We’ve reached Episode #025 of the Clarified Realty Podcast and we’re trying something a little new! This week Tom And Ron are taking a look at some of the latest news stories having to do with Real Estate.
The first news item they discuss is how home values, contrary to current popular opinion, still have not risen to meet what they were prior to the crash. For some areas, there is still a very long way to go. This also appears to have less to do with the quantity of jobs and more to do with the level of wages. Cities with higher wage jobs are also doing better when it comes to the values of their homes. Also, in a related story, Redfin is claiming that buyer demand is down. We dissect this idea and find that the headline is a bit misleading. We use this as a cautionary tale to show people that you shouldn’t always make decisions without having all the information first, as well as a more complete understanding of the big picture.
The second news story is regarding a lawsuit against Zillow and their “Zestimate.” A homeowner is having a difficult time getting the price she deserves for her home because the Zillow’s estimate is erroneously including homes from a cheaper area as comps. We discuss how even Zillow admits that they estimates are inaccurate and not to be relied upon.
The next item is really a combination of two stories. Ron brings up a survey that was done to gauge different generations’ knowledge of basic financial terms (like 401k, CDs, HELOCS). Tom is discourage to hear that the numbers are not adding up to what you would hope them to be. This brings up another article regarding a new mortgage website called “Morty” that allows buyers to be more involved in the process. Tom brings up the question — if most people “don’t know what they don’t know,” should they really be trying to do the job traditionally done by an expert? While both Tom and Ron are firm believers in educating their clients, at some point a line can get crossed and the client is actually hurting themself more than helping.
And lastly, we talk about the new 100 million dollar listing here in Los Angeles… Opus. The agent has made news recently because he is using naked women in his marketing video for the property. While Tom has no objections philosophically about this… He does think the video sucks and also sabotages the message that the agent really should be trying to communicate.
It’s a great episode with lots of fun and interesting topics. We hope you enjoy listening and that you’ll leave us some comments or give us a review on iTunes. We’d be forever grateful!