TOP EMERGING TECH TRENDS IMPACTING THE REAL ESTATE INDUSTRY

Over $31B was invested in real estate tech firms in 2021. Looking ahead, metaverse and blockchain technology may have a significant effect on the future of real estate.

 

The metaverse and blockchain technology could have a significant impact on the future of real estate, according to experts at the 2022 Realtors® Legislative Meetings.

Several hundred Realtors® attended the Emerging Business Issues and Technology Forum, which provided insight into the top emerging tech trends that are expected to have the biggest impact on the real estate industry in the coming years.

Jane Dzielski, Google’s principal analytical lead, kicked off the session with a presentation on data trends in the real estate sector. She said that prior to the pandemic, only one in 10 households moved each year.

“We are now seeing a ton of moving activity,” Dzielski said. “Twenty-five percent of consumers have moved in the past two years and 24% plan to move in the next year.”

Dzielski also said that while internet searches for buying a second home dropped in the first half of 2020 (-9%), they have surged since then (+23%). According to Google’s data, the top reasons that homeowners cited for purchasing a second home were to diversify their investments, earn money renting, and use as a vacation home.

Ashley Stinton, Second Century Ventures’ head of marketing, discussed the recent rise in investment in real estate technology companies, explaining that over $31 billion was invested in 2021.

“These are unprecedented numbers,” Stinton said. “We’ve seen 12 new prop tech unicorns as well as over 150 merger and acquisition transactions.”

Stinton noted that SCV’s REACH scale-up program plays an active role in shaping the future of real estate technology investment.

“We find, support, accelerate, and scale the innovative companies that are going to have the highest impact on Realtors’ businesses,” she said. “We then bring these technologies to NAR members so that these companies can work hand-in-hand with the Realtor community as they build out their products and services.”

“Blockchains are a new way of thinking about information management,” he said. “They provide a verifiable and trustworthy record of events or transactions. This is a critical component of any transaction.”

Conroy concluded the session underscoring the importance of decentralized finance and the role it could play in real estate in the future.

“Decentralized Finance, or DeFi for short, refers to financial services that exist on blockchains,” he said. “With financing being a key component of the transaction, Realtors should become familiar with the new tools that are becoming available in the DeFi landscape.”

 

Source: Florida Realtors®

FLORIDA SAYS $6.2M AWARDED FOR PANDEMIC MORTGAGE RELIEF

The Deptartment overseeing distribution has helped 386 homeowners to date and is still accepting applications. Funds used so far are about 1% of federal funding received.

 

The Florida Department of Economic Opportunity (DEO) released numbers on the amount of Florida homeowners who have received mortgage-relief help after being impacted by the pandemic.

To date, DEO says it has awarded more than $6.2 million in total relief for the Homeowner Assistance Fund (HAF), with $5.1 million of that awarded this week. The money is funded through the federal Homeowner Assistance Fund (HAF), which initially gave Florida $676 million to help homeowners facing pandemic-related mortgage problems.

The federally funded HAF program was designed to mitigate financial hardships associated with the COVID-19 pandemic by preventing homeowners’ mortgage delinquencies, defaults, foreclosures and displacements. It also provides assistance with home energy services, internet, property and/or flood insurance, property taxes, and homeowner or condominium association fees.

DEO Secretary Dane Eagle says approved homeowner money “will be credited to accounts for applicants’ mortgages and other homeowner expenses, including utility bills. We are working in collaboration with more than 100 lenders and servicers and are encouraging eligible Floridians to register as soon as possible to receive an application to apply for up to $50,000 in relief.”

DEO says applicants can register on its website, and it will offer an application once registered. It started with Tier 1, which is generally lower income households. It then moved on to Tier 2. (DEO has frequently asked questions about tiers and more on its website, along with a program overview)

DEO program updates, week of May 2-6

• 
  

  386 homeowner applications have been approved by DEO

  
  


• 
  

  5,170 applications have been started by homeowners but not been submitted.

  
  


• 
  

  4,644 applications have been submitted to DEO by homeowners

  
  

Registrations

• 
  

  24,730 eligible registrations have been submitted

  
  


• 
  

  22,190 registrations are Tier 1, and all have been invited to apply for relief

  
  


• 
  

  2,540 registrations are Tier 2

  
  

 

Source: Florida Realtors®

Weekend Happenings on the Treasure Coast

Free Relaxation Circle

Martin County

Date: Event occurs the second Friday of every month.

