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Zillow Group

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Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help.

Arik Prawer
President, Homes Division
Jeremy Wacksman
COO
Allen Parker
CFO
David Beitel
CTO
Stan Humphries
Chief Analytics Officer
Dan Spaulding
Chief People Officer
Errol Samuelson
Chief Industry Development Officer
Kristin Acker
SVP, Experience Design
Matt Daimler
SVP, Product
Tim Correia
SVP, Integrated Transaction Experience & GM Truila
Kristina Adamski
VP, Communications & Public Affairs
Raquel Russell
VP, Partner Success
Loni Mahanta
VP, Government Relations and Public Policy
Lauren Zitter
VP, Administration, Mortgages
Ebun Onagoruwa
VP, Partner, Frontline and Experiential Marketing
Ashley Slater
VP, Corporate Controller

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Other announcement

Attention Families: Homes With Treehouses Are Selling For 2.2% More Than Expected

Attention Families: Homes With Treehouses Are Selling For 2.2% More Than Expected

Shopping for a home can be a challenging and emotional journey, and when kids are involved, finding the right home and moving becomes all the more complicated. New Zillow research highlights the hottest kid-friendly features that are attracting home shopping families, and shows why families should be prepared to pay a premium and move quickly for them. Highlighting outdoor family-friendly features help homes sell more quickly than indoor ones, showing the high demand families place on outdoor space. Listings mentioning a backyard sold 5.2 days faster than expected, and homes featuring a sandbox (4.5 days quicker) and playground (2.5 days) also sold more quickly. Not only are outdoor features prompting faster sales, they are also associated with a higher sale price. The feature with the highest price premium is "treehouse," which contributed to a home selling for 2.2% more than expected. Other backyard features selling for a premium include Jacuzzi (1.6%), swing set (0.8%), and pool (0.5%). "Buyers looking to snag a home near a park or with a treehouse better act fast. In a hot housing market like the one we've seen this past year, highly desirable homes are flying off the market at break-neck speeds. Homes with these features are being snatched up even faster, showing the intense competition buyers looking for family friendly features are facing," says Zillow economic data analyst Nicole Bachaud. "And while this doesn't mean sellers should add these features before they list or that these features alone will yield a high return on investment, they should definitely flaunt them if they have them." Families also are prioritizing community amenities that make the neighborhood fun for kids. Keywords indicating nearby parks, cul de sac and community pools highlight common areas where kids can make new friends and play outside. These features also are associated with homes that sell between two and five days quicker than expected. Additionally, homes in a "walkable" neighborhood are going 3.9 days faster, meaning families want these amenities to be close by and accessible. "Location is everything to our buyers with children. Homes within walking distance to recreation activities, such as parks and pools, are a high priority for home shopping families. Cul-de-sacs and quiet streets are also in high demand for kids to have a safe place to play and make friends," says George Laughton, Founder of The Laughton Team in Phoenix, Ariz. "Like many in the market, parents are taking advantage of record-low mortgage rates to find the perfect home that their children will love and make long-lasting memories in." Homes featuring "finished basements" and "bonus space" – spaces excellent to separate out work from play to give parents some peace and quiet – are selling for 0.7% more than expected. In today's market, home shopping can feel like another full-time job next to parenting and working. In a competitive market, securing pre-approval will speed up the process when the time comes to make an offer and snag the home with a swing set. Buyers can utilize real estate technology, such as 3D home tours, to virtually tour homes ahead of time so they can act quickly when they find one that fits their needs.

Other announcement

Housing Gains Could Grow Black Wealth More Than $500 Billion in a Decade

Housing Gains Could Grow Black Wealth More Than $500 Billion in a Decade

Incremental increases in homeownership rates and home values among Black households would help shrink the current $3 trillion racial wealth gap by hundreds of billions of dollars over the next decade, according to a new Zillow analysis. Today's typical Black household has only about 23% of the wealth of a typical white household, down from 34.6% before the Great Recession. Housing factors -- including lower home values and rates of homeownership -- directly account for nearly 40%2 of that gap, with assets like investments in stocks and bonds and retirement accounts making up the rest. "Housing will be a prominent factor determining the course of the racial wealth gap over the next decade," says Zillow economist Treh Manhertz. "The issues caused by historic discrimination won't be solved quickly, but addressing things like increasing access to credit, more-equitable lending standards and reducing exclusionary zoning could make buying more accessible and bring significant strides toward closing the wealth gap. In the most optimistic scenario, Black millennials could see housing equality in their retirement, and finally pass on some real wealth to the next generation." About 42% of Black households own their home, compared to 72% of white households, and Black-owned homes are typically worth about 18% less than white-owned homes. Zillow estimates that if Black homeownership rates and home values rose to match those of their white counterparts, Black wealth would more than double (from $931 billion to $2.1 trillion). Zillow analyzed home value growth and homeownership rate changes for Black households under five different scenarios through 2031. In the most optimistic, Black wealth would grow by more than half a trillion dollars -- from $931 billion to $1.46 trillion. In the most likely, it would increase to about $1.18 trillion. In that most likely scenario -- which projects Black home values growing 5% faster than home values generally and Black homeownership growing at 0.5 percentage points per year -- equality in housing wealth wouldn't come until 2183. If Black home values grow 15% faster than home values generally and Black homeownership grows at 1.5 percentage points per year -- the most optimistic scenario explored in the analysis -- the timeline for housing wealth equality is moved up to 2066. Opposite of the disproportionate hit taken during the Great Recession, Black households saw modest progress in narrowing the wealth gap during and leading up to the pandemic, a small start toward reversing trends that helped widened the gap over the past decade. This was largely due to housing gains. For example, the Black homeownership rate grew about one percentage point between early 2019 and early 2020, while the white homeownership rate stayed flat. Black-owned home values have also grown just over one percentage point faster than white-owned home values each year for the last three years. In February 2020, Black-owned home values were up 4.6% from a year earlier, while white home values were up 3.6%. In February 2021, Black home values were up 10.9% from the previous year, while white home values were up 9.7%. This faster appreciation among Black-owned homes narrowed the overall home value gap from 16.7% to 15.9%. Further, the analysis shows that Black homeownership rates and home values contribute equally to the housing portion of the overall wealth gap. If the Black homeownership rate increased by five percentage points the wealth gap would decrease by $74 billion. If home values increased by five percentage points the reduction would be $31 billion. Combined, alleviating these two disparities could cut the wealth gap by about 40%, to $1.9 trillion. Lenders deny mortgages for Black applicants at a rate 80% higher than that of white applicants. The relationship between housing factors and the racial wealth gap underscores the urgency of efforts like expanding access to credit and other initiatives that break down color barriers to homeownership. "It's abundantly clear that this issue won't solve itself naturally or quickly. The problems run deep and perpetuate inequality," said Manhertz. "Intentional, targeted and dedicated policy is necessary to repair this broken system."

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