It’s November 2022 and the market has been shifting for several months. But one of the most asked questions is; “What’s happening with the Real Estate Market Crash of 2022?”
Troy Sage your Real Estate Insider talks about the current state of the real estate market and what to expect regarding the crash. Check out the video below for details.
We have been seeing homes sit on the market longer, higher interest rates, and an overall slowing of the market. Our country is facing a recession but real estate is holding in there. So how do you buy a home in this crazy market?
If you have been following the market you know the real estate market has been insane. At the start of 2022 we witnessed multiple offers on just about every home, buyers were overpaying for homes, and interest rates were extremely low.
“Part of the increased pricing and multiple offers had to do with Supply and Demand issues. COVID slowed the entire market down and homes simply couldn’t be built fast enough” – Troy Sage
Interest rates have increased which has caused the market to slow a little, but new lending programs like the 2-1 Buy Down have kept the market moving. Yes, sellers are actually helping buyers with closing costs and reducing the buyers overall investment. See the below video for more information:
Interest rates are above 7% which is difficult for first time homebuyers, but some are saying to get in the market now before prices continue to increase alongside interest rates. A double increase would not be good for the real estate market, but neither is this recession we’re experiencing.
Historically we have seen when interest rates increase, home buyers purchasing power becomes weak and prices decrease. In this market today we haven’e seen a massive decrease in home values. In the Dallas and Frisco Texas area we are currently in a stable market and prices are holding steady. The market remaining strong has a lot to do with the job market and the number of people relocating to the area.
With prices holding steady some people are wondering if Homeownership has gotten too expensive and the American Dream is dead. I personally don’t think so, and to back up my statement I have some stats for you to consider. Click Here to see the Stats.
Overall I believe we will see a slowing of the market but not a full crash. Remember a crash would consist of high interest rates and a reduction of home values of over 40%. Not that a crash couldn’t happen, but it’s unlikely.
I’m Troy Sage a full time Realtor in the Frisco Texas area. Wether you’re buying to selling a home it’s my top priority to go above and beyond by doing Real Estate Differently. Our focus is on your wants and needs not selling! I’ve been in the business in multiple states for over 20 years and it’s my mission to help people achieve their real estate dreams. If you’re relocating to the Frisco Texas area, I can help you make the move as easily as possible.
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https://www.youtube.com/c/troysage?sub_confirmation=1 If you want to speak to me about Frisco or the surrounding area, please feel free to book a call or zoom. Or email Troy@TroySage.com