This is why the current market is different from the crash of 2008
In 2008, the financial crisis 💰 left us in a state of recession 📈 . Fortunately, we recovered but recent changes have planted fear that the crisis may repeat again! 🛑 But it is unlikely to do so for the real estate market and here's why:
💢 Unlike the oversupply in 2008, the supply is actually below the demand in 2022, meaning house prices will likely be healthy and even rise further. Furthermore, the percentage of those taking out more loans when purchasing homes in the current market is much lower compared to those who purchased during the 2008 crisis.
💢 Currently, the market is in a state of correction, meaning it will only continue to stabilize more, making this a good opportunity to make the purchase. In the long run, the value of the home will likely increase, raising your equity in the home and decreasing the overall cost of the house in the long run.
If you have any real estate questions, feel free to call me at (718) 767-8200. I would love to hear from you.
