The September Real Estate Update
Happy September! I'm here with a Kitsap County housing market update and to share why "waiting for housing prices to drop" might not be sound advice.
If you have questions about buying or selling in today's market, call, email, or text me – I'd love to put my years of skilled expertise to work for you!
Your Kitsap County Realtor
How's the Market?
In the past 30 days in Kitsap County.
Should I Wait for Real Estate Prices to Crash Before I Buy a House?
Like many buyers I talk to, I’m wondering if you’re thinking about 2008 when the housing market did, indeed, well, crash. No question, it was a devastating time for many homeowners. But Here’s why 2022 is nothing like 2008:
What drove the crash & sent home prices plummeting in 2008 was an oversaturated market. There were way more homes than buyers. Today, it’s exactly the opposite. Inventory is low, and that's driving prices up.
In 2008, getting a mortgage was as easy as ordering from DoorDash. Nowadays, there are much tighter regulations on the lending industry. Not just anyone can get a mortgage. That said, if you’re looking to buy, get pre-approved and then shop with confidence that you’re paperwork ready to buy a home.
In 2008, there were 13.1 million adjustable-rate mortgages (ARMs)
on the books. Today, there are around 2.5 million. That’s good news. Why? Fewer ARMs mean fewer homeowners are experiencing the sticker shock of a mortgage rate reset that typically raises the payment and can lead to mortgage hardship.