Where Will the Housing Market Go from Here?
Buyers and sellers alike are left with one pressing question – so, what now? With such an unpredictable year behind us, the unknown is hovering in the air. Many buyers are worrying a house crash could be on the rise, similar to the Great Recession of 2008.
Here are some predictions:
- The economy has slowly started to recover. Overbuilt stock and risky mortgages are factors that led to the housing crash of 2008, but this is opposite of today’s situation. Instead, our real estate is set up to remain strong.
- Mortgage rates are historically low – purchase demands are up 20% from a year ago.
- Growing equity is allowing homeowners to sell for an increased profit, then reinvesting their earnings into a new home.
- The biggest hiccup is inventory, as sellers are still skeptical.
- This is the time to sell AND buy!
If you have been waiting to buy or sell and are looking for a sign that now is the time, this is your sign!
Source: Keeping Current Matters