Knowledge Brokers Podcast

Zillow’s Chief Economist: Shocking Prediction For 2025 Housing | Knowledge Brokers Podcast Ep 096

7 snips
Dec 6, 2024
Skylar Olsen, Zillow's Chief Economist, provides expert insights into the housing market's upcoming shifts. She predicts a year of fluctuating mortgage rates, with potential challenges for buyers amidst rising home costs. The conversation highlights a move toward smaller living spaces as affordability drives preferences. Skylar shares strategies for navigating this volatile market and emphasizes the importance of understanding local trends for smarter real estate decisions. She even touches on evolving retiree migration patterns impacting housing choices!
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INSIGHT

2024 Housing Market Overview

  • Homebuyers faced a surprisingly competitive 2024 market due to high mortgage rates and low inventory.
  • Affordability remained stable due to consistent wage growth matching home price increases.
INSIGHT

Mortgage Rate Predictions

  • Predictions of lower mortgage rates in 2024, particularly the "year of the fives," largely didn't materialize.
  • The fluctuating nature of inflation and economic data made it difficult to predict rate decreases with certainty.
INSIGHT

Rental Market Strength

  • The rental market's strength in 2024, despite increased apartment construction, was surprising.
  • High demand from potential homebuyers, driven by affordability challenges, fueled rental market competition.
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