RANTS & GEMS 1: When will the housing market crash?

TL;DR

Housing market is strong, prices up, multiple offers common, no crash anticipated.

Transcript

all right guys so welcome to the first episode of the ranting gems show my name is matt garland in mls number five eight seven zero zero but i'm better known as mg the mortgage guy so i got my lovely co-host with me today kiana watson hello hello everybody what's popping kiana not much you know just out here living my best life you know my name is ... Read More

Key Insights

• 😘 Low inventory is causing prices to rise and creating a seller's market.
• 😷 Multiple offers and above asking price offers are common in the current retail market.
• 💯 Buyers need to save, improve credit scores, and be prepared to pay above appraised value to compete effectively.
• ❓ A market correction is expected, but not a crash, with sustained growth predicted.
• 👷 Builders are expected to increase construction, adding inventory and potentially stabilizing prices.
• 😘 Low interest rates are contributing to the strong housing market demand.
• 😘 Buyers should shift mindset, plan strategically, and take advantage of low interest rates before they rise.

Questions & Answers

Q: How is the housing market performing currently?

The housing market is strong with high demand, low inventory, resulting in rising prices and multiple offers.

Q: What impact is the low inventory having on the market?

Low inventory is driving buyers to offer above asking price and engage in multiple offer situations, creating a competitive retail market.

Q: What can buyers do to navigate the current market conditions?

Buyers should save, improve credit scores, and prepare to pay above appraised value to compete effectively in the current retail market.

Q: Is a market crash anticipated in the near future?

No, a crash is not expected, but a correction with a slight decrease in prices may occur, especially in 2023.

Summary & Key Takeaways

• Market: Strong, demand high, low inventory causing prices to rise.

• Impact: Multiple offers, above asking price common in retail market.

• Future: Correction expected, but not crash, sustained growth predicted.