3. The Re-emergence of New Construction
While increased prices and dwindling inventory among existing homes have created a level of competition that favors sellers, it has also created an opportunity for new-home construction to re-emerge. For those reluctant to participate in the frenzy to purchase existing homes, new construction gives them a viable option to consider.
Now more than ever, it’s important for agents to focus the attention of their buyers beyond what’s happening right this minute and explain to them what might be coming next. Perhaps there’s a case to be made for taking advantage of whatever shred of a buyer’s market remains for the time being.
Then again, perhaps what we all need to remember is that no matter what’s happening in the market today, tomorrow, or a year from now, real estate is almost always a good investment for the long term. For those who remember that—and make wise choices to match their ambition—this is everybody’s market.
Wendy Forsythe is executive vice president/head of global operations at Carrington Real Estate Services, where she is responsible for the operations and growth of the national brokerage with offices in 25 states and 1,200 agents. You can email her at email@example.com.