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.