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Check for Falling Prices
05/15/24
When house prices fall, you may be able to get an even better deal… but how will you know if prices are likely to decline? First, check for recent foreclosures in the area. If the foreclosure rate is increasing, that means the supply of houses on the market will also increase, putting downward pressure on prices. Then check to see how long the average home stays on the market; if homes tend to be for sale for more than three to four months, that's a sign that the market is slow or that many homes are over-priced (possibly including the home you are interested in.) Then check unemployment rates – if they are up, prices are likely to fall – and look for poorly maintained homes in the area. If that is the case, you should be able to offer less… or you might want to look elsewhere for your next home.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.