Other Options: Buying a House Is Crazy Right Now - Consider Renting in These 10 Cities To Save Money Advice for Homeowners Who Aren’t Looking To Sell Whether you’re looking to stay put, sell, buy (or sell and buy), here’s advice from seasoned industry experts to help you avoid negative effects from a possible housing market crash in the future. “All you can do is mitigate risk as much as possible and hope for the best.” “Trying to prepare for a possible real estate crash, is sort of like trying to prepare for a possible house fire,” said Clay Risher, investment professional and column writer for Nareit, a trade publication for commercial, residential and mortgage-backed real estate investment trusts. So what should you do if you’re planning to make moves in the current housing market? What’s the answer? However, I am always looking for how I can be prepared just in case something drastic happens and we do experience a real estate crash.” “I am expecting the market to begin to cool off but for it to be more of a plateau than a crash. “Personally, I think the factors influencing our current market are much different than in 2008,” he said. Read More: Homes in These 25 Waterfront Cities Are a Total StealĮrik Wright of New Horizon Homebuyers has a similar take. We’re in the situation we are now because of simple supply and demand.”īuying: The Cost To Own a 3-Bedroom Home in Every State What’s different today from what we saw in 2008 is that people who are qualifying for loans are actually qualified. The market is cyclical, and there may be some slight correction, but it won’t be nearly as bad as what we saw in 2008. “A bubble is something that’s going to pop. “People are saying we’re in a housing bubble, but I don’t think the term housing bubble is the right description,” said Tabitha Mazzara, director of operations at mortgage lender MBanc. Will there be a housing market crash in 2021? A majority of experts think not.
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