Over the past two years, home prices have looked as if they’re never going to drop. With record-low interest rates, a newly formed remote work culture, and millennials at peak homebuying age, who would have thought that lower home prices would come so soon. Although traditionally affordable areas of the United State are still teetering on “overpriced” status, many high-priced markets are seeing negative population growth, and home prices are getting hit as a result.
This is just one of the topics we touch on in our in-depth interview with Redfin’s Deputy Chief Economist, Taylor Marr. Taylor, like our own Dave Meyer, spends his days digging through the most important real estate data around. Whether it’s housing market updates, inflation and interest rate changes, or migration patterns, Taylor is on it long before you read one of his team’s excellent articles. As a key member of one of the leading companies distributing accurate, timely real estate data, he knows the housing market better than almost anyone else.
Taylor’s insight is invaluable if you’re looking to migrate to a new part of the nation, invest in a new market, or debate whether or not to sell a property you own. He goes over supply and demand, how the “lock-in” effect has stalled the housing market, which real estate markets are primed for huge growth, and which could suffer serious financial fallout from a lack of homebuyers, renters, and demand.
In This Episode We Cover
What caused so many Americans to buy homes in new parts of the country
How “cash-rich” homebuyers caused region-specific inflation in their areas
The migration patterns to pay attention to when analyzing a real estate market
Which cities are primed for rent and home price growth, declines, or stagnation
How the “lock-in” effect is prompting more homebuyers to wait out the housing market
Why we’ve started to see home sales decline as more homebuyers resort to renting
And So Much More!
Links from the Show
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Stay Up to Date on The Biggest Housing Market Moves
Inventory Shortage Could Continue As Interest Rates Rise and Homeowners Feel “Locked-In”
What Can U-Haul Rates Tell Us About U.S. Migration Patterns?
Connect with Other Investors in the “On The Market” Forums
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Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-11
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