The housing market REFUSES to slow down. Last year, homebuilders had a bleak outlook for 2023 home buying, but now, not even halfway through the year, they’ve reversed their sentiment with high hopes that demand stays red hot. How is this even happening? With mortgage rates higher than they’ve been in years and barely any inventory on the market, wouldn’t buyers take the hint and let their foot off the gas? We brought back John Burns from John Burns Research and Consulting to give us some answers.
John’s team has some of the freshest housing market data available. With over 1,000 research contracts a year, they’re constantly talking to homebuilders, buyers, flippers, and everyone in the home-buying process. John touches on household formation and why millennials are saying “no” to roommates, even as prices rise. He’ll also talk about where Americans are moving, what’s causing construction costs to come down (but also grow?), and why the Fed is failing to kill the housing market.
Also, if you want to give a hand to the generation helping young buyers the most, it seems that baby boomers are having an unexpectedly significant role in propping up the economy. We’ll also get into new affordable housing projects that could bring more starter homes on the market. Want to know John’s thoughts on what could happen in the housing market over the coming months? Stick around!
In This Episode We Cover
Why high mortgage rates HAVEN’T killed the housing market yet
American migration and which states are starting to see stagnating populations
Multifamily rent updates and why tenants may have the upper hand
New builds, cheaper material costs, and why your next home may be a new construction
INSANE debt-to-equity stats that highlight why homeowners refuse to sell
New affordable housing projects that could give homebuyers better options
And So Much More!
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Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-110
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