There is a lot to consider if you are serious about selling your house at the moment. We are now seeing the real estate market cooling off in Metro Detroit and there are several reasons why. We have seen inflation cause the prices of just about everything go up in recent years. From gas prices to groceries and household goods and services. This is raising many concerns for home sellers right now. If you are looking to sell your house in Detroit, you should read this article to get a clear understanding. So, let’s address the housing market cooling off in Detroit and what to do about it, as a seller today.
Buyers Are Getting Squeezed
As we are possibly heading into a recession, the economy has been squeezing everyone financially. Recently, the federal government has raised interest rates in attempt to combat against inflation. This has caused many potential homebuyers to back away from purchasing a home, because they can no longer afford it. With less buyers in the market, this drives the prices down causing the market to shift. The reality is, the real estate market cooling off is causing a lot of sellers to become frustrated, because their property value is not what it was 6 months ago!
Take Action Immediately
The longer you wait, the harder it will get to sell your house for a decent price. This is just the very beginning of the shift, as the market cools off even more over time. Nobody has a crystal ball and can predict exactly when things will turn around the other way. The best thing you can do is either sell your house right now or to possibly wait several years before being able to get as much money as you were hoping for, but that would be a long term gamble. The real question to ask yourself, is it worth the risk? Ultimately, only you can make that decision but here at Detroit Fair Offer, we would mostly advise to sell right now to avoid losing money.
Take The Easy Route
Right now is probably one of the worst times to list your property for sale with a Realtor, because during market conditions like these, they tend to chase the highest commission possible for themselves. It is not in the best interest for you as a seller to have your house sitting on the market for too long, as property values continue to decrease. The housing market cooling off in Detroit will impact your bottom line. Contact Detroit Fair Offer to sell your home now! Call 313-647-8806