๐ก Despite higher mortgage rates, home prices really haven't come down in most markets and some people are still talking about a housing bubble.
The reality though is that ๐ช๐ ๐๐ฅ๐ ๐ก๐ข๐ง ๐๐ก ๐ ๐๐ข๐จ๐ฆ๐๐ก๐ ๐๐จ๐๐๐๐.
๐๐ฒ๐ฟ๐ฒ ๐ฎ๐ฟ๐ฒ ๐ฏ ๐ฟ๐ฒ๐ฎ๐๐ผ๐ป๐ that this market is totally different than the housing bubble we experienced a little over a decade ago...
โ ๐๐ผ๐๐๐ถ๐ป๐ด ๐๐๐ฝ๐ฝ๐น๐ ๐ถ๐ ๐ฒ๐ ๐๐ฟ๐ฒ๐บ๐ฒ๐น๐ ๐น๐ถ๐บ๐ถ๐๐ฒ๐ฑ ๐ก
Despite higher mortgage rates, home buying demand remains strong. According to the National Association of Realtors, multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price.
โ ๐๐ผ๐บ๐ฒ๐ฏ๐๐๐ฒ๐ฟ๐ ๐ฎ๐ฟ๐ฒ ๐บ๐ผ๐ฟ๐ฒ ๐ฐ๐ฟ๐ฒ๐ฑ๐ถ๐๐๐ผ๐ฟ๐๐ต๐ ๐
In 2008, when the housing market crashed, mortgage standards were at an all time low for credit scores and down payment requirements, as well as proving income and assets to purchase. Current guidelines are much stricter, making the borrowers more financially secure.
โ ๐๐ผ๐บ๐ฒ๐ ๐ต๐ฎ๐๐ฒ ๐ฒ๐พ๐๐ถ๐๐ ๐
Homeowners were pulling out equity back in 2008, causing many to be upside down. This time around equity levels are extremely high, meaning that homeowners could see values decline slightly without concern.
๐ฅ๐ฒ๐ฎ๐ฐ๐ต ๐ผ๐๐ ๐ฎ๐ป๐๐๐ถ๐บ๐ฒ ๐๐ผ ๐ ๐ฐ๐ฎ๐ป ๐๐ต๐ผ๐ ๐๐ผ๐ ๐๐ต๐ ๐ป๐ผ๐ ๐ถ๐ ๐ฎ ๐๐ฅ๐๐๐ง ๐๐ถ๐บ๐ฒ ๐๐ผ ๐ฏ๐๐ ๐ฎ ๐ต๐ผ๐บ๐ฒ, ๐ฎ๐ป๐ฑ ๐๐ต๐ ๐๐ฎ๐ถ๐๐ถ๐ป๐ด ๐ฐ๐ผ๐๐น๐ฑ ๐ฝ๐ผ๐๐๐ถ๐ฏ๐น๐ ๐ฐ๐ผ๐๐ ๐๐ผ๐ ๐๐ผ ๐บ๐๐ฐ๐ต ๐บ๐ผ๐ฟ๐ฒ!