Despite slower sales, prices remain unaffordable for most, Zillow’s chief economist says.
Zillow Chief Economist Skylar Olsen gazes at her MacBook the way a soothsayer peers into a crystal ball. The picture is murky.
Skylar Olsen is the Chief Economist at Zillow talks about the housing market at the company’s offices in Irvine, CA on Thursday, March 9, 2023. Q: What’s happening with the market?: It’s holding a breath. Expect mortgage rates to bounce between 6% and 7% at least for the next quarter and early home shopping season. If interest rates drift back down to 6%, you will see more people ready to move forward.
Things don’t get better than 2022 … December, if not early 2024. So, I think we’re holding our breath over this home shopping season. To save up a 10% down payment, using 5% of the local median household income per year, you’re looking at two decades — like 19 ½ years — in Los Angeles. That’s crazy.You probably have to get a gift from family or friends to make it happen. Or you need to inherit a home to be a homeowner in California. This is prohibitive.
So, make sure you’re forming relationships with multiple lenders as you start to explore what’s actually possible.
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