Will 2008 happen again?
What are your thoughts on how Covid-19 will effect the housing market? Is the market going to crash like it did in 2008?
We don't believe it will! 🤞🏼 Well at least that's what we are hoping! We believe that everyone involved in the crash of 2008 planned for the future and put things in place so no one would have to experience what happened in 2008.
House prices fell by 15.9% in 2008. The stock market crashed in 2008 because too many had people had taken on loans they couldn't afford. Lenders had relaxed their lending guideline to extend credit to people who were less than qualified. This drove up housing prices to levels that many could not afford otherwise.
A hard lesson learned by everyone. Never again would the lenders be so relaxed. Never again would they allow something like this to happen.
So I saw an ad targeting homeowners who are in distress due to the upcoming recession just like 2008, and it didn't sit right with me! I mean are people really trying to take advantage of the situation or are they really trying to provide value to these people by showing them all their options?
This is where it's more important than ever to know their options when it comes to situations requiring people to sell their homes. This is where it's our job to help educate people on the options they have!
So I decided we needed to put out some info to our followers! This is simply one persons opinion. Take it with a grain of salt.
Don't buy into the hype, that's all it is! Companies and people taking advantage of the situation. So will the market crash like in 2008?
Not at all, not for single family. Banks/lenders are not in the Real Estate business. They aren't in business to operate properties like a property management company. They are prepared for anything except taking over Real Estate and property management. They'll more than likely just restructure loans and tack on balances and extend the 30 year mortgage to 31 years!
Now in case we are wrong which can happen because remember this is simply one persons opinion. We want to provide you with information about some scenarios that some may be faced with in the upcoming months. I may be an optimistic in thinking these organizations planned for another crash but someone could have dropped the ball as well so being prepared is critical.
So we may or may not see an influx of foreclosures and I am praying we don't but if we do know that you have options.
Don't sell yourself short, you have more options than you think! Explore the many options you have when it comes to saving yourself from Foreclosure!
Contact TMG E-Vestments and see what your options are. Our specialist will help you exercise all your options and help you choose what is right for your situation!