What buyers and sellers should do as the housing market crashes.
What can you do to prepare for the market crash? In my last blog, I talked about when the market would crash and how it has already started. I used the analogy of a roller coaster ride and how we’re just at the front of the ride and only starting to go down. Prices have already started to drop, but we’re waiting for the back of the roller coaster to catch up so we can start accelerating.
Sellers wish they stepped out before they got buckled into this ride—don’t worry, there’s still hope right now. With the last crash, it took ten years before the market recovered from where it was previously to reach that same peak, so if you want to sell sometime within the next ten years, now is the best time. For buyers, you want to make sure that your monthly payment will be comfortable for the next few years; if you were to rent out your property, the rental income should cover your monthly payments.
Every situation is a little different, so I’d love to hear what your specifics are and how we could make a game plan for what to do for you during this crash. Give me a call or send an email. I’m always happy to hear from you!
