Is the housing crash over? Was the 2022 correction really it for the housing market? New reports and articles from Goldman Sachs, The Wall Street Journal, and Altos Research hint that the housing market has finally reached its bottom. And with mortgage rates starting to fall and homebuyers returning to the market, could these real estate forecasts be correct? Or are they failing to account for basic economic forces that could lead to even deeper discounted home prices in 2023?
Dave Meyer, VP of Data and Analytics at BiggerPockets and host of the “On the Market” podcast, wants to know EXACTLY what caused these forecasters to change their tune. At the start of this year, any real estate professional or investor would have quickly told you that home prices were falling fast. So, how could everything have flipped just two months later? We’ll look at the data for supply and demand in TODAY’s housing market to decide whether or not this optimistic outlook is fact or fiction.
Dave will also give the four scenarios that he could see playing out in 2023, which is the most likely, and how investors can use this data to make better buying decisions in the coming months.
Think we’ve hit the bottom of this housing market? Let us know in the comments below!
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Articles Mentioned in Today’s Show:
Altos Research: https://blog.altosresearch.com/has-the-housing-market-already-found-the-bottom
Goldman Sachs: https://www.gsam.com/content/dam/pwm/direct-links/us/en/PDF/2023-isg-outlook.pdf?sa=n&rd=n
Mortgage Bankers Association: https://www.mba.org/news-and-research/research-and-economics/single-family-research/weekly-applications-survey
Data provided by Redfin, a national real estate brokerage; https://www.redfin.com/news/data-center/
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00:00 Has the Housing Market Bottomed?
02:29 WILD Housing Market Predictions
03:53 Homebuyers Come Back
07:54 Supply Shoots Up
11:37 4 Scenarios That Could Unfold
17:20 Have We Found the Bottom?
national real estate investors association