Will there be a foreclosure crisis in our future?
Well, I don’t expect our market to face a scenario like we had back in 2008 where everything came crashing down, but I do think there could be a change on the horizon. Likely, we’ll see a flood of homes for sale on the market. Over the last decade, homeowners have really been racking up equity, especially here in the Phoenix market; because people have more equity than ever, they don’t have to worry about letting their homes go into foreclosure. They can move on from the home if they can no longer afford it and still be able to put money in their pocket.
That said, if you have been thinking about selling your home, you’re advised to move up your time frame just a little bit. In the early part of 2021, we anticipate an influx of inventory, meaning that you’ll have more competition as a home seller.
If you have any more questions about the current or future state of our market and how that impacts your real estate prospects, don’t hesitate to reach out to us. We’d love to hear from you.
