Zelman & Associates - A Walker & Dunlop Company

Discussions around President-Elect Trump's proposed tariffs and immigration policies have raised concerns in the homebuilding industry. We spoke to our survey contacts to gauge their sentiment regarding potential disruptions and cost increases. Here are our key findings: - Builders rated their concerns about potential tariffs and mass deportations at 5 out of 10. Many believe these proposals are more likely to be used as negotiation tactics, with full implementation unlikely. - There is concern about tariffs on certain imported materials, especially lumber from Canada and electrical appliances from China. Builders have already started shifting to domestic suppliers in many cases, but if the full magnitude of tariffs are implemented as currently being discussed, our contacts estimate that their total building costs (excluding labor and land) could increase approximately 6%. - Builders are less concerned about deportation orders affecting their workforce, However, some worry that labor-intensive trades like masonry and drywall may experience disruptions. If so, replacing workers may lead to higher labor costs and longer training times. Download our support to read our summary into what this means for builders, development, adaptations in the industry, and more here: https://bit.ly/3ZEH2CM #Policy #Immigration #Tariffs #2025 #Builders #ZelmanResearch #Insight #WeAreWD

Ivy Zelman and Adam Baumgarten attended a fireside chat at the Weatherhead School of Management at Case Western Reserve University, where she spoke with Nicholas Fink CEO of Fortune Brands Innovations, about his career journey and insights. Nick’s key advice? Always aim to be in a role where you’re constantly learning, no matter where your career takes you. #Leadership #CareerGrowth #LearningJourney #Fortune500 #IndustryInsights

Freddie Mac recently revealed that they are expanding their offerings to utilize technology for affordability. What does this mean for single-family homeowners? Swipe to see Ryan McKeveny, CFA's insights into the impact this will have on the market. ⬇️ #SingleFamilyHomeowner #FreddieMac #CRE #Insights #HousingMarket

Breaking news! 🎉 Ivy Zelman will be inducted into the California Homebuilding Foundation's Hall of Fame alongside four other distinguished industry leaders at the 40th Annual Hall of Fame Gala! Each year, inductees are selected based on their remarkable career achievements, expertise, philanthropic efforts, and exceptional service to the industry. Congratulations, Ivy, on this well-deserved honor! 👏 Read more about this recognition here: https://bit.ly/4fELetl #HallOfFame #Homebuilding #Award #HousingMarket #WeAreWD

Ivy Zelman's latest insights on the mixed results from our Western Markets Homebuilding Report: - During the week ended October 27th, net absorptions across California, Arizona, and Nevada increased 17% sequentially to 0.69 sales per community. - On a year-over-year basis, absorptions were up 26%, marking the strongest growth since the first week of September. - The recent pace was consistent with the typical level observed during this week across our data series, which dates back to 2000. Subscribe to our reports: https://bit.ly/48Y6dok #Homebuilding #HousingMarket #MarketInsights #WeAreWD

Ivy Zelman sat down with Becky Quick at CNBC to discuss mortgage rates and its implications for homebuyers, the resilience of move up rates, and solutions for low supply. Watch the full interview here: https://lnkd.in/ewFQHkSn #Mortgage #Homebuyers #CNBC #Insights #WeAreWD

Zelman and Walker & Dunlop employees teamed up last week to volunteer at Medwish in Cleveland! Together, the team sorted medical supplies to support local needs and aid countries facing emergencies abroad. We're proud of our WDers for their unwavering commitment to making a difference! 🌟 #CommunityStartsHere #WeAreWD #Volunteer #MakeYourMark

Will rent growth lag wage growth? As we look towards 2025-26, we expect wages to outpace rent growth, with rents likely not returning to pre-COVID levels. Below are Jesse Lederman, CFA's insights! American Homes 4 Rent (AMH) has recently outperformed Invitation Homes (INVH) thanks to stronger rent growth and less exposure to storm-related areas, among other reasons. However, AMH’s stock already reflects much of this success, in our view, trading at a roughly 10% premium on future cash flow, within the 98th percentile over the last decade. With both companies expecting similar cash flow growth (about 3%) in 2025, we recommend favoring INVH. With acquisition activity seemingly loosening a bit of late, we expect investors to increasingly focus on REITs and their external growth potential in the coming years – though the recent increase in interest rates may dampen this optimism in the near term. Overall, if you are a REIT investor, 2025 promises to be an exciting year! Gain more of our insights: https://lnkd.in/eCdS3nUU #REITs #RealEstate #Investing #AMH #INVH #MarketInsights #Housing

Do you believe investments in affordable housing will increase next year? If so, why? Don’t miss Mark Franceski, Managing Director, as he breaks down the trends and opportunities shaping the future of affordable housing. And don’t forget – you can access all of our conference sessions on-demand for purchase: https://bit.ly/4hp3Nmw #ZelmanHousingSummit #HousingMarket #HousingInsights #AffordableHousing

Meet Ted Tabasso, our Director of Sales at Zelman since 2017! With over three decades of experience in institutional research and investment banking, Ted brings unmatched expertise to our clients. He began his career in 1993 at Bear Stearns Companies, underwriting loans, before discovering his passion for stocks and research. This led to key roles at Banc of America Securities and Deutsche Bank, where he eventually became the global head of Equity Product. Notably, his work with Deutsche Bank’s ABS desk was featured in the iconic film "The Big Short". Ted’s extensive background allows him to provide exceptional service that sets Zelman apart. Outside of work, he values relationships, mentors others, and enjoys tennis, the gym, and a good cup of coffee. Join us in celebrating Ted’s remarkable journey and expertise! Reach out to him here: https://lnkd.in/e95WFzcb #Zelman #Leadership #Research #InvestmentBanking #WeAreWD