Navigating the Housing Market's Uncertainty.

The housing market is a lottery, and luck plays a significant role in financial success or failure. Homeowners who bought at pre-2021 prices or pre-2022 mortgage rates are in a fantastic financial position, while those who missed out are praying for the ability to refinance or kicking themselves for not buying sooner. Almost 40% of homeowners have their houses completely paid off, and nearly 30% have at least 50% equity in their homes. However, millions of people are not so lucky, and the housing supply is low, leading to lines out the door for open houses. The market will eventually thaw, but for now, potential homebuyers have three options: hope prices or rates come down, keep renting, or move somewhere more affordable.