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Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
This week, Lazine and White are talking about cities that are making it harder to own short-term rentals, how inflation has impacted millennial homebuying plans, and the weekly media review Left, Middle, Right.
Topic No. 1: Here’s who’s cracking down on short-term rentals
Issues such as the depletion of housing for local residents and noise disturbances have driven many municipalities to create new regulations limiting the ability of investors to own and operate Arbnbs and other short-term rentals.
The cities include:
- Alamosa, Colorado
- Aspen, Colorado
- Atlanta, Georgia
- Burlington, Vermont
- Chattanooga, Tennessee
- Coeur d’Alene, Idaho
- Dallas, Texas
- Dauphin Island, Alabama
- Dillon, Colorado
- Frisco, Colorado
- Lexington, Kentucky
- Marco Island, Florida
- Montreal (Quebec)
- New York City, New York
- Oahu, Hawaii
- Palm Springs, California
- Palo Alto, California
- Park Township, Michigan
- Portland, Maine
- Red Hook, New York
- Santa Rosa, California
- Sarasota, Florida
- Steamboat Springs, Colorado
- Tybee Island, Georgia
- Weehawken, New Jersey
Many of the restrictions involve the number of rentals that can be owned by one investor while others specify that rental terms must be 30 days or longer. This makes it especially important for agents advising investor clients to stay informed on the current and upcoming regulations governing the industry in their market.
Topic No. 2: Millennials say inflation has changed their homebuying plans
Seven out of 10 millennial buyers say buying a home is stressful and overwhelming, while some 92 percent say that inflation has changed their homebuying plans in some way. While millennials are less concerned about bidding wars and multiple offers than they were a year ago, they do expect to need more money to buy a home.
Agents need to make sure millennials are educated about what’s going on in the local market. They’re the biggest buyer generation ever, and they value your professional knowledge, so connecting with them and providing solid information is essential for helping them avoid buyer’s remorse.
Left, Middle, Right
Microsoft announces new multibillion-dollar investment in ChatGPT-maker OpenAI
This is just the beginning of the gold rush on AI, said White and Lazine, both of whom love the potential the technology holds for helping agents create content. Lazine said not to wait to get started with this technology but learn about it now and be one of the first to put it to use.
New York, California suffer biggest blow as more Americans flee to low-tax states
California Democrats consider wealth tax — including for people who moved out of state
Starting as early as January 2024, California is proposing taxing people who are moving out of their state for states with more favorable tax structures. “If I’m an agent in California,” said Lazine, “I’m spending the next year saying, ‘This is what’s coming — here’s your opportunity to list now.'”
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