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CNBC Features ActiveRain Member and Zillow's COO - Spencer Rascoff

By Brad Andersohn

Education & Training with Retired Executive Director of Education at eXp Non-Licensed

September 17, 2009 01:51 AM

CNBC Features ActiveRain Member and Zillow's COO - Spencer Rascoff

The Discussion is the Country's Housing Market. CNBC - "One Year Later" focuses on "Hashing Out Housing" with guests Spencer Rascoff from Zillow, Armando Falcon from Falcon Capital Advisors, and Dr. Susan Wachter from Wharton Business School. The Good news, the Real Estate rate of decline is slowing, and the Boston Market appears to have hit bottom. What will it take and when will the Market be "Normal" again? What will that look like? A few hurdles ahead but the outlook is promising, it will be an "L" shaped recovery.

So How is YOUR Market Doing?

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Esko Kiuru

Bethesda, MD

Brad,

Those guys do make sense. There has been talk about all these different-shaped letters depicting any recovery. At this point, we just want a recovery to begin, the letter can come in any shape.

Sep 17, 2009 03:59 PM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

The market seems to be getting better here. We even had notice in the paper the other day that prices are up 2%.

Sep 17, 2009 04:40 PM

James Lyon

Vista Pacific Realty - Sacramento, CA

Thats great, thanks for the post, and I like CNBC too!

Sep 17, 2009 04:47 PM

Roland Woodworth

Blue Cord Realty - Clarksville, TN

Blue Cord Realty

Congratulations to Spencer... This is great that he recieved the feature !

Sep 17, 2009 04:59 PM

Fernando Herboso - Associate Broker MD, & VA

Maxus Realty Group of Samson Properties - Clarksburg, MD

301-246-0001 Serving Maryland, DC and Northern VA

The "New Normal" 2 to 3% yearly growth. . encouraging buyers to stay home longer.

Powerful . .

Bad news if your mortgage is thousands underwater.

Could be year 2020 before you may break even.

Sep 17, 2009 10:48 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Brad, thanks for the heads up on this one. Very interesting and listening to it now.

Sep 17, 2009 11:57 PM

Claudette Millette

The Buyers' Counsel - Ashland, MA

Buyer, Broker - Metrowest Mass

Brad:

You can learn a lot from watching CNBC. I have been doing it for years.

"The Boston Market is bottoming out" - from their mouths to God's ears. I just hope it takes. It's really too soon to know.

Sep 18, 2009 12:56 AM

Sandra Scott

DPR Realty - Payson, AZ

REALTOR of Choice! Payson, Pine & Strawberry, AZ

Greeat Video Brad....Thanks

Sep 18, 2009 03:30 AM

Spencer Rascoff

Zillow - Seattle, WA

Hi everyone,

Spencer here.

Thanks for the kind comments. I wanted to respond to one point, which I definitely agree with -- all real estate is local. Unfortuantely though, the media likes to focus on national statistics. But there's no doubt that what really matters is how your particular micro-market is performing.

At Zillow, we recently launched an enormous amount of free data on local markets, all available in the "Local Info" tab of the site. For example, here is the Seattle real estate info page and here is the Los Angeles home values information. Sara Bonert wrote a great post here on AR talking about how real estate professionals can use that data to get an edge, and another great post on how to put the data into widgets for your website.

Another cool thing about the local data -- avaialable to the neighborhood level -- is that it can all be downloaded into excel for you to play with on your website. Also very cool is the fact that you can embed any graph onto a blog post. Check out the graph here and click on "embed" in the upper right. This is a great way to get material for you to write consumer-facing blog posts.

Enjoy!

Sep 18, 2009 05:20 AM

Brad Andersohn

Retired Executive Director of Education at eXp - Boulder Creek, CA

ActiveBrad - 707.646.1876

Spencer - thanks for stopping by to comment, I meant to send you a quick email announcement that I had posted this, but before you know it, comments were coming in and it got featured. Thanks for the links, I'll check them out. It's been nice to hear from the other members as to what's going on in their individual markets. My email inbox assumed the "busy" position today. :-)

Sep 18, 2009 08:12 AM

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

Assume...

I had to bite my tongue on that one. Ouch :)

TLW...ROAR!

