Analyzing the Real Estate Housing Market – Where Will It Go in 2023-24?

Introduction

The real estate housing market is a dynamic, ever-shifting landscape. In recent years, the market has seen a sharp rise in prices, as well as an expansion of the types of housing available. But where will the real estate market be in 2023-24? In this blog article, we’ll take a look at the current market trends, tips and make some predictions about where the market is headed in the next few years.

Types of Real Estate

 

Types of housing market

Seller’s market

In a seller’s market, there are more people who want to buy than who want to sell. This can help sellers because they have more power in negotiations and can often get a higher price for their home. But it can be hard for buyers, who may have to compete with other buyers and pay more than they would in a balanced market.

Buyer’s market

When there are more buyers than sellers, the market is considered to be in a buyer’s market. There are fewer buyers than vendors at the moment. As a result, buyers may be in a stronger position to negotiate a lower price or other concessions from sellers. But it can be challenging for sellers, who may need to cut their asking price to be competitive.

Balanced market

When there are the same number of buyers and sellers, the market is said to be balanced. This is the best market for both buyers and sellers because they can work out a fair price for the home. But there are still a lot of buyers and sellers in the market, so it can be hard for buyers and sellers to find a home or a buyer quickly.

Psychology of Home

When People Buy Homes

1. live and raise a family
2. As an investment
3. For tax benefits
4. Great amenities
5. For stability
6. New location

When People Sell Homes

1. Moving for new location
2. Upgrading or downsizing
3. Financial reasons
4. Life changes
5. Inheriting a property

Fact Affect USA Real Estate and Housing Market

Natural disasters : Hurricanes, earthquakes, and wildfires are all examples of natural disasters that can have an effect on the housing market. They can damage homes and make it hard to find a place to live.

International trade : Investment can also affect the housing market. For example, a strong global economy could lead to more foreign investment in the U.S. housing market, while trade disputes or economic instability in other countries could slow down foreign investment.

High Interest rates : The United States has raised its interest rates by 0.5 percentage points, from 3.75% to 4.25% to 4.50% per year. The Central Banks use the key rates as a way to carry out monetary policy.

Homes Supply vs Demand : This market favours sellers. As a result of bidding wars and several offers, the values of homes are rising rapidly. However, rising prices for building materials are putting a damper on the industry of new house development. It may take some time for the housing market to reach balance again when supply and demand take over.

Migration : According to the Vintage 2022 population estimates that came out today, the number of people living in the U.S. grew by more than a million between July 1, 2021 and July 1, 2022.

Mortgage rates : For the week ending December 29, the average fixed-rate 30-year mortgage was 6.42%. This was up from 6.27% the week before.
Current 30-year fixed refinance rates for January 2023: 6.60%
Fixed for 15 years: 6.13%
30-year jumbo: 6.59%
5/1 ARM: 5.41%

How to Calculate on Recent Data and Future Prospect ?

1. Median Home Prices

2. Sales Volume

3. Inventory of Home For sale

4. Economic Condition

WHY ?

Economic growth refers to an increase in the production of goods and services in an economy. It is typically measured by the gross domestic product (GDP) or gross national product (GNP). Calculating economic growth is important for a number of reasons:

1. It provides a measure of the overall health of the economy
2. It can help policymakers make decisions
3. It can affect business and investment decisions
4. It can impact people’s lives

HOW ?

The United States has the largest and most technologically advanced economy in the world, with a per capita GDP of $57,300. America’s economy comprises approximately one-fifth of the global economy and is ranked the largest in the world. The United States is the world’s largest importer and the second-largest exporter. It has been the world’s largest economy since 1871, but China is projected to surpass the US by 2028.

Past

The US economy has been through several ups and downs in the past, but it has always managed to come out stronger. The Great Recession of 2008-2009 was the deepest and longest-lasting economic downturn since the Great Depression. While the economy has recovered and is now growing, many Americans are still struggling to make ends meet.

