A RECESSION DOES NOT EQUAL A HOUSING CRISIS FOLKS!!!
I know this looks a bit long winded-but it is packed full o’ facts-I hope you will take the time to read 😊
I have been asked a few times recently, “Where is the Market headed?”
Many, are concerned by what they have been hearing on the news…
I hope to put to rest, some-if not all of your concerns-Right here, and now 😊
#1-A Recession does NOT equal a Housing Crisis-No need to fret over what is nothing more than FAKE news, or just know-It simply is not the complete message.
I have seen, and personally experienced many “ups” and “downs” in the more than 3 decades, that I have been a Realtor/Real Estate Counselor…I make sure to do the appropriate research-and have access to the right people (Top Local Economists/Appraisers), so as to properly counsel those I serve.
HERE ARE JUST A FEW REASONS WHY WE ARE NOT HEADED FOR A CRASH IN OUR MARKETPLACE~
1-The Supply VS. Demand Ratio…We still do not have enough available housing for the current or future demand. Families will continue to move, in droves, to our Region from not only the Bay Area-Also from many other areas of the State-Why? Because our Tri-County area is STILL one of the most desired, in California-that is affordable-and isn’t desert land.
2-Lending standards are NOT anything like they were in the 2000’s. They are not lending to people-just because they can stand and breathe.
3-Rent Values are still high~As is the Equity in our homes!
This screams the fact that our market is strong, and while there will be some flux-and has been the last few months-it will remain strong. (Please keep in mind-Many of the price reductions you are seeing-and the homes staying on the market longer than before-Is because the Sellers started out too aggressive…)
The Real Estate Market-went into “Over-Drive”, through COVID…The Market is simply shifting-and leveling out, for lack of a better way to put it-that is it my friends! Man, interest rates were 15.5% when I started out in the biz! And I sold twice as many homes back then!
4-When it comes to pricing, through the year 2026-The lead economist for the California Association of Realtors, as well as the lead Appraisers, local to our area- Of those that were interviewed-96.8 % of these Analysts-Are forecasting Appreciation!
Lastly-And maybe is most important of all-Please remember…National News, is NOT Local News. What is happening in another State or area of our State-has nothing to do with Our Tri-County Area.
Bottomline, the marketplace where we live, work and play…remains strong and vibrant.
My advice...If you love it~”Marry the house, NOT the rate!!!!!” One of the primary Tax write -offs, we still have today-is the Interest on our Mortgage-even with the cap the FEDS put on that…and you can also write-off some of costs-to buy a home, as well…
Here to serve!