Another Housing Crash?

In this crazy real estate market, do you wonder if we are looking at another housing crash this year? Many of us are thinking the same thing. If only we had a crystal ball!

What goes up must come down is the old adage, right? But a crash is scary. Those of us who lived through it back around 2007, 2008, 2009 (plus or minus) are on guard and prepared. But the good news is the experts are expecting a slow down on the slant towards the sellers market later this year. And our friends at RISMedia say not very likely based on:

• More Stringent Lending Standards will greatly decrease the letting of uncertain mortgages to unlikely borrowers.
• Pandemic Mortgage Forbearance won't likely harm the industry
• Most Homeowner’s have an equity cushion and are not upside down in their home value versus their mortgage balance
• Sellers can expect A Moving Target, that is, no firm notion that the slant toward sellers will come to a screeching halt.
• Price Growth Will Slow Down, but Continue..good news for sellers

So is this good or bad news for you as a potential buyer or seller? I'd say good on both sides. If you're hoping to buy a home or investment property, chances are the slowdown will put you in a more competitive situation. We all know how frustrating it can be to repeatedly bid on a property and lose out for any number of reasons. Here in Pittsburgh, PA we have seen that way too often. For sellers, the price increase slow down isn't necessarily a bad thing since it's going to continue for a while and still see net gains beyond a normal market.. While every seller hopes to get top dollar for their property, no crash means you'll still sell at a great price. Higher quality buyers will be at your doorstep wanting to buy and they'll be more realistic in their expectations.

Per Mark Mathis of Sales for Homes.com, " While no one can say for sure what will happen with the real estate sector, most experts are confident that we’ll experience a market dip, but certainly not a crash." So you have options....

What will you do? Jump in or wait? Take advantage of the hot market now if you're selling. If you're buying, keep the faith and hang in there. Your dream property is out there...