With such unprecedented times in the housing market, consumers are concerned about the rapidly appreciating home prices. Google has even reported a popular search that has spiked 2450% over the past month:
“When is the housing market going to crash?”
With agents stating that they have increasingly had conversations with clients about whether or not the market is heading into a bubble. Financial analysts are alleviating the consumers’ concerns about the current residential real estate market. After much consideration, financial advisors all came to the same conclusion that the housing market is strong and price appreciation will continue. Let’s take a look at what financial advisors are commenting about the housing market!
Strong demand for housing looks sustainable. Even before the pandemic, demographic tailwinds and historically-low mortgage rates had pushed demand to high levels. … consumer surveys indicate that household buying intentions are now the highest in 20 years. … As a result, the model projects double-digit price gains both this year and next.”
“This robust demand and highly challenged supply, along with tight mortgage lending standards, may continue to bode well for home prices. Higher interest rates and post pandemic moves could likely slow the pace of appreciation, but the upward trajectory remains very much on course.”
“Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”
Connect with a Seven Gables Advisor today to learn more about buying or selling your home now in your local market!