What To Know about Market Changes

People are working, learning and staying home more than ever since the COVID19 pandemic that kept us home. During those unprecedented times, the economy flailed, and we observed real estate carefully to try to figure out and predict what would happen. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀

All of this uncertainty drove the market as a result. A Seller’s market took over and it was challenging to figure out how long it would last. Opinions varied everywhere. 

You may have been thinking that it may not be a great time to buy a home because it has been declared a seller’s market. We hear many opinions about that. The value of homes during the pandemic continues to increase with no end in sight. As a result, a new thought process has emerged: Get into the market as soon as possible! 

Who is right?

The truth is that what we need is changing too. So is it the market that has changed, or has our changing circumstances stemmed from the pandemic? For example, we may now have the opportunity to move out of the city more and access more space or amenities within our home for working and living because we work from home. ⠀⠀⠀

So market changes do not necessarily mean buyers should hang tight and wait in a seller’s market. 

It may be a good time for buyers also. The challenge is that no one has a perfect crystal ball to predict when things will change or shift in the market one way or the other. It is simply not all about the money.

You chase your dreams with variables in mind at any point in your life, the price being only one of those variables. 

There is a heightened urge to live in a home that embodies a family’s needs and love.

You deserve to have a home that works for you and embodies what you need and love. Regardless of market changes, that is my number one goal for any client. 

That being said, no one wants to throw away money or spend more than necessary with the biggest investment of their life. There are also market change patterns that happen throughout the year. Some people believe that selling or buying a home during off-peak months is an inefficient decision. However, there are market advantages and disadvantages to every month of the year or economic impacts. Forbes has even stated that this is an outdated mindset.

Like there are pros and cons to every house, there are pros and cons to buying or selling a home during market changes. The point is to UNDERSTAND the current market and make decisions that best help you achieve your goals IN THAT MARKET.

I would never tell a client not to buy right now when they are ready to move to a new location because they can work from home that accommodates the lifestyle they want. Know your goals and how much you are able and willing to chase them.

Then choose a trusted realtor to guide you through the current market impact to advise you how to achieve those goals with the resources you have. 

Need some help? I would love to chat! 

Do you understand the Real Estate Market?

Understanding the seller’s market, buyer’s market and balanced market is key to guiding decisions.

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