971: BiggerNews: Mid-Year Housing Market Update + Mortgage Rate Forecast w/Redfin Chief Economist Daryl Fairweather

We’re almost halfway through 2024, and the housing market is at a standstill. Mortgage rates are high, inventory is low, buyers have fewer choices, and many homeowners refuse to put their properties up for sale. But could things change in the second half of this year if interest rates fall and inventory improves, even if ever so slightly? We brought Redfin Chief Economist Daryl Fairweather on this BiggerNews episode to get her team’s latest 2024 housing market predictions.

First, Daryl explains how our stubbornly strong economy put the Federal Reserve in a challenging position and whether or not we could hit the magic two-percent inflation rate goal. Will buyers ever get a break in this tough housing market, and could lower interest rates improve things? Daryl shares what she thinks will happen once the Fed finally cuts rates, how low rates could go, and whether or not this will heat home prices up yet again.

Some “unusual demand” may come late this year for housing, but will agents, brokers, and sellers see the traditionally hot summer season they’ve been waiting for? We’re answering all these questions and more with this housing market data leader on this BiggerNews episode! 

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In This Episode We Cover
2024 housing market and mortgage rate predictions from Redfin’s Chief Economist 
How our economy has stayed so stubbornly strong EVEN with rate hikes 
Homeowner control and why buyers may be in an even worse position AFTER rates fall
Improving housing inventory and what’s contributing the most to more homes on the market
Why inflation may NOT need to hit the two-percent target for the Fed to lower rates
The “lock-in effect” explained and why more homeowners with low rates could start selling
And So Much More!

(00:00) Intro
(01:38) A Stubbornly Strong Economy
(07:03) Housing Is STILL Hot?
(13:23) Mortgage Rate Prediction
((18:29) Will Inflation Fall?
(20:56) 2024 Predictions
(23:53) An Opportunity for Investors

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-971
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