MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 7/31/2023 – 8/7/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
More than 10,000 people in the U.S. turn 65 every day,….. and that number will peak at about 12,000 in the summer of 2024. 39% of home buyers are baby boomers – half of them all cash buyers – while only 28% were millennials. The median age of a typical repeat home buyer is 59 years old….in 1981, they were 36 years old! In 2019, 2.6 million Americans 50 or older died, with 1.6 million of those being homeowners. (Marketwatch)
Visual AI has the capacity to predict home pricing sourced from millions of images. The rise of algorithmic real estate is not without risks. Homes are often unexpectedly over and undervalued, and AI could confirm those biases — against properties belonging to racial minorities, for example. In 2018, Zillow launched “Offers”, a service that allowed users to sell their homes at the push of a button for an algorithmically set price. Critics accused Offers of speculating and affecting markets. But the technology was more inept than insidious: the program appeared to have been buying high and selling low, and suffered an expensive collapse. (FT)
In 2020, Babyboomers and the Silent generation comprised 43% of voters…..in 2024, those two generations will comprise 37%, a drop of almost 14%. Local elections are critically important in how neighborhoods evolve.
Courtesy of Melora Love, Wells Fargo
