More and more Americans are looking to sell their homes given the state of the economy, which is technically in a recession right now.
Last week, Google searches for “sell my home fast” spiked 2,750%, according to RubyHome.
Former “Million Dollar Listing” star and real estate broker Kirsten Jordan joined “Fox & Friends” on Thursday to discuss what’s behind the urgency to sell.
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She said it all starts with the universal question in uncertain markets: What’s going to happen?
“Instead of it just being supply and demand in normal dynamics… at this point, it’s becoming an affordability crisis,” she said.
Redfin noted that 60,000 home-purchase agreements fell through in June 2022, with Americans backing out of deals at the highest rates since the start of the pandemic.
Jordan pointed out that buyers are taking into consideration the major hike in not only home prices, but in mortgage rates and monthly payments, too.
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“Everything has to adjust,” she said.
The broker said buyers are already starting to take advantage of negotiability while watching sellers reduce their prices.
“And sellers are having to come to market with realistic pricing and positioning their homes to sell now,” she said.
What’s motivating sellers, Jordan assumed, is fear trickling in from the talks about a recession.
The broker explained that sellers are curious to see what it would take to sell their home as a high-value asset, while the remainder of their portfolio takes a hit.
“We’re seeing a lot of questions, we’re getting a lot of calls — ‘What’s my place worth?’ ‘What can I sell it for now?'” she said, sharing some of the most common questions people ask.
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“And that’s just indicative of what everybody’s hearing.”
Jordan reminded buyers that purchasing a home is a “long-term” investment and should be a decision based on fitting your needs.
“You can always refinance later. You can make improvements to that asset — and many buyers don’t think about that,” she said.
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“But the truth is, making a plan for the future is the key [to] being a real estate investor for the long term.”