Real Estate’s Kirsten Jordan on today’s selling emergency amid recession fears: ‘Affordability crisis’
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 house fast” soared 2,750%, according to RubyHome.
Former “Million Dollar Listing” star and realtor Kirsten Jordan joined “Fox & Friends” Thursday to discuss what’s behind the rush to sell.
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She said it all starts with the universal question in uncertain markets: what will happen?
“Instead of it just being supply and demand in a normal dynamic…at this point it becomes an accessibility crisis,” she said.
Redfin noted that 60,000 home-buying deals fell through in June 2022, with Americans pulling out of deals at the highest rates since the pandemic began.
Jordan pointed out that buyers are factoring in the significant rise not only in home prices, but also in mortgage rates and monthly payments.
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“Everything has to fit together,” she said.
The broker said buyers are already starting to take advantage of marketability while watching sellers cut prices.
“And sellers need to come into the market with realistic prices and position their homes to sell now,” she said.
What motivates sellers, Jordan speculates, is the fear that stems from talk of 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 rest of their portfolio takes a hit.
“We get a lot of questions, we get a lot of calls – ‘What is my place worth?’ ‘Why can I sell it now?'” she said, sharing some of the most common questions people ask.
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“And that’s just an indication of what everyone hears.”
Jordan reminded buyers that buying a home is a “long-term” investment and should be a decision based on meeting your needs.
“You can always refinance later. You can make improvements to this asset — and many buyers don’t think about that,” she said.
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“But the truth is that making a plan for the future is key. [to] be a long-term real estate investor.”