Very few reputable economists are predicting any significant downward trend, but let’s play the scenario out since it’s always such a hot topic…
Buyers–
For those who’ve been waiting on the sideline for all these years, now’s your chance. Values drop and you can finally get in. Whether it’s a family home, or an investment property, you’re excited to finally get a piece of the pie. Let’s go; this is what you’ve been waiting for right?
Current Homeowners–
Don’t stress too much. Most will be on a 30yr fixed mortgage, meaning your monthly payments won’t change. Market drops down? Payment stays the same. As long as you don’t NEED to sell, just ride it out. The market always recovers.
Sellers–
Remember the massive increase in values we saw over the last year? That’s a really good buffer and provided you with a lot more equity in the home. The market will recover, as it always does. If you need to sell, thank goodness values shot up recently, before the ‘crash’. If you don’t need to sell, hold onto the property for a few more years.
There’s always opportunity or safety in any market trend. Let’s look at your scenario now and see what you can take advantage of. Please reach out if you have any questions.