The past few months have proven to be a tough time to put your home on the market. Jean talks with New York Times
columnist and contributor Damon Darlin about the declining housing market. According to Damon, this particular decline is unusual because of the reason behind it—the market simply got overpriced.
Here's his advice for both buyers and sellers:
- Know that the window for buying a house with the intention of selling it quickly is closed. You will likely lose money on flipping houses now.
- Buyers should look at the home's cost in relation to the cost of rent they would be paying otherwise. If the sums are comparable, buying is probably a good idea.
- If you're selling your home, it could pay to check out a home valuation website, which will attempt to mimic what a real estate agent does when he or she estimates the worth of your home. It shouldn't be your only tool, says Damon, but it's a good place to start.