With
“Affordability will be the most important factor in housing for
, but there is room for optimism on that front if mortgage rates decline,” said Skylar Olsen, chief economist at Zillow. “Americans finding ways to make payments on a roof over their heads will drive the market forward next year. Where costs are lower, we will see healthier levels of sales and inventory. If the rent is less expensive than a new mortgage, we will be seeing a greater demand for rentals, something that builders and owners understand.”
The 5 points that will mark the housing trend in
, according to Zillow:
1. The Midwest market will be very active
Prices in most Midwest metropolitan areas have not risen as much as in most other regions of the country. Mortgages maintain reasonable prices compared to income in Missouri, Kansas, Iowa, Ohio and smaller metropolitan areas in Illinois, allowing first-time homebuyers to take the plunge. Additionally, this area has homes available to choose from, which is another key component of a healthy market.
1. The Midwest market will be very active
Prices in most Midwest metropolitan areas have not risen as much as in most other regions of the country. Mortgages maintain reasonable prices compared to income in Missouri, Kansas, Iowa, Ohio and smaller metropolitan areas in Illinois, allowing first-time homebuyers to take the plunge. Additionally, this area has homes available to choose from, which is another key component of a healthy market.
two. More friends and family will pool their money to buy a home
As more millennials and Gen Zers enter what will remain a historically expensive market in 2023, more people are turning to pooling their money to buy a home. Property chasers are turning to unconventional means to do so financially, and this should increase by
3. Affordability Crisis Will Stabilize
For
4. The strength of the construction will be in the rents
The large number of houses currently under construction after the rise of the pandemic (still a 50% more from February 2019) will mean continuous deliveries to the market. The temporary glut of available new homes will drive price reductions for new construction. On the other hand, multi-family unit builders are much more optimistic, which will encourage more rental construction, as many prospective homeowners will need to continue renting later in life if they are currently unable to qualify and move forward with the development. purchase of his own house.
5. New Homeowners Buying Expected to Increase
Record Low Mortgage Rates of 2019 and 2019 allowed the leverage of a lifetime, so homeowners can invest in a second home. 28% of shoppers surveyed by Zillow in 2019 said the opportunity renting out their entire house was an important reason to buy it, compared to 28% in 2019 and at 28% in 2021. Regular income potential, bearish expectations for stock markets in
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