{"id":10746,"date":"2023-11-07T18:33:37","date_gmt":"2023-11-07T18:33:37","guid":{"rendered":"https:\/\/infundpros.com\/finance\/these-are-the-5-ds-driving-the-housing-market-one-is-diamonds-and-another-is-death-says-real-estate-ceo\/"},"modified":"2023-11-07T18:33:38","modified_gmt":"2023-11-07T18:33:38","slug":"these-are-the-5-ds-driving-the-housing-market-one-is-diamonds-and-another-is-death-says-real-estate-ceo","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10746","title":{"rendered":"These are the 5 D\u2019s driving the housing market. One is diamonds and another is death, says real-estate CEO."},"content":{"rendered":"
\n

The sluggish housing market is on track to finish the year at the slowest pace since the Great Recession. But that doesn\u2019t mean no one\u2019s buying.<\/p>\n

Around 4.15 million previously-owned homes will be sold in 2023, the National Association of Realtors estimated in late October, which would be the lowest pace of sales since 2008.<\/p>\n

\n

What\u2019s driving people to buy those 4 million plus homes? Robert Reffkin, founder and CEO of Compass
\n COMP,
\n +1.65%<\/bg-quote>,<\/span>
\n a real-estate company, says it\u2019s all about the five D\u2019s.<\/p>\n

\u201cThere\u2019s a lot of pent-up demand. You have the five D\u2019s keeping the market moving,\u201d Reffkin said in an appearance on CNBC.<\/p>\n

\u201cDiapers, diplomas, diamonds, divorce, [and] death,\u201d he explained. \u201cThose life events keep the market moving at this pace.\u201d <\/p>\n

The D\u2019s represent phases in a home buyer\u2019s life when they need to move to a larger home as their family expands, or to a smaller house as their household contracts.<\/p>\n

But aside from those home buyers who have a pressing need to move, everyone else is on pause in this housing market, given how high home prices and mortgage rates are, he added. <\/p>\n

\u201cAll the people that want to move, they\u2019re really on pause\u2026 it\u2019s the people that want to move, not [those] that have to move,\u201d Reffkin said.\u00a0<\/p>\n

Many home buyers are spooked by how unaffordable the market has become. Affordability is at a 39-year low, while the 30-year fixed-rate mortgage is at a 23-year high. Home prices continue to climb.\u00a0<\/p>\n

The share of consumers who think it\u2019s a \u201cbad time\u201d to buy a home has risen to a record high, at 85%, according to a recent survey.\u00a0<\/p>\n

Returning the housing market to more affordable levels would require one of three things, ICE\u2019s
\n ICE,
\n +0.53%<\/bg-quote>
\n Andy Walden said in a recent report: Either the 30-year mortgage rate needs to fall by 4.4 percentage points, the median household income needs to rise by 62%, or home prices need to fall by 38%.<\/p>\n

People are waiting on the sidelines for one shoe to drop. And to that end, demand is \u201cbuilding up month over month,\u201d Reffkin said.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The sluggish housing market is on track to finish the year at the slowest pace since the Great Recession. But that doesn\u2019t…<\/p>\n","protected":false},"author":1,"featured_media":10747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-10746","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance"},"yoast_head":"\nThese are the 5 D\u2019s driving the housing market. One is diamonds and another is death, says real-estate CEO. | inFundPros<\/title>\n<meta name=\"description\" content=\"The sluggish housing market is on track to finish the year at the slowest pace since the Great Recession. But that doesn\u2019t mean no one\u2019s buying. 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