A Housing Market Correction Is Coming

Housing Market Slowdown

05 May 2022
With inflation and mortgage rates on the rise, there is a lot of speculation about where the market is headed and what that means for home prices. In fact, it has many wondering if a market correction is coming in 2022.
As people spent more time than ever at home during the pandemic, real estate value defied all expectations and prices soared. Property values haven’t slowed and home prices are currently at record highs. A recent CoreLogic report showed that nationally, home prices increased 21 percent from March 2021 to March 2022, leading many to question how long this can go on — and when the market is due to correct itself.
For those of us who remember the 2008 bubble, this can be a daunting prospect. Fortunately, today’s market situation is different from the bubble of 2008. There are a number of bubble buffers, including:
• A lack of supply

• Tight lending standards

• Super high buyer demand
These conditions make today’s market different from what we saw 15 years ago. Most industry experts agree that we shouldn’t expect to see a crash as we did in 2008.

A housing slow-down seems almost unavoidable, but what that will look like will vary from market to market. In strong coastal metro areas experiencing population growth and an inventory shortage, any impact on market prices and conditions will be less severe.

Portia Green, REALTOR®

Portia’s clients all have a similar story. Most likely, you met her huddled around a tablet at the dinner table yet she feels like a friend. Her personable nature and easy going approach attract Sellers and Buyers alike, in what can be a stressful and emotionally charged event. A talented REALTOR® with 15 years experience, Portia is just as excited about real estate today as she was with her first transaction. She remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.

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