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| Economy |
| Zillow is a full-blown housing market bull‐predicting that U.S. home prices will jump 6.5% by July 2024. |
| 2023-08-29 |
| [Instapundit] Back in February, Zillow’s housing economists made a bold call that U.S. home prices had bottomed and would proceed to climb 0.5% over the next 12 months. In the months preceding that call, U.S. home prices as tracked by the Zillow Home Value Index not only began to climb again but also reached a new all-time high. This uptick was propelled by the tailwind generated from tight inventory levels, which proved strong enough to overpower the headwind caused by the mortgage rate shock. That U.S. house price rebound coincided with Zillow repeatedly revising its home price forecast upward. Its latest revision, Zillow predicts that U.S. home prices will rise 6.5% between July 2023 and July 2024—up from the 6.3% call it made last month. That’s nice if you’re already a homeowner. Less nice if you’re just starting out and looking to buy your first home. |
| Posted by:Besoeker |
| #12 Just wait till your next home insurance bill (based upon the estimated value via Zillow). |
| Posted by: Procopius2k 2023-08-29 15:40 |
| #11 Nothing compares with having no mortgage!. It makes your standard of living improve becasue you have 20-30% more disposable income each month, and a bedrock of equity should catastrophe occur. My only rent is the $459 per month "rent" I pay in property taxes. |
| Posted by: NoMoreBS 2023-08-29 13:36 |
| #10 My home value will likely go up on paper so that my municipality can sock me with higher taxes. I don’t have enough equity for it to make sense to cash out and downsize. If I did my mortgage payment might actually stay the same due to the delta in interest rates. The two drivers for housing prices going up will be inflation and open borders. It may be worth filling my garage with sheets of plywood and sheet rock as an investment. Zillow might be right, but it is not likely to be a good thing. A college kid today needs to set their eyes on a trailer, can or yurt. |
| Posted by: Super Hose 2023-08-29 11:41 |
| #9 I bought my final house 4 years ago. The price estimate for selling it has gone up, BUT, since we paid cash there's no mortgage and we love it here. So, to us personally it's all moot. |
| Posted by: AlanC 2023-08-29 11:00 |
| #8 Zillow is in the business of 'ra-ra'ing home sales, their profits depend on people believing in it. Home prices will go up, but that's going to be inflation at work. I myself bought my final house a year ago. Wasn't pleased with the interest rate, but rates have caught up so I'm happy. And yes I bought smaller. |
| Posted by: ed in texas 2023-08-29 09:04 |
| #7 Something to be said for selling big and buying again small. |
| Posted by: Besoeker 2023-08-29 08:47 |
| #6 #4 Who in their right mind with a mortgage locked in at 3-4% would sell their current home (ceteris paribus) only to face higher prices and higher mortgage rates? Posted by: DooDahMan 2023-08-29 07:21 ...DDM, Exactly. We got our place at just the right time in 09, at 4.2% on a GI Loan. It may be small and a little scruffy, but it ain't going anywhere. Mike |
| Posted by: MikeKozlowski 2023-08-29 08:19 |
| #5 Yeah. Zillow had that Mar-a-lago deal covered like white on rice. |
| Posted by: M. Murcek 2023-08-29 07:51 |
| #4 Who in their right mind with a mortgage locked in at 3-4% would sell their current home (ceteris paribus) only to face higher prices and higher mortgage rates? |
| Posted by: DooDahMan 2023-08-29 07:21 |
| #3 |
| Posted by: Besoeker 2023-08-29 06:43 |
| #2 With inflation I would say yes, housing prices will jump, but will there be people able to buy them? If not, stagflation is an entrenched thing at that point. |
| Posted by: DarthVader 2023-08-29 00:09 |
| #1 I wonder if people are jumping onto the bandwagon about housing construction because of Warren Buffett's/Berkshire Hathaway's recent buys of homebuilder stocks. Tickers DHI & LEN come to mind, there are is at least one other. So, Zillow has its motives. |
| Posted by: DooDahMan 2023-08-29 00:04 |