Zillow Group, Inc. (NASDAQ:Z) Piper Sandler 2021 Virtual Global Technology Conference Call September 13, 2021 1:30 PM ET
Company Participants
Jeremy Wacksman - Chief Operating Officer
Conference Call Participants
Thomas Champion - Piper Sandler & Co.
Thomas Champion
Hello, everyone. I'm Tom Champion. I head up Piper Sandler's Internet Research Team along with my colleague, Jim Callahan. Today, I'm joined by Zillow Group COO, Jeremy Wacksman. Mr. Wacksman is long-tenured at Zillow having joined the company in 2009, following stints at Microsoft and Trilogy.
Jeremy, it's terrific to see you. Thanks so much for joining us today.
Jeremy Wacksman
Yes, great to be here. Thanks for having me, Tom.
Thomas Champion
Okay. Let's start with the real estate market overall. You've been working in the industry, obviously, for quite some time. What's kind of your perspective or your take on the current market?
Jeremy Wacksman
Yes. I mean this year has seen quite some extremes in the real estate market and we're starting to see some normal seasonality return. Home prices are obviously still appreciating but they're not quite appreciating as quickly as they were before, especially the torrid pace earlier this year. And we're also starting to see some uptick in inventory and as well with that, some uptick in homebuyer sentiment. Homebuyers are saying, "Hey, now maybe is a good time to buy." It's creeping back up. And so improved listings and inventory, slower home price appreciation, low rates, those are all great macro factors to help the market become a little more balanced. And then obviously, that all is then aided by the two tailwinds we, at Zillow Group, have spent a lot of time talking about. One, those demographic shifts, right? Millennials entering their prime home buying years and the great reshuffling we talk about a lot, where everyone really in all segments is thinking a little differently about what do they need from home.
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