Although this market continues to rip and roar and interest rates are on the rise, there is still buyer demand. Over the past month, I have been asked if I think there will be a market crash like 2007-09. Based on recent closings, I do not believe we’re heading for a crash as it appears that most buyers have cleaner household balance sheets, more cash to bring to the closing table, and lenders have raised their qualifications for borrowers. Cash has always been king and coming off the heels of COVID lockdowns, I believe buyers were able to save cash and take advantage of other opportunities that allowed them to build their bank accounts. That is my opinion, but I decided to learn what data housing experts are using to build their own opinions on the future of the market. One of the articles I read from Forbes Advisor, provided more details on why the market will remain strong for the foreseeable future.
Philly Did What with Property Values?
For the first time in 3 years, Philly reassessed property values throughout the city and it hurts. Due to the new property reassessment, Philadelphians are