A “reset” could be coming to the housing market in 2024. As mortgage rates fall, inventory rises, and consumer wealth begins to grow, more and more renters are in the position to buy. An economic “trifecta” could form that brings us back into a hot housing market, but will it be anything like 2021 and 2022? We’ve got Orphe Divounguy, Senior Economist at Zillow, back on the show to give Zillow’s 2024 housing market predictions and share where he’s personally looking to invest.
2023 was an impossible year for homebuying. Rates were high, inventory was non-existent, and fears of a recession made Americans have second thoughts about buying real estate. But now, it looks like the Fed will land their so-called “soft landing” as the economy continues to slow but grow at a rate we’ve been waiting for. This is good news for housing.
If you want to hear what Zillow thinks could come next in 2024, what will happen to housing inventory, where Americans will move, and how a presidential election could impact the property market, this is the episode to watch. Be sure to subscribe to On the Market, as Orphe will be back to discuss even more housing market predictions with Redfin’s Chen Zhao.
In This Episode We Cover:
Why the housing market could have a “big reset” in store for 2024
The economic “trifecta” that could put Americans in the perfect position to buy homes
Improving housing inventory and the BIG jumps made towards the end of 2023
2024 headwinds to watch out for and how a presidential election could freeze investing
Affordable markets that Americans are planning to move to in 2024
Where Orphe is looking to buy his next investment property (watch this market!)
And So Much More!
Links from the Show
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Zillow’s Senior Economist on Why You DON’T Want Mortgage Rates to Fall
2024 Housing Market Predictions: Home Prices, Interest Rates, & Opportunities
Zillow’s 2024 Housing Market Predictions
Connect with Orphe:
Orphe's LinkedIn
Orphe's Research
Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-170
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