Markets have changed significantly over the past three years, making it challenging for homeowners interested in the value of their property to understand the ebb and flow of the real estate market. It takes experience to appreciate which changes will likely be short-lived, versus value that will likely be sustained over the long term. For example, demographics may suggest that the average family size will shrink as the average age of first-time parents continues to rise, theoretically creating demand for smaller homes. But, it’s also very clear that today’s homebuyers want more living space per person, both indoors and outdoors, than their parents had.
In some cases, this attraction to bigger rooms and more spacious yards can create demand for properties further away from city centers. That demand may be tempered by the rising cost of commuting for those working downtown, although conversely telecommuting and career mobility over the long term may expand the geographic range of location options for other professionals. Meanwhile, we’ve witnessed how changes in interest rates can affect short-term demand for mid-ranged properties. With so many factors and fluctuations affecting real estate, it takes objective observation and analysis to help identify the right buying and selling opportunities for your situation. If you’d like more insight on how current market conditions may affect you, don’t hesitate to call and have a chat.
