While reports of homebuyers fleeing cities for the suburbs due to coronavirus have sometimes been overstated, the trend is still clear for those with a close-up view of the real estate market.
"You've got to understand, we had nine million folks relocate over this pandemic, and they're going to more rural areas, more suburban areas," Mike Miedler, CEO of Century 21, a real estate agent franchise company, told Cheddar. "In fact, if you look at the inventory in those marketplaces, they're down considerably compared to the cities."
Miedler noted that places such as his native New Jersey have benefited from the out-migration, while major cities such as San Francisco, Boston, and New York have lost residents — though he predicts those same places will make a comeback after the pandemic.
"That's not to say the cities won't come back," he said. "New York will be strong and alive for many, many years to come — greatest city on the face of the Earth — but right now people are looking for more property in rural and more suburban communities."
Some of the hottest destinations, he added, are mountain towns with plenty of vacation homes.
"In fact, I just talked to our folks up in Jackson Hole[, Wyoming]," he said. "They're up 375 percent from last year because you've got a lot of people who are looking for, again, more property or vacation homes. Vacation homes are on fire across the country. I think they're up over 20 percent year-over-year."
Within Century 21, meanwhile, COVID has meant a period of adjustment, as agents transition to working with clients remotely for much of the real estate process. This does not mean that technology is taking over the agent-driven business, though, Miedler stressed.
"There's 180 steps in the real estate process, from the time that you actually look online and make an offer until the time you close and hand over those keys, and now more than ever you need a real estate professional who knows their local market inside and out to help navigate that process," he said.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
President Donald Trump says a deal struck by Netflix last week to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. The Republican president says he will be involved in the decision about whether federal regulators should approve the deal. Trump commented Sunday when he was asked about the deal as he walked the red carpet at the Kennedy Center Honors. The $72 billion deal would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.
Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
With a merger this big, creators, studios, and theaters all face uncertain futures. Here’s what experts are worried about and what good could come from it.
With disengagement rising and hybrid work shifting, 'Everybody Matters' author Bob Chapman explains why treating people well could define the future of work.
We sat down with Ali Furman, U.S. Consumer Markets Industry Leader at consulting firm PwC to ask what trends she garnered from the initial data this year.
