According to a survey by NerdWallet, most Americans are misinformed about the housing market. The survey showed 28 million Americans plan to purchase a home in 2023 and 2/3 of the surveyed, expect an imminent crash. However, most real estate economists forecast an average sale price in 2023 the same as last year, 2022. And a drop in home prices isn’t necessarily a crash. Also 61% of Americans surveyed said current mortgage rates are unprecedented, that they have never been so high. And yes, at the current 6.15% compared to 3% last year is higher but not unknown. Over the last 50 years, 30-year mortgage rates have averaged 7.75% and rates in the 6 to 7% range were common as recently as 2008. NO, rates will most likely NEVER be at 3% again, and Yes, it takes planning and strategy to buy a home, and even though most people planning on purchasing will actually not be able to do so, there are strategies in place to make you successful. And that is NOT unprecedented.
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