Here are some great notes I made from the Zillow Summit in Bellevue

I went to the Zillow summit in Downtown Bellevue yesterday and got a lot of great insights on the current market, new generation of real estate buyers, and the love hate relationship with Zillows famous Zestimates! Heres a brieft overview of the 4 hour presentation summarized in a few paragraphs. Enjoy!
  • April 11 - Seattle
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Answers (10)

Thanks for sharing!!
  • April 23
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Profile picture for blue screen exile
Population distribution for the 2000 & 2010 census:


22 to 34 years?  About 13 years?  at about 2M men and 2M women per year?  That comes to 52M, not 80M.  Someone is exaggerating their numbers.  And remember, not everyone is a "home buyer".  About 35% of the U.S. households still are going to chose to rent.  We already saw what happens when the government tries to force higher home ownership percentages.

Also a little confused with those notes... 20% home owners under water nationally, but national norm of 5%?  Can you clarify those definitions?  It is sounding like an error in note-taking.
  • April 20
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Hey guys! Sorry for the delay in uploading the content I promised. I am still getting use to the Zillow desktop interface vs mobile. As promised, here are my notes from the Zillow Summit. Enjoy! and sorry again!

Local Market Overview:
Homes listed on the market stay on for no more than 4 days
Nationally, over 20% of home owners are under water with their mortgage and that is reducing rapidly. 2012, nationally we had 31.4% of home owners underwater, and now it is down to 20%.
Bellevue is at an amazing 6.8%, just over the national norm of 5% and Seattle is at 11% and dropping quickly.

Historically, Seattle home owners spend about 26% of their monthly income on mortgage payments, currently however, if you were buying a home, you would be spending about 21% of your monthly income. If and when mortgage rates go up to 5% which is projected to happen in Q1 of 2015, mortgage payments will be 25% of monthly income.

Current mortgage rates are stuck at about 4.25-4.5% which is historically low.

Annual appreciation on homes in Seattle/Bellevue is just over 10% and is projected to go down to about 5% next year. So ladies and gentlemen, sell your homes now if youre thinking about it.

The new home shoppers:
Gen Y (22-34 years old) consumer group is about 80 million people of the whole American Population .

Wallstreet Journal says this group represents the largest consumer group in the United States with the most purchasing power.

Heres a snapshot of todays Gen Y real estate consumer:
52% of homebuyers turn to the web as their first step for research
65% of Zillows traffic comes from Mobile devices, 70% on weekends.
88% of Gen Y home buyers, purchased their homes from a real estate broker in 2013.

In 2003, the average amount of time it took for a buyer to find the perfect home to purchase took about 8 weeks or 2 months. 10 years later in 2013, that number went up to 12 weeks, or 3 months. Why?
Gen Y likes to do more research and really get down to doing their homework.

In 2003, only 11% of homebuyers used the internet to find their home, and relied 40% on the real estate agent to find it for them. In 2013, 40% found their home online and 35% found their home with an agent.

To interpret this, the importance of a real estate broker in todays market hasn't diminished, it has only switches gears. Back in the 80's and 90's, buyers and sellers relied heavily on the agent to find them the perfect home. With today's technology, the average home buyers finds their dream home themselves online and rely heavily on the broker for 3 important things:
1. Market and neighborhood expertise
2. Negotiating terms of contracts and negotiating prices
3. The whole buying process and walking through the contracts

For any more questions regarding any of the above topics, feel free to contact me and I would be more than happy to consult with you on your wants and needs and share more of my insights with you. (206)941-0535
  • April 20
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Profile picture for AdrianChu
Looking forward to seeing your notes!!
  • April 20
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Profile picture for Brian Hopper
I liked the Seattle one a few months back.

Anyhow...lets see them notes! 
  • April 17
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Profile picture for blue screen exile
We had one of those summits in Pasadena about 5 years ago (March 2009).  I met a couple of Zillow employees at that time, but they have left Zillow since.

I didn't bother attending the summit, but did discuss some website issues, some data issues, and some estimating issues, as well as Real Estate in Pasadena.

Well, actually it wasn't technically a "summit", it was a Real Estate "barcamp", also known as an "un-conference".  But I still didn't attend.
  • April 12
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Well, I might have enjoyed it,  if you actually included your "overview"............you might want to try again
  • April 11
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Profile picture for Dunes ..
I think you shared just about every insight of value Zillow could add to any RE discussion and imo they deserve repeating so let me share them again for any members of the public passing by......






















Once again
Thanks for sharing the insights of value Zillow has to share
  • April 11
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Profile picture for wetdawgs
That certainly was "few"!  

Hope  you enjoyed the gathering.
  • April 11
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Profile picture for daveskow
I see no notes ?
  • April 11
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