HOUSING MARKET IS CHANGING
Posted by Carlie Berke, CDFA®
June 23, 2022
For those of you considering selling your house in the near future due to divorce, downsizing, retirement, etc., pay close attention to the changes starting in the housing market.
After at least 10 years of a bull market in housing price appreciation and low mortgage rates, the market may no longer be the strong seller’s market we have become accustomed to.
Even though inventory is still relatively low and unemployment is low, affordability is declining due to interest rates approaching or exceeding double where they were a year ago.
Furthermore, with the stock market seeing declines hovering around 20% this year and recession fears building, you may want to explore getting your house on the market sooner than later, and pricing it based on market conditions and not “the price you want”.
Real estate is not a liquid asset even though we have been lulled into thinking so this past decade.
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When considering home ownership, it is important for people to be realistic and fully aware of the total costs of home ownership.
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