Will Real Estate CRASH in 2024?

Will Real Estate CRASH in 2024?
As we move through 2024, the real estate market is at a crucial juncture. Rising costs, high interest rates, and a looming question-Will Real Estate CRASH in 2024? In this video, we explore key insights from recent market surveys to understand the current trends and future predictions.
Key highlights include:
Rising Costs: 69% of Americans saw utility costs increase, and 57% experienced higher housing expenses.
Homeownership Dreams: 81% of renters aspire to own a home, but 61% fear it will remain a dream.
Market Stagnation: With 75% believing rent prices will continue to rise and 73% thinking housing prices won't drop significantly, many are opting to wait until 2025.
Barriers to Ownership: High interest rates and lack of savings are major hurdles for prospective homeowners.
Join us as we dissect these trends and provide expert insights on what to expect in the real estate market in 2024. Will the market stabilize, or are we heading towards a crash? Watch now to find out!
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Mike Urban, Boston Realtor - License 1000776
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[@mikeurban]

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[@senxu5134]

Thanks for this video! As a potential first-time home buyer I've been subscribed to your videos for some time and always appreciate the high quality and attention to detail. The housing market in Mass. seems truly impenetrable now for new homeowners unless you're coming from money or have a large endowment and it's quite unfortunate.

[@mikeurban]

My pleasure, thank you for watching and subscribing. Yea it's difficult, it was difficult precovid too unfortunately. If you ever want to go over a few strategies to prepare send me an email and we can set something up. [e-mail]

[@scott1127]

Great video Mike! I know it's a little dark but considering that boomers own the vast majority of real estate in this country and they average about 70 years old right now, I think in the next 5-10 years, there may be a whole lot of supply back in the market when they either can't live independently anymore or cease to live at all.

[@mikeurban]

I appreciate you watching and checking it out! What could potentially happen first is if rates do end up going sub 6 maybe 5.5 or so, give or take, i think reality might set in that rates aren't going to have any major movements to sub 5 anytime soon. I think the longer rates remain consistent, the more likely people are to make a move to either sell and/or buy.

[@nasdmx28]

All this happened in the GFC ?? 2008 all looks to be repeating I would wait