Redfin Names the Best College Towns to Buy an Investment Property

Redfin Compiled Median List Prices, U.S. News and World Report Ranking, Tuition Cost and Fees and Walk Score® Data to Find the Top College Towns to Buy an Investment Property

Seattle, WA – April 14, 2017 (BUSINESS WIRE) Investing in a home near a college has some undeniable perks–rent prices are typically stable and there’s always a new pool of tenants looking for rentals. Redfin (www.redfin.com), the next-generation real estate brokerage, narrowed down the most affordable college towns near schools that offer low tuition, a high-quality education and walkability. Redfin’s methodology includes median list price for homes near the school, tuition cost and fees, the most recent U.S. News and World Report ranking and data from Walk Score®, a Redfin company.

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“It’s always great to invest in a location where there is a large pool of tenants, which is exactly what you get when you invest in a property near a school like Georgia Institute of Technology,” said Redfin real estate agent Rory Haigler. “The pool of potential tenants is also stable with new students coming in every year, so a property owner really doesn’t have to worry about where they will find the next tenant. I’ve had a lot of clients looking to invest in property near Georgia Tech, but the problem is that because it’s such a hot market, homes aren’t listed often.”

Here are the 20 best college towns to buy an investment property:

1. Atlanta, Georgia

2. Chapel Hill, North Carolina

3. Baltimore, Maryland

4. St. Louis, Missouri

5. Columbus, Ohio

6. Houston, Texas

7. Philadelphia, Pennsylvania

8. Rochester, New York

9. Pittsburgh, Pennsylvania

10. Cleveland, Ohio

11. Austin, Texas

12. Providence, Rhode Island

13. Madison, Wisconsin

14. Nashville, Tennessee

15. College Park, Maryland

16. Minneapolis, Minnesota

17. Provo, Utah

18. Winston-Salem, North Carolina

19. Ann Arbor, Michigan

20. Chicago, Illinois

To read the full report, complete with more information on each city, please visit: www.redfin.com.

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. 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 $40 billion in home sales through 2016.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.

Contacts

Redfin Journalist Services:
Alanna Finn
(917) 822-5087
press@redfin.com

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Homes in Short Supply as Home Shopping Season Kicks Off

– There are 3 percent fewer homes on the market than a year ago, with the median home value hitting its highest point since June 2007, according to Zillow’s February Real Estate Market Reports

– U.S. home values rose 6.9 percent over the past year to a Zillow Home Value Index (ZHVI) of $195,700 in February.

– Rents rose 1.2 percent over the past year to a Zillow Rent Index (ZRI) of $1,406 per month.

– Inventory shortages will be a big concern for buyers going into home shopping season — there are about 3 percent fewer homes for sale this year than last.

– Minneapolis, Cincinnati and Detroit reported the greatest drop in homes for sale over the past year.

– Mortgage rates on Zillow ended February at 3.89 percent, down from 4.01 percent at the start of the month.

Seattle, WA – March 23, 2017 (PRNewswire) Home values across the country are up 7 percent since last February, with 3 percent fewer homes to choose from than a year ago, making for another competitive home shopping season. The median U.S. home value is $195,700, according to the February Zillow® Real Estate Market Reports(i), the highest value since June 2007.

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Tampa, Fla., Seattle, Dallas and Orlando, Fla. reported the highest year-over-year home value appreciation among the 35 largest metros across the country, all growing in the double-digits. In Tampa, home values rose almost 12 percent to a median home value of $182,100. Home values in both Seattle and Dallas are up 11 percent since last February. High buyer demand coupled with fewer homes for sale is driving home values higher in many of these markets — there are 5 percent fewer homes to choose from than a year ago in Tampa and 11 percent fewer in Orlando.

Across the country there are 3 percent fewer homes on the market than a year ago and many places with rapidly rising home values have inventory shortages in the double-digits. In Seattle, for example, home values are up 11 percent but the selection of homes down 10.5 percent. Millennials will have a big impact on this year’s home shopping season as they start aging into homeownership, especially in booming job markets that are attractive to young homebuyers.

“Low inventory, strong demand and tough competition will be the defining characteristics of this year’s home shopping season,” said Zillow Chief Economist Dr. Svenja Gudell. “Even though interest rates are rising, buyers are eager to start their home search. If you’re a prospective buyer about to enter the market, keep in mind that it’s rare to get the first home you make an offer on, and homes in particularly hot markets frequently sell for over asking price. Buyers should give themselves enough time to get their finances in order and find a real estate agent they know and trust before jumping into the market.”

National median rent across the nation is up 1.2 percent since last February, to a median payment of $1,406 per month. Seattle, Portland and Sacramento, Calif. reported the highest year-over-year rent appreciation among the 35 largest U.S. housing markets. Rents in Seattle are up 7 percent to a Zillow Rent Index(ii) (ZRI) of $2,100. Rents in both Portland and Sacramento are up 5 percent.

Minneapolis, Cincinnati and Detroit reported the greatest drop in inventory since last February. In Minneapolis, there are 18 percent fewer homes on the market than a year ago, and 15 percent fewer in Cincinnati.

In February, mortgage rates(iii) on Zillow ended at 3.89 percent, down from a high of 4.01 percent at the start of the month. The month low was 3.86 percent(iv). Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

Purchase mortgage requests on Zillow are up 7 percent compared to this time last year, indicating that borrowers are moving forward with plans to buy a home amidst rising interest rates. On the other hand, the refinance market is more rate-sensitive, and refinance requests on Zillow are down 69 percent compared to this time last year.

