Happy May. May I? May we? I was thinking about the idea of comfort zones and achieving dreams. Can you do the latter without the breaking out of the former? Highly doubtful. We see examples of it, every day, if we’re looking.
– Basketball player Kevin Durant leaves a team, a city, an environment he’s completely comfortable with, to join the Warriors because he dreamt of winning a championship. Boom…back to back championships, back to back MVP status.
– Robert Refkin, CEO and co-founder of Compass, was comfortably ensconced in a prestigious position at Goldman Sachs, but dreamt of creating a real estate juggernaut partly based on the premise, “If Apple got into real estate, what would that look like?” The single child of a single mother (a real estate agent), he was determined to create a real estate company where agents mattered, the polar opposite from most established firms, and new firms (“aggregators”) seeking to “cut the agent out” of the home buying and selling process. Founded a mere 7 years ago in 2012, in New York City, Compass is on track to control 20% of the market share in the top 20 US markets by 2020. Building this company meant leaving the comfort of his young family on cross-country sojourns, and being available 24/5 – he’s kept his promise of always being home with his family on weekends. I couldn’t imagine living with the schedule he has, which is why I don’t run a $4.4 billion company.
– As Realtors, Natalie and I meet people almost daily who have the dream of home ownership. It’s a daunting goal, and not easily achievable here in the Bay Area. For sellers who have been settled in a place they’ve loved for a long time, letting go can be difficult. But even on this level, there is a dream to achieve, a promise of “better” for themselves and their families yet to come.
Leaving a community, lifestyle, culture, relationship, job, salary – comfort – because there’s a bigger goal you can’t shake takes a lot of courage…more so, the older you are. Giving yourself permission is the first step of reaching your dream.
by Patrick Carlisle, Market Analyst for Compass Bay Area
With April’s end, we now have 2 months of spring season data unaffected by the end of 2018, when financial markets plunged. As of early May 2019, stock markets have recovered to hit new highs, interest rates are far lower than last year’s peak, and our local, unicorn IPOs have begun to roll out after a media frenzy of speculation on their potential effects on the market.
The market has heated up considerably from the slowdown in the second half of 2018, with strong buyer demand for a very limited inventory of listings. Median home sales prices have returned to highs close to those in spring 2018, but, so far, last year’s peaks have not been exceeded. This is a big change from the year-over-year appreciation rates of the past 6-7 years.
However, there are still 2 months of spring sales data to come in (before the typical summer slowdown), and word on the street is that some new listings are again generating feverish bidding wars between buyers.
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DID YOU KNOW? The share of men ages 65 – 69 in the labor force rose from 28% to 38% from 1996 to 2016. The comparable figures for women were 18% and 30%. The working population is aging and working longer than ever before, posing a reduced financial burden on younger generations to pick up the tab for retirement benefits perhaps?
DID YOU KNOW? Are big banks quitting the mortgage business? In an earnings report last week, JP Morgan Chase said that mortgage originations were down 18% compared to a year ago in the first quarter. For Wells Fargo WFC mortgage lending was down 23% compared to the year earlier. “Because of post-crisis capital rules, owning mortgages becomes hugely unprofitable.” – Jamie Dimon. Are non-banks – who have 25% of overall single-family volume in 2008, and 54% in 2017 – the future of the mortgage business?
Your Real Estate News Digest
“Ok, I used to hate real estate stuff. I am forever changed. Derek and Natalie are first of all highly effective. They sold my house for the highest per/sq foot recorded yet in my neighborhood. But that’s not it. They ‘got’ why my house was special. In a cooling market, they got three written offers before the first open house. The process was utterly painless. I felt cared about. It all felt effortless. Their team–the people they bring with them are as ethical, kind, superbly qualified and talented as they are. End-to-end, from the first minute to the last, it was a positive and gratifying experience. This is my second round with these guys and now I wouldn’t go with anyone else. Treat yourself and call them up.”
~Jennifer Morris Buyer &
Seller of 851 Constitution Dr., Foster City
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© Compass 2019 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker (01991628) in the State of California and abides
by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed