Is the Housing market going to crash?
This is an interesting article on why the housing market is NOT going to crash…specifically, supply and demand still controls this issue.
While there are more able Buyers than Sellers, the market will continue to flow…in some areas, home prices will go lower, but much less than what they have appreciated to for the last 14 months.
In Summit County, a market driven by Buyers who are looking for a better lifestyle, and in an area that is desirable, the blanket generalizations don’t usually come to fruition.
The quotes from Redfin and the Asset are based on primary occupant areas and neither entity is big in our County.
In 2021, 40%+ of our Buyers paid cash, and in 2022 that percentage is projected to increase based on the rise of rates. In truth, many of our Buyers don’t need a loan…they were just enjoying the use of the banks low rate money in lieu of using their own cash. Today, their decision to purchase with a loan will likely be different.
Summit County is enjoying the ‘pause’ it incurs whenever there is a market shift…and in a few months we’ll see that we still have more Buyers than Sellers, and that prices have softened to the point of a more sustainable market.
Give me a call and let’s chat about the sustainable real estate market in Summit County!