I'm currently house shopping in the Tampa area, there's literally zero inventory. I've been searching since last December, where as I used to see probably a dozen or more properties matching my criteria hitting the market, these days I could go a week without seeing a single one and that's with me widening my criteria ie opening up price more, being okay with less bedrooms and bathrooms, etc.
For everyone who is ready to buy now but considering waiting for a deal, the people not paying right now won't be foreclosed on and booted from their homes for a least a year and a half or two and at that point by the time they finally get that house on the market you're going to wait 10 months to get a deal through at the end of which the banks asset manager is going to try to re-negotiate the deal because the deal is 10 months old and "no longer reflects market value".
If you're wanting to buy a home now your looking at 2-3 years to take advantage of any "deals" that are going to come and I somewhat doubt we'll even see those as there's plenty of people sitting on the sidelines with cash specifically waiting for this. I think 10% to 15% woult be on the high end of what's to be expected in terms of a drop.
I've got two buildings under contract right now and deals are moving.Spoke to a top broker today he told me the market is simply dead. Like in coma. Neither people are selling or buying.
I've heard HELOCs might go the way of the do-do over the next few years as lenders look for secure loans.
If people are interested in a HELOC, I'd consider looking into it and perhaps getting one sooner rather than later - assuming you have something good to reinvest the money into.
Real estate market corrections usually take 12-36 months after a recession hits to bottom out. For example, during the Great Recession that started in 07-08 the US housing market didn't bottom until around 2011-2012 which was 3-4 years later.
The issue now is that the Fed has decided to send interest rates back to record low levels which makes mortgage rates at record lows (30-yr mortgages rates below 3% and falling) and is helping prop up the housing market, combined with the sti.mulus checks and boosts to unemployment insurance measures that allow people to keep paying rents/mortgage payments (for now...)