-
ZILLOW Forecasts Higher Home Prices in 2024
Analyst’s forecast for homebuyers for 2024 is not good. Real Estate media giant ZILLOW NEWS forecasts home prices will keep increasing into 2024 despite skyrocketing Mortgage Rates. ZILLOW estimates a 4.9% increase in home prices from August 2023 to August 2024 due to short housing inventory. There’s a shortage of homes Nationally and many first time homebuyers are getting priced out of the housing market. Many homebuyers are finding it more difficult coming up with the down payment of a home purchase.
biggerpockets.com
Zillow Predicts a 4.9% Rise in Home Prices by Next August—Is That Possible?
Zillow is really bullish on housing, but are they right? How much are they projecting prices to grow? And who's in disagreement?
-
2 Replies
-
More and more people are looking for down payment assistance program and grants. EPM EMPOWERED DPA PROGRAM offers 3.5% down payment assistance that is forgivable in six months. Need a 620 FICO and needs to be borrower paid. You need to get 6% seller concessions for it to work. MAXIMUM DTI is 48.99% back-end. There is no front-end DTI. Here is a link on down payment assistance mortgage program and grants for homebuyers.
-
Yes, Zillow forecasters have noted that the outlook for 2024 contains a few hurdles for home buyers. They attribute the increase of 4.9 percent in the price of homes between August 2023 and August 2024 to the persistent deficiency in the housing inventory. The deficiency is affecting many potential young buyers, especially with rising mortgage rates.
It’s undoubtedly a tough time to be in the market, but there are hopes that more homes for sale will enter the market as homeowners come to terms with the fact that mortgage rates will not be dropping anytime soon. In the long term, that perhaps would ease some price increases.
Have you considered purchasing a house sometime in the near future, or are you just monitoring the housing market’s historical trends?
Log in to reply.