A lot of people have been asking me lately if we are in the midst of another real estate bubble. Here are my thoughts on the matter.
Looking to Buy a Home? Search All Homes
Selling Your Home? Get a Home Value Report
A lot of people have been asking me lately if the Tri-Cities real estate market is in a bubble, so I’m going to answer that question today. First, let’s talk about what a bubble is.
A real estate bubble occurs when we have a run-up of housing prices fueled by demand and speculation. At some point, demand will stagnate and supply will increase. That’s when there’s a sharp drop in prices and the bubble bursts.
Right now, we’re in a seller’s market here in the Tri-Cities. That means we have an abundance of buyers and a huge lack of inventory.
“The best way to protect yourself is by holding properties long-term.“
So are we in a bubble? Anybody who claims to know either way is a liar. Nobody has a crystal ball that can say for certain either way. The best way to protect yourself against a potential bubble burst is by holding properties long-term. Historically, people who buy, hold, and sell after three to seven years end up doing very well for themselves.
If you have any questions about the current state of the market or how you can take advantage of it, don’t hesitate to reach out and give me a call or send me an email. I would love to hear from you.HOME All Listings Featured Listings Sold Listings Sell My Home Home Evaluation About Us Contact Us BLOG TOP REALTORS®