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Newsweek
2 days ago
- Business
- Newsweek
Homes Are Becoming More Affordable in These 11 Major Cities
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Housing in about a dozen major metro areas is becoming more affordable as a boosted national inventory is being countered by increases in median home prices plus rising mortgage and interest rates. Why It Matters Housing affordability has been a central concern for Americans as home prices and mortgage rates have surged in recent years. Understanding the shifts in housing affordability is crucial for both prospective homeowners and policymakers grappling with the persistent gap between median household income and the cost of homeownership. The nationwide trend remains challenging, with the typical buyer still needing to earn about $25,000 more than the median household to afford a median-priced home, according to Redfin's housing market analysis. A 'for sale' sign sits in front of a single family home on August 1, 2025, in Miami. A 'for sale' sign sits in front of a single family home on August 1, 2025, in To Know New data from real estate and brokerage firm Redfin released August 6 shows some signs of relief for 11 major U.S. metropolitan areas, many of them Sun Belt cities that previously saw rapid price growth during the pandemic. Redfin's analysis of Multiple Listing Service (MLS) data as of June 2025 showed that the annual income required to purchase a median-priced home fell year over year in 11 of the 50 largest U.S. metro areas. The largest drop was in Oakland, California, where the required income declined 4.6 percent to $244,073. Other cities with notable decreases include West Palm Beach, Florida (-3.7 percent); Jacksonville, Florida (-3.5 percent); San Diego (-3.2 percent); and Tampa, Florida (-2.1 percent). Rounding out the list are Atlanta, Phoenix, St. Louis, Orlando, Sacramento, California, and Dallas, each with measurable improvements in affordability over the past year. The trend in these metros was attributed to falling home prices—largely a result of a pandemic-era building surge that increased housing supply. Similar declines were observed in the other highlighted cities. Florida stood out, with four metros—West Palm Beach, Jacksonville, Tampa, and Orlando—making the list, a shift attributed to reduced prices amid higher insurance, HOA costs, and a rise in natural disasters impacting the market. Despite these improvements, affordability gaps persist. The typical U.S. homebuyer still needs to earn $112,131 per year to afford the median-priced home—about $25,000 more than the median household earns. Nationwide, an estimated 39 percent of household income goes to housing, above the 30 percent threshold considered affordable, but slightly down from 40.5 percent a year ago. About 34.6 percent of home listings are considered affordable to the typical household, a minor improvement compared to the previous year. Conversely, some of America's most affordable metros faced increased difficulty, with the income needed to buy rising rapidly. Detroit saw a 9.9 percent increase, though at $57,432, it remains the lowest required income among major metros. Other Rust Belt cities such as Cleveland, Newark, Chicago and Pittsburgh also reported increases, as influxes of buyers drive up prices despite their historic affordability. Fortune reported that Midwestern cities like Detroit and Cleveland still offer median home prices around half the national average, supporting migration from higher-cost coastal regions. High Rates, Little Ingenuity Andrew Lieb, a real estate litigator, told Newsweek via email that the two main issues on home affordability are mortgage rates and insurance costs. "While mortgage rates are impacting everyone, insurance is very location specific," Lieb said. "If you live by the water or have a second home, or even just your property is over 5,000 square feet, getting insurance is going to cost you astronomical numbers and require lots of upgrades just to bind the policy. "However, as a real estate litigator, I can tell you that not having homeowners' insurance is going to cost you a heck of a lot more in legal fees and damages if someone is injured on your property—so think twice before forgoing this important product." Andrew Ragusa, a real estate broker with Remi Realty in New York City and Long Island, told Newsweek via email that there are currently no affordability increases in his region. "I have friends in Florida who are trying to sell their house right now and they're having a really hard time because there's so much inventory down there and prices are dropping," Ragusa said. Part of that is attributed to construction styles, with Ragusa saying homes in Florida "are cookie-cutter standardized" and that building designs lack "uniqueness." "That means if you won't take a low offer on yours, someone else will take the low offer on theirs—and the houses are pretty much the same, especially in those developments," he said. What People Are Saying Katie Shook, a Redfin Premier real estate agent in Phoenix, in a statement: "Buyers are battling affordability and they see a lot of listings sitting on the market, so they're asking for major concessions. We've been in a buyer's market for the past eight months. If your home isn't in 10/10 condition and priced at or below market value, it's going to linger on the market. "A lot of sellers are offering $10,000-$15,000 to cover the buyer's closing costs to seal the deal. Some home features, like a landscaped backyard or pool, aren't getting the return they used to. Buyers are no longer willing to pay a premium for those things." What Happens Next With home prices leveling off or declining in several major metros and inventories projected to rise, industry analysts expect affordability to improve modestly in more markets by the end of 2025. Redfin's data suggests national home prices could fall up to 1 percent by year-end, giving some would-be buyers an opportunity to reenter the market. However, real estate markets remain highly regional.
