Hey friend I want to get on here and go over this blog post that I posted just about a week ago. I have buyers and sellers in Oklahoma talking to me all the time that the housing market is going to crash and if you watch the news then I can see why you would think that but remember our headlines do more to terrify than clarify so I just want to put some numbers into perspective.
Mostly everybody remembers the housing crash from 15 years ago and how people were upside down in their homes, and how you could, like after the housing crash how you were able to like steal homes first with so little money but we’re in an entirely different situation today and I just want to go over that with you a little bit because I have buyers that are wanting to wait it out. We’ve got headlines saying like there is a 49% increase in you know forbearances or foreclosures but when you put the numbers in perspective it’s just from this time last year and so the numbers can you can make any number sound the way that you want it to but when you look at the actual data which is what we’re going to do you can see that as a buyer you really don’t want to wait if you’re waiting for the market to crash you don’t want to do that and I also want to get this message out because there are sellers that they did go through forbearance and now that moratorium has ended so they need to put their house on the market or they need to figure something out and so there are options and that’s what we’re going to go over.
So the last Oklahoma housing crash, there were 9.3 million households that lost their home to a short sale or foreclosure or they just gave it back to the bank now last year when the when the stay at home orders were given and they started the forbearance the headlines were projecting that 30% of all mortgages were going to go into forbearance but you know what actually happened there was only 8.5% of people actually did forbearance and now that number is down to 2.2% So what does that look like in way of numbers well as October 29th the total number of mortgages still in forbearance was 1.221 million now that is a massively less than 9.3 million households but let’s just look at that data a little bit more OK of that 1.22 million 93% have at least 10% equity So what does that mean because of home price appreciation how home prices have appreciated at 2020 and 2021 going into forbearance you can still come back ahead because you’re home appreciate it 93% have at least 10% equity at least 10% equity so that means that you can put your home on the market you can put it with a realtor because realtor homes that are sold by Realtors sell for more than for sale by owners and you would still have money to put in your pocket so 93% so that is a message to get out do not let your home go to foreclosure do not let it go to a short sell like you can sell directly home, and I’m sorry for my dog barking in the back but I don’t know how to pause, I can’t pause on this. Now let’s look so when we look at that that means only about 85,400 mortgages have less than 10% equity nationwide, so let’s put the numbers back before we had the pandemic and we’ve got 2017 314,000 homes went into foreclosure 2018, 279,200 and 192,770.
Now listen guys, I would work with investors in 2019 and they were still willing to deal 277,000 in 2019 and we still had a hard time with investors finding them a great deal like you still couldn’t get like the housing crisis that housing prices like you could back when the housing market crash so those kind of flips are just super hard to find and they’re not going to be out there again. I know with all these shows and the flip it shows people are looking for those that size 85,000 is what’s going to come to the market 2019 it was 277,000. So, you’ve got to put that in perspective so waiting around for a crash it it’s not going to happen what is going to happen is home prices are going to keep appreciating all the experts are saying they’re going to keep appreciating. They are not projected to go down also interest rates are going to keep are going to keep rising. So, I was just reading an article and the average of what the experts were projecting was 3.3% interest rates at 2022 is still a good rate historically that is still an excellent right that’s not the right you could have got you know last year when we were at the historic lows but that is still compared to times like an amazing right, and so interest rates are going to keep going up and home prices are going to keep appreciating so waiting out the market could really cost you and then you’re not gaining equity so if you just decide to rent then you’re not getting equity. Supply of inventory back in the housing crash had 12-month supply, 13-month supply, we had a ton of inventory on the market here we are today three months’ supply of inventory roughly a little bit lower here in Oklahoma, specifically in Tulsa County and Creek County.
We’re even lower than that so bottom line if you please do not let your house go to foreclosure give me a call let me or if you know somebody who is in that situation let me help you put money in your pocket. And if you were a buyer, please do not wait for the market to crash because you will be waiting around and disappointed and it’s going to end up costing you money.
If you have any questions at all or want me to insert anything like via a video or something and be glad to do that bring a shot reach out to me, you can call me you can text me you can personally message me, and I would love to help you buy or sell your home.