People love to predict the real estate market – where it’s going, how low it is going to go, or how high it will rise. Sellers want to know if they should sell now or wait; buyers want to know if they should hold off on buying for another six months to see if housing prices will drop.
If you are wondering how to predict the real estate market to try and stay ahead of the peaks and troughs, this video will provide you with some insight from a real estate agents perspective on forecasting the property market.
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Working as a real estate agent means being in the real estate market every single day of the week, every week of the year. By engaging with buyers and sellers constantly, the actual realisation is that you cannot predict what is going to happen with the real estate market tomorrow.
Influences on the real estate market
Essentially, the real estate market is not just how many buyers or sellers are present in the market.
Economic factors, employment rates, inflation rates, interest rate changes, banks increasing interest rates even though the Reserve Bank of Australia hasn’t, or banks not passing on rate cuts are just a few elements that affect the real estate market. Any increase in day to day living expenses, such as an increase in petrol prices can put financial stress on people, which causes a flow-on effect to the real estate market. The unemployment rate can affect the market, along with any changes to industries, such as the closure of a business. These types of concerns will impact on buyer confidence.
The Global Financial Crisis (GFC) was the last major decline in the real estate market, and it was not foreseen. It is very difficult to speculate, as there are so many factors that play a part in influencing market conditions.
Should you wait to buy?
If you are looking at buying a property and you expect to stay in there long-term, it really does not matter what is happening in the market today. In 10 years’ time, it won’t matter if you brought at the top of the market, or the bottom of the market. In 10 years’ time, your property is likely to look like you bought it for a bargain.
Property is always growing, and it has continued to do overtime. We can pretty much put our money on the fact that property will always return in the end. Property will go down and it will go up – just like the share market. Business Insider shows the historical bumpy increase that the Australian house prices has taken.
Don’t try to pick the market. If you find the house that you want, don’t delay. Buy the one that you want. Don’t try and think, “I’m going to be picking the market.” What you really want to do is to pick the house.
I hope these insights on predicting the real estate market have helped you today. If you have any questions, I’d love to talk to you. My number is 04 26 264 771 and I look forward to talking to you soon.
If you have any family or friends that might benefit from real estate guidance, please feel free to pass on my details or share this link. I’d love to be able to help.
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Apr 14, 2023
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Benefits of downsizing your home
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