Way back in 1998, the year I got into real estate and way before you were born, the world outside the real estate industry–and even a good part of the industry itself–was sure that the new listing websites would put the real estate agent out of business–“disintermediate” the agent. Funny, I haven’t heard that word in a long time. I have a handy infographic that tells us why.
Fact: 39 percent of Gen Z teens are willing to take their mom or dad to the prom if it means being able to buy their own home.
Here’s a generation that understands trade-offs. Here’s a generation that will go far.
How is the standard of professionalism set in any industry? Does it come from a published code of ethics? From legal codes and government regulations? Or does it come from the heart? And from long hours of intense self-discipline, of consistently refusing to take the easy way out?
Friends and Millennials, there’s another housing crisis looming on the horizon. Yes, another housing crisis. Or maybe it’s just part of one long housing crisis, and maybe we should just get used to living in crisis. (How I Stopped Worrying and Learned to Love the Housing Crisis.) Or maybe we should just get used to being told there’s another housing crisis on the horizon.
Not far, according to a poll of renters by the California Association of REALTORS. California renters like the area where they rent. 14 percent plan to stay in the same neighborhood, another 41 percent in the same county. At the other extreme, 1 percent say they’ll buy in another country, and a statistically insignificant number indicated they were relocating to another galaxy.
Mid-Peninsula real estate has always been a fast-moving market, by national standards and by local buyer standards–not many mid-Peninsula buyers feel they have plenty of time to make decisions. But lately the market has been, in some cases, speeding up, and in no case is the market slowing down.
Last Thursday at a party celebrating the opening of the local branch of a national mortgage lender, the manager and I were talking about the mid-Peninsula real estate scene, a scene that even real estate’s biggest boosters acknowledge is running hot. I asked the manager, who’s been an active loan agent for years, how long he thought this market will last. He eyed me warily and shot back, “What are you seeing that makes you think it’s going to end?”
Is there a “mid-Peninsula real estate market”? No, just as there’s no “national real estate market”, except for the convenience of real estate’s story-tellers: journalists and economists. Occasionally you’ll run across someone who tells you that the truism that “all real estate is local” is just a smokescreen to persuade you that the bad stuff happening in other markets won’t happen here. But when you see five mid-Peninsula markets moving in four directions, it’s a convincing argument that not only is all real estate local, but that it can even be micro-local.