Many longtime homeowners created their Living Trust years ago when their children were younger, their financial situation looked different, or before retirement became a reality.But here’s
Wairing for the Market to Crash? Read this article first!
Dated: August 30 2023
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Wairing for the Market to Crash? Read this article first!
If you’re thinking about waiting for the market (and prices) to crash before buying a home... this post is for you!
The housing market crash in 2008 was devastating for so many homeowners, so it's not surprising so many people are worried that we're headed in that same direction... especially with the affordability challenges we have been facing in the housing market and media discussions about a potential recession.
⓵ Lending standards have improved.
Unlike leading up to the crash in 2008, there are much tighter regulations on the mortgage industry.
⓶ Underbuilding and inventory shortages.
New-home construction prior to the 2008 crash was amounting to 7.65 million units annually. Today, it’s 4.6 million. Basically, there were WAY more homes than buyers. In 2023, it's exactly the opposite. Inventory is low—and that's driving the high prices.
â“· Unemployment remains low.
Although the pandemic lead to higher unemployment, the jobless rate has already recovered. In 2008, there were 8 million job losses in a single year.
⓸ Equity levels are high.
The low inventory of homes for sale has maintained upward pressure on home prices over the past few years. As a result, homeowners today have near-record amounts of equity — making them less likely to default on their mortgages.
While the housing market always experiences fluctuations, the current conditions show that a repeat of the 2008 crash is highly unlikely. The current market is anchored by tighter lending practices, high demand, and a healthier economic foundation.
So, if you're considering buying or selling, take confidence in the fact that today's housing market is quite different than what we saw in 2008. Curious to know more about what's going on in our local market? DM me or you can also contact us at 
818.389.4465
818.389.4465
Arminé Ghevian
My goal is simple: a commitment to finding the dream home, purchase, or sale for my clients. With more than 25 years of experience in the real estate industry & the Los Angeles County market, my t....
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