The buying window could be closing in these housing markets. For the first time in years, inventory is dropping in once-strong buyer’s markets. Sellers are tired of waiting for offers and refusing to get lowballed, so more are staying put. With less inventory comes more competition, rising prices, and vulnerable buyers. So, which markets are most at risk?
Senior Economist at Zillow, Kara Ng, joins us to share the latest data on the housing market. Buyers have realized mortgage rates probably aren’t going back to 5% any time soon, but with sellers opting to stay in their homes, are would-be homebuyers stuck between high rent and high mortgage payments?
But there’s good news for new investors and first-time homebuyers. A new resource allowing buyers to get down payment assistance was recently released, helping those who don’t have tens of thousands saved for a down payment.
Want a return to an affordable housing market? Kara shares the single biggest variable that’s stopping affordability (it’s not mortgage rates) and how, if we can solve it, every American could benefit.
In This Episode We Cover
Zillow’s latest housing market update, price prediction, and mortgage rate forecast
Buyer’s market no more? How sellers are taking their housing market power back
The real reason why no one is moving (and why the housing market is stuck)
Zillow’s new down payment assistance resource for first-time homebuyers
The one true solution to our affordability problem (it isn’t lowering interest rates)
And So Much More!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1185
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