To Everyone in 2022 Who Asked, Will there be a "real estate bubble?" Here's your answer in 2023
On Quora, a year ago, someone asked the same thing folks asked me in person throughout 2022 and my 2022 answer was proven correct - There was never going to be one and here's why.
The market conditions that existed in 2005–2008 did not occur for us in 2020–2022. That's why 2008 there was a bubble and 2022, there was not.
Prices are not based on a national trend anyway and I highly recommend that everyone who reads this connects with someone locally that understands your market factors.
If you are looking to sell, get a local realtor to provide a detailed valuation of your property. In New Orleans and Baton Rouge, I provide my selling clients a market analysis of their area and I market the property with the knowledge of the buyers who are most likely to buy that specific property. If I relied on national data, people would never be ready to sell because it’s always “doom and gloom.”
For buyers, the most important question is “how much will i pay per year?” and “how much value do I get per year?” That goes for your home and for investments. If the property provides more for you than you spend, then it’s a good purchase. The interest rate is irrelevant in this decision. Of course you want a reasonable rate and anything in single digits is reasonable. I pray we never go back to the interest rates of the 80s, when a 15% interest rate was considered low.
If you are in my area, I would love to chat with you more. But no matter where you are, connect with local experts and make decisions based on your area and not the national news.
Sending my love.
(Scroll down for a screenshot of my answer to Quora)