Many ask the question are we in a recession? In my humble opinion we are in a housing market shortage solely because the Federal Government kept rate low for too long. Two years to be exact. Of course it makes sense that homes are flying off the shelf sold at a rapid rate. Our nation has been in the (FOMO) Fear Of Missing Out mode and to add to the current market with spiking interest rates. The word recession has crawled all over the media, however the word inflation took it's place and feel the worst about where the housing market is headed. Recession does not mean a housing crisis will follow.
From my understanding recession is not a housing crisis and with economic slowdown truly does not necessarily mean homes will start losing value. Unfortunately food, oil, gas prices and services have been increasing and inflated at a rapid pace. Gasoline and oil has nearly doubled through this crises. On Wall Street the stock market has been eradicate and sliding with an unknown future.
Salary wages are not compatible with the current economical conditions. Gasoline prices are not letting up and home prices will still climb through 2022. It's important to understand history proves an economic slowdown does not equal a housing crisis.
The truth shows that we are currently is an economic slowdown as of June 2022. Click here to learn more /ECONOMIC-SLOWDOWN---32819---32836---Dr-Phillips-6-22903.html
Defined as two consecutive quarters of negative economic growth and a decline and great compelling of symbolic decline in economic causes across the country. Several indicators are lack of employment, consumer spending with lack of reproduction and starts when the economy reaches reaches a peak of economic activity. Past statistics show that we are not currently in a recession and does not necessarily dictates homes will lose value. Speaking plain a recession is not equivalent to a housing crisis.
Reports show that the number of home sales are likely to grow this summer. Looking at it from a buyer perspective, this opens up more doors of opportunity so move swiftly and make your best offer. Looking at it from a seller'd perspective there will be more competition when you put your home up for sale. Inflation is looking like it will drive up mortgage rates and homes continue to appreciate
As for realtor.com experts don't believe the market is in a bubble or crash in 2022. We are suffering a housing shortage that has reached the peak crisis when many millennials are reaching the age when they may start to consider homeownership and will likely keep prices high.
The issue resolves around a housing shortage that has created a supply and demand environment in the mist of the pandemic. There is no more affordable housing to include renting. Many renters have turned to trying to purchase a home due to renting is nearly a general mortgage payment amount.
The main problem is that there is a very low inventory of affordable homes to rent and to purchase. The unknown in time remains to be told. Connect with a real estate professional to understand even more. Trust your local home advisor Kevin Strawter at 850 496-6412 or email email@example.com to steer you in the right direction. Serving Dr Phillips and Central Florida. Click here to know more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html