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Homebuyer Misconceptions in 2023

Homebuyer Misconceptions in 2023

December 28, 2022

In Nov. of 2022 Zillow took a survey of agents who reveal what buyers and sellers are thinking about today’s market. The biggest misconception is that home prices will significantly fall. Zillow says, “A rapid drop in prices is unlikely.”

Agents are saying buyers are still expecting a bidding war, people offering way over asking price and quick sales despite the market… much like we’ve seen these past two years. The survey showed that first-time homebuyers should set up financing first and make sure they separate their wants from their needs before shopping for new homes. 

Nearly half of the agents they spoke to (46%) say the biggest misconception among homebuyers is that because of the cooling market - home prices will crash while the other third of agents say buyers are mistakenly thinking they should wait for high mortgages to come down. Thinking you should wait out the market is one thing, but, in reality there’s more opportunity in this market than most have seen in the past five years if buyers approached real estate as a long-term investment. 

If we see prices or mortgage rates drop, all the people that were on the sidelines looking to buy will come rushing back in and will increase the prices and competition. If you can purchase a home today, you have better bargaining power, more options, and more time to find the right home, instead of rushing into a home you may regret. Zillow Media Room 

– Press Release Nov. 7, 2022

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