Are you thinking it might be time to sell your house in Detroit but hesitating to take action? The way things are looking with the economy at the moment, it’s probably not a wise decision to wait. In this post we’ll explain why selling right now is most likely a better move for most property owners in Detroit MI. If you are kind of on the fence about putting your house up for sale, there are some very valid reasons why you should sell your house before it’s too late.
As of this writing we are in an economic recession and things don’t seem like they are going to get better any time soon. There have been layoffs and temporary business closures all across the country and it is creating a major domino effect on the economy. More and more people have been filing for unemployment who may have already been living from paycheck to paycheck! In fact, in July of 2020, 32% of U.S. households missed their housing payments. Not only does this impact homeowners who can’t make their mortgage payments but it also puts landlords in a bad position if their tenants can’t pay the rent.
With so many property owners defaulting on mortgages or unable to pay their property taxes, a new wave of foreclosures is inevitable. This could take place over the next few years, so waiting to sell your house is not such a great idea in most cases. Our local housing market in Detroit has been a seller’s market over the past 5 years or so but now it’s turning into a buyer’s market. This means that property values in many areas will decrease.
Get Out Before It’s Too Late
The longer you wait, the worse it will be if you are looking to sell your house for a decent price. If you wait until next year to sell, you are at risk of leaving thousands of dollars on the table. It’s better to sell right now so you can get as much money as possible for your property before it is too late. However, if you do decide to wait another 6 months or more, you might regret it.