It's likely to be a while before the inventory of available housing matches demand. Experts surveyed by Zillow predicted that it will be two years before the monthly inventory returns to pre-pandemic standards. In a few short years, Generation Z will turn 30 and be more financially prepared to become homeowners than Millennials at their age, says Polina Ryshakov, senior research director and chief economist at Sundae, a real estate marketplace for distressed properties. Keep abreast of trends that will continue to evolve so you can navigate a changing housing market.
Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (which operates as Rocket Loans), Rocket Auto LLC and Rocket Money, Inc. Some markets that transformed during the pandemic have also slowed down, says Eric Finnigan, director of John Burns Real Estate Consulting. The supply of available housing is so low that even a significant drop in demand due to higher interest rates will not turn this into a housing market for the buyer, according to industry experts. The Mortgage Credit Availability Index (MCAI) fell as a result of the housing market crash, as it became almost difficult to obtain mortgage financing.
And most first-time buyers are under 40, which means the buyer pool is deep, a good indication that demand will remain strong, especially given home inventory is at record lows. Current trends and the forecast for the next 12 to 24 months clearly show that the housing market will most likely be expected to remain strong, and many of the trends that drove real estate to new heights last year remain strong this year as well.
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