“I’m going to wait until the bubble bursts”; “When home prices tank again, I will buy”; “Home prices are just too high right now”
These are just a sample of many of the things our team hears daily, as we talk to those contemplating buying residential real estate.
What Is Your Home Worth: GetMyFreeHomePrice.com
Could home values do what they did in 2008….of course they could. Will it happen again…statistics don’t’ show they necessarily will. One thing is for certain no one has a crystal ball and we won’t really know what the next “recession” will bring until we are in the midst of it. Statistically home values don’t always depreciate during economic downturns.
Keep in mind the definition of “recession” is: a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
What Is Your Home Worth: GetMyFreeHomePrice.com
So why did homes values depreciate so much during the last recession, more than prior recessions? The most significant cause noted by many sources was sub-prime mortgage lending (housing related).
Keep in mind as well that interest rates are still at historic lows, and the dipped again recently to 21 month lows. If you are home owner you might want to check on your interest rate and refinance if you are looking to stay in your home.
Hopefully you are enjoying our monthly real estate information, should you have any questions about your home, the market, or just want to say hi please fell free to reach out to us.
Questions about selling your home or the current real estate market?
Call Gordon Hageman @ 602-552-6421
What Is Your Home Worth: GetMyFreeHomePrice.com