Zillow: "America Will Become A Renter Nation In 2024"
Published: 2023-12-19
Status:
Available
|
Analyzed
Published: 2023-12-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Housing inventory is predicted to increase as homeowners accept that mortgage rates are unlikely to decrease.
"housing inventory will rise because homeowners will finally accept the fact that mortgage rats aren't falling"
Pending
Interest rates are predicted to remain elevated for an extended period.
"interest rates staying higher for longer"
Pending
An increase in homeowners listing their properties is expected due to apprehension about waiting for a return to historically low mortgage rates.
"expect more homeowners who locked in low mortgage rates to list their homes for sale as they grow wary of waiting for the historically low rates of 2021 to return"
Pending
There is uncertainty about the extent to which the Federal Reserve will aggressively cut interest rates.
"we don't know if the Federal Reserve Bank is really going to cut interest rates that aggressively"
Pending
Home prices are predicted to remain stable.
"home prices are essentially according to Zillow going to stay flat"
Pending
Homeownership is expected to become more affordable in 2024 due to rising incomes and savings, even if housing costs remain constant.
"home ownership is going to become more affordable not because we're going to see a change in housing costs but rather because housing costs are going to stay the same while incomes and savings and wealth rise in 2024"
Pending
Demand and pricing for single-family rentals are projected to rise in the upcoming year.
"demand and prices for single family rentals will continue to increase next year"
Pending
Younger individuals are increasingly likely to opt for renting a home rather than purchasing one.
"more and more young people are going to start off by renting a home as opposed to buying a home"
Pending
Rental demand is increasing in areas that offer convenient access to downtown or Midtown Manhattan.
"demand is surging for rentals in commutable areas with easy access to downtown or Midtown Manhattan"
Pending
Home buyers may face competition from property flippers when purchasing homes.
"you might be competing against The Flipper to buy the same home"
Pending
Buyers will need to accept homes with minor imperfections, such as outdated kitchens or bathrooms, due to limited choices.
"buyers will have to overlook small flaws things like an outdated kitchen or bathroom"
Pending
Advancements in artificial intelligence are expected to improve and simplify the processes of both home searching and selling in 2024.
"artificial intelligence advancements to streamline the home shopping process and the home selling journey in 2024"
Pending
Expect an increase in 3D renderings and enhanced content to allow potential buyers to view homes remotely.
"more 3D renderings and better content to help you see a home without you having to go out and actually see it"
Pending
There are expectations for a strong economy in 2024 and beyond, with the possibility of a soft landing that avoids a recession.
"how strong our economy will be in 2024 and Beyond and how we can have the soft Landing by bypassing a recession"
Pending
Zillow predicts that in 2024, high housing costs will lead to more Americans choosing to rent rather than buy homes.
"High housing costs will drive more Americans to become home renters instead of homeowners in 2024"
Pending
Zillow predicts that housing inventory will increase in 2024 as homeowners accept that mortgage rates are unlikely to decrease.
"housing inventory will rise because homeowners will finally accept the fact that mortgage rats aren't falling"
Pending
Zillow predicts that interest rates will remain higher for an extended period.
"interest rates staying higher for longer"
Pending
More homeowners with low mortgage rates are expected to list their homes for sale in 2024, as they become less optimistic about rates returning to 2021 levels.
"expect more homeowners who locked in low mortgage rates to list their homes for sale as they grow wary of waiting for the historically low rates of 2021 to return"
Pending
In 2024, homeowners will become more accustomed to and accepting of higher interest rates.
"in 2024 homeowners are going to become a little bit more accepting of these higher interest rates for longer"
Pending
An increase in home supply in 2024 is predicted to put downward pressure on home prices, making them more affordable.
"would have an increase of supply of homes which would put a downward pressure on home prices making homes a little bit more affordable in 2024"
Pending
Home buying costs are predicted to stabilize in 2024, allowing potential buyers an opportunity to catch up.
"home buying costs will level off giving home buyers or hopeful home buyers a chance to finally catch up"
Pending
Zillow projects home values to remain stable in 2024, with only a 0.2% decline.
"in 2024 home values will hold steady because they're only going to fall by. 2%"
Pending
Housing affordability is expected to improve in 2024 not due to a decrease in housing costs, but because incomes and savings are predicted to rise while housing costs remain flat.
"housing costs are going to stay the same while incomes and savings and wealth rise in 2024"
Pending
Demand and prices for single-family rentals are predicted to increase in the upcoming year.
"demand and prices for single family rentals will continue to increase next year"
Pending
An increasing number of young people are expected to begin their housing journey by renting rather than buying.
"more and more young people are going to start off by renting a home as opposed to buying a home"
Pending
Due to ongoing high housing costs, more individuals will opt for renting over owning.
"more people are going to turn to renting as opposed to owning"
Pending
Rental demand is predicted to surge in areas near downtowns across more markets, mirroring trends seen in New York City.
"more markets will follow New York City's lead with rental demand surging near downtowns"
Pending
Zillow indicates a surge in rental demand in areas with convenient access to downtown or Midtown Manhattan.
"Zillow says the demand is surging for rentals in commutable areas with easy access to downtown or Midtown Manhattan"
Pending
Traditional home buyers will face competition from home flippers for properties that require renovations.
"traditional home buyers will now be competing with home flippers with homes that need a little TLC"
Pending
Despite predictions of more homes hitting the market, the overall home inventory is expected to remain significantly below pre-pandemic levels.
"inventory will remain much lower than pre-pandemic Norms"
Pending
With limited choices, buyers will need to be prepared to overlook minor imperfections in homes, such as outdated kitchens or bathrooms.
"buyers will have to overlook small flaws things like an outdated kitchen or bathroom"
Pending
Artificial intelligence is expected to improve the process of searching for a home.
"artificial intelligence will enhance the home search experience"
Pending
Zillow predicts that advancements in artificial intelligence will simplify both the home buying and selling processes in 2024.
"Zillow expects artificial intelligence advancements to streamline the home shopping process and the home selling journey in 2024"
Pending
AI will lead to more 3D renderings and improved content, allowing potential buyers to better visualize homes remotely.
"there's going to be things like more 3D renderings and better content to help you see a home without you having to go out and actually see it"
Pending
Government and financial institutions are projecting a strong economy for 2024 and beyond, with the possibility of a soft landing that avoids recession.
"the White House Wall Street and our Central Bank keep talking about how strong our economy will be in 2024 and Beyond and how we can have the soft Landing by bypassing a recession"
Pending