Individual behavior drives every market, especially the home-buying market, which is why Lending Tree surveyed over 2,000 people to gauge how the overall population feels about the not-too-distant future of acquiring a home.
The Bubble Is Going To Burst
The present property bubble has actually grown extremely round and really huge, however 26% of those surveyed anticipate that bubble to burst in 2022. And 41% of Americans believe the market will crash prior to 2021 ends, dropping property prices to more appropriate levels. 13% of individuals believe things will continue as they are.
The American Dream lives
Owning a home is inherently American, and 80% of those surveyed still agree with that sentiment. Those of Generation X and Baby Boomer were more optimistic than the more youthful generations.
Affordability Will Increase
Look almost anywhere in the country, and you’ll see home prices increase. 45% of those surveyed felt the new presidential administration will put policies in place to help more people own homes.
City Exodus
Over a 3rd, 35%, of those surveyed felt that lots of people will leave metropolitan areas searching for more land, larger houses, and an increased work-from-home life. Nevertheless, a current LendingTree study reveals that individuals aren’t fleeing cities as quickly or regularly as perceived.
Mortgage Rates Will Increase or Fall
Despite the fact that mortgage rates have struck historic lows, falling below 3%, 24% of respondents believe rates will drop even lower. Nevertheless, 30% anticipate rates will increase by this time next year.
Climate Change Will Impact Home Values
Fires and floods controlled the few headlines that weren’t about COVID-19 or politics, which result in 23% of those surveyed to share that storms and floods were an issue.
Over half, 55%, stated they wouldn’t think about buying in a coastal region. However in opposition, 19% said they ‘d have no problem residing in a high-risk location.
Only time will tell the number of these predictions will come to life prior to the year’s end. Regardless, it looks like houses will continue to move in this sellers’ market.
