170: The Hot Housing Market Returns? | Zillow’s 2024 Housing Market Predictions w/Orphe Divounguy

On The Market

BiggerPockets

Education, Investing, News, Business

4.8 • 859 Ratings

🗓️ 21 December 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

A “reset” could be coming to the housing market in 2024. As mortgage rates fall, inventory rises, and consumer wealth begins to grow, more and more renters are in the position to buy. An economic “trifecta” could form that brings us back into a hot housing market, but will it be anything like 2021 and 2022? We’ve got Orphe Divounguy, Senior Economist at Zillow, back on the show to give Zillow’s 2024 housing market predictions and share where he’s personally looking to invest. 2023 was an impossible year for homebuying. Rates were high, inventory was non-existent, and fears of a recession made Americans have second thoughts about buying real estate. But now, it looks like the Fed will land their so-called “soft landing” as the economy continues to slow but grow at a rate we’ve been waiting for. This is good news for housing. If you want to hear what Zillow thinks could come next in 2024, what will happen to housing inventory, where Americans will move, and how a presidential election could impact the property market, this is the episode to watch. Be sure to subscribe to On the Market, as Orphe will be back to discuss even more housing market predictions with Redfin’s Chen Zhao. In This Episode We Cover: Why the housing market could have a “big reset” in store for 2024 The economic “trifecta” that could put Americans in the perfect position to buy homes Improving housing inventory and the BIG jumps made towards the end of 2023 2024 headwinds to watch out for and how a presidential election could freeze investing Affordable markets that Americans are planning to move to in 2024 Where Orphe is looking to buy his next investment property (watch this market!) And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Zillow’s Senior Economist on Why You DON’T Want Mortgage Rates to Fall 2024 Housing Market Predictions: Home Prices, Interest Rates, & Opportunities Zillow’s 2024 Housing Market Predictions Connect with Orphe: Orphe's LinkedIn Orphe's Research Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-170 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everyone, welcome to On the Market. I'm your host, Dave Meyer. And today we have one of our
0:13.5	favorite repeat guests, Orfe de Vungai, the senior economist at Zillow. And he is coming back to
0:20.0	share Zillow's predictions for 2024.
0:23.4	Orfei has tons of really good information, and we're going to dig into his beliefs about the
0:28.1	market that I think all of you are going to be really interested because he does a very good
0:32.2	job painting both sides of the equation. You know, he gives his opinion, but also offers a lot of
0:37.4	counter opinions just to give full context to everything that's going on. both sides of the equation. You know, he gives his opinion, but also offers a lot of counter
0:37.8	opinions just to give full context to everything that's going on in the market. I think it's a really
0:43.1	nice, well-rounded discussion that you're going to learn a lot from. Before we get into it, I also
0:48.0	want to tell you, we have a really special show coming up in the next couple of days that's going to
0:53.4	feature Orfei our guest today again days that's going to feature Orfe, our guest
0:54.7	today again. He's going to be joining us alongside Chen Zhao, who's an economist for Redfin.
1:01.7	So we're going to be doing this cool, like, economist roundtable that's going to be coming
1:06.8	out on January 3rd. It's the first time we've done this. Obviously, when Kathy and Henry or James are here, we all know a bit about the economy and
1:15.3	talk about it and enjoy talk about it.
1:17.2	But having two people who do this all day long, focus on housing economics, debating and
1:22.8	conferring with one another about what might happen next year is a super cool opportunity. So don't miss that
1:29.3	show on January 3rd. All right, that's what we got for you guys today. And again, make sure to check
1:35.0	out that future show. No further ado, let's get into today's show with Orfe de Vungi,
1:40.0	the senior economist at Zillow. This podcast is brought to you by Progressive Insurance, Fiscally Responsible,
1:47.2	financial geniuses, monetary magicians.
1:49.8	These are the things people say about drivers who switch their car insurance to Progressive
	...

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