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Zillow CEO: Real estate market is beginning 'great reshuffling' as people seek more space at home

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The pandemic so far has accelerated trends of people fleeing large, expensive U.S. cities, While shopping is up everywhere, Barton said the company is seeing a 'deceleration of migration' to cities and expects it to accelerate.

"I believe we are at the dawn of a great reshuffling," Barton said. "I'm sure I don't need to spell it out for you because we are all living it, spending an average of nine hours more per day at home. Zoom meetings are changing the way families think about space and privacy. Home offices are in high demand. Backyards are more desirable than parks and gyms. Work-from-home policies are eliminating the commute for many. There's an endless list of considerations.

Millions of people are considering moves for a slew of reasons, mostly to right-size their living spaces or get closer to family, he added. With some employers not expecting to bring workers back into the office until there's aCompanies could also fundamentally change how they want employees in the office.

 

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With current high construction cost in US, it is hardly to believe that people will prefer expensive homes with more privacy and space. Here is data from Arcadis.

Hmmm at home? = new stuff = $OSTK

I thought this was Steve Mnuchin at first glance. There is indeed about to be a great reshuffling. People can’t afford rent and mortgages so people are about to be shuffled to the streets. Thanks to our government.

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