You’ve probably heard the word ‘Bubble’ thrown around in terms of the real estate market. And lately, we’ve been getting lots of questions about how today’s market is different than it was in the period before the 2008 Bubble. The circumstances around today’s market are not showing signs of a ‘Bubble.’
The Bubble vs. Today
Below are some graphics containing numerical comparisons that illustrate how different our market is today.
Some Predictions
We aren’t in a ‘bubble.’ There is nothing that will stop the price of houses from increasing, but the general public’s own cap (in other words, what people are willing to pay). If building new homes was less expensive and could be built faster, that would help. But the reality is that the time and money it takes for new builds isn’t enough to satisfy the current demand of homebuyers. Although this seems intense, the good news is that there are predictions suggesting the rate of appreciation to begin to at least slow a bit. This isn’t a bubble burst, but it does mean that it’s time to get your foot in the door before the prices keep going up (it’s slowing, not stopping or reversing).
Let’s Talk
Trying to decide if buying or selling your home is right for you? Pick our brains! We are happy to help talk through different scenarios with you and figure out what’s right for you and your family.
