Recession is Not an Automatic Housing Disaster

By
Real Estate Broker/Owner with Sandpoint Realty LLC DB36113

This is such an important fact not only for North Idaho residents to understand, but people in general across the nation. 

Sandpoint Realty Recession Housing Myth

The past forty plus years have shown us 6 recessions.  Of those only 2 have had declines in property values.  I would also beg that 2008 completely different housing market than that of today, especially in Sandpoint Idaho area. 

 

Core Logic and NAR indicating record number of homeowners having 50% or more equity and more incredible than that the number of homeowners owning their home free and clear of a mortgage.

 

I will further argue that 'should' North Idaho housing prices drop 2% as they did in 1991, a homeowner who bought only 6 months ago would still show a home value at least what was paid when purchasing, if not an increase of value even after the 2% decline.  

 

Do not let news reports and social media panic you.  It is done for their best interests, not the hard working public.  Contact me for any local North Idaho Housing questions you may have.  

 

'Experience the Difference' in working with a full time Professional Idaho REALTOR®.  Your wants and needs will always be my priorities.  

 

Mark Don McInnes

Broker - REALTOR®

208 255-6227

SandpointNorthIdaho.com - North Idaho Home & Land Searches

 

Sandpoint Realty LLC

1205 Highway 2

Sandpoint, Idaho 83864

Posted by

Mark Don McInnes

208 255-6227

"Experience the Difference' working with a full time professional Realtor®

Mark Don McInnes - Sandpoint Realty LLC

 

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All images and content property of Mark Don McInnes and only to be used/copied with prior written permission.

Comments (11)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for the great information in your blog today to share with us here on the Rain.  Make it a great day! bill

May 19, 2022 12:26 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Mark I agree.  It is a mistake to compare today's housing market or any other housing market to 2008.  That market had far more things going against it than any other market before or after it.

May 19, 2022 02:11 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Mark,

There are a lot of nervous sellers who are thinking about 2008.  As George Souto stated, it is a mistake to compare this time with 2008.  I have talked a lot of clients off the edge just in the last week.

May 19, 2022 04:21 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I think the difference between this housing cycle and the one in 2008, is that mortgages are on more solid ground.  More homebuyers are putting a substantial amount of cash into the sales.  They have more skin in the game.  

May 19, 2022 05:50 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Mark, on having this blog FEATURED in the Old Farts Club group!  

May 19, 2022 05:50 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Mark:

This is such important information for homeowners to be aware of - talk of recession makes people immediately think of 2008. I shared a similar graph and article today on my blog.

Jeff

May 19, 2022 05:53 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Mark great minds think a like look at what I posted tonight?:) on a side note hope you received my private message, Endre

May 19, 2022 10:29 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

The most important thing "Do not let news report and social media panic you!" So true.

May 20, 2022 04:58 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Mark... I was aware of this... but I think most people are not... very smart to get the word out. Lots of people start worrying about things unnecessarily.

May 20, 2022 05:40 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Mark, it does feel strange, but definitely a different market today versus 2008.

May 22, 2022 06:10 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Buyers seem to want to will a housing crash into existence.  Not happening.

May 22, 2022 07:42 AM