Navigating the Housing Market’s New “Ice Age” 

 Posted on May 24, 2023 in Real Estate

A recent Newsweek poll reveals that nearly six out of every 10 Americans are either “very” or “fairly” concerned that the U.S. housing market is going to crash within the year. Certainly, the nation’s economic news is not particularly bright, especially because the nation’s top leaders have not yet resolved serious budgetary and debt ceiling concerns. However, there are other reasons why both aspiring homebuyers and current homeowners hoping to sell soon are getting concerned.

For example, one recent Business Insider feature is entitled “The Housing Market’s Ice Age,” and its subtitle reads, “If you don't already own a home, you're going to be screwed for years to come.” The piece concerns the fact that, in much of the country, higher prices, lower inventory, and fewer sales are freezing the market over. It would be difficult to NOT be concerned about the state of the residential real estate market after reading comments like that from a trusted source. The question then becomes, how do those who hope to buy or sell a home over the next few years navigate current and likely conditions successfully?

The Housing Market Is Not a Monolith

Another recent headline – this one trumpeted by both Fortune and Yahoo Finance – should give home buyers and sellers a better sense of how to manage the current and likely future state of the market. This headline reads, “Zillow Just Got Super Bullish on These 37 Housing Markets.” This headline underscores the reality that the housing market is not a singular entity. The market conditions that affect one state, city, neighborhood, or section of a block will not always apply to every – or any! – other area.

This is one of the reasons why it is so important for buyers and sellers alike to seek experienced legal guidance proactively. Simultaneously protecting and advancing one’s interests in an “Ice Age” market requires thoughtful, personalized insight and knowledge of what the market is doing in a targeted area, not just what the vast nation’s market is doing overall.

Contact a Client-Focused Lake County, IL Real Estate Lawyer for Personalized Guidance

If you hope to either buy or sell a piece of residential real estate in the near future, know that the capable North Chicago, IL real estate lawyers at Newland & Newland, LLP can help you to achieve your goals as efficiently and effectively as possible.  

Our team offers free, confidential case evaluations to anyone who is interested in learning more about their rights and options. You can schedule one at any time by calling 847-549-0000 or by submitting your contact information via our firm’s website. The market is particularly intimidating right now. By having experienced professionals by your side, you will be in a much stronger position to safeguard your interests as you move forward.

Sources: 

https://finance.yahoo.com/news/zillow-just-got-super-bullish-135525318.html

https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5

https://www.newsweek.com/housing-market-crash-fears-rise-exclusive-poll-1801788