SELLING YOUR HOUSE as a servicemember can be a tricky prospect; after all, you’re not the person who decides when or where you will be going. Without the right property manager long distance rental properties can create an excess of time and work and, occasionally, headaches. Which means you may be tempted to sell rather than keep your current house. Which means you are concerned about what’s going on in the market right now and in the coming months.
Home price growth is slowing, yes; but that’s not as terrible as it sounds. Mortgage rates are steadily increasing, which accounts for some of that. However, home prices are still 19.7% higher this year than last, which had already seen a record increase. There is still a major housing shortage. The pandemic shut down much of the single-family home construction that would have kept up with population growth, and demand still far exceeds supply.
Additionally, the shutdown actually worked in the favor of what was previously considered less desirable rural areas. With many companies enacting work-from-home policies, jobs that previously kept people tethered to larger cities are now able to be done from anywhere. There was an unusually large exodus from urban areas beginning in March 2020, which drove up housing prices in areas that were considered far below the median. A growing number of people have indicated in their job applications that working remotely at least two or three days a week is preferred, or sometimes even a minimum condition of job acceptance. Whatever the reason, working remotely has become extremely popular and people are unwilling to return to the previous office schedule work week.
While by any measure the market is currently considered a seller’s market, every indication with inflation means at some point the trend will reverse. But selling during a buyer’s market isn’t the absolute end of the world, particularly if you are prepared.
Right now, it isn’t unheard of to have houses sell the day they are listed. That’s not a normal thing and shouldn’t be considered as such. Be prepared for your home to take longer to sell; mortgage lenders are slowing their loans and rising interest rates, which means fewer qualified buyers available. Check with a few local Realtors® to see how long houses in your area have stayed on the market and then add a few weeks, just to be on the safe side. Sign up for a FREE - NO obligation, Market Insider Report to stay up to date on homes sales / trends in your local community.
Don’t feel like you need to sell your home at a loss, however. In the military you always have a backup plan; that should be the same for you in the event your house doesn’t sell as quickly as you would like. You have other options available to you, including renting to another military family. You can also treat it as an investment rental and hire a Pooler | Guyton | Pembroke Property Manager to handle the day-to-day details. This may mean you need to live on post but may find this option preferable as the rental home can provide a stream of income for you. Even if the rent only covers the mortgage, you’re still building up equity in the home which will benefit you when you do sell. While not always possible (especially if it’s somewhere with an HOA), an AirBnB might be another option for you to explore.
As in life, do your research, have a backup plan, and make informed decisions to have the best experience possible when selling your home.
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