Today's shifting market has left us all confused and a bit shell-shocked. As we enter 2023, we see the market begin to stabilize which leaves many to speculate - what will happen next? The two biggest misconceptions reported this year are:
#1 The Market's Going To Crash
#2 Buyers Should Wait For High Mortgage Rates To Come Down
According to a recent survey, the most common misconception among buyers is that home prices will crash, while sellers are holding on to dated presumptions of bidding battles and swift home sales. Another misbelief among buyers is that rates will come down this year. Experts say waiting to buy is a mistake.
"Buyers may think it's better to wait out the market, but in reality, there is more opportunity in this market than I have seen in the past five years if buyers approach real estate as a long-term investment," said Michael Perry.
It’s important to remember that when mortgage rates drop, it will bring back the buying frenzy and sky-high home prices we’ve seen over the last couple of years. The truth is that there is no better time to buy than now. Plus trusted lenders like Guild Mortgage, Premier Mortgage, or US Bank are offering promotional rates and incentives.