Question: We are concerned about this housing market. Is housing going to crash soon?

While no one can 100% predict the future, many experts believe a housing crash will not happen anytime soon.

Here are some stats you may have not seen from the National Association of Realtors: In the past 120 days, we have seen the highest increase in mortgage rates. 

Mortgage rates are the highest in a decade. The job market is good, there are a lot of jobs out there.

Housing inventory is very low. Compared to a year ago, Active listings are down 14.1%.                        

New contracts signed are down almost 11%.                                                                                               

Pending listings (those homes that have sold, but not yet closed), are down almost 10%.                        

New listings are down 3.4%.  And homes are selling faster now then they were a year ago.

90 million Millennials (ages 19-39) are storming the market. Around 30% of the market is first time homebuyers.

The average family would need $30,000 more income than they would’ve needed a year ago, in order to purchase a median average priced home.

The market is so hot that 20% of the buyers make an offer immediately.                                                   

 82% of buyers are willing to compromise the move into an up-and-coming neighborhood, and             

71% would buy a smaller home if necessary. Remember, these are the buyers, not the sellers.

87% of the homes are sold in 30 days or less.

So rest easy, we are not close to a housing bubble and crash like in 2007. The way they wrote mortgages back then is completely different than the underwriting of today. Plus, there was an over supply of houses on the market. We do not have any of this today and job availability today is strong.

$6 trillion in home equity gains have accumulated in the past 2 years, according to the NY Times.

Congratulations! If you currently own a home, part of that $6 trillion is yours!