By Dennis Norman, on May 8th, 2023 First and foremost, let me emphasize that home selling methods and practices are not a “one size fits all” approach. There are certainly situations where a different or unique strategy is required, including, in extreme cases, one that may not be in the seller’s best financial interest but favors a higher priority for the seller. For instance, I once handled a home sale for a woman with a stalker ex-husband who wanted her home sold discreetly – no sign, no ads, no MLS, etc. In her case, privacy and conducting the sale “under the radar” for her personal safety were more important than money. This article addresses the broader market and my opinion will apply to most sellers looking to sell their homes.
Now, let’s discuss an “office exclusive” listing.
Understanding this concept is a great starting point and highlights one of the reasons I’ve been writing articles about St. Louis real estate, St. Louis REALTORS®, and the St. Louis real estate industry. I believe that, in general, consumers lack sufficient knowledge about these matters to make the best choices for themselves when selecting agents to work with. As a result, I aim to share the insights I’ve gained from over 40 years in the industry. For example, most non-agent readers may not know what an “office exclusive” listing entails or whether it’s advantageous or disadvantageous for them as sellers. So, what is an office exclusive listing? In short, it’s a listing that the agent will “keep secret” to a large extent, only informing agents within their real estate brokerage and withholding your listing from the REALTOR® Multiple Listing System (MLS). Consequently, your listing will not be distributed to the thousands of websites that obtain listing information from the MLS (Zillow, Realtor.com and StLouisRealEstateSearch.com?agent_id=02107 to name a few).
Wait, my listing won’t be in the MLS??
Continue reading “Why Most Sellers Should Ensure Their Listing is in the MLS and Not “Office Exclusive”“
By Dennis Norman, on October 11th, 2022 Below is our St Louis Real Estate Market Report for September 2022 for the City and County of St Louis combined. You can access the full infographic, containing data for St Charles, Jefferson and Franklin Counties as well by clicking on the image below. Worth noting and remembering is not all data is created equally nor is all of what you see reported accurate. Given the challenging and rapidly changing economic times we are in which are having an direct impact on the St Louis housing and real estate market, now, almost more than ever, you need to be sure the data you base your real estate decisions on is accurate and the agents you are trusting to get you through the process have the knowledge, information and accurate data they need to do so. At MORE, REALTORS® we have developed proprietary software which uses the database we have created from the REALTOR® MLS (MARIS) to produce what we believe is the most accurate and relevant data and reports for the St Louis residential real estate market. For example, currently, there are other sources reporting (and many, many real estate agents sharing the information without verifying) that the median price for homes sold in the City and County of St Louis during September was over 6% higher than our data shown below. Think what an impact that could have on you if you base your decision to buy or sell a home on pricing data that is over stating the value.
Oh, how do we know we’re right? We have proof, straight from the MLS, see the image below our infographic which is a screen shot straight from the MLS showing date for closed sales during the month of September in the city and county of St Louis. You’ll find that the median price from the MLS is $250,000, the same as our data computed, the number of sales is a little higher in the MLS (20 or just over 1%) because while about 99% of sales are sent out in “feeds” to broker websites etc (including Zillow and Realtor.com) there are a few listings that are not and the DOM (days on market, or days to sell) at 10 is very close to our 12 (this is due to us using a slightly different method to compute median for the data).
St Louis Real Estate Report for September 2022
(click on infographic for complete report including other counties) Continue reading “St Louis Real Estate Market Report For September 2022“
By Dennis Norman, on September 15th, 2022 On Monday of this week, a federal lawsuit was filed in the United Status District Court for the Western District of Washington by Natalie Perkins and Kenneth Hasson against Zillow Group, Inc. and Microsoft Corporation. The suit was filed as a class action complaint on behalf of “All natural persons in the United States and its territories whose Website Communications were captured through the use of Session Replay Code embedded in Zillow’s website”.
