Q3 2020 Zillow Group Inc Earnings Call

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Update these statements as a result of new information or further events, except as required by law.

This call is being broadcast on the Internet and is accessible on our Investor Relations website recording the call will be available later today.

I'd like to talk more about these macro trends these tailwinds, especially in terms of their durability before I get into high level results.

First let's talk about the residential real estate tailwind simply put people want to move and we see additional pent up demand on the horizon low.

Low mortgage rates are helping and of course, there has been a major shift in the way, we think about work life and home.

Alright, good broadly the different companies are waking up at different paces.

This doesn't feel temporal.

It feels like it will take years to play out and could end up being the defining cultural trend of the decade.

In addition, demographic realities lead us to believe that higher housing turnover is here to stay for some time following the abnormally low turnover since the global financial crisis.

Going into the current decade, there were about 5 million more Americans in their prime home buying years compared to 2010.

As those millennials begin to move up Jen Z, the even larger generation behind them will be in a position to take the baton and begin buying homes.

Additionally, the low rate environment feels like it's here to stay.

Queen offense and defense as we plan for the coming year.