Spencer Rascoff, the co-founder of Zillow, recently made headlines with his prediction that home prices will continue to appreciate in the coming years due to limited supply. Rascoff, who helped build Zillow into one of the largest online real estate platforms in the world, has a unique perspective on the housing market and his insights are worth paying attention to.
According to Rascoff, the limited supply of homes for sale is a major factor driving up prices. In many markets across the country, there simply aren’t enough homes available to meet the demand from buyers. This imbalance between supply and demand has been pushing prices higher and higher, making it increasingly difficult for first-time buyers to enter the market.
Rascoff’s prediction is supported by data from the National Association of Realtors, which shows that inventory levels have been steadily declining over the past few years. In fact, the number of homes for sale in the U.S. hit a record low in 2020, and experts believe that this trend will continue in the years ahead.
So what does this mean for homebuyers and sellers? For buyers, it means that competition for homes will remain fierce, especially in popular markets where inventory is particularly tight. Buyers may need to act quickly and be prepared to make strong offers in order to secure a home. For sellers, it means that now could be a great time to list your home, as high demand and low inventory could drive up prices and lead to a quick sale.
Rascoff’s prediction is also supported by other experts in the real estate industry. Lawrence Yun, chief economist at the National Association of Realtors, has also warned that limited supply could continue to push prices higher in the coming years. Yun believes that new construction will be key to alleviating the housing shortage, but it will take time for new homes to come on the market and make a significant impact.
Overall, Rascoff’s prediction of continued appreciation in home prices due to limited supply is something that both buyers and sellers should keep in mind. As the housing market continues to evolve, staying informed and working with a knowledgeable real estate agent can help you navigate the challenges and opportunities that lie ahead.
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- Source Link: https://zephyrnet.com/home-prices-will-continue-to-appreciate-as-long-as-there-is-limited-supply-says-zillow-co-founder/