Are We in a Housing Bubble?
In the first half of this year, we have already seen a huge shift in the market, after the last few years that we have had. What does that mean for you and your home? Experts, across the board, do not believe we are in a bubble today.
Realtor.com states, “Experts don’t believe the market is in a housing bubble or a crash is in the cards, like during the Great Recession. The nation is still suffering from a housing shortage that has reached crisis proportions at a time when many millennials are reaching the age when they start to consider home ownership. That’s likely going to keep prices high.” With millennials being the largest generation, in history, the increase in buyer demand that’s been driving the price increases, is not a short-term problem. Inflation and the possibility of a looming recession also appear to be longer term problems.
But don’t let that scare you either. Recession does not equal a housing crisis or crash. More often than not, the housing market actually improved. So, these fears are no reason to stay out of the market! That’s what the future of the market looks like according to experts.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help