First-time homebuyers are disappearing from the housing market in 2024, and Zillow's CEO is sounding the alarm! This major shift could spell trouble for Zillow's business and revenue in Q2. Zillow's Premier Agent program relies on selling leads to realtors, so the dip in first-time homebuyer demand is a big deal. Why Are Homebuyers Dropping Out? 🏠 Skyrocketing Mortgage Rates: Rates have surged over 7%. High Home Prices: Despite high rates, prices haven't dropped. Unaffordable Payments: Typical mortgage payments are now over $2,800/month. This has led to a massive crash in homebuyer and mortgage demand, hitting states like Texas, Florida, and Tennessee hardest. We're seeing inventory skyrocket and price cuts everywhere! According to Redfin, price cut levels have hit a decade-high, suggesting downward pressure on home prices later this year. Stay tuned to see how this housing market shake-up unfolds! 📉📊
If you're thinking about getting a home loan here in Dallas Texas, I'd love to help! Our team helps people every day to secure a mortgage in Dallas Texas, and we'd love to help you find the best loan for your home goals. Just give us a call, shoot us a text, send us an email, or schedule a Zoom call. We'd love to help you make a smooth move to Dallas Texas!
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Brian McCauley Certified Mortgage Advisor | NMLS:208803
CrossCountry Mortgage, LLC
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