Coping With a Tough Housing Market During Divorce
Two of the most stressful things in life are getting divorced and selling your house. If you have ever done either, you can probably understand why members of Generation Z, the “lying flat” generation, or whatever you want to call them are in no hurry to get married or buy a house. When you have to do them both at once, it is a nightmare; selling a house can cause discord even among happily married couples, and divorce is difficult enough even when the parties easily agree that one spouse will keep the marital home. In many cases, couples decide that neither of them can afford to keep the marital home and pay the mortgage on a single income; therefore, they decide to sell the marital home and divide the proceeds. If you think agreeing with a buyer the sale price of your house is a challenge, imagine if your estranged spouse and the divorce court also had a veto vote. Of course, plenty of people have done this before and lived to tell the tale, but the 2024 housing market is considerably more challenging than what they experienced. You can get through this difficult experience, too, with the help of a Boca Raton divorce lawyer.
Is It Just Your Imagination, or Does This Year’s Housing Market Truly Stink?
Despite all of the financial hardships that the COVID-19 pandemic brought, its effects on the housing market were a boon to sellers. Interest rates were so low that home mortgages became more affordable than they had been in years, and anyone who listed a house on the market could easily get multiple offers from prospective buyers willing to pay the asking price. The pandemic was an instance of the rich getting richer while almost everyone else suffered, and real estate investors swooped down quickly to make cash offers on houses; by 2023, one quarter of residential real estate purchases were by investors.
Now interest rates are high, so it is hard to find buyers who can afford to buy your house. Furthermore, the only people who are selling are the ones who need to for reasons other than the desire to make money, such as people going through a divorce. The sale of your house may take longer than you hoped, and it may not bring you much of a windfall.
How to Sell Your House in Less-Than-Ideal Circumstances
By setting realistic expectations, you can make the home selling process less stressful. Before you list your house, ask a real estate agent how much you can reasonably expect to get for it, as well as what you can do to make the house more appealing to buyers. Replace the appliances and make necessary repairs before you list the house, so that buyers don’t use your house’s flaws as an excuse to nickel and dime you into reducing the sale price. Finally, keep in mind that you are selling your house in order to finalize your divorce, not so you can get rich.
Contact Schwartz | White About Selling Your House During Divorce
A South Florida family law attorney can help you finalize the sale of your house so that you can finalize your divorce. Contact Schwartz | White in Boca Raton, Florida about your case.
Source:
businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5
