I’m curious to what some of you inspectors think about the market. Do you think its gonna drop off and heavily slow down?.. There’s plenty of work at the moment but I wanted to hear some of your opinions.
I believe it is time for everyone to prepare for many uncertainties. Currently in my market, we have higher interest rates, high inflation rates and low inventory. None are good for business.
China is flexing its muscles causing uncertainty and I do not believe the current administration has the skills to pull us out of it. I am personally anticipating a long slow period. Hopefully it is just “steady slow” and not a complete crash.
I think it will slow down but won’t completely drop. The market is leveling out which is manageable.
Life goes on…
How it affects you depends on your business plan.
Do you now do inspections for clients that will not be significantly affected because of their assets?
Is your market desirable to buyers?
California is moving to my neighborhood. When they sell for $2.5 million, they can come here, purchase anything they want, and have a huge chunk left over. Don’t even need to get a job.
We’re definitely in a slowdown but kind of have been since the “boom” post-2010 crash. It’s kind of hard to say what is normal but what Brian says is what’s holding things back in my area for sure. For a long time buyers couldn’t find a house. Now they can’t find one AND can’t afford it if they do because of the high rates.
Looking into my crystal ball I’d guess prices will stagnate and maybe even drop a bit but it won’t be as bad as 2010 since the banks are solid this time around. Probably not the best time for anyone looking at getting into this business but a lot also depends on the the individual market. We always slow down in the fall/winter and I’ve already made some adjustments to save a couple bucks. One of which results in me on the phones part of the time which is quite the experience after about 8 years of managing to stay away.
Like the old cliche goes - Hope for the best but plan for the worst.
Life definitely goes on with growing families, divorces, relocations, investments, getting into your dream home, new business location, downsize, upsize. And as long as people value their hard earned dollars and look to mitigate risk with big dollar purchases, we’ll all be needed.
If you’re letting prospects in your area know that you exist, what services you offer and are backed with your InterNACHI credentials, I believe we’ll all be ok. Stay hungry.
I just returned from 5 weeks off in Europe. Riding around on a Harley gives you plenty of time to think when you’re on vacation.
It seems slow now but it always takes a bit to ramp things up again. I know the interest rates and inventory are affecting many inspector firms. I like to take these opportunities to raise my rates. I know most folks tend to lower prices to attract more clients. I work the opposite way. Of course if you are new then you may not get the same results.