Housing Crash on the Horizon
Since spring of last year people have been worried that the housing market is in for a crash. This simply can’t happen due to the low amount of homes for sale and high buyer demand. The national housing market has seen an average of about 30% depreciation since the beginning of 2021 and if you read the headlines the housing market is crashing. However, when you look at the monthly price appreciation in our local market (and others across our country) home prices are actually going UP! This has always been my frustration with national headlines. Have a look at the graph here from 2011 to 2023. We don’t have enough homes for the people who want to buy them and that means you likely will have more than one buyer for each home on the market. Interest rates will keep that from being the frenzy we just came from….thank goodness! If you want to learn more or you have questions, we’d love to connect with you.