Byron Lazine and Nicole White discuss the real reason Zillow acquired ShowingTime, the hype behind the housing recession, and how “shrinkflation” could potentially change the game for consumers in 2023. Watch this week’s TRW to stay on top of this week’s biggest headlines, and prepare for what’s next.
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Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
Byron Lazine and Nicole White began this week by discussing last week’s appraisal episode and announcing that there will be a live debate and continuation of the conversation surrounding appraisal issues in a future special event on their Youtube channel.
Racket No. 1
Zillow reveals why they purchased ShowingTime at an ICLV panel. The main reason is surrounding the desire for the company to consolidate services to continue to create an end to end platforms and have access to even more data and to schedule consumers.
Zillow said they will continue to put consumers first, and will always look to make decisions that will improve the home selling and purchase process for consumers. Lazine predicts that we will see more prop tech mergers in the coming months as the industry continues to tighten down.
Racket No. 2
What do housing recessions really mean? White and Lazine dive deep into a recent article that admits the language around “housing recession” is confusing and hard to define based on past descriptions. Mainstream media has picked up on the buzzword, and now the term “housing recession” is trending on Google.
Lazine and White say that it is important to let your sphere know that if they are waiting for deeply discounted home prices, that is not likely on the horizon. Appreciation is slowing, but because inventory is still so low, the market prices will level out instead.
Left, Right, Middle
64% of consumers are worried about ‘shrinkflation.’ What it is and how to watch for it while shopping
Are we paying more money for smaller products? Based on the results of the CNBC article about the Fed’s announcement this week about what 2023 holds in store for consumers and how that translates to home sales.
White said that this report also made her and Lazine reflect about hiring for a luxury position on their team that they have been working on developing this year. In light of the most recent numbers, their team is going to make sure that if they do take on additional payroll that the position is designed to maximize income potential for the team.
Americans are behind on their energy bills due to rising costs. The data spikes interest and could launch a potential lead generation conversation, and Lazine recommends using this article to start important discussions with investor clients that may have renters that are struggling to make ends meet. Be curious about your market and collect data.
Wrapping up the episode, the power duo emphasized the importance of staying focused on your goals but also being willing to change them as the economy changes.
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