The US housing market is long overdue to catch a break as experts believe peaking mortgage rates have come just in time alongside Fed forecasts planning for interest rate cuts in 2024. Redfin Chief Economist Daryl Fairweather tells Yahoo Finance this could be a set up for a slow recovery for homebuyers.
“It’s going to be more of a slow trickle of people deciding that ‘you know, I can’t wait any longer and I want to move,'” Fairweather comments, “but a strong economy does mean that more people are moving for job opportunities — they feel more confident, they feel like even though rates are high, they can make it work for their budget.”
Fairweather also comments on the rise in “nepo-homebuyers” as more Americans receive assistance from family in order to purchase a home.
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Mortgage means dead promise in Latin.
We need to relax regulations to build more multi-tenant housing to make everyone forever renters?!? Fcuk that! Housing is inflated and needs a crash to realign with average household income!
Rates are not high. Prices are astronomically high. Ya’ll talk about greedy corporations. Let’s talk about greedy homeowners.
A lot of the time they are the same.
WOW 3% increase so amazing
Most of economists think with 8% is a good thing some buyers don’t think or are not preparing for a big crash by next year we will see a big crash.
Daryl is beautiful ❤️
Wait… how can there be a recovery if there was never a recession or crash? 🤷♂️😅
Lies
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
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I’ve seen more people move into their vehicles in the rest area on my local highway than I have seen homes sell lately
Now is a horrible time to lock in a rate .
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I’m not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn’t ideal in this period.
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