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  • Laura Johnson

Real Estate Predictions for the Remainder of 2023: Expect the Unexpected!

Mainstream media corporate news headlines have yet to throw in the towel with their gloom and doom predictions for a recession by the end of this year. On the contrary, it's intended to feed the urge to be correct through fear-mongering.

As a human collective, have we experienced enough of living in survival mode these last three years? Think about it. We've survived a global pandemic. Yet, we're still here, alive and breathing!

Nevertheless, the rise in anxiety and mental distress could be negative energies that no longer serve us and are clearing from our subconsciously programmed beliefs. For example, if we're struggling to keep roofs over our heads, living paycheck to paycheck, the stress will cause our main thoughts to focus on the things that "could" possibly cause long-term disastrous results. So how do we reframe our "self-talk" based on fear? First, dig deeper into what finance and real estate experts have determined:

"For the second quarter in a row, the mortgage delinquency rate fell to its lowest level since MBA's survey began in 1979 - declining to 3.45%. Foreclosure starts and loans in the process of foreclosures also dropped in the third quarter to levels further below their historical averages.' - Mortgage Bankers Association (MBA)

Foreclosures are no joke, as we learned from the Great Recession of 2008. However, the future cannot be accurately determined, as strange plot twists can redirect the path of fate's journey.

Currently, increased interest rates, in combination with shallow housing inventory, are simultaneously decreasing demand while continuing to raise prices. Talk about a plot twist!

Will Mortgage Rates Decline in 2023? What Do 20 Years of Average Recession Data Conclude?

"If you can find a house that meets your financial expectations for a monthly payment and it is a good time for you to buy, then do that,... And if you wait for prices to fall but they never do, you may discover the hard way that the house you found a year ago that you loved, that you could afford, but you passed up on, is more expensive next year" - Odeta Kushi, Deputy Chief Economist, First American.

We continue to heal from the traumatic emotional wounds of the long-term effects of COVID-19, which requires a healthy balance of persistence and patience. But first, let's validate the inner emotions that no longer serve us:

  • Panic

  • Distress

  • Turmoil

  • Frustration

Negative Beliefs VIA Mainstream News Media Continuing to Exacerbate the Housing Crisis

  • "It's a repeat of the 2008 Housing Bubble."

  • "Foreclosure rates are increasing."

  • "Prices are continuing to rise."

  • "All the white collar jobs are being outsourced or automated."

  • "Interest rates are continuing to rise."

  • "The baby boomers and foreign investors are hoarding most single-family homes."

  • "The government wants us to become a renter's nation."

  • "Millenials will never be financially secure enough to own their homes."

  • Etc..etc..etc..

Reframing Negative Statements Into Positive Affirmations

  • "We learned from the mistakes that caused the Great Recession in 2008, and we're wiser now."

  • "I have the tools and resources to prevent myself from foreclosure."

  • "Inflation tends to get worse before it gets better."

  • "Job demands are being restructured."

  • "We each have our unique journey, and comparing ourselves to others' milestones is pointless."

  • "New home constructions will help boost the economy over the next decade."

  • "I trust myself enough to believe I am worthy of obtaining equity in my home."

“There’s a really cool brain basis for these self-affirmation effects,” he said. “They’re really turning on the brain’s reward system, and that reward system is sort of then muffling your stress alarm system in ways that can be helpful.” - David Creswell, Ph.D, Carnegie Mellon University

During times of hypervigilence, we can be our our worst enemy. But this allows us an opportunity to become our own best friend. Self-love is crucial for building confidence, persistence, and the ability to enter a strong flow state. The excitement of unknown surprises lowers our levels of fear and stress. Instead of continuing to engage in self-destructive behavioral patterns that obviously are not working, let's see what renewing our zest for life may bring!

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