Is the housing market going to crash? No. This isn’t a 2008 repeat because today there are half the number of homes for sale and double the number of buyers.
Is the Housing Market Crashing?
Are home prices dropping? Should you wait to buy or sell a home? Should you be panicking? NO! Here’s what’s really happening in the real estate market.
Are Home Prices Dropping?
The short answer: no. Home prices are based on supply and demand. And there are currently way more people that want homes than there are homes to put them in. What you can learn from this (and from the historical data that backs it up):
- Home prices are not dropping. They will continue to rise for the next five years—just at a slower rate.
- The market is not going to crash.
- As the market slows down and supply increases, we expect to see supply and demand level out in the next few years.
What’s Up With Interest Rates?
In 2020 and 2021, interest rates were at an all-time low and have since risen. Here's what this means:
- While it feels like interest rates are at an all-time high, they’re not. They were around 17% in the ‘80s!
- Don’t wait to buy a home until interest rates and prices drop—these rates are the norm compared to the past two years.
That’s right—RamseyTrusted. These Endorsed Local Providers (ELPs) are top-performing real estate agents Dave Ramsey and the Ramsey team trust to do what’s right for you no matter what. That’s how they earn (and keep) the RamseyTrusted shield.
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Don’t Navigate This Market Alone
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Don’t let rising home prices stress you out. These tips will help you find a home you can afford, no matter where you live!
A monthly mortgage payment should never be more than 25% of your monthly take-home pay. Use our home affordability calculator to find a home price you can actually afford without crushing your budget!