Jeff Tucker, Zillow Economist, joined Yahoo Finance Live to discuss Zillow’s 2021 predictions for the real estate market.
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Zilllow needs to audit their app because a lot homes have bad information!
@Karen Doyle mis or no info
@Bobby S You guys still using Zillow? It’s trash.
Yeah ok. Do what? Lol at each house and reevaluate everything? That would take years
@Thomas Zillow is inflated. Redfin is much more reliable. I’ve been a loan officer since 2006 and check comps daily.
@Thomas That is why you have the poster fill in all the information or you boot them from your app!
even if the housing market has a 50% correction, im still up about a million. If forecast is right, good lord im about to lose my mind!!!!!!!!!! god is good
Same. We are both lucky but there is no way in hell it’s even going to correct itself 15%. It will be booming into 2022 and possibly 2023 due to the Fed keeping interest rates low.
@Dayne Scott correction might happen summer 2021.
@Stankhits 2021 is going to be a massive year and 2022 will be very good as well. I’m a lender and there is absolutely no way 2021 will have any sort of correction.
@Stankhits Correction Summer 2021?! Lmfao. Revisit this comment in 8 months. I’ve been in mortgage for 15 years since before the 2008 crash. Supply and Demand as well as low rates are fueling this market. Millenials looking to buy homes are also not helping as in making the market hot. Values will correct when rates increase. Even then, home prices will never be what they were 10-15 years ago. That ship sailed a long time ago.
At least every other place than New York people can buy a home.
Ppl that buying houses now are out of their mind. In March-April they were buying toilet paper 😂😂😂
My rent in Orange County, California was $3,200 for a house. Bought a house in March 2020 and my monthly mortgage is $2,780. Zero tax write offs before versus writing off interest and property taxes now. It was a simple decision for me. And yes, maybe one day I will leave this state I’m born and raised in.
🤷🏿♂️ planned on spending $60,000 on wedding in may 2020, postponed and decided to use that on down payment instead of renting. Saving money on mortgage vs renting apartment with no yard, no garage… and now get extra write offs on interest n prop taxes. Your situation isn’t always what’s really happening with the rest of the world
@Joe Smith You’re right. My situation is not the norm.
I stocked up on toilet paper in January… Do I count? 🤣
@Chris G The average mortage payment for a house in CA (not including prop tax) is over $4000 a month, assuming you put about $200,000 down as down payment. So I don’t know how much you put down to get such a low mortgage payment? Does your mortgage include the annaul property tax? Average proprty tax for Single Family Home purchased in 2020 in CA is approx $10,000 a year.
People need to buy if they can with these low interest rates. My brother purchased a 450K home last month with a 2.3% rate. I purchased 3 years ago for almost the same amount and square footage with a 3.8% rate. I understand homes are a bit pricey but what happens if homes continues to go up and interest rates go up? *If you can, you should buy now*
If interest rates go up, the bubble pops.
@Just Doit In your opinion, you think this year we will see homes drop in price and rates going back up?
@Tami Pado No
If the house price drops after you buy it. Does the loan drop to the price too?
The interest rates dropping really ruined the point of having cash when buying a house.
The issues is homes where you want is stupid over priced.
Since the FED is buying the mortgages I guess it’s all clear. What can go wrong?
With property taxes skyrocketing all over the nation why is buying a house such a good idea
Message😳
Still simple: because mortgage rate is at a record low.
Your monthly payout on the house may be roughly the same for say a 3.3% rate + 3k/year tax vs a 2.6 rate + 4k/year tax. It’s about the total payout
If you are renting you are paying the property taxes for your landlord whether you realize or not
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Millions unemployed, millions facing eviction, inflated home values, inflated housing costs and inflated property taxes will make America great again. Believe me.
Yes, be careful where you get your news and financial advice.
@reverse_halo: “Millions unemployed… Believe me” Yes, I believe you – now be quiet and pass the Kool Aid.
This sounds like desperate propaganda from the real estate industry…
I don’t think so, is common sense
@Maria Hueck how does it make sense? He didn’t talk about forclsure forbearance and eviction bans lifting at some point this year …. intrest rates will have to raise eventually etc…
We’re in a great depression….record job loses.
Yet stock market and real estate is at all time highs. Its a bubble
no, no, no, no, in M2 real estate and stocks dropped, total $$$ increased 25%+, they engineered this as a dollar crash so assets wouldn’t crash, CASH IS NOT A HARD ASSET, why is this so hard to grasp for people???
Thats because people got all this helicopter free money, has nothing to do with apr..
Imagine this….. “market crash”
“zillow economist” lol
For single family homes, it feels like FOMO.
Wow wow wow! Zillow forecasting 21.9% for 2021, is like a meth dealer telling you meth is safe.
Can anyone see the self-interest?
My forecast for 2021, is housing prices will be negative by mid-summer and drifting down slowly as folks wise-up.
Forty years ago, my broker (for silver and gold) told me, when the price of silver went over twenty-dollars/ounce, that “we’re in a bigger fools market – some fool paid way to much for silver, but expects a bigger fool to pay even more”.
Today, we call the current housing situation prices, a “bubble-market”! Frankly, I like my brokers definition much better.
My broker was so much more correct – and HONEST about it. My my my, how things have changed.
forecast 21.9% increase in sales not in price – how about concentrating a bit more
@Chris J “forecast 21.9% increase…” Chris – you make a good point! However, Zillow is being bullish.
I’m being bearish. The bubble market is slowly deflating, so actual sales may exceed 21.9%, but not for the bullish reasons Zillow is predicting.
