Is the Housing Market Going to Crash?
Is the housing market going to crash? No. This isn’t a 2008 repeat because today there are half the number of homes for sale and double the number of buyers.
Dave Ramsey
Is the Housing Market Crashing?
Are home prices dropping? Should you wait to buy or sell a home? Should you be panicking? NO! Here’s what’s really happening in the real estate market.
Are Home Prices Dropping?
The short answer: no. Home prices are based on supply and demand. And there are currently way more people that want homes than there are homes to put them in. What you can learn from this (and from the historical data that backs it up):
- Home prices are not dropping. They will continue to rise for the next five years—just at a slower rate.
- The market is not going to crash.
- As the market slows down and supply increases, we expect to see supply and demand level out in the next few years.
What’s Up With Interest Rates?
In 2020 and 2021, interest rates were at an all-time low and have since risen. Here's what this means:
- While it feels like interest rates are at an all-time high, they’re not. They were around 17% in the ‘80s!
- Don’t wait to buy a home until interest rates and prices drop—these rates are the norm compared to the past two years.
Don’t Navigate This Market Alone
If you need help finding an agent—one who cares about you, puts your worries at ease, and has the experience to navigate this market—we can help. Our RamseyTrusted® pros will serve you with the excellence you deserve. Fill out the form to connect with an agent you can trust.
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