In our recent video on the current housing market’s condition, we told you that there’s nothing to worry about in terms of a crash. This is still the case, but we’d like to show you how we’re able to tell. There are three red flags that indicate when a market crash could be on the horizon:
1. The economy of the state. If the economy is good and there are a lot of jobs, then people can afford to buy homes. If the economy is going downward and there are fewer jobs, people can’t buy as many homes.
2. People moving out of state. This is usually related to the economy—if people can’t find work in their area, they’ll move elsewhere for jobs. When more people are leaving than coming in, it’s a bad sign.
3. Vacant homes. When homes are vacant (for the previous reasons), sellers are more motivated to lower prices and sell quickly.
Since we always keep an eye on these indicators, we usually have an idea of what will be happening in our future market. If you have any questions or need more information, feel free to reach out to us. We’d be more than happy to help!