There is a lot of buzz among the general public as to if and when there will be a real estate market crash like the one in 2008. The fact is, there won't be. The real estate market is nothing like it was back then.
For most people, buying a house is the biggest investment they will ever make. The worth of the property, therefore, is of great importance throughout the duration of the owner's dwelling because the financial return on investment will come at re-sale.
It's tough being a homebuyer nowadays. Record sales, high prices, and lots of competition are only a few of the many challenges' buyers are facing in today's market. Here's what to be prepared for:
It is one of the best seller's markets the real estate industry has seen in a long time, perhaps event better than the mid-2000s. List your home for sale on the market one minute, and the next you're likely fielding offers.
It's no secret the real estate market is super hot right now and the demand for homes is high. There are more buyers than homes available for sale. In fact, according to an article on Realtor.com, the national inventory of active listings declined by 53% over last year.
If you're in the market to buy a home right now, you're probably finding out that it's not easy. According to the National Association of Realtors (NAR) existing home sales are -3.7% month-over-month. This is a direct result of the historically low inventory of homes available for sale.
It's no secret that homes are selling quickly. There is stiff competition because the low inventory of available homes for sale is unprecedented.
It has always been said that owning a home is the American dream. According to the latest 2021 statistics from ipropertymanagement.com, "44.1 million or 35.9% of U.S. households rent their homes."
It's a sizzling, fast-paced seller's real estate market right now. This is due in part to the inventory of available homes for sale being historically low. It was low at the end of 2019 and continues to drop.