For those worried about the impending housing shift; experts say fear not as it won't be anything like it was during the 2007-2008 crash.
As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well.
Many housing experts feel that the market will definitely cool off as mortgages rates rise and sellers who were looking to cash out pause their ambitious efforts.
The crash that caused the caused the great recession back in 2007 was a combination of poorly written loans coupled with the results of years of predatory lending practicies all coming to a head at the same time. In 2022, mortgage holders are more stable on average and the mortgages that they hold are definitely more stable. Fear not home owners! If we are being fair we have to accept that all markets have hot/cold seasons and prepare fof the fact that we may be entering a cooling...
For sellers:
if you need or want to sell....SELL! There are still buyers out there. The key is to price properly. DO NOT price and expect 40k over asking. Price at market value and you will sell.
For buyers:
As things shift, you adjust. The buyers pool may not be as crowded in the months to come so bid with confidence and be prepared to pay market value as sellers tighten their wallets.
