LendingTree Survey: Americans’ Concerns and Hopes for the Housing Market
A recent survey conducted by LendingTree has found that most Americans are not optimistic about the housing market, with some even hoping for a market crash. With over 2,000 US consumers surveyed, 44% believe the housing market is at risk of crashing within the next year, while 35% of Americans want the market to crash.
Homeowners’ Perspectives on a Market Crash
Although 51% of homeowners do not want the market to burst, 15% of them hope for a crash to lower their property taxes, and another 15% believe it would lead to future stability in the market.
Non-Homeowners’ Desire for a Crash
For 32% of non-homeowners, they believe a market crash is their only chance to eventually own a home. This sentiment is even more prevalent among Gen Zers (39%) and millennials (38%) who do not currently own a home.
“Right now, home prices are high, as are mortgage rates. With that in mind, I can understand why some might wish for a housing crash that brings lower prices,” said LendingTree Senior Economist Jacob Channel. “Unfortunately, if the national housing market were to crash, odds are that it would bring down the rest of the economy with it.”
Mortgage Rate Expectations
Separately, 79% of survey respondents expect mortgage rates to rise for at least another year, with 53% of this group believing rates will rise for over a year or longer. Despite their expectations on the duration of rising rates, 27% of Americans believe mortgage rates will reach 8% or higher a year from now.
Final Thoughts
While many Americans may hope for a housing market crash to bring lower prices and increased affordability, it is important to consider the potential consequences of such an event on the overall economy. Aspiring homeowners should continue to explore their options and work with trusted professionals, such as real estate agents and mortgage lenders, to navigate the ever-changing market and find a suitable home that meets their needs and budget.
Orginal article: Link To Article – provided by Kansas City Realtors
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