Thanks for pointing out my error Chris. And thanks for reinforcing my argument.
This is such lies. how is there so much demand when theres such high unemplyoment rate
The rich keep buying second third homes etc
Foreign buyers
The high unemployment rate is primarily low income service sector workers that were never in the market to buy in the first place. Plenty of people out there with high incomes and great jobs.
It’s true. We are first time buyers and houses in our area are typically under contract within a week. Most people work office jobs and have not been affected financially by COVID, they work from home now so they’re actually saving on commuting, parking, gas, buying lunch, etc.
I believe I move to Indiana 11 months ago and seen how houses had gone up .
Specialist on those migrating states because people are leaving states like Florida, New York and California
some cheating is going on with housing market. how can there be so much demand on houseing when we have such high unemployment rate
Most people who are unemployed are in the restaurant and tourism business, which are usually lower paying and most likely can’t afford a home in the first place. People who are still employed are white collar workers, prob have money saved and now seizing the opportunity. What we are kind of seeing is a wider gap between classes now
so much cheating going on housing market. guys question eveything when the prices rise up.. so much lies media is giving public
News flash . Shutdown is forever. This is the new economy. Soon you will read in the news that people who took the vaccine still got infected with the virus. Just like the flu shots don’t guarantee you won’t catch the flu.
Be more select when you look for opinions, wake up use your intelligence more Strategically. You have better economists in America, pure Marketing for idiots.
Best time to buy a home was a year ago…. And a year before that…. And a year before that…. And a year before that. If you’re not looking now, a year from now you’re gonna say to yourself, “I should of bought last year”
Well the year you do buy it, the company will probably get sold and you’ll lose your job. It happens. But your comment is funny. I laughed.
What go’s up, must come down. Just don’t know how heavy it is.
Nah worst was.probably late 90s, and selling in 2009 lol
Zillow will tell you the earth is flat if it helps drive traffic to its website.
Personally I think buying property now to is already expensive and late because of the high demand..
I agree with you because I think everyone is on a selling point now.. properties are too expensive now
I’m glad I stayed with the stock market this year is a really profitable year for stock traders and investors
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thanks for the video
Seen this party before. Have we learned nothing from the past? Ffs
The media and real estate industry talking heads, including “economists”, will always shill hard for their checks. It’s about as real as the narratives before every downturn: “everything is fine, you will make money, blah, blah…”. As long as the dumber people in the economy keep buying and doing their consumerist duties, and the government keeps pumping money in, this will keep going. The minute the government cannot or will not, likely the former, this whole real estate ponzi scheme is going to fall apart.
This Zillow guy is doing a interview at his parents house.
True
And yet he’s shilling like a marketer more than an objective economist
it’s their closet…
..the “Year Ahead” 3 day review is very insigihtful!!
This is A bunch of lies ! I see different you cant have people losing jobs and home buying at the same time zillow stop the lies .
When is the 3-D house printer coming out??? That should help make a house in 1 month timeframe and 50 % less cost more affordable and more availability.
It’s already out. Multiple companies are offering 3D homes. I’m also curious what this will do to the real estate market and how fast.
How much do the large 3-D printers themselves cost to build and what’s the timeframe on manufacturing them?
One of the reasons for the higher house price now is low inventory, because people hold off putting their houses on the market. After the pandemic, inventories will go up and the price will drop due to over supply.
More importantly when interest rates go down real estate prices go up. vice versa
It always seems to be the time to be buying and selling real estate.
This economist sounds more like a snake oil salesman.
Zillow is just gonna add 1% to a home per month whether it should go up or not
As much as I can’t stand their algorithm, it doesn’t work that way.
We’ll be dragging up from this bottom for a long time. So when’s the next crash? In about 2 years? Stability. In this country?
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Wait until evictions moritorium expire
This is old data…. if people aren’t allowed to work they aren’t buying homes either. Idiot
With all the uncertainties buying a house is a flight for safety,rents are so hi and limited,
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It’s the fear of rapid DEVALUING of the US dollar caused the buying panic, not only interest rate. So many rich people are buying investment houses, leaving younger buyer not qualifying for high priced houses.
What happens when all the rich buy every house but no buyer because the young stopped saving for a house because they accepted years ago that the “American dream” died years ago? You think they can pull $100k up the ass in a week? No. The time will come in 2022 during the downfall.
Of course a Zillow rep isn’t going to say anything negative about values about to decrease from mortgage standings. Nice fluff piece
The FED screwed the new generations, no way to afford anything anymore
I learnt to manage my money through investment and it really works for me. They say money can’t buy happiness but poverty can’t buy anything
Learned not learnt
How can you tell when a Realtor is lying?
It’s time to buy a house and stop renting, Volstad. That VA home loan is waiting…
@DIVISIONINCISION VA loans are too expensive. I would go conventional with at least 20% down.
Housing prices are too high right now!
He didnt say any valuable predictions
High home prices = high property taxes, which is good for the gov’t… I guess.
Is there really a huge number of 30-34 yos?
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The eviction moratorium was extended until September 21 to deal with the pandemic. What could go wrong during that time?
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Cheerleading from a RE insider….yawn.
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If this guy does zestimates don’t listen to a word he says LMAO
Don’t let sellers sell you homes overvalued! Just have patience and move on to the next.
I’m sure all the people living in tent cities are feeling great about the market zillow!
Keep in mind
Every time the feds buys asset they print currency and then use it to buy those assets away from people who earned their currency
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