Real Estate Market Cycles and Trends
Nearly everyone wants to know what’s coming; what the future holds. Real estate agents are no different…they want to know what the market will look like in the upcoming months. Will interest rates rise? Will it be a seller’s or a buyer’s market? Will affordable new homes come on the market? By studying the current indicators and trends economists and real estate analysts are able to provide relevant economic forecasts to navigate the maze of future uncertainty. However, regardless of how much and effort is put into forecast, at the end of the day a forecast is just a prediction and is basically the equivalent of an educated guess.
This course provides an overview of various forecasts and predictions made for the real estate market in 2023 and describes adaptive reuse and accessory dwelling units. Additionally, it provides a review of economic cycles and the economic theory of supply and demand, which is the backbone of real estate markets. The economy affects the overall housing market and impacts your ability to make a living selling real estate. The economy is constantly changing and thus, it is useful to us personally, as well as in our jobs, to understand how things work. Instead of reacting to what takes place, it is important to understand the reasons things are happening and even plan for the different eventualities—economics helps us manage our lives and businesses.
It is intended to enhance the knowledge and effectiveness of real estate licensees and is approved for 4 hours of continuing education.