10/29/2026
For those of you thinking the housing market is going to crash, and, therefore, are waiting to buy a house, you may want to look at these numbers and debate if you really want to wait. We can get back to a “normal” feel of affordability on houses in 7-10 years- or so say the economists. Are you prepared to wait 7 to 10 years (and also risk jumping into the market when everyone else feels it’s right, too?). I know there are potential buyers out there who are scared of a 2008-style crash- but the market just isn’t indicating that is anywhere in the cards. Some 40% of Americans own their homes outright (meaning no mortgage payments), and another huge number have sub-4% mortgage rates, and therefore are locked into their homes. My best advice isn’t necessarily to buy now. It’s to talk with me (or another trusted realtor) to run numbers and understand if there is a scenario or type of contract that might make sense for you right now. For example, if you have a downpayment saved, but can’t accept a 7.5% mortgage interest rate, would it be feasible for us to look for a home where you might be able to assume the sellers’ sub 4% mortgage interest rate? Or, if you have a steady income but no downpayment, would the house you’d like be available to you if we were able to negotiate the seller paying closing costs? It might be that the answer is no, but if the answer might be “maybe”, you probably don’t want to wait another 7-10 years to buy. I’m always down to discuss what things might work for you, and whether the type of home you’d like could be negotiated with terms that you like.
Read full article: https://www.redfin.com/news/return-to-normal-housing-costs/?distinct_id=HJRw0JQ7I&user_email=ottocado%40gmail.com
U.S. housing costs could return to “normal” within the next five or six years if mortgage rates fall and/or price growth flattens. But the timeline varies widely from metro to metro.