Home prices could jump even higher in 2024, according to a new Zillow housing market forecast. With unaffordability still at record highs and mortgage rates floating in the mid-sixes, buyers are having a tough time, finding themselves locked between high home prices and equally high monthly payments. But, even with rising home prices, could there be hope for the everyday homebuyer in 2024?
We brought on Chief Economist at Zillow, Skylar Olsen, to help answer this question. Skylar’s team at Zillow saw home sales and new listings fall off a cliff when mortgage rates started to rise. And after a very brief drop in home prices, it seems that we’re back to the races as Zillow predicts a small, but not insignificant, bump to housing over the next year. And with the cost of rent and mortgages equalizing, is there still a good reason to buy a home when it may be a bit more expensive?
Skylar gives her take on what the data is showing about home prices, mortgage rates, buyer and seller activity, and what YOU can do to finally buy a house, even with so much demand in the market.
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Zillow and Redfin Top Economists Give Their 2024 Housing Market Predictions:
https://www.biggerpockets.com/blog/real-estate-867?utm_source=youtube&utm_medium=description&utm_campaign=none
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Stay Up-to-Date with Zillow’s Latest Housing Market Data:
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Learn More from Skylar:
LinkedIn: https://www.linkedin.com/in/skylar-olsen-9823aa53/
X/Twitter: @skylarolsen9 or https://twitter.com/skylarolsen9
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00:00 Zillow’s Home Price Forecast
00:59 Rates Are Falling…But Prices Aren’t
03:43 Where Are All the Houses!?
05:57 Home Prices Will RISE in 2024
10:04 How Unaffordable Can It Get?
13:10 Tips for Buyers
14:42 Tips for Sellers
16:46 Grab the Data!
