Why haven't we seen a housing market crash yet?
Have you heard about the changes in the housing market lately? It's been pretty wild! Last year, mortgage rates went up really high, which made it hard for many people to buy a home. And after several years of prices going up really fast, home prices finally reached their highest point last summer.
People were worried that prices would crash, but it turns out that prices have actually stayed pretty steady across the country. According to Lawrence Yun, the Chief Economist at the National Association of Realtors, things will probably stay that way for a while.
But here's the thing - there aren't enough homes available for sale right now! That means that there are a lot of buyers who want to buy a home, but there aren't enough homes for them to choose from. That's driving prices up even more!
Industry experts say that we won't see a big drop in prices anytime soon because there just aren't enough homes for sale. And with a shortage of homes expected to continue throughout 2023, sellers don't have to worry about lowering prices to attract buyers.
So if you're thinking about buying or selling a home, it's really important to work with a real estate agent who knows what's going on in your area. They can help you navigate the ups and downs of the market and make sure you get the best deal possible!
Bottom Line
A lot of people expected prices would crash this year thanks to low buyer demand, but that isn’t happening. Why? There aren’t enough homes for sale. If you’re thinking about moving this spring, let’s connect.