The housing market crash may be over already. With mortgage rates steadily dropping, buyer demand picking up, and competition creeping back in, this housing correction could have been one of the fastest and least severe downturns we’ve ever witnessed. Top forecasters have hinted at the housing market bottoming out, with some claiming that the “thawing” has already begun—but the data may point to something different. While there are signs of improvement compared to where we stood just a few months ago, some glaringly obvious data points could make this a much closer call than mainstream forecasters think.
Dave Meyer, your sandwich-eating, data-delving host, wanted to know precisely what would cause the housing market to hit its floor. He looks at both the demand and supply side of the housing market, touching on the variables that genuinely make a difference. We’re talking about mortgage rates, housing affordability, loan applications, housing supply, active listings, and more. But you don’t need a degree in Data Science to understand what’s happening behind the scenes.
Dave will explain exactly what is (and isn’t) impacting the housing market, what changes led to the state we’re in, and four scenarios that could play out in 2023 that might put a nail in this theory’s coffin. Betting on the housing market bottoming out? We’d suggest hearing the full story before you make your next investment.
In This Episode We Cover
Why top housing market forecasters believe that the housing market has found its bottom
Mortgage rate updates and why interest rates are falling while the Fed introduces more rate hikes
Housing affordability and why we may be moving away from the record-breaking unaffordability of late 2022
Mortgage applications and why homebuyers have decided to come back in 2023
Housing inventory and why more listings and longer days on market could suggest we aren’t through a correction just yet
The four scenarios that could play out in 2023 (and which is the MOST likely)
And So Much More!
Links from the Show
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BiggerPockets Forums
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On The Market
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Subscribe to The “On The Market” YouTube Channel
Dave’s BiggerPockets Profile
Dave’s Instagram
Altos Research
Goldman Sachs
Mortgage Bankers Association
WSJ
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-82
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