I’m frequently asked to project ahead to the year 2030 and offer my opinion about the real estate landscape at that future date. Barring another 9/11, pandemic or recession, here’s a glimpse inside my crystal ball.
In an article for Forbes on the continuing gender wage disparity, Senior Contributor, Tom Spiggle, wrote, “Over the past few decades, this gender pay gap has been narrowing. But it’s a slow process and at the current rate, the gender pay gap will remain until 2059.” 2059?! That’s all kinds of wrong.
We’re seeing a mass exodus of people from the 9 to 5 workaday world. In fact, according to a recent article in The Wall Street Journal, “There are now 9.44 million unincorporated self-employed workers—up over 500,000 since the start of the pandemic.” People want to be in charge of their own life. They want to get away from bureaucracy and spend more time with family. They want a fluid and flexible schedule. They want to do work that matters.
Throughout 2021, buyers and sellers have been in emotional overdrive as they navigate multiple offer situations time and again and they’ve often bought in a panic. We’ve seen offers over asking price and anxious buyers waiving appraisals and home inspections hoping to position their offer better in the eyes of the seller. They’ve offered on condos or townhouses when what they really wanted was a single-family home, just so they could own something.
Recently we’ve witnessed a lot of disruptors disrupting themselves. A perfect example of this is Zillow’s announcement that it is ceasing its iBuying operations and reducing its workforce by 25% due to massive losses in that division. In my opinion, this confirms what many in the industry have been saying for years: automated valuation models are flawed.
In the pre-pandemic world when I would step out on stage to talk about leading with love, I’d notice some initial discomfort in the audience. They shifted in their seats or broke eye contact with me until I explained what I meant. Now with everything we’ve been through, people are craving better relationships with everyone in their life, including their leaders, and I don’t notice that awkwardness anymore.
There is a lot of hand-wringing these days over problems. Problems in the world and in the country. Problems with the pandemic and with healthcare. Problems in the real estate industry and inventory shortage. Mahatma Gandhi famously directed us to, “Be the change you wish to see in the world,” and being the change starts by shifting focus from the problem to the solution, from inertia to action.