Time: 6:00 pm – 7:00 pm

Location: Treasure Coast Holistic Health Center

Address: 524 SE Dixie Highway, Stuart, FL 34994

Price: Free

Category: Health

Join us to relax and unwind at a free relaxation circles. Certified Practitioners will share a variety of techniques that is sure to help calm the mind & help heal the soul. The night will include: beginner guided meditation, distance Reiki (a Japanese stress relief technique), easy breathing techniques that are specific for relaxation, and guided prompts which will help complete the experience. After join us for a cup to Alkaline water tea in our newly remolded tea bar. To provide you with the best experience, space is limited, please call or email to reserve. (772) 208-7688

Treasure Coast Holistic Health Center

 

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KPSLB Tree Giveaway

Drive-Thru Event

• Date:05/14/2022 8:00 AM – 10:30 AM


• Location:Public Works Department Thornhill Location
  
  Port St. Lucie, Florida 34984" href="http://www.google.com/maps?f=l&hl=en&q=450+SW+Thornhill+Drive%2c+Port+St.+Lucie%2c+Florida+34984" target="_blank" rel="noopener">450 SW Thornhill Drive
  
  Port St. Lucie, Florida 34984

Keep Port St. Lucie Beautiful (KPSLB) will give away an assorted variety of trees. This event recurs twice a year. This is a drive-thru event, no walk-ups will be allowed. Trees will be placed into resident vehicles by City staff and will be given away on a first-come, first-served basis. IDs are required.

Trees to be given away:

• Royal Poinciana


• Avocado

For more information, call 772-871-5103, email kpslb@cityofpsl.com, or visit www.cityofpsl.com/kpslb.

 

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Outdoor Greet Market in Tradition

Date: Event occurs every Saturday of every month.

Time: 9:00 am – 1:00 pm

Address: 87 Village Pkwy, Port St. Lucie, 34987

Price: Free

Category: Food Special

Come for a nice stroll through the Tradition Green Market every Saturday from 9am to 1pm. Completely outdoors and perfect for social distancing.

Over 30 different vendors on one long strip with organic fruits, vegetables, mushrooms, fresh produce, raw local honey, free-range organic eggs, kombucha, fresh juices, baked goods, gluten-free bread, pastries, desserts, spices, marinades, jams, marmalades, plants, herbs, flowers, orchids, fresh local beef.

We also offer home decor, custom jewelry, fabric masks, clothes, shoes, custom and handmade products, arts and crafts, unique gifts, goods, services and so much more.

Our vendors and farmers rotate so we don’t always have the same products but we’ll always have something good every Saturday.

Brunch food trucks too!!

Come spend the morning with us, and support your local vendors and small business, we’ll have a nice gourmet coffee and warm breakfast waiting for you every Saturday from 9am to 1pm “Rain or Shine”

“Tradition Neighborhood Market “ is located in the parking lot across from Target and Michael’s in Tradition – Port St Lucie.

Free Parking-Free Parking lot and Pets are always welcome !!!

 

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Summer Passport. Series

Date: Event occurs every other Saturday.

Time: 10:00 am – 2:00 pm

Location: Savannas Preserve State Park

Address: 2541 SE Walton Road, Port St. Lucie

Price: $3.00 per Vehicle

Category: Educational

Summer Passport Series 2022

At Savannas Preserve State Park

Celebrate nature with a 4 month Summer Passport Series at Savannas Preserve State Park. From April through July, the Friends of Savannas is hosting a series of events to encourage the whole family to enjoy the great outdoors while learning about nature, our park and the local community.

Each month, a new Chapter and topic will be featured. Attending one event from each Chapter earns you a pin. Collect all the Savannas pins to show off to your friends and family. The Passport series is recommended for ages 6 and up. Some events will be free with park admission; others will have an additional charge for crafts and hands-on activities. All Passport events will take place from 10 AM to 2 PM along the Glass Lizard Trail, located to the right of the Education Center. Our next upcoming event event will be held on April 30 which is a self guided hike where you will learn about invasive plant identification.

The Savannas Preserve State Park Education Center is located at 2541 SE Walton Road in Port St. Lucie.

 

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RESCHEDULED: Foghat with opening act Sacred Union

MIDFLORIDA Credit Union Event Center

Date: Saturday May 14, 2022

Time: 7:00 pm – 11:00 pm

Location: MIDFLORIDA Credit Union Event Center

Address: 9221 SE Event Center Pl, Port St. Lucie , FL, 34952

Price: 25.00 – 45.00

Category: Arts / Exhibits

With some of the best blues-boogie-rock ever recorded, Foghat is taking the MIDFLORIDA Event Center stage for a performance on Saturday, May 14.

