Hispanic Homeownership Rate Increases for Fifth Consecutive Year

SAN DIEGO (STL.News) – The homeownership rate among Hispanics increased for the fifth consecutive year in 2019 as Hispanics continue to be the primary driver of growth in the nation’s housing market, according to recently released data from the U.S. Census Bureau and an upcoming report from the National Association of Hispanic Real Estate Professionals® (NAHREP®).

Growth in homeownership, household formations, and labor force participation among Hispanics continues to outpace other demographic groups, according to NAHREP’s annual State of Hispanic Homeownership Report, which is scheduled to be published in March 2020. The report highlights the critical role Hispanics have played in the U.S. economy over the past decade and the importance of increased consumer and industry investment in the Hispanic housing market. The 10th anniversary edition of the report will include a more in-depth review of Hispanic purchasing patterns, buyer nuances and geographic concentrations.

Key data points revealed in the report include:

The Hispanic homeownership rate increased to 47.5 percent in 2019, the fifth consecutive yearly increase. While this is still below the overall U.S. homeownership rate, Hispanics are the only demographic group to record an increase in each of the past five years.
Between 2009 and 2019, Hispanics accounted for 51.58 percent of net growth in U.S. homeownership. By contrast, non-Hispanic whites accounted for only 1.5 percent of homeownership growth over that same period.
The total number of Hispanic homeowners increased by 277,000 in 2019.
The overall number of Hispanic households increased by 435,000 in 2019.
Hispanics currently represent 18.3 percent of the U.S. population and have a labor force participation rate of 66.8 percent, the highest participation rate of any group.
Over the last 10 years, Hispanics have accounted for 71.31 percent of the growth in the U.S. labor force.

“The vibrancy of the Latino homebuyer population helped to pull our industry out of recession in 2012 and continues to drive growth in markets all across the United States,” said David Acosta, 2020 NAHREP President. “This year’s report will give the industry a more complete picture of Hispanic buyer nuances and geographic concentrations.”

About NAHREP:

The National Association of Hispanic Real Estate Professionals, a nonprofit 501(c)6 trade association, is dedicated to advancing sustainable homeownership among Latinos by educating and empowering the real estate professionals who serve them. NAHREP is the premier trade organization for Hispanics and has more than 40,000 members in 48 states and over 80 chapters.

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Extreme Contrast Revealed in Real Estate MLS Study Released Today

SAN JUAN CAPISTRANO, CALIF. (STL.News) – Real estate consulting and research firm T3 Sixty has released its rankings for U.S. MLSs along with state and local Realtor associations. Part two of five of the Real Estate Almanac, today’s release includes all 565 MLSs, 51 state Realtor associations (Washington, D.C., is tracked separately) and 1,086 local Realtor associations.

MLS Rankings

The rankings show that the nation’s 20 largest MLSs (approximately 3.5 percent of all MLSs) serve over 50 percent of the nation’s total MLS subscribers; this number will likely go up as consolidation increases across the country and MLSs become larger. While MLSs have declined roughly 30 percent from just over 800 in early 2014 to 565 today, local pride and politics keep some smaller organizations alive. Eighty-two MLSs serve less than 100 brokers and agents, struggling to effectively serve the growing, more advanced technology needs of their users.

California Regional MLS (CRMLS) continues as the nation’s largest MLS while becoming the first organization to break into the six-figure count at 101,502 subscribers as at 12/31/19. Strategic additions this past year have also grown Bright MLS to 90,932 subscribers and Stellar MLS to 58,447 subscribers, making them the nation’s second and third largest MLSs, respectively.

“Dissecting and ranking the largest players in organized real estate helps everyone better understand the MLS and Realtor association landscape, the shifts and where opportunities lie,” said Clint Skutchan, Vice President of Association and MLSs for T3 Sixty. “Boards of directors can now have much more intelligent conversations about strategy and planning.”

Association Rankings

The Realtor association side tells a similar story: an extreme differentiation in size and offering to their memberships.

The three largest state associations track with those states’ populations with California, Florida and Texas leading the pack and the only associations with membership counts above 100,000 Realtors. Together, these three associations have 513,127 members (brokers and agents), accounting for 36.4 percent of the nation’s Realtor membership. As these three states only account for 26 percent of the nation’s population, this stat reflects the outsized role real estate plays in those states.

