Our current market situation is far from the conditions of 2008. Here’s why.
If you’re concerned that we’re in for a repeat of the 2008 real estate crash, I can assure you that what’s happening now due to the pandemic and what happened in the financial sector back in 2008 are two very different things.
I understand that there is some short-term pain going on in our current situation and that some lenders are changing their guidelines in light of it. But we don’t have the same problems that would eventually lead to a repeat of the 2008 crash. Whereas lenders used to qualify people with lower credit scores, they’ve now become more risk-averse and require at minimum a FICO score of 660 or 640 for government-backed loans.
Reference points and experience matter in real estate. If you’re purchasing a home right now or are thinking of doing so, you should be working with an experienced team of professionals. Our team has walked hundreds of first-time homebuyers through the purchasing process, so before you gain any steam with your upcoming transaction, reach out to us. We’ll discuss your goals and what you need to know about how to move your transaction forward as smoothly as possible.