Source:The Hill —
A new survey finds Americans are woefully misinformed about the nation’s mercurial housing market, even as millions of them prepare to buy homes.
Twenty-eight million Americans plan to purchase a home in 2023, according to a survey released Tuesday by NerdWallet, the personal finance company. On average, they hope to spend $269,200.
But that figure falls more than $100,000 short of the median home price, which was $388,100 in December, according to the real estate brokerage Redfin. Home prices crossed the $269,000 threshold sometime in 2013, Federal Reserve statistics show.
If prospective homebuyers sound oddly optimistic about prices, that may be because they are pessimistic about the state of the housing market. Two-thirds of Americans surveyed said they expect an imminent crash.
Real estate economists do not. Lawrence Yun, chief economist for the National Association of Realtors, forecast an average sale price of $385,800this year, about the same as last year. Redfin predicts a 4 percent drop: bad news for sellers, but hardly a crash.
“Home prices already have been falling, especially on the West Coast, and prices will fall in some cities in 2023,” said Holden Lewis, a home and mortgages expert for NerdWallet. “But a drop in home prices isn’t necessarily a crash.”
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LOL, I get a kick out of people still thinking its 2013!
The market has no where to go but DOWN! And the Treas. is trying to make that happen. They have to! Are we going to pay $1M for a three bedroom home in a few years or like here in stupid Naples fL, where it went from $400K to $800k in a few short years?
Oh, and Yun is a a known liar and shill for NAR because realtors have to SELL. I can show you quotes from him in 2008-2010 denying, lying and witholding information about that crash. Wake up ….a crash is EXACTLY what we need.
You tell them Sergio. The smoke is so thick it is suffocating. Cash sales to investors only on auction sites keeps the public uninformed and lessens homeownership. Back before Biden, owner occupancy was preferred and pushed for by all lending institutions. People can be so gullible to the omissions and falsehoods of government. What exactly are they trying to do with home ownership and our farms? Take control? Stay informed, not that it will matter, they are on a roll now.
300,000 mortgage 30year term 6% =$1,798 month total interest paid $347,514. same 300,000 mortgage 30year term 3%=$1,264 month total interest paid $155,332. still an over all shortgage of housing just made even more unaffordable. lets cripple the housing industry maybe that will help. sarcasm.