There’s a lot of stories in the media regarding the future of the real estate market. Most experts agree that there will be some type of correction, however, it will not be like the crash of 2008/2009. The fundamentals behind that situation are far different. Lenders did not make the type or the quantity of bad loans that precipitated that crash.
What I believe will happen is the numbers of buyers will lower due to the raise in interest rates impacting on affordability. Reduced numbers of buyers will end the days of “bidding wars”. In the heat of the white hot market, home inspections were being waived – this will be ending too.
Buyers will soon be able to make more thoughtful offers and negotiate on price and condition. This is not a bad thing.
Olympia Real Estate Blog 