Between 2020 and early 2022, the housing market saw a boom unlike any other in at least a decade. As a result, some longtime real estate agents thought the market was hotter than it had ever been.
The market was in a historic seller’s market, driving a single-family residence’s average price to a median price of $428,000.
A seller’s market is one defined as less inventory on the market than there are buyers, driving prices higher. It’s the same economic theory behind the idea of inflation; when demand for items is higher than inventory, prices climb higher to deal with the crush of the demand.
What added fuel to the difficulty of buying a home in the years 2020-22 were many. For one, the pandemic forced many people to live, stay in their homes, and adjust their day-to-day activities. That dynamic also created the decentralized role of the workplace, providing for more remote work options.
People realized that they didn’t need to be anchored to living near their homes, and also the desire to live somewhere with more space and rooms to accommodate the amount of time spent at home was one driver of the demand for housing.
Another feature that drove the demand to purchase a home was the historically low-interest rates that the US Federal Reserve provided during those years.
The ease of getting money and loans provided people with more purchasing power than in years past and, coupled with the desire to relocate and expand their living situations, drove home prices through the roof.
But some factors are now slowing down this trend.
For one, the rise of interest rates to combat inflation has slowed the spigot of money for the casual borrower. That has slowed the demand for luxury and high-priced ticket items like cars and homes, slowing the competition many buyers dealt with in their bids to buy a new house.
Less available money to borrowers, and higher rates to get the loan, have made borrowers more hesitant to buy a high-ticket item like a house, slowing down demand and leveling off home purchases in most markets.
The California real estate market is and has been, unlike most other places in the United States. Places like Los Angeles and San Diego say the housing market continues to appreciate at rates unlike elsewhere in the country, but even those markets are starting to show signs of slowing down.
How The Market Impacts Home Vacancies
As the housing market cools, plenty of people are still looking to buy and sell their homes.
When it comes time to move, people are often left scrambling for strategies to get their houses packed and moved efficiently.
There are two ways to go about packing and moving your items from one house to another.
First, you can hire a moving company to organize, pack, and ship your stuff. While this is an excellent service to have provided to you, it can also be costly. Besides, having strangers go through your things, pack them, organize, and ship them is less than a comfortable situation for many people.
The second option is to do-it-yourself. With a DIY move, you are going to need time to set aside, prioritize, organize, pack, and move your stuff. It can take days or weeks, depending on the number of things you have and how much free time you have to complete them.
Get Organized, Declutter, And Get Packing
If you are going to move, you want to plan.
- Decide what to keep and what to discard
- Schedule a yard sale or moving sale to discard unwanted items
- Contact a moving truck or van rentals service if you need more space than your vehicle allows
- Prioritize the rooms that you pack in order of least daily use to most
- Consider asking friends or coworkers to assist you with the more oversized items
The goal of organizing your move is to declutter yourself from your things. Over the years, you accumulate furniture, knick-knacks, and clothing that is much more than you may realize.
Take the step to rid yourself of all the unnecessary things, and declutter your home before you pack. And prioritize your packing to be the least impactful on your day-to-day activities as possible.
For example, the kitchen is an excellent place to begin packing unless you plan to host a party before moving. Also, the bathroom can be organized down to a minimum before moving.
Whatever the reason, from buying or selling your home, to moving for a job or other opportunity, packing your home efficiently and effectively can alleviate a lot of the stress associated with the move.