Q4 2023 Real Estate Market Update

The market continues to show signs of stability as we move into the new year. With a steady influx of buyers and sellers, the real estate landscape retains its balance, albeit with slight shifts in preferences.

Market Conditions Overview: Despite initial concerns, the housing market has sustained its momentum from the previous year. Demand remains robust, particularly for suburban properties offering larger spaces and a blend of remote work convenience. Urban areas witness a gradual resurgence as the economy adapts to post-pandemic changes.

Example Home of the Week: This week's standout is a charming suburban property in Dallas, boasting an exquisite blend of modern amenities and a serene environment. This 5-bedroom, 3-bathroom home features ample natural light, a spacious backyard ideal for relaxation, and convenient access to local schools and parks. Its contemporary design and family-friendly layout make it a compelling choice in the current market. This home is projected to reach a 5% CoC and 20% ROI with a list price of only 233K!

Interest Rates Decline: Recent news reports highlight a favorable trend in interest rates, offering potential benefits for both buyers and homeowners.

We expect that the lowering interest rates could potentially drive up home prices as we enter 2024 — so please reach out ASAP to start your home-buying process!

Top 3 ways CoLiving is making you more money!

HomeRoom is on a mission to deliver the best Co-living experiences for owners and tenants, with our goal of allowing everyone in the US to have an affordable place to live.  We are excited to partner with you on this exciting and challenging journey.  We are going to begin providing quarterly updates to owners so that you are aware of the many activities we’re doing to deliver great tenant experiences and improve your returns.  Following are updates along our three core themes of Quality, Occupancy and Revenue.

Improve Tenant Quality

We have found that better tenant quality drives improved occupancy rates and property revenue.  Thus, we have implemented a Stricter Screening Process.  Over the last 8 months, we've made our screening parameters 50% more stringent, which has resulted in longer stays, 29% more  on-time rent payments and 80% fewer evictions. This has not only enhanced the overall creditworthiness of our tenant base, but continues to provide improved rental income. Improving tenant quality is an important initiative and we have additional several initiatives in the works for 2024.

Improve Property Occupancy

We continue to invest in technology to improve occupancy rates by improving the pre-tenant experience.  Improving the pre-tenant experience drives more applications and more tenants.  We have been working on two key initiatives:

1. HomeRoom – powered by AI.  We are in the alpha stage of launching an AI Chat Bot to help prospective tenants through the process of finding and applying for rooms.  This will enable us to instantly respond to prospective tenants 24/7 and drive higher occupancy rates. Use the link here to test it out (click the chat window on the bottom right) 

2.  LiveHomeRoom.com 2.0 : We are excited to announce the launch of our new website. This new website upgrades the prospective tenant web experience by improving search for finding the perfect room, enhancing loading speeds, and delivering a cleaner and more user-friendly experience. There are also a number of enhancements to improve SEO and drive more prospective tenants to our site!

Improving Owner Income 

We are constantly working on ways to drive additional revenue streams.  We are about to launch a new Parking Monetization system that will provide a new parking rental product for tenants! HomeRoom residents will be able to lease available parking spaces as early as this December. Implementing a parking fee system is an opportunity for investors to increase revenue with zero effort and offer tenants a more comfortable living environment.

CoLiving helped me buy a home of my own!

Hi there, I’m Jean Dorival, and I just had an incredible experience at HomeRoom on Fisher Court. The quality of the house and amenities was top-notch, not to mention the consistently reliable WiFi. What really made it exceptional was the fair pricing and the amazing roommates. HomeRoom’s vetting process ensured a great group of people to live with.

I loved the mutual respect and shared hobbies among my roommates. It felt like a special community where we collaborated and learned from each other. HomeRoom wasn’t just a place to stay; it was a culture I felt proud to be part of.

One of the most significant aspects for me was how HomeRoom helped me save up for my own home. It’s definitely a great option for many different lifestyles. Whether you’re like me, looking to save for your own place, travel often for work and need a crash pad, or just seeking a high-quality living space, HomeRoom fits the bill perfectly.

For anyone considering HomeRoom, I can’t recommend it enough. Trust me, I’ve compared it to other options like PadSplit, and HomeRoom stands out in terms of house quality, neighborhood, and roommate vetting.

Getting assistance during my stay was a breeze; they made inquiries simple to solve. While I’m moving to my own house now, I’ll definitely be recommending HomeRoom to friends and colleagues without hesitation. It worked wonders for me, helping me save towards my dream of owning a home, and I’m confident it’ll do the same for others. A solid 10 out of 10!