Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash.
However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
1. Mortgage standards are nothing like they were back then.
During the housing bubble, it was difficult not to get a mortgage. Today, it’s tough to qualify. Recently, the Urban Institute released their latest Housing Credit Availability Index (HCAI) which “measures the percentage of owner-occupied home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate...
With a Choice Home Warranty, breakdowns and repairs on covered systems and appliances don’t have to be a hassle. Whether you are a first-time home buyer, seller, or existing homeowner, a home warranty is an affordable way to preserve peace of mind and to protect covered items for your most valuable asset.
At Choice Home Warranty, our focus is on quality. We provide quality home warranty products to our customers, follow up with quality customer service when our homeowners contact us, build quality business relationships with our contractors, and ensure quality work from our contracted technicians. At Choice Home Warranty, we will remain involved in your claim from start to finish and be available to help you with any questions along the way.
Why Buy a Home Warranty and not Insurance?
A common question asked by people not familiar with the subject is “what is the difference between a home warranty and homeowner’s insurance?”. Homeowners insurance typically offers protection from possible hazards, such as fire, hurricanes, or other natural disasters. A home warranty protects you from certain wear and tear on covered items. This type of damage is common during the lifetime of all mechanical systems and appliances inside and outside your home. All electrical and mechanical items are vulnerable to damages or accidents.
The Home Warranty Verdict is In
According to a recent Gallup Poll, 3 out of 4 homeowners surveyed agreed that having a home warranty provides buyers and sellers with “peace of mind,” knowing that any repairs or replacements would be a limited expense of a Service Call Fee. Nothing can replace the kind of comfort that comes from knowing you’re protected for the most expensive...