110: Bullish Homebuilders, Affordable Housing, and Why Home Prices WON'T Move w/John Burns

The housing market REFUSES to slow down. Last year, homebuilders had a bleak outlook for 2023 home buying, but now, not even halfway through the year, they’ve reversed their sentiment with high hopes that demand stays red hot. How is this even happening? With mortgage rates higher than they’ve been in years and barely any inventory on the market, wouldn’t buyers take the hint and let their foot off the gas? We brought back John Burns from John Burns Research and Consulting to give us some answers. John’s team has some of the freshest housing market data available. With over 1,000 research contracts a year, they’re constantly talking to homebuilders, buyers, flippers, and everyone in the home-buying process. John touches on household formation and why millennials are saying “no” to roommates, even as prices rise. He’ll also talk about where Americans are moving, what’s causing construction costs to come down (but also grow?), and why the Fed is failing to kill the housing market. Also, if you want to give a hand to the generation helping young buyers the most, it seems that baby boomers are having an unexpectedly significant role in propping up the economy. We’ll also get into new affordable housing projects that could bring more starter homes on the market. Want to know John’s thoughts on what could happen in the housing market over the coming months? Stick around! In This Episode We Cover Why high mortgage rates HAVEN’T killed the housing market yet  American migration and which states are starting to see stagnating populations  Multifamily rent updates and why tenants may have the upper hand New builds, cheaper material costs, and why your next home may be a new construction  INSANE debt-to-equity stats that highlight why homeowners refuse to sell  New affordable housing projects that could give homebuyers better options  And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram James' BiggerPockets Profile James' Instagram On the Market 31 with John Connect with John: John's Company LinkedIn John's Twitter John's Website Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-110 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices