September Wizard Article 2024

10 Things You Should Be Aware of That Are Affecting the Real Estate Market

Several key trends and factors are currently shaping the real estate market:

1.) Interest Rates: The Federal Reserve’s policies on interest rates continue to impact mortgage rates. Higher rates generally lead to higher borrowing costs, which can affect home affordability and market demand. Conversely, lower rates might stimulate buying activity.

2.) Housing Supply and Demand: There’s often a continued imbalance between supply and demand. In many areas, low inventory of homes for sale can drive up prices, making it challenging for buyers to find affordable options.

3.) Remote Work: The trend of remote work continues to influence real estate. Many people are seeking homes in less densely populated areas or suburbs, where they can get more space for their money.

4.) Urban vs. Suburban Living: The pandemic shifted some preferences towards suburban living due to more space and lower costs, but there’s still strong demand for urban properties, especially in cities with thriving job markets and amenities.

5.) Sustainability and Green Building: There’s growing interest in energy-efficient homes and sustainable building practices. Buyers are increasingly looking for properties with green certifications, solar panels, and other eco-friendly features.

6.) Technology Integration: Technology continues to play a significant role in real estate. Virtual tours, online listings, and digital transactions are becoming more common, changing how people search for and buy homes.

7.) Market Segmentation: Different segments of the market are behaving differently. Luxury and high-end markets may be more resilient or even growing, while entry-level and middle-market segments might be more sensitive to economic fluctuations.

8.) Economic Conditions: Broader economic factors, including employment rates, inflation, and overall economic growth, influence the real estate market. A strong economy generally supports a healthy housing market.

9.) Regulatory Changes: Local and national policies, such as changes in zoning laws, property taxes, and rent control regulations, can impact the real estate market.

10.) Global Events: International factors, including geopolitical stability and global economic conditions, can also affect real estate markets, especially in areas with significant foreign investment.

Keeping an eye on these trends can help in understanding the current real estate landscape and making informed decisions whether you’re buying, selling, or investing in property. As the real estate landscape continues to evolve, adaptability remains key, ensuring that buyers and sellers thrive amidst change while staying true to the timeless principles of the trade. We’re here to help – We’ve got your back!

Until next month, may you have fair weather and following seas throughout the rest of 2024!

Craig Beggins, President
CENTURY 21 Beggins Enterprises