Whether it’s a buyers’ market, a sellers’ market, or a balanced market, it’s always a good market for real estate agents, who can help homeowners no matter what the housing market dictates.
I often wish I had the ability to look into the future and see what’s going to happen with this housing market shift, but the truth is, nobody really knows. I was asked recently how the storms that have been rattling the U.S. recently will affect the housing market, and how you can talk with your buyers and sellers to inform them of what they can expect.
What To Expect Now That the Mortgage Moratorium Is Gone
I came across an article recently, “A Shock Is Heading For the Housing Market”, which goes into a few predictions of what is likely to start happening now that the mortgage forbearance moratorium is gone. Essentially, this article discusses how there will likely be more houses coming onto the market — not a bubble bust, as many anticipated, but more inventory, which means that the housing values will start to settle down.
I talked about this in a webinar recently, and in preparation for that, I read many articles by Fortune magazine, Yahoo, CNBC and even NAR (National Association of REALTORS®). All of them are all saying the party’s over, and property values are no longer rising, or in some markets, are starting to decline.
Why a Market Correction Isn’t a Bad Thing
There is always a correction in real estate, but a correction isn’t a bad thing. Real estate is always good, it’s just moving back towards a balanced market rather than being a seller’s market. The pendulum isn’t going to swing over to a buyer’s market any time soon, but more of a balanced market for awhile.
Real estate, in the long term, is the best investment, and we can use articles like these in conversations with our buyers and sellers, especially when it comes to helping a seller price their home.
The Hockey Analogy
Back in the day, I used to coach my son’s soccer team, and I used to share with him and the other members of the team a quote that Wayne Gretzky, a famous hockey player, once shared as advice from his father. “I skate to where the puck is going to be, not where it has already been.” I would tell the kids that rather than chasing the ball and always run behind it, to try and run faster to get ahead of it so that when their teammate wanted to pass it, they were there and ready.
Pricing real estate is done the same way. You don’t want to price the property where it was yesterday or where it is today, you price it where it’s going to be tomorrow. That is the best strategy for pricing to fit the market.
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