Zillow High Home Prices Predicted Through 2024

 We’ve all heard some talk of an eminent housing market crash. The gossip is housing prices have been so high for so long there has got to be some 2008 style tanking right around the corner. People have a hard time believing the housing market can continue to burn this hot for this long. And while the pessimism is understandable, especially post pandemic, the reality seems to be that the foundation the current market is built on is in fact stable.. 

Picture the housing market as a table, it's got a couple wobbly legs, and one that’s shorter than the other 3. In 2008 Fannie Mae and Freddie Mac were a duct tape repair job, they stopped the table from wobbling by shoving a bunch of sugar packets under the short leg. Those were the subprime borrowers who defaulted on those loans in record numbers in the fall of that year.

The current housing market is built on legitimate mortgages. So many companies went fully remote as a result of the pandemic, and this gives a ton of homebuyer's freedom like never before, to choose where they want to buy and live.

Rationally, a lot of people are hesitant to pull the trigger on buying a house while prices are so high. People are tempted to wait it out, and see if prices go down a little. It's safe to say that the market will cool off eventually. The problem is during the time elapsed between now and the sticker price decrease, it's possible the rates could increase. Then even if the price of the house goes down a little, if the rate goes up, you're still paying the same amount for a house that’s simply got a lower value.

For Buyers in the Bay Area and Hawaii alike, the situation is fairly similar and it’s a lot to consider! As so often is the case, the gossip about the wobbly table (housing market), turns out to be inaccurate. This table was built with real tools, a Makita drill and 4 even legs. It's not falling apart any time soon.