Housing Markets Stall in the U.S.

Home Inspection.It’s a common saying that things have to get worse before they can get better. Many Americans are currently wondering just how bad things have to be, in terms of the recurring housing market crisis. The housing market has been unstable since as long as some people can remember, and as the wealth gap keeps widening, one can only speculate the changes that will impact the real estate industry’s future.

This week, a new report revealed that the housing market was relatively flat in comparison to other past months and last year’s status. The Multi-Indicator Market Index, also known simply as MiMi, particularly convey that some markets are faring better than other at the moment as a result of sudden growth in the middle of the country. While the state of the majorityof areas continue taking turns for the worst or, at best, remaining flat, others have steadied which brings an inkling of hope to prospect buyers.

Here’s the Hard Facts

• The housing market dilemma runs parallel to the large economic divide between the wealthy and those not so wealthy.

• Middle class Americans are finding it increasingly difficult to secure home loans due to the inflexible mortgage sphere. As a result, more and more people are renting rather than buying. This wouldn’t necessarily be a bad deal for those interested in smaller properties or individuals who aren’t ready to maintain a house. However, the influx of renters has caused rent to skyrocket because the demand for these dwellings are now so high.

• Back on the housing front, the MiMi value index projected a rating of -3.06 which equals a poor market for overall country, although the annual rate shows improvement by 0.66 points.

• Meanwhile, a handful of states still have a more stable outlook, with Alaska, North Dakota, Louisiana, Wyoming, and the District of Columbia in the lead. States that are gradually improving include Texas, Rhode Island, Illinois, South Carolina, and Ohio.

• Currently, the country’s most profitable markets reflect the interests of wealthy citizens who mostly reside in San Francisco, Boston, Miami, Los Angeles, Long Island, West Palm Beach, San Diego, and Orange County.

• The lack of job creation is considered one of the leading causes behind the country’s failure to sustain a solid housing market. Officials continue to campaign for helpful employment solutions.

What This Means for Property Inspectors

Professionals in property inspection are typically dependent on the condition of the housing market. Although it’s possible to thrive in almost any type of setting if determination wins, a more positive economic landscape still motivates a drive to succeed. This isn’t to say that property inspectors should sit around anxiously biting their nails as they wait for an uptick in the market to stir home sales again. It just means that this is a chance to get more creative in maintaining a strong clientele base. Incentives and a high level of proactive engagement with buyers and sellers could make quite the difference at this time.

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