The sad truth is that “debate” is also a market. Audiences seek out viewpoints that match their own, and there will always be an outlet that provides the viewpoint any individual wants.
Further, there can be wildly different meanings implied, just by the tone of the writer or speaker. Take these recent quotes from Suze Orman and Dave Ramsey:
Dave Ramsey:
Currently our supply inventory of houses for sale are half of what it was in 2007, and new housing starts (supply) is 1.38 million-35% lower than the 2.07 million in 2005.4 Low used supply and low new supply equals low supply.
Meanwhile, there are now 4 million more Millennials in their mid-30s-the prime earning and house-buying age-than compared to 2006 when Generation X was in their mid-30s.5 In 2007, there were 116 million households in the U.S. compared to 128 million households in 2020. That's 12 million more households wanting to own a home.
Suze Orman:
“You're not going to see a house go on the market, again, in my opinion, and get 30 offers over the asking price," Orman said. "I think now maybe you'll see three, four offers — maybe you have to lower your asking price a little bit."
Dave Ramsey
So, in the middle of this crazy, crazy ride, why do we at Ramsey still believe house prices aren't going to crash? It's simple: The Law of Supply and Demand. One thing and one thing ONLY drives house prices: Supply vs. Demand. When demand exceeds supply, house prices don't tumble.
Suze Orman:
"The tables have turned a little." Speaking to Yahoo Finance, Orman acknowledged that the housing market is changing. Specifically, she said buyers won't feel as rushed to bid for a house right away to beat out competing offers.
So what does it all mean?
Home shoppers aren't being driven by rates or prices, but by their changing needs. With the rise of "work from anywhere" jobs-- and with 10,000 boomers retiring every day-- people's needs are changing more than ever. There are literally dozens of factors involved in tailoring a real estate solution to meet those needs. Consulting both a mortgage loan officer and an experienced Realtor will help you establish the parameters of what is possible for every client.