Should I wait for real estate prices to crash before I buy a house?

Like many buyers I talk to, I’m wondering if you’re thinking about 2008…when the housing market did, indeed, well, crash. No question, it was a devastating time for many homeowners. BUT Here’s why 2022 is nothing like 2008:

• What drove the crash & sent home prices plummeting in 2008 was an oversaturated market. There were WAY more homes than buyers. Today, it’s exactly the opposite. Inventory is low, and that's driving prices up.

• In 2008, getting a mortgage was as easy as ordering from DoorDash. Nowadays, there are much tighter regulations on the lending industry. Not just anyone can get a mortgage. That said, if you’re looking to buy, get pre-approved and then shop with confidence that you’re paperwork ready to buy a home.

• In 2008, there were 13.1 million adjustable-rate mortgages (ARMs) on the books. Today, there are around 2.5 million. That’s good news. Why? Fewer ARMs mean fewer homeowners are experiencing the sticker shock of a mortgage rate reset that typically raises the payment and can lead to mortgage hardship.