3 Reasons I do not believe the housing market is going to crash in 2023.
I recorded this a few months back but so stand by it and believe it still rings true.
Supply and demand greatly affect the housing market. Every local market is different, but I can say that in my local market, Snohomish County Washington we currently have a higher demand than supply. Many homes are seeing multiple offers and the majority of homes are going for over asking price.
The vast majority of homeowners have a lot amount of equity. If they need to sell, they can do so. They don’t need to go into foreclosure!
Media reports that foreclosures are up x amount over last year. Yes they are, but zoom out and look at the bigger picture and you’ll see that foreclosure rates are still well below pre-pandemic levels and WAY below 2006-2011 levels.
Yes, year over year home values are down somewhat, and Fannie Mae recently reported that economists are expecting a 1.2% dip in home values by the end of 2023.
Doesn’t sound to me like the great housing crash that the media is constantly talking about! Look at the facts. Facts over fear!
If you’re new to my channel, welcome! I am a Snohomish County Washington Realtor. On my channel I am sharing all things real estate.
For business inquiries you can reach me at tiffany@sellingsnohomsihco.com
@tiffanygemmer
#housingmarket #realestate #buyingahome