In the complaint, the plaintiff’s allege that the defendants, Zillow and Microsoft, violated the Washington Wiretapping Statute (Wash. Rev. Code §9.73.030, et. seq.) through the use of Microsoft’s Session Replay Code “…on Zillow’s website to spy on, automatically and secretly, and to intercept Zillow’s website visitors’ electronic interactions communications with Zillow in real time”. The second Count of the complaint, Invasion of Privacy – Intrusion Upon Seclusion, alleges that, using the same code as well as other methods which violated the plaintiff’s “…reasonable expectation of privacy in their Website Communications..” which violates the plaintiff’s “….right to
privacy is also established in the Constitution of the State of Washington which explicitly recognizes an individual’s right to privacy under Article 1 §7.”
The lawsuit is asking the court for relief in the form of a judgment as follows:
A. Certifying the Class and appointing Plaintiffs as the Class representatives; B. Appointing Plaintiffs’ counsel as class counsel;
C. Declaring that Defendants’ past conduct was unlawful, as alleged herein; D. Declaring Defendants’ ongoing conduct is unlawful, as alleged herein;
E. Enjoining Defendants from continuing the unlawful practices described herein, and awarding such injunctive and other equitable relief as the Court deems just and proper;
F. Awarding Plaintiffs and the Class members statutory, actual, compensatory, consequential, punitive, and nominal damages, as well as restitution and/or disgorgement of profits unlawfully obtained;
G. Awarding Plaintiffs and the Class members pre-judgment and post-judgment interest;
H. Awarding Plaintiffs and the Class members reasonable attorneys’ fees, costs, and expenses; and
I. Granting such other relief as the Court deems just and proper.
The entire lawsuit filing, NATALIE PERKINS and KENNETH HASSON, individually and on behalf themselves and of all others similarly situated, Plaintiffs, v. ZILLOW GROUP, INC. and MICROSOFT CORPORATION, can be accessed here.
By Dennis Norman, on November 1st, 2018 It would be an understatement to say that Zillow® has many real estate agents nervous about their future. It’s not just Zillow® though, it’s Amazon, big banks, and dozens and dozens of new real estate start-ups and changing business models.
A true dysfunctional family…
The most common name that comes up in real estate agent circles when discussing the impact of the internet on the real estate profession topic is Zillow®, and usually in the context of “the enemy“, so to speak. It seems to me the biggest fear among agents about Zillow® is that they want to eliminate real estate agents and instead give consumers a marketplace to buy and sell homes without the need for an agent. What is most interesting to me about this, is that Zillow® made something like nearly $1 Billion last year from selling leads to, guess who? Yep, real estate agents. So, the group that is afraid Zillow® is gunning for them, is lining their coffers with cash to do so, see the dysfunction? To be clear, I’m not blaming agents here for doing business with Zillow®, nor am I saying what Zillow® is doing is wrong, I’m just commenting on what I see and find it rather fascinating.
But wait there’s more…
Going back to Zillow® and all those leads they sell to agents, what makes it even more interesting is the fact that Zillow® is able to generate all those leads as a result of getting more than 1 million real estate agents in the U.S. to send their listings to them and give them permission to market them. Hmm…
Continue reading “Will Zillow Put Real Estate Agents Out of Business?“
By Dennis Norman, on May 28th, 2017 I am always marveled by great marketing and promotion therefore I must give a tip of the hat to Zillow® for their new “Instant Offer” program. First, it’s getting them tons of attention and press, particularly within the REALTOR® community, which is probably where it is the most beneficial to them since real estate agents are, after all, Zillows’® paying customers. Courtesy of Inman News, REALTOR.com and others, this new program has received the equivalent of thousands and thousands of dollars of free advertising, which is the type of thing I love and dream of getting this type of free publicity for my firm.
Instant Offer concept is not new…
So, why do I say it’s nothing new? I have nothing against Zillow® (although many in the REALTOR® community are not fans as they see them as a threat) however, I really don’t see anything “new” or revolutionary about their instant offer program. Basically, according to their website, what their program does is allows you to submit information on your home to them which then goes to a group of national investors who then submit you a cash offer for your home. Then, an inspection is done of your home (I’m guessing the offer is subject to this inspection being favorable) and if so, then you proceed to closing. Homes have been sold in this manner for decades, including right here in St Louis, so it’s nothing new. When I entered the real estate business here in St Louis in 1979, there were many “speculators” in St Louis, including the broker I worked for, that would make sellers a cash, as-is, offer on their home and would offer to close as fast as 24 hours. So, basically, the same thing as the “new” Zillow® instant offer program with a few exceptions including that our offers were typically unconditional (other than that the seller had good title), truly as-is and we were local, people the sellers could meet, talk with and establish a relationship with as they contemplated whether or not this approach to selling their home was a good decision. Over the years, I was involved in the purchase of over 2,000 homes in this manner right here in St Louis. Today, thanks to internet webinars, reality TV shows and just a wealth of information being readily available, there are many, many people, that, in addition to the established “professional investors”, out there trying to buy real estate in this manner.
