"Is the market going to crash?" is a trending question right now. If this question has been on your mind, I have good news for you. Experts say that there isn't a crash looming on the horizon.🌅
When you compare our current housing market to the 2008 crash, there are a few major factors that help explain why the market will remain strong this tie around.
Today, let's talk inventory!🏡
First, housing inventory has been near record lows. Before the crash in 2008, there was a surplus of existing homes available and new construction was booming. That extra supply, when topped with the influx of foreclosures, led to falling home prices. ⬇️
This tine, we are on the opposite end of the spectrum, where supply hasn't been able to keep up with the demand from the homebuyers. The lack of inventory, mixed with motivated buyers, led to an increase in home prices.⬆️
Based on this low-supply-high- demand equation, experts project that home price appreciation will continue but not as drastically as it has in the past, since COVID-19. This means we will not see the same decline in home values and the housing market will remain strong.
There is plenty of opportunity to succeed in this market. Be sure to connect with an agent that is very knowledgeable of the market that you are in and can educate your thoroughly through the process of buying or selling a home.
Tanya M. Walker-2020000172
Realtor