Yahoo
20-07-2025
- Business
- Yahoo
'I Will Never Let Someone Take 50K From Me For Doing 4 Hours Of Work,' Says A Home Seller. 'Selling A House The Traditional Way Is Absurd'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A frustrated homeowner got a lot of attention online after criticizing the traditional real estate commission model and declaring they will sell their home without an agent. 'I want to sell my house in the next 6 months and I refuse to pay someone $48,000 to $55,000 to take 6% of the selling price,' the poster wrote on Reddit's real estate forum. 'Selling a house the 'traditional' way is absurd. I will never let someone take 50K from me for doing 4 hours of work. Ridiculous beyond all levels of ridiculousness.' Is It Worth The Effort? Many chimed in to agree that paying tens of thousands to a real estate agent, especially on a high-value home, no longer makes sense. Don't Miss: Accredited investors can —with up to 120% bonus shares—before this Uber-style disruption hits the public markets Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — 'Perhaps when houses were 100K to 150K, paying 6% might have made a small amount of sense,' the original poster added. 'But not when you are at $700K, $900K, $1M.' The seller said they plan to skip the agent and go the For Sale By Owner route by hiring a real estate attorney, paying for professional photos, and using a flat-fee service to get listed on the Multiple Listing Service. Others who have successfully sold homes on their own were quick to offer tips and support. 'I've sold 4 homes as FSBO in the last 8 years,' one person shared. 'I saved nearly $100K doing it myself. Was it a lot of work? Yup. Was it worth it? Also yup.' Trending: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. That same commenter outlined key steps for success: pricing the home based on nearby sales, hiring a good attorney, staging the property, and being ready for showings and inspections. 'I never hired a photographer and I always received compliments on the photos I took,' they added. Several people recommended flat-fee MLS services, which can cost as little as $100 to $500. Some used Facebook Marketplace, Craigslist, or yard signs to attract buyers. Dealing With Buyer's Agents And Legal Pitfalls While many FSBO sellers said the process was manageable, they cautioned about challenges, particularly dealing with buyer's agents who expect the seller to cover their commission. 'Tell them to work it into their offer! I never turned away people with buyers agents,' one seller explained. 'I just said 'it depends on where your offer comes in.''A few people warned that some agents will refuse to show FSBO listings at all unless they see a promised commission, effectively shutting those homes out of the market. 'Agents are obsessed with comps and cost per square foot,' one seller wrote. 'They don't understand that people will pay more for things like quality finishes, views, and quiet streets.' Despite mixed opinions on agent value, one retired attorney summed up the legal side like this: 'Real estate agents are a scam. They are glorified set dressers. I know there are great agents out there, but for every great agent, there are 10 pencil pushers that offer nothing beyond taking pictures and sitting at a closing table. A half-decent photographer will do 95% of what a realtor does for far less.' The original poster remains undeterred. 'I know this area. I know what houses go for,' they said. 'I will do what I need to do and save about 35K in the process. That extra 35K will funnel into buying my next house for cash outright.' Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting article 'I Will Never Let Someone Take 50K From Me For Doing 4 Hours Of Work,' Says A Home Seller. 'Selling A House The Traditional Way Is Absurd' originally appeared on
Los Angeles Times
16-07-2025
- Business
- Los Angeles Times
112 acres in Brentwood: Largest estate in decades goes on L.A. market for $70 million
In L.A.'s jam-packed real estate market, an acre is huge. Five acres is a dream. But a hundred-plus acres is historic. The Robert Taylor Ranch, a massive equestrian estate sprawled in the hills of Brentwood, is hitting the market for $70 million. At 112 acres, it's the largest residential estate to hit the market in the city of L.A. since at least the 1980s, when the Multiple Listing Service started tracking home sales. For reference, the property single-handedly makes up more than 1% of Brentwood, which spans just over 15 square miles. There are a handful of larger residential properties around L.A. — including The Mountain, a prized 157-acre undeveloped parcel in Beverly Crest that once listed for $1 billion — but none with homes on them that have officially hit the market. The ranch has roughly 20,000 square feet of living space spread across four structures. There's a 12,000-square-foot main house with seven bedrooms, a dog spa, art studio and massage room, as well as a guesthouse, barn and workshop. 'It's a once-in-a-lifetime estate,' said Rochelle Maize of Nourmand & Associates, who's handling the listing. Designed in 1950 by architect Robert Byrd, the ranch was built for oil baron Waite Phillips and later owned by actors Robert Taylor and Barbara Stanwyck, who hosted parties at the residence. In its Old Hollywood heydey, it once featured a secret casino accessed by hidden doors; the casino has since been removed, but the hidden door and hallway, found through a rotating bookcase, remain. In the '70s, the property was bought and remodeled by Ken Roberts, the concert promoter who turned KROQ-FM into a rock radio giant. Roberts tried selling the ranch a handful of times over the next few decades, asking $45 million for it in 1990, but it was eventually seized by a hedge fund in 2010 after Roberts was unable to repay a $27.5-million loan from New Stream Capital. The property was auctioned off two years later to Chicago real estate developer Fred Latsko for $12 million and most recently traded hands for $18.7 million in 2015. Titanic estates have dotted L.A. over the last century, but most have been whittled down by developers subdividing the lots and selling them as separate properties. With so many owners over the years, Maize said it's a surprise that it hasn't been chopped into pieces. 'When it last listed, there were two other offers from people that wanted to subdivide the land,' Maize said. 'But my client wanted to keep it together and update the property while maintaining the original feel, and it's one of the reasons why their offer won.' During the most recent ownership, a four-year remodel brought new finishes including bronze windows, reclaimed timbers, limestone floors and hand-laid stucco both inside and out. The property features 14 flat, buildable acres, while the rest of the hillside estate is navigated by hiking trails. It includes eight Assessor's Parcel Numbers (APNs), meaning a buyer could divide it into eight different properties. It would bring an end to the ranch's impressive acreage, but offer plenty of incentive for a developer looking to add housing. 'The potential will be attractive to some,' Maize said. 'But either way, the buyer will be someone that values privacy. The setting here is second to none.'
