Title: US Housing Market Expected to Improve in 2024 According to Zillow
In a recent report by Zillow, it has been revealed that the US housing market has been severely impacted by high mortgage rates and elevated home prices in 2023. This has resulted in a significant number of Americans being sidelined and unable to enter the market. However, Zillow economists predict that conditions are set to improve in 2024 as the number of homes listed for sale is expected to increase.
Zillow, the leading online real estate marketplace, has shared six predictions for the housing market in 2024. One key expectation is that more homeowners, frustrated with the high mortgage rates, will make the decision to sell their properties. This will lead to a higher number of homes being available on the market. Although home prices may not decrease, the rate of growth is expected to level off. Consequently, this will provide Americans with a greater opportunity to catch up with their finances.
Another significant trend that Zillow anticipates is the increased demand for single-family rentals. Families, seeking more affordable housing options, are turning towards rental properties. Zillow also predicts a rise in rental demand in downtown centers across more markets in the country.
The scarcity of available options in the market may cause potential homebuyers to overlook minor flaws in properties. Additionally, competition from property flippers may have a lesser impact on buyers due to the limited choices. This could potentially provide a window of opportunity for buyers to enter the market.
The housing industry is also expected to witness advancements in artificial intelligence (AI) in the coming year. Zillow suggests that AI tools will streamline the home-shopping and home-selling experience for both real estate agents and clients. These tools will help agents connect with more potential clients and enhance visual content creation. Moreover, home shoppers will benefit from generative-AI powered experiences that provide deeper insights into home financing.
In conclusion, while the US housing market has faced challenges in 2023, Zillow’s predictions bring a glimmer of hope for 2024. With an anticipated increase in homes listed for sale and a leveling off of home price growth, Americans may find it easier to enter the market. The demand for single-family rentals and the advancement of AI tools will further enhance the overall housing experience.
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