Do you want an “instant offer” on your home?
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Continue reading “Zillow’s “New” Instant Offer Is Nothing New“
By Dennis Norman, on May 12th, 2017 Zillow, the behemoth real estate search site, revealed in it’s Form 10-Q filed with the Securities and Exchange Commission earlier this month for first quarter 2017, that the Consumer Finance Protection Bureau (CFPB) is investigating some practices by Zillow. According to the filing, what is under review is their co-marketing program in which the CFPB is alleging that Zillow violated parts of both RESPA as well as the Consumer Financial Protection Act. The complete Form 10-Q can be viewed here. On page 40 (outlined in red by me) is the section where Zillow makes this disclosure, and I have pasted that section of the report below as well (the emphasis and color have been done by me).
Excerpt from Zillow’s 10-Q –
“In April 2017, we received a Civil Investigative Demand from the Consumer Financial Protection Bureau (“CFPB”) requesting information related to our March 2017 response to the CFPB’s February 2017 Notice and Opportunity to Respond and Advise (“NORA”) letter. The NORA letter notified us that the CFPB’s Office of Enforcement is considering whether to recommend that the CFPB take legal action against us, alleging that we violated Section 8 of the Real Estate Settlement Procedures Act (“RESPA”) and Section 1036 of the Consumer Financial Protection Act. The purpose of a NORA letter is to provide a party being investigated an opportunity to present its position to the CFPB before an enforcement action may be recommended or commenced. This notice stems from an inquiry that commenced in 2015 when we received and responded to an initial Civil Investigative Demand from the CFPB containing a broad request for information. We believe our response to the NORA letter addresses the CFPB’s concerns related to our co-marketing program under which a lender pays us to appear in advertising alongside a real estate agent. We are continuing to cooperate with the CFPB in connection with their most recent request for information. We continue to believe that our acts and practices are lawful and that our co-marketing program allows lenders and agents to comply with RESPA. Should the CFPB commence an action against us, it may seek restitution, civil monetary penalties, injunctive relief or other corrective action. We cannot provide assurance that the CFPB will not ultimately commence a legal action against us in this matter, nor are we able to predict the likely outcome of the investigation into this matter. We have not recorded an accrual related to this matter as of March 31, 2017 or December 31, 2016, as we do not believe a loss is probable. There is a reasonable possibility that a loss may be incurred; however, the possible loss or range of loss is not estimable.”
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Continue reading “Zillow Under Investigation By CFPB Over Co-Marketing Program With Real Estate Agents“
By Dennis Norman, on June 25th, 2015 It wasn’t that long ago that sellers were practically begging buyers to purchase their home but that is not the case today. Today, in some very sought after St Louis neighborhoods the inventory of homes is so low and demand so high that when a new listing hits the market it’s like a feeding frenzy for buyers. This has led to frustration and disappointment for many buyers leading some to become a little too overanxious and buy a home that really is not right for them or overpay for one out of fear of “missing out”.
So, how do you get your offer accepted on the home you want?
While there is no fool-proof or guaranteed method, my 35 years experience in the business, including being the principal in the purchase of more than 2,000 properties, as well as having an excellent recent track record of my buyer and investor clients getting contracts accepted and beating out the competition, has helped me develop some methods that I know work and will stack the deck in your favor. While not all my suggestions are right for every situation, and a plan must be custom tailored to the specific buyer and transaction, here is a list of things that have worked when right for the given situation and client:
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5 Key Strategies To Assure A Quick Home Sale At The Maximum Price
Continue reading “How To Buy A Home In A Hot Market Like This One“
By Dennis Norman, on March 13th, 2015 Renters are feeling more optimistic about the St Louis housing market as well as about the thought of home ownership with 23,721 renters in St Louis saying they are looking to buy a home in the next year, according to a report just released by Zillow. The overall Zillow Housing confidence in the St Louis housing market in January was at 63.8, with the renter confidence in the market seeing an increase of 8.3 points from a year ago, the highest such increase of the metro areas in the nation covered by the report, and the homeowner confidence in the St Louis housing market increase 4 points from a year ago. The table below shows the Zillow Housing Confidence Index for all metro areas covered by their report.
