With such a major sellers market, interest rates on the rise, and prices skyrocketing – will we see another 2008? When comparing these real estate markets, there are 2 things that set today’s market apart from 2008…
How Does 2008 Compare to this 2022 Real Estate Market?
Hey, it’s your favorite bearded realtor, Eren Millam with Premiere Property Group. and I am here to break down the market differences in the markets so you can make an informed decision about your housing needs.
Comparing Risk Factors
Let’s first look at risk, product risk and borrower risk. Loose lending standards were a huge contributor to the 2008 market, and you can see the high risk indicated here, but you can also see that it is no longer a factor, the type of loans that caused those issues then are no longer in existence.
This has also led to our second factor to look at, foreclosure. Foreclosure in the U.S. is at an all time low. We can attribute much of this to those stricter lending standards. With more qualified buyers this should lead to a lower chance of having to foreclose on the home. But what about rising home costs? More expensive homes and higher interest rates must make it hard to find really qualified buyers? According to the Federal Reserve, this actually is not the case. While it has risen recently, the ratio of mortgage to disposable income shows that we have seen much, much worse, and we are in a good place! Very different from 2007.
Buying a home right now is absolutely an option and we are here to help with all of your buying or selling needs. If you have any other questions about the market, reach out to my team and we can help you decide what’s best for your family in this market. Again, I’m Eren Millam & remember, Extraordinary Service delivers Extraordinary Results!
If you’re thinking of buying or selling your home in the west Lewis County area, contact me today! I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933
Chehalis, WA 98532 | Centralia, WA 98531
Call/Text: (360) 219-3616 | Email: Eren@LewisCountyHomes.com
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