Updated: Sep 29, 2022
It was hard to miss the headlines last week about the shift in the current housing market — but the real story has a more optimistic outlook.
Although the market is moderating compared to the last two years, we need to put it into context and remember that the past two years were record-breaking in nearly every way. Record-low mortgage rates, the COVID “work from home” shift and millennials reaching peak home buying years led to an influx of buyer demand. This combination created the record-high demand coupled with record-low supply, and that wasn’t going to be sustainable for the long term. Comparing today’s market to pre-pandemic times it shows our current market is actually extremely strong.
READER’S INSIGHT. . . today’s housing market looks a lot like the 2019 housing market, which was the strongest housing market in a decade at the time.
If recent headlines have you concerned, look at a more typical year for perspective. The current market is not a crash or correction, it’s actually a turning point toward more typical, pre-pandemic levels.
Want to know more? Don’t hesitate to reach out.
