255 - 2024 Mid-Year Forecast and Predictions – PART 2 - Home Prices

How to Buy a Home

We're diving deeper into the 2024 housing market forecast with the latest data on inventory, prices, rents, and a possible recession. But remember, the most important factor is still LOW INVENTORY! So, are you ready to stop waiting and start acting?

Highlights:

• "Unlike back in the 2008 Great Recession period, it is not a question of lacking buyers. We still have multiple offers. And it's also not a question about massive supply where it's leading to home prices plunging. We don't have enough supply, so we are hitting record high home prices." - Lawrence Yun, NAR Economist (Uncle Larry)

• "While inventory nationally and in most markets is higher than one year ago, it remains low from a historical perspective." - Mark Fleming, First American Chief Economist

• "Expert forecasts lean towards a moderation in home price growth over the next five years. This translate to a slower and more sustainable pace of appreciation compared to the breakout speed witnessed in recent years, rather than a free fall in prices." - Marco Santarelli, Founder of Norada Real Estate Investments

• "Since 2020, rents have gone up 30%... Have you gotten a 28% pay raise since 2020? If you haven't, then rents suck." - David Sidoni

• "In every recession since the 1980s, housing has gone up during the recession, just like the bond market is...opposed to the stock market...owning property is your best hedge against inflation when times get tough." - David Sidoni

Referenced Episodes:

• Episode 198 & 216: Learn about Private Mortgage Insurance (PMI) and why it's not the devil.

• Episode 69 & 106: David Sidoni discusses Dave Ramsey and the math behind homeownership decisions.

General Overview:

In this episode, David Sidoni delves deeper into the 2024 housing market, emphasizing the ongoing inventory crisis as the key factor influencing prices and affordability. He provides insights into the potential for a recession, its impact on housing, and how rising rents further support the argument for buying over renting.

Despite current market conditions, David encourages first-time homebuyers to act now and take advantage of the creative solutions available to make homeownership a reality.

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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.

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