I’ve been performing home inspections since 2008 this past year was the worst I’ve had since 2009. I’m in the Chicago area, other inspectors in my area have said the same. Is there any light at the end of the tunnel
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Yep! We just did a special podcast episode on it because it’s good news: https://inspectortoolbelt.com/special-episode-the-home-inspection-market-is-finally-changing/
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There’s always light at the end of the tunnel, and here’s to hoping we’re out of the tunnel real soon.
Last year was my worst since 2003. Personally I think it’s will soon be a buyers market. WHen you see houses on the market dropping their prices like they have been, at least in my area, that’s a good sign things are turning around.
Let’s just hope they don’t crash the economy by not raising the debt limit, then all bets are off.
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Yeah, sales are down 40+% in most markets year over year and keep in mind last year was nothing great either. Compared to some of the best years post housing crash (2014/15 for me) closed sales are probably down 75%.
This is disappointing but I can’t say too surprising. Booms and busts are the way of real estate. Especially in the modern day economy that has so many fundamental flaws. Raising the debt ceiling? Yeah, that will fix everything… let’s just keep the train rolling and bankrupt our kids and grandkids some more. Pain now or pain later?
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Prices dropping? Or do you mean “price enhancement”? 
Yes, a tad slower.
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Crossing my fingers, but there are some signs that the economy is already faltering a bit. 3M announcing layoffs this week, although a very small percent of their entire workforce, is one of those signs. We have one of the largest 3M manufacturing plants in the US just a few miles from me. I know a lot of people that work there, and although the layoffs are what makes the news, there have been other types of money-saving moves going on as well, such as mandatory unpaid time off.
My teenage son works at our local Menards part time. I’ve noticed the last couple weeks it seemed like he wasn’t going to work as much. So I asked him about it this morning and he said they have cut everyone’s hours. There are other little things like this going on at many companies if you do some Google searching. Let’s hope this doesn’t turn into another “great recession!”
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Yeah… no one can polish a turd like a good agent, huh? 
I’m just always thankful these hard working folks are out there getting us work.
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I had a different experience and I’m trying to feel upbeat about the coming year, too.
Last year was my best year so far, except the 4th quarter 2022(Oct Nov Dec) was not great.
January 2023 has been good so far and I want to believe that home sales will pick up in 2023. I know a lot of my fellow inspectors in Knoxville had a slow 2022. I was lucky enough to pick up some market share but some of my friends have not had a good year.
Here is what has worked for me:
Much of my growth was in new homes and 11-th month inspections. Those jobs have come not from Realtors but mostly from my website and referrals from past customers. For example, 42 homes last year were in my own neighborhood doing pre-sale and 11-th month inspections. Dozens more were in other newer neighborhoods where one inspection turned into several more from their neighbors.
I don’t spend time chasing realtors so I’ve reached my buyers through my website, 200+ Google reviews (100% 5-star so far, no four stars yet.) and Facebook.
According to Realtor.com predictions for 2023, the housing market is expected to be worse in 2023 than 2022 because of the higher interest rates and recession that are expected.
6.12 million existing homes sold in 2021
5.28 million existing homes sold 2022
4.53 million existing homes predicted for 2023
So I will continue my strategy of going after the new housing starts which have been above historic averages for the past couple years and are expected to be high again in 2023.
I hope you guys are able to find whatever kind of good inspections are available in your areas. In TN specifically, new housing has been strong as lots of people are moving to TN recently and I don’t see that stopping any time soon. Decent weather, no income tax, friendly people, moonshine. 
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Edward I am right there with you we had the worst 2022 since we’ve been doing this for now almost 19 years even our first year was better than this year that’s really saying something. Here in the Phoenix Market the word on the street is that we should be seeing a pretty healthy buying season here that’s February through the end of May . Alot of people’s fingers are crossed here right now on that one
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Morning, Ed.
I think most of us is experiencing a downturn in the types of inspections we preform and income.
Look at monthly mortgage inquires as an inductor.
January -40% as compared to the past 2 pervious January’s but that measurement is skewed in itself due to COVID and demand. I still managed to maintain reasonable monthly income after canceling 4 inspections due to illness…
Hope that helps.
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Last year was the first year that my commercial company outperformed my residential one, from an income standpoint. So far this year that trend is continuing.
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We’re kinda small potatoes but our best year so far was 2021.
2022 was down a little from 2021.
2023 is actually looking pretty good so far.
Started doing this nonsense in 2007. Been pretty much steady growth since. No spectacular jumps just slow and mostly steady.
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Yes, very slow but I have seen an uptick from dead to slow over the last couple of weeks. My bet is that it will continue to be slow but not dead for the foreseeable future. But as you know all real estate is local and Texas is a high growth area and winters don’t really slow us down for more than a few days at a time.
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My market has been dead here since October. Second home/retirement drives it from April through October. Lack of inventory and a sellers’ market dropped inspections big time in 2022. My last inspection was in November. Good thing I wanted to do this for the love of doing it, as opposed to trying to make a living off of it.
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Yup that’s the special sauce. Those of us living in states where people are moving to are enjoying the growth 
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Thomas what are you doing to switch gears?
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I had a pretty good December before I retired. Rising interest rates are slowing the market in my area.
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