With doomsday headlines and lagging consumer confidence, how should you proceed in 2024? Time to get the advice of TWO senior economists! BiggerPockets’ Dave Meyer talks with ZILLOW’s Orphe Divounguy and REDFIN’s Chen Zhao to demystify the latest US economic indicators and provide you with strategies to thrive in this year’s housing market.
We’ll get into home prices, the incoming “affordability correction,” mortgage rate forecasts, and why next year could be significantly better for buyers. But that’s not all. Both Chen and Orphe share their outlook for the 2024 economy, the state of the American consumer, and what could happen as student loans kick back in, credit card delinquencies increase, and cash reserves run dry.
Finally, we’ll end things with Chen and Orphe’s list of real estate markets to watch and the pricey areas that may see a revitalized post-pandemic boom. If you want to know what to expect, where to invest, and if the hot housing market will return in 2024, stick around!
In This Episode We Cover:
Redfin and Zillow’s 2024 housing market predictions
The “weakening” American consumer and what this means for homebuying
2024 mortgage rates, “disinflation,” and where we could end up next December
The “affordability correction” that could help home buyers get their first house
Riskiest real estate markets in America that could see HUGE price cuts
Affordable markets to watch that have had rock-solid home prices
And So Much More!
Links from the Show
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On The Market
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Hear Past “On the Market” Episodes with Chen and Orphe:
On The Market 151 with Chen
On The Market 150 Orphe (Ep. 1)
On The Market Orphe (Ep. 2)
2024 Housing Market Predictions: Home Prices, Interest Rates, & Opportunities
Connect with Orphe:
Orphe's LinkedIn
Orphe's Research
Tune into “Everyday Economics” with Orphe
Connect with Chen:
Economists Corner
Chen’s LinkedIn
Chen's Research
Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-174
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