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Continue reading “Renters Confidence In St Louis Housing Market Sees Highest Increase In The Nation In Past Year“
By Dennis Norman, on May 20th, 2014 While the St Louis housing market is improving, unfortunately the homeowners that can afford it the least are the ones that are still the hardest hit with 41.5% of all homeowners with a mortgage on a home in the bottom price tier (the 25% lowest valued homes in St Louis) being underwater on their mortgage, meaning they owe more than their homes are worth. This is according to the newly released Zillow Negative Equity report which shows that, at the opposite end of the spectrum, in the top tier, only 11% of St Louis homeowners are underwater, or in a negative equity position, on their homes.
For the overall market, 22.9% of St Louis homeowners are underwater on their mortgage as of the first quarter of 2014 and 44% are in a “effective” negative equity position, meaning while they are not technically “underwater” they don’t have enough equity to pay the normal cost of selling their home and are therefore locked into their home unless they have cash to bring to the closing table. For the nation as a whole, 18.8% of homeowners with a mortgage were in a negative equity position during the 1st quarter of 2014 and 36.9% were in an “effective” negative equity position.
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By Dennis Norman, on March 18th, 2014 Two of the larger players in the real estate search website world, Realtor.com and Zillow, have come to blows over the past few weeks first with Zillow hiring Errol Samuelson, the former Chairman of Move, Inc. (the owner of Realtor.com) and then, most recently, hiring Curt Beardsley who, ironically, was the person promoted my Move to help fill the empty shoes of Samuelson. Yesterday, REALTOR.com fired back at Zillow filing a lawsuit against both Zillow, Inc. and Errol Samuelson for “breach of contract, breach of fiduciary duty, and misappropriation of trade secrets among others actions.”
In a statement, Steve Berkowitz, CEO of Move, inc. said “we take our trade secrets and intellectual property extremely seriously as a valuable asset in our competitive position in the marketplace.” Berkowitz added,”We take action in cases in which we believe our trade secrets have been compromised. We have raised this matter for the courts and believe that the matter will be resolved judiciously.”
Want to search ALL St Louis homes for sale? Avoid the fight and stay out of the line of fire by using St Louis’ best real estate search site, StLouisRealEstateSearch.com.
By Dennis Norman, on October 2nd, 2013 
Three of every 10 Americans don’t qualify for a home loan, according to the Zillow Mortgage Market Place Analysis. The analysis also showed that only borrowers with a credit score of at least 740 should expect to get the best mortgage rates offered due to tougher mortgage lending standards.
In doing their analysis, Zillow analyzed a total of 13 million loan quotes and over 225,000 purchase loan requests from September 2013. What was revealed was that borrowers with a credit score under 620 who requested a home mortgage for a 30-year fixed-rate loan, were unlikely to receive a loan. According to recent data from myFico.com, almost 3 of every 10 Americans (28.4 percent) have a credit score of 620 or lower, thereby putting a home mortgage out of reach for nearly one-third of Americans. Continue reading “Tough Lending Standards Mean Nearly One-Third of Americans Don’t Qualify For A Home Loan“
By Dennis Norman, on May 23rd, 2013  Slightly over 1 of every 4 (26.4 percent) St Louis homeowners with a mortgage are underwater or, in other words, in a negative equity position owing more on their mortgage than their home is currently worth, according to a report by Zillow. This is slightly higher than the national rate of 25.4 percent and, unfortunately, is predicted by Zillow to increase in the coming months to about 26.7 percent by January 2014.
In addition to the St Louis homeowners that are underwater, the report indicates that another 20.7 percent of the St Louis homeowners with a mortgage have less than 20 percent equity in their homes, putting them at risk of going into a negative equity position if prices fall.
