With all the talk of an economic slowdown, many people are wondering if we’re heading for a crash like the one we had in 2008.
Today is nothing like 2008!
That housing crash is still fresh in the minds of many homebuyers and sellers. But today’s market is different.
“Among the differences between today’s housing market and that of the 2008 housing crash is that lending standards are tighter due to lessons learned and new regulations enacted after the last crisis. Essentially, that means those approved for a mortgage nowadays are less likely to default than those who were approved in the pre-crisis lending period.” – Natalie Campisi, Advisor Staff for Forbes
Another key difference is the number of people looking to buy a home still outweighs the supply of houses on the market.
The housing market is not a bubble and we’re not on our way to a crash. If you’d like more info on today’s housing market in our area, reach out! I’d love to chat.