Inflation and Real Estate
How will Inflation affect the real estate market?
As we are aware, inflation numbers have been slowly increasing over time. The value of a dollar has gone down which can be seen throughout different industries. This has caused everything to become more expensive. These new prices have obturated the supply chain prolonging this snowball effect. What does this mean for real estate? Prices of lumber, paint, windows, carpet, and labor have gone up; meaning it will cost more to build. Existing home prices have also seen an increase because of the cost to renovate and maintain them. New home buyers should enter the market sooner than later due to the continuous increase in prices. Rates are also steadily increasing to keep up with inflation. If you are selling your home, sit down with your Realtor and discuss a plan so you can do any renovations in a timely manner. There is a limited supply of real estate because we are seeing fewer listings. However, now is definitely the time to sell as it is a seller’s market. If you are weighing your options call us today for a free consultation!
Whether you are buying or selling, without the assistance of your Realtor or a plan you could miss out on a great opportunity or continue to experience increases in costs and rates. Your Realtor will discuss inflation with you to help you understand and make the most cost-efficient decision. Depending on your goals and desired return on investment your Realtor will suggest renovations. Read our blog on renovations for more information.
Call us today for a free consultation for any real estate or design service. Castle Gate Real Estate Group: 704-533-9387