Int'l Business Times
10-06-2025
- Business
- Int'l Business Times
Silent Success: Private Listings and Luxury Big Island's Model Now Validated by NAR's New Marketing Flexibility Rules
The National Association of REALTORS® (NAR) has announced a significant policy change that formally introduces "delayed marketing exempt listings" to the Multiple Listing Service (MLS) framework. Sellers will now have the option to withhold their property from public marketing—such as through Internet Data Exchange (IDX) and third-party syndication—for a specified period, while still making the property visible to fellow MLS participants. Effective March 25, 2025, and with full implementation required by September 30, the policy is being introduced as part of a broader initiative titled "Multiple Listing Options for Sellers." It is designed to provide homeowners with greater flexibility and privacy when listing properties. NAR emphasized that this update emerged from months of consultations with MLS leaders, agents, brokerages, legal experts, and fair housing stakeholders. This pivot formalizes what certain niche players in the real estate sector—such as Hawaii-based Private Listings and Luxury Big Island—have already been doing for years. The move implicitly acknowledges that some sellers value privacy, while some buyers prefer discretion. According to Harold X. Clarke, founder of both Private Listings and Luxury Big Island, "It's validation that the industry is recognizing what we've known for a long time: not every sale belongs on a billboard." Quiet Sales Have Long Had a Clientele—Now They Have Recognition Off-market transactions, also known as "silent sales" or "pocket listings," have historically served clients whose priorities differ from those of traditional real estate consumers. These include ultra-high-net-worth individuals (UHNWI), public figures, and multi-generational family estate holders who prioritize discretion and exclusivity over broad visibility. Private Listings, which operates as an invitation-only platform, deals with transactions often exceeding $40 million. The properties are not searchable online, and access is restricted to vetted parties. Clarke and his team have described their role less as listing agents and more as real estate matchmakers, connecting opportunities with the right people quietly and efficiently. Luxury Big Island, while publicly accessible, also offers a tailored service to high-net-worth clients. The platform features trophy properties across Hawaii, including gated estates and oceanfront holdings. Both entities are under the corporate umbrella of MegaCapital Hawaii Corp. Clarke says the approach stems from decades of working with individuals "who don't want their homes—or their intentions—on display." Market Forces Are Moving Toward Customization The announcement from NAR comes amid growing consumer frustration with a one-size-fits-all model for property transactions. According to Redfin, more than 15% of luxury home sales in major U.S. cities in 2024 were conducted off-market. In Hawaii specifically, internal data from brokerages suggests that nearly one in five residential sales over $10 million occur outside of the MLS system. This market trend is not exclusive to luxury buyers. Some sellers have cited safety, timing constraints, or the desire to test pricing as reasons for avoiding immediate syndication. Clarke believes the shift reflects deeper changes in how people think about real estate: "For a while, technology dictated the rules—list it, blast it, sell it fast. But people are realizing that speed doesn't always align with value." NAR's policy stops short of explicitly endorsing full off-market deals, but it carves out a sanctioned path for delaying public exposure. It also clarifies that one-to-one broker communications will not be considered public marketing under the Clear Cooperation Policy—a point that may benefit firms already operating in this gray zone. Brokerage Identity Is Being Rewritten NAR's revised guidelines bring fresh attention to the question of what role brokerages should play. Traditionally, listing agents have functioned as conduits between sellers and the MLS. But Clarke suggests that the future points toward a more consultative, problem-solving model. "We're deal sourcers. Our job is to understand the layers behind a transaction—not just find a buyer, but find the right buyer at the right moment." By offering multiple paths to market—from public listings to ultra-private introductions—firms like MegaCapital Hawaii are challenging the idea that MLS participation alone equates to client service. While the new NAR policy still requires listing within one business day of public marketing, the option to delay that exposure now creates more maneuvering room. Whether other brokerages will follow suit remains to be seen. But Clarke is not expecting Private Listings or Luxury Big Island to become mainstream. "Our model isn't for everyone," he says. "But for the people who need what we offer, nothing else works." Local Rollouts, National Implications As individual MLS systems now begin setting their own timelines for delayed marketing periods, brokerages and clients alike will be watching closely. The policy allows for local discretion, which could mean varied experiences across the country depending on how each market interprets and applies the new rules. For those already working with high-discretion clients, the changes may not shift operations drastically. But the regulatory cover now offers legal and professional legitimacy to what had long been viewed as an unconventional approach. What remains consistent, regardless of policy, is the growing demand for customized sales strategies—especially at the top end of the market. Whether done quietly or loudly, the goal is the same: achieving the best outcome for clients in a way that respects their circumstances.
