The housing market has been in a downturn for the past several months. This is not surprising, given that the economy as a whole has been stagnant for quite some time now. However, this does not mean you should panic and stay in a house you want to sell. In fact, there are still many good opportunities out there for those who are willing to put in the hard work needed to find them.
What caused the downturn in the housing market?
There are several reasons why the housing market has been in a downturn for the past several months. One factor is that there is a glut of homes on the market, which has driven prices down. Another reason is that people are afraid to buy homes due to the uncertain economy. With the Fed raising interest rates to combat inflation, record-low interest rates on mortgages are now gone, and many potential homebuyers are less inclined to apply for an expensive loan at the current rates.
Finally, there have been a number of individual factors that have led to decreased sales, such as insufficient financing, the difficulty of a newly-single, one-income person refinancing the house after divorce to pay the mortgage, or difficulties in selling a home during a downturn.
What should I do if I want to sell my house?
If you want to sell your house, it can be done, but you will need to put in a lot of work. The first thing you will need to do is assess your situation with a realtor to see what options you have and a realistic timeline for how long it will take to sell your house.
Once you understand the current climate for real estate, you will need to prepare your house for sale. You should clean it, fix any problems that are visible, and make sure that the yard is tidy. You may also want to stage your house in some way so that it looks friendly and welcoming when sitting there on the market.
Lastly, you will need to advertise your house and find potential buyers. There are many resources available online that can help you with this process, but a good real estate agent can take care of most of it for you.
Finally, you’ll need to be patient. The red-hot buyer’s market of the past few years seems to be dwindling, and many buyers have taken a step back to wait for the economic conditions to change. An all-out bidding war may be a thing of the past, so you need to be flexible in the offers you’re willing to accept.
There is some good news for sellers, though
Despite the downturn in the housing market, there is some good news. If you’re selling a home, that most likely means you’ll need a new place to live, too. Thankfully, you, as a buyer, will also be able to take advantage of the downturn by getting a good deal on a home.
The bottom line
The downturn in the housing market is a fact of life that happens every few years, but it does not mean that you should give up on your house. There are still many good opportunities out there for those who are willing to put in the hard work needed to find them.
Name: Michael Bertini
Job Title: Consultant