.We still have extremely low inventory & high demand--which is keeping prices up & increasing property values/appreciation. And there's no indication that we are headed into a situation where we would suddenly have so many homes available on the market that prices would tank----that's what happened in 2008. Bad lending practices allowed people who, by today's lending standards, would not be able to buy a home & when the recession hit there was a series of events that occurred: the buyer pool all but dried up; too many people had high debt to income plus not enough savings so if they lost their job they couldn't afford their mortgage or credit card payments & went into foreclosure, too many people panic-sold (feared a crashing market) & because there was low demand the supply of homes skyrocketed (in 2008 the National housing inventory was a 10 months supply vs the 3 months supply we have right now).
Home owners today have a lot of equity in their home & fixed interest rates that are super low. Even if we are in a recession (or head into one) the experts are not predicting that people would suddenly be in a situation where people would lose their homes through foreclosure or that they'll lose their jobs & sell---sure, some people may but not enough to even make a dent in the amount of inventory that we need. So all those folks saying the market is going to crash--don't argue, it's a waste of time, but don't get sucked in! Pay attention to the data! Or pay attention to me because you can trust that I am constantly paying attention to the data & will share my info with you!
Buying or Selling? Here's some useful advice!