Rich Barton says he’s been surprised along with everyone else to see shopping activity by consumers has remained really high during the “shelter in place” orders.
“The pandemic has us all reconsidering where we work. Do we want to commute? Do we need a legit home office?”
Barton believes homebuyers will be searching properties that allow them to improve their space while getting more spacious homes.
He also believes many will soon be feeling some economic distress. They won’t be able to afford what they are currently in, which will result in moves in the housing market.
“We paused our Zillow acquisitions when Covid 19 happened, because we didn’t know what the market would look like. Rapid adoption of virtual technology helped many to weather the storm. Home prices are staying high as a result of low inventory, and consumers are not shying away from virtual transactions.”
Zillow has been employing bright minds to help them build a digital platform which is currently paying off for them.