Here are home buyers’ and sellers’ biggest misconceptions in a shifting market

AZ Big Media What Phoenix housing market buyers and sellers can expect in  2023 - AZ Big Media

By: AZ Big Media 

The housing market is rapidly rebalancing, but buyers and sellers are struggling to keep up with the changes. A new Zillow survey of real estate agents finds the most common misconception among would-be buyers is that home prices will crash, while sellers are holding on to outdated expectations of bidding wars and quick sales.  Here are misconceptions from home buyers and sellers in a shifting residential real estate market, according to Zillow.

● Top for misconceptions among aspiring home buyers, according to real estate agents, is that home prices will significantly fall. Zillow research finds a rapid drop in prices is unlikely.

● Agents overwhelmingly say sellers continue to expect bidding wars, offers above asking price and quick sales, despite the cooling market.

● The survey finds first-time home buyers should line up financing first and separate their wants from their needs before home shopping.

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