How to Buy a Home
David Sidoni
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Season 2 E213: 2024 Housing Market Forecast and Predictions - Part 3 INVENTORY
Ready for more real estate revelations? In this latest episode, David pulls back the curtain on the housing market. He dives into the ongoing inventory issue plaguing buyers and explains what it could mean for prices down the road. With his trademark straight-shooting style, David shares more shocking stats and insider scoops on the true drivers of affordability. Tune in to find out what you aren't hearing from other so-called experts and get a glimpse into what may lie ahead for 2024. This is required listening for anyone looking to join the property party! Here are some key topics from today’s conversation: The one big thing affecting home prices (low inventory)15 years of housing underbuildingFactors that may increase home listings in 2024Challenges facing home buildersExpert analyses of 2024 housing trendsEpisode Highlights: [09:43] The Locked-In Effect David explains the concept of the "locked-in effect" where homeowners have been reluctant to sell because they didn't want to give up their low mortgage rates of 3-4%. However, the massive $300k average increase in home equity over the past few years means many homeowners now have substantial wealth built up in their homes. This equity could motivate some to list their homes, even if it means obtaining a higher mortgage rate on their next home purchase. With $300k more in equity, the higher rate may not seem as significant of a financial burden. [11:32] Silver Tsunami As many Baby Boomers reach retirement age, David explains this group is dubbed the "silver tsunami" and will be incentivized to downsize from large family homes to more manageable properties. Boomers trading spacious multi-level homes for single-story ranches or smaller cottages represents a major opportunity for new listings. This influx would offer much needed relief to buyers currently facing bidding wars due to limited options. [18:44] Building Barriers While regulations aim to make homes greener and safer, they've also slowed the pace of new construction and created a lot of variability between states. David wonders how builders can ramp up the number of homes they put on the market each year without compromising environmental and safety standards. There's probably a sweet spot where innovation helps increase supply in a more sustainable way. 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. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoni Tik Tok @howtobuyahome
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