Does Zillow Say 21.9% Growth On The Housing Market?
ZILLOW MAKES INSANE 2021 HOUSING PREDICTIONS | JARED JONES | JONES GROUP REAL ESTATE
Zillow said what? You're not going to believe it. An economist from Zillow makes an insane prediction. It's going to affect you. No matter if you own rent, gonna buy whatever. It's insane. Check it out.
Hey gang, Jared Jones, this last week, Zillow made big news. When it came out, it was interviewed by Yahoo where one of the chief economists over there made a bold prediction about the housing market. Let's see what they're going to say about 2021.
HOST: We haven't seen appreciation like this since what? Almost 14 years, 2006. Can we sustain it?
Zillow Economist: That's right. Yeah. The recent monthly price appreciation we've seen in the Zillow home value index is the fastest since actually the peak pace of appreciation back in 2006, the annual appreciation looking back over 2020 was a little bit more modest, about seven and a half percent. Uh, but we expect this to be sustained well into 2021. There's a lot of pent up demand from people who kept trying to buy homes and were stymied this year.
The Slide on the screen is mind-boggling. So get this. So he said Zillow has been seeing a trend there. Their, their average for real estate was about seven and a half percent price growth. You can see what I see on the screen. Zillow is forecasting a 21.9% growth of the housing market index year. That is nuts. Okay. Now let me tell you why that is kind of eye-opening for me is number one in Florida note, depending on which data graphic you pull for the central Florida area, we're in the 11 to 13% price growth range for last year. Okay. That's big. That's, that's a lot more, that's a double average, right? A steady, healthy appreciation for real estate is like 6%. And you're talking 13% on a $350,000 house. I mean, some people just doubled their income last year on the appreciation level of their house.
So if you think about what this economist is saying is take an idea of what we had last year and triple it. Okay. Now I don't think Orlando is going to go from 13% appreciation to 39% appreciation. But what he's saying is across the entire marketplace, as an index, the marketplace in 2021 is going to be incredibly hot. Um, and that's it, regardless of all the clickbait you see on YouTube saying that the market's going to implode next year now, um, could there be a bubble who knows, but I will tell you this Florida still has massive demand. Okay? Lots of people who can't buy a house now, are there houses for sale? Yes, but you could have a buyer of $500,000 that has a certain appetite for a property at that price range. And they're not seeing it for sale. Okay. It's kind of like the store shelves are empty and nothing that the buyer wants on the shelf. They're looking at what's stalling our market in terms of making even trade more. We have limited supply constraints. Don't drive the price.
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