Redefy housing news 3.13.2017
This week in housing news, find out what needs to be in your wallet to buy in America’s most expensive housing markets. Plus, ask Alexa what your home is worth and buy a house not owned by aliens!
Fat wallets needed
For America’s 20 most expensive housing markets, you’re going to need a fatter wallet to buy a house. Based on the National Association of REALTORS® data on housing affordability, Business Insider put together this list of the salary you need to buy a home (based on median home price):
|METROPOLITAN MARKET||POPULATION||MEDIAN HOME PRICE||SALARY|
|1. San Jose-Sunnyvale-Santa Clara, CA||1,976,836||$1,005,000||$183,730|
|2. San Francisco-Oakland-Hayward, CA||4,656,132||$837,500||$153,108|
|3. Anaheim-Santa Ana-Irvine, California||3,169,776||$745,200||$136,234|
|4. Urban Honolulu, HI||998,714||$740,200||$135,320|
|5. San Diego-Carlsbad, CA||3,299,521||$593,000||$108,410|
|6. Los Angeles-Long Beach-Glendale, CA||10,170,292||$503,400||$92,030|
|7. Boulder, CO||319,372||$494,800||$90,457|
|8. Seattle-Tacoma-Bellevue, Washington||3,733,580||$423,300||$77,386|
|9. Boston-Cambridge-Newton, MA/NH||4,774,321||$417,400||$76,307|
|10. Naples-Immokalee-Marco Island, FL||357,305||$415,000||$75,869|
|11. Wash.-Arlington-Alexandria, DC/VA/MD||6,097,684||$384,300||$70,256|
|12. New York-Newark-Jersey City, NY/NJ/PA||20,182,305||$382,300||$69,891|
|13. Denver-Aurora-Lakewood, CO||2,814,330||$381,600||$69,763|
|14. Barnstable Town, MA||214,333||$377,900||$69,086|
|15. Bridgeport-Stamford-Norwalk, CT||948,053||$359,800||$65,777|
|16. Portland-Vancouver-Hillsboro, OR/WA||2,389,228||$354,700||$64,845|
|17. Sacramento-Roseville-Arden Arcade, CA||2,274,194||$324,300||$59,287|
|18. Riverside-San Bernardino-Ontario, CA||4,489,159||$317,700||$58,081|
|19. Miami-Fort Lauderdale-West Palm Beach, FL||6,012,331||$310,500||$56,764|
|20. Reno, Nevada||450,890||$308,700||$56,435|
Alexa, what’s my home worth?
Redefy launched the first national home valuation skill for all Alexa-enabled devices like the Amazon Echo and Echo Dot. From the comfort of your couch, you can get an accurate home value by saying, “Alexa, ask Redefy Real Estate how much my home is worth” – activate the free skill on Amazon. Read more on The Home Front.
Millennials take the lead borrowing with tech
More millennial home buyers are using technology to buy a new home than any other generation. They’re not just searching online to look for houses. According to a new study by mortgage automation provider Ellie Mae®, 30 percent of millennials begin and finish an online mortgage application (with an in-person interaction) with their lender. Gen X is close behind at 28 percent, followed by Baby boomers at 20 percent.
“There’s no question that technology is playing a larger role in the home buying experience,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “As we expected, many homeowners are seeking a faster and more streamlined experience. And it’s not just a millennial phenomenon; it’s homebuyers of all ages and both genders.”
No aliens to worry about
Apparently, aliens landed in Virginia (and they bought houses). But don’t worry, this house is owned by bona fide homo sapiens – that’s a relief! Or, the aliens want you to think they’re humans…