Formed in 1971, Foghat has since amassed eight gold records, one platinum and one double platinum record. The band continues today with as much energy as it had back ‘in the day’! Foghat scored hits with the songs “Slow Ride,” “Fool for the City,” a cover of “I Just Want to Make Love to You,” “Stone Blue” and “Third Time Lucky (First Time I Was a Fool),” all of which are still in regular rotation on classic rock radio.

Arrive early to catch the opening act, Sacred Union, whose diverse repertoire covers songs from Dave Matthews, Hall and Oates, The Foo Fighters, and Etta James, to Prince, Lenny Kravitz, The Red Hot Chili Peppers, Stevie Wonder, and so many other iconic world class artists.

Gates open at 5:30 p.m. | Show starts at 7 p.m.

https://www.etix.com/ticket/p/8785578/foghat-with-opening-act-sacred-union-port-stlucie-midflorida-credit-union-event-center?cobrand=portstlucie

 

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HIPPIES – FEST – Music, Peace, Love, & Good Vibes

Date: Sunday May 15, 2022

Time: 4:00 pm – 8:45 pm

Location: Terra Fermata

Address: 26 SE 6th St

Price: $6

Category: Concert / Live Music

THE OLD HIPPIES perform songs you remember and love, taking you back to the days of Woodstock. BROWSE COOL AND FUNKY VENDORS, EAT FANTASTIC LOCALLY MADE AND CATERED FOOD, ENJOY GREAT LIVE MUSIC, AND BE IN YOUR HIPPIE ZONE! Beers, Wines, Ciders, Hard Selzers and Sodas for purchase NO OUTSIDE FOOD OR BEVERAGE ALLOWED. Prizes for best hippie look Male and Female. Tell your friends – spread the joy! GET YOUR TIX ONLINE AND SAVE $2 CASH ONLY AT DOOR!

Ticket Info

Home purchase sentiment tumbles across the board

Consumer perception of getting a mortgage also falls

 

Consumer outlook toward housing slumped in April to its lowest level in two years as Americans continue to stress about housing affordability and rising mortgage rates.

Fannie Mae’s Home Purchase Sentiment Index (HPSI) plunged 4.7 points month over month and 10.5 points year over year to 68.5 – its lowest reading since May 2020.

The decline comes as more consumers report “difficult homebuying conditions amid the budget-tightening constraints of inflation, higher mortgage rates, and high home price appreciation,” said Doug Duncan, chief economist of Fannie Mae.

“The current lack of entry-level supply and the rapid uptick in mortgage rates appear to be adversely impacting potential first-time homebuyers, in particular, evidenced by the larger share of younger respondents (aged 18- to 34) reporting that it’s a bad time to buy a home,” Duncan said. “Additionally, consumer perception regarding the ease of getting a mortgage also decreased across nearly all surveyed segments this month, suggesting to us that the benefit of the recent past’s historically low mortgage rate environment appears to have diminished, and affordability is poised to become an even greater constraint going forward. This sentiment is consistent with our forecast of decelerating home sales through the rest of 2022 and into 2023.”

More stats

• The net share of Americans who say it is a good time to buy a home decreased eight percentage points month over month to 19%.


• The net share of those who say it is a good time to sell a home decreased two percentage points to 72%.


• The net share of those who say home prices will go up over the next 12 months decreased nine percentage points to 44%.


• The net share of Americans who say mortgage rates will go down over the next 12 months decreased three percentage points to 5%.


• The net share of Americans who say they are not concerned about losing their job over the next 12 months decreased two percentage points to 84%.


• The net share of those who say their household income is significantly higher than it was 12 months ago decreased four percentage points to 26%.

 

Turnkey Homes Are in Demand

Many developers believe that turnkey homes—high-end, furnished, predecorated homes that allow buyers to easily move in—are what home shoppers want nowadays. The trend is taking root in places like Hawaii and California and in many second-home resort communities.

Rob Kildow, director of sales and principal broker for Hualalai Realty, told Mansion Global about the growing appeal of turnkey residences in his market in Hualalai, Hawaii. Fully furnished residences will sell within days at or above asking price, he says.

“When our residents sell their home, a buyer from a smaller property here buys it and moves into the bigger space,” Kildow says. “They leave the smaller home fully furnished while they create their new residence. I then have a three-page waiting list of buyers interested in that smaller property.”

