If you have questions about our real estate market, today we have the answers.
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Here are our answers to the top three questions we’ve been getting asked about our real estate market:
1. Will the real estate market crash in 2020?
No, and there are two reasons why. From 2005 to 2008, the years preceding the Great Recession, homeowners refinanced a total of $824 billion in home equity. From 2017 to 2019, they only refinanced $232 billion. It seems that we’ve learned from our previous mistakes, and banks have tightened lending standards and specialized loan modifications to ensure people stay in their homes longer.
Second, Americans are sitting on a tremendous amount of equity overall. 58.7% of all homeowners have at least 60% equity in their homes, which means they’ll be less likely to walk away from those homes.
2. How do we ensure your safety when buying or selling a home?
There are four ways we’re protecting buyers and sellers:
Additionally, if a buyer wants to see a house in person, we provide them with masks, gloves, and booties so that they protect themselves as well as the homeowner.
3. How have sales and pricing been affected in our area?
In the 30 days leading up to this video, the volume of sales decreased by 36% year over year, but prices have risen 2.5%. This tells us it’s a great time to buy and sell. For sellers, there’s low competition. For buyers, interest rates are historically low.
If you have further questions about our market or are thinking of buying or selling, don’t hesitate to reach out to The Buss Lampert Team. We’d love to help you.