Are fears of a housing crash making you second-guess selling your home? As inflation rates reach historic highs, many people are wondering whether this is the signal to a housing crash. You can still sell a home in Warwick during a housing crash – it’s not only possible but doable when you follow our simple steps for success.
Follow Our Tips to Sell a Home in Warwick During a Housing Crash
When you sell a home in Warwick during a housing crash, you need the expertise of a local realtor. With Your Home Sold Guaranteed Realty – The Nathan Clark Team we have the localized knowledge you need to find the homebuyers in your area.
What’s more is we guarantee to sell your home fast and for top dollar regardless of the condition of the market. With our Guaranteed Sale Program, we guarantee that your home will sell for a certain price in an agreed upon timeframe. If not, Nathan Clark will buy it himself. What’s more is that you get the potential sale price and timeframe upfront and in writing. And we don’t just set the price and timeframe – both crucial aspects are agreed upon with you so you’re in control of your housing transaction.
How a Housing Market Crash Can Affect Your Home Sale
A housing market crash can be devastating for homeowners. But what is a market crash and how will it affect your home sale?
A housing bubble is a market condition where home prices rise drastically because of an increase in demand, low supply and favorable interest rates. These bubbles are almost always followed by a crash. A crash occurs when market conditions are so unstable that the bubble bursts. These crashes are driven by a rise in interest rates, which cause less demand and lead to a drop in housing prices. These crashes can be local or national and may or may not be related to an economy’s overall health.
What We Learned From the 2008 Housing Bubble
The last time there was a housing bubble that burst was 2008. The bubble bursting led to the Great Recession that same year.
The housing market had been booming from the early 2000s through 2006, when housing prices started to decline. In December 2008, there was the largest price drop in history.
Because of this drop, many homeowners were unable to pay their mortgages. In some extreme cases, their homes were worth less than their mortgage. These led to a rise in interest rates which caused many foreclosures. This rise in foreclosures led to a recession.
Is a Housing Crash in Warwick Possible?
Because of high interest rates and an increase in inflation, many homeowners are worried about a housing crash.
However, most real estate experts agree that a housing crash is not in the near future because demand is still high while supply is low and lenders have stricter lending requirements.
iBuyers and the Possibility of a Housing Crash
An iBuyer is someone who buys a home as-is directly from the seller. They then fix up the house and flip it, selling the now-renovated home for a profit. These buyers have the power to influence the local market because they sell the flipped houses at prices that are hard for regular home sellers to match.
It’s important to discuss with a realtor if you are concerned about the impact that iBuyers have on the local market.
How to Sell a House During a Housing Crash
Here are some simple tips to help you navigate how to sell a home during a recession.
Price Your Home To Sell
Pricing your home to sell is more important now than ever. If you price your home too high, you will miss out on homebuyers who are looking for affordable homes. If you price it too low, however, you could miss out big on potential profits.
To price your home to sell, work with an expert realtor who can help you determine what price is appropriate for the climate and will net you the most profit.
Have Your Home in Move-In Condition
Another way you can prepare your home to sell a home in Warwick during a housing crash is to make sure your home is in move-in condition. Because homebuyers don’t have the extra cash to renovate or make repairs, doing these things yourself will make your home extra attractive to potential homebuyers. While a realtor can point out specific things in your home, it’s always a good idea to get a home pre-inspection and make necessary repairs yourself. You can also hire a professional cleaning company and make sure that the paint and decor items are in neutral colors.
Sell at the Right Time
If you can, it may be best to wait until after the recession to sell your home. If you can’t wait, however, work with an expert realtor who can help you do a comparative analysis of homes in the area, so your home is as competitive as possible.
Selling and Buying at the Same Time
If you need to buy a home after selling your current home, timing may not be as crucial. If you sell your home for a lower price during a recession, you should be able to purchase a home for a lower price as well. As the economy recovers, you’ll be able to sell the new home at a higher price than what you purchased it for.
Sell a Home in a Housing Crash With Nathan Clark
Overall, the best tip to selling a house during a housing crash is to use an experienced realtor to navigate the uncertain waters of the market. At Your Home Sold Guaranteed Realty – The Nathan Clark Team, we have the experience and expertise you need to sell your home regardless of the market.
For more information on how we can help you sell your home and about our home seller guarantees, give us a call at 401-288-3557 or fill out the form below.