Is a market correction on the horizon? Let’s examine some recent trends and find out.
Selling your home? Get a home valuation.
Buying a home? Search the local MLS.
While some refer to a significant change in market conditions as a crash or a bursting bubble, I prefer to think of it as a correction.
It doesn’t make sense to expect our market to perpetually trend upwards. Things have to even out at some point. This is exactly why I believe this is happening right now. I'm not the only one, either. Bill Gates recently asserted the same sentiment that another market correction is looming as well.
On a grand scale, 2008 was not so long ago. Yet many seem to have already forgotten what our market looked like back then. Our market today is not so far removed from the conditions we saw 10 years ago.
We’ve been experiencing a heavy seller’s market for years, and now it’s time to look forward. The market is beginning to soften, much like it did in the years preceding 2008. Buyers are tired of the bidding wars that have been so common recently, which is just one key indicator of the market shift that’s on our horizon.
"Our market today is not so far removed from the conditions we saw 10 years ago."
Real estate runs on a cycle, so keeping the past in mind as we move into the future is something we should all be doing.
So if you have been thinking of making a move, don’t ignore what’s happening in our market. Those planning to move within five to 10 years should have no issues, but those planning a move within the next two to four years should consider taking action sooner. Keeping a close eye on the market is essential.
Don’t rely solely on major media outlets, which generally report on market changes after-the-fact. My team and I would be happy to guide you through your goals and help you better understand this coming correction.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
