Optimism and Increased Supply in the Housing Market

Orfei discusses the rise in demand and supply in the housing market, with new listings increasing by 3.1% year over year. They predict that prices may soften slightly and there will be more transactions in the future. Despite concerns about affordability, overall demand still exceeds supply, leading to optimism about the future of the housing market.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

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

Find an Agent

Find a Lender

BiggerPockets Forums