“Real estate looks very hot,” at least according to Spencer Rascoff, CEO of real estate data giant Zillow (Z). And the good news, Rascoff says, is that “the overall mood for home buyers and sellers is strong.”
Zillow has data on more than 100 million homes in the United States. Rascoff says that data is showing home values are up 7%, and in some cities like Orlando and Nashville, prices have increased by at least 10% compared to this time last year.
The bad news, though, is that real estate is currently a “seller’s market.” Rascoff says that’s because of a lack of inventory. Even though consumers are feeling confident about the economy and mortgage rates are still at historic lows, Rascoff says it’s a very competitive market for buyers. “Most homes they’re going to write offers on are going to have two, three, ten or maybe 20 other bidders for that same house,” according to Rascoff.
Watch the video above to see our full interview with the Zillow CEO.