RECESSION DOES NOT EQUAL HOUSING CRISIS
What happened in the 2008 recession & how this time is different
In case you didn’t know, today’s housing market is nothing like it was in 2008. What happened then was caused by cheap debt, shady lending practices, and financial acrobatics that ended with too many borrowers in mortgages they couldn’t afford.
Step back from 2008, and you see that home prices have appreciated in 4 of the last 6 recessions. They only fell twice—slightly in the early 90s (1.9%) and almost 20% in 2008.
In fact, home prices are expected to continue increasing with inflation rates, at a rate of 6-9% in 2022 according to the National Association of Realtors (NAR.)
My point is this: Not every recession is a housing crisis. So if you’re looking to buy, sell, invest ,or flip, here’s what to do: silence the naysayers, look at the stats, and find an agent who can help you make on-time and informed decisions in 2022.
This is still a great to buy and sell!
There are 10-15% fewer buyers on the market right now, but those buyers that are still looking are serious and pre-approved qualified buyers. This also means less competition for our buyers!
What we are experiencing now is better described as a market correction, the feds way to bring balance to the housing market and aid against skyrocketing inflation costs in other industries.
Stay focused on your goals and work with a great Realtor!
Don’t hesitate to call on my team, Shaunte Cruse with NW Home Collective, delivering results and providing exceptional service.