Buyers Are Waiting for the Crash
How many times have buyers told you they are waiting for the crash to happen before they buy or this market is like it was in 2008 before the financial crisis? I know I have heard that a lot over the past couple years.
The only issue is that we are at historic lows for homes that are for sale. As you can see from the chart below, from the National Association of Realtors, is that there were almost 4x the amount of homes listed in 2008 vs today.
This market is very different vs the 2008 market.
It is simple supply vs demand economics. There isn’t enough supply as a result of this. Even though rates have more than doubled, homes prices really haven’t come down off their highs.
When these rates eventually come down housing prices are going to increase since we are at historic lows for homes that are listed.
This is important information to pass onto your buyers. If they have any questions, I’m available to discuss the trends and how they can make it work for them.