BY INMAN NEWS, WEDNESDAY, DECEMBER 10, 2008.
Spencer Rascoff is chief operating officer at Zillow, a real estate valuation, search, marketing and information Web site that consistently ranks among the most-visited online real estate destinations.
Rascoff will speak during a session at the upcoming Real Estate Connect conference in New York City titled, “Should Your MLS Be in Front of Consumers?” and will also attend a “Meet the Leaders” networking session at the conference.
He answered a set of questions posed by Inman News:
What do you see happening in the real estate market in 2009?
Unfortunately, given the continued economic downturn and the accompanying job losses I think the velocity and price of home sales will continue to decline in the majority of markets. Some areas have already declined so much though that the incremental decline will be minimal.
Still, I don’t see a recovery in any major declining cities in 2009. The one wildcard is whether Treasury adopts a plan to lower mortgage rates by force. If mortgage rates drop significantly — either through government action or through market forces — then perhaps we’ll start to see bottoming out and markets start to rebound in late 2009.
…Tell us something we don’t already know about you …
I was a chess champion as a kid. I led our elementary school team to the national title and I was the fourth-highest-ranked chess player under 12 (at age 9) in the U.S. That was a long time ago though!