The real estate market is constantly changing. As a realtor, a big part of your job is to understand the market, and what it means for you and your clients. Michigan Institute of Real Estate employs top experts to not only teach our students about real estate, building, mortgages, and more…but to prepare them for the type of market they will enter as newly licensed professionals.
Michigan is home to a couple of the hottest zip codes in the country, but many have wondered, will the 2007 crash repeat itself? With inventory at an all time low and the slow season in full swing, sales appear to be sluggish. On top of that, interest rates have recently risen, striking fear in potential buyers. Could we be approaching another housing catastrophe?
No, there’s no reason to worry. The housing market crash we experienced a decade ago is unlikely to repeat itself. As to be expected in the real estate market, we are simply approaching a slight dip. That doesn’t mean it’s time to end your real estate career, it just means that it’s time to implement new strategies.
When the market crashed in 2007, many real estate agents decided to jump ship. Great realtors, however, do not allow the market to determine their success. These agents dove into more rentals and investment opportunities, and were ready when the market bounced back. People will always need a place to live. Our advice to you is to take on any challenges the market presents, and come out an even better realtor. Opportunity will always be there, you might just have to work a little harder for it. If you’re determined, you can succeed in even a tough market, and position yourself to be ready when the market heats back up again.
Want to keep reading? See the rest of our blog posts here!
