Why the real estate market is NOT going to crash like 2008
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The real estate market in 2023 is predicted to be different from the market in 2008 for five reasons. Firstly, in 2008, many people bought houses at the peak of the market and were caught out when prices dropped. However, in recent years, the supply of houses has been low, and people have been able to afford the houses and loans they have. Secondly, investing in single-family rentals was not an asset class in 2008, but now there is Wall Street money waiting to invest in the market. Thirdly, in 2008, millions of bad loans were given to people who could not afford them, but currently, people can afford the loans they have. Fourthly, social media and the news have made it easier for people to keep track of the market, so there is less chance of being caught off guard. Lastly, the current situation is not an uncontrollable crash but a controlled fender bender.
The real estate market in 2023 is predicted to be different from the market in 2008 for five reasons