Daily Archives: July 24, 2018

U.S. 4G Networks Are Improving Across the Board

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While the United States is one of the leading countries in the world in terms of smartphone penetration, the country’s mobile networks haven’t always been up to speed. According to a global comparison conducted by OpenSignal in Q4 2017, U.S. 4G networks were lagging in terms of average download speed. With an average download rate of 16.3 Mbps, U.S. smartphone users reached less than half the speed of mobile internet users in countries such as South Korea, Norway or Singapore.

While still not on par with the world’s best, a more recent OpenSignal report on the state of mobile networks in the U.S. shows that 4G speeds are improving across all major networks. As the following chart shows, T-Mobile and Verizon have passed the 20 Mbps mark in Q2 2018, with both companies’ customers finding a 4G connection 93.7 percent of the time. AT&T and Sprint both lag behind the national average in terms of download speeds, but both have made significant improvements over the past 12 months.

4G Network Infographic

Redfin Launches Compete Score™ to Help Homebuyers Understand What it Takes to Win a Home in Cities Across the Country

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With a Compete Score of 100, Seattle, San Jose and Fremont, Calif., are the Most Competitive Cities in the U.S.

Seattle, WA – July 24, 2018 (PRNewswire) (NASDAQ: RDFN) Redfin (www.redfin.com), the next-generation real estate brokerage, today announced Redfin Compete Score, a rating of housing competition in cities and neighborhoods on a scale of 0 to 100, where 100 is the most competitive. Compete Score can be found on Redfin.com pages for individual listings as well as on the Home Values page for any city or neighborhood where more than 25 homes were sold in the last year. Redfin is also introducing the first Compete Score Report to calculate the most and least competitive cities and neighborhoods across the country.

Redfin Logo

Because Redfin has a customer database that is used by every agent for every customer at every step of buying or selling a home, Compete Score is determined using data that no other brokerage or website has. Compete Score is calculated using Redfin proprietary data, including the number of competing offers and number of waived contingencies for homes sold by Redfin, as well as data from local multiple listing service (MLS) databases, including the sale-to-list price ratio and number of days on market for homes in that area.

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“Using data and insights that only Redfin has, Compete Score helps home buyers navigate the competition and sellers understand what to expect when listing a home,” said Matt Lerner, Senior Vice President, Product & Design at Redfin. “Compete Score helps sellers understand how long a home could take to sell, whether it’s likely to sell for more or less than the asking price and how to list the home at a price that is likely to attract multiple offers. For buyers, Compete Score helps them understand how aggressive they need to be to win the home they want, including how much to bid, whether they need to waive contingencies and how fast they need to act.”

“Compete Score is an example of how Redfin captures more data than any other brokerage or website. We do this because every customer asks for service via our online tools, and every agent uses those tools to deliver better service, in preparing offers, activating listings, scheduling tours and negotiating sales,” said Glenn Kelman, CEO of Redfin. “No human being could make sense of so much data, but Redfin’s software processes this information to recognize subtle shifts in the market from month to month and neighborhood to neighborhood. As a result, our customers will know when a neighborhood is getting hot, or when the whole market is about to turn, before anyone else.”

The first Compete Score report finds that, among U.S. cities with populations of at least 200,000, the most competitive cities are Fremont and San Jose, Calif. and Seattle. The least-competitive large cities in the U.S. are New Orleans, LA and El Paso, TX. In some cases, desirable neighborhoods may be less competitive than expected because they are more expensive and receive fewer offers.

Most Competitive Cities in the U.S.

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Least Competitive Cities in the U.S.

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“Many of the most competitive cities are technology hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,” said Taylor Marr, Senior Economist at Redfin. “This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”

In looking at Compete Score data for neighborhoods nationwide, more than 100 have a Compete Score of 97 or higher and six have a score of 100, the highest score possible. The vast majority are in the Seattle and San Francisco Bay Areas.

Most Competitive Neighborhoods in the U.S.

