Zillow Group Inc.
04/12/2021 | News release | Distributed by Public on 04/12/2021 13:54
Zillow President Susan Daimler addresses “The Great Reshuffling” on CNBC
Zillow President Susan Daimler addresses 'The Great Reshuffling' on CNBC
April 12th, 2021 in Zillow Group news
'Moving is on a lot of people's minds, and we're imagining a lot of would-be movers are going to come off the sidelines,' Zillow President Susan Daimler toldthe hosts of CNBC's 'Closing Bell' on Friday, April 9.
Daimler, who was invited to share her expertise on the state of the real estate market as the impacts of the Coronavirus pandemic ease, touched on some of the underlying dynamics impacting home sales. 'Despite a recent rise in mortgage rates, the market is also being met by high demand as the 'great reshuffling' plays out,' Daimler said. Beyond urban-to-suburban flight, many people are simply looking to move into new spaces rather than escape the big city.'
The interviewcame on the heels of Zillow's 'Mover Report' on April 6, which shows that more than 1 in 10 Americans moved in the past year - by choice or by circumstance, and millions of additional households could enter the real estate market as a result of the pandemic.
'Those mortgage rates are really what feeds the affordability,' Daimler said on CNBC. 'As long as those stay low and also we have this pent-up demand from buyers … it's quite possible that we see a bunch of listings come on and there's enough buyers to scoop them up and we'll stay in this place we're at right now.'
Zillow research bolsters Daimler's point. It findsa significant number of homeowners who say they are more likely to move and sell their homes as a result of the pandemic, representing an additional 2.5 million households that could enter a real estate market already driven by unrelenting demand.