In 2009 there were nearly 3 million foreclosures in the United States! If you were a homeowner in 2009 I'm sure you felt the crunch, whether you were foreclosed on or upside down in your mortgage, it was a rough few years.
One of the questions I get asked most often is what I think is going to happen in the market. As I'm sure you know, it is a seller's market right now and the price of homes continues to climb much like it did in the early 2000's before it crashed. In fact in the Central Valley many homeowners saw their value drop nearly 50%. So the big question is, "Is that going to happen again?" Are we in for a crash?
I'm only guessing of course (which by the way anyone who shares their opinion is also guessing) but my opinion is that the market will correct itself but nothing like the crash we saw in 2009. Why? Mainly because, due to that crash, the current loans are better. The loans people have now are loans they truly qualify for.
But prices can't continue to go up like they are. From what I read, I expect prices to continue to rise through 2018 mainly because of the low inventory of homes on the market. It's the old rule of supply and demand. But as more homes come on the market, I expect to see a correction and home prices to cool off a bit.
So when is the right time to buy? It's simple really. When you are ready. The answer is different if you are buying investment property, but if you are buying your primary residence, that you plan to stay in for many years, you buy when you have the down payment and can find the home you want.
So are you ready? Call me, let's find your home.
Have a home to sell in this seller's market? Then calling me is what you need to do. I'll get your home sold!
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