If you think back to the last housing crash our current fast-rising housing prices and market feel very reminiscent of those days. But many of the reasons behind that last crash are not present this time around.
In 2021 there are way more home buyers than homes for sale. That’s a major reversal from the late 2000s, when home builders way overbuilt flooding the market with more properties than there were buyers. Fast forward to today and there isn’t enough new construction to meet demand.
One of the major differences from then and now is bad mortgages which was the key factor in the 2008 financial crisis. Since then sub prime mortgages have largely disappeared from the market. New government regulations in the wake of the last economic downturn has mainly ensured that most qualified borrowers can get mortgages.
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Brandon Coulston
HomeSmart Surprise Arizona
Paramount Valley Realty Surprise AZ
Direct: 480.865.8500
Email: brandoncoulston@gmail.com
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