Zillow CEO: Real estate market is beginning ‘great reshuffling’ as people seek more space at home
The U.S. real estate market is beginning to show signs of a “great reshuffling,” as people relocate to homes with more privacy and space, Zillow CEO Rich Barton said.
Millions of people are considering moves for a slew of reasons, mostly being to downsize, upsize or get closer to family.
The U.S. real estate market is beginning to show signs of a “great reshuffling,” as people relocate to homes with more privacy and space to ease working from home, Zillow CEO Rich Barton said on the company’s Q2 2020 earnings call this week.
Companies could also fundamentally change how they want employees in the office. Zillow will offer its employees the option to work remotely at least part-time indefinitely, while Twitter and Atlassian have both said employees can work from home indefinitely.
The pandemic also has accelerated trends of people fleeing large, expensive U.S. cities. While home shopping is up everywhere, Barton said the company is seeing a “deceleration of migration” to cities and expects it to continue.
“We are pretty confident that this is going to be a lasting, multiyear meaningful trend,” Barton said. “We can’t call exactly how it’s going to play out from the data yet. But from an intuition supported by some bit of data, it seems like something real.”