With fears increasing about the possibility of another U.S. recession, many homeowners and investment property owners alike are seeking ways to keep the value of their properties from plummeting like they did in 2008.
In August (2019), the Chairman of the Federal Reserve noted the possibility of lowering interest rates. But it was also stated that rate cuts – at least in the near term – would not likely be enough to counter the trade tensions between the United States and China.
So, how might this affect real estate prices going forward?
Not as much as some people may think.
For instance, while aspiring home purchasers are hoping that prices will go down like they did during the past recession, the reality is that it could still be a sellers’ market. One reason for this is because there are not currently enough new homes being built to satisfy the large number of buyers.
Added to that, there are a great number of Millennials who are starting families, and in turn seeking single family homes – so it’s not likely that there will be a decrease in demand any time soon.
That being said, home sellers may or may not be able to hold out for top dollar on the sale of their properties. A primary factor here is that, due to rising unemployment and an increase in job instability, there could be fewer individuals and couples who can afford to buy.
One of the ways that sellers can make their property stand out is to work with an experienced real estate agent who knows where to market your home so that those who are ready, willing, and able to buy can more easily find it.
If you’d like to see how much your property may be worth in today’s economy, just give us a call and we will provide you with a no-cost, no-obligation home valuation.