Why Home Prices Won't Come Crashing Down - Housing Market 2023. Have questions about home prices in Cobb County or Metro Atlanta? Give us a call at 404-410-6465 or visit www.completerealtyteam.com/.

Why the Housing Market Isn't About To Collapse

There has recently been considerable anxiety that the housing market is about to fall. And, considering some of the home market's affordability issues, as well as a lot of recession chatter in the media, it's easy to see why that concern has come about.

However, the evidence plainly reveals that today's market is considerably different from what it was before the 2008 housing meltdown. Rest assured, this is not a replay of what occurred previously. Here's why.

Loans Are Much More Difficult To Obtain

It was significantly easier to obtain a home loan prior to the 2008 housing crisis than it is today. Banks had different lending requirements back then, making it easy for almost anyone to qualify for a home loan or refinance an existing one. As a result, lending institutions took on significantly more risk in both the individual and the mortgage products supplied. This resulted in widespread defaults, foreclosures, and price declines.

Things are different now, as buyers face increasingly stringent requirements from mortgage lenders.

This Time, Unemployment Recovered More Quickly

While the pandemic produced an increase in unemployment over the last few years, it has already recovered to pre-pandemic levels. During the Great Recession, a massive number of people remained unemployed for a considerably longer amount of time.

Here's how this time's rapid job recovery benefits the housing market. Because so many individuals are employed today, there is less likelihood of homeowners experiencing financial difficulties and defaulting on their loans. This helps to strengthen today's housing market and decreases the likelihood of more foreclosures entering the market.

Today There Are Far Fewer Homes For Sale

During the housing crisis, there were also far too many homes for sale (many of which were short sales and foreclosures), causing prices to plummet precipitously. Today, there is a general shortage of available inventory, owing mostly to years of underbuilding. Unsold inventory is only 2.6 months' supply. There simply isn't enough inventory on the market for home prices to plummet like they did in 2008.

If you want to buy or sell a home in Cobb County or the Atlanta area or just have questions, please don’t hesitate to get in touch with us!

Complete Realty Team
Ken Mandich - REALTOR®
Phone: 404-410-6465
Main Site: www.completerealtyteam.com/
Google Business Info:
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Address: 1642 Powers Ferry RD Unit 150
Marietta, GA 30067
Email: admin@completerealtyteam.com

Brokerage:
ERA Sunrise Realty
David Moody - Broker
Office: 678-781-7400
Email: david.moody@era.com

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Check out our video "We're Past The Worst of Home Price Declines - Home Values Ticking Up" :
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