Zillow economists** say that in 2024, homebuyers will have more options and housing affordability will increase. However, the cost of buying a home is still expensive, which will put pressure on the rental market to meet the needs of families who rent for a long time. At the same time, many homebuyers may choose to buy a renovated home that needs some upgrades and repairs, thus being busy with their own repairs and upgrades.
Zillow's key views on the real estate market in 2024 are as follows:
1.Long-term rental villas will be the new entry-level home option:Although the affordability of buying a home will improve, many families still face the challenge of high home prices. As a result, the demand for long-term rental villas will continue to grow.
2.More homeowners will convert their homes into investment properties and rent them out:In order to get more long-term rental home inventory, some homeowners may choose to convert their home into an investment property and rent it out, rather than when they move**.
3.More homeowners will list ** homes:As homeowners realize that mortgage rates aren't going down as quickly as possible, more homes will be listed**. This will increase the number of homes on the market**, expand demand and ease the pressure***.
4.The cost of buying a home will level off:Although the cost of buying a home is still expensive, it is expected that in 2024, home prices will remain stable and mortgage rates may also remain stable or even fall, providing potential buyers with the opportunity to purchase the right home.
5.Rental demand near the city will be **:There will be an increase in rental demand near the city, especially in areas with easy access to the city center or business centers. This may be due to the increased focus on the convenience and accessibility of housing.
6.Traditional homebuyers will compete with renovated home buyers:Home buyers may be more inclined to buy a home that needs some renovation work rather than just a flawless one. This means that traditional homebuyers will compete with homebuyers who are home renovators, and homes** may not be cheap.
7.Artificial intelligence will improve the house search experience:Advancements in artificial intelligence are expected to streamline the home buying and selling process, improving the experience for buyers, sellers, and brokers. Homebuyers will benefit from an AI-driven experience with valuable insights and guidance on home finance.
These** show some of the trends and possible directions of the real estate market in 2024. It is important to note that these ** are for informational purposes only and are not guaranteed to be completely accurate. Changes in the real estate market are influenced by many factors, including economic conditions, policy changes, etc.
In addition, the captain of the sea house feels that the following are some other factors that may affect the real estate market:
Impact of Interest Rates:If mortgage rates stay low or fall, this could spur more people to buy a home. Low interest rates can increase purchasing power and make mortgages more attractive. Conversely, if interest rates rise, homebuyers may face higher interest rates on their loans, which may have some impact on demand.
Economic growth and the job market:Economic growth and the state of the job market often affect the level of activity in the real estate market. If economic growth is strong and the job market is stable, homebuyers and renters may be more willing to invest in real estate.
Market ** & Demand:The relationship between the real estate market and demand directly affects the level of house prices and rents. If there is a surplus, the house price may be;If the demand exceeds **, the room rate may**. Therefore, the balance of ** and demand is the key factor.
Policy and Regulatory Changes:**Changes in policies and regulations may have an impact on the real estate market. For example, measures such as tax policies, lending regulations, and lease controls may alter the incentives and costs of buying and renting homes.
Region-specific factors:The real estate market is regional, and each region can be affected by unique factors and trends. This may include population growth, urban development plans, local economic structure, etc.
These factors, as well as other potential economic, social and environmental factors, could have an impact on the real estate market in 2024. However, it is important to note that the real estate market is less accurate because the market is affected by a variety of factors and complex interactions. The best way to do this is to keep an eye on market trends and professional perspectives and make decisions based on your situation.