Our market may be slowing down, but I’m confident a shift isn’t on the horizon.
One of the great things about being a real estate agent is getting to network with some of the top brokers across the country. It’s great to be able to see what’s going on in Illinois, but it’s also important to know what’s taking place in the rest of the country.
When you look at states like Florida or California, what’s happening in their marketplaces is usually a good indicator of what’s about to happen in ours. The Midwest seems to follow these areas in terms of market trends. Therefore, when I talk to agents in Florida and they say the market is slowing down, that’s a good indicator that we might be heading into a small recession.
There are a lot of rumors out there that the market is starting to slow, and that could be the case—we’re starting to see instances of this in different areas of the country. But there’s also a fear that we may undergo a shift like we had back in 2009, and I want to be clear that I’m confident we’re not going to see anything like that. There were a lot of factors that led to that shift, and the market is always going to change. After we see a peak, it’s only natural for things to come back down, but don’t be afraid that we’re about to run into the same situation we had in 2009.
What I do see is a simple correction in the marketplace. As you may remember, the market rebounded from the 2009 shift right around 2013. That’s when we started to see home prices and the number of sales start to rise. If our market functions in seven-year cycles, though, that tells me that the market should start to correct itself over the next couple of years.
So make sure that you’re cautious of this correction, but also understand that it’s highly unlikely that we’re in for another shift.
As always, if you have any other questions about our market or you’re thinking of buying or selling a home soon, please feel free to reach out to me. I’d love to help you.