There is a lot of speculation about what is going to happen with the housing market. Surging home prices, slowly increasing interest rates and a very competitive climate have many people believing a housing bubble is beginning to form or the market is going to crash in the near future. However, circumstances today are very different than they were during the housing crash 15 years ago. Here’s how:
As you can see from the infographic above, the current housing market does not even compare to what it was like during the housing bubble. Home prices are expected to keep rising because there’s a healthy demand for homeownership all while there’s a shortage of homes for sale. Stricter lending standards and a strong job market give the housing market a level of security and protection from a crash it did not have in 2008. The reality is unless something changes in the economy, the market will foreseeably remain strong.
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