The real estate market has proven time and again that making predictions is a fool’s errand. While there are markers that indicate how the market is doing and what might happen in the near future, it is impossible to take everything into account. There is always potential for another crisis to come along and change everything we know.
We’ve seen this with the COVID-19 pandemic. Some experts assumed that the pandemic would decimate the housing market. After all, in a difficult economy with millions of people losing their jobs along with stay-at-home orders, the demand for housing was expected to plummet.
For a few months, house prices did indeed decrease, but they recovered quickly and since mid-2020 have been skyrocketing. We are now seeing houses sold at higher prices than ever before, which, of course, leads to the fear that another crash is imminent.
People are comparing the current housing…