Thoughts On The Current Housing Market Boom?

[Arionna Russell]

The housing market is sizzling like a cracked egg on a Phoenix sidewalk in the middle of July, and home prices are high. How long do you think this will last, and what do you think is the best course of action? Some common lines of reasoning I see:

1. Wait it out. Sellers are sitting on their homes & not in a rush to sell. The increased housing prices are unsustainable. When the eviction moratorium and mortgage forbearance programs end we will see a flood of property foreclosures mid 2021.

2. Buy now. The increase in housing prices are due to legitimate low housing supply and high demand. Take advantage of low mortgage rates. Even if housing prices were to eventually drop, they would not reach pre-COVID levels.

3. It's always a good time to buy if you know your numbers.

This is all speculation of course. I am simply curious!