Will Real Estate Crash in 2020?-Chandler Arizona Real Estate Market
Please watch: “(4) Is Zillow Accurate?- Searching in 2020 ”
Will real estate crash in 2020?
Are you renting and waiting for that moment again?
Let’s face it. Since 2008 people are now assuming that prices will decline every few years. Therefore they wait.
But history will tell you that it might not be the best move in real estate.
Buying a home should be a move you make when you want to pay yourself and not somebody else for your home.
Yet, buyers today are passing up great homes waiting for a decline.
2008 was historical. The majority of homes were sitting on adjustable notes.
Today fixed rates are in the high 3’s. That means you can FIX your mortgage payment for 30 years.
You can’t do that with rent.
Even during the crash of 2008 rent prices continued to climb and in fact climbed faster.
Home prices may once again take a major dip. Nobody knows for sure. But a $300k home last year with a rate of 4.8% had a payment of about $1,900.
This year that same home is $350K and with the new rate of 3.78% your payment would actually be lower.
Concentrate on the payment and not the house price.
Get a fixed rate and make sure it is a payment you can afford.
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