The real estate market is going through a challenging period. If you need to get your house ready for sale or you plan to purchase a “fixer-upper”, you may be in need of some painting or drywall services. That’s where Patch & Paint Pros comes in! They specialize in providing professional drywall and interior painting services so your home looks its best. They also offer exterior painting services if needed.
Patch & Paint Pros drywall and painting company in Conshohocken offers all of the services needed to make your newly purchased home comfortable and inviting. They can also provide advice on how best to make repairs so that your home looks great for years to come.
Tough Time in Real Estate
It’s a tough time for real estate right now, and the latest news from two of the leading companies, Opendoor and Redfin, only adds to that challenge. As part of its continued efforts to stay financially stable amidst uncertain market conditions, Opendoor and Redfin will be selling off inventory and closing their home-flipping divisions.
The CEO of Redfin said they are selling over $250M of property it owns by the end of January. “We expect to complete the liquidation of our RedfinNow inventory in the second quarter of 2023.” With all of these homes hitting the market in the near future, it may become more of a buyers’ market this year.
The Challenges Faced by Opendoor & Redfin
Unfortunately, due to the slower housing market, home pricing beginning to fall, and rising interest rates over the last year, Opendoor and Redfin are both facing some serious challenges. To increase sales and clear its balance sheet, the firms have had to slash prices and offer generous bonuses to buyers and real estate agents.
This more competitive market may require residential sellers to invest in their home’s appearance to get the best sale price in this market. It’s not all doom and gloom this year, as interest rates are starting to drop as inflation begins to cool off.
Anyone thinking about selling their home this year needs to be ready before the “Buyers Market” starts later this year. And potential home buyers should be ready to find a good deal later this year as mortgage rates continue to fall and housing inventories climb.
A Closer Look at the Local Market
There has been a decrease in overall home purchases in Conshohocken, PA, and other nearby areas as interest rates have skyrocketed. But 2023 may still turn into a buyers’ market as interest rates begin to fall and companies like Redfin and Zillow clear their inventories.
One additional factor that will play into this Buyers’ Market is the soaring new home inventories that are at levels not seen since ‘08-09. Also, all the oversized condos and rental units in the area will further stress home prices. Be ready to have your home ready for sale this Spring, as waiting til later in the year may come at a big cost.
Getting Ready to Sell or Buy a House
With home values dropping, homeowners may need to put in some extra work to get ready to sell their homes. Exterior curb appeal and a “move-in ready” interior are two of the most common selling points of real estate agents. Sprucing up the landscaping and house painting are two of the easiest ways to get the top dollar when selling a home.
If you do decide to list your house for sale or plan on buying a home, you will likely need help fixing them up before listing or after closing. This includes tasks like painting walls, removing popcorn or textured ceilings, and repairing damaged drywall – all jobs that require professional workmanship and experience you may not have access to on your own.