Dave Ramsey predicts what’s in store for the housing market again after saying he got it right 2 years ago

[Pelican Press 0]

Dave Ramsey predicts what’s in store for the housing market again after saying he got it right 2 years ago

Dave Ramsey predicts what’s in store for the housing market again after saying he got it right 2 years ago

After 46 years in the real estate industry, Dave Ramsey is confident about his real estate analysis. In an

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of “The Ramsey Show,” he took a victory lap on a

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about America’s housing market in July 2022: there was “zero chance” of a housing ******.

Relatively steady home prices, despite higher interest rates, seem to have vindicated Ramsey’s bet.

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“You were wrong!” he said of his critics, adding, “I freaking know what I’m talking about.”

Here’s why Ramsey wasn’t convinced by the gloomy

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on housing.

Supply crunch

When the Federal Reserve started raising

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in 2022, many were concerned that higher borrowing costs would reduce home sales and prices.

However, Ramsey claims he was skeptical of these concerns and was instead expecting home prices to remain steady or rise modestly. His thesis was based on simple supply-demand dynamics.

“When there is a shortage of an item … prices go up,” he said. “That’s basic economics.”

Read more: These 5 magic money moves will boost you up America’s net worth ladder in 2024 — and you can complete each step within minutes.

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This theory seems to be vindicated by a report from the National Association of Realtors. Home

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5.7% over the past year as of February, with the median ********* home being worth $384,500.

A combination of rising prices and rising

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has made home affordability deteriorate. In 2023, only 15.5% of the homes available for ***** could be

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by a household earning a typical income, according to data analyzed by Redfin.

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Unfortunately, Ramsey says, he doesn’t see an end in sight for this housing crisis.

Housing forecast

Factors that led to the current crisis are set to continue, at least for the foreseeable future. Analysis by Realtor.com revealed that the gap between the number of households formed and the number of single-family housing units constructed was

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in 2023.

“Prices will go up,” Ramsey predicted. “This is what’s happening with real estate. I promise you, you can look up this [episode] five years from now and you’re going to go ‘****, that old ***** was right again.’”

As for interest rates, Ramsey doesn’t make a firm prediction but advises buyers to focus on prices instead and refinance when borrowing rates go down.

“Marry the house, date the rate,” he said.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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