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5 Reasons This Real Estate Market is Nothing Like 2008

We hope you and your loved ones continue to stay safe and healthy. The coronavirus continues to dominate every aspect of our lives, both here in the United States and across the globe, and even though it can be hard to stay up to date with the latest changes, it is our goal to keep you informed. 
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:
“With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”
There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five dramatic differences.
  1. Mortgage standards are nothing like they were back then
  2. Prices are not soaring out of control. 
  3. We don’t have a surplus of homes on the market. We have a shortage.
  4. Houses became too expensive to buy.
  5. People are equity rich, not tapped out. 

Watch our video above to learn more about these statistics. 

As best it can, the real estate industry will continue to operate during these trying times. Agents across the nation are taking precautions to keep themselves and their clients safe as they navigate transactions, interacting with clients remotely when possible, limiting the number of people who come to a home’s showings, and/or leveraging virtual home tours to replace in-person contact as much as possible. 

If you have questions for us or if we can assist you in any way, don’t hesitate to reach out via phone or email today. We’re here to help.