Zillow Talk: The New Rules of Real Estate
Spencer Rascoff, Stan Humphries
Format: PDF / Kindle (mobi) / ePub
THE HARDCOVER EDITION WAS PUBLISHED AS ZILLOW TALK: THE NEW RULES OF REAL ESTATE. THE NEW TITLE OF THIS BOOK IN OTHER EDITIONS IS ZILLOW TALK: REWRITING THE RULES OF REAL ESTATE. "THE NEW RULES OF REAL ESTATE" IS A REGISTERED TRADEMARK OF FIRST TEAM REAL ESTATE-ORANGE COUNTY.
How do you spot an area poised for gentrification? Is spring or winter the best time to put your house on the market? Will a house on Swamp Road sell for less than one on Gingerbread Lane? The fact is that the rules of real estate have changed drastically over the past five years. To understand real estate in our fast-paced, technology-driven world, we need to toss out all of the outdated truisms and embrace today's brand new information. But how?
Enter Zillow, the nation's #1 real estate website and mobile app. Thanks to its treasure trove of proprietary data and army of statisticians and data scientists, led by chief economist Stan Humphries, Zillow has been able to spot the trends and truths of today's housing market while acknowledging that a home is more than an economic asset. In ZILLOW TALK, Humphries and CEO Spencer Rascoff explain the science behind where and how we live now and reveal practical, data-driven insights about buying, selling, renting and financing real estate. Read this book to find out why:
-It's better to remodel your bathroom than your kitchen
-Putting the word "cute" in your listing could cost you thousands of dollars
-You shouldn't buy the worst house in the best neighborhood
-You should never list your house for $444,000
-You shouldn't list your house for sale before March Madness or after the Masters
Densely packed with entertaining anecdotes and invaluable how-to advice, ZILLOW TALK is poised to be the real estate almanac for the next generation.
dropping, and they continue to fall steadily as you move away from the city center. Our data shows that the homes in areas adjacent to the city center often tend to gain value much more quickly than homes in the city center. In other words, the gap between homes in central neighborhoods and outlying neighborhoods tends to shrink as the years go on. The following graph of home price data in Phoenix illustrates the way that outlying homes become much more valuable compared to where they started.
because the people who did own these properties were much more open to selling to developers. That way, developers had an easier time moving in and renovating the housing stock. As you can see, the factors that predict gentrification are complex, and our data showed that they vary by state. But it’s important to remember that, more than anything else, they are measures of potential. Neighborhoods in many city centers have been growing for years, and can probably only make marginal improvements.
detail—just don’t write a Homeric poem about it. FINDING “THE ONE” In case it’s not clear yet, the language of real estate listings is bogged down in secret rules and code words. It’s a language where “modern” means the opposite, and “unique” is just about the worst thing you could be. With so many words tethered to undesirable hidden meanings, it might seem almost impossible for a seller to break through the noise. It might seem equally impossible for a buyer to find the right house buried in
A new shorthand term even emerged to describe Arizona, California, and Nevada—along with Florida. They were grouped together and branded the “Sand States,” because apparently someone noticed that they had a few things in common: deserts, beaches, and remarkably volatile housing markets. In time, it became a given that these markets were just, well, different from others. By now you know that we love deflating myths. So you might be surprised to hear us affirm that this actually is one of those
we found some fairly telling facts. Of the top one hundred ZIP codes likely to be hardest-hit, the mean home value is—are you ready for this?—$865,241. In other words, the federal government is spending $100 billion every year to help Americans who live in almost million-dollar homes! This is the very definition of a regressive policy—one that focuses virtually all of its benefits on the people who are already the most well off. Given that, it’s especially ironic that the MID is consistently sold