Willy was once again joined by one of the most respected voices in the housing industry, W&D’s Hall of Fame housing market analyst and executive vice president and co-founder of Zelman & Associates, Ivy Zelman.
She and Willy discussed rising home prices and affordability challenges, her outlook on multifamily inventory and rent growth, rate cuts, widening spreads, land prices and accessibility, housing supply constraints, the role of manufactured housing in the affordable housing crisis, her overall macro-outlook on housing over the next 5-10 years and where she’s seeing real opportunity, the overallocation of institutional capital to multifamily and industrial, and much more.
Key Points In The Webcast:
00:00 Introduction
03:04 The state of the housing market
05:32 Home affordability: Where is it heading?
09:40 The cost of built-for-rent vs. home ownership
11:22 Rent rates after new BFR and SFR supply
12:24 The factors that affect rent growth
14:24 CPI print: How it will Fed rates and projections
17:25 Will the 10-year get lower?
20:18 Cash market: Pre-pandemic growth to today
21:20 Is the huge growth in inventory sustainable?
23:20 Public vs. private homebuilders: Market share
25:24 Will land prices continue to go up?
27:16 New home sales: Data and predictions
29:10 Will technology lower construction cost?
30:33 Should NIMBYism be a concern?
32:35 More buyer financing by public homebuilders
35:00 Savings rate vs. single-family home appreciation
36:34 General outlook on multi-family housing
39:19 Will completed housing be absorbed quickly?
42:28 Housing predictions for the next 5-10 years
44:33 Where are the opportunities right now?
47:39 Public multi-family: Potential market share growth
48:52 What prevails post-pandemic and post-GFC
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