Survey: American home shoppers misinformed about the market

Millions of Americans want to buy a home this year, but it's likely only a small percentage will actually be able to.

CNN—Millions of Americans want to buy a home this year, but it’s likely only a small percentage will actually be able to.

According to a new survey from Nerd Wallet, many American home shoppers are misinformed about the housing market.

The personal finance company says home buyers are over-confident. On average, Americans hope to spend about $269,000 on a home.

But the median home prices is actually $100,00 more than that.

According to the survey, many prospective buyers think prices will drop significantly because of a housing crash.

Real estate economists say that is not likely to happen this year.

Last year, 70% of Americans who had planned to buy a home didn’t succeed, either because their offers were not accepted or because they couldn’t find affordable homes.