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Zillow

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow and Zestimate are registered trademarks of Zillow, Inc.

(i) The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research/. The data in Zillow’s Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder’s office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/ and www.zillow.com/research/data.

(ii) The Zillow Rent Index (ZRI) is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent. It is expressed in dollars.

(iii) Rates for a 30-year fixed mortgage.

(iv) Month high occurred on February 21, while the month low occurred on February 3rd.

NAR HOME Survey: Economic, Financial Optimism Surges; Renters Lukewarm About Buying

Washington, D.C. – March 15, 2017 (nar.realtor) Multiple years of uninterrupted job gains and hope that the best is yet to come in 2017 are igniting consumer confidence across the country, and especially in rural and middle America, according to new consumer survey findings from the National Association of Realtors®. The survey additionally found a growing disparity among renters who think it’s a good time to buy and homeowners who think it’s a good time to sell.

NAR logo

In NAR’s ongoing quarterly Housing Opportunities and Market Experience (HOME) survey(1), respondents were asked about their confidence in the U.S. economy and various questions about their housing expectations.

In the first three months of 2017, the share of households believing the economy is improving soared to its highest share in the survey’s five-quarter history (62 percent), and is up from 54 percent last quarter and 48 percent in March 2016.

Lawrence Yun

Lawrence Yun

In an extraordinary reversal from previous quarters, NAR Chief Economist Lawrence Yun says the surge in positive sentiment about the economy is primarily from respondents living in the Midwest (67 percent; 51 percent last quarter) and rural areas (63 percent; 43 percent last quarter). Last March, only 49 percent of Midwesterners and 35 percent of those living in rural areas thought the economy was improving.

“Confidence levels generally rise after a presidential election as the nation hopes for the best. Even though it is a highly polarized country, consumers for the most part have upbeat feelings about the economy right now,” he said. “Stronger business and consumer morale typically lead to even more hiring and spending, which in turn encourages more households to make big decisions like buying a home. These positive developments would be especially good news for prospective homebuyers in the more affordable Midwest region.”

Higher confidence in the economy is also translating to better feelings about households’ financial situation. The HOME survey’s monthly Personal Financial Outlook Index(2) showing respondents’ confidence that their financial situation will be better in six months, jumped to its highest reading in the survey, climbing to 62.6 in March from 59.8 in December 2016. A year ago, the index was 58.1.

Affordability and inventory challenges dimming renter optimism

On the cusp of the busy spring season, most households believe now is a good time to buy a home. However, confidence continues to trickle backwards among renters. Fifty-six percent of renters said now is a good time to buy, which is down both from last quarter (57 percent) and a year ago (62 percent). Eighty percent of homeowners (78 percent in December 2016; 82 percent in March 2016) think now is a good time to make a home purchase. Younger households, renters and those living in the costlier West region – where prices continue to spike – are the least optimistic.

“Inventory conditions are even worse than a year ago(3) and home prices and mortgage rates are on an uphill climb,” added Yun. “These factors are giving many renter households a pause about it being a good time to buy, even as their job prospects improve and wages grow. Unless there’s a significant boost in supply levels this spring, these constraints will unfortunately slow or delay some prospective buyers’ pursuit of purchasing a home.”

Led by the West, more homeowners view selling favorably right now

One promising trend that could alleviate supply shortages is the notable bump in the share of respondents this quarter who believe now is a good time to sell a home. Sixty-nine percent of homeowners think now is a good time to sell, which is up from last quarter (62 percent) and a year ago (56 percent). Continuing the trend over the past year, those in the West continue to be the most likely to think now is a good time to sell (77 percent), while also being the least likely to think it’s a good time to buy (61 percent).

William E. Brown

William E. Brown

NAR President William E. Brown, a Realtor® from Alamo, California, says homeowners looking to trade up or move down this spring could find themselves in a tricky spot without careful planning and a reliable expert on their side. “Demand far outpaces supply in many parts of the country right now, which means homeowners will likely sell their home much quicker than the time it takes to buy another,” he said. “Before listing, it’s best to have a carefully crafted plan in place. In addition to assisting in the hunt for a new home, a Realtor® is an invaluable negotiating partner in the common situation where a buyer’s new home purchase is contingent upon selling their property currently up for sale.”

About NAR’s HOME survey

In January through early March, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report and a total of 2,698 household responses are represented.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1. NAR’s Housing Opportunities and Market Experience (HOME) survey tracks topical real estate trends, including current renters and homeowners’ views and aspirations regarding homeownership, whether or not it’s a good time to buy or sell a home, and expectations and experiences in the mortgage market. New questions are added to the survey each quarter to reflect timely topics impacting real estate.

HOME survey data is collected on a monthly basis and will be reported each quarter. New questions will be added to the survey each quarter to reflect timely topics impacting the real estate marketplace. The next release is scheduled for Monday, June 12, 2017 at 10:00 a.m. ET.

2. Index ranges between 0 and 100: 0 = all respondents believe their personal financial situation will be worse in 6 months; 50 = all respondents believe their personal financial situation will be about the same in 6 months; 100 = all respondents believe their personal situation will be better in 6 months.

3. Total housing inventory at the end of January was at 1.69 million existing homes available for sale, which is 7.1 percent lower than a year ago (1.82 million) and has fallen year-over-year for 20 straight months.

Media Contact:

Adam DeSanctis
(202) 383-1178
Email

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