$\"3$ \n

There\u2019s a lot of uncertainty right now and that\u2019s leading to some dramatic headlines. And if you\u2019re thinking about buying a home, that can make you feel a little less sure about your decision.<\/p>\n

A recent study by CNBC asked homebuyers what they\u2019re most worried about, and three themes kept coming up again and again:<\/p>\n

Mortgage rates<\/li>\n
The number of homes for sale<\/li>\n
Home prices<\/li>\n<\/ul>\n
But a lot of what you may be hearing on those is based more on misconceptions. Not facts. So, let\u2019s break it down and separate fact from fiction.<\/p>\n
Misconception #1: \u201cI\u2019ll Just Wait, Because Mortgage Rates Are Going To Fall Dramatically\u201d<\/em><\/strong><\/h4>\n
One idea doing its rounds on social is that mortgage rates are going to drop dramatically soon. So, it\u2019s better to wait to buy.<\/p>\n
But is that really <\/em>what\u2019s expected?<\/p>\n
While mortgage rates have come down a bit in the last few weeks, forecasts don\u2019t show a major drop ahead. The most likely scenario is that rates stay somewhere in the low 6% range this year.<\/strong>\u00a0<\/p>\n
And that\u2019s not a big change from where rates are now (see graph below<\/em>):\u00a0<\/p>\n
$\"a$ <\/a>Of course, this depends on where inflation and the economy go from here. But, based on what we know today, waiting for a big drop in rates may not work out the way some people hope. As U.S. News<\/em> explains:<\/p>\n
\u201cMortgage rates aren\u2019t expected to change much over the next several quarters . . .\u201d<\/em><\/p><\/blockquote>\n
Not to mention, even with rates where they are today, it\u2019s already more affordable<\/a> than a year ago. So, even if they don\u2019t change much, it\u2019s still better than it was.<\/p>\n
Misconception #2: \u201cThere Are Too Many Homes for Sale Right Now\u201d<\/em><\/strong><\/h4>\nYou\u2019ve probably heard inventory is up. And nationally, it is. The number of homes for sale is 8% higher<\/a> than this time last year. But that\u2019s not a bad thing. In fact, it\u2019s one of the reasons buyers have a bit more breathing room<\/a> right now.<\/p>\n
The problem is the headlines are making something good, sound bad. They\u2019re focusing on how this is the most inventory we\u2019ve had since 2019 or how many homes builders are building. And that can make it sound like the number of homes for sale is rising too far, too fast.<\/p>\n
But that\u2019s not what the bigger picture shows.<\/p>\n
Data<\/strong><\/a> from Realtor.com <\/em>proves that, even though inventory is up compared to last year, it\u2019s still nearly 14% lower than it was during the last normal housing market (2017-2019):<\/strong><\/p>\n
While it can vary a lot based on where you live, only <\/strong>9 states<\/strong><\/a> have more inventory than pre-pandemic today. <\/strong>That\u2019s a key reason why there still aren\u2019t enough homes for sale to trigger something like the crash back in 2008.<\/p>\n
Misconception #3: \u201cHome Prices Are About To Crash\u201d<\/em><\/strong><\/h4>\n
You\u2019ve probably seen this one, too. The confusion is coming from the fact that some metros are experiencing slight price declines. And influencers are running with that and saying prices are crashing. But that\u2019s not the reality.<\/p>\n
Most areas are seeing prices rise, not fall. <\/strong>And that\u2019s because:<\/p>\n
\n
Many homeowners aren\u2019t selling because they don\u2019t want to give up the low mortgage rate they locked in a few years ago. And that\u2019s keeping a lid on how much inventory can grow.<\/li>\n
Since inventory is still below pre-pandemic norms, there aren\u2019t enough homes for sale to cause a price crash.<\/li>\n
And even in markets with more inventory, some sellers are choosing to pull their homes off the market instead of cutting prices.<\/li>\n<\/ul>\n
And those are 3 big reasons prices aren\u2019t headed for a crash.\u00a0<\/strong><\/p>\n
And even in the markets experiencing mild declines<\/a>, the drops aren\u2019t enough to cancel out the big gains most homeowners have seen in the last 5 years <\/strong>(see graph below<\/em>):<\/p>\n
That\u2019s not a crash. That\u2019s just prices moderating after a few record-breaking years.<\/strong><\/p>\n
Bottom Line<\/h3>\n
Online posts are going to make things sound worse than they are. If you want a true, data-bound look at what\u2019s really happening in today\u2019s market, lean on a real estate agent.<\/p>\n
Connect with a local agent so you have someone to separate fact from fiction today.<\/strong><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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