Kildow told Mansion Global there’s a “clear trend toward single-family, ‘want it now’ homes. Psychology always provides different sales drivers, and the pandemic pushed buyers on the fence to buy—in some cases ‘sight unseen.’”

A home fully furnished and decorated may have fewer surprises for a buyer. Also, during the pandemic, furniture and construction materials have faced supply chain bottlenecks that have made getting materials tougher.

Silversands Villas on the island of Grenada, Calif., is selling fully furnished homes that also feature original artwork that stay with the homes. Kandace Douglas, a real estate sales and marketing director at Silversands Villas, told Mansion Global the development is embracing the luxury “move in now” mentality that more buyers appear to be exploring.

“Turnkey homes offer peace of mind and instant enjoyment—while avoiding construction costs and labor force issues presented by today’s economy,” Terri A. Haack, president of Rancho Palos Verdes, a resort along the Southern California coast, told Mansion Global. “Time is priceless.”

 

Source: “Turnkey Is King for Those With a ‘Move-In-Now’ Mentality,” Mansion Global (May 8, 2022)

What to Update Before Selling

Simple kitchen and bath improvements can leave home shoppers swooning over a listing, according to a new study by Knock, a site about homeownership.

Homes are selling fast, but certain home updates can help them sell even faster. An updated home can sell an average of 30% faster than a home without improvements, the analysis shows.

Knock compared the average days on the market for homes that are updated before being listed with those that sellers leave as is. It pinpointed which home updates tend to result in the fastest sales.

“Getting a home ready for sale can be a stressful experience, and the supply chain constraints and contractor backlogs brought on by the pandemic have made it even more difficult to get work done,” says Sean Black, co-founder of Knock. “Three years ago, homeowners had to put a lot more work into their home before listing it. However, even in the current market with homes selling in record time, the data continues to support the benefits of getting your home show-ready.”

Knock was selected for the 2021 REACH class, a technology accelerator program through Second Century Ventures, the strategic investment arm of the National Association of REALTORS®.

Homes with modern renovations sold in an average of eight days, compared with an average of 12 days without improvements. Homes with two or more improvements sold in an average of six days, according to Knock.

The most common home improvement: interior and exterior paint. Seventy percent of sellers painted their walls, spending an average of $3,500.

But freshly painted kitchen cabinets, which cost an average of about $1,319, really help buyers fall in love with a house, the study shows.

Here are the updates that consumers say they most loved about a house.

 

Source: Knock

7 New Smart-Home Products

Give clients a preview of the latest gizmos for the home featured at CES 2022.

 

You don’t need to attend the annual CES event in Las Vegas to get excited about advancements in home tech.

1. Firewalla is a smart firewall that plugs into any router to enhance the security of home networks, including the many smart-home devices that most households now use. It blocks unwanted sites and ads and offers parental controls and a personal VPN. Price: Starting at $140; up to $468 for router and firewall combo.


2. Roborock’s new S7 Max V Ultra is a smart vacuum with a mop. It uses sonic technology to scrub the floor up to 3,000 times per minute; the mop lifts when carpet is detected. LIDAR navigation creates detailed maps and can identify rooms across four levels. Price: $650


3. The AI-capable Samsung Home Hub, like Amazon’s and Google’s hubs, includes a screen for seeing and connecting all smart appliances in a home. Price: TBD


4. Coway’s Smart Care Air Mattress and Smart Sleep Solution detects the user’s sleep position and body pressure and adjusts accordingly. It can connect with air care products to produce the optimal humidity. Price and release date: TBD


5. Wagz is a smart dog collar and wireless fence system with an app that includes GPS tracking. Users can train their dogs with sound and vibration (not shocks) and track a pet’s paths, whereabouts, and sleep cycle. Switch on an LED for nighttime walks. Price: $250


6. Sengled’s health-monitoring smart lightbulb includes biometric tracking of a user’s heart rate, body temperature, and other vital signs. A Bluetooth mesh network can even help detect falls and send for help. Price: TBD


7. One of the biggest trends at CES 2022 was the unveiling of new electric vehicles from GM, Mercedes-Benz, BMW, and Sony Mobility. Several companies showcased charging solutions. For example, the Wallbox Quasar bidirectional home charger allows homeowners to charge the vehicle and use the car battery to power the home or grid. Price: $4,000

 

Source: Brandon Doyle, ABR, ePRO, RE/MAX Results in the Twin Cities. See more at Doyle’s Ultimate Smart Home Series.