162. Will the Housing Market Ever Get Better? with Daryl Fairweather (Redfin Chief Economist)
Jun 11, 2024
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Redfin's Chief Economist, Daryl Fairweather, discusses pandemic effects on housing prices, government policies for affordability, trends in migration reshaping cities, and climate change impacts on homeownership. Insights into economic indicators and challenges faced by first-time buyers are explored, along with innovative home-buying strategies and the importance of community-focused approaches. The conversation also touches on the psychological aspects of adapting to market changes and financial planning for homeownership, emphasizing the need for a holistic approach to buying a home.
Support housing affordability and community growth through advocating for more housing developments locally.
Empower women in financial and career growth through platforms like 'Financial Feminist' and advocating for financial rights.
Address challenges in the housing market like unaffordability, scarcity, and climate risks to prioritize building more affordable housing and diverse investments.
Deep dives
Impact of Housing Affordability on Community
Promoting housing affordability and encouraging positive attitudes towards increased housing in communities is crucial. Emphasizing the importance of accepting new neighbors and advocating for more housing developments in local areas can benefit society as a whole. Proactive involvement, such as supporting developments at city council meetings, can contribute to long-term community growth.
Financial Feminist's Career Platform and Goals
Tori, the host, runs a money and career platform for women, advocating for financial empowerment. With a New York Times book titled 'Financial Feminist' and over 150 podcast episodes, topics range from Roth IRAs to managing income inconsistency. Tori's advocacy extends to fighting for financial rights and professional growth opportunities for her audience.
Artistic Performances and Recommendations in New York
Attending shows in New York, such as the dance performance 'Illinois' choreographed by Justin Peck, is a unique experience. Tori highlights the captivating nature of the show and its unexpected elements like tap dancing. She recommends Tony-nominated shows offering rush tickets at affordable prices, promoting arts and cultural appreciation.
Insights from Chief Economist on Housing Market Challenges
Darryl Fairweather, the podcast guest and Chief Economist at Redfin, delves into the current housing market complexities. She addresses the challenges of unaffordability, scarcity of housing supply, and increased cash buyers impacting first-time buyers. Fairweather emphasizes the crucial need for building more affordable housing beyond mere housing development.
Solutions for Affordable Housing and Wealth Building
Apart from homeownership, investing in index funds offers an alternative wealth-building strategy. Fairweather advocates for disciplined investing and expanding geographical considerations. Addressing climate risks in home buying decisions is also highlighted, showing the impact of climate change on home prices and insurance, reflecting on political views of housing affordability.
Election's Influence on Housing Affordability
Ongoing surveys reveal housing affordability significantly influences voter preferences, resembling a pivotal topic for the upcoming election. Biden's housing plan and Trump's commentary on housing portray contrasting stances. The sentiment around the economy and housing affordability remains critical for the electorate, showcasing the multifaceted impact of housing policies on public opinion.
Is the dream of homeownership feeling more like a distant fantasy? Ready to cut through the chaos of today's wild housing market? Tune in to today’s episode as Tori sits down with Redfin's Chief Economist, Daryl Fairweather, to unlock the secrets of buying smart in 2024.
From the effects of the pandemic on housing prices to the critical role of government policy in addressing affordability, this conversation uncovers it all. Daryl also discusses innovative strategies for first-time buyers, the impact of climate change on homeownership, and the surprising trends in migration that are reshaping cities across the US. Whether you're actively looking to buy a home or just want to stay informed about the market, this episode is packed with valuable information that you won't want to miss.