Sep 18, 2009 08:31 AM

Brad Andersohn

Retired Executive Director of Education at eXp - Boulder Creek, CA

ActiveBrad - 707.646.1876

TLW - Better you than me!! lol~ AND WHAT HAPPENED TO YOUR HEAD???

Sep 18, 2009 09:05 AM

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

I don't know...

BB redesigned me. I have my head everywhere accept in a comment stream. He showed me how to do it myself. But I don't feel like messing with it right now. It frustrates me and I don't want to deal with the frustration because...Tomorrow is a big day around here. The Son is coming home. Semper Fi Baby. Semper Fi :)

TLW...ROAR!

Sep 18, 2009 09:27 AM

Jirius Isaac

Isaac Real Estate &TriStar Mortgage - Kenmore, WA

Real Estate & loans in Kenmore, WA

I think the video was right on in terms of what will happen in most of the country. A very slow recovery, followed by an appreciation of 2-4% per year. I think that market will be a wonderful one to work in and I look forward to something a little more stable.

Spencer, It was nice meeting you at Rebar camp in Seattle.

Sep 18, 2009 09:52 AM

SarahGray Lamm

Allen Tate Realtors Chapel Hill, NC 919-819-8199 - Chapel Hill, NC

Realtor - 100K Hours of NC Real Estate Experience

As someone I respect likes to say, it's going to take an army of educated, experienced Realtors to save the housing market. I'm thinkin' we have a pretty educated army around here!

Sep 18, 2009 10:18 AM

Beverly of Bev & Bob Meaux

Keller Williams Suburban Realty - West Orange, NJ

Where Buying & Selling Works

Zillow keeps track of housing values! The fact that people put so much stake into Zillow amazes me. Don't give them this podium. Their zestimates make people feel they know what they are talking about and these things can be so off. Sometimes I have to fight to undo all this "zillow smarts".

National news should always start by saying markets are local, markets are local, markets are local.

Sep 18, 2009 01:25 PM

Brad Andersohn

Retired Executive Director of Education at eXp - Boulder Creek, CA

ActiveBrad - 707.646.1876

John - it's ok to speak your mind here, no need to delete your comments. I posted this to try and get a feel of the "Local" markets as posed by my question below the video... So How is YOUR Market Doing? Your statement " Personally, I am often much more interested in what some agent from a small town in Iowa is thinking and doing," was exactly what I was looking for in these comments as well. So how is the market in your area of Florida?" I noticed your last post titled "For 3 straight weeks Average Mortage Interest Rates Drop." This sounds like a good thing no? Real Estate markets are definitely local. Guys across the bridge from me are doing ok, while we lost our a$$ in this market. I bought at the high point of the market so any signs of recovery, L shaped or not and at 3% a year is just fine with me. Let's get that ball rollin!! :-)

Sep 18, 2009 04:06 PM

Lisa Matykiewicz

United Brokers Group - Gilbert, AZ

I think it feels better to some but we have another wave of "special" loans hitting. It will be affecting many more home owners. I think we have a long way to go.

Sep 19, 2009 02:25 AM

Mara Hawks

First Realty Auburn - Auburn, AL

Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL

We're seeing improvements here mainly due to the first time homebuyers tax incentive, but the huge inventory of new homes (and C-11 builders) still hovers like a dark cloud, creating so many foreclosures. Interesting video...I try to keep looking at the brighter side, & appreciate encouraging and inspiring facts and perspectives.

Sep 19, 2009 09:48 AM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Hi Brad! As much CNBC as my hubby watches, I'm surprised that he didn't alert me to this vid already! Thanks for sharing.

My perspective on it is, as inaccurate as Zillow's zestimates can be sometimes, they truly DO have their fingers on the pulse of the LOCAL real estate markets-- more than the other two commentators. Like Pam in Raleigh, our appreciation was running in the single digits for years so, we didn't quite have the bubble that other markets had. Therefore we're 'recovering' a bit quicker than most. However, I much prefer the "U" or the "V" as opposed to that "L"--that's for SURE!

I think the national spokespeople tend to alarm those markets who are not suffering as much by lumping all markets together and reporting 'averages' which give a false negative to my market and even a false positive to the markets who are truly still bottoming. It's very frustrating to continuously have to explain their errors in reporting--and even when we do, we are not taken seriously because some 'professor' of economics or real estate knows more about the 'market' than lowly real estate agents know about their own local markets!

OH, and Spencer DOES clean up nicely!! GREAT job Spencer!