Housing Price Instability Throughout The Last 30 Years
House prices have remained unstable throughout the decades. There have been different periods in history where home prices have fallen, destabilizing realtors’ performance in the housing market and discouraging homeowners from obtaining attractive offers. This makes people wonder:
- How to ensure they’re getting a fair price for their home
- How to know the best time to sell their house and avoid missing out on a good sale
- Are realtors actually the best selling tool a homeowner can use?
Let’s discover how, during the past two decades, the house selling market has dropped significantly, lowering the prices of homes.
Hitting Rock Bottom
Two of the best-known drops in housing prices came in the past two decades. The years 1990 and 2008 took a toll on the economy.
1990 Recession
1989 was a good year for house selling since home prices reached a high peak. But that took a turn in 1990 when the recession hit and home prices fell 7%. Such a recession ended in 1991, but still, prices continued to fade until 1997.
2008 US Housing Bubble
History repeated itself in 2008, when home prices started to lower in 2006 and continued until 2012. This was called the Great Recession in the United States, the most significant financial crisis combined with a severe recession. Home prices fell by 16% in 2008.
Can Home Prices On The Market Affect Yours?
Certainly, much of your home’s value depends on how other houses in your area are being priced. If a national financial crisis hits and home prices decline, your home will undoubtedly be affected by what is currently happening.
Selling a home creates as many expectations as uncertainties. We all wish to sell our homes at a fair price regardless of what’s happening in the world. Can that be possible?
Home Buyers And Fair Home Prices
Home buyers have become a reliable house selling option for many homeowners. They have reached high peaks since 2005, taking 11.1% of all home sales and 11.4% in their first quarter of 2018.
Their benefits have been built to help homeowners get out of sticky financial situations, and avoid spending money during the buying/selling process.
At Milwaukee House Solutions, we offer our Milwaukee neighbors a fair, written, no-obligation cash offer after we have reviewed their homes’ conditions. Closing in as little as seven days, we have become a viable house selling method for many homeowners.