The housing crashed already happened
Nearly every market in the US has already seen the bottom and is seeing price increases again.
This does not include markets like Seattle and San Francisco and a few other which saw 80-90% gains over a two years span in 2020-2022.
Additionally, seller concessions are not being provided as often. Remember, seller concessions is when the seller agrees to pay all or a portion of buyer’s closing costs.
The issue is still the lack of homes needed to meet the demand. Housing supply is at all time lows. When 10 million people are shopping for only 1 million homes available, prices cannot come down.
New builds are helping as much as they can, but its’s not enough.
How is going on your market? Let me know in the comments he below. 👇👇
CTA:
If you’d like to see where you stand in terms of affordability, feel free to reach out to me and my team and we can help you determine how much home you can purchase comfortably with your budget.
Just DM the word HOME.
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Mark Neely | Senior Loan Officer | NMLS #489379
CMG Financial NMLS #1820