A lot of people are wondering whether we’re currently in a housing bubble and if it’s going to burst, so today I’d like to put your mind at ease. There are a few things that indicate that we aren’t in a bubble.
We’re in an incredibly strong seller’s market and prices have skyrocketed, but it all comes down to simple economics. There is little home inventory but a ton of buyer demand, so people are having to pay more to beat the competition. Some homes are selling well above the asking price, which is making sellers very happy.
Buyers, I know it can be discouraging, but don’t give up. Continue to submit your offers and find a Realtor who can help you win. It’s not always about price—the seller may want a quick or extended closing date, for example.
We’re in an incredibly strong seller’s market and prices have skyrocketed, but it all comes down to simple economics.
”Still, many people think our market is heading toward a crash like the one we saw in 2008. There are some key differences in today’s market, however. Unlike in 2008, homeowners have a lot of equity right now. This equity should help people weather any price declines we may see. And as mentioned earlier, this hot market is mainly the result of supply and demand. If you have any questions about our market or would like more information, feel free to reach out to me. I look forward to hearing from you soon.