Approximately a fifth of the nation’s 1,086 local Realtor associations account for 80 percent of the total memberships. Surprisingly, California has no local Realtor associations among the nation’s 10 largest. Florida has three in the top 10 (Miami at No. 1, Broward, Palm Beaches and St. Lucie at No. 3 and Orlando Regional at No. 8) and Texas has two (Houston at No. 2 and MetroTex at No. 6).

Many remain small; 384 local Realtor associations have less than 200 members, revealing, once again the large range in the sizes in organized real estate. For full details of all associations (state or local) as well as all MLS organizations visit http://www.realestatealmanac.com

About T3 Sixty

Exclusively serving the residential real estate brokerage industry, T3 Sixty provides management consulting and counseling to real estate C-level executives, organized real estate leaders, broker-owners and leaders of high-performance teams to help them grow their businesses. T3 Sixty also offers in-depth research, information and best practices with its hallmark Swanepoel Trends Report, an annual analysis of the biggest trends impacting the industry, and the Real Estate Almanac, a comprehensive examination of the U.S.’s largest brokerages, franchises, networks, associations, MLSs and technology providers. More at http://www.t360.com.

About the Real Estate Almanac

The Real Estate Almanac is a comprehensive compendium of information about the nation’s most powerful people, largest companies and organizations and the most important technologies. The inaugural publication includes five components: the SP200, a ranking of the nation’s most powerful leaders (released each January); a ranking of the nation’s largest MLSs and Realtor associations (released each February); a list of the nation’s most notable technology vendors (released each March); a ranking of the nation’s largest franchisors and holding companies (released each April); and a ranking of the nation’s 1,000 largest brokerages in the Mega 1000 (released each May). Together, these comprise the Real Estate Almanac. More information at http://www.realestatealmanac.com.

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Redfin Launches ‘Redfin Premier’ Service for Luxury Properties

SEATTLE (STL.News) – (NASDAQ: RDFN) — Redfin (www.redfin.com), the technology-powered real estate brokerage, has launched a new offering for homes listed at $1 million and above. Redfin Premier builds on Redfin’s service for home sellers, providing specialized marketing to highlight distinguished homes and attract luxury buyers. Every Redfin Premier home will receive drone* and twilight photography, premium brochures and printed materials, and high-end yard signs. Redfin will market Premier homes with additional social media advertising campaigns, postcard mailings to attract local buyers, and international advertising to reach overseas buyers. All of these Premier services are included for Redfin’s listing fee of only 1% provided the client buys their next home with Redfin within one year.† The Premier services come in addition to a 3D walkthrough of the home, email and social media marketing, open houses, prominent placement on Redfin.com, and everything that is included for all sellers who list their home with a full-service Redfin agent.

A client selling a million-dollar home would save $15,000 to $20,000 with Redfin Premier compared to a traditional 2.5% to 3% listing commission. The service is launching today in Austin, Boston, Chicago, Denver, Hawaii, Maryland, Orange County, Portland, Sacramento, San Diego and Virginia, and will be rolled out to Redfin’s other large markets over time.

Redfin Premier builds on Redfin’s sales growth in the high-end market and its track record of successfully selling luxury homes. Redfin agents sold over $1 billion in luxury real estate in 2019.

“Redfin Premier is the culmination of a long-term effort to reach luxury customers,” said Redfin CEO Glenn Kelman. “Already, Redfin is a top-15 brokerage for U.S. luxury listings, and one of the only market-leaders gaining luxury share over the past five years. In that time, we’ve increased agent bonuses for high-end sales, introduced concierge service for staging and sprucing up listings, and increased the number of Redfin agents with luxury experience. Our highest-value transaction closed just last year, for a home worth more than $70 million. Luxury customers love our one-on-one personal service, our sophisticated digital campaigns to target local and international luxury buyers, and the accountability to track how those investments lead to online viewings, tours, and ultimately offers. Now with Redfin Premier, we’re investing even more in marketing each of our listings, all while saving a customer enough money in listing fees to buy a new car.”

In Orange County and San Diego, where Redfin offers its concierge program, Redfin Premier customers will get Redfin’s white-glove concierge service as part of the Premier offering. A Redfin concierge will develop a custom plan to maximize the home’s sale price and get it ready to list with services such as painting, staging and landscaping. They’ll schedule the vendors, oversee the work, and make sure the home is ready for a perfect debut. Redfin pays for all the upfront costs, which are taken from the proceeds when the home sells. Redfin ordinarily charges an additional 0.5% for the concierge service in Orange County and San Diego, but this fee will be waived for Redfin Premier clients.

