In Light of Housing Bubble Fears, Should You Sell Now or Wait?
Many have said that we’re going into a housing bubble, even as other sources say we’re not. So how do we solve the puzzle of the current housing market? Today I’ll share three key points to consider if you’re wondering whether you should sell your home or wait for the market to shift:
1. In Most Recessions, Home Prices Don’t Tend to Fall All That Much.
The one exception to that rule was back in 2008 when home prices across the nation fell.
2. Inventory is much lower than it was during the last bubble.
During the last downturn, the Durham market went from 2,000 active homes to about 2,500. We have only 200 homes available, which is one-tenth of what a seller’s market usually has.
"You Need to Think About These Things, Even in This Market."
3. Home prices are soaring
The San Francisco Chronicle recently evaluated which cities are likely to be on par with San Francisco in terms of sky-high home prices. The Durham area was voted as the No. 1 most comparable market to San Francisco.
I can’t say for certain that there won’t be a downturn sometime in the future, but I can say that because home prices and interest rates are on the rise, now is a great time to sell your home.
Talk to your agent about what it would be like to compete in today’s market and how you can sell your home for the most money possible. If you don’t currently have representation or you have any questions, give me a call or send me an email. I’d love to help you assess your situation and formulate a strategy to sell your home.
Share:
Work With Us
Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact Us today.
