Property inspection entrepreneurs are expected to know the ins and outs of the nation’s housing market. You might say houses are always being bought and sold regardless of the state of the economy or its effects on the real estate industry, but it’s still best to understand what’s trending so you can remain ahead of the competition in your field. Here’s some questions that will keep you in the loop on the market’s current condition. After all, you never know when what times this kind of information will be most beneficial.
Are Things Getting Better?
There’s clearly no simple answer to this inquiry. Over the last few years, several factors have played into collective attempts to stabilize the housing market. While recent studies indicate that the market is improving, the progression has been extremely slow. Mortgage rates haven’t necessarily changed in many regions, and only three large cities in the United States—Denver, Charlotte, and Dallas—have experienced home price appreciation. In fact, the nation’s latest stock market dive is being blamed on the housing market’s sluggish pace toward an upswing. For now, most people continue to hold their breath and cross their fingers for more good news in the days and months to come.
What Types of Homes are Being Sold?
Although positive movement is gradual, the real estate industry is experiencing favorable results. The best happy endings, however, aren’t from the growth of sales that occur with newly build homes. Professionals in the field are still trying to sell a disproportionately larger number of foreclosed property. As the latter continues to skyrocket, there’s still evidence of a much stronger construction market as more residences need renovation.
How is the State of the Housing Market Affecting the Rest of the Economy?
While the property inspection industry remains unscathed by the activity in the housing market, there’s still other industries that are being affected as the lapse in buying and selling property continues to slowly improve. The home repair industry, for instance, is directly impacted. That is, the amount of money that people spend on repairs and upgrades is highly dependent on if home prices are appreciating at a good speed. The one thing that home repair retailers can count on, however, is the constant aging of U.S. home which leads more consumers into the stores. Also, the strength in repair sales often rely on the inspection reports given to prospective sellers who want to fix up property before they put it on the market.
What are “Crystal Ball” Markets?
Crystal ball markets refer to the markets in cities that tend to be one step ahead of the national trend. Experts recommend keeping a close eyes on these markets, as they’re said to predict which direction the real estate industry will go. Currently, the leading market in this category is in the city of Minneapolis, Minnesota and closely followed by San Diego in California, West Palm Beach in Florida, Washington, DC, Sacramento in California, and St. Louis in Missouri. The latest studies show a strong correlation between these areas’ local price change and the following year’s national price difference.
