Earlier this month, two of our staff members traveled to Inman Connect San Francisco, an annual conference focusing on the latest and greatest developments in the real estate industry. We hope to pass along the latest trends to you, our clients. One of the keynote speakers was Amy Bohutinksy, COO of Zillow, giving a sneak peek of a report Zillow will be releasing in the fall, specifically addressing 4 “myths” about the real estate market:
1. The Market is Too Expensive for First Time Buyers
False – 53% of all buyers are first time home buyers. Despite home prices being on the rise, more people can afford because of historically low mortgage rates
2. Personal Referrals Are the #1 Way People Find Their Agent
True – 32% of buyers used an agent that was a referral.
3. The Home-Buying Season Begins in the Spring
False – Christmas day is actually the record high of downloads and searches for the Zillow App each year... people are receiving new tablets and smart phones under the tree!
4. Millennials Are a Small Fraction of Home Buyers Because They Can’t Afford to Buy and Are Too Strapped With Debt
False – Millennials are the first generation since the 65+ age group to return to the American Dream of owning a home. More than 50% of buyers are millennials, and the average age of a home buyer is 36.
With all the hype surrounding Portland’s robust market, it’s easy to forget that the reality is that the economy is healthy, jobs are growing, and the younger generation is buying. More questions about real estate in 2016? Contact us today!