Mia Simon, Redfin director of sell-side strategy, said, “Like Redfin Concierge, the idea for Redfin Premier came from our agents, who helped us design a service that gives clients with distinguished homes extra marketing and attention to sell for the highest price. Sellers at every price point deserve impeccable service, data-driven marketing, easy-to-use technology and great value for their money. With a listing fee as low as 1%, we’re proud to offer an unparalleled service for Redfin Premier clients at an incredible value.”

Visit https://www.redfin.com/why-sell to learn more about selling your home with a Redfin agent.

*Drone photography is not available in areas designated as no-fly zones.
†The Redfin listing fee is subject to terms and conditions.

About Redfin

Redfin (www.redfin.com) is a technology-powered 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 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.

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Currency arbitrage in the precious metals market: A gold rush?

FRED’s as good as gold, and the FRED Blog has used London Bullion Market Association data to prove it. In fact, our previous post tracks gold prices and appraises the new gold bar at the St. Louis Fed. Now these gold prices are quoted in three different currencies—U.S. dollars, British pounds, and euros—which is a golden opportunity to discuss arbitrage.
Arbitrage is the risk-free purchase and sale of an asset to profit from a difference in price across markets. Because the gold fixing price is quoted in three different currencies at once, it’s possible that one could make a profit by buying and selling gold in different currencies and then selling the currencies. For example: buy gold in U.S. dollars, sell the gold right away in British pounds, and then convert the pounds back to dollars in the foreign exchange market.
FRED can help us visualize this shiny concept: In the graph above,

Federal Reserve Source

Unacast Releases Report Studio Insights for Retail and Real Estate

NEW YORK (STL.News) – Unacast, an award-winning location data and analytics firm, is proud to announce the launch of its newest product, the Unacast Report Studio. This new offering allows a wider group of companies to access valuable insights derived from Unacast’s data sets.

Small and mid-sized companies without existing data science teams often struggle to interpret large data sets and are unable to evaluate this information in context. Through Unacast’s Report Studio, these smaller shops are able to stay competitive with bigger brands through venue and neighborhood analyses and the suggested strategies that are outlined in each report.

“Location data, when properly processed and interpreted, can work for any organization, not just the companies with big data teams and deep pockets,” says Adam Slackman, VP of Sales at Unacast. “That’s why we’re launching the Unacast Report Studio — to deliver custom human mobility insights to companies that need them quickly and affordably.”

Unacast Report Studio can help companies of all types, such as:

Real estate companies gathering information about potential new property investments or measuring the performance of existing portfolios
Retailers looking to enhance expansion strategies into new markets or evaluating store cannibalization
Companies without a data science team or the technical infrastructure to ingest, visualize, or interpret the data
Firms that need additional insights about specific venues or neighborhoods, but don’t want to sacrifice speed or details
Brands that want to see a data snapshot with a one-time transaction, rather than an annual contract or monthly platform subscription
Included in each report are a standard set of correlations and visualizations. Unacast works directly with each client to pinpoint locations of interest and an estimated timeframe. The Insights and Analytics team are then able to generate charts and graphs that help spot patterns in activity. The end result is an analysis of what this data means and recommendations for how to interpret it.

Unacast is currently offering two types of custom reports (with additional reports coming later this year): the Venue Profiling report, which measures visitations to single locations (such as a store); and the Neighborhood Profiling report, which measures visitations to up to four larger areas.

To learn more and to request a customized report for your business, please visit: https://www.unacast.com/solutions/unacast-report-studio

About Unacast

Unacast is an award-winning human mobility data company that harnesses anonymous device location data, map data, and strategic intelligence to tackle business challenges for the retail, real estate, tourism, transportation, and marketing industries. With its flagship product “The Real World Graph®”, it provides innovative solutions and insights to operational challenges for companies of any size or shape. Unacast was founded in 2014 with offices in New York and Oslo, Norway. In 2019, Unacast was awarded the #1 small company to work in NYC for by Built In NYC and received Street Fights’ Most Innovative Use of Geospatial Technology award.

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