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One minute we’re in a seller’s market and people are selling their homes for well above the asking price. All of a sudden people are telling you the exact opposite. Layoffs are taking the real estate and construction industries by storm, and people are predicting that the good times are over.
Does it seem like trends in the housing market are harder to predict than ever? Unfortunately, increasing inflation and changing interest rates are making the market hard to track.
We can’t tell you what’s next for the housing market, but we can tell you how to roll with whatever changes it brings. Read on to learn how you can prepare for unpredictable housing market trends.
Expect to Spend
When people think about the seller’s market, they tend to only focus on the big payout at the end. While it’s true that sellers still have an advantage in this market, they may be surprised when they see how much it costs to sell their home.
Issues with labor shortages and supply chain issues have made construction incredibly expensive and difficult to schedule. Sellers should expect to pay top dollar for any improvements they plan on making to their homes.
Good realtors can be worth their weight in gold. With plenty of people hoping to sell their homes, real estate professionals may be hard to come by. Don’t be surprised if you see realtors asking for slightly higher commissions, or if it takes you a while to find one to sell your home.
Monitor Local Markets
Larger trends are important when you’re thinking about real estate. Understanding the state of the overall market can be helpful, but people who want to stay ahead should be paying close attention to their local markets.
Check home prices in neighborhoods you are interested in moving to or selling in to see how they change. Start to follow local real estate publications so you can see what the experts are saying. Sources like this article are the perfect things to be on the lookout for.
The information you learn can help you adjust pricing or change expectations around cost, or help you find leads for potential homes to buy. The more research you do, the better your outcome can be.
Wait on Big Decisions
We know that this is easier said than done. Sometimes you don’t have the luxury to wait to buy or sell a home, but now isn’t the time to throw caution to the wind.
The truth is that everyone is in unprecedented territory right now. We’ve experienced recessions and housing market changes in the past. However, we’re also dealing with a new geopolitical climate and the aftermath of a pandemic.
Everyone is making their best guesses, but nobody can know for sure what the next few months or years will bring. If you can wait to buy or sell, put a pin in your plans. Even if it’s just for a few weeks or months, giving yourself time to plan and see how the market changes is a good strategy.
Follow Trends in the Housing Market the Right Way
You don’t have to be a real estate or construction expert to be concerned about trends in the housing market. Things may be difficult to predict, but making smart decisions can help protect your investments and set you up for success.
There’s still a lot we could say about the construction and real estate markets. Be sure to keep browsing our content so you can learn how you can make these ever-changing markets work for you.