How to Buy a Home
David Sidoni
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Season 2 E212 2024 Housing Market Forecast and Predictions - Part 2
In this episode, David dives straight into the action by recapping his bold predictions from the prior episode. Then we'll be traveling across the country and five years into the future as David taps into reports from all the top analysts. Prepare to get an exclusive inside look at emerging trends in climate change, technology, and the fundamental forces shaping our future housing landscape. Strap in as we go in depth on this timely topic - the 2024 housing market is shaping up to be one for the record books. Here are some key topics from today’s conversation: US News predicts trends influenced by climate change and AI through 2028Total cost of ownership becoming a key metric for homebuyers More buyers joining forces with friends/family to purchase homesHousing market trends and potential price changesEpisode Highlights: [03:21] Climate Change Impact on Home Values Climate change and AI adoption could impact home values over the next five years. One report predicted that as environmental hazards increase due to global warming, certain areas may become more vulnerable than others. Coastal communities face threats from rising sea levels and intensifying storms. At the same time, cities and states begin implementing new technologies like smart infrastructure and autonomous vehicles. David stresses that these macro trends are well worth watching closely as they have the potential to upend traditional housing market assumptions in the coming decades. [05:01] Rising Insurance Premiums Skyrocketing insurance costs are becoming a major factor in total homeownership expenses, with some policyholders seeing massive rate hikes that are simply unsustainable. David warns that the housing insurance market is in dire straits. Hinting out that rising premiums may soon rival mortgage payments for many, David clearly feels homeowners need to pay close attention to this troubling market shift. As costs eat into affordability, insurance burdens could end up pricing out some would-be buyers or forcing current owners to make difficult decisions. [07:35] Pent-Up Housing Demand Persists Analysts estimate up to 4 million homes of pent-up demand due to underbuilding after the recession. Even with increased construction, this shortage won't be solved until late this decade as inventories remain tight. [27:12] Property Price Predictions: What Experts Foresee for 2024 David quotes Chief Economist Danielle Hale of realtor.com, who believes a full crash is unlikely due to strong economic factors, but cautions that a deteriorating job market could push more homeowners to sell, upping supply and potentially causing prices to dip. Rising property taxes offsetting high home values could create supply and demand imbalances leading to price drops. Overall, most experts think modest single-digit price increases are most probable. That said, homebuyers need to look at inventory levels, mortgage rates, and the broader economy as key drivers of home appreciation in the volatile year to come. This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Instagram @DavidSidoni Tik Tok @howtobuyahome
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