Things are still much better here in St Louis than in many places though. For example, in Las Vegas, over 50 percent (54.3%) of the homeowners there with a mortgage are underwater. The complete table listing all metro areas covered in the report is below:
Continue reading “Over 1 in 4 St Louis Homeowners With A Mortgage Are Underwater“
By Dennis Norman, on May 20th, 2013  In over half (58 percent) of St Louis neighborhoods it is a better move financially to buy a home rather than rent a home, according to a report just released by Zillow. According to the report, in 49 neighborhoods in the city of St Louis (of 76 in the report) and in 42 neighborhoods in the county of St Louis (of 87 in the report) it makes more sense to buy a home than rent.
In putting this list together, Zillow looked at the costs associated with buying and leasing a home, including up front payments, fees as well as payments and other costs. Normal appreciation and rent increases were factored in as well and then a break-even point of 3 years set with areas where the additional cost of buying a home is recouped in 3 years or under being considered a neighborhood where it makes more financial sense to buy than rent. On a national level, 64 percent of the metro areas were more buyer friendly than renter friendly.
The table below shows all the St Louis neighborhoods covered by the report as well as the time (in years) that it would take to “break-even” in terms of buying a home versus renting a home.
Continue reading “Better To Buy Than Rent In Over Half St Louis Neighborhoods“
One-third of Homebuyers Surveyed Are Ill-prepared to Get a Mortgage
 Tyler Frank,
Paramount Mortgage
NMLS ID 942420 According to a survey recently conducted by Zillow, many homebuyers are really not armed with the information they should have before attempting to obtain a mortgage. For example, over one-third (34 percent) of the prospective homebuyers surveyed did not know that a qualified borrower can obtain a home loan today with less than a five percent downpayment.
In addition, many homebuyers have misinformation that can prevent them from obtaining the best possible mortgage interest rate. For example, 26 percent of the homebuyers said they thought they were obligated to obtain their home loan with the lender that pre-approved them, and 24 percent believed that all lenders are required to charge the same amount for credit reports and appraisals.
Continue reading “Survey Shows One-Third Of Homebuyers Lack Info Needed To Get Mortgage“
By Dennis Norman, on February 23rd, 2013  There were 23,348 fewer St. Louis homeowners underwater on their mortgage (owe more than the current value of their home) or, in other words are in a “negative equity” position, at the end of 2012 than there were at the beginning of the year, according to the Zillow® Negative Equity Report for 4th quarter 2012. At the end of 4th quarter 2012, 26.9 percent of St Louis homeowners with a mortgage were underwater on their mortgage, slightly lower than the national rate of 27.5 percent.
The Zillow report forecasts what is likely to happen in the current year as well with regard to homeowners with negative equity and the outlook for St Louis homeowners is not as optimistic as on the national level. Nationally, it is forecast that the percentage of underwater homeowners will fall from 27.5 percent to 25.5 percent by the end of 2013 and for St. Louis the forecast is actually for a slight increase in the rate, going from 26.9 percent to 27.0 percent by year end. Continue reading “23,000 Fewer St Louis Homeowners Underwater at end of 2012“
By Dennis Norman, on February 15th, 2013 The real estate market is definitely heating up in many cities throughout the U.S. as well in many areas of St. Louis. A decreasing inventory of homes for sale, and even a shortage of homes for sale in many areas, along with increased confidence from consumers in the real estate market, has driven many cities from a “buyers market” to a “sellers market”. Zillow released a list of the top 10 cities that are becoming sellers markets based upon the sales to list price ratio and time to sell and MORE, REALTORS1, released their list of the top 10 cities becoming sellers markets based upon their Market Action Index®, an index that looks at supply and demand of housing. While there are some differences between the lists, both lists put San Francisco as the number one market for becoming a sellers market (at the time of this writing…the MORE list is real time so it will change with the market). St. Louis, as a whole, did not make the list, but we have neighborhoods and areas here that are definitely a sellers market and, in fact, have a market action index higher than the top cities on the list. If you are thinking of selling, and want to know if you home is in a sellers market, click here and I’ll let you know. Continue reading “Real Estate Becoming a Seller’s Market In Many Areas“
By Dennis Norman, on February 11th, 2013
Before you get all excited, no, St. Louis did not make the top ten list of the best cities in America for young singles to relocate for love. Wait, before you think I have lost my mind, or are using a cheesy seasonal top-ten list for readership, it’s not my doing….it’s actually Zillow’s idea. This week, Zillow introduced their “In the Move for Love Index“, which lists the best cities for young singles to relocate for love. In evaluating locations for their list, Zillow considered the cost of rent versus income, walkability of the city as well as “supply and demand”…well, um, “the ratio of, and abundance of, single males to single females under 35“.
