Published January 12, 2023

Is the Market Going To Crash?

Written by Anderson Hicks Group

Is the Market Going To Crash? header image.

Will the market crash? The truth is that nobody really knows.

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Here’s the top question I'm getting asked right now: “Is the market going to crash?” I don't know. Nobody knows if it'll crash. What we do know, and what economics are telling us, is that it's being influenced by supply and demand and interest rates. Judging when the market's going to crash or when it's going to hit a bottom is really impossible. Now, what I can tell you is that if you're in a situation to buy or sell, you really need to contact a Realtor. Contact us, Anderson Hicks Group. We know what's going on in your specific area.

"Judging when the market will crash or hit a bottom is really impossible."

In terms of price ranges within Bonneville County, you'll be affected differently by the things that are happening in the market right now. Interest rates have gone up from where they were last year significantly. What that's affecting is buyer affordability. That payment, which is what most people are buying for, is a payment rather than the overall value being driven up. So that's driving buyers into some lower price ranges. Something to be aware of is, either way, if you're looking to buy or sell, the other thing that's going to affect the overall market nationally is the average household income of a specific area. As interest rates increase, if the average household income in a certain area is higher than in another area, it's obviously not going to affect that area as much because people can afford more in those areas because they make more. There are many factors that go into figuring out whether the market is going to crash. Obviously, we're having a little bit of a correction, but if you have specific questions, we have the answers. Give us a call. Reach out to us, and we'll help you navigate and understand exactly how this market is affecting you specifically.