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At launch, Compete Score is available for more than 8,200 cities and 13,000 neighborhoods across the country. In order to maintain accuracy, Compete Score is only available in areas where at least 25 homes have been sold within the last 12 months. Redfin will update Compete Score for all areas at the beginning of every month.

To read the full Compete Score report with the complete list of most and least competitive cities and neighborhoods across the country, click here.

To read more about how Compete Score is calculated and how it benefits home buyers and sellers, click here.

About Redfin

Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.

Home Buyers Forego Garages for School Districts

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– 78 percent of buyers gave up home features to get their school district of choice

– Most common compromises include a garage, large backyard, and updated kitchen

– Nearly three-quarters of respondents say good schools were important to their search

Santa Clara, CA – July 24, 2018 (PRNewswire) Today’s seller’s market is forcing buyers to make compromises, but new survey data from realtor.com®, The Home of Home Search℠, shows buyers remain steadfast in their desire for their preferred school districts. In fact, they are willing to give up two of their most desired home features — a garage and updated kitchen — to get into the school district they want.

“Most buyers understand that they may not be able to find a home that covers every single item on their wish list,” said Danielle Hale, chief economist for realtor.com®. “But our survey shows that school districts are an area where many buyers aren’t willing to compromise. For many buyers, ‘location, location, location,’ means ‘schools, schools, schools.'”

The online survey was conducted earlier this month by Harris Research of more than 1,000 people who closed on a home in 2018.

Three-quarters of respondents indicated schools were important in their search

The majority of successful buyers surveyed, 73 percent, indicated school boundaries were important to their search, with 39 percent indicating very important and 34 percent important. Only 18 percent said they were unimportant or very unimportant, and 9 percent of buyers were neutral on the question.

The desire for particular schools varied significantly by life stage and age. Ninety-one percent of buyers with children said that school boundaries were important or very important, compared to 34 percent of those without children. Similarly, younger buyers were more likely to say that schools were important. Eighty-four percent of those 35-54 years old and 86 percent of those 18-34 years old indicated they were important, compared to 37 percent of buyers 55-plus. More than half of older buyers 55-plus said school boundaries were unimportant or very unimportant.

Buyers compromise on their top home features for good schools

Seventy-eight percent of buyers for whom schools were important and who were able to get into their preferred district said they had to compromise on home features; 22 percent did not. The features they most commonly reported giving up were a garage (19 percent), a large backyard (18 percent), an updated kitchen (17 percent), desired number of bedrooms (17 percent), and an outdoor living area (16 percent). According to realtor.com’s spring home buyer survey a garage was the No. 1 feature home buyers were looking for this year, followed by an updated kitchen, and an open floor plan.

Older buyers were less likely to say they had to compromise with 42 percent of buyers 55-plus reporting they made no compromises, compared to 21 percent of 35-54 year-old buyers and 17 percent of buyers aged 18-34.

Back-To-School Infographic (PRNewsfoto/realtor.com)

Back-To-School Infographic (PRNewsfoto/realtor.com)

Buyers define good schools by test scores and accelerated programs

Test scores were the factor most often selected by buyers as a hallmark of a good school (59 percent), followed by having accelerated programs (53 percent), arts and music (49 percent), diversity (43 percent), and before- and after-school programs (41 percent).

Younger buyers were more likely than older buyers to cite diversity as a factor that makes for a good school — 49 percent for 18-34 year-olds, compared to 37 percent for 55-plus. More older buyers placed importance on whether a school has accelerated programs — 62 percent for 55-plus vs. 50 percent for buyers under 55.

Buyers looking for homes in a specific district or school boundary, can search specifically within these parameters on realtor.com.® Buyers simply enter the name of a school or district into the search box on the realtor.com® home page. Homes within the area are then presented on a map with a “pin” showing the school name and location.

For more information about the survey, please visit: www.realtor.com.

About realtor.com®

Realtor.com®, The Home of Home SearchSM, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.

Contact:

Lexie Holbert
lexie.puckett@move.com