Zillow CEO ON The Current Housing Market

Zillow is a leading online Real Estate website for home owner looking to sell or rent their homes. Zillow allows both real estate agents and For Sale by Owner to post their properties on their site. This is a powerful tool for a home owner or a renter looking for a new home to either purchase or rent.

What does the CEO of Zillow currently say about the current housing market?

The real estate market is soaring. Sales of existing homes in the United States reached their highest level since 2006 last year, according to the National Association of Realtors. The booming market is driving buyers to Zillow, the largest real estate website. On average, more than 142 million users a month find information on more than 110 million homes nationwide on the Zillow website. Read more here: http://www.cbsnews.com/news/zillow-ceo-spencer-rascoff-homes-buying-renting-selling-housing-market-trends

Who is  Spencer Rascoff?  Well he is the CEO of Zillow and the author of the post in the link above.

According to Rascoff, the housing market has been appreciating about three percent year over year, but don’t be surprised if this is not happening in every region.

He explains that “So certain parts of the country are roaring while other parts of the country are lower. It’s all based on what’s happening in the local climate,” Rascoff told “CBS This Morning” Rascoff explains that the top cities such as Denver, Seattle, New York, Los Angeles, Salt Lake City, and Richmond are teeming with jobs in the technology industry but also include a strong local economy.

You may be surprised to hear that home values have increased about 70 percent, year over year in the last 17 years. However homes that were near a Starbucks were up about 100 percent in the same period. Rascoff advised future buyers to look for homes near Whole Foods or Trader Joe’s locations, where values were up highest topping 140 percent which is about twice that of the normal American home.  People like to be around convenience and trendy store names so if you have a property located in one of these areas, we would love to speak with you.

But this also depends on other factors, including location, weather and timing. Those in warmer parts of the country like the Southeast should purchase earlier in the month, whereas those in colder areas like the Northeast should wait until April, Rascoff said.

Timing is also an important factor.

Rascoff says that “Once the listings have come online and buyers are in the market, then you want to list. The internet has changed this because Sites like Zillow and Trulia show how long something has been on the market,” Rascoff said.

The longer on the market, the less or valuable the the property becomes to the average buyer. As investors, these properties usually need some help, we know that not all people can wait to sell their homes for top dollar. We offer cash offers and can close quickly.

 

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