April is Fair Housing Month, when we pause to ensure we are both compliant with Fair Housing laws and reflecting the spirit of diversity and inclusion behind them. All are invited to GTR’s second annual “Focus on Fair Housing,” a day-long program offered via Zoom on Thursday, April 21, sponsored by the Real Estate for All Alliance.
“Focus on Fair Housing” features nationally known keynote speaker Marki Lemons-Ryhal, among other experts on law, policy and the importance of diversity, equity and inclusion in real estate. The free program also includes a two-hour continuing education class. Register today.
This week, against a backdrop of growing concerns about a coming recession and fears of stagflation, we are watching trends related to the hot market, pandemic and current economy.
In a market where cash is king, so-called Power Buyers — platforms that offer cash-backed offers and buy-before-you-sell solutions — have proven effective against more traditional approaches. Consumers using Power Buyers made one offer versus an average of seven by traditional buyers, according to real estate startup zavvie, a marketplace for Power Buyers and iBuyers.
In a trend with a possible direct impact on Florida, purchases of second or vacation homes are beginning to slow, driven by rising mortgage rates. While demand for second homes still exceeds pre-pandemic levels, Redfin deputy chief economist Taylor Marr said second homes are beginning to feel like burden for many buyers. The result will be more inventory, but Marr expects that homes will simply stay on the market longer as other would-be buyers eschew the higher rates.
In pandemic-related fall out, commercial property owners are growing wary as business are slow to return to the office. The Wall Street Journal reports that leases for 243 million square feet of U.S. office space – about 11% of all U.S. leased office space – are set to expire this year, the most to hit the market in a single year since real-estate services firm JLL began tracking this data in 2015.
Related, while employees value flexibility and have demonstrated the ability to be productive working from home – factors fueling remote work trends – Microsoft CEO Satya Nadella fears many are headed to burn out. The average workday has expanded by 46 minutes, or 13%, since the pandemic began, according to Microsoft’s Work Trend Index. Nadella puts the onus on managers to set boundaries for work, sending messages and response times. The report contains other interesting insights: In the year ahead, many hybrid employees (51%) say they will consider a switch to remote, and even more remote employees (57%) say they’ll consider a switch to hybrid. At the same time, 43% of employees are somewhat or extremely likely to consider changing jobs in the coming year, up slightly year-over-year from 41%.
Finally, it’s no surprise that many companies, regardless of their core business, also consider themselves to be technology companies. As a result, tech jobs dominated Glassdoor’s list of the best-paid internships in the U.S.
Lastly, as we reflect on our current economy, we are reminded of those individuals and families who are struggling just to get by. GTR has partnered with Metropolitan Ministries on a special drive to collect hygiene items. Budgets often don’t stretch to cover critical items like shampoo, toothbrushes, and women’s hygiene products. If you would like to participate, items can be brought to either GTR office through April 26.