Gas is up and interest rates are going up - what does this mean for us as home inspectors? Stay tuned and listen in! FUEL PRICES & INTEREST RATES - WHAT THEY MEAN FOR US - Inspector Toolbelt Home Inspection Software App
I would say it means inspection fees will need to increase in order to offset higher travel costs, especially if you cover a large geographical area.
Rising interest rates will likely cool off the housing market, meaning less transactions and therefore less opportunities available for inspection. However, a cooled off housing market may push the pendulum a bit more towards a buyer’s market, meaning home inspections will be more acceptable to sellers. The result of this push towards a buyer’s market may increase demand for inspections, even if actual home sales slow.
Ryan, a lot of what you said I agree with - especially the cooling-off part. With the fuel thing though, that actually affects the RE market too - and not just the direct cost of doing business as an inspector. You should give it a listen, I think you would enjoy it
I just listened to it and there is some good conversation in it. Thank you for that.
You guys are right, profit margins should not be so thin as to require a fee increase or surcharge based on short-term gas price. I just raised my rates a few weeks ago, partially due to gas prices, but more so due to general inflation. If you stop for gas on your way home from getting groceries, that’s when it really hits you how much more every thing costs now, lol.
Glad you listened! And you are right about the grocery bill and then gas right after, lol. It’s a double gut punch