Brandon Turner Asked: “Will There Be a Real Estate Crash This Year?”

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Brandon Turner shares his thoughts on where the real estate market is headed in 2024. From his conversation with Apartment Life CEO Pete Kelly and co-host Cam Cathcart on The BetterLife Podcast.
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[@MoeToOFFeR]

People have too much money the juuus and Chinese for example. and they need to park it somewhere i feel like thats whats going to keep prices up especially if rates lower which i doubt
…it will get even higher

[@shelleygreyrealtor]

My brain says prices will rise, but my emotions say prices must drop. At the end of the day, people want to buy homes, and there are few homes available to buy. Prices should continue to rise at a normal pace...even if it doesn't seem fair.

[@joshrweb]

The problem is, people wanting to buy doesn't mean they can buy. That's a huge distinction. They have to be able to afford to buy and they must have a job. In addition, home prices are already 30-40% overvalued from where they would be right now had the pandemic not happened.

[@Montenegro651]

@@joshrweb the government created $13T during the pandemic. That’s an increase of 35% of circulating dollars in our economy. I doubt RE is over valued. To me, it seems we lost purchasing power due to inflation.

[@jonnyokeeffe81]

How are we solid enough now?

[@joshrweb]

I predict this won't age well at all. Florida inventory is increasing very quickly for example. When everyone thinks the good times will never end you know you're in a bubble. In this case peeople think we already hit the bottom. I think that's just crazy. We're still up 30-40% over the trend line we were on prior to the pandemic. What reason is there to think that is sustainable? I have yet to hear anyone provide an answer that makes any sense.

[@shelleygreyrealtor]

He didn't say, "buy, buy ,buy!!!". He literally expressed concern about the market, but because he anticipates mortgage rates going down, prices will continue to rise.

[@joshrweb]

​@@shelleygreyrealtorHe said he thinks home prices will rise. I don't agree. And I don't agree that mortgage rates going down will cause prices to rise because mortgage rates are only likely to go down after a economic downturn that includes the unemployment rate going up. That's a recipe for prices to come down. Especially since home are already massively overvalued.

[@joshrweb]

​@@shelleygreyrealtorKeep in mind, as a realtor you're largely in an echo chamber of people who all keep repeating that interest rates will come down and home prices will go up. These people most often have no explanation as to what would cause interest rates to drop.

[@sczr1186]

Prices will eventually drop, but ppl need to get this notion out of their head that prices are ever coming back to 2019 levels. Thats like waiting for gas to go back under $2....Get over it.