What to Know About Selling Your Home in This Environment

Selling your home is always a difficult task. This is often because the housing market – both locally and nationally – is constantly in flux. You can’t predict how your house is going to sell based on your last experience ten years ago. Here’s what you need to know about the current situation.

Prices Have Fallen

The single most difficult element affecting the housing market today is the post-pandemic economy. Buying dropped drastically because of the pandemic. As a result, the market is dealing with trends in prices that are hard to predict – since a pandemic of this scale hasn’t happened for quite some time. Every locality is still different, of course, so there are certain cities and zones of the U.S. where prices are skyrocketing. But the general effect of the pandemic has been that prices have fallen. Even the rate of price growth in those specific hotspots is starting to lessen.

It May Take Longer

Again, the specifics of the market will depend on your city. But generally, the sellers’ market is a bit difficult within the current state. Normally, it is estimated that selling your house (with your average real estate agent) can take two to three months. You might want to be prepared to wait a bit longer. It may even be up to six months or more in certain cases. There are certain things you can do to speed up the process – like selling to a cash buyer. Selling to a cash buyer can allow you to close within 30 days. But they may or may not be easy to find in your location.

Investment Is Popular

Real estate investment has had quite a boom in recent years. There are two major reasons for this: the popularity of the application Airbnb as an alternative to hotels, and the growing number of millennials who are choosing to rent later and later in life instead of buying property. As a result, cities tend to have swarms of investors who are looking to buy up property and convert it into Airbnb or rental homes. This is also because real estate investment is a relatively safe form of investment that can be lucrative if done right. If you’re trying to move into a city, it might be harder than you expect for that reason.

But you never know what is going to happen. Some people are already predicting a slack in the profits of investors for a few reasons (for example, the lessening popularity of Airbnb due to the rising costs). It’s best to talk with local experts in order to understand exactly what your local situation is.

Check out this article on how to build a strong financial foundation for your family!