8/13/2023 0 Comments Forbes home inventory appsAccording to a recent survey conducted by RE/MAX in partnership with SWNS Media Group, 84% of Gen Z, 79% of Millennials and 61% of survey respondents 77 or older plan to buy a house or condo in the next few years. There will still be extreme demand as new construction just can’t get out of the ground fast enough, and the Millennial home buyers, who make up a huge demographic, are primed to make their move. I’m optimistic that 2023’s spring selling season will be a bright spot as levels of inflation get more under control. And for those people, it’s less about the interest rate or mortgage rates that week and more about their present situation and whether they can afford a house that fits their needs. Will the market bottom out or have we hit the top? That’s an important conversation, but the truth is, people are getting married, divorced, moving to care for aging family members, relocating for career opportunities and so on, every single day. Generally speaking, when we’re talking about the overall health of the housing market, most people are approaching that conversation from the lens of an investor. Nick Bailey, president and CEO of RE/MAX, LLC: One thing I can say for certain about the housing market in 2023 is that no matter the macro-economic conditions, Americans will continue to buy and sell millions of homes. As these policies continue to be discussed, the rental housing industry will continue to advocate for responsible solutions – like revitalizing Section 8 and removing barriers to apartment development - that will improve affordability challenges long-term. Rent control distorts the housing market by acting as a deterrent and disincentive for rental housing development and expedites the deterioration of existing housing stock. State and local lawmakers continue to consider damaging policies like rent control, which more than 40 years of academic research and real-life case studies consistently reiterate is ineffective in addressing affordability. Inflation is starting to show signs of easing, but any of those impacts are unlikely to be seen until the end of 2023. While jobs are steady, the labor market faces challenges in areas like construction, where workers are needed. On the economic side, supply chain issues have begun to ease and will hopefully continue to in the year ahead.
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