Source:https://youtube.com/shorts/jpOyoKzEZjk

Your worst nightmare happened. The housing market crashed. And the worst part about it is just a day before, you just bought your dream home. 

A lot of questions will start running into your head. Will your parents be disappointed in you? Will your friends laugh at you? For sure, your dog will not be looking at you the same way anymore. Or will he? 

Imagine you have the worst luck in the world. Imagine yourself buying a home, and the next day the market comes crashing down. Just the thought of it will probably make your stomach turn upside down. Or probably, you will hide and curl up in your bed in shame.

But, do not fret. Three things are for sure in today’s context of the housing market. And yes, it is nowhere near what we have experienced in the global market housing crash that happened a decade ago. Let’s dive in.

No Change in Mortgage Payment

First, unlike in 2008, your mortgage payment is not going to change. That mortgage payment you got from your lender is locked in. And the only way that your mortgage payment will change is only if you had an adjustable-rate mortgage. 

Adjustable-rate mortgages were super popular back in the mid-2000s. Almost all homebuyers have it, even if they can’t afford it. Couple that with a lack of lending regulation, and that is the recipe for disaster of the 2008 Housing Market Crash. 

Today, adjustable-rate mortgages are not so popular anymore. Many people stay away from it, remembering its damage to the world economy. And the government has stricter regulations now on bank lending. So you can be assured that your mortgage payment is intact and there will be no surprise hikes either.

Prices Will Go Back Up Again

The second thing that we want to assure you is that the price is going to start going back up immediately. Many people sometimes do not have the slightest idea how many people out there are looking for a deal right now. And let us tell you: there are a lot.

Some out-of-state buyers grab this season to buy and make deals for their dream home. Even If the price wouldn’t fall by twenty or thirty thousand dollars, people will still be right there to buy it up immediately. And mind you, they pay them in cash.

People are more informed now, and a lot of people are retiring. Hence, these people have acquired more than enough money to buy their retirement homes. Sure, prices are slowing down a bit, but that doesn’t mean that the buyers are also slowing down. They are doubling down on grabbing the best deals of their lives.

Your Home Is Still The Same

And the third thing that’s for sure is that block, that neighborhood, that school district, that restaurant, that home you fell in love with that you just bought yesterday is still the same. What you could resell it for has nothing to do with the problems it solved for you.

Final Thoughts

The market is more protected and regulated now compared to a decade ago. So, rest assured that even if the market crashes tomorrow, your Delaware home that you bought is still worth it. And, prices will surely go back up. 

Hence, if you want to secure your dream home now before anyone else, reach out to us at Loft Realty and together we can make a game plan on how you can secure your dream Delaware home.