Posted on 01/15/2024 4:47:11 AM PST by where's_the_Outrage?
How the year will shape up in the housing market isn’t yet clear, but there are some predictions that things will ease up for homebuyers. We may see interest rates fall and inventory increase.
But just because things could be easier on buyers this year doesn’t mean sellers are necessarily in for a tough time. Indeed, better days could be ahead, as some real estate experts anticipate housing sales to pick up in 2024.
Rather than getting ahead of ourselves with predictions on what prospective sellers can expect in the housing climate in 2024, let’s back up a bit and discuss the signs that indicate it’s time to sell your home — according to real estate agents.
Rightsizing Is your home feeling a little too big lately because your kids just left for college? Or perhaps a bit too small because you just had a baby or took in an ailing parent?
Major Life Changes
Inability To Do Major Repairs
Overwhelmed With Maintenance
Displeasure With Changing Neighborhood
Relocation
Too Long of a Commute
Financial Struggles
Restlessness
When the Market Is Favoring Sellers
Ready To Cash In
(Excerpt) Read more at msn.com ...
“Ready to cash in” covers retirement planning I would say. That and “tired of maintaining”.
By the way “when the market favors sellers” also means “buying is more”. Sell high, buy high.
RE agents are always eager for you to sell your home, but with demand outstripping inventory they’re especially into that now.
I think with the seemingly rise in interest rates from not being able to roll over $7 trillion in the national debt is a good reason to go small.
Realtors are like used car salesmen caked with makeup and lacquered with hairspray. Usually fat.
My next door neighbors just sold last week. Incredible amounts of walk throughs followed by a bidding war. I’m amazed anyone would be dumb enough to pay what they did for the house.
“When the Market Is Favoring Sellers”
It usually is not favoring buyers. If you sell, alot of times you’re going to need to purchase another place during that same sellers market. Unless you are relocating to an area with a lower cost of living, or building new. making out financially is not common.
Insurance payouts and rebuilding on site seems like a good option, unless someone gets killed, and only if the insurance company has a good reputation.
Remember when putting your savings into upgrades to your house was actually profitable. Those days are over. The mantra now is if you going to upgrade or enhance your property it’s for your own enjoyment not for resale profits.
I’m sort of in that zone, I’d like to sell my house but... I bought it at such an advantageous price I will make a profit but then I’ll have to turn around and buy a house of equal or lesser value in another area. So I look at other factors such as the crime around here is low, the people here are friendly, and I have everything I need close by without the hassles involved with suburbia, and the property taxes are tolerable. A rancher would be ideal though.
The women can be a fright, too.
... and gay.
They sell this same old load of crap every year. But it's part of the same, SAME cycle. Real estate sales drop off towards the end of the year...but always pick back up after the first of the year.
I live in a good neighborhood. Houses have been selling day one for more than anyone originally expected.
No one has moved into any of these homes.
Something stinks.
This is months to 1.5 years in duration.
Mine were still at it at 96! Trees down, roof leaking, no power in snowstorms, yikes! Lived three years at nursing home, burned up all value
In Florida ...
My take is ,,,
Keep real property, rent it, all govt can take in one’s senility is the rental income. They cannot force you to sell or liquidate.
Once all is sold, govt will take it all as your age beyond your means.
The problem now is there is almost no inventory to buy in MANY markets in the country.
Up here in New England(NH) there are almost no homes for sale. The market topped out last year but the price correction has been minimal. You do not want to put your house on the market unless you have some place to move to.
The biggest change is houses are staying on the market for more than a couple days now.
A year or two ago a house would go up for sale. They would have an open house on the next Saturday and they would have multiple offers to pick from. All at ask. Most over the asking price. Some as much as $100K over ask. It was stupid.
The people that did that bought the top.
There other thing you have to consider is the type of property your neighbor had. There are a lot of baby boomers looking for a smaller house to downsize. Plus they want a single story house. Plus they are selling a house that they most likely do not have a mortgage on. So, they can come in with an all cash, quick close offer.
Most of the houses in the areas people want to live in around here(not in the cities) are multi story and over 2400’ square feet. So, detached condos or patio homes sell real quick around here. Sometimes for more than a non condo of the same size.
These are single family detached homes where everything is on the main floor. They may have one or two small bedrooms on the second floor. They do not have to maintain the outside of the structure. No snow shoveling. No mowing. No cleaning gutters. If you want to go south in the winter you just lock the door and turn the heat down to 55.
The house sells for an all cash offer. People show up in the night. Set up a marijuana grow operation. Many times they will bypass the electrical box so that the high usage does not show up on the bill. They busted several of these run by Chinese nationals(illegals). They stated that the pot was being sold in NYC and other places undercutting the state dispensaries.
Definitely not. Not rural, smart meters, open blinds.
To a real estate agent, it’s ALWAYS time to sell your home. How do you think they earn their living?
From what I read the large companies that buy single family houses with the intention to rent them out have been out of the market for over a year.
That is why markets like Austin have really corrected in the last year. Home building companies like DR Horton were selling a large percentage of subdivisions to investors. Primarily to companies that rent them out on a long term basis. They stopped buying in mid 2022.
Thanks for the info.
The following is just N=1, so…
I just looked at a house near me.
It sold in Oct for over 550K. It’s on RedFin for being worth 640K now.
That’s 3 months?!…
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