If you’ve been paying attention to the to the housing market, I’m sure you’ve heard people’s fears of being “in a bubble” again or fearing the market will crash. Here is how we are calming our client’s nerves.
Housing experts predict the market will remain strong for several reasons:
- Ample Home Buyers: With most first-time buyers under 40 and the U.S. population nearing 170 million, there’s no shortage of buyers
- Low Inventory: Too many buyers. Too few homes. Experts say it will take at least several years to inject enough supply to balance out the market.
- Healthier Mortgages: Unlike the 2008 housing crash, tougher lending standards and modern mortgage regulations mean today’s homeowners are less likely to default than those who were approved in the pre-crisis lending period.
Wondering what the housing market will do this summer?
Here’s what experts are predicting:
- Inventory: Inventory is likely to peak in late summer or early fall. About 64% of prospective home sellers plan to list their properties by the end of August.
- Interest Rates: All signs point to interest rates growing further in 2022, with the Fed planning hikes after each of its remaining 2022 meetings.
Don’t give up now, get paperwork ready, and stay positive.
Your home is out there, just waiting for you to discover it!