Chicago Tribune
09-06-2025
- Business
- Chicago Tribune
Errol Samuelson: I work at Zillow and I know the harms of private listing networks
It is common knowledge that more competition maximizes sales price. But there are a few real estate brokerages insisting in ever-louder voices that competition doesn't matter, because if enough people fall for that idea, it gives them cover to double dip on commissions and attract more clients. We must 'preserve seller choice,' they argue. And they talk up as 'innovative' a marketing strategy that puts a broker's interests ahead of their clients'. To be clear, sellers and their agents have the choices they need to market their homes, whether their goal is to maximize price or privacy, or something in between. They can sell their home completely privately off the Multiple Listing Service and third-party websites. They can make it available only to other agents in the market to share with their buyers one-on-one. They can keep the address or photos from being shown online. They can even list it on the MLS but keep the listing off the internet entirely. None of that is changing, nor should it. Sellers should retain full control over how and where they market their homes. So what choice are these handful of outspoken brokerages trying to preserve? Their own. They are choosing to make more money by persuading sellers that limiting which and how many buyers can see their home is somehow good. They are engineering private marketplaces that benefit themselves while actively harming buyers and sellers, all the while framing the practice as pro-consumer. That's especially bold when you consider that every consumer advocacy group that has weighed in on the issue — including the National Fair Housing Alliance, the Consumer Policy Center, the National Association of Hispanic Real Estate Professionals the National Association of Real Estate Brokers and Consumer Advocates in Real Estate — disagrees with them. Here's the reality: Home sellers aren't bursting through brokerage doors begging for a multitiered private marketing strategy. They're asking for help and representation, and going along with what's being pitched to them because they trust their agent. These brokerages use catchy marketing speak as they pitch sellers on their plans, but it all boils down to: 'Give us a few weeks to see if we can find a buyer we're already working with so we can get both commissions and use your listing to attract more clients. Odds are, it'll take longer and you'll probably lose some money, but if it doesn't work we'll put it on the MLS and sell it the way we should have all along.' If they're being forthright, they'd ask, 'Would you like 1,000 buyers or 50,000 buyers to know about the home you're trying to sell?' The result, of course, is that sellers waste time. And for sellers unfortunate enough to find a buyer within the private network, it almost always comes at a cost of thousands of dollars. Sometimes much, much more. And they rarely ever know. It's too bad these brokerages are choosing this path. Study after study after study — and common sense — tell us that marketing only to a few buyers who happen to be working with the same brokerage isn't how a seller makes the most money. It's how the brokerage makes the most money. Just last week in these pages, one Chicagoland brokerage ignored mountains of research and instead cited a 'study' by Midwest Real Estate Data showing privately listed homes sold for more money and sold faster. A quick glance shows that it wasn't a study, but a chart in an MRED white paper detailing the harms of private listing networks. They left out the part of the same white paper that says: 'Limiting the exposure of a listing to a subset of the market can reduce its ultimate selling price, which brings the ability of the listing agent to fulfill their fiduciary responsibilities to their seller into question.' And they also didn't share the part that says: 'Legal and ethical issues regarding off-MLS listings include the ability of agents to fulfill their fiduciary duties to clients, fair housing discrimination concerns, and proper disclosure of marketing practices to clients.' The harms of private listing networks proliferating are clear: Remember before Zillow, Redfin and other similar sites when you didn't know what houses were for sale until your agent showed you the listing in a big book in their office, or drove you around? When you couldn't do your own vetting and deep diving and comparing? That's the world these brokerages are hoping to revert to — one in which they control the information and buyers and sellers are at their mercy. And they're trying to somehow sell it as innovation. Errol Samuelson is chief industry development officer at Zillow.
