971: BiggerNews: Mid-Year Housing Market Update + Mortgage Rate Forecast w/Redfin Chief Economist Daryl Fairweather

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 14 June 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’re almost halfway through 2024, and the housing market is at a standstill. Mortgage rates are high, inventory is low, buyers have fewer choices, and many homeowners refuse to put their properties up for sale. But could things change in the second half of this year if interest rates fall and inventory improves, even if ever so slightly? We brought Redfin Chief Economist Daryl Fairweather on this BiggerNews episode to get her team’s latest 2024 housing market predictions. First, Daryl explains how our stubbornly strong economy put the Federal Reserve in a challenging position and whether or not we could hit the magic two-percent inflation rate goal. Will buyers ever get a break in this tough housing market, and could lower interest rates improve things? Daryl shares what she thinks will happen once the Fed finally cuts rates, how low rates could go, and whether or not this will heat home prices up yet again. Some “unusual demand” may come late this year for housing, but will agents, brokers, and sellers see the traditionally hot summer season they’ve been waiting for? We’re answering all these questions and more with this housing market data leader on this BiggerNews episode! Support today’s show sponsor, Rent App: the free and easy way to collect rent! In This Episode We Cover 2024 housing market and mortgage rate predictions from Redfin’s Chief Economist How our economy has stayed so stubbornly strong EVEN with rate hikes Homeowner control and why buyers may be in an even worse position AFTER rates fall Improving housing inventory and what’s contributing the most to more homes on the market Why inflation may NOT need to hit the two-percent target for the Fed to lower rates The “lock-in effect” explained and why more homeowners with low rates could start selling And So Much More! (00:00) Intro (01:38) A Stubbornly Strong Economy (07:03) Housing Is STILL Hot? (13:23) Mortgage Rate Prediction ((18:29) Will Inflation Fall? (20:56) 2024 Predictions (23:53) An Opportunity for Investors Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-971 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	Where is the economy midway through 2024?
0:03.0	How are these stubbornly high interest rates impacting the housing market?
0:08.0	Are people still locked into their homes or are they now more willing to move? We're covering the state of the market on
0:15.3	today's episode.
0:16.5	Hey investors, I'm Dave Meyer solo today, which means we have a bigger news
0:26.7	episode for you. If you haven't listened to this format before every Friday we bring
0:31.0	you content that discusses what is going on in the housing market and economy at large.
0:35.5	We'll bring you data, we'll bring you experts so you can make informed investing decisions.
0:40.5	And today the expert we are bringing on is the chief economist at Redfin. Her name is
0:46.3	Darrell Fairweather and on today's show we're going to pick her brain about what is going on in the
0:50.8	housing market and the economy halfway through the year.
0:54.0	On this episode we're going to discuss why the data points to a strong overall American economy,
1:00.0	but Americans don't feel that way about the economy in general.
1:04.5	We'll also talk about our favorite word,
1:07.2	my least favorite word of 2024, inflation,
1:10.2	and how it is impacting the average American and the housing market.
1:14.0	We'll also talk about the lock-in effect and why home sales volume has remained so low throughout this year.
1:21.0	And lastly, we'll talk about a couple of predictions
1:23.6	Darrell has for the rest of the year. Before we jump into the episode, I want to
1:27.6	thank our sponsor for today, which is Rent App. It is a free and easy way to collect rent and if you want to learn more go to rent.
1:35.6	app slash landlord. Let's bring on Darrell.
1:38.6	Darryl, welcome to the BiggerPockets of real estate podcast. Thank you for being here. Thank you for having me. I'd love to start with the broader economic picture before we jump into the specifics of the
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