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How Hard is it to Sell a House These Days?
Selling in this Economy? How hard can it be?
Selling in this economy, can it be done? The housing market hasn't changed much over the last few years. Real estate prices keep going up, yet people are still able to buy a home thanks to some of the lowest interest rates in decades.
What About Selling?
How hard is it to sell your home in this economy? It can be difficult in some places and great in others. It depends on location and available housing.
Are you selling in this economy in an area that currently has a shortage?Not bad, especially if they're based in a desirable location. In these environments, homeowners tend to receive at or above list offers, when priced appropriately.
It's not the same in less desirable regions or places where there's currently a glut of new and existing homes. Here, homeowners struggle a bit. They can have an especially hard time if the house is not turnkey ready for move-in.
How hard is it to buy your home in this economy? This also depends on the available homes in the area you are looking to move into.
Most sellers choose to purchase something in the ballpark of what they recieve for the home they are simultaneously selling. However, if you are unable to secure a solid offer or closing is postponed purchasing a new home may be difficult.
Once you have accepted an offer on your current home, the options open to you become far more clear. If you are able to sell at or close to what you are hoping you can go ahead and look for a home in the area and around the same price point you were planning to. If it comes in a little lower, you may need to opt for a home that needs a little more work or is slightly smaller than originally anticipated.
Keep in mind that homeowners looking to buy your home are likely juggling the same as you and trying to both sell and buy a house. This can result in uncertainty and last minute changes for both parties.
What This Means For You
How hard is it to sell a house? In the end, many factors determine the answer. It could be easy for a few weeks. However, if your area becomes a virus hotspot, the market may dry up. If you decide to sell traditionally you will need to have an inspection completed that may result in repairs. Additionally, if the buyer does not pay cash, they will need to have the home appraised. Both the inspection and appraisal stages may result in a buyer pulling out.
Therefore, you need to plan before you put your home up for sale.
Here are some things to consider:
- Do you have a minimal debt-to-income ratio?
- Do you have enough saved to make a substantial down payment on a new home?
- Is your home turnkey ready, or does it need some work?
- Do you have the time to wait for a buyer and close?
Regarding the last question ... If you don't have time to wait for a purchase, then you want to consider selling it for a cash agreement. If that's the way you need to go, contact us immediately for a no-obligation cash offer on your home.