median home prices surged in the third quarter of 2021 in almost every housing market in the U.S., the National Association of Realtors said in a report Wednesday.
The median price of a single-family home increased in 182 out of the 183 markets tracked by the National Association of Realtors (NAR). Prices grew by 10% from the previous year in 78% of the 182 markets.
Read MoreForeclosures Reportedly Spike as Pandemic Mortgage Benefits End
Home foreclosures across the U.S. are starting to spike as COVID-19 pandemic benefits begin to expire, CNBC reported.
Private mortgage lenders started the foreclosure process on 25,209 homes in the third quarter of 2021, a 32% increase from the previous quarter and a 67% increase from the third quarter of 2020, according to mortgage data firm ATTOM, CNBC reported.
Read MoreEntire Town in Historic Tennessee Region Up for Sale
The small town of Water Valley in Maury County, Tennessee has been listed “for sale.” Over the span of 7 acres, four stores from the early 1900s, a barn, a residence and a creek are on the market for $725,000.
Read MoreCommentary: Real Estate Scams Are on the Rise as the Housing Market Remains Hot
When Jeff, a retired marketing consultant from Chicago, was closing on his home sale, he received a new set of instructions at the last minute on where to send several thousand dollars in closing expenses. At first blush, the email looked legit with an official-looking logo and professional language specifying the amount owed and itemized expenses. But one thing caught his eye: The email address looked strange. Just to be safe, he called his mortgage broker.
“Don’t do that!” his broker told him in an alarmed voice. It was a scam. If he hit “send,” his closing fees would go to a thief who had been monitoring his emails. “I was a keystroke away from losing thousands of dollars,” Jeff recalled.
As the housing market sizzles across the country – with nearly 6 million homes bought last year – scammers have been finding new ways to tap into this once-secure market. Real estate transactions still demand reams of paperwork and regulations involving lawyers, brokers, title insurance companies and banks, but the fact that much of this work now takes place online gives thieves countless opportunities to exploit vulnerable buyers. Last year, more than 11,000 homeowners were scammed out of more than $220 million in closing funds alone, according to the American Land and Title Association, a trade group that represents professionals who perform property transactions.
Read MoreStock Market Nosedives as Massive Sell-Off Continues
Major stock market indices plummeted Monday in a continuing sell-off tied to China’s declining property value, increasing COVID-19 cases and lack of progress in Congress on increasing the debt limit.
The Dow Jones Industrial Average (DJIA), an index measuring 30 major U.S. corporations, dropped 1.78% on Monday. The S&P index, which measures 500 of the largest publicly traded companies, fell 1.7%, while the NASDAQ, an index composed largely of technology firms, declined 2.19%.
Read MorePhoenix Housing Market Booms as Migration from California Continues
Phoenix was the most popular migration destination in the second quarter of 2021 for users of Redfin.com, a technology-powered real estate broker, who were looking to move to a different major city.
In Phoenix, institutions or businesses that purchase residential real estate, known by Redfin as investors, purchased 24.5% of homes sold in the second quarter of 2021. Redfin said that out of the 41 U.S. metropolitan areas analyzed, Phoenix had the highest percentage of home purchases by investors. The Valley was followed closely by Miami, Atlanta, Charlotte, North Carolina, and Las Vegas.
Read MoreHousing Prices Hit Record Highs, Up 23 Percent as Buyers Struggle
House prices are at their highest point ever as the housing market continues to boom, leaving some buyers struggling to afford a home, according to a real estate group.
The median existing-home price topped $350,000 for the first time in May, a 23.6% increase from a year earlier, according to a Tuesday report from the National Association of Realtors (NAR). While existing-home sales fell 0.9% from April to May, prices continued to increase as supply struggled to meet demand.
A combination of home buyers leaving cities, low interest rates, and constrained housing supply has caused prices to skyrocket, according to a report from Redfin. While the market has benefited sellers, some buyers have been priced out, the The Wall Street Journal reported.
Read MoreCrom Carmichael Weighs in on Oracle Move and Middle Tennessee’s Real Estate Quandary
Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael in studio to discuss Oracle’s big move to Nashville’s East Bank and the consequences of a real estate boom in Middle Tennessee.
Read MoreMayor of Maury County Andy Ogles Talks About County Growth, Conservative California Refugee’s, and Being Accessible
Tuesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed Maury County Mayor Andy Ogles to the studio to discuss his county’s growth, real estate market trends in the county, California conservative refugees, and being accessible to his constituents.
