"Is the market going to crash?" is a trending question right now. If this question has been on your mind, we have good news for you. Experts say that there isn't a crash looming on the horizon.
When you compare our current housing market to the 2008 crash, there are a few major factors that help explain why the market will remain strong this time around.
today, let's talk inventory!
First, housing inventory has been near record lows. Before the crash in 2008, there was a surplus of existing homes available and new construction was booming. That extra supply, when topped with the influx of foreclosures, led to falling home prices..
This time, we are on the opposite end of the spectrum, where supply hasn't been able to keep up with the demand from homebuyers. The lack of inventory, mixed with motivated buyers, led to an increase in home prices.
Housing inventory is now on the rise, but there certainly isn't the surplus that existed during 2008.
Based on this low-supply-high-demand equation, experts project that home price appreciation will continue. This means we will not see the same decline in home values and the housing market will remain strong.
There is plenty of opportunity to succeed in this market. Whether you're buying or selling, we can help! Call or message if you're open to discussing what you are looking for.
Results That Will Move You!
The Opett Team
Robert Opett, Associate Real Estate Broker
(585) 329-036
robertopett@gmail.com
Keller Williams Realty Gateway
1880 Rochester Rd, Canandaigua, NY 14424
