Zillow Housing Market Forecast Downgraded After Slow Spring Season

Episode #983
Episode Show Notes: link.chtbl.com/BPRE
Join BiggerPockets for FREE 👇
www.biggerpockets.com/signup?...
Start Investing with Dave’s Newest Book, "Start with Strategy" :
store.biggerpockets.com/produ...
Find Investor-Friendly Lenders:
biggerpockets.com/findlenders
See Dave at BPCON2024 in Cancun!
www.biggerpockets.com/events?...
BiggerNews: 2024 Housing Market Update and Why Prices Are Still Rising:
www.biggerpockets.com/blog/re...
Access Zillow’s Free Housing Data:
www.zillow.com/research/data/
Connect with Dave:
Dave: www.biggerpockets.com/users/d...
Zillow’s latest housing market forecast shows a decline in home prices over the next year after a very slow spring homebuying season. While spring is traditionally the hottest time of the housing market, with more sellers and buyers hitting the market at once, this year was stunted significantly. Will this trend continue as housing inventory remains at rock-bottom levels, or are things gradually improving, with a return to normalcy in sight? We’ve got Dr. Skylar Olsen, Chief Economist at Zillow, on to share the latest forecast and which markets could be in trouble.
With mortgage rates still hovering around seven percent, homebuyers and sellers are stuck. Sellers don’t want to trade into a more expensive mortgage payment, and buyers can’t afford today’s median home price. As a result, some under-the-radar, affordable real estate markets are seeing home and rent prices increase, while some traditionally hot markets are already seeing price corrections.
Where will the next correction hit, and which markets will have the most opportunity for real estate investors? Skylar explains it all, plus why Zillow updated their recent home price forecast to show a DROP in home values over the next year.
00:00 Intro
01:36 Homebuying Sees “Extra Slowdown”
06:51 Homes Sitting Longer
08:34 More Inventory On the Way?
13:19 Zillow Updates Forecast
17:54 Markets Seeing Price Corrections
20:58 Hot Markets
22:22 Where Rents Are Growing
26:33 Investors, Watch THIS
29:16 2025 Predictions

[@Gigawattt]

I love the way she always whispers when she says, “recession” as if the universe will hear her and make a recession come 😝

[@ThirstyforTruth]

One or two rate cuts won't make any difference,... PEOPLE ARE STRAPPED.

[@royanjohnson7648]

An organization that has contributed so much to the current housing inventory and affordability crises should not have a voice in the housing market. When their iBuying failed, Zillow sold single-family stock to hedge fund investors, who turned them into rental units. This shows that Zillow cares only about profit and never about the communities. Homebuyers should not support an organization that contributes to their difficulty in achieving their goal of homeownership.

[@davidmacgown321]

What are your thoughts on the Miami,FL metropolitan area (palm beach,broward,Miami-dade counties) do you think it's a buyer's market yet?

[@networth00]

In the last recession the places that got hit the hardest were all of South Florida, LA, and Vegas. Wait a couple years and you'll get stuff dirt cheap.

[@brucebanksshow]

This show is a redundancy