Many are concerned that the housing market will experience a wave of foreclosures and short sales. The fact of the matter is, we aren’t in a housing bubble like we were 15 years ago. There are also fewer homeowners in trouble this time. According to the Wall Street journal, in the last housing crash in 2008, an estimated 9 million people lost their homes to foreclosure or short sale. Fast forward to 2021, the total number of mortgages still in forbearance stood around 1 million.
With the rapid rising home prices over the last year and a half, the average homeowner has at least 10% equity in their home. Equity enables a homeowner to sell their homes, rather than fall victim to foreclosure or short sale. There also isn’t an oversupply of homes for sale like there was in 2008. In fact, we currently have less than a two-month supply of listings available for sale on the market vs. 2008, where there was about a year supply of homes available for sale.
The bottom line is that there is still a limited supply of inventory available to the marketplace. If you are looking to sell, it is the prime time. Take advantage of the equity that you have in your home. Call or email our office today, we would love to assist you or answer any questions that you may have regarding the current Real Estate Market.