Will there be a housing market crash in 2021? A majority of experts think not.

“People are saying we’re in a housing bubble, but I don’t think the term housing bubble is the right description,” said Tabitha Mazzara, director of operations at mortgage lender MBanc. “A bubble is something that’s going to pop. I look at it as a phase. The market is cyclical, and there may be some slight correction, but it won’t be nearly as bad as what we saw in 2008. What’s different today from what we saw in 2008 is that people who are qualifying for loans are actually qualified. They are creditworthy. We’re in the situation we are now because of simple supply and demand.”

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Erik Wright of New Horizon Homebuyers has a similar take. “Personally, I think the factors influencing our current market are much different than in 2008,” he said. “I am expecting the market to begin to cool off but for it to be more of a plateau than a crash. However, I am always looking for how I can be prepared just in case something drastic happens and we do experience a real estate crash.”

So what should you do if you’re planning to make moves in the current housing market? What’s the answer?

“Trying to prepare for a possible real estate crash, is sort of like trying to prepare for a possible house fire,” said Clay Risher, investment professional and column writer for Nareit, a trade publication for commercial, residential and mortgage-backed real estate investment trusts. “All you can do is mitigate risk as much as possible and hope for the best.”

Whether you’re looking to stay put, sell, buy (or sell and buy), here’s advice from seasoned industry experts to help you avoid negative effects from a possible housing market crash in the future.

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Advice for Homeowners Who Aren’t Looking To Sell

If you aren’t looking to sell your home, you may be wondering if you should consider refinancing your home to save money over the life of your mortgage loan. Here’s what industry experts say.

“If you already own a home and aren’t planning to sell, you should still refinance now for incredibly low rates, allowing you to sit tight and weather any storm that hits the market,” said Dawn Pfaff, president of My State MLS, a nationwide MLS and referral network.

Peter Murray, owner of Murray Steel Buildings, a residential and commercial construction company, seconds Pfaff’s opinion. “Even if you’ve purchased your home in the past few years, you should spend some time looking at refinance mortgage rates. The past 12 months have brought out mortgage financing rates that are lower than they have ever been. Depending on your financial standing, you might be able to refinance at a rate around 2.5%-3.5%, which could save you tens of thousands of dollars if not more within a 30-year mortgage. It doesn’t hurt to shop around on refinance quotes — I’d recommend looking at at least three different providers and comparing rates.”