Real Estate Agent · Seattle, WA · Member since 2020 · 62 posts · 42 votes
Hey everyone! What is your take on the housing market based on these graphics? Where are we heading? Based on the data, it doesn't appear that we have the same market conditions. I know everyone is worried about what will happen with COVID-19. The 5 points of the article were:
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.
Here is the link to the full article if you want to take a gander:
It isn't the same because there are different problems this time, that may or may not affect RE, if we don't go into a prolonged recession we are likely to maintain the status quo, if we do the likely culprits to affect RE are oversupply due to people forced to sell because of job loss and a reduced buyer pool also due to job loss.