Did you ever experience selling your house in the times when markets turn and start going in the opposite direction? From my point of view it looks like the real estate market is starting to slow a little bit. I know when the stock market starts going downturn that means the real estate market will slow or even go down a little.
If you’ve been around long enough, you know that markets have cycles. What goes up it has to go down. Why? Because people take profits and start selling their stocks and houses. If you bought a house for yourself or for investment and you gain a lot of equity, a good idea would be to sell it for a profit. Let’s say that is one of the exit strategies. Some of the people are refinancing their properties to pull cash and invest again.
Since everybody is expecting bidding wars it may not be the case any more. Interest rates are rising and a lot of potential buyers are getting disqualified. Another pool of buyers are sitting on the timelines and waiting for better opportunities like better deals or better rates. Let’s say you can afford monthly payments for a more expensive house since interest rates are up, still you might struggle to pay all the bills and keep up with the maintenance. If you add unexpected expenses that’s where the bills may get out of the control.
People who want to buy a house fast, don’t have a choice. Either they have to buy something cheaper or they have to pay more. You have to make a decision if that is something you want to do. Keep in mind that 2008 brought so many delinquencies that real estate market rollover and people stuck with underwater mortgages and some of them choose to leave the properties to foreclosure where others hold on to them for a long time.
In the market downturn being smart in making financial decisions it’s the key. Ask yourself if you have to buy right now? Does that make sense to you? How long will you be living there? Can I afford it? Like you see there are a lot of elements when it comes to selling your house in the market downturn. Remember dont push because you just want it, be smart about it.
If you want to sell your house fast you can call our office at 847 242 2212 or email as at info@moderntimeshomes.com