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00:00 Redfin just downgraded its housing forecast. After earlier in the year predicting that home
00:04 prices would rise in 2025, Redfin is now saying that by Q4 of this year, prices will drop by one
00:10 percent. So it's not like they're saying there's going to be a crash. This is definitely just a
00:14 mild correction, but it's a notable change. Also in line with other notable forecasts like Zillow
00:20 and me. I've been saying since the beginning of the year that I think prices would be close to
00:24 flat this year. And with recent data, recent trends, it does seem like we're heading towards
00:29 a modest correction nationally. Now that might freak some people out, but a lot of people are
00:33 going to see this as a positive. As Redfin notes here, affordability is going to improve because
00:38 wage growth is projected to keep increasing while prices fall. So even if mortgage rates stay
00:44 relatively high, buying a home could become more affordable. It's good, but of course you don't
00:48 want to buy something that's going to decline a lot further. So make sure you're buying under market
00:53 value and in a market with strong long-term fundamentals. To do those things, this could
00:57 be an opportunity to buy great assets at a discounted price.
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