No More Automated Home Profits: Selling Your House in a Slow Market
In todays shaky real estate market, those of us looking to sell our homes feel frustrated and overwhelmed. We hear the same news as everyone else, that the market is bad, prices keep dropping, now is the time for buying not selling. But how can you afford to buy if you still have a house to sell?
Just a few short years ago a real estate purchase almost guaranteed automated home profits. All you had to do was live in your home, keep up with the maintenance, perhaps make a few cosmetic changes like hardwood floors and granite countertops, and you felt very nearly guaranteed that you would sell your home for more than you bought it.
These days the whole house could be made from granite and it still feels as though it would be difficult to sell it. In fact, with the salary and benefit freezes going on at many large scale companies, and the pay cuts and alternative work schedules going on at many small companies, people are spending more time looking for a home cash flow solution than are looking for a new home.
An added difficulty is the issue of multiple foreclosures occurring at this time. It used to be that the majority of foreclosed homes were in questionable neighborhoods, or were older and not well cared for. Now a large number of foreclosed homes are in nice neighborhoods and are fairly new construction.
Todays home sellers may have to take a loss on what they were expecting to make from the sale of their home. This is not the days of automated home profits, and we all have to adjust our perspectives. Maybe we cannot make as much money on our house as we wanted, but we are also in the position of not needing as much money for the next house.
Or maybe you look into house swapping. House swapping used to be considered a crazy idea, but in a time period where people want to sell their house but the market is not obliging, house swapping means that someone agrees to move into your house and you agree to move into their house. If you can find someone who has a mortgage and a home that fits your criteria, it would be worthwhile.
It is not the age of automated home profits, if anything, it is the age of trying to find a home cash flow solution, but that does not mean that the American people are down and out yet. We are innovative and we are motivated, and we will get through this economic downfall just as we have gotten through every one before.
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