So here you go, “The Top 10 Cities To Find your Valentine” (don’t blame me..blame Zillow): Continue reading “The best cities for romance and real estate“
By Dennis Norman, on December 27th, 2012 A panel of 105 professional economic forecasters from all around the country expect home prices to increase 3.1 percent in 2013, according to the December 2012 Zillow Home Price Expectations Survey. Forecasters are more optimistic about home prices than they were just three months earlier when they predicted 2013 home prices would only increase by 2.4 percent. If the experts are correct, then home prices in 2013 will be increasing at nearly the “pre-bubble” average of 3.6 percent per year (see chart below).
Something else I found very interesting in the report was that most (55 percent) of the forecasters felt there would be no impact on home prices if the Mortgage Interest Deduction (MID) was changed as is being discussed in negotiations by politicians trying to avoid the fiscal cliff (see chart below). Many housing groups, including the National Association of REALTORS, have fought vehemently for the MID over the years saying any change to MID (which has been in existence since 1913) would negatively impact the housing market, however this group of forecasters doesn’t seem to feel that way. For what it’s worth, I have often questioned whether changing, or even eliminating, MID would actually have a negative impact Continue reading “Forecasters say home price increases to be at "pre-bubble" levels next year; no impact by change in MID“
By Dennis Norman, on August 2nd, 2012 
As long as you plan to stay put for at least 2.5 years, you are better off financially to buy a home in St. Louis versus renting a home, according to a new report by Zillow. On a national level, the average that you needed to stay in a home before buying a home made sense over rental was 3 years.
In calculating the “cost” of owning or renting a home, Zillow took into account the down payment (or deposit), mortgage and rental payments, transaction costs, property taxes, utilities, maintenance costs, tax deductions and opportunity costs, while adjusting for inflation and forecasted home value and rental price appreciation. The table below shows the results for the 30 largest metro areas in the U.S. Continue reading “Should you buy or rent a home in St. Louis?“
By Dennis Norman, on July 27th, 2012
Over one in four homeowners in the U.S. with a mortgage are “underwater” meaning they owe more on their homes than they are currently worth and, according to data just released from a survey by Zillow, 75 percent of them are underwater by 40 percent or more meaning it will most likely be many years until they even have the hope of seeing equity in their home again. Nonetheless, this has not deterred the majority of these underwater homeowners from “staying the course” as 59 percent said would not consider a strategic default in order to get out from under their home. Continue reading “Should you consider a strategic default if you are underwater on your mortgage?“
By Dennis Norman, on July 24th, 2012
St Louis home prices have not hit bottom yet, according to a report just released this morning by Zillow, which shows that St. Louis home prices fell by 4.0 percent in the second quarter of 2012 from the year before. St Louis home prices are predicted by Zillow to fall another 2.6 percent in the coming year. This is in pretty sharp contrast to the report on U.S. home prices which shows that they were up in the 2nd quarter of 2012 from the year before and are expected to rise 1.1 percent in the coming year. Continue reading “Zillow says St Louis Home Prices Have Not Hit Bottom; Predicting further declines“
By Dennis Norman, on June 26th, 2012 A survey conducted by Zillow compiled from 114 responses by a diverse group of economists, real estate experts and market strategists, reveals that economists expect home prices to decline only slightly in 2012 (0.4 percent for the year) and then be on the rise. According to Zillow, this is the first time the individual economists surveyed were largely in agreement on where U.S. home prices are headed, signaling that a true bottom may be imminent. Continue reading “Survey shows economists largely in agreement that home prices will hit bottom this year“
By News Desk, on May 27th, 2012
Rents Rise in Three-Quarters of Markets, According to April Zillow Real Estate Market Reports
National home values rose for the second month in a row, climbing 0.7 percent from March to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, when they rose 0.8 percent, according to the April Zillow® Real Estate Market Reports.