Read MoreBLM Co-Founder’s Consulting Firm Goes Offline as Reports Expose Her Multimillion Dollar Real Estate Buying Spree
The website for a consulting firm owned and operated by Black Lives Matter Global Network co-founder and executive director Patrisse Khan-Cullors went offline recently amid reports that she’s in the midst of a multimillion-dollar real estate buying spree.
The firm, Janaya and Patrisse Consulting, LLC, is named after Khan-Cullors and her spouse, Janaya Khan. The firm stated on its website, which the Daily Caller News Foundation reviewed on Friday, that it specialized in “Transforming Organizations One Strategic Planning Session at a Time.”
Khan-Cullors, a self-described “trained Marxist,” has purchased four homes across the U.S. since 2016 for a total of $3.2 million, according to the New York Post. Her latest acquirement came on March 30 with the purchase of a $1.4 million home in the Topanga Canyon neighborhood in Los Angeles through a corporate entity under her control, according to a celebrity real estate news site.
Read MoreTop BLM Activist Demands Investigation Following Co-Founder’s Multimillion Dollar Real Estate Buying Spree
A top Black Lives Matter activist called for an “independent investigation” into the group’s finances following a report that the group’s co-founder is in the midst of a multimillion-dollar real estate buying spree.
BLM Global Network Foundation co-founder and executive director Patrisse Khan-Cullors, a self-proclaimed “trained Marxist,” has purchased four homes across the U.S. since 2016 for a total of $3.2 million, according to the New York Post.
Khan-Cullors latest acquisition came on March 30 when she purchased a $1.4 million home in Los Angeles in the majority-white Topanga Canyon neighborhood. She purchased the home through a corporate entity under her control, according to Dirt, a celebrity real estate blog.
Read MoreHousing Inventory Remains Sharply Down, Fueling Months-Long, White-Hot Real Estate Market
Housing inventory in the U.S. remains significantly low, driving a white-hot market in which buyers continue to resort to aggressive buying tactics such as inspection-free transfers and hugely inflated offering prices.
Data from the Federal Reserve show housing inventory began declining last summer before dropping sharply in October. From over 1,550,000 units in May of last year, the Fed says stock has dropped to just above 1,000,000.
Read MoreMetro Nashville Council Approves $14M for River North Development
The Nashville government has pledged almost $14 million for infrastructure for the first phase of development of a project in River North.
River North is a section of East Nashville’s East Bank that Metro Nashville is trying to redevelop, according to the city’s Planning Department website.
Read MoreAverage California Home Expected to Cost $1 Million by 2030
The average home in California is expected to be valued at more than $1 million by 2030, according to research by RenoFi, an online company that specializes in home loans for renovation projects.
California has outpaced the national average for increasing home prices over the past decade, growing 78 percent and sending the average home value from $331,000 in 2010 to $598,000 today.
Read MoreEdina Realty Fires Agent for Taking Down Black Lives Matter Signs Outside Apartment
Edina Realty fired one of its agents last week after she posted on Facebook about removing Black Lives Matter signs from light poles outside her apartment building.
The real estate agency was informed via a Facebook comment that Babette Gillet Bean, a longtime employee of the company, had “actively participated in the removal of BLM signs that have been posted in her neighborhood.”
Read MoreAfrica-Based Cybercrime Conspiracy Busted For Stealing $15 Million From Memphis Businesses
Eight cyber-criminals have been arrested in an Africa-based “cybercrime and business email compromise (BEC) conspiracy” for stealing $15 million dollars related to real estate transactions from businesses and individuals in Memphis. Of the five cyber-criminals arrested in the U.S. three were citizens from Mexico, Ghana and Nigeria, and two were Americans. U.S. officials are…
Read MoreNashville Becoming ‘Chic Urban Playground for the Wealthy,’ Vanderbilt Professor Tells Wall Street Journal
The Wall Street Journal has taken notice of how Nashville is becoming gentrified and is in danger of becoming a “chic urban playground for the wealthy.” James Fraser, an urban studies professor at Vanderbilt University, told The Wall Street Journal the city needs 30,000 more units of affordable housing and…
Read MoreCould Downtown Nashville Scrap Metal Recycling Site Move After Nearly 70 Years?
PSC Metals is looking to move its scrap-metal recycling operations from its valuable downtown Nashville site on the riverfront and relocate its corporate headquarters to Music City as well, the Nashville Post reports. The company would move its recycling center near Nissan Stadium to somewhere else in Davidson County, the Post…
Read MoreNew Home Sales Skyrocket to 10-Year High in September
Sales of new single-family homes spiked in September, hitting their highest level in a decade after months of declines and sluggish growth, Commerce Department figures showed Wednesday. The sudden jump in sales came despite tightening supply and rising prices, with home-buyers closing on houses in record numbers in the storm-damaged…
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