Is Homeownership Still Alive?
American Dream or American Scream? 🏡😱
Let’s be real: the housing market has felt like a rollercoaster since 2020, leaving many wondering if owning a home is still possible and whether the American Dream has been priced out of reach!
One moment, it seems like everyone’s bidding on homes like it’s Black Friday, and the next, interest rates have us all clutching our wallets a little tighter.
The good news? I have the top 3 ways buyers and sellers can adapt to this interesting market. Let’s navigate:
1. High Home Prices
Prices skyrocketed during the pandemic, but they’ve cooled slightly. The median home price in the U.S. is hovering around $407,100.
For Buyers
Consider expanding your search, exploring fixer-uppers, or looking outside your preferred area to find a home within your budget. Renting is costly, so owning can still be a better long-term investment.
For Sellers
Can I really expect to sell my home for top dollar, or will buyers be turned off by current high prices? Working with a Realtor® to price your home realistically is key. While demand remains strong, overpriced homes may sit unsold.
2. Rising Interest Rates—will I ever afford a mortgage?
With higher rates, fewer buyers qualify for loans, but well-priced homes will still sell! Consider incentives like offering to buy down a point or so to attract buyers.
For Buyers
You can always refinance if rates drop later. Think of homeownership as a long-term investment.
For Sellers
There are still plenty of qualified buyers out there, especially for well-priced homes! Highlighting energy-efficient features can make your listing more appealing.
3. Tight Inventory—will I ever win the offer on a house I love?
Inventory is down 46% from pre-pandemic levels, making competition fierce.
For Buyers
Get pre-approved and be ready to act fast. Consider condos or homes that need some work as well. Creativity is key in this market.
For Sellers
Low inventory works in your favor, but don’t rely solely on demand. Make sure your home is move-in ready to stand out and fetch top dollar.
