Busting Myths
Potential buyers have been listening to plenty of negative social media channels that have been steering unsuspecting consumers in the wrong direction. Ignore all the consistently negative social media channels and stick to the facts and data.
Negativity sells. The overabundant doom and gloom real estate headlines obtain a lot of attention. There is a plethora of YouTube, TikTok, Instagram, and X (formerly Twitter) channels devoted to pushing negative narratives about the real estate market. From bubbles to crashes to foreclosure waves to the coming collapse in home prices, the same storylines are pushed on a weekly, monthly, and yearly basis. These channels rack up hundreds of thousands of views, steering countless consumers in the wrong direction for years now. These prognosticators lack any economic credentials, and they have been preying on everyone who has been unable to or missed their opportunity to purchase over the years. Many would-be first-time home buyers have been rooting for a collapse in housing so that they, too, can finally obtain their piece of the American Dream.
It is hard to sit on the sidelines and watch housing prices skyrocket at an alarming pace from 2020 through the first half of 2022 in the midst of a once-a-century pandemic that temporarily shut down the economy. Home values reversed course for the second half of 2022 as mortgage rates ballooned higher, yet prices have been on the rise ever since. The dream of owning for many has been out of reach. As a result, the negative narratives blossomed. It is challenging to sift through all the headlines to determine what is true and what is fiction. Yet, the answer is straightforward in examining all the facts. It is time to bust through the myths that have developed about housing.
Excerpt taken from an article by Steven Thomas.
