As the housing market continues to feel the effects of economic uncertainty, many homeowners and potential buyers alike are wondering if they should prepare for a possible drop in prices. The COVID-19 pandemic has certainly had an impact on how people view buying homes, causing some to delay purchasing decisions while others are eagerly seeking out bargain deals. While the current outlook may be concerning, it’s important to know that there are several factors driving housing markets around the country – and possibly indicating whether or not we’ll see a drop in prices soon. In this blog post, William Schantz discusses what’s happening with home prices now, as well as examines any indications that could point toward further drops in the future.
Are Housing Prices About To Drop? William Schantz Answers
Housing prices have been on the rise for years, and many people are wondering if they are about to drop. In order to determine whether housing prices will drop in the near future, it is important to consider several factors.
First, it is important, as per William Schantz, to look at current economic trends. If unemployment rates remain high or there is an impending recession, then this could lead to a decrease in housing prices. As people have less disposable income, they may be unable to afford higher-priced homes, and therefore willing sellers will be forced to lower their prices in order to attract buyers. Moreover, if mortgage interest rates remain low or continue decreasing, this could incentivize some potential buyers who were previously priced out of the market.
Another factor to consider is the current supply of housing versus demand. If there is a greater supply than demand, then this could lead to an overall decrease in housing prices as sellers compete for buyers. Additionally, if new construction has decreased or remained stagnant, this could also contribute to lower pricing as there may be fewer people willing to take on a large project such as building a new home.
Finally, it is important, as per William Schantz, to consider government policies that affect the market and whether they are likely to change in the near future. For example, if tax incentives and other programs designed to increase homeownership become less favorable or expire altogether, this could impact potential buyers’ ability or willingness to enter the market and cause prices to drop. Similarly, if zoning laws are loosened, this could create more opportunities for new construction, which in turn could lead to an increase in the supply of homes and drive down prices.
William Schantz’s Concluding Thoughts
Overall, there are several factors that should be taken into account when considering whether housing prices will drop in the near future. According to William Schantz, by looking at current economic trends, supply and demand, as well as government policies, one can get a better sense of what may be ahead for the market. With all of this information in hand, it is possible to make an educated guess or even prepare for potential changes in housing prices before they occur.