The Market Likely Isn’t Headed for a Crash…
Let’s take a look at Inventory,
New Builds, Expected Population Growth, & Rental Options
The housing market is slow in August, but August has been the slowest month of the year in recent years in this area. Is the market really headed for a crash? Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then. News about an economic slowdown happening today may bring all those concerns back to the surface. While those feelings are understandable, here is some data to reassure you the situation today is nothing like it was in 2008.
One of the key reasons why the market won’t crash this time is the current undersupply of inventory. Housing supply comes from three key places:
- Current homeowners putting their homes up for sale
- Newly built homes coming onto the market
- Distressed properties (short sales or foreclosures)