Thinking of selling your house? While the national market remains strong, some areas might see a shift in the coming years. According to Colten Claus, an associate broker with 8z Real Estate in Colorado Springs, Colorado, there are three states where homeowners might want to consider an earlier sale: New Jersey, Connecticut, and Illinois.
Why These States?
Claus points to a combination of factors that could lead to a decline in home prices:
- Economic Stagnation: States struggling with job losses or slow economic growth could see a decrease in demand for housing.
- Population Decline: Areas with net outmigration, where more people are leaving than moving in, may have fewer buyers looking for homes.
- High Taxes: Burdensome property taxes can discourage potential buyers, leading to an oversupply of houses and potentially lower prices.
- Overheated Markets: Markets that have seen rapid price increases in recent years might not be sustainable, with buyers reaching affordability limits.
New Jersey, Connecticut, and Illinois all face some of these challenges. High property taxes and an aging population could dampen demand in New Jersey and Connecticut. Illinois is grappling with high taxes, economic issues, and population decline, particularly in the Chicago area.
Considering a Sale?
This information isn’t a guarantee of a housing crash. If you’re in one of these states and thinking about selling, it might be beneficial to consult with a local real estate agent to understand your specific market. They can analyze recent trends and help you determine the best time to sell your property.
