WE ARE NOT GOING TO CRASH
As a real estate agent, the question I am most often asked is “Is the housing market going to crash?
”With today’s housing market, everyone is wondering what’s happening with home prices. You may remember the housing crash in 2008, and even if you did not own a house back then, you may have some reservation for a repeat.
Good news, as we come to the end of the year, the housing market did not crash and that is not on the horizon for 2024. One important reason for this, there are not enough homes for sale. For a market to crash, there would have to be an oversupply of inventory.
According to Bankrate and I quote, “This ongoing lack of inventory explains why many buyers still have little choice but to bid up prices indicating that the supply and demand equation won’t allow a price crash in the near future”. In fact, foreclosure filings are at an all-time low mainly due to the forbearance program of 2020.
So, as we like to say in real estate, although we do not have a crystal ball, inventory levels are not anywhere near where they need to be in order for prices to drop significantly to cause a crash. If you are a homeowner looking to buy, feel free to reach out to my team and I so we can help get you the best possible terms on your property.
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 2023 real estate forecast, don't hesitate to reach out - we're happy to help!