Housing Market Price Correction Coming

Former reality star, and high-grossing broker Kirsten Jordan told Fox in June that the current housing market is something we’ve never seen before — and not in a good way.

“This is something we actually haven’t seen in our lifetime that we can remember. If you think about the last time that we spent a decade with rates that were sub-5%, that was actually the 1950s,” Jordan said of the soaring cost of homes, coupled with the extremely high 7% mortgage rates currently asked of new buyers.

An “overwhelming majority” of homes across the U.S. are overvalued. The average of this overvaluation was roughly 11.1%, a trend hitting 90% of America’s metro regions. (LEARN MORE: Voters Are Unimpressed By Biden’s Economic ‘Achievements’)

What Happens Next?

“I don’t think we’re going to see 20 years of double-digit interest rates like we did in the ’70s and ’80s,” Jordan continued. “And I really believe that right now we’re going to see a slight correction in prices of homes. This is the opportunity for buyers to get into the market.”

“What we know is working is location, location, location. Those are the areas where they’re still holding prices very, very strong. We’re seeing that there’s a lack of inventory in the top locations in the U.S. that never had an issue in the first place,” she added. Prices could drop upwards of 5 to 10% across the market before the end of 2024. (LEARN MORE: Left-Wing Donors Paid Terrorist Group More Than $3.3M)

“[A housing crash] is yet to be seen because, again, the last time we had a decade of very, very low rates is a time when also people only bought maybe one nice coat, and they had two nice pairs of shoes, and maybe they open their refrigerator and they only had a little bit of food in there because they weren’t overconsuming,” Jordan added. “We’re in a whole different place where we expect cheap money, we overspend, we overconsume. And so there’s credit card debt, there’s so many layers to this that I don’t think it’s so easy to say what’s going to happen to housing, because it’s all wrapped up in everything else.”

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