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WELCOME

San Francisco—once the headlining metro in the ‘California outflow’ story—is quickly becoming a 2026 top market. ChatGPT has helped re-energize the Bay Area’s luxury housing market—and not because Chat is biased toward its hometown. Since GPT-3.5 launched in November 2022, home prices in the region’s wealthiest ZIP codes have risen 13.4% as the AI boom has brought more jobs, more wealth, and more housing demand back to Silicon Valley. For a city that was supposedly “dying” San Francisco’s market is starting to look pretty lively.

SHARPEN YOUR SKILLS: Today’s Top Podcast Rec 🔊

Chris Smith has worked for Realtor.com, Quicken Loans, Homes.com, Inman, and more—and he has one message for you: You’re doing social media wrong. No, he’s not a Realtor (and he doesn’t plan on becoming one), but that outside perspective has given him the unique vantage point he uses today to help agents get out of their own social media way and gain real traction online. Tap for his full conversation with Glennda on the latest Glennda’s Guru, then apply his action items to your next post or video today.

TRACK THE MARKET: Powell passes the Federal baton

Kevin Warsh will officially replace Jerome Powell as chair of the Federal Reserve after the Senate confirmed him on Wednesday, with the transition taking effect as soon as Powell’s term ends today, May 15th. While the Fed doesn’t have direct control over mortgage interest rates, leadership’s decisions about the federal interest rate help shape pricing, lender confidence, and borrowing conditions nationwide. Warsh is stepping in as the Fed still holds its benchmark rate at 3.5% to 3.75%, and with mortgage rates elevated while inflation, international risks, and a slow job market weigh on their economic outlook. 

  • Powell’s final stretch as Fed Chair did little to relieve mortgage rates. At the Fed’s last meeting, officials held the benchmark steady for the third straight time. 

  • Warsh is seen as more open to lower short-term rates, but mortgage relief isn’t automatic. Lower mortgage interest rates depend more on whether Warsh’s leadership produces a steady long-term rate, since that has a bigger effect on affordability for homebuyers.

The next potential policy shift could come as soon as the Fed’s June 16-17 meeting, where Warsh is expected to chair.

DIVE IN

The Friday Five

📖 Virtual makeover. Designer Paige Wassel gives an instant (digital) makeover to real subscribers’ homes.

👀 Calabasas compound. Will Smith’s estate is so massive it reportedly earned its own zip code. 

👀 1850s townhome. See inside The Hunger Games director Gary Ross’ $10.6M townhome in NYC.

💡 Investor buzzwords. Brush up on your buzzwords with this quick list of real estate investment terms.

💡 Foolproof follow-up script. James Harris’ 3-part script takes you from doorknocking to done deal.

WHAT’S NEW FROM ESTATE MEDIA

Jimsy Lee sees real estate problems differently

Jimsy Lee—Chief Product Officer at Breezy, an AI-powered assistant for real estate agents—couldn’t ignore the oldest problem in real estate: it’s one of the biggest and most profitable industries in the world but it runs on the most outdated, clunky, and disjointed technology possible. The contrast between how valuable real estate is and how underdeveloped the tools that power it continue to be motivated him to approach the problem in a whole new way with a fully new perspective. 

Check out this interview with Jimsy and James Harris on Rise Above the Ranks to hear how he’s helping agents optimize not for the way things have always been done, but for the way they should work—efficiently, simply, and automatically.

FEATURED LUXURY LISTING

TIPS & TAKEAWAYS

Data centers are the new location conversation

If you’re working with buyers who are nervous about a nearby data center, there are two practical points you can bring into the conversation: these facilities can bring jobs to an area, and in some markets, nearby home values have risen alongside that growth—especially when the development is well integrated into the community. 

Data center construction isn’t exactly a topic most agents expected to be discussing in the location conversation, but in markets where data centers are becoming more common, it helps to have a balanced and numbers-backed way to respond. Get the full stats and story in The Playbook, here.

HANGS & HAPPENINGS

Inman Luxury Connect | San Diego, CA | July 27 - 28, 2026
The industry’s premier event for elite agents and brokers in the luxury space hosts immersive discussions, interactive workshops, top-tier networking events, and a roster of speakers including James Harris, Jason Oppenheim, and Jade Mills.

Tom Ferry’s Success Summit | Anaheim, CA | August 3 - 5, 2026
Among all the real estate conferences 2026 has to offer, none match the scale, energy, or impact of Tom Ferry Summit 2026 — where the industry's most driven agents, team leaders, and brokers converge for three days of cutting-edge strategy and inspiration that turn ambition into action.

Sotheby's International Realty Global Networking Event | San Francisco, CA | October 5 - 8, 2026
The Global Networking Event (GNE) is the brand’s signature event designed for sales associates, managers, and broker/owners. GNE brings the Sotheby’s International Realty community together, giving agents and our network the opportunity to build connections, fuel referrals, and tap into a powerful channel of inspiration and motivation.

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