After Labor Day we get excited about the sights and scents of fall. People go apple picking, to pumpkin farms and corn mazes. Others seek out their favorite pumpkin spice lattes, warm apple cider and caramel apples. This transition, from summer to fall, also happens in the world of real estate.
For the past couple years, homes have been selling fast and home values have been increasing at record-breaking rates. The inventory of listed homes on the market has been historically low. This is starting to change, however.
Rental prices have been increasing just as home values have increased. It is predicted that the real estate market is going to start balancing or correcting. In fact, in some markets it is already taking place. This will, most likely, affect rental prices as well.
There is a lot of news in the media about the real estate market starting to cool down for sellers and balance out for buyers.
The real estate market is starting to show signs of balancing. This means that the sizzling hot seller's market will be softening up a bit. It won't turn into a buyer's market right away. In fact, home values are still rising.
Many locations require home sellers to sign a radon disclosure form before they sell their homes. This disclosure informs prospective buyers whether or not the sellers know of any higher than acceptable radon levels in their homes.
Home buyers almost always have a professional home inspection performed by a licensed inspection company when they purchase a home. However, it is not a bad idea for sellers to have a home inspection, or pre-listing home inspection, performed as well.
Before, during and after the COVID-19 pandemic, home prices steadily climbed. These increases, combined with a growing but still modest inventory of houses for sale, make for hard times for banks and other mortgage lenders.
Inflation rates have been high and there is talk of a recession. Sound familiar? This was a similar story back in 2008. Back then the economy dove down into a deep recession and home values plummeted.