174: Zillow and Redfin Top Economists Give Their 2024 Housing Market Predictions

On The Market

BiggerPockets

Education, Investing, News, Business

4.8 • 859 Ratings

🗓️ 3 January 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

With doomsday headlines and lagging consumer confidence, how should you proceed in 2024? Time to get the advice of TWO senior economists! BiggerPockets’ Dave Meyer talks with ZILLOW’s Orphe Divounguy and REDFIN’s Chen Zhao to demystify the latest US economic indicators and provide you with strategies to thrive in this year’s housing market. We’ll get into home prices, the incoming “affordability correction,” mortgage rate forecasts, and why next year could be significantly better for buyers. But that’s not all. Both Chen and Orphe share their outlook for the 2024 economy, the state of the American consumer, and what could happen as student loans kick back in, credit card delinquencies increase, and cash reserves run dry. Finally, we’ll end things with Chen and Orphe’s list of real estate markets to watch and the pricey areas that may see a revitalized post-pandemic boom. If you want to know what to expect, where to invest, and if the hot housing market will return in 2024, stick around! In This Episode We Cover: Redfin and Zillow’s 2024 housing market predictions The “weakening” American consumer and what this means for homebuying 2024 mortgage rates, “disinflation,” and where we could end up next December The “affordability correction” that could help home buyers get their first house Riskiest real estate markets in America that could see HUGE price cuts Affordable markets to watch that have had rock-solid home prices 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 Hear Past “On the Market” Episodes with Chen and Orphe: On The Market 151 with Chen On The Market 150 Orphe (Ep. 1) On The Market Orphe (Ep. 2) 2024 Housing Market Predictions: Home Prices, Interest Rates, & Opportunities Connect with Orphe: Orphe's LinkedIn Orphe's Research Tune into “Everyday Economics” with Orphe Connect with Chen: Economists Corner Chen’s LinkedIn Chen's Research Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-174 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	Hi, everyone and welcome to the Bigger Pockets Network and happy new year.
0:12.0	If you're anything like me, you're entering 2024 excited about the housing market and
0:17.5	real estate investing, but you probably also have a lot of questions.
0:22.2	The last year, both in terms of macroeconomics and in terms of the housing market's performance,
0:26.8	have been a little bit up and down. It's been a little bit confusing. And so even though there's a lot
0:32.1	of opportunity in 2024, there are also a lot of questions that remain unanswered. So today, we have a very
0:39.9	special episode to help answer some of those questions. I am bringing in two renowned
0:45.8	senior economists to discuss the state of the economy and the housing market. We're going to make
0:51.5	predictions about 2024. We're going to provide all the
0:54.9	stats and all the contexts you need to feel confident in building your portfolio. And that's true,
1:00.9	whether you're trying to buy your first property in 2024 or you're trying to scale up an
1:05.7	already existing portfolio. So today, our two guests are Chen Zhao, who's a senior economist at Redfin,
1:12.7	and Orfe DuVungai, who's the senior economist at Zillow. And we're going to get into
1:17.3	all of the topics that are probably on your mind. We're going to talk about things like
1:21.6	inflation, housing prices. And of course, we will be talking about mortgage rates. Everyone
1:27.0	always wants to talk about those.
1:28.9	So by the end of this episode, you're going to have a very good understanding of where we
1:32.6	stand with the economy and the housing market today and where it is likely to be going over
1:36.9	the course of the next year.
1:38.7	So with no further ado, let's bring on Chen Zhao from Redfin and Orfe de Vungai from Zilla.
1:43.4	Thank you. Let's bring on Chen Zau from Redfin and Orfei duVungai from Zilla.
1:57.6	Chen Zau and Orfei Devungai, welcome to our first ever economics roundtable on the Bigger Pockets podcast.
	...

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