The housing market is always changing but during good times, bad times, and the worst times people buy and sell houses.
Higher interest rates and higher home prices will start to have an impact on the housing market. Demand will likely stay high but houses may stay on the market longer and get fewer offers. There is only about a month’s supply of houses on the market.
When the pandemic came and we were all told to stay home a buyer got laid off from her job in the hospitality industry and we had to put a house back on the market. It sold three days later for slightly more than the previous buyer had offered.
For a couple of days, I wondered if home values would go down. Values went up and rose during the pandemic as people started moving around.
When there was civil unrest in the Twin Cities home sales came to a screeching halt for a few days but then rebounded to a new high, partly due to low-interest rates.
I sold houses during the great recession and the housing market crash. I sold them when interest rates were over 7%. I sold them during buyer’s markets and seller’s markets.
If there is a recession this year or next houses will be bought and sold, rented, and rehabbed too.
Selling a house is a project that needs to be managed. The best strategies for managing it changes with the market.
I feel fortunate to have had experience with every type of housing market. The housing market is kind of like Minnesota weather. We can count on change and variety.