The housing market is anything if not dynamic and ever-changing. And while the market holds potential for financial growth and development, the fluctuations can easily pose a risk if rates do not stay competitive. The key to success is responding and reacting with seasoned expertise.
At North Star Property Management, timing is everything. Our unique position in a niche market allows us to test the market range, providing a distinctive level of insight. It’s imperative that we stay competitive in order to lease quickly and effectively, understanding the significance of seasonal ebbs and flows, and what that means for investors and homeowners when listings stagnate.
Over the last 15 months, we’ve seen very pronounced market swings. It seems that the release of the pandemic lockdown caused a frenzy of activity that created a huge spike in demand for neighborhood homes. While this demand rose quickly, it subsided just as fast. Many of us priced for the spike in demand, but are now having to reduce back to “normal” pricing.
However, the current frenzied state provides a window of opportunity for a collaborative network between realtors and property managers – whether that be a matter of resources or an alternative market option. It is our goal to share our hard-earned knowledge and be a resource, just as our community has done for us.
We do not want to chase down pricing as we hit the tail end of the summer season, but rather make swift and accurate price changes now. Having lived through the crash of the real estate market in 2007, we are keenly aware of market and seasonal fluctuations. We rely on our own data, data from our Real Estate division and relocation companies, as well as hiring data from the HR departments of local corporations. Our seasoned, well-rounded perspective allows us to respond quickly and effectively.