Are We Heading For A Crash?
The common talk amongst real estate professionals these days is whether we are headed for another real estate crash. I wouldn’t say “crash” would be the appropriate word, but “reset” may be. In June, the Federal Reserve Chair said to expect a "reset.”
What does that mean for you?
Home price correction - no more overbidding wars and astronomical pricing. That market is gone, at least for now.
On a year-over-year basis, the ongoing housing downturn has seen new home sales and existing home sales fall by 29.6% and 20.2%. Is this a crash? No. Is it a downturn? Yes.
Sellers may wait to list their homes. They may want to “wait out” the downturn. Buyers may worry about rates going higher. But the longer this lasts, the more people will realize this may be the “new normal” (aren’t you sick of that phrase already?) and jump in. Only time will tell, but as always, real estate is a great place to put your money historically.