Future

The future of the US economy looks bright. The country is expected to continue its role as a global economic leader. America’s vast resources and skilled workforce will continue to attract foreign investment and drive economic growth.

5. Population Growth

The United States has seen a significant population growth in recent years. In 2010, the population was just over 308 million. This number grew to 322 million by 2016, an increase of over 14 million people in just six years. This growth is expected to continue, with the population projected to reach 337 million by 2025.

**Image credit by World Economics Forum

Second, the baby boomer generation is reaching retirement age. According to the US Census Bureau, baby boomers are those born between 1946 and 1964. This generation is now between 54 and 72 years old. As this generation enters retirement, they are living longer and healthier lives. This is leading to a population growth in the senior citizen demographic

So the United States has a relatively young population. The median age in the United States is 38 years old, which is younger than many other developed countries. This young population is contributing to the overall population growth.

What is New in Market ?

The real estate market is going through an incredible transformation, with digital real estate now becoming a reality. It’s a trend that is rapidly gaining traction worldwide, with a whole new industry of digital land emerging. From the metaverse to digital land to virtual real estate, there is a new craze in the real estate market that is revolutionizing the way we purchase, trade and invest in property.

In the past, real estate was a relatively straightforward process – buy a property, buy a house, and begin living in it. However, with the advent of digital real estate, this process is becoming increasingly complex. Digital land is a virtual representation of physical real estate and is essentially an online marketplace for buying, selling and trading real estate. The digital land marketplace is built on blockchain technology, which enables buyers and sellers to securely store and transfer their transactions with ease and reliability.

The digital real estate craze is creating new opportunities for those looking to invest in property. For example, digital land allows buyers to purchase digital land parcels, which can be used to build virtual homes or businesses. These parcels of digital land can then be rented or sold to other users, providing a unique way to generate income and build wealth. Additionally, digital land allows buyers to invest in real estate without having to physically purchase a property. This means that investors can purchase virtual real estate without ever having to leave their homes or offices.

Benefits of Digital Land Purchase

1. Streamlined Process : Land purchase eliminates much of the hassle associated with traditional land purchases. Instead of having to go through the lengthy process of visiting a land office and getting paperwork in order, digital land purchase allows you to quickly and easily purchase land online with just a few clicks. This streamlines the process and makes it much more efficient.

2. Accessibility : You can purchase land from anywhere in the world. This means that if you are in a remote location, or even if you are traveling, you can still purchase land without having to go to a land office. This makes it much more convenient and accessible for people.

3. Cost Savings : Digital purchase can also be a great way to save money. Because you are not having to go through the traditional process of visiting a land office and getting paperwork in order, you can save on costs associated with that process. Additionally, because you are able to purchase land from anywhere in the world, you can find land at a lower cost than you would be able to in a traditional land purchase situation.

4. Security : Online Purchase is also much more secure than traditional land purchases. With digital land purchase, there is no need to worry about documents being lost or stolen, as everything is stored securely online. Additionally, the digital payment methods used for digital land purchases are much more secure than traditional methods.

5. Convenience :  Digital land purchase is much more convenient than traditional land purchases. You can purchase land from any location at any time, and you can quickly and easily purchase land without having to go through the lengthy process of visiting a land office and getting paperwork in order.

 

Best Applications And Websites for Research Data

• Zillow
• Redfin
• References :  Realtor.com
• Trulia.com
• Discord – r/RealEstate or r/Housing
• Twitter
• United States Census Bureau
• Homesnap – App

Read More : Upcoming Version of Android 

Housing Tips

 

Conclusion

After analyzing the current real estate market and looking at the data, it can be difficult to predict what the next few years will bring, but there are some things to consider. Taking into account the psychology of home-buying and renting, as well as the current trends and future projections, it is possible to make informed decisions about where to invest in real estate. In addition, there are many apps and websites that can provide further insight into the real estate market and help you research and make the best decisions. With careful planning and research, you can be sure to make the most of your investments in the real estate market in 2023-24.

FAQs