Is the market about to pop? Many people are saying we won’t maintain the market we have. How true are the stories and predictions? Take a look and find out!
Are we in a real estate bubble that’s about to pop? A long time ago, we had a pretty faulty situation going on with our subprime lending, and basically what was happening is people were overqualified. They really couldn’t afford the houses they were buying, and so when the interest rate went up, they really couldn’t afford it and they had to foreclose. Thee were a lot of these going on.
Since then, we’ve corrected that, and we have a lot more lending requirements to make sure that that doesn’t happen. So that was an isolated incident that happened with a culmination of other factors including an interest rate increase.
Another thing that’s important to know is what actually is a sellers market. So anything under six months of inventory is considered a sellers market, and we’re only at 2 1/2 half months of inventory, so we’re still doing fantastic, multiple offers, over the list price, lease backs for free, it’s still a fantastic time to sell. So, if you’ve been thinking about it, now’s definitely the time. It’s the end of the summer. We still have buyers that are looking to get in before school starts, so don’t waste any more time. Hope that helps, and have a great day.