Some Tampa Bay buyers fear the market looks like 2008. After 43+ years tracking actual data through that cycle and others, our team can tell you the picture today is fundamentally different.
1. Lending standards are tight
2008 had subprime loans, no-doc loans, and stated-income mortgages. Today’s borrowers go through full underwriting with verified income, assets, and credit.
2. Homeowner equity is at record highs
In 2008, many borrowers had little or no equity, which led to walking away. Today, most owners have substantial equity that makes selling preferable to foreclosure.
3. Inventory is constrained, not oversupplied
2008 had massive new-construction oversupply. Today, inventory is below pre-pandemic norms. There simply are not enough homes for sale to fuel a crash.
The bottom line
This is not 2008. Tampa Bay continues to enjoy demand support, equity strength, and limited supply. Our team is happy to walk through what is actually happening in your submarket.