Is the housing market about to CRASH?
Hi everyone! Bryan Vogt here! Is the housing market about to crash? Why would it? What would cause that to happen?
When this market first started taking off. Especially in the first two to three months, everyone was wondering where this was going. But now it has been over a year and the housing market has gone thru a contentious election, seen unemployment soar, and survived a pandemic. If none of that has slowed down the market, then I don’t know what will! Not to mention appraisers have been keeping up with the new market prices!
Look I get it. Many people either remember or heard about what happened in 2008 when the bubble burst! But that was self-inflicted by the industry itself. Regulations were put in, now over a decade ago, making it highly unlikely, for that to ever happen again!
Folks! This is the new market! And there are no signs of it going away anytime soon!
So, what does this mean for buyers and sellers moving forward?
For buyers. Hiring an agent that has worked in a hot market before is a must!
Being pre-approved before you start is a given.
That all decisions makers are there for the first showing! You are probably are not going to have time to do a second one!
Make sure you offer the best terms you can. And that’s just not the price! And expect to offer, asking price or higher.
These are just a few of the things I have consulted with my clients to greatly increase their odds of success!
For sellers, make sure your agent has experience in negotiation contracts, especially multiple offers. I have heard and seen many a seller told by their agent to take the highest price offered thinking it was the best and it wasn’t. Because their agent failed to review all the terms in the contract with their clients.
Also, I wouldn’t be shocked if interest rates don’t go up sooner rather than later. In fact, I am surprised they didn’t go up last year since many companies were just staying afloat because of how low they were.
However, the effect that will have on the market will likely be slight. It may keep buyers from being able to buy as much home as they could before. Because of that. If your buyer, you may want to consider buying sooner rather than later.
For sellers, the increase in interest rates will probably keep prices from rising as fast as they have been. And it would be hard to believe there won’t be more inventory on the market which will likely mean fewer multiple offers and the time there is on the market may change from days or weeks. To weeks or maybe a month or a little longer. Which might affect when sellers decide to sell.
And if you are looking to sell now, I am offering my Amazon best-selling book, Ready Set Sold on PDF for free. It’s loaded with great information that has helped my clients increase their success even more in this market. Go to BryanVogt.com today and enter your information and we will send it out to you ASAP!
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Until next time! Make it a great day!