“Many buyers may have unrealistic home price expectations. One in 9 (11%) Americans plan on buying a home in the next 12 months, and those prospective buyers hope to spend $269,200, on average. This is significantly lower than the typical home price as of October 2022 — $379,100, according to the National Association of Realtors.
Many Americans blame the economy and mortgage rates for feeling worse about 2023 homebuying prospects. About one-third (32%) of Americans feel worse about their ability to purchase a home in 2023 than in 2022, regardless of whether buying a home is in their plans. This is up from 25% when we asked last year. The top reasons for feeling worse include a worsening economy (58%) and higher mortgage rates (57%).
Most expect a housing market crash. Two-thirds (67%) of Americans say a housing market crash is imminent in the next three years.
2022 proved a tough market for buyers. Most (70%) Americans who had plans to purchase a home in 2022 (as of January 1, 2022) were unsuccessful. A small share (4%) of those who fell short of their plans say they canceled them because they changed their mind about ever purchasing a home. ”
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