Here’s a quick update on the status of foreclosures in our current market.
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Buying a home right now can be a frustrating experience. Many clients have told me recently that they’re staying out of the market until a wave of foreclosures hits, lowering the price of homes. Is this a valid strategy? Most real estate experts (including myself) don’t think so, and today I want to talk about why.
If you want to hear my full explanation of today’s market, you can watch the full video above, or you can skip to each topic using the timestamps provided:
0:01 — Introduction
1:28 — How forbearance started
2:20 — We were overflowing with inventory in 2008
2:48 — Our market is nothing like 2008
3:55 — Home prices are rising because demand is crazy high
4:21 — How does forbearance work?
4:58 — Forbearance numbers
6:17 — How did people tackle forbearance?
8:06 — We may see some foreclosures, but not a significant amount
9:28 — Wrapping up
Hopefully, you now understand why we won’t see a wave of foreclosures. If you have any questions about buying or selling a home, please call or email me. I am always willing to help!