Another housing market “frenzy” is much more likely than many of us thought. With the traditionally slow fall/winter season upon us and housing inventory gradually inching up, home buyers could get a much-deserved break. But this won’t last for long. The long-term outlook on the housing market isn’t looking good for buyers, and many Americans will be forced to rent as a result.
So, what could cause the next home buying “frenzy”? We’ve got Clayton Collins, HousingWire CEO, on the show to give his take. HousingWire has been acquiring data and research companies as fast as possible, trying to build the most perfect picture of the housing market available. And right now, it looks great for sellers but not buyers.
With inventory still in the gutter and mortgage rates at a twenty-year high, homeowners will only consider selling once rates have dropped. But won’t lower rates flood the market with eager home buyers all over again? We’ll get Clayton’s opinion on what could fix the inventory shortage, when mortgage rates could drop, real estate markets with the best chances of price cuts, and what to watch out for in 2024.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.