These are the questions that seem to be on everyone’s mind:
What is happening next for the economy and housing? Are we on an all-new crazy train, destined to crash off the cliff in a pile of short sales and foreclosures? Are distressed sales headed to your market? Is the bubble bursting?
Do you feel confused and stressed yet? This podcast will clear give you a clear sense of direction. Now, let’s drill down on what’s actually happening, what it means, and what you should do.
Let’s start with the fact that housing inventory is rising. The headlines say that the influx of active listings will drive prices down, reduce the velocity of sales and, consequently wreck the market. This is indeed a logical argument since it was a major factor driving the housing crash of 2008-2009. Too much supply and not enough demand turned the tables from boom to bust back then.
It’s true that inventory has increased from an all-time low of 900,000 active listings in February 2022, up to a new high of 1.2 million listings currently. That’s an increase of 35.6% so far this year.
What does that mean? Consider the fact that active listings peaked at 3.9 million in 2006. We have 2.6 million fewer than that peak. So this time is NOT just like last time. It’s very unlikely that we will all wake up to a sudden increase of 2.6 million listings.
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