Kaz Nejatian

speaker

603 appearances 1 recordings 1 series first heard Jan 2026 last heard 23 Jan

Kaz Nejatian’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jan 2026 with 1.

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That's not true for homeownership.

The way the industry has shaped, partially because how capital works in mortgages, partially because laws like RESPA,

partially because how decentralized it is and how local the market is.

Homes are not like every other asset class.

Their markets are highly local, so the edge really matters.

The transaction costs have gone up.

When you buy a home, just to give you a sense, we calculate that of a transaction, up to 10% of it are transaction costs.

Wow.

If we just get rid of that 10% and go back to what the transaction costs would have been in 1990...

It's the equivalent of creating 5 million new homes in America.

And there's no plan to create 5 million new homes anywhere, right?

It's just not possible.

So that cost has gone up, partially because this is the last space that basically is untouched by tech.

and partially because the way since the financial crisis, homeownership has skewed in America.

How do you think about the difference?

Let me ask you a second question first.

There is nothing that says homeownership should make you unable to move.

That's actually Opendoor's core feature.

I was talking to someone in Minnesota.

I like doing customer service calls.

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