Rents also rose from March to April, increasing 1.6 percent, according to the Zillow Rent Index. Rents rose in 78 percent of the 178 markets covered by Zillow. Continue reading “St Louis home values fall in April; St. Louis rents on the rise“
By News Desk, on May 25th, 2012
But Negative Equity is a Paper Loss for Most, As 90% of Underwater Homeowners Pay Mortgage on Time
Nearly one-third (31.4 percent) of U.S. homeowners with mortgages – or 15.7 million – were underwater on their mortgage in the first quarter of 2012, despite rising home values, according to the first quarter Zillow® Negative Equity Report[1]. Collectively, underwater homeowners owed $1.2 trillion more than their homes were worth. Negative equity rose slightly from 31.1 percent in the fourth quarter, and declined from 32.4 percent one year ago.
Continue reading “Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than Homes’ Worth“
By Dennis Norman, on March 13th, 2012  A report released today by Zillow shows that median rents rose 6.1 percent in St Louis to $1,085 from January 2011 to January 2012 while, during the same period, home prices fell 6.9 percent to $120,300. According to the report, over two-thirds (69.2 percent) of the metro areas covered saw year-over-year gains in rents but only 7.3 percent of the metros saw home values rise during the same period. Continue reading “St Louis rents on the rise while home prices on the decline“
By Dennis Norman, on December 28th, 2011  While losing $700 Billion in value in U.S. homes in a year sounds horrible, the good news is, if we end this year around this number the total loss in home values for 2011 will be smaller than the prior four years! This information is from the newly released Zillow Real Estate Market Reports, which also predicts that nine metro areas will see gains in home values this year once the final numbers are in! With all this “good” news, we have to ask ourselves…is the worst of the real estate market crash over? I think the answer is yes, at least when it comes to the housing market. Continue reading “Homeowners in U.S. to lose nearly $700 Billion in value during 2011; Is the worst of it over?“
By Dennis Norman, on October 31st, 2011 You would think after what we have seen happen in the housing market during the past 5 years, especially in the area of falling home prices, that home buyers today would not have lofty expectations about a home they buy appreciating, but apparently many do. According to a recent survey Zillow, 42 percent of prospective home buyers believe home prices typically appreciate by 7 percent a year. Continue reading “Almost half of prospective home buyers unrealistic about home value appreciation“
By Dennis Norman, on July 18th, 2011 A report just released by Zillow.com shows that current home sellers who purchased their homes “after the bubble” (2007 or after) are overpricing their homes by more than sellers that bought during the bubble (2002-2006) or before the bubble (pre-2002). According to the report, current sellers that bought post-bubble are overpricing their homes by an average of 14.1 percent, compared with sellers that bought during the bubble that are overpricing their homes by an average of 9.3 percent and the sellers that purchased pre-bubble are overpricing by 11.6 percent. Hmm, notice a theme? On average, ALL sellers are overpricing their homes in the current market. Continue reading “Homeowners that bought since 2006 overpricing the most when they resell“
By Dennis Norman, on December 9th, 2010 Report by Zillow estimates that U.S. Homes have now lost $9 Tillion in value since Market Peak
U.S. homes are expected to lose more than $1.7 trillion in value during 2010, which is 63 percent more than the $1 trillion lost in 2009, according to a report released by Zillow.com. That brings the total value lost since the market peaked in June 2006 to $9 trillion.
Continue reading “Zillow Report: U.S. Homes Set to Lose $1.7 Trillion in Value During 2010“
By News Desk, on November 10th, 2010 Percentage of Homeowners Underwater Reaches New Peak; Length and Depth of Housing Downturn Approach Depression-Era Declines According to Zillow® Real Estate Market Reports for 3rd Quarter 2010…
The United States housing market continued its long decline in the third quarter with home values falling for the 17th consecutive quarter, according to Zillow Real Estate Market Reports. With home values 25 percent below their June 2006 peak, the current housing downturn is approaching Great Depression-era declines, when home values fell 25.9 percent in five years. Continue reading “Current Housing Market Rivals Depression-Era Price Declines according to Zillow Report“
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