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!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11 - Seattle
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (10)

Thanks for sharing!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 23
Profile picture for Pasadenan
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 20
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
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 20
Looking forward to seeing your notes!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 20
I liked the Seattle one a few months back.

Anyhow...lets see them notes! 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 17
Profile picture for Pasadenan
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 12
Well, I might have enjoyed it,  if you actually included your "overview"............you might want to try again
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11
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
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11
Profile picture for wetdawgs
That certainly was "few"!  

Hope  you enjoyed the gathering.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11
I see no notes ?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11
 
Related Questions
Here are some great notes I made from the Zillow Summit in Bellevue
Profile picture for Peter and Rachel Badgett
Latest answer by Peter and Rachel Badgett
April 23 | 10 answers
When is the best time to buy? Will rates go any lower?
Profile picture for Shweta Pai
Latest answer by Shweta Pai
November 08 2010 | 8 answers
Why have market condition improved for new townhomes in great urban locations?
Profile picture for Betsy Pepine
Latest answer by Betsy Pepine
September 04 2010 | 4 answers
Low home value in error?
Profile picture for Sam DeBord
Latest answer by Sam DeBord
February 27 2009 | 2 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1520 SW 100th St, Seattle, WA Home For Sale
    1520 SW 100th St, Seattle, WA 98146

     For Sale: $1,950,000

    • Beds: --
    • Sqft: --
    • Baths: --
    • Lot: 6292
  2. 3620 Woodlawn Ave N, Seattle, WA Home For Sale
    3620 Woodlawn Ave N, Seattle, WA 98103

     For Sale: $724,800

    • Beds: 3
    • Sqft: 1990
    • Baths: 2.0
    • Lot: 6838
  3. 9524 6th Ave NW, Seattle, WA Home For Sale
    9524 6th Ave NW, Seattle, WA 98117

     For Sale: $290,000

    • Beds: 1
    • Sqft: 820
    • Baths: 1.0
    • Lot: 7971