Potential buyers are being fooled into thinking it is not a good time to purchase and are delaying their plans, ignoring economic facts.
Housing’s Strength-The housing boom has everything to do with supply and demand, and those fundamental features are not going to change anytime soon.
Doctors, dentists, lawyers, investors, neighbors, family, friends, it seems everybody has an opinion on the direction of housing. Unbelievably, only 19% of consumers believe that now is a good time to buy a home. That means that 81% think it is not a good time to buy. There are TikTok videos proclaiming the inevitable crash in housing. No longer than 3-minutes in length, the clips offer Chicken Little titles with no economic backing whatsoever. From YouTube to Facebook, social media has a big opinion when it comes to real estate. All of the noise, the “Gossip Factory,” feeds on everybody’s collective fears and prevents far too many consumers from making the sound decision to participate in this crazy housing market.
ATTENTION BUYERS: now is a great time to buy due to historically low mortgage rates. Housing is going to remain strong due to low inventory levels and strong demand fueled by low rates. It is simple Econ 101. This is not going to change anytime soon with no anticipated flood of homeowners coming to market to change the supply side of the equation. It will be more of the same. Follow an economic model and stop watching TikTok, YouTube, and Facebook videos that are not rooted in a laundry list of economic principles, charts, and irrefutable data.