We are often asked how COVID-19 is affecting the current market conditions. To best share how the market has been affected we have illustrated here how our demand remains high relative to our current low supply of homes on the market.
We are truly looking at a tale of two very different markets. In 2008, we were significantly overbuilding and we had a false demand within the market with too much debt and risky loan types being sold to borrowers. We also had federal dollars used to keep banks afloat. All of these elements proved to be a recipe for disaster as we landed in the great recession.
The conditions today are significantly different. Today we are underbuilding, our buyer demand is true, we have manageable debt and stimulus funds are coming to support individuals and small businesses.
Our prediction is that we expect a move towards balance, but not enough to take us out of this seller’s market.
For more information or to connect with an agent about what all this means for your home buying and selling plans, contact us today.
www.cbolympia.com
360.352.7651
