As you’ve probably already heard, the United States is going through a pretty tough time, especially in the housing market. While many people think that the market can’t get any worse, we want to let you know that it definitely can. People just aren’t moving as frequently as they once were and experts are projecting even more crashes throughout the country.
Why are even more real estate markets throughout the country about to crash? A lot of it has to do with the failing job climate. As more and more people lose their jobs, more and more people are forced to relocate. Because there is no hope for a quick recovery, housing prices may continue to fall.
Falling housing prices mean depreciation. While this is definitely not good for anyone who is currently trying to sell their home and move out, this might help some prospective homeowners who might not otherwise be able to afford a house of their own in better markets.
When predicting housing market crashes, the experts use a bunch of different data. Usually, when there is a large percent price drop between the first quarter of the previous year and the first quarter of the current year, experts identify a bit of a crash. Additionally, unemployment levels, median household income, and other elements are always considered.
So, if you want to know if you should put your house on the market or think about moving, you may want to do a little research to see if your city could be experiencing a real estate crash