That’s a testament to the efforts on the part of federal regulators and lawmakers to avoid a similar cataclysm because of the COVID crisis.įrom what it sounds like, your current home and the area you live in aren’t suiting the needs of you and your children any longer. There might be an uptick in foreclosures in the coming year or so, but nowhere near the level seen during the Great Recession. To be clear, there’s no immediate cause for concern to suggest that the market will indeed bottom out. Real-estate economists will warn you that you shouldn’t base the timing of a home sale or purchase on when you think the market is going to tank. “Your home is more than just an investment - it’s also a utility that provides you safety and shelter. We all need, and deserve, a roof over our heads for safety and comfort. Yes, a home is an investment - but it’s also a utility. I don’t mean that you should throw caution to the wind, but I do think you should approach this decision from a different perspective. None of us have a crystal ball, and it’s no fun living with the constant unease of second-guessing every financial decision. If you don’t sell now, will you miss the opportunity to sell if the market crashes? (And on the flip side, if you buy a new home, are you buying at the top of the market and putting yourself at risk of being quickly underwater on that home?) There’s also the underlying anxiety and fear of missing out.
The bigger challenge is then finding an affordable home to move to - either one that’s larger and meets your needs perfectly, or one that ensures that not all of the profit from the previous home’s sale is immediately sunk back into another property. This is the Catch 22 that many families like yours are facing today. Most people, like your family, are destined to turn a decent profit from doing that.īut many sellers are also buyers. Sure, it’s a seller’s market, and in many parts of the country you could expect to get a record-high price for your home if you sell. I really appreciated your letter because I feel like you did an amazing job of articulating the challenges a